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Note 2 - Revenue Recognition
 12 Months Ended
May 01, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 2. Revenue Recognition

 

Disaggregation of revenue

In accordance with ASC 606-10-50, we disaggregate revenue from contracts with customers by the type of performance obligation and the timing of revenue recognition. We determine that disaggregating revenue in these categories achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors and to enable users of financial statements to understand the relationship to each reportable segment.

 

The following table presents our disaggregation of revenue by segments:

 

  

Fiscal Year 2021

 
  

Commercial

  

Live Events

  High School Park and Recreation  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $16,535  $104,682  $22,258  $36,398  $22,266  $202,139 

Limited configuration

  96,420   18,679   66,697   19,690   32,583   234,069 

Service and other

  14,345   19,688   2,602   2,196   6,994   45,825 
  $127,300  $143,049  $91,557  $58,284  $61,843  $482,033 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $98,243  $23,906  $60,859  $20,180  $34,388  $237,576 

Goods/services transferred over time

  29,057   119,143   30,698   38,104   27,455   244,457 
  $127,300  $143,049  $91,557  $58,284  $61,843  $482,033 

 

  

Fiscal Year 2020

 
  

Commercial

  

Live Events

  High School Park and Recreation  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $35,212  $140,044  $19,176  $43,519  $40,454  $278,405 

Limited configuration

  102,847   31,897   74,266   24,588   45,626   279,224 

Service and other

  14,568   24,650   2,972   2,032   7,081   51,303 
  $152,627  $196,591  $96,414  $70,139  $93,161  $608,932 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $105,096  $39,521  $68,582  $25,157  $47,345  $285,701 

Goods/services transferred over time

  47,531   157,070   27,832   44,982   45,816   323,231 
  $152,627  $196,591  $96,414  $70,139  $93,161  $608,932 

 

  

Fiscal Year 2019

 
  

Commercial

  

Live Events

  

High School Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $25,171  $119,569  $21,792  $38,490  $44,989  $250,011 

Limited configuration

  108,921   30,107   66,825   23,799   42,134   271,786 

Service and other

  14,741   21,276   2,570   2,102   7,218   47,907 
  $148,833  $170,952  $91,187  $64,391  $94,341  $569,704 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $111,617  $35,313  $60,763  $24,500  $44,758  $276,951 

Goods/services transferred over time

  37,216   135,639   30,424   39,891   49,583   292,753 
  $148,833  $170,952  $91,187  $64,391  $94,341  $569,704 

 

See "Note 3. Segment Reporting" for a disaggregation of revenue by geography.

 

Contract balances

Contract assets represent revenue recognized in excess of amounts billed and include unbilled receivables. Unbilled receivables, which represent an unconditional right to payment subject only to the passage of time, are reclassified to accounts receivable when they are billed according to the contract terms. Contract liabilities represent amounts billed to the clients in excess of revenue recognized to date.

 

The following table reflects the balances and changes in our contract assets and liabilities:

 

  

May 1, 2021

  

May 2, 2020

 

Contract assets

 $32,799  $35,467 

Contract liabilities - current

  64,495   50,897 

Contract liabilities - non-current

  10,720   10,707 

 

The changes in our contract assets and contract liabilities from May 2, 2020 to May 1, 2021 were due to the timing of billing schedules and revenue recognition, which can vary significantly depending on the contractual payment terms and the seasonality of the sports markets. We had no material impairments of contract assets for fiscal 2021.

 

For service-type warranty contracts, we allocate revenue to this performance obligation, recognize the revenue over time, and recognize costs as incurred. Earned and unearned revenues for these contracts are included in the "Contract assets" and "Contract liabilities". Changes in unearned service-type warranty contracts, net were as follows:

 

  May 1, 2021  May 2, 2020 

Balance at beginning of year

 $24,490  $24,939 

New contracts sold

  35,623   41,169 

Less: reductions for revenue recognized

  (36,723)  (41,167)

Foreign currency translation and other

  1,200   (451)

Balance at end of year

 $24,590  $24,490 

 

As of  May 1, 2021 and  May 2, 2020, our contracts in progress that were identified as loss contracts were immaterial. For these contracts, the provision for losses are included in the "Accrued expenses" line item in our consolidated balance sheets.

 

During fiscal 2021, we recognized revenue of $46,533 related to our contract liabilities as of May 2, 2020.

 

Remaining performance obligations

As of May 1, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations was $303,535. We expect approximately $269,792 of our remaining performance obligations to be recognized over the next 12 months, with the remainder recognized thereafter. Remaining performance obligations related to product and service agreements at May 1, 2021 are $250,736 and $52,799, respectively. Although remaining performance obligations reflect business that is considered to be legally binding, cancellations, deferrals or scope adjustments may occur. Any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals are reflected or excluded in the remaining performance obligation balance, as appropriate.