XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.19.2

Revenue Recognition | 3 Months Ended
--- | ---
Jul. 27, 2019
Revenue Recognition |
Revenue Recognition | Note 12: Revenue Recognition ​ Our revenue is primarily derived from product sales. We report product sales net of discounts and recognize them when control (rights and obligations associated with the product) passes to the customer. For sales to furniture retailers or distributors, control typically transfers when we ship product. In cases where we sell directly to the end consumer, control of the product is generally transferred upon delivery. ​ For shipping and handling activities, we have elected to apply the accounting policy election permitted in ASC 606-10-25-18B, which allows an entity to account for shipping and handling activities 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. We expense shipping and handling costs at the time we recognize revenue in accordance with this election. ​ For sales tax, we elected to apply the accounting policy election permitted in ASC 606-10-32-2A, which allows an entity to 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). This allows us to present revenue net of these certain types of taxes. ​ The following table disaggregates our revenue by product category by segment or unit for the quarter ended July 27, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate | ​ | ​ | ​
(Unaudited, amounts in thousands) |  | Upholstery |  | Casegoods |  | Retail |  | and Other |  | Total
Motion Upholstery Furniture | ​ | $ | 179,522 | ​ | $ | — | ​ | $ | 85,184 | ​ | $ | — | ​ | $ | 264,706
Stationary Upholstery Furniture | ​ |  | 87,509 | ​ |  | 4,144 | ​ |  | 29,153 | ​ | ​ | 22,952 | ​ |  | 143,758
Bedroom Furniture | ​ |  | — | ​ |  | 8,193 | ​ |  | 1,447 | ​ | ​ | 1,182 | ​ |  | 10,822
Dining Room Furniture | ​ |  | — | ​ |  | 5,405 | ​ |  | 2,599 | ​ | ​ | 394 | ​ |  | 8,398
Occasional Furniture | ​ |  | 312 | ​ |  | 10,823 | ​ |  | 5,125 | ​ | ​ | 361 | ​ |  | 16,621
Other (1) | ​ |  | 26,073 | ​ |  | (1,430) | ​ |  | 19,488 | ​ | ​ | (4,337) | ​ |  | 39,794
Total | ​ | $ | 293,416 | ​ | $ | 27,135 | ​ | $ | 142,996 | ​ | $ | 20,552 | ​ |  | 484,099
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  |  | ​ |  | Eliminations | ​ | ​ | ​ | ​ | ​ | (70,466)
​ | ​ |  |  | ​ |  | Consolidated Net Sales | ​ | ​ | ​ | ​ | $ | 413,633
​
| (1) | Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, tariff surcharges, discounts & allowances, rebates and other sales incentives.
​ The following table disaggregates our revenue by product category by segment for the quarter ended July 28, 2018:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Unaudited, amounts in thousands) |  | Upholstery |  | Casegoods |  | Retail |  | Total
Motion Upholstery Furniture | ​ | $ | 187,659 | ​ | $ | — | ​ | $ | 74,957 | ​ | $ | 262,616
Stationary Upholstery Furniture | ​ |  | 85,290 | ​ |  | 3,942 | ​ |  | 23,164 | ​ |  | 112,396
Bedroom Furniture | ​ |  | — | ​ |  | 8,364 | ​ |  | 855 | ​ |  | 9,219
Dining Room Furniture | ​ |  | — | ​ |  | 5,929 | ​ |  | 1,583 | ​ |  | 7,512
Occasional Furniture | ​ |  | 393 | ​ |  | 11,988 | ​ |  | 3,974 | ​ |  | 16,355
Other (1) | ​ |  | 20,056 | ​ |  | (1,837) | ​ |  | 14,695 | ​ |  | 32,914
Total | ​ | $ | 293,398 | ​ | $ | 28,386 | ​ | $ | 119,228 | ​ |  | 441,012
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Corporate and Other (2) | ​ | ​ | 3,865
​ | ​ | ​ | ​ | ​ |  | Eliminations | ​ |  | (60,182)
​ | ​ | ​ | ​ | ​ |  | Consolidated Net Sales | ​ | $ | 384,695
​
| (1) | Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, discounts & allowances, rebates and other sales incentives
| (2) | Primarily includes revenue for royalties and intercompany commissions
​ Motion Upholstery Furniture - Includes gross revenue for upholstered furniture, such as recliners, sofas, loveseats, chairs, sectionals and modulars that have a mechanism that allows the back of the product to recline or the product's footrest to extend. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer. ​ Stationary Upholstery Furniture - Includes gross revenue for upholstered furniture, such as sofas, loveseats, chairs, sectionals, modulars, and ottomans that do not have a mechanism. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer. ​ Bedroom Furniture - Includes gross revenue for casegoods furniture typically found in a bedroom, such as beds, chests, dressers, nightstands and benches. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer. ​ Dining Room Furniture - Includes gross revenue for casegoods furniture typically found in a dining room, such as dining tables, dining chairs, storage units and stools. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer. ​ Occasional Furniture - Includes gross revenue for casegoods furniture found throughout the home, such as cocktail tables, chairsides, sofa tables, end tables, and entertainment centers. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer. ​ Our consolidated balance sheet includes current assets of $18.9 million that we reported as other receivables. These other receivables represent the remaining consideration to which we are entitled prior to fulfilling our performance obligation. At the beginning of fiscal 2020, we had $17.0 million of other receivables. ​ We receive deposits from end consumers before we recognize revenue, resulting in customer deposits, and in some cases we have the unconditional right to collect the remaining portion of the order price before we fulfill our performance obligation, resulting in deferred revenue (collectively, the “contract liabilities”). At July 27, 2019, we included $48.8 million of customer deposits and $18.9 million of deferred revenues in accrued expenses and other current liabilities on our consolidated balance sheet. At the beginning of fiscal 2020, we had $42.8 million of customer deposits and $17.0 million of deferred revenues. During the quarter ended July 27, 2019, we recognized revenue of $52.4 million related to our contract liabilities. ​ We have elected the practical expedient permitted in ASC 606-10-32-18, which allows an entity to recognize the promised amount of consideration without adjusting for the effects of a significant financing component if the contract has a duration of one year or less. As our contracts typically are less than one year in length and do not have significant financing components, we have not adjusted consideration.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration