XML 39 R24.htm IDEA: XBRL DOCUMENT v3.19.2
Revenue Recognition
12 Months Ended
Apr. 27, 2019
Revenue Recognition  
Revenue Recognition

Note 16: Revenue Recognition

 

The following table disaggregates our revenue by product category by segment for the fiscal year ended April 27, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

 

 

 

Corporate 

    

 

(Amounts in thousands)

 

Upholstery

 

Casegoods

 

Retail

 

and Other

 

Total

Motion Upholstery Furniture

 

$

804,691

 

$

 —

 

$

350,520

 

$

 —

 

$

1,155,211

Stationary Upholstery Furniture

 

 

367,386

 

 

16,631

 

 

108,590

 

 

77,749

 

 

570,356

Bedroom Furniture

 

 

 —

 

 

31,465

 

 

5,327

 

 

5,324

 

 

42,116

Dining Room Furniture

 

 

 —

 

 

23,073

 

 

9,918

 

 

1,961

 

 

34,952

Occasional Furniture

 

 

1,616

 

 

49,173

 

 

20,354

 

 

1,132

 

 

72,275

Other (1)

 

 

94,549

 

 

(5,869)

 

 

75,492

 

 

(12,154)

 

 

152,018

 Total

 

$

1,268,242

 

$

114,473

 

$

570,201

 

$

74,012

 

 

2,026,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliminations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(281,527)

Consolidated Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,745,401

 

(1)Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, tariff surcharges, discounts & allowances, rebates and other sales incentives

 

Motion Upholstery Furniture - Includes gross revenue for upholstered furniture, such as recliners, sofas, loveseats, chairs, sectionals and modulars that have a mechanism that allows the back of the product to recline or the product’s footrest to extend.  This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer.

 

Stationary Upholstery Furniture - Includes gross revenue for upholstered furniture, such as sofas, loveseats, chairs, sectionals, modulars, and ottomans that do not have a mechanism. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer.

 

Bedroom Furniture - Includes gross revenue for casegoods furniture typically found in a bedroom, such as beds, chests, dressers, nightstands and benches. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer.

 

Dining Room Furniture - Includes gross revenue for casegoods furniture typically found in a dining room, such as dining tables, dining chairs, storage units and stools. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer.

 

Occasional Furniture - Includes gross revenue for casegoods furniture found throughout the home, such as cocktail tables, chairsides, sofa tables, end tables, and entertainment centers. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer.

 

Our consolidated balance sheet includes current assets of $17.0 million that we reported as other receivables. These other receivables represent the remaining consideration to which we are entitled prior to fulfilling our performance obligation. At the beginning of fiscal 2019, we had $12.1 million of other receivables.

 

We receive deposits from end consumers before we recognize revenue, resulting in customer deposits, and in some cases we have the unconditional right to collect the remaining portion of the order price before we fulfill our performance obligation, resulting in deferred revenue (collectively, the “contract liabilities”). At the beginning of fiscal 2019, we had $31.3 million of customer deposits and $12.1 million of deferred revenues. At April 27, 2019, we included $42.8 million of customer deposits and $17.0 million of deferred revenues in accrued expenses and other current liabilities on our consolidated balance sheet. During the fiscal year ended April 27, 2019, we recognized $41.5 million of revenue that was recorded as a contract liability at the beginning of fiscal 2019.

 

We have elected the practical expedient permitted in ASC 606-10-32-18, which allows an entity to recognize the promised amount of consideration without adjusting for the effects of a significant financing component if the contract has a duration of one year or less. As our contracts typically are less than one year in length and do not have significant financing components, we have not adjusted consideration.