(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Class | Outstanding at November 10, 2020 | |||||||
Common Stock, $1.00 Par Value |
Page Number | ||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||
(Unaudited, amounts in thousands, except per share data) | 10/24/20 | 10/26/19 | 10/24/20 | 10/26/19 | ||||||||||||||||||||||
Sales | $ | $ | $ | $ | ||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Selling, general and administrative expense | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Other income (expense), net | ( | |||||||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||||||||
Income tax expense | ||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Net income attributable to La-Z-Boy Incorporated | $ | $ | $ | $ | ||||||||||||||||||||||
Basic weighted average common shares | ||||||||||||||||||||||||||
Basic net income attributable to La-Z-Boy Incorporated per share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted weighted average common shares | ||||||||||||||||||||||||||
Diluted net income attributable to La-Z-Boy Incorporated per share | $ | $ | $ | $ |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||
(Unaudited, amounts in thousands) | 10/24/20 | 10/26/19 | 10/24/20 | 10/26/19 | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||
Currency translation adjustment | ||||||||||||||||||||||||||
Change in fair value of cash flow hedges, net of tax | ||||||||||||||||||||||||||
Net unrealized gain (loss) on marketable securities, net of tax | ( | ( | ||||||||||||||||||||||||
Net pension amortization, net of tax | ||||||||||||||||||||||||||
Total other comprehensive income | ||||||||||||||||||||||||||
Total comprehensive income before allocation to noncontrolling interests | ||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive income attributable to La-Z-Boy Incorporated | $ | $ | $ | $ |
(Unaudited, amounts in thousands, except par value) | 10/24/20 | 4/25/20 | ||||||||||||
Current assets | ||||||||||||||
Cash and equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Receivables, net of allowance of $ | ||||||||||||||
Inventories, net | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Other intangible assets, net | ||||||||||||||
Deferred income taxes – long-term | ||||||||||||||
Right of use lease assets | ||||||||||||||
Other long-term assets, net | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Current liabilities | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Short-term borrowings | ||||||||||||||
Lease liabilities, current | ||||||||||||||
Accrued expenses and other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Lease liabilities, long-term | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Shareholders' equity | ||||||||||||||
Preferred shares – | ||||||||||||||
Common shares, $ | ||||||||||||||
Capital in excess of par value | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total La-Z-Boy Incorporated shareholders' equity | ||||||||||||||
Noncontrolling interests | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities and equity | $ | $ |
Six Months Ended | ||||||||||||||
(Unaudited, amounts in thousands) | 10/24/20 | 10/26/19 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to cash provided by (used for) operating activities | ||||||||||||||
(Gain)/loss on disposal of assets | ( | |||||||||||||
Gain on sale of investments | ( | ( | ||||||||||||
Change in deferred taxes | ||||||||||||||
Provision for doubtful accounts | ( | |||||||||||||
Depreciation and amortization | ||||||||||||||
Equity-based compensation expense | ||||||||||||||
Change in receivables | ( | ( | ||||||||||||
Change in inventories | ( | ( | ||||||||||||
Change in right-of-use lease assets | ||||||||||||||
Change in other assets | ( | ( | ||||||||||||
Change in payables | ||||||||||||||
Change in lease liabilities | ( | ( | ||||||||||||
Change in other liabilities | ||||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities | ||||||||||||||
Proceeds from disposals of assets | ||||||||||||||
Proceeds from insurance | ||||||||||||||
Capital expenditures | ( | ( | ||||||||||||
Purchases of investments | ( | ( | ||||||||||||
Proceeds from sales of investments | ||||||||||||||
Acquisitions | ( | ( | ||||||||||||
Net cash used for investing activities | ( | ( | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Payments on debt and finance lease liabilities | ( | ( | ||||||||||||
Stock issued for stock and employee benefit plans, net of shares withheld for taxes | ||||||||||||||
Purchases of common stock | ( | |||||||||||||
Dividends paid to shareholders | ( | ( | ||||||||||||
Dividends paid to minority interest joint venture partners (1) | ( | |||||||||||||
Net cash used for financing activities | ( | ( | ||||||||||||
Effect of exchange rate changes on cash and equivalents | ||||||||||||||
Change in cash, cash equivalents and restricted cash | ( | |||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | ||||||||||||
Supplemental disclosure of non-cash investing activities | ||||||||||||||
Capital expenditures included in payables | $ | $ |
(Unaudited, amounts in thousands) | Common Shares | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests | Total | ||||||||||||||||||||||||||||||||
At April 25, 2020 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | |||||||||||||||||||||||||||||||||||
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||
Stock option and restricted stock expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Dividends declared and paid (1) | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||
At July 25, 2020 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | |||||||||||||||||||||||||||||||||||
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax | ( | — | — | |||||||||||||||||||||||||||||||||||
Stock option and restricted stock expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Dividends declared and paid ($ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Dividends declared not paid ($ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
At October 24, 2020 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
(Unaudited, amounts in thousands) | Common Shares | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests | Total | ||||||||||||||||||||||||||||||||
At April 27, 2019 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | |||||||||||||||||||||||||||||||||||
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Repurchases of | ( | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Stock option and restricted stock expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Cumulative effect adjustment for leases, net of tax (1) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Reclassification of certain income tax effects (2) | — | — | ( | — | ||||||||||||||||||||||||||||||||||
Dividends declared and paid ($ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
At July 27, 2019 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | |||||||||||||||||||||||||||||||||||
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax | ( | — | — | |||||||||||||||||||||||||||||||||||
Purchases of | ( | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Stock option and restricted stock expense | — | — | — | — | ||||||||||||||||||||||||||||||||||
Dividends declared and paid ($ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Dividends declared not paid ($ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
At October 26, 2019 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
ASU | Description | |||||||
ASU 2016-13 | Financial Instruments – Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments | |||||||
ASU 2020-04 | Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
ASU | Description | Adoption Date | ||||||||||||
ASU 2018-14 | Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans | Fiscal 2022 | ||||||||||||
ASU 2019-12 | Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | Fiscal 2022 | ||||||||||||
ASU 2020-01 | Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 | Fiscal 2022 |
(Unaudited, amounts in thousands) | 10/24/20 | 10/26/19 | ||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ |
(Unaudited, amounts in thousands) | 10/24/20 | 4/25/20 | ||||||||||||
Raw materials | $ | $ | ||||||||||||
Work in process | ||||||||||||||
Finished goods | ||||||||||||||
FIFO inventories | ||||||||||||||
Excess of FIFO over LIFO | ( | ( | ||||||||||||
Total inventories | $ | $ |
Reportable Segment/Unit | Reporting Unit | Related Acquisition | ||||||||||||
Wholesale Segment | La-Z-Boy United Kingdom | Wholesale business in the United Kingdom and Ireland | ||||||||||||
Retail Segment | Retail | La-Z-Boy Furniture Galleries® stores | ||||||||||||
Corporate & Other | Joybird | Joybird |
(Unaudited, amounts in thousands) | Wholesale Segment | Retail Segment | Corporate and Other | Total Goodwill | ||||||||||||||||||||||
Balance at April 25, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||
Translation adjustment | ||||||||||||||||||||||||||
Balance at October 24, 2020 | $ | $ | $ | $ |
Reportable Segment/Unit | Intangible Asset | Useful Life | ||||||||||||
Wholesale Segment | Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland | Amortizable over useful lives that do not exceed | ||||||||||||
Wholesale Segment | American Drew® trade name | Indefinite-lived | ||||||||||||
Retail Segment | Reacquired rights to own and operate La-Z-Boy Furniture Galleries® stores | Indefinite-lived | ||||||||||||
Corporate & Other | Joybird® trade name | Amortizable over -year useful life |
(Unaudited, amounts in thousands) | Indefinite- Lived Trade Names | Finite- Lived Trade Name | Indefinite- Lived Reacquired Rights | Other Intangible Assets | Total Other Intangible Assets | |||||||||||||||||||||||||||
Balance at April 25, 2020 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||
Amortization | ( | ( | ( | |||||||||||||||||||||||||||||
Translation adjustment | ||||||||||||||||||||||||||||||||
Balance at October 24, 2020 | $ | $ | $ | $ | $ |
(Unaudited, amounts in thousands) | 10/24/20 | 4/25/20 | ||||||||||||
Short-term investments: | ||||||||||||||
Marketable securities | $ | $ | ||||||||||||
Held-to-maturity investments | ||||||||||||||
Total short-term investments | ||||||||||||||
Long-term investments: | ||||||||||||||
Marketable securities | ||||||||||||||
Cost basis investments | ||||||||||||||
Total long-term investments | ||||||||||||||
Total investments | $ | $ | ||||||||||||
Investments to enhance returns on cash | $ | $ | ||||||||||||
Investments to fund compensation/retirement plans | ||||||||||||||
Other investments | ||||||||||||||
Total investments | $ | $ |
10/24/20 | 4/25/20 | |||||||||||||||||||||||||||||||||||||
(Unaudited, amounts in thousands) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||
Equity securities | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
Fixed income | ( | ( | ||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total securities | $ | $ | ( | $ | $ | $ | ( | $ |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||
(Unaudited, amounts in thousands) | 10/24/20 | 10/26/19 | 10/24/20 | 10/26/19 | ||||||||||||||||||||||
Proceeds from sales | $ | $ | $ | $ | ||||||||||||||||||||||
Gross realized gains | ||||||||||||||||||||||||||
Gross realized losses | ( | ( | ( | ( |
(Unaudited, amounts in thousands) | 10/24/20 | |||||||
Within one year | $ | |||||||
Within two to five years | ||||||||
Within six to ten years | ||||||||
Thereafter | ||||||||
Total | $ |
(Unaudited, amounts in thousands) | 10/24/20 | 4/25/20 | ||||||||||||
Payroll and other compensation | $ | $ | ||||||||||||
Accrued product warranty, current portion | ||||||||||||||
Customer deposits | ||||||||||||||
Deferred revenue | ||||||||||||||
Other current liabilities | ||||||||||||||
Accrued expenses and other current liabilities | $ | $ |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||
(Unaudited, amounts in thousands) | 10/24/20 | 10/26/19 | 10/24/20 | 10/26/19 | ||||||||||||||||||||||
Balance as of the beginning of the period | $ | $ | $ | $ | ||||||||||||||||||||||
Accruals during the period | ||||||||||||||||||||||||||
Settlements during the period | ( | ( | ( | ( | ||||||||||||||||||||||
Balance as of the end of the period (1) | $ | $ | $ | $ |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||
(Unaudited, amounts in thousands) | 10/24/20 | 10/26/19 | 10/24/20 | 10/26/19 | ||||||||||||||||||||||
Equity-based awards expense | $ | $ | $ | $ | ||||||||||||||||||||||
Liability-based awards expense | ||||||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
(Unaudited) | Fiscal 2021 grant | Assumption | ||||||||||||
Risk-free interest rate | % | U.S. Treasury issues with term equal to expected life at grant date | ||||||||||||
Dividend rate | % | Estimated future dividend rate and common share price at grant date | ||||||||||||
Expected life | Contractual term of stock option and expected employee exercise trends | |||||||||||||
Stock price volatility | % | Historical volatility of our common shares | ||||||||||||
Fair value per share | $ |
(Unaudited, amounts in thousands) | Translation adjustment | Change in fair value of cash flow hedge | Unrealized gain (loss) on marketable securities | Net pension amortization and net actuarial loss | Accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||
Balance at July 25, 2020 | $ | ( | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||
Changes before reclassifications | ( | |||||||||||||||||||||||||||||||
Amounts reclassified to net income | ( | |||||||||||||||||||||||||||||||
Tax effect | ( | |||||||||||||||||||||||||||||||
Other comprehensive income attributable to La-Z-Boy Incorporated | ( | |||||||||||||||||||||||||||||||
Balance at October 24, 2020 | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||
Balance at July 27, 2019 | $ | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||
Changes before reclassifications | ||||||||||||||||||||||||||||||||
Amounts reclassified to net income | ( | |||||||||||||||||||||||||||||||
Tax effect | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Other comprehensive income attributable to La-Z-Boy Incorporated | ||||||||||||||||||||||||||||||||
Balance at October 26, 2019 | $ | $ | $ | $ | ( | $ | ( |
(Unaudited, amounts in thousands) | Translation adjustment | Change in fair value of cash flow hedge | Unrealized gain (loss) on marketable securities | Net pension amortization and net actuarial loss | Accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||
Balance at April 25, 2020 | $ | ( | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||
Changes before reclassifications | ||||||||||||||||||||||||||||||||
Amounts reclassified to net income | ( | |||||||||||||||||||||||||||||||
Tax effect | ( | ( | ||||||||||||||||||||||||||||||
Other comprehensive income attributable to La-Z-Boy Incorporated | ( | |||||||||||||||||||||||||||||||
Balance at October 24, 2020 | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||
Balance at April 27, 2019 | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||
Changes before reclassifications | ||||||||||||||||||||||||||||||||
Reclassification of certain income tax effects (1) | ( | ( | ( | |||||||||||||||||||||||||||||
Amounts reclassified to net income | ( | |||||||||||||||||||||||||||||||
Tax effect | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated | ( | ( | ||||||||||||||||||||||||||||||
Balance at October 26, 2019 | $ | $ | $ | $ | ( | $ | ( |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||
(Unaudited, amounts in thousands) | 10/24/20 | 10/26/19 | 10/24/20 | 10/26/19 | ||||||||||||||||||||||
Balance as of the beginning of the period | $ | $ | $ | $ | ||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||
Dividends distributed to joint venture minority partners | ( | |||||||||||||||||||||||||
Balance as of the end of the period | $ | $ | $ | $ |
Quarter Ended October 24, 2020 | Quarter Ended October 26, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited, amounts in thousands) | Wholesale | Retail | Corporate and Other | Total | Wholesale | Retail | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Motion Upholstery Furniture | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Stationary Upholstery Furniture | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bedroom Furniture | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dining Room Furniture | ||||||||||||||||||||||||||||||||||||||||||||||||||
Occasional Furniture | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Eliminations | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Net Sales | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended October 24, 2020 | Six Months Ended October 26, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited, amounts in thousands) | Wholesale | Retail | Corporate and Other | Total | Wholesale | Retail | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Motion Upholstery Furniture | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Stationary Upholstery Furniture | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bedroom Furniture | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dining Room Furniture | ||||||||||||||||||||||||||||||||||||||||||||||||||
Occasional Furniture | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Eliminations | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Net Sales | $ | $ |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||
(Unaudited, amounts in thousands) | 10/24/20 | 10/26/19 | 10/24/20 | 10/26/19 | ||||||||||||||||||||||
Sales | ||||||||||||||||||||||||||
Wholesale segment: | ||||||||||||||||||||||||||
Sales to external customers | $ | $ | $ | $ | ||||||||||||||||||||||
Intersegment sales | ||||||||||||||||||||||||||
Wholesale segment sales | ||||||||||||||||||||||||||
Retail segment sales | ||||||||||||||||||||||||||
Corporate and Other: | ||||||||||||||||||||||||||
Sales to external customers | ||||||||||||||||||||||||||
Intersegment sales | ||||||||||||||||||||||||||
Corporate and Other sales | ||||||||||||||||||||||||||
Eliminations | ( | ( | ( | ( | ||||||||||||||||||||||
Consolidated sales | $ | $ | $ | $ | ||||||||||||||||||||||
Operating Income (Loss) | ||||||||||||||||||||||||||
Wholesale segment | $ | $ | $ | $ | ||||||||||||||||||||||
Retail segment | ||||||||||||||||||||||||||
Corporate and Other | ( | ( | ( | ( | ||||||||||||||||||||||
Consolidated operating income | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Other income (expense), net | ( | |||||||||||||||||||||||||
Income before income taxes | $ | $ | $ | $ |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||
(Unaudited, amounts in thousands, except per share data) | 10/24/20 | 10/26/19 | 10/24/20 | 10/26/19 | ||||||||||||||||||||||
Numerator (basic and diluted): | ||||||||||||||||||||||||||
Net income attributable to La-Z-Boy Incorporated | $ | $ | $ | $ | ||||||||||||||||||||||
Income allocated to participating securities | ( | ( | ( | ( | ||||||||||||||||||||||
Net income available to common Shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Basic weighted average common shares outstanding | ||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Contingent common shares | ||||||||||||||||||||||||||
Stock option dilution | ||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | ||||||||||||||||||||||||||
Earnings per Share: | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ |
At October 24, 2020 | ||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
(Unaudited, amounts in thousands) | Level 1 | Level 2 | Level 3 | NAV(1) | Total | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Marketable securities | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Held-to-maturity investments | ||||||||||||||||||||||||||||||||
Cost basis investments | ||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Contingent consideration liability | $ | $ | $ | $ | $ |
At April 25, 2020 | ||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
(Unaudited, amounts in thousands) | Level 1 | Level 2 | Level 3 | NAV(1) | Total | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Marketable securities | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Held-to-maturity investments | ||||||||||||||||||||||||||||||||
Cost basis investment | ||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
(Unaudited, amounts in thousands, except percentages) | 10/24/20 | 10/26/19 | % Change | 10/24/20 | 10/26/19 | % Change | ||||||||||||||||||||||||||||||||
Sales | $ | 459,120 | $ | 447,212 | 2.7 | % | $ | 744,578 | $ | 860,845 | (13.5) | % | ||||||||||||||||||||||||||
Operating income | 47,939 | 29,601 | 62.0 | % | 52,264 | 53,023 | (1.4) | % | ||||||||||||||||||||||||||||||
Operating margin | 10.4 | % | 6.6 | % | 7.0 | % | 6.2 | % |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
(Unaudited, amounts in thousands, except percentages) | 10/24/20 | 10/26/19 | % Change | 10/24/20 | 10/26/19 | % Change | ||||||||||||||||||||||||||||||||
Sales | $ | 343,016 | $ | 350,245 | (2.1) | % | $ | 566,589 | $ | 670,796 | (15.5) | % | ||||||||||||||||||||||||||
Operating income | 41,683 | 34,285 | 21.6 | % | 59,623 | 63,149 | (5.6) | % | ||||||||||||||||||||||||||||||
Operating margin | 12.2 | % | 9.8 | % | 10.5 | % | 9.4 | % |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
(Unaudited, amounts in thousands, except percentages) | 10/24/20 | 10/26/19 | % Change | 10/24/20 | 10/26/19 | % Change | ||||||||||||||||||||||||||||||||
Sales | $ | 162,275 | $ | 148,404 | 9.3 | % | $ | 253,412 | $ | 291,400 | (13.0) | % | ||||||||||||||||||||||||||
Operating income | 15,093 | 8,412 | 79.4 | % | 8,466 | 16,889 | (49.9) | % | ||||||||||||||||||||||||||||||
Operating margin | 9.3 | % | 5.7 | % | 3.3 | % | 5.8 | % |
Quarter Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
(Unaudited, amounts in thousands, except percentages) | 10/24/20 | 10/26/19 | % Change | 10/24/20 | 10/26/19 | % Change | ||||||||||||||||||||||||||||||||
Sales | $ | 33,717 | $ | 24,311 | 38.7 | % | $ | 50,458 | $ | 44,863 | 12.5 | % | ||||||||||||||||||||||||||
Intercompany eliminations | (79,888) | (75,748) | (5.5) | % | (125,881) | (146,214) | 13.9 | % | ||||||||||||||||||||||||||||||
Operating loss | (8,837) | (13,096) | 32.5 | % | (15,825) | (27,015) | 41.4 | % |
Six Months Ended | ||||||||||||||
(Unaudited, amounts in thousands) | 10/24/20 | 10/26/19 | ||||||||||||
Cash Flows Provided By (Used For) | ||||||||||||||
Net cash provided by operating activities | $ | 195,710 | $ | 53,702 | ||||||||||
Net cash used for investing activities | (21,383) | (32,345) | ||||||||||||
Net cash used for financing activities | (86,372) | (34,842) | ||||||||||||
Exchange rate changes | 1,944 | 1,239 | ||||||||||||
Change in cash, cash equivalents and restricted cash | $ | 89,899 | $ | (12,246) |
(Unaudited, amounts in thousands, except per share data) | Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plan (2) | Maximum number of shares that may yet be purchased under the plan | ||||||||||||||||||||||
Fiscal August (July 26 – August 29, 2020) | — | $ | — | — | 4,524 | |||||||||||||||||||||
Fiscal September (August 30 – September 26, 2020) | — | $ | — | — | 4,524 | |||||||||||||||||||||
Fiscal October (September 27 – October 24, 2020) | — | $ | — | — | 4,524 | |||||||||||||||||||||
Fiscal Second Quarter of 2021 | — | — | 4,524 |
Exhibit Number | Description | |||||||
(31.1) | ||||||||
(31.2) | ||||||||
(32) | ||||||||
(101.INS) | Inline XBRL Instance Document | |||||||
(101.SCH) | Inline XBRL Taxonomy Extension Schema Document | |||||||
(101.CAL) | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
(101.LAB) | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
(101.PRE) | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
(101.DEF) | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
(104) | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended October 24, 2020, formatted in Inline XBRL (included in Exhibit 101) |
LA-Z-BOY INCORPORATED | ||||||||
(Registrant) | ||||||||
Date: November 17, 2020 | ||||||||
BY:/s/Lindsay A. Barnes | ||||||||
Lindsay A. Barnes Vice President, Corporate Controller, Chief Accounting Officer and Treasurer |
Date: November 17, 2020 | /s/ Kurt L. Darrow | ||||
Kurt L. Darrow | |||||
Chairman, President and Chief Executive Officer |
Date: November 17, 2020 | /s/ Melinda D. Whittington | ||||
Melinda D. Whittington | |||||
Senior Vice President and Chief Financial Officer |
/s/ Kurt L. Darrow | |||||
Kurt L. Darrow | |||||
Chairman, President and Chief Executive Officer | |||||
November 17, 2020 |
/s/ Melinda D. Whittington | |||||
Melinda D. Whittington | |||||
Senior Vice President and Chief Financial Officer | |||||
November 17, 2020 |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 24, 2020 |
Oct. 26, 2019 |
Oct. 24, 2020 |
Oct. 26, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 35,304 | $ 22,904 | $ 39,983 | $ 40,892 |
Other comprehensive income (loss) | ||||
Currency translation adjustment | 1,354 | 1,526 | 3,465 | 2,140 |
Change in fair value of cash flow hedges, net of tax | 0 | 6 | 0 | 10 |
Net unrealized gain (loss) on marketable securities, net of tax | (65) | 46 | (23) | 154 |
Net pension amortization, net of tax | 65 | 41 | 130 | 82 |
Total other comprehensive income | 1,354 | 1,619 | 3,572 | 2,386 |
Total comprehensive income before allocation to noncontrolling interests | 36,658 | 24,523 | 43,555 | 43,278 |
Comprehensive income attributable to noncontrolling interests | (448) | (671) | (827) | (1,076) |
Comprehensive income attributable to La-Z-Boy Incorporated | $ 36,210 | $ 23,852 | $ 42,728 | $ 42,202 |
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands |
Oct. 24, 2020 |
Apr. 25, 2020 |
---|---|---|
Current assets | ||
Receivables, allowance | $ 5,890 | $ 7,541 |
Shareholders' equity | ||
Preferred shares, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred shares, issued (in shares) | 0 | 0 |
Common shares, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Common shares, authorized (in shares) | 150,000,000 | 150,000,000 |
Common shares, outstanding (in shares) | 46,113,000 | 45,857,000 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
[1] | Common Shares |
Capital in Excess of Par Value |
Retained Earnings |
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
|
[1] | Accumulated Other Comprehensive Income (Loss) |
Non-Controlling Interests |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Apr. 27, 2019 | $ 696,976 | $ 574 | $ 46,955 | $ 313,168 | $ 325,847 | $ 574 | $ (3,462) | $ 14,468 | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net income (loss) | 17,988 | 18,069 | (81) | |||||||||||||
Other comprehensive income | 767 | 281 | 486 | |||||||||||||
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax | (1,417) | 126 | 126 | (1,669) | ||||||||||||
Repurchases of shares of common stock | (12,313) | (391) | (3,762) | (8,160) | ||||||||||||
Stock option and restricted stock expense | 1,675 | 1,675 | ||||||||||||||
Reclassification of certain income tax effects | [2] | 0 | 547 | (547) | ||||||||||||
Dividends declared and paid | (6,112) | (6,112) | ||||||||||||||
Ending balance at Jul. 27, 2019 | 698,138 | 46,690 | 311,207 | 329,096 | (3,728) | 14,873 | ||||||||||
Beginning balance at Apr. 27, 2019 | 696,976 | $ 574 | 46,955 | 313,168 | 325,847 | $ 574 | (3,462) | 14,468 | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net income (loss) | 40,892 | 230 | ||||||||||||||
Other comprehensive income | 2,386 | 845 | ||||||||||||||
Reclassification of certain income tax effects | (547) | |||||||||||||||
Ending balance at Oct. 26, 2019 | 710,742 | 46,439 | 314,239 | 336,989 | (2,468) | 15,543 | ||||||||||
Beginning balance at Jul. 27, 2019 | 698,138 | 46,690 | 311,207 | 329,096 | (3,728) | 14,873 | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net income (loss) | 22,904 | 22,593 | 311 | |||||||||||||
Other comprehensive income | 1,619 | 1,260 | 359 | |||||||||||||
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax | 1,988 | 84 | 1,908 | (4) | ||||||||||||
Repurchases of shares of common stock | (10,854) | (335) | (1,908) | (8,611) | ||||||||||||
Stock option and restricted stock expense | 3,032 | 3,032 | ||||||||||||||
Dividends declared and paid | (6,039) | (6,039) | ||||||||||||||
Dividends declared not paid | (46) | (46) | ||||||||||||||
Ending balance at Oct. 26, 2019 | 710,742 | 46,439 | 314,239 | 336,989 | (2,468) | 15,543 | ||||||||||
Beginning balance at Apr. 25, 2020 | 716,306 | 45,857 | 318,215 | 343,633 | (6,952) | 15,553 | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net income (loss) | 4,679 | 4,798 | (119) | |||||||||||||
Other comprehensive income | 2,218 | 1,720 | 498 | |||||||||||||
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax | (1,749) | 132 | (195) | (1,686) | ||||||||||||
Stock option and restricted stock expense | 2,047 | 2,047 | ||||||||||||||
Dividends declared and paid | [3] | (8,502) | 5 | (8,507) | ||||||||||||
Ending balance at Jul. 25, 2020 | 714,999 | 45,989 | 320,067 | 346,750 | (5,232) | 7,425 | ||||||||||
Beginning balance at Apr. 25, 2020 | 716,306 | 45,857 | 318,215 | 343,633 | (6,952) | 15,553 | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net income (loss) | 39,983 | 250 | ||||||||||||||
Other comprehensive income | 3,572 | 577 | ||||||||||||||
Ending balance at Oct. 24, 2020 | 754,649 | 46,113 | 326,182 | 378,438 | (3,957) | 7,873 | ||||||||||
Beginning balance at Jul. 25, 2020 | 714,999 | 45,989 | 320,067 | 346,750 | (5,232) | 7,425 | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net income (loss) | 35,304 | 34,935 | 369 | |||||||||||||
Other comprehensive income | 1,354 | 1,275 | 79 | |||||||||||||
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax | 2,113 | 124 | 1,995 | (6) | ||||||||||||
Stock option and restricted stock expense | 4,120 | 4,120 | ||||||||||||||
Dividends declared and paid | (3,221) | (3,221) | ||||||||||||||
Dividends declared not paid | (20) | (20) | ||||||||||||||
Ending balance at Oct. 24, 2020 | $ 754,649 | $ 46,113 | $ 326,182 | $ 378,438 | $ (3,957) | $ 7,873 | ||||||||||
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares shares in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Oct. 24, 2020 |
Jul. 25, 2020 |
Oct. 26, 2019 |
Jul. 27, 2019 |
Apr. 25, 2020 |
|
Dividends declared (in dollars per share) | $ 0.07 | $ 0 | $ 0.13 | ||
Dividends paid (in dollars per share) | $ 0.13 | ||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | ||||
Common Shares | |||||
Shares purchased (in shares) | 335 | 391 |
Basis of Presentation |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries (collectively, the "Company"). We derived the April 25, 2020, balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles, which we applied on a basis consistent with those reflected in our fiscal 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), but the information does not include all of the disclosures required by generally accepted accounting principles. In management’s opinion, the interim financial information includes all adjustments and accruals, consisting only of normal recurring adjustments (except as otherwise disclosed), that are necessary for a fair statement of results for the respective interim periods. The interim results reflected in the accompanying financial statements are not necessarily indicative of the results of operations that will occur for the full fiscal year ending April 24, 2021. At October 24, 2020, we owned preferred shares and warrants to purchase common shares of two privately held companies, both of which are variable interest entities. We have not consolidated their results in our financial statements because we do not have the power to direct those activities that most significantly impact their economic performance and, therefore, are not the primary beneficiary. COVID-19 As part of our continued response to the impact of COVID-19, on June 4, 2020, we announced our business realignment plan, which included the reduction of the Company's global workforce by approximately 10% across our manufacturing, retail and corporate locations, including the closure of our Newton, Mississippi upholstery manufacturing facility. In the first six months of fiscal 2021, we incurred expenses of $3.9 million associated with our business realignment plan, primarily due to severance costs and an impairment of the carrying value of the Newton manufacturing facility. In the first six months of fiscal 2021, as consumers continued to allocate more discretionary spending to home furnishings, the demand for our products has outpaced our production capacity. In response, we have added manufacturing cells at our Mexico Cut-and-Sew Center, temporarily re-activated a portion of our Newton, Mississippi upholstery manufacturing facility, and will open a leased upholstery plant, in San Luis Rio Colorado, Mexico early in the third quarter of fiscal 2021. During the fourth quarter of fiscal 2020, in response to economic conditions resulting from COVID-19, to strengthen our financial position and maintain liquidity, we proactively borrowed $75.0 million from our revolving credit facility. Given the positive trends in cash flows during the first six months of fiscal 2021, we repaid all of the $75.0 million borrowed under our line of credit in the first and second quarters of fiscal 2021. We continue to actively manage the impact of the COVID-19 crisis and there is uncertainty regarding the impact COVID-19 will have on our financial operations in the near and long term. Accounting pronouncements adopted in fiscal 2021 The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2021, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.
Accounting pronouncements not yet adopted The following table summarizes accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.
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Acquisitions |
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Oct. 24, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On September 14, 2020, we completed our asset acquisition of the Seattle, Washington business that operated six independently owned La-Z-Boy Furniture Galleries® stores and one warehouse for $13.5 million, subject to customary adjustments. In the second quarter of fiscal 2021, a $2.0 million cash payment was made for the purchase with future guaranteed payments of $9.4 million to be paid over the next 36 months. This acquisition is a core part of our strategy to grow our company-owned retail business and leverage our integrated retail model where we earn a combined profit on both the wholesale and retail sales. Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in the Seattle, Washington market, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $2.2 million related to these reacquired rights. We also recognized $12.9 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years. The acquisition of the Seattle, Washington business was not significant to our consolidated financial statements, and, therefore, pro-forma financial information is not presented. All of our provisional purchase accounting estimates for this acquisition are based on the information and data available to us as of the time of the issuance of these financial statements, and in accordance with Accounting Standard Codification Topic 805-10-25-15, are subject to change within the first 12 months of acquisition as we have access to additional data.
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Restricted Cash |
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Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash | Restricted Cash We have restricted cash on deposit with a bank as collateral for certain letters of credit. All our letters of credit have maturity dates within the next twelve months, but we expect to renew some of these letters of credit when they mature.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories A summary of inventories is as follows:
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We have goodwill on our consolidated balance sheet as follows:
The following is a roll-forward of goodwill for the six months ended October 24, 2020:
We have intangible assets on our consolidated balance sheet as follows:
The following is a roll-forward of our other intangible assets for the six months ended October 24, 2020:
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments We have current and long-term investments intended to enhance returns on our cash as well as to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan, and our performance compensation retirement plan. We also hold other investments consisting of cost-basis preferred shares of two privately held start-up companies. Our short-term investments are included in other current assets and our long-term investments are included in other long-term assets on our consolidated balance sheet. The following summarizes our investments:
The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type:
The following table summarizes sales of marketable securities:
The following is a summary of the fair value of fixed income marketable securities, classified as available-for-sale securities, by contractual maturity:
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Accrued Expenses and Other Current Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities
The increase in customer deposits and deferred revenue was primarily driven by higher Retail segment and Joybird written sales in the first six months of fiscal 2021. Higher written sales also led to an increase in contract assets, which are included in other current assets on the consolidated balance sheet, consistent with the increase in deferred revenue. Refer to Note 11, Revenue Recognition, for additional details regarding our contract assets and contract liabilities.
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Product Warranties |
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Product Warranties Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties | Product Warranties We accrue an estimated liability for product warranties when we recognize revenue on the sale of warranted products. We estimate future warranty claims on new sales based on our historical claims experience and any additional anticipated future costs on previously sold products. We incorporate repair costs into our liability estimates, including materials, labor and overhead amounts necessary to perform repairs and any costs associated with delivering repaired product to our customers. Over 90% of our warranty liability relates to our Wholesale segment as we generally warrant our products against defects for one year on fabric and leather, from to ten years on cushions and padding, and provide a limited lifetime warranty on certain mechanisms and frames. Our Wholesale segment warranties cover labor costs relating to our parts for one year. We provide a limited lifetime warranty against defects on a majority of Joybird products, which are a part of our Corporate and Other results. For all our manufacturer warranties, the warranty period begins when the consumer receives our product. We use considerable judgment in making our estimates, and we record differences between our actual and estimated costs when the differences are known. A reconciliation of the changes in our product warranty liability is as follows:
(1)$14.2 million and $14.3 million recorded in accrued expenses and other current liabilities as of October 24, 2020 and April 25, 2020, respectively, while the remainder is in included in other long-term liabilities. We recorded accruals during the periods presented in the table above, primarily to reflect charges that relate to warranties issued during the respective periods.
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Stock-Based Compensation |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants in our consolidated statement of income:
Stock Options. We granted 315,584 stock options to employees during the first quarter of fiscal 2021 and we have stock options outstanding from previous grants. We account for stock options as equity-based awards because when they are exercised, they will be settled in common shares. We recognize compensation expense for stock options over the vesting period equal to the fair value on the date our Compensation Committee approved the awards. The vesting period for our stock options ranges from to years, with accelerated vesting upon retirement. The vesting date for retirement-eligible employees is the later of the date they meet the criteria for retirement or the end of the fiscal year in which the grant was made. We accelerate the expense for options granted to retirement-eligible employees over the vesting period, with expense recognized from the grant date through their retirement eligibility date or over the months following the grant date, whichever period is longer. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. We estimate the fair value of the employee stock options at the date of grant using the Black-Scholes option-pricing model, which requires management to make certain assumptions. The fair value of stock options granted during the first quarter of fiscal 2021 was calculated using the following assumptions:
Restricted Stock. We granted 120,385 shares of restricted stock to employees during the first six months of fiscal 2021. We also have shares of restricted stock outstanding from previous grants. We issue restricted stock at no cost to the employees and the shares are held in an escrow account until the vesting period ends. If a recipient’s employment ends during the escrow period (other than as a result of death or disability), the shares are returned at no cost to the Company. We account for restricted stock awards as equity-based awards because when they vest, they will be settled in common shares. The weighted-average fair value of the restricted stock awarded in the first six months of fiscal 2021 was $27.55 per share, the market value of our common shares on the date of grant. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. We recognize compensation expense for restricted stock over the vesting period equal to the fair value on the grant date of the award. Restricted stock awards vest at 25% per year, beginning one year from the grant date over a term of years. Restricted Stock Units. During the second quarter of fiscal 2021, we granted 26,192 restricted stock units to our non-employee directors. These restricted stock units vest when the director leaves the board. We account for these restricted stock units as equity-based awards because when they vest, they will be settled in shares of our common stock. We measure and recognize compensation expense for these awards based on the market price of our common shares on the date of the grant, which was $32.08. Performance Shares. During the first quarter of fiscal 2021, we granted 168,719 performance-based shares. We also have performance-based share awards outstanding from previous grants. Payout of the fiscal 2021 grant depends on our financial performance (50%) and a market-based condition based on the total return our shareholders receive on their investment in our stock relative to returns earned through investments in other public companies (50%). The performance share opportunity ranges from 50% of the employee’s target award if minimum performance requirements are met to a maximum of 200% of the target award based on the attainment of certain financial and shareholder-return goals over a specific performance period, which is generally fiscal years. Grants of performance-based shares during fiscal 2019 and fiscal 2020 were weighted (80%) on financial performance and (20%) on market-based conditions consistent with those in the fiscal 2021 grant. We account for performance-based shares as equity-based awards because when they vest, they will be settled in common shares. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. For shares that vest based on our results relative to the performance goals, we expense as compensation cost the fair value of the shares as of the day we granted the awards recognized over the performance period, taking into account the probability that we will satisfy the performance goals. The fair value of each share of the awards we granted in fiscal 2021 that vest based on attaining performance goals was $30.75, the market value of our common shares on the date we granted the awards less the dividends we expect to pay before the shares vest. For shares that vest based on market conditions, we use a Monte Carlo valuation model to estimate each share’s fair value as of the date of grant. The Monte Carlo valuation model uses multiple simulations to evaluate our probability of achieving various stock price levels to determine our expected performance ranking relative to our peer group. For shares that vest based on market conditions, we expense compensation cost over the vesting period regardless of whether the market condition is ultimately satisfied. Based on the Monte Carlo model, the fair value as of the grant date of the fiscal 2021 grant of shares that vest based on market conditions was $38.14.
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Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The activity in accumulated other comprehensive income (loss) for the quarters ended October 24, 2020, and October 26, 2019, is as follows:
The activity in accumulated other comprehensive income (loss) for the six months ended October 24, 2020, and October 26, 2019, is as follows:
(1)Income tax effects of the Tax Cuts and Jobs Act are reclassified from AOCI to retained earnings due to adoption of ASU 2018-02. We reclassified the unrealized gain/(loss) on marketable securities from accumulated other comprehensive loss to net income through other income (expense), net, reclassified the change in fair value of cash flow hedges to net income through cost of sales, and reclassified the net pension amortization to net income through other income (expense), net. The components of non-controlling interest were as follows:
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Our revenue is primarily derived from product sales. We report product sales net of discounts and recognize them when control (rights and obligations associated with the product) passes to the customer. For sales to furniture retailers or distributors, control typically transfers when we ship the product. In cases where we sell directly to the end consumer, control of the product is generally transferred upon delivery. For shipping and handling activities, we have elected to apply the accounting policy election permitted in ASC 606-10-25-18B, which allows an entity to account for shipping and handling activities as fulfillment activities (rather than as a promised good or service) when the activities are performed even if those activities are performed after the control of the good has been transferred. We expense shipping and handling costs at the time we recognize revenue in accordance with this election. For sales tax, we have elected to apply the accounting policy election permitted in ASC 606-10-32-2A, which allows an entity to exclude from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). This allows us to present revenue net of these certain types of taxes. 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. The following table presents our revenue disaggregated by product category and by segment or unit:
(1)Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, tariff surcharges, discounts and 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. At October 24, 2020 and at April 25, 2020, our consolidated balance sheet included $67.9 million and $17.1 million, respectively, of contract assets that represent the remaining consideration to which we are entitled prior to fulfilling our performance obligation. These assets are reported as other current assets in our consolidated balance sheet. We receive customer deposits from end consumers before we recognize revenue 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 October 24, 2020, we included $140.7 million of customer deposits and $67.9 million of deferred revenues in accrued expenses and other current liabilities on our consolidated balance sheet. At the beginning of fiscal 2021, we had $40.7 million of customer deposits and $17.1 million of deferred revenues. During the quarter and six months ended October 24, 2020, we recognized revenue of $1.8 million and $51.5 million, respectively, related to our contract liability balance at April 25, 2020. The increase in our contract assets and contract liabilities at October 24, 2020 was primarily the result of increased written sales during the first six months of fiscal 2021 compared with those in the fourth quarter of fiscal 2020.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Our reportable operating segments include the Wholesale segment and the Retail segment. Effective in the first quarter of fiscal 2021, in order to better align with the manner in which we view and manage the business, coupled with economic and customer channel similarities, we revised our reportable operating segments by aggregating the former Upholstery segment with the former Casegoods segment to form the newly combined Wholesale segment. The change in our reportable operating segments reflects how the Company evaluates financial information used to make operating decisions. There were no changes to our Retail operating segment or Corporate & Other as part of this revision. Prior period results disclosed in the tables below have been revised to reflect these changes. Wholesale Segment. Our Wholesale segment consists primarily of three operating segments: La-Z-Boy, our largest operating segment, our England subsidiary, and our casegoods operating segment that sells furniture under three brands: American Drew®, Hammary® and Kincaid®. The Wholesale segment also includes our international wholesale businesses. We aggregate these operating segments into one reportable segment because they are economically similar and because they meet the other aggregation criteria for determining reportable segments. Our Wholesale segment manufactures and imports upholstered furniture such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces. The Wholesale segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers. Retail Segment. Our Retail segment consists of one operating segment comprised of our 159 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells primarily upholstered furniture, in addition to some casegoods and other accessories, to end consumers through these stores. Corporate & Other. Corporate & Other includes the shared costs for corporate functions, including human resources, information technology, finance and legal, in addition to revenue generated through royalty agreements with companies licensed to use the La-Z-Boy® brand name on various products. We consider our corporate functions to be other business activities and have aggregated them with our other insignificant operating segments including our global trading company in Hong Kong and Joybird, an e-commerce retailer that manufactures upholstered furniture such as sofas, loveseats, chairs, ottomans, sleeper sofas and beds, and also imports casegoods (wood) furniture such as occasional tables and other accessories. Joybird sells to the end consumer primarily online through its website, www.joybird.com. None of the operating segments included in Corporate & Other meet the requirements of reportable segments. The following table presents sales and operating income (loss) by segment:
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Income Taxes |
6 Months Ended |
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Oct. 24, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesOur effective tax rate was 26.0% and 25.3% for the second quarter and six months ended October 24, 2020, respectively, compared with 26.6% and 24.6% for the second quarter and six months ended October 26, 2019, respectively. Our effective tax rate varies from the 21% federal statutory rate primarily due to state taxes. |
Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per ShareCertain share-based compensation awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities. Prior to fiscal 2019, we granted restricted stock awards that contained non-forfeitable rights to dividends on unvested shares, and we are required to include these participating securities in calculating our basic earnings per common share, using the two-class method. The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share:
The values for contingent common shares set forth above reflect the dilutive effect of common shares that we would have issued to employees under the terms of performance-based share awards if the relevant performance period for the award had been the reporting period. We had outstanding options to purchase 0.6 million shares for the six months ended October 24, 2020, with a weighted average exercise price of $31.94. We excluded the effect of these options from our diluted share calculation since the weighted average exercise price of the options was higher than the average market price and including the options’ effect would have been anti-dilutive. Similarly, we excluded options to purchase 0.3 million shares from the diluted share calculation for the six months ended October 26, 2019.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Accounting standards require that we put financial assets and liabilities into one of three categories based on the inputs we use to value them: •Level 1 — Financial assets and liabilities, the values of which are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access. •Level 2 — Financial assets and liabilities, the values of which are based on quoted prices in markets that are not active or on model inputs that are observable for substantially the full term of the asset or liability. •Level 3 — Financial assets and liabilities, the values of which are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Accounting standards require that in making fair value measurements, we use observable market data when available. When inputs used to measure fair value fall within different levels of the hierarchy, we categorize the fair value measurement as being in the lowest level that is significant to the measurement. We recognize transfers between levels of the fair value hierarchy at the end of the reporting period in which they occur. In addition to assets and liabilities that we record at fair value on a recurring basis, we are required to record assets and liabilities at fair value on a non-recurring basis. We measure non-financial assets such as other intangible assets, goodwill, and other long-lived assets at fair value when there is an indicator of impairment, and we record them at fair value only when we recognize an impairment loss. The following table presents the fair value hierarchy for those assets we measured at fair value on a recurring basis at October 24, 2020 and April 25, 2020. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented.
(1)Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology. At October 24, 2020 and April 25, 2020, we held marketable securities intended to enhance returns on our cash and to fund future obligations of our non-qualified defined benefit retirement plan, as well as marketable securities to fund future obligations of our executive deferred compensation plan and our performance compensation retirement plan. We also held other fixed income and cost basis investments. The fair value measurements for our Level 1 and Level 2 securities are based on quoted prices in active markets, as well as through broker quotes and independent valuation providers, multiplied by the number of shares owned exclusive of any transaction costs. At October 24, 2020, our Level 3 assets included non-marketable preferred shares and warrants to purchase common shares of two privately held start-up companies. The fair value for our Level 3 investments is not readily determinable so we estimate the fair value as costs minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar investments with the same issuer. During the six months ended October 24, 2020, we invested an additional $1.1 million in one of these privately held start-up companies. There were no other changes to the fair value of our Level 3 assets during the six months ended October 24, 2020. Our Level 3 liability includes our contingent consideration liability resulting from the Joybird acquisition as we expect consideration will be owed under the terms of the earnout agreement in connection with the acquisition based on our most recent financial projections. The fair value of contingent consideration is based on future revenues and earnings of the Joybird business in fiscal 2021 and fiscal 2023 and is determined using a variation of the income approach, known as the real options method, whereby revenue and earnings were simulated over the earnout periods in a risk-neutral framework using Geometric Brownian Motion. For each simulation path, the potential earnout payments were calculated based on management’s probability estimates for achievement of the revenue and earnings milestones and then were discounted to the valuation date using a discount rate of 2.2% for the fiscal 2021 milestone and 3.2% for the fiscal 2023 milestone. There were no other changes to the fair value of our Level 3 liabilities during the six months ended October 24, 2020.
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Basis of Presentation Basis of Presentation (Policies) |
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Oct. 24, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent accounting pronouncements | Accounting pronouncements adopted in fiscal 2021 The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2021, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.
Accounting pronouncements not yet adopted The following table summarizes accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.
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Basis of Presentation (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements Adopted and Not Yet Adopted | The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2021, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.
Accounting pronouncements not yet adopted The following table summarizes accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.
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Restricted Cash (Tables) |
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Oct. 24, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of cash, cash equivalents and restricted cash | We have restricted cash on deposit with a bank as collateral for certain letters of credit. All our letters of credit have maturity dates within the next twelve months, but we expect to renew some of these letters of credit when they mature.
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of inventories | A summary of inventories is as follows:
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Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 24, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill | The following is a roll-forward of goodwill for the six months ended October 24, 2020:
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Schedule of other intangible assets - indefinite-lived | We have intangible assets on our consolidated balance sheet as follows:
The following is a roll-forward of our other intangible assets for the six months ended October 24, 2020:
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Schedule of other intangible assets - finite-lived | We have intangible assets on our consolidated balance sheet as follows:
The following is a roll-forward of our other intangible assets for the six months ended October 24, 2020:
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Investments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 24, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of investments | The following summarizes our investments:
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Summary of unrealized gains, unrealized losses, and fair value by investment type | The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type:
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Summary of sales of marketable securities | The following table summarizes sales of marketable securities:
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Summary of fair value of fixed icome marketable securities | The following is a summary of the fair value of fixed income marketable securities, classified as available-for-sale securities, by contractual maturity:
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Accrued Expenses and Other Current Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses and Other Current Liabilities |
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Product Warranties (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 24, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of changes in product warranty liability | A reconciliation of the changes in our product warranty liability is as follows:
(1)$14.2 million and $14.3 million recorded in accrued expenses and other current liabilities as of October 24, 2020 and April 25, 2020, respectively, while the remainder is in included in other long-term liabilities.
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of total stock-based compensation expense | The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants in our consolidated statement of income:
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Fair value assumptions for stock options | The fair value of stock options granted during the first quarter of fiscal 2021 was calculated using the following assumptions:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedul of activity in accumulated other comprehensive loss | The activity in accumulated other comprehensive income (loss) for the quarters ended October 24, 2020, and October 26, 2019, is as follows:
The activity in accumulated other comprehensive income (loss) for the six months ended October 24, 2020, and October 26, 2019, is as follows:
(1)Income tax effects of the Tax Cuts and Jobs Act are reclassified from AOCI to retained earnings due to adoption of ASU 2018-02.
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Schedule of components of non-controlling interest | The components of non-controlling interest were as follows:
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Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of disaggregation of revenue by product category by segment or unit | The following table presents our revenue disaggregated by product category and by segment or unit:
(1)Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, tariff surcharges, discounts and allowances, rebates and other sales incentives.
|
Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and operating income (loss) by segment | The following table presents sales and operating income (loss) by segment:
|
Earnings per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of numerators and denominators used in the computation of basic and diluted earnings per share | The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share:
|
Fair Value Measurements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 24, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis | The following table presents the fair value hierarchy for those assets we measured at fair value on a recurring basis at October 24, 2020 and April 25, 2020. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented.
|
Basis of Presentation (Details) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 04, 2020 |
Oct. 24, 2020
USD ($)
company
|
Apr. 25, 2020
USD ($)
|
|
Variable Interest Entity [Line Items] | |||
COVID-19 action and related cost, number of positions eliminated, percent | 10.00% | ||
COVID-19 action and related cost, costs incurred | $ 3.9 | ||
Line of Credit | |||
Variable Interest Entity [Line Items] | |||
Long-term line of credit | $ 75.0 | ||
Repayments of long-term lines of credit | $ 75.0 | ||
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Preferred share investments with common share warrant, number of privately-held companies | company | 2 |
Acquisitions (Details) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Sep. 14, 2020
USD ($)
store
warehouse
|
Oct. 24, 2020
USD ($)
|
Apr. 25, 2020
USD ($)
|
|
Business Acquisition [Line Items] | |||
Indefinite-lived intangible assets acquired | $ 2,182 | ||
Goodwill | 174,834 | $ 161,017 | |
Independently-owned Business | Seattle, Washington | |||
Business Acquisition [Line Items] | |||
Number of stores acquired | store | 6 | ||
Number of warehouses acquired | warehouse | 1 | ||
Consideration transferred | $ 13,500 | ||
Payments for asset acquisitions | 2,000 | ||
Guaranteed future payments for asset acquisitions | 9,400 | ||
Indefinite-lived intangible assets acquired | $ 2,200 | ||
Amortization period for tax purposes | 15 years | ||
Retail | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 107,122 | $ 93,941 | |
Retail | Independently-owned Business | Seattle, Washington | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 12,900 |
Restricted Cash (Details) - USD ($) $ in Thousands |
Oct. 24, 2020 |
Apr. 25, 2020 |
Oct. 26, 2019 |
Apr. 27, 2019 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 350,949 | $ 261,553 | $ 117,569 | |
Restricted cash | 2,478 | 1,975 | 1,972 | |
Total cash, cash equivalents and restricted cash | $ 353,427 | $ 263,528 | $ 119,541 | $ 131,787 |
Inventories (Details) - USD ($) $ in Thousands |
Oct. 24, 2020 |
Apr. 25, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 91,742 | $ 92,174 |
Work in process | 17,759 | 14,064 |
Finished goods | 100,596 | 96,850 |
FIFO inventories | 210,097 | 203,088 |
Excess of FIFO over LIFO | (21,445) | (21,445) |
Total inventories | $ 188,652 | $ 181,643 |
Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands |
6 Months Ended |
---|---|
Oct. 24, 2020
USD ($)
| |
Roll-forward of goodwill | |
Balance at beginning of period | $ 161,017 |
Acquisitions | 12,931 |
Translation adjustment | 886 |
Balance at end of period | 174,834 |
Wholesale segment | |
Roll-forward of goodwill | |
Balance at beginning of period | 11,630 |
Acquisitions | 0 |
Translation adjustment | 636 |
Balance at end of period | 12,266 |
Retail Segment | |
Roll-forward of goodwill | |
Balance at beginning of period | 93,941 |
Acquisitions | 12,931 |
Translation adjustment | 250 |
Balance at end of period | 107,122 |
Corporate and Other | |
Roll-forward of goodwill | |
Balance at beginning of period | 55,446 |
Acquisitions | 0 |
Translation adjustment | 0 |
Balance at end of period | $ 55,446 |
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) $ in Thousands |
6 Months Ended |
---|---|
Oct. 24, 2020
USD ($)
| |
Roll-forward of other intangible assets | |
Balance at beginning of period | $ 28,653 |
Acquisitions | 2,182 |
Amortization | (509) |
Translation adjustment | 321 |
Balance at end of period | 30,647 |
Finite- Lived Trade Name | |
Roll-forward of other intangible assets | |
Balance at beginning of period | 5,003 |
Acquisitions | 0 |
Amortization | (399) |
Translation adjustment | 0 |
Balance at end of period | 4,604 |
Other Intangible Assets | |
Roll-forward of other intangible assets | |
Balance at beginning of period | 2,499 |
Acquisitions | 0 |
Amortization | (110) |
Translation adjustment | 134 |
Balance at end of period | 2,523 |
Finite- Lived Trade Name | |
Roll-forward of other intangible assets | |
Balance at beginning of period | 1,155 |
Acquisitions | 0 |
Amortization | 0 |
Translation adjustment | 0 |
Balance at end of period | 1,155 |
Indefinite- Lived Reacquired Rights | |
Roll-forward of other intangible assets | |
Balance at beginning of period | 19,996 |
Acquisitions | 2,182 |
Amortization | 0 |
Translation adjustment | 187 |
Balance at end of period | $ 22,365 |
Wholesale segment | Maximum | |
Other intangible assets | |
Useful life | 15 years |
Corporate and Other | |
Other intangible assets | |
Useful life | 8 years |
Investments - Additional Information (Details) |
Oct. 24, 2020
company
|
---|---|
Investments, Debt and Equity Securities [Abstract] | |
Preferred share investments, number of privately-held companies | 2 |
Investments - Components (Details) - USD ($) $ in Thousands |
Oct. 24, 2020 |
Apr. 25, 2020 |
---|---|---|
Investments | ||
Total investments | $ 50,388 | $ 48,022 |
Investments to enhance returns on cash | ||
Investments | ||
Total investments | 27,224 | 28,622 |
Investments to fund compensation/retirement plans | ||
Investments | ||
Total investments | 15,585 | 12,921 |
Other investments | ||
Investments | ||
Total investments | 7,579 | 6,479 |
Short-term investments | ||
Investments | ||
Marketable securities | 15,905 | 18,634 |
Held-to-maturity investments | 2,531 | 3,337 |
Total investments | 18,436 | 21,971 |
Long-term investments | ||
Investments | ||
Marketable securities | 24,373 | 19,572 |
Cost basis investments | 7,579 | 6,479 |
Total investments | $ 31,952 | $ 26,051 |
Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands |
Oct. 24, 2020 |
Apr. 25, 2020 |
---|---|---|
Summary of investments | ||
Gross Unrealized Gains | $ 2,531 | $ 1,651 |
Gross Unrealized Losses | (25) | (6,446) |
Fair Value | 50,388 | 48,022 |
Equity securities | ||
Summary of investments | ||
Gross Unrealized Gains | 1,873 | 1,011 |
Gross Unrealized Losses | 0 | (6,390) |
Fair Value | 16,224 | 12,692 |
Fixed income | ||
Summary of investments | ||
Gross Unrealized Gains | 206 | 268 |
Gross Unrealized Losses | (25) | (56) |
Fair Value | 29,735 | 30,213 |
Other | ||
Summary of investments | ||
Gross Unrealized Gains | 452 | 372 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 4,429 | $ 5,117 |
Investments - Sales and Maturities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 24, 2020 |
Oct. 26, 2019 |
Oct. 24, 2020 |
Oct. 26, 2019 |
|
Sales of marketable securities | ||||
Proceeds from sales | $ 3,292 | $ 8,310 | $ 17,017 | $ 12,370 |
Gross realized gains | 184 | 181 | 310 | 187 |
Gross realized losses | (8) | $ (86) | (26) | $ (88) |
Fair value of available-for-sale securities by contractual maturity | ||||
Within one year | 14,425 | 14,425 | ||
Within two to five years | 12,340 | 12,340 | ||
Within six to ten years | 1,149 | 1,149 | ||
Thereafter | 1,821 | 1,821 | ||
Total | $ 29,735 | $ 29,735 |
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Oct. 24, 2020 |
Apr. 25, 2020 |
---|---|---|
Payables and Accruals [Abstract] | ||
Payroll and other compensation | $ 45,135 | $ 34,980 |
Accrued product warranty, current portion | 14,174 | 14,264 |
Customer deposits | 140,707 | 40,721 |
Deferred revenue | 67,882 | 17,086 |
Other current liabilities | 67,396 | 48,231 |
Accrued expenses and other current liabilities | $ 335,294 | $ 155,282 |
Product Warranties (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Oct. 24, 2020 |
Oct. 26, 2019 |
Oct. 24, 2020 |
Oct. 26, 2019 |
Apr. 25, 2020 |
|
Reconciliation of changes in product warranty liability | |||||
Balance as of the beginning of the period | $ 23,123 | $ 22,836 | $ 23,255 | $ 22,736 | |
Accruals during the period | 5,306 | 5,768 | 9,134 | 11,425 | |
Settlements during the period | (5,491) | (5,523) | (9,451) | (11,080) | |
Balance as of the end of the period | 22,938 | $ 23,081 | 22,938 | $ 23,081 | |
Product warranty liability accrued | $ 14,200 | $ 14,200 | $ 14,300 | ||
Minimum | Wholesale segment | |||||
Product Warranties | |||||
Percentage of warranty liability relating to the segment | 90.00% | ||||
Fabric and leather | Wholesale segment | |||||
Product Warranties | |||||
Warranty term (in years) | 1 year | ||||
Cushions and padding | Minimum | Wholesale segment | |||||
Product Warranties | |||||
Warranty term (in years) | 1 year | ||||
Cushions and padding | Maximum | Wholesale segment | |||||
Product Warranties | |||||
Warranty term (in years) | 10 years | ||||
Labor costs relating to parts | Wholesale segment | |||||
Product Warranties | |||||
Warranty term (in years) | 1 year |
Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 24, 2020 |
Oct. 26, 2019 |
Oct. 24, 2020 |
Oct. 26, 2019 |
|
Stock-based compensation expense recognized for outstanding grants | ||||
Equity-based awards expense | $ 4,120 | $ 3,032 | $ 6,167 | $ 4,707 |
Liability-based awards expense | 754 | 400 | 1,338 | 340 |
Total stock-based compensation expense | $ 4,874 | $ 3,432 | $ 7,505 | $ 5,047 |
Stock-Based Compensation - Stock Options (Details) - Stock Options |
6 Months Ended |
---|---|
Oct. 24, 2020
$ / shares
shares
| |
Stock-Based Compensation | |
Shares granted (in shares) | shares | 315,584 |
Fair value assumptions | |
Risk-free interest rate | 0.34% |
Dividend rate | 0.00% |
Expected life | 5 years |
Stock price volatility | 41.79% |
Fair value per share (in dollars per share) | $ / shares | $ 10.06 |
Minimum | |
Stock-Based Compensation | |
Vesting period | 1 year |
Period of recognition of expenses for retirement-eligible employees from the grant date | 10 months |
Maximum | |
Stock-Based Compensation | |
Vesting period | 4 years |
Stock-Based Compensation - Restricted Stock and RSUs (Details) |
6 Months Ended |
---|---|
Oct. 24, 2020
$ / shares
shares
| |
Restricted Stock | |
Stock-Based Compensation | |
Number of shares or units granted (in shares) | shares | 120,385 |
Fair value per share (in dollars per share) | $ / shares | $ 27.55 |
Percentage vesting each year from date of grant | 25.00% |
Period from grant date for first vesting | 1 year |
Vesting period | 4 years |
Restricted Stock Units (RSUs) | |
Stock-Based Compensation | |
Number of shares or units granted (in shares) | shares | 26,192 |
Fair value per share (in dollars per share) | $ / shares | $ 32.08 |
Stock-Based Compensation - Performance Shares (Details) |
6 Months Ended |
---|---|
Oct. 24, 2020
$ / shares
shares
| |
Performance-Based Shares | |
Stock-Based Compensation | |
Number of shares or units granted (in shares) | shares | 168,719 |
Performance Awards | |
Stock-Based Compensation | |
Performance awards, performance period | 3 years |
Performance Awards | Fiscal 2021 Grant | |
Stock-Based Compensation | |
Percentage of payout dependent on financial performance | 50.00% |
Percentage of payout dependent on total shareholder return | 50.00% |
Granted (in dollars per share) | $ 30.75 |
Performance Awards | Fiscal 2019 Grant | |
Stock-Based Compensation | |
Percentage of payout dependent on financial performance | 80.00% |
Percentage of payout dependent on total shareholder return | 20.00% |
Performance Awards | Fiscal 2020 Grant | |
Stock-Based Compensation | |
Percentage of payout dependent on financial performance | 80.00% |
Percentage of payout dependent on total shareholder return | 20.00% |
Performance Awards | Minimum | |
Stock-Based Compensation | |
Performance award opportunity as a percentage of target award | 50.00% |
Performance Awards | Maximum | |
Stock-Based Compensation | |
Performance award opportunity as a percentage of target award | 200.00% |
Performance Based Shares, vesting based on market conditions | Fiscal 2021 Grant | |
Stock-Based Compensation | |
Granted (in dollars per share) | $ 38.14 |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Oct. 24, 2020 |
Jul. 25, 2020 |
Oct. 26, 2019 |
Jul. 27, 2019 |
Oct. 24, 2020 |
Oct. 26, 2019 |
||||
Activity in accumulated other comprehensive loss | |||||||||
Beginning balance | $ 714,999 | $ 716,306 | $ 698,138 | $ 696,976 | $ 716,306 | $ 696,976 | |||
Changes before reclassifications | 1,214 | 1,236 | 2,904 | 1,507 | |||||
Reclassification of certain income tax effects | 0 | [1] | (547) | ||||||
Amounts reclassified to net income | 61 | 55 | 126 | 115 | |||||
Tax effect | 0 | (31) | (35) | (81) | |||||
Other comprehensive income attributable to La-Z-Boy Incorporated | 1,275 | 1,260 | 2,995 | 994 | |||||
Ending balance | 754,649 | 714,999 | 710,742 | 698,138 | 754,649 | 710,742 | |||
Components of non-controlling interest | |||||||||
Beginning balance | 714,999 | 716,306 | 698,138 | 696,976 | 716,306 | 696,976 | |||
Net income | 35,304 | 4,679 | 22,904 | 17,988 | 39,983 | 40,892 | |||
Other comprehensive income | 1,354 | 2,218 | 1,619 | 767 | 3,572 | 2,386 | |||
Ending balance | 754,649 | 714,999 | 710,742 | 698,138 | 754,649 | 710,742 | |||
Translation adjustment | |||||||||
Activity in accumulated other comprehensive loss | |||||||||
Beginning balance | (278) | (1,891) | 178 | 50 | (1,891) | 50 | |||
Changes before reclassifications | 1,275 | 1,167 | 2,888 | 1,295 | |||||
Reclassification of certain income tax effects | 0 | ||||||||
Amounts reclassified to net income | 0 | 0 | 0 | 0 | |||||
Tax effect | 0 | 0 | 0 | 0 | |||||
Other comprehensive income attributable to La-Z-Boy Incorporated | 1,275 | 1,167 | 2,888 | 1,295 | |||||
Ending balance | 997 | (278) | 1,345 | 178 | 997 | 1,345 | |||
Components of non-controlling interest | |||||||||
Beginning balance | (278) | (1,891) | 178 | 50 | (1,891) | 50 | |||
Ending balance | 997 | (278) | 1,345 | 178 | 997 | 1,345 | |||
Change in fair value of cash flow hedge | |||||||||
Activity in accumulated other comprehensive loss | |||||||||
Beginning balance | 0 | 0 | (6) | 87 | 0 | 87 | |||
Changes before reclassifications | 0 | 0 | 0 | 0 | |||||
Reclassification of certain income tax effects | (97) | ||||||||
Amounts reclassified to net income | 0 | 9 | 0 | 14 | |||||
Tax effect | 0 | (3) | 0 | (4) | |||||
Other comprehensive income attributable to La-Z-Boy Incorporated | 0 | 6 | 0 | (87) | |||||
Ending balance | 0 | 0 | 0 | (6) | 0 | 0 | |||
Components of non-controlling interest | |||||||||
Beginning balance | 0 | 0 | (6) | 87 | 0 | 87 | |||
Ending balance | 0 | 0 | 0 | (6) | 0 | 0 | |||
Unrealized gain (loss) on marketable securities | |||||||||
Activity in accumulated other comprehensive loss | |||||||||
Beginning balance | 491 | 449 | 372 | 6 | 449 | 6 | |||
Changes before reclassifications | (61) | 69 | 16 | 212 | |||||
Reclassification of certain income tax effects | 258 | ||||||||
Amounts reclassified to net income | (25) | (8) | (47) | (8) | |||||
Tax effect | 21 | (15) | 8 | (50) | |||||
Other comprehensive income attributable to La-Z-Boy Incorporated | (65) | 46 | (23) | 412 | |||||
Ending balance | 426 | 491 | 418 | 372 | 426 | 418 | |||
Components of non-controlling interest | |||||||||
Beginning balance | 491 | 449 | 372 | 6 | 449 | 6 | |||
Ending balance | 426 | 491 | 418 | 372 | 426 | 418 | |||
Net pension amortization and net actuarial loss | |||||||||
Activity in accumulated other comprehensive loss | |||||||||
Beginning balance | (5,445) | (5,510) | (4,272) | (3,605) | (5,510) | (3,605) | |||
Changes before reclassifications | 0 | 0 | 0 | 0 | |||||
Reclassification of certain income tax effects | (708) | ||||||||
Amounts reclassified to net income | 86 | 54 | 173 | 109 | |||||
Tax effect | (21) | (13) | (43) | (27) | |||||
Other comprehensive income attributable to La-Z-Boy Incorporated | 65 | 41 | 130 | (626) | |||||
Ending balance | (5,380) | (5,445) | (4,231) | (4,272) | (5,380) | (4,231) | |||
Components of non-controlling interest | |||||||||
Beginning balance | (5,445) | (5,510) | (4,272) | (3,605) | (5,510) | (3,605) | |||
Ending balance | (5,380) | (5,445) | (4,231) | (4,272) | (5,380) | (4,231) | |||
Accumulated other comprehensive income (loss) | |||||||||
Activity in accumulated other comprehensive loss | |||||||||
Beginning balance | (5,232) | (6,952) | (3,728) | (3,462) | (6,952) | (3,462) | |||
Ending balance | (3,957) | (5,232) | (2,468) | (3,728) | (3,957) | (2,468) | |||
Components of non-controlling interest | |||||||||
Beginning balance | (5,232) | (6,952) | (3,728) | (3,462) | (6,952) | (3,462) | |||
Ending balance | (3,957) | (5,232) | (2,468) | (3,728) | (3,957) | (2,468) | |||
Non-Controlling Interests | |||||||||
Activity in accumulated other comprehensive loss | |||||||||
Beginning balance | 7,425 | 15,553 | 14,873 | 14,468 | 15,553 | 14,468 | |||
Ending balance | 7,873 | 7,425 | 15,543 | 14,873 | 7,873 | 15,543 | |||
Components of non-controlling interest | |||||||||
Beginning balance | 7,425 | 15,553 | 14,873 | 14,468 | 15,553 | 14,468 | |||
Net income | 369 | (119) | 311 | (81) | 250 | 230 | |||
Other comprehensive income | 79 | 498 | 359 | 486 | 577 | 845 | |||
Dividends distributed to joint venture minority partners | 0 | 0 | (8,507) | 0 | |||||
Ending balance | $ 7,873 | $ 7,425 | $ 15,543 | $ 14,873 | $ 7,873 | $ 15,543 | |||
|
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 24, 2020 |
Oct. 26, 2019 |
Oct. 24, 2020 |
Oct. 26, 2019 |
|
Revenue Recognition | ||||
Sales | $ 459,120 | $ 447,212 | $ 744,578 | $ 860,845 |
Wholesale segment | ||||
Revenue Recognition | ||||
Sales | 266,189 | 277,221 | 445,944 | 529,994 |
Operating Segments | ||||
Revenue Recognition | ||||
Sales | 539,008 | 522,960 | 870,459 | 1,007,059 |
Operating Segments | Motion Upholstery Furniture | ||||
Revenue Recognition | ||||
Sales | 300,072 | 281,745 | 485,844 | 546,540 |
Operating Segments | Stationary Upholstery Furniture | ||||
Revenue Recognition | ||||
Sales | 160,083 | 163,524 | 252,125 | 307,193 |
Operating Segments | Bedroom Furniture | ||||
Revenue Recognition | ||||
Sales | 12,056 | 12,071 | 21,494 | 22,893 |
Operating Segments | Dining Room Furniture | ||||
Revenue Recognition | ||||
Sales | 10,517 | 9,113 | 17,539 | 17,511 |
Operating Segments | Occasional Furniture | ||||
Revenue Recognition | ||||
Sales | 18,698 | 17,886 | 30,947 | 34,507 |
Operating Segments | Other | ||||
Revenue Recognition | ||||
Sales | 37,582 | 38,621 | 62,510 | 78,415 |
Operating Segments | Wholesale segment | ||||
Revenue Recognition | ||||
Sales | 343,016 | 350,245 | 566,589 | 670,796 |
Operating Segments | Wholesale segment | Motion Upholstery Furniture | ||||
Revenue Recognition | ||||
Sales | 200,448 | 197,219 | 332,712 | 376,741 |
Operating Segments | Wholesale segment | Stationary Upholstery Furniture | ||||
Revenue Recognition | ||||
Sales | 92,679 | 102,359 | 150,993 | 194,012 |
Operating Segments | Wholesale segment | Bedroom Furniture | ||||
Revenue Recognition | ||||
Sales | 8,437 | 8,746 | 15,549 | 16,939 |
Operating Segments | Wholesale segment | Dining Room Furniture | ||||
Revenue Recognition | ||||
Sales | 6,874 | 6,270 | 11,421 | 11,675 |
Operating Segments | Wholesale segment | Occasional Furniture | ||||
Revenue Recognition | ||||
Sales | 12,541 | 11,934 | 20,651 | 23,069 |
Operating Segments | Wholesale segment | Other | ||||
Revenue Recognition | ||||
Sales | 22,037 | 23,717 | 35,263 | 48,360 |
Operating Segments | Retail | ||||
Revenue Recognition | ||||
Sales | 162,275 | 148,404 | 253,412 | 291,400 |
Operating Segments | Retail | Motion Upholstery Furniture | ||||
Revenue Recognition | ||||
Sales | 99,462 | 84,455 | 152,909 | 169,639 |
Operating Segments | Retail | Stationary Upholstery Furniture | ||||
Revenue Recognition | ||||
Sales | 30,980 | 33,805 | 48,635 | 62,958 |
Operating Segments | Retail | Bedroom Furniture | ||||
Revenue Recognition | ||||
Sales | 1,323 | 1,549 | 2,418 | 2,996 |
Operating Segments | Retail | Dining Room Furniture | ||||
Revenue Recognition | ||||
Sales | 2,799 | 2,397 | 4,617 | 4,996 |
Operating Segments | Retail | Occasional Furniture | ||||
Revenue Recognition | ||||
Sales | 5,351 | 5,455 | 8,761 | 10,580 |
Operating Segments | Retail | Other | ||||
Revenue Recognition | ||||
Sales | 22,360 | 20,743 | 36,072 | 40,231 |
Corporate and Other | ||||
Revenue Recognition | ||||
Sales | 33,717 | 24,311 | 50,458 | 44,863 |
Corporate and Other | Corporate & Other | ||||
Revenue Recognition | ||||
Sales | 33,717 | 24,311 | 50,458 | 44,863 |
Corporate and Other | Corporate & Other | Motion Upholstery Furniture | ||||
Revenue Recognition | ||||
Sales | 162 | 71 | 223 | 160 |
Corporate and Other | Corporate & Other | Stationary Upholstery Furniture | ||||
Revenue Recognition | ||||
Sales | 36,424 | 27,360 | 52,497 | 50,223 |
Corporate and Other | Corporate & Other | Bedroom Furniture | ||||
Revenue Recognition | ||||
Sales | 2,296 | 1,776 | 3,527 | 2,958 |
Corporate and Other | Corporate & Other | Dining Room Furniture | ||||
Revenue Recognition | ||||
Sales | 844 | 446 | 1,501 | 840 |
Corporate and Other | Corporate & Other | Occasional Furniture | ||||
Revenue Recognition | ||||
Sales | 806 | 497 | 1,535 | 858 |
Corporate and Other | Corporate & Other | Other | ||||
Revenue Recognition | ||||
Sales | (6,815) | (5,839) | (8,825) | (10,176) |
Eliminations | ||||
Revenue Recognition | ||||
Sales | $ (79,888) | $ (75,748) | $ (125,881) | $ (146,214) |
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Oct. 24, 2020 |
Oct. 24, 2020 |
Apr. 26, 2020 |
|
Revenue from Contract with Customer [Abstract] | |||
Other receivables, included in other current assets | $ 67.9 | $ 67.9 | $ 17.1 |
Customer deposits, included in accrued expenses and other current liabilities | 140.7 | 140.7 | 40.7 |
Deferred revenues, included in accrued expenses and other current liabilities | 67.9 | 67.9 | $ 17.1 |
Revenue recognized related to contract liabilities | $ 1.8 | $ 51.5 |
Segment Information - Additional Information (Details) |
6 Months Ended |
---|---|
Oct. 24, 2020
segment
store
brand
| |
Wholesale segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
Number of reportable segments | 1 |
Wholesale segment | Casegoods | |
Segment Reporting Information [Line Items] | |
Number of brands | brand | 3 |
Retail Segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 1 |
Number of stores | store | 159 |
Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 24, 2020 |
Oct. 26, 2019 |
Oct. 24, 2020 |
Oct. 26, 2019 |
|
Segment Reporting Information [Line Items] | ||||
Sales | $ 459,120 | $ 447,212 | $ 744,578 | $ 860,845 |
Operating Income (Loss) | 47,939 | 29,601 | 52,264 | 53,023 |
Interest expense | (346) | (308) | (805) | (626) |
Interest income | 123 | 522 | 617 | 1,249 |
Other income (expense), net | (11) | 1,368 | 1,463 | 608 |
Income before income taxes | 47,705 | 31,183 | 53,539 | 54,254 |
Wholesale segment | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 266,189 | 277,221 | 445,944 | 529,994 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 539,008 | 522,960 | 870,459 | 1,007,059 |
Operating Segments | Wholesale segment | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 343,016 | 350,245 | 566,589 | 670,796 |
Operating Income (Loss) | 41,683 | 34,285 | 59,623 | 63,149 |
Operating Segments | Retail Segment | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 162,275 | 148,404 | 253,412 | 291,400 |
Operating Income (Loss) | 15,093 | 8,412 | 8,466 | 16,889 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 33,717 | 24,311 | 50,458 | 44,863 |
Operating Income (Loss) | (8,837) | (13,096) | (15,825) | (27,015) |
Corporate, Non-Segment | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 30,656 | 21,587 | 45,222 | 39,451 |
Intersegment sales | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 3,061 | 2,724 | 5,236 | 5,412 |
Intersegment sales | Wholesale segment | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 76,827 | 73,024 | 120,645 | 140,802 |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Sales | $ (79,888) | $ (75,748) | $ (125,881) | $ (146,214) |
Income Taxes (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 24, 2020 |
Oct. 26, 2019 |
Oct. 24, 2020 |
Oct. 26, 2019 |
|
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 26.00% | 26.60% | 25.30% | 24.60% |
Statutory tax rate | 21.00% |
Earnings per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 24, 2020 |
Oct. 26, 2019 |
Oct. 24, 2020 |
Oct. 26, 2019 |
|
Numerator (basic and diluted): | ||||
Net income attributable to La-Z-Boy Incorporated | $ 34,935 | $ 22,593 | $ 39,733 | $ 40,662 |
Income allocated to participating securities | (11) | (31) | (22) | (72) |
Net income available to common Shareholders | $ 34,924 | $ 22,562 | $ 39,711 | $ 40,590 |
Denominator: | ||||
Basic weighted average common shares outstanding (in shares) | 46,023 | 46,551 | 45,966 | 46,686 |
Add: | ||||
Contingent common shares (in shares) | 148 | 149 | 127 | 148 |
Stock option dilution (in shares) | 152 | 179 | 74 | 176 |
Diluted weighted average common shares outstanding (in shares) | 46,323 | 46,879 | 46,167 | 47,010 |
Basic (in dollars per share) | $ 0.76 | $ 0.48 | $ 0.86 | $ 0.87 |
Diluted (in dollars per share) | $ 0.75 | $ 0.48 | $ 0.86 | $ 0.86 |
Earnings per Share - Antidilutive Securities (Details) - Outstanding options - $ / shares shares in Millions |
6 Months Ended | |
---|---|---|
Oct. 24, 2020 |
Oct. 26, 2019 |
|
Anti-dilutive options | ||
Outstanding options excluded from diluted share calculation (in shares) | 0.6 | 0.3 |
Antidilutive options excluded from diluted share calculation, weighted average exercise price (in dollars per share) | $ 31.94 |
Fair Value Measurements - Hierarchy and Transfers (Details) - USD ($) $ in Thousands |
Oct. 24, 2020 |
Apr. 25, 2020 |
---|---|---|
Assets | ||
Total assets | $ 50,388 | $ 48,022 |
Recurring basis | ||
Assets | ||
Marketable securities | 40,278 | 38,206 |
Held-to-maturity investments | 2,531 | 3,337 |
Cost basis investments | 7,579 | 6,479 |
Total assets | 50,388 | 48,022 |
Liabilities | ||
Contingent consideration liability | 2,500 | |
Recurring basis | Level 1 | ||
Assets | ||
Marketable securities | 0 | 0 |
Held-to-maturity investments | 2,531 | 3,337 |
Cost basis investments | 0 | 0 |
Total assets | 2,531 | 3,337 |
Liabilities | ||
Contingent consideration liability | 0 | |
Recurring basis | Level 2 | ||
Assets | ||
Marketable securities | 31,358 | 31,691 |
Held-to-maturity investments | 0 | 0 |
Cost basis investments | 0 | 0 |
Total assets | 31,358 | 31,691 |
Liabilities | ||
Contingent consideration liability | 0 | |
Recurring basis | Level 3 | ||
Assets | ||
Marketable securities | 0 | 0 |
Held-to-maturity investments | 0 | 0 |
Cost basis investments | 7,579 | 6,479 |
Total assets | 7,579 | 6,479 |
Liabilities | ||
Contingent consideration liability | 2,500 | |
Recurring basis | NAV | ||
Assets | ||
Marketable securities | 8,920 | 6,515 |
Held-to-maturity investments | 0 | 0 |
Cost basis investments | 0 | 0 |
Total assets | 8,920 | $ 6,515 |
Liabilities | ||
Contingent consideration liability | $ 0 |
Fair Value Measurements - Additional Information (Details) $ in Millions |
6 Months Ended |
---|---|
Oct. 24, 2020
USD ($)
company
| |
Joybird [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |
Discount rate for fiscal 2021 milestone contingent consideration | 2.20% |
Discount rate for fiscal 2023 milestone contingent consideration | 3.20% |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |
Preferred share investments with common share warrant, number of privately-held companies | company | 2 |
Additional investments of level 3 assets in the privately held company | $ | $ 1.1 |
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