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

Note 4. Revenue Recognition

 

Disaggregation of revenue

The following table presents our disaggregation of revenue by segments:

 

  

Three Months Ended October 30, 2021

 
          

High School

             
  

Commercial

  

Live Events

  

Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $4,559  $43,528  $6,908  $8,976  $11,562  $75,533 

Limited configuration

  25,977   8,825   24,916   4,552   10,466   74,736 

Service and other

  3,927   7,043   923   525   1,790   14,208 
  $34,463  $59,396  $32,747  $14,053  $23,818  $164,477 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $26,362  $11,508  $23,115  $4,634  $10,815  $76,434 

Goods/services transferred over time

  8,101   47,888   9,632   9,419   13,003   88,043 
  $34,463  $59,396  $32,747  $14,053  $23,818  $164,477 

 

  

Six Months Ended October 30, 2021

 
          

High School

             
  

Commercial

  

Live Events

  

Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $8,146  $85,036  $11,074  $15,517  $17,445  $137,218 

Limited configuration

  51,884   14,667   47,873   9,904   22,011   146,339 

Service and other

  7,214   12,080   1,694   1,190   3,474   25,652 
  $67,244  $111,783  $60,641  $26,611  $42,930  $309,209 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $52,741  $18,337  $45,056  $10,205  $22,834  $149,173 

Goods/services transferred over time

  14,503   93,446   15,585   16,406   20,096   160,036 
  $67,244  $111,783  $60,641  $26,611  $42,930  $309,209 

 

  

Three Months Ended October 31, 2020

 
          

High School

             
  

Commercial

  

Live Events

  

Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $3,508  $27,302  $5,091  $8,975  $6,367  $51,243 

Limited configuration

  22,611   4,611   21,696   5,825   8,224   62,967 

Service and other

  4,237   5,909   791   523   1,697   13,157 
  $30,356  $37,822  $27,578  $15,323  $16,288  $127,367 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $23,226  $6,736  $19,718  $5,930  $8,468  $64,078 

Goods/services transferred over time

  7,130   31,086   7,860   9,393   7,820   63,289 
  $30,356  $37,822  $27,578  $15,323  $16,288  $127,367 

 

  

Six Months Ended October 31, 2020

 
          

High School

             
  

Commercial

  

Live Events

  

Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $12,235  $69,277  $12,759  $16,699  $10,379  $121,349 

Limited configuration

  45,166   10,030   42,384   12,091   16,877   126,548 

Service and other

  7,461   9,989   1,378   1,031   3,255   23,114 
  $64,862  $89,296  $56,521  $29,821  $30,511  $271,011 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $46,118  $12,950  $39,086  $12,304  $17,647  $128,105 

Goods/services transferred over time

  18,744   76,346   17,435   17,517   12,864   142,906 
  $64,862  $89,296  $56,521  $29,821  $30,511  $271,011 

 

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:

 

  

October 30,

  

May 1,

  

Dollar

  

Percent

 
  

2021

  

2021

  

Change

  

Change

 

Contract assets

 $40,231  $32,799  $7,432   22.7%

Contract liabilities - current

  70,158   64,495   5,663   8.8%

Contract liabilities - noncurrent

  10,707   10,720   (13)  (0.1)%

 

The changes in our contract assets and contract liabilities from May 1, 2021 to October 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 construction and sports market seasonality. We had no impairments of contract assets for the six months ended October 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:

 

  

October 30,

 
  

2021

 

Balance at beginning of period

 $24,590 

New contracts sold

  22,764 

Less: reductions for revenue recognized

  (19,955)

Foreign currency translation and other

  260 

Balance at end of period

 $27,659 

 

As of October 30, 2021 and May 1, 2021, our contracts in progress that were identified as loss contracts were immaterial. For these contracts, the provision for losses is included in the "Accrued expenses" line item in our condensed consolidated balance sheets.

 

During the six months ended October 30, 2021, we recognized revenue of $42,300 related to our contract liabilities as of May 1, 2021.

 

Remaining performance obligations

As of October 30, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations was $338,935. We expect approximately $303,959 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 October 30, 2021 are $281,568 and $57,367, 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.