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Note 4 - Revenue Recognition
 9 Months Ended
Jan. 30, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 4. 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:

 

  

Three Months Ended January 30, 2021

 
          

High School

             
  

Commercial

  

Live Events

  

Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $2,087  $14,006  $3,604  $7,880  $5,155  $32,732 

Limited configuration

  24,630   4,536   10,424   3,273   7,391   50,254 

Service and other

  3,368   4,788   616   616   1,765   11,153 
  $30,085  $23,330  $14,644  $11,769  $14,311  $94,139 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $25,092  $5,720  $9,163  $3,436  $7,785  $51,196 

Goods/services transferred over time

  4,993   17,610   5,481   8,333   6,526   42,943 
  $30,085  $23,330  $14,644  $11,769  $14,311  $94,139 

 

  

Nine Months Ended January 30, 2021

 
          

High School

             
  

Commercial

  

Live Events

  

Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $14,322  $83,283  $16,363  $24,579  $15,534  $154,081 

Limited configuration

  69,796   14,566   52,808   15,364   24,268   176,802 

Service and other

  10,829   14,777   1,994   1,647   5,020   34,267 
  $94,947  $112,626  $71,165  $41,590  $44,822  $365,150 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $71,210  $18,670  $48,249  $15,740  $25,432  $179,301 

Goods/services transferred over time

  23,737   93,956   22,916   25,850   19,390   185,849 
  $94,947  $112,626  $71,165  $41,590  $44,822  $365,150 

 

  

Three Months Ended February 1, 2020

 
          

High School

             
  

Commercial

  

Live Events

  

Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $7,209  $27,459  $1,511  $7,857  $9,195  $53,231 

Limited configuration

  26,304   6,436   12,422   5,580   10,609   61,351 

Service and other

  3,367   6,676   842   479   1,711   13,075 
  $36,880  $40,571  $14,775  $13,916  $21,515  $127,657 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $26,555  $8,614  $11,080  $5,683  $11,008  $62,940 

Goods/services transferred over time

  10,325   31,957   3,695   8,233   10,507   64,717 
  $36,880  $40,571  $14,775  $13,916  $21,515  $127,657 

 

  

Nine Months Ended February 1, 2020

 
          

High School

             
  

Commercial

  

Live Events

  

Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $29,181  $114,459  $12,727  $32,173  $35,415  $223,955 

Limited configuration

  80,193   25,662   60,349   19,550   33,663   219,417 

Service and other

  11,192   19,075   2,357   1,541   5,287   39,452 
  $120,566  $159,196  $75,433  $53,264  $74,365  $482,824 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $81,562  $30,903  $55,791  $19,901  $34,696  $222,853 

Goods/services transferred over time

  39,004   128,293   19,642   33,363   39,669   259,971 
  $120,566  $159,196  $75,433  $53,264  $74,365  $482,824 

 

See "Note 5. 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 customers in excess of revenue recognized to date.

 

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

 

  

January 30,

  

May 2,

  

Dollar

  

Percent

 
  

2021

  

2020

  

Change

  

Change

 

Contract assets

 $30,310  $35,467  $(5,157)  (14.5)%
Contract liabilities - current  53,292   50,897   2,395   4.7%

Contract liabilities - noncurrent

  10,587   10,707   (120)  (1.1)%

 

The changes in our contract assets and contract liabilities from May 2, 2020 to January 30, 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 the nine months ended January 30, 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" line items in our condensed consolidated balance sheets. Changes in unearned service-type warranty contracts, net were as follows:

 

  

January 30,

 
  

2021

 

Balance at beginning of period

 $24,490 

New contracts sold

  49,471 

Less: reductions for revenue recognized

  (48,818)

Foreign currency translation and other

  194 

Balance at end of period

 $25,337 

 

 

As of January 30, 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 condensed consolidated balance sheets.

 

During the nine months ended January 30, 2021, we recognized revenue of $42,851 related to our contract liabilities as of May 2, 2020.

 

Remaining performance obligations

As of January 30, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations was $248,643. We expect approximately $211,787 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 January 30, 2021 are $194,534 and $54,109, 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.