XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.20.2

Revenue Recognition | 6 Months Ended
--- | ---
Oct. 24, 2020
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | 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 the 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 have 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. 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. The following table presents our revenue disaggregated by product category and by segment or unit:
|  | Quarter Ended October 24, 2020 |  | Quarter Ended October 26, 2019
(Unaudited, amounts in thousands) |  | Wholesale |  | Retail |  | Corporate and Other |  | Total |  | Wholesale |  | Retail |  | Corporate and Other |  | Total
Motion Upholstery Furniture |  | $ | 200,448 |  |  | $ | 99,462 |  |  | $ | 162 |  |  | $ | 300,072 |  |  | $ | 197,219 |  |  | $ | 84,455 |  |  | $ | 71 |  |  | $ | 281,745 |
Stationary Upholstery Furniture |  | 92,679 |  |  | 30,980 |  |  | 36,424 |  |  | 160,083 |  |  | 102,359 |  |  | 33,805 |  |  | 27,360 |  |  | 163,524 |
Bedroom Furniture |  | 8,437 |  |  | 1,323 |  |  | 2,296 |  |  | 12,056 |  |  | 8,746 |  |  | 1,549 |  |  | 1,776 |  |  | 12,071 |
Dining Room Furniture |  | 6,874 |  |  | 2,799 |  |  | 844 |  |  | 10,517 |  |  | 6,270 |  |  | 2,397 |  |  | 446 |  |  | 9,113 |
Occasional Furniture |  | 12,541 |  |  | 5,351 |  |  | 806 |  |  | 18,698 |  |  | 11,934 |  |  | 5,455 |  |  | 497 |  |  | 17,886 |
Other (1) |  | 22,037 |  |  | 22,360 |  |  | (6,815) |  |  | 37,582 |  |  | 23,717 |  |  | 20,743 |  |  | (5,839) |  |  | 38,621 |
Total |  | $ | 343,016 |  |  | $ | 162,275 |  |  | $ | 33,717 |  |  | $ | 539,008 |  |  | $ | 350,245 |  |  | $ | 148,404 |  |  | $ | 24,311 |  |  | $ | 522,960 |
Eliminations |  |  |  |  |  |  |  | (79,888) |  |  |  |  |  |  |  |  | (75,748) |
Consolidated Net Sales |  |  |  |  |  |  |  | $ | 459,120 |  |  |  |  |  |  |  |  | $ | 447,212 |
|  | Six Months Ended October 24, 2020 |  | Six Months Ended October 26, 2019
(Unaudited, amounts in thousands) |  | Wholesale |  | Retail |  | Corporate and Other |  | Total |  | Wholesale |  | Retail |  | Corporate and Other |  | Total
Motion Upholstery Furniture |  | $ | 332,712 |  |  | $ | 152,909 |  |  | $ | 223 |  |  | $ | 485,844 |  |  | $ | 376,741 |  |  | $ | 169,639 |  |  | $ | 160 |  |  | $ | 546,540 |
Stationary Upholstery Furniture |  | 150,993 |  |  | 48,635 |  |  | 52,497 |  |  | 252,125 |  |  | 194,012 |  |  | 62,958 |  |  | 50,223 |  |  | 307,193 |
Bedroom Furniture |  | 15,549 |  |  | 2,418 |  |  | 3,527 |  |  | 21,494 |  |  | 16,939 |  |  | 2,996 |  |  | 2,958 |  |  | 22,893 |
Dining Room Furniture |  | 11,421 |  |  | 4,617 |  |  | 1,501 |  |  | 17,539 |  |  | 11,675 |  |  | 4,996 |  |  | 840 |  |  | 17,511 |
Occasional Furniture |  | 20,651 |  |  | 8,761 |  |  | 1,535 |  |  | 30,947 |  |  | 23,069 |  |  | 10,580 |  |  | 858 |  |  | 34,507 |
Other (1) |  | 35,263 |  |  | 36,072 |  |  | (8,825) |  |  | 62,510 |  |  | 48,360 |  |  | 40,231 |  |  | (10,176) |  |  | 78,415 |
Total |  | $ | 566,589 |  |  | $ | 253,412 |  |  | $ | 50,458 |  |  | $ | 870,459 |  |  | $ | 670,796 |  |  | $ | 291,400 |  |  | $ | 44,863 |  |  | $ | 1,007,059 |
Eliminations |  |  |  |  |  |  |  | (125,881) |  |  |  |  |  |  |  |  | (146,214) |
Consolidated Net Sales |  |  |  |  |  |  |  | $ | 744,578 |  |  |  |  |  |  |  |  | $ | 860,845 |
(1)Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, tariff surcharges, discounts and allowances, rebates and other sales incentives. 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. At October 24, 2020 and at April 25, 2020, our consolidated balance sheet included $67.9 million and $17.1 million, respectively, of contract assets that represent the remaining consideration to which we are entitled prior to fulfilling our performance obligation. These assets are reported as other current assets in our consolidated balance sheet. We receive customer deposits from end consumers before we recognize revenue 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 October 24, 2020, we included $140.7 million of customer deposits and $67.9 million of deferred revenues in accrued expenses and other current liabilities on our consolidated balance sheet. At the beginning of fiscal 2021, we had $40.7 million of customer deposits and $17.1 million of deferred revenues. During the quarter and six months ended October 24, 2020, we recognized revenue of $1.8 million and $51.5 million, respectively, related to our contract liability balance at April 25, 2020. The increase in our contract assets and contract liabilities at October 24, 2020 was primarily the result of increased written sales during the first six months of fiscal 2021 compared with those in the fourth quarter of fiscal 2020.

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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration