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Note 4 - Revenue Recognition
 9 Months Ended
Jan. 29, 2022
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 January 29, 2022

 
          

High School

             
  

Commercial

  

Live Events

  

Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $4,112  $25,950  $4,167  $9,803  $8,606  $52,638 

Limited configuration

  32,081   6,843   18,717   5,269   10,453   73,363 

Service and other

  3,902   6,264   837   751   1,803   13,557 
  $40,095  $39,057  $23,721  $15,823  $20,862  $139,558 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $32,829  $8,540  $17,351  $5,576  $10,967  $75,263 

Goods/services transferred over time

  7,266   30,517   6,370   10,247   9,895   64,295 
  $40,095  $39,057  $23,721  $15,823  $20,862  $139,558 

 

  

Nine Months Ended January 29, 2022

 
          

High School

             
  

Commercial

  

Live Events

  

Park and Recreation

  

Transportation

  

International

  

Total

 

Type of performance obligation

                        

Unique configuration

 $12,258  $110,986  $15,241  $25,320  $26,051  $189,856 

Limited configuration

  83,965   21,510   66,590   15,173   32,464   219,702 

Service and other

  11,116   18,344   2,531   1,941   5,277   39,209 
  $107,339  $150,840  $84,362  $42,434  $63,792  $448,767 

Timing of revenue recognition

                        

Goods/services transferred at a point in time

 $85,570  $26,877  $62,407  $15,781  $33,801  $224,436 

Goods/services transferred over time

  21,769   123,963   21,955   26,653   29,991   224,331 
  $107,339  $150,840  $84,362  $42,434  $63,792  $448,767 

 

  

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 

 

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 29,

  

May 1,

  

Dollar

  

Percent

 
  

2022

  

2021

  

Change

  

Change

 

Contract assets

 $39,874  $32,799  $7,075   21.6%

Contract liabilities - current

  79,591   64,495   15,096   23.4%

Contract liabilities - noncurrent

  10,738   10,720   18   0.2%

 

The changes in our contract assets and contract liabilities from May 1, 2021 to January 29, 2022 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 nine months ended January 29, 2022.

 

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 29,

 
  

2022

 

Balance at beginning of period

 $24,590 

New contracts sold

  33,145 

Less: reductions for revenue recognized

  (30,337)

Foreign currency translation and other

  (400)

Balance at end of period

 $26,998 

 

As of January 29, 2022 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 nine months ended January 29, 2022, we recognized revenue of $47,356 related to our contract liabilities as of May 1, 2021.

 

Remaining performance obligations

As of January 29, 2022, the aggregate amount of the transaction price allocated to the remaining performance obligations was $412,675. We expect approximately $378,092 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 29, 2022 are $353,345 and $59,330, 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.