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Segment Information | 12 Months Ended
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Apr. 28, 2018
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 reportable segment is our largest business segment and consists primarily of two operating segments: La-Z-Boy, our largest operating segment, and the operating segment for our England subsidiary. The Upholstery segment also includes our international wholesale businesses. These operating segments are aggregated into one reportable segment because they are economically similar and because they meet the other aggregation criteria for determining reportable segments. 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 consists of one operating segment, and sells furniture under three brands: American Drew, Hammary, and Kincaid. The 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 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 one operating segment, and includes our 146 company-owned La-Z-Boy Furniture Galleries® stores. During fiscal 2018, fiscal 2017, and fiscal 2016, 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, 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) |  | (52 weeks) 4/28/2018 |  | (52 weeks) 4/29/2017 |  | (53 weeks) 4/30/2016 |
Sales |  |  |  |  |  |  |
Upholstery segment: |  |  |  |  |  |  |
Sales to external customers |  | $ | 1,010,097 |  | $ | 986,917 |  | $ | 1,027,615 |
Intersegment sales |  | 217,266 |  | 204,526 |  | 188,190 |
Upholstery segment sales |  | 1,227,363 |  | 1,191,443 |  | 1,215,805 |
Casegoods segment: |  |  |  |  |  |  |
Sales to external customers |  | 95,919 |  | 87,181 |  | 92,601 |
Intersegment sales |  | 15,474 |  | 13,047 |  | 9,939 |
Casegoods segment sales |  | 111,393 |  | 100,228 |  | 102,540 |
Retail segment sales |  | 474,613 |  | 443,238 |  | 402,479 |
Corporate and Other: |  |  |  |  |  |  |
Sales to external customers |  | 3,318 |  | 2,724 |  | 2,703 |
Intersegment sales |  | 9,421 |  | 6,437 |  | 3,720 |
Corporate and Other sales |  | 12,739 |  | 9,161 |  | 6,423 |
Eliminations |  | (242,161 | ) | (224,010 | ) | (201,849 | )
Consolidated sales |  | $ | 1,583,947 |  | $ | 1,520,060 |  | $ | 1,525,398 |
Operating Income (Loss) |  |  |  |  |  |  |
Upholstery segment |  | $ | 130,349 |  | $ | 148,996 |  | $ | 137,135 |
Casegoods segment |  | 11,641 |  | 8,623 |  | 7,734 |
Retail segment |  | 20,709 |  | 19,205 |  | 25,567 |
Corporate and Other |  | (33,330 | ) | (43,482 | ) | (45,105 | )
Consolidated operating income |  | 129,369 |  | 133,342 |  | 125,331 |
Interest expense |  | 538 |  | 1,073 |  | 486 |
Interest income |  | 1,709 |  | 981 |  | 827 |
Other income (expense), net |  | (1,650 | ) | (2,510 | ) | (629 | )
Income before income taxes |  | $ | 128,890 |  | $ | 130,740 |  | $ | 125,043 |
Depreciation and Amortization |  |  |  |  |  |  |
Upholstery segment |  | $ | 15,823 |  | $ | 14,692 |  | $ | 13,559 |
Casegoods segment |  | 993 |  | 863 |  | 874 |
Retail segment |  | 3,758 |  | 3,131 |  | 2,800 |
Corporate and Other |  | 11,193 |  | 10,445 |  | 9,284 |
Consolidated depreciation and amortization |  | $ | 31,767 |  | $ | 29,131 |  | $ | 26,517 |
Capital Expenditures |  |  |  |  |  |  |
Upholstery segment |  | $ | 30,049 |  | $ | 13,193 |  | $ | 14,744 |
Casegoods segment |  | 711 |  | 786 |  | 562 |
Retail segment |  | 3,377 |  | 2,831 |  | 3,245 |
Corporate and Other |  | 2,200 |  | 3,494 |  | 6,133 |
Consolidated capital expenditures |  | $ | 36,337 |  | $ | 20,304 |  | $ | 24,684 |
(Amounts in thousands) |  | (52 weeks) 4/28/2018 |  | (52 weeks) 4/29/2017 |  | (53 weeks) 4/30/2016 |
Assets |  |  |  |  |  |  |
Upholstery segment |  | $ | 363,864 |  | $ | 357,889 |  | $ | 323,411 |
Casegoods segment |  | 57,312 |  | 53,064 |  | 51,165 |
Retail segment |  | 177,853 |  | 172,601 |  | 146,963 |
Unallocated assets |  | 293,938 |  | 305,301 |  | 278,490 |
Consolidated assets |  | $ | 892,967 |  | $ | 888,855 |  | $ | 800,029 |
Long-Lived Assets by Geographic Location |  |  |  |  |  |  |
Domestic |  | $ | 251,778 |  | $ | 239,198 |  | $ | 211,021 |
International |  | 23,671 |  | 23,791 |  | 7,443 |
Consolidated long-lived assets |  | $ | 275,449 |  | $ | 262,989 |  | $ | 218,464 |
Sales by Country |  |  |  |  |  |  |
United States |  | 87 | % | 88 | % | 89 | %
Canada |  | 7 | % | 7 | % | 7 | %
Other |  | 6 | % | 5 | % | 4 | %
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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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