XML 30 R19.htm IDEA: XBRL DOCUMENT

Accumulated Other Comprehensive Loss

3 Months Ended

Jul. 27, 2019

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Note 11: Accumulated Other Comprehensive Loss

The activity in accumulated other comprehensive loss for the quarters ended July 27, 2019, and July 28, 2018, is as follows:


								Unrealized
					Change in			gain			Net pension			Accumulated
					fair value			on			amortization			other
		Translation			of cash			marketable			and net			comprehensive
(Unaudited, amounts in thousands)		adjustment			flow hedge			securities			actuarial loss			loss
Balance at April 27, 2019		$	50		$	87		$	6		$	(3,605)		$	(3,462)
Changes before reclassifications			128			—			143			—			271
Reclassification of certain income tax effects (1)			—			(97)			258			(708)			(547)
Amounts reclassified to net income			—			5			—			55			60
Tax effect			—			(1)			(35)			(14)			(50)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated			128			(93)			366			(667)			(266)
Balance at July 27, 2019		$	178		$	(6)		$	372		$	(4,272)		$	(3,728)

(1)

Income tax effects of the Tax Cuts and Jobs Act are reclassified from AOCI to retained earnings due to adoption of ASU 2018-02.


					Change in						Net pension
					fair value			Unrealized			amortization			Accumulated
					of cash			gain on			and net			other
		Translation			flow			marketable			actuarial			comprehensive
(Unaudited, amounts in thousands)		adjustment			hedge			securities			loss			loss
Balance at April 28, 2018		$	2,388		$	154		$	1,376		$	(29,117)		$	(25,199)
Changes before reclassifications			(2,961)			(509)			73			—			(3,397)
Cumulative effect adjustment for investments (1)			—			—			(1,637)			—			(1,637)
Amounts reclassified to net income			—			67			(19)			686			734
Tax effect			—			109			(13)			(170)			(74)
Other comprehensive income attributable to La-Z-Boy Incorporated			(2,961)			(333)			(1,596)			516			(4,374)
Balance at July 28, 2018		$	(573)		$	(179)		$	(220)		$	(28,601)		$	(29,573)

(1)

The cumulative effect adjustment for investments is composed of $2.1 million of unrealized gains on equity investments offset by $0.5 million of tax expense. We reclassified the net $1.6 million of cumulative effect adjustment from accumulated other comprehensive loss to retained earnings as a result of adopting Accounting Standards Update 2016-01 (see Note 1 for further information).

We reclassified the unrealized gain/(loss) on marketable securities from accumulated other comprehensive loss to net income through other income (expense), net in our consolidated statement of income, reclassified the change in fair value of cash flow hedges to net income through cost of sales, and reclassified the net pension amortization to net income through other income (expense), net.

The components of non-controlling interest for the quarters ended July 27, 2019, and July 28, 2018, were as follows:


		Quarter Ended
(Unaudited, amounts in thousands)		7/27/19			7/28/18
Balance as of the beginning of the period		$	14,468		$	13,035
Net income			(81)			648
Other comprehensive income			486			(1,228)
Balance as of the end of the period		$	14,873		$	12,455