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Segment Information | 12 Months Ended
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Apr. 24, 2021
Segment Reporting [Abstract] |
Segment Information | Segment Information Our reportable operating segments include the Wholesale segment and the Retail segment. Effective in the first quarter of fiscal 2021, in order to better align with the manner in which we view and manage the business, coupled with economic and customer channel similarities, we revised our reportable operating segments by aggregating the former Upholstery segment with the former Casegoods segment to form the newly combined Wholesale segment. The change in our reportable operating segments reflects how the Company evaluates financial information used to make operating decisions. There were no changes to our Retail operating segment or Corporate & Other as part of this revision. Prior period results disclosed in the tables below have been revised to reflect these changes. Wholesale Segment. Our Wholesale segment consists primarily of three operating segments: La-Z-Boy, our largest operating segment, our England subsidiary, and our casegoods operating segment that sells furniture under three brands: American Drew®, Hammary and Kincaid®. The Wholesale segment also includes our international wholesale businesses. We aggregate these operating segments into one reportable segment because they are economically similar and meet the other aggregation criteria for determining reportable segments. Our Wholesale segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture such as occasional pieces, bedroom sets, dining room sets and entertainment centers. The Wholesale segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers. Retail Segment. Our Retail segment consists of one operating segment comprised of our 159 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells primarily upholstered furniture, in addition to some casegoods and other accessories, to end consumers through these stores. Corporate & Other. Corporate & Other includes the shared costs for corporate functions, including human resources, information technology, finance and legal, in addition to revenue generated through royalty agreements with companies licensed to use the La-Z-Boy® brand name on various products. We consider our corporate functions to be other business activities and have aggregated them with our other insignificant operating segments, including our global trading company in Hong Kong and Joybird, an e-commerce retailer that manufactures upholstered furniture such as sofas, loveseats, chairs, ottomans, sleeper sofas and beds, and also imports casegoods (wood) furniture such as occasional tables and other accessories. Joybird sells to the end consumer primarily online through its website, www.joybird.com. None of the operating segments included in Corporate & Other meet the requirements of reportable segments. The accounting policies of the operating segments are the same as those described in Note 1, Accounting Policies. 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 Wholesale 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, pension termination refunds (charges), other income (expense), net and income taxes. Identifiable assets are cash and equivalents, notes and accounts receivable, net inventories, net property, plant and equipment, right-of-use lease assets, 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. The following table presents sales and operating income (loss) by segment:
|  | Fiscal Year Ended
|  | (52 weeks) |  | (52 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/24/2021 |  | 4/25/2020 |  | 4/27/2019
Sales |  |  |  |  |  |
Wholesale segment: |  |  |  |  |  |
Sales to external customers |  | $ | 1,006,377 |  |  | $ | 1,026,630 |  |  | $ | 1,112,634 |
Intersegment sales |  | 294,921 |  |  | 283,664 |  |  | 270,081 |
Wholesale segment sales |  | 1,301,298 |  |  | 1,310,294 |  |  | 1,382,715 |
Retail segment sales |  | 612,906 |  |  | 598,554 |  |  | 570,201 |
Corporate and Other: |  |  |  |  |  |
Sales to external customers |  | 114,961 |  |  | 78,798 |  |  | 62,566 |
Intersegment sales |  | 12,409 |  |  | 10,294 |  |  | 11,446 |
Corporate and Other sales |  | 127,370 |  |  | 89,092 |  |  | 74,012 |
Eliminations |  | (307,330) |  |  | (293,958) |  |  | (281,527) |
Consolidated sales |  | $ | 1,734,244 |  |  | $ | 1,703,982 |  |  | $ | 1,745,401 |
Operating Income (Loss) |  |  |  |  |  |
Wholesale segment |  | $ | 134,312 |  |  | $ | 142,440 |  |  | $ | 140,495 |
Retail segment |  | 46,724 |  |  | 48,256 |  |  | 37,922 |
Corporate and Other |  | (44,300) |  |  | (71,934) |  |  | (48,743) |
Consolidated operating income |  | 136,736 |  |  | 118,762 |  |  | 129,674 |
Interest expense |  | (1,390) |  |  | (1,291) |  |  | (1,542) |
Interest income |  | 1,101 |  |  | 2,785 |  |  | 2,103 |
Pension termination refund (charge) |  | — |  |  | 1,900 |  |  | (32,671) |
Other income (expense), net |  | 9,466 |  |  | (6,983) |  |  | (2,237) |
Income before income taxes |  | $ | 145,913 |  |  | $ | 115,173 |  |  | $ | 95,327 |
The following tables present additional financial information by segment and location.
|  | Fiscal Year Ended
|  | (52 weeks) |  | (52 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/24/2021 |  | 4/25/2020 |  | 4/27/2019
Depreciation and Amortization |  |  |  |  |  |
Wholesale segment |  | $ | 19,029 |  |  | $ | 17,612 |  |  | $ | 17,265 |
Retail segment |  | 4,894 |  |  | 4,271 |  |  | 4,007 |
Corporate and Other |  | 9,098 |  |  | 9,309 |  |  | 9,875 |
Consolidated depreciation and amortization |  | $ | 33,021 |  |  | $ | 31,192 |  |  | $ | 31,147 |
Capital Expenditures |  |  |  |  |  |
Wholesale segment |  | $ | 27,303 |  |  | $ | 36,602 |  |  | $ | 39,063 |
Retail segment |  | 8,958 |  |  | 7,597 |  |  | 4,604 |
Corporate and Other |  | 1,699 |  |  | 1,836 |  |  | 4,766 |
Consolidated capital expenditures |  | $ | 37,960 |  |  | $ | 46,035 |  |  | $ | 48,433 |
Sales by Country |  |  |  |  |  |
United States |  | 91 | % |  | 89 | % |  | 89 | %
Canada |  | 5 | % |  | 6 | % |  | 6 | %
Other |  | 4 | % |  | 5 | % |  | 5 | %
Total |  | 100 | % |  | 100 | % |  | 100 | %
(Amounts in thousands) |  | 4/24/2021 |  | 4/25/2020
Assets |  |  |  |
Wholesale segment |  | $ | 720,721 |  |  | $ | 531,295 |
Retail segment |  | 546,299 |  |  | 495,970 |
Unallocated assets |  | 519,302 |  |  | 407,624 |
Consolidated assets |  | $ | 1,786,322 |  |  | $ | 1,434,889 |
Long-Lived Assets by Geographic Location |  |  |  |
Domestic |  | $ | 713,525 |  |  | $ | 662,623 |
International |  | 55,714 |  |  | 48,852 |
Consolidated long-lived assets |  | $ | 769,239 |  |  | $ | 711,475 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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