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Document and Entity Information
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3 Months Ended | |
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Jul. 30, 2011
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Aug. 16, 2011
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| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Jul. 30, 2011 | |
| Document Fiscal Year Focus | 2012 | |
| Document Fiscal Period Focus | Q1 | |
| Trading Symbol | LZB | |
| Entity Registrant Name | LA-Z-BOY INC | |
| Entity Central Index Key | 0000057131 | |
| Current Fiscal Year End Date | --04-28 | |
| Entity Filer Category | Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 52,057,065 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Trading symbol of an instrument as listed on an exchange. No definition available.
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| X | ||||||||||
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- Definition
The charge against earnings included in cost of sales in the period, comprised of costs associated with restructuring activities not otherwise specified in the taxonomy pursuant to a duly authorized plan, excluding a discontinued operation as defined by generally accepted accounting principles. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, and relocating employees, but excludes costs associated with the retirement of a long-lived asset and severance costs associated with established compensation plans. No definition available.
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- Definition
Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The charge against earnings in the period, comprised of costs associated with restructuring activities not otherwise specified in the taxonomy pursuant to a duly authorized plan, excluding a discontinued operation as defined by generally accepted accounting principles. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, and relocating employees, but excludes costs associated with the retirement of a long-lived asset and severance costs associated with established compensation plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward is presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, is classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer plus capital lease obligations due to be paid more than one year after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Obligation related to long-term debt (excluding convertible debt) and capital leases, the portion which is due in one year or less in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed in the balance sheet. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources, including trade accounts receivable, notes and loans receivable, as well as any other types of receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
Jul. 30, 2011
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Apr. 30, 2011
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| Receivables, allowance | $ 24,179 | $ 23,937 |
| Common shares, par value | $ 1 | $ 1 |
| Common shares, authorized | 150,000 | 150,000 |
| Common shares, outstanding | 52,025 | 51,909 |
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- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Reduction in cash due to no longer including the former subsidiary's cash in the consolidated entity's cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net gain (loss) resulting from the sale, transfer, termination, or other disposition of assets during the period, excluding transactions involving capital leases, assets-held- or available-for-lease, and other real estate owned which, to the extent appropriate, are included in gains (losses) on the disposition of assets in nonoperating income (expense). No definition available.
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period of the sum of amounts due within one year (or one business cycle) from customers for the credit sale of goods and services; and from note holders for outstanding loans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The net cash outflow or inflow from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the purchase of all investments (debt, security, other) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash or cash equivalents contributed by the entity to fund its pension plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the sale, maturity and collection of all investments such as debt, security and so forth during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from the stock plan during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment to remove noncash portion of restructuring costs and include cash payments when calculating cash flows from operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation". Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of the cumulative effect of the change in accounting principle or new accounting pronouncement on retained earnings or other components of equity or net assets in the statement of financial position as of the beginning of the earliest period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) in accumulated comprehensive income during the period related to pension and other postretirement benefit plans, after tax. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. The change includes an entity's share of an equity investee's increase or decrease in deferred hedging gains or losses. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax, attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reclassification adjustment for unrealized gains or losses realized upon the sale of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain (loss), net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain (loss) at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains (losses) realized upon the sale of securities, after tax; and (3) the unrealized gains (losses) realized upon the write-down of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy. No definition available.
|
| X | ||||||||||
|
- Definition
Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
|---|---|
|
Jul. 30, 2011
|
|
| Unrealized loss on marketable securities arising during the period, tax | $ 0.2 |
| Reclassification adjustment for gain on marketable securities included in net income, tax | 0.1 |
| Net pension amortization, tax | $ 0.2 |
| X | ||||||||||
|
- Definition
Tax effects of the increase (decrease) to accumulated comprehensive income during the period related to benefit plans. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax effect on the reclassification adjustment for gains or losses realized upon the sale of securities during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax effect on gross appreciation or the gross loss in value of the total of unsold securities during the period being reported on. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Basis of Presentation
|
3 Months Ended |
|---|---|
|
Jul. 30, 2011
|
|
| Basis of Presentation |
Note 1: Basis of Presentation
The
accompanying consolidated financial statements include the
consolidated accounts of La-Z-Boy Incorporated, including our
wholly-owned subsidiaries, and the Variable Interest Entities
(“VIEs”) in which we are the primary beneficiary.
The April 30, 2011 balance sheet was derived from our audited
financial statements. The interim financial information
is prepared in conformity with generally accepted accounting
principles, and such principles are applied on a basis consistent
with those reflected in our fiscal 2011 Annual Report on Form 10-K,
filed with the Securities and Exchange Commission, but does not
include all the disclosures required by generally accepted
accounting principles. In the opinion of management, the interim
financial information includes all adjustments and accruals,
consisting only of normal recurring adjustments (except as
otherwise disclosed), which are necessary for a fair presentation
of results for the respective interim period. The
interim results reflected in the accompanying financial statements
are not necessarily indicative of the results of operations which
will occur for the full fiscal year ending April 28, 2012. Fiscal
2012 is a 52 week year as compared to fiscal 2011, which was 53
weeks. The additional week in fiscal 2011 occurred in
the fourth quarter.
Our
Consolidated Statement of Cash Flows for the period ended July 24,
2010 was reclassified to present the cash impact of deconsolidating
VIEs as an investing activity to be consistent with the
presentation in our fiscal 2011 Annual Report on Form
10-K.
|
| X | ||||||||||
|
- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Allowance for Credit Losses
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
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Jul. 30, 2011
|
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| Allowance for Credit Losses |
Note 2: Allowance for Credit Losses
As
of July 30, 2011, we had notes receivable of $9.1 million from 15
customers, with a corresponding allowance for credit losses of $2.3
million. We have collateral from the customer in the
form of inventory or real estate to support the carrying value of
the notes receivable. We do not accrue interest income
on these notes receivable, but we record interest income when it is
received. Of the $9.1 million in notes receivable as of
July 30, 2011, $1.2 million is expected to be repaid in the next
twelve months and therefore was included in
receivables.
The
following is an analysis of the allowance for credit losses related
to our notes receivable as of and for the three months ended July
30, 2011 and July 24, 2010:
|
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| X | ||||||||||
|
- Definition
The entire disclosure for allowance for credit losses. No definition available.
|
|
Inventories
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Jul. 30, 2011
|
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| Inventories |
Note 3: Inventories
A
summary of inventories is as follows:
|
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| X | ||||||||||
|
- Definition
The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Investments
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 30, 2011
|
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| Investments |
Note 4: Investments
Included
in other long-term assets were available-for-sale investments of
$10.5 million and trading securities of $1.4 million at July 30,
2011 and available-for-sale investments of $11.2 million and
trading securities of $1.8 million at April 30,
2011. These investments fund future obligations of our
non-qualified retirement plan and our executive qualified deferred
compensation plan. All unrealized gains or losses in the table
below which have not been recognized as other-than-temporary losses
were included in accumulated other comprehensive income/(loss)
within our statement of changes in equity. We did not have
any unrealized gains or losses which were considered
other-than-temporary during fiscal 2012 or fiscal
2011.
The
following is a summary of investments at July 30, 2011, and April
30, 2011:
The following table summarizes sales of
available-for-sale securities (for the fiscal quarters
ended):
The
fair value of fixed income available-for-sale securities by
contractual maturity was $0.1 million within one year, $1.3 million
within two to five years, $1.3 million within six to ten years and
$0.8 million thereafter.
|
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| X | ||||||||||
|
- Definition
The entire disclosure for investments, including all tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Pension Plans
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 30, 2011
|
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| Pension Plans |
Note 5: Pension Plans
Net
periodic pension costs were as follows:
|
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| X | ||||||||||
|
- Definition
The entire disclosure for pension and other postretirement benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Financial Guarantees and Product Warranties
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 30, 2011
|
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| Financial Guarantees and Product Warranties |
Note 6: Financial Guarantees and Product Warranties
We
have provided financial guarantees relating to leases in connection
with certain La-Z-Boy Furniture Galleries® stores which are
not operated by the company. The guarantees are generally for
real estate leases and have remaining terms of one to two years.
These guarantees enhance the credit of these dealers.
We
would be required to perform under these agreements only if the
dealer were to default on the guaranteed lease. The maximum amount
of potential future payments under these guarantees was $1.2
million and $1.4 million as of July 30, 2011, and April 30, 2011,
respectively.
We
have, from time to time, entered into agreements which resulted in
indemnifying third parties against certain liabilities, mainly
environmental obligations. We believe that judgments, if any,
against us related to such agreements would not have a significant
effect on our business or financial condition.
Our
accounting policy for product warranties is to accrue an estimated
liability at the time the revenue is recognized. We estimate future
warranty claims based on claim experience and any additional
anticipated future costs on previously sold
products. Our liability estimates incorporate the cost
of repairs including materials consumed, labor and overhead amounts
necessary to perform the repair and any costs associated with
delivery of the repaired product to the customer. Over
90% of our warranty liability relates to our Upholstery Group where
we generally warrant our products against defects for one year on
fabric and leather, up to five years for padding and up
to a lifetime on certain mechanisms and
frames. Considerable judgment is used in the
determination of our estimate. If actual costs were to
differ significantly from our estimates, we would record the impact
of these unforeseen costs in subsequent periods.
A
reconciliation of the changes in our product warranty liability for
the three months ended July 30, 2011, and July 24, 2010, is as
follows:
As
of July 30, 2011, and July 24, 2010, $7.9 million and $8.5 million,
respectively, of our product warranty liability is included in
accrued expenses and other current liabilities with the remainder
included in other long-term liabilities.
|
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| X | ||||||||||
|
- Definition
Financial Guarantees And Product Warranties [Text Block] No definition available.
|
|
Stock-Based Compensation
|
3 Months Ended | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 30, 2011
|
||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation |
Note 7: Stock-Based Compensation
Stock Options. In the first quarter of fiscal 2012, we
granted 0.3 million stock options to
employees. Compensation expense for stock options is
equal to the fair value on the date the award was approved and is
recognized over the service period. The vesting period
for our stock options ranges from one to four years. The
fair value for the employee stock options granted was estimated at
the date of the grant using the Black-Scholes option-pricing model,
which requires management to make certain
assumptions. Expected volatility was estimated based on
the historical volatility of our common shares. The
average expected life was based on the contractual term of the
stock option and expected employee exercise and post-vesting
employment termination trends. The risk-free rate was
based on U.S. Treasury issues with a term equal to the expected
life assumed at the date of the grant. The turnover rate
was estimated at the date of the grant based on historical
experience. The fair value of stock options granted
during the first quarter of fiscal 2012 was calculated using the
following assumptions:
Restricted Shares. We granted 0.2 million restricted shares
to employees during the first quarter of fiscal
2012. Compensation expense for restricted stock is equal
to the market value of our common shares on the date the award was
approved and is recognized over the service period. The
vesting period for our restricted shares is four
years.
Performance Awards. We
granted 0.7 million performance awards in the first quarter of
fiscal 2012. The award 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 goals over a specific
performance period, which is generally three fiscal
years. The shares are offered at no cost to the
employees. The cost of performance awards is expensed
over the service period based on the probability that the
performance goals will be obtained.
Total
compensation expense recognized in the Consolidated Statement of
Operations for all equity based compensation was $1.6 million and
$1.0 million, for the first quarter of fiscal 2012 and fiscal 2011,
respectively.
|
|||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Total Comprehensive Income
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 30, 2011
|
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| Total Comprehensive Income |
Note 8: Total Comprehensive Income
The
components of total comprehensive income are as
follows:
The
components of accumulated other comprehensive loss are as
follows:
|
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| X | ||||||||||
|
- Definition
The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Variable Interest Entities
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities |
Note 9: Variable Interest Entities
Our
financial statements include the accounts of certain entities in
which we hold a controlling interest based on exposure to economic
risks and potential rewards (variable interests) for which we are
the primary beneficiary. Accounting guidance states that
a variable interest entity (“VIE”) must be consolidated
if the enterprise has both (a) the power to direct the activities
of the VIE that most significantly impact the entity’s
economic performance, and (b) the obligation to absorb losses or
the right to receive benefits from the VIE that could potentially
be significant to the VIE.
We
have a special operating agreement in place with one independent
dealer that is a VIE which causes us to be considered its primary
beneficiary. Through January 31, 2011, we consolidated a
second independent dealer because of a similar operating
agreement. During the fourth quarter of fiscal 2011 we
acquired the fifteen stores of this VIE, and those stores are now
included in our Retail Group. As a result, our
VIEs’ results included eight stores during the first quarter
of fiscal 2012 and 23 stores during the first quarter of fiscal
2011.
The
table below shows the amount of assets and liabilities of our
single remaining VIE included in our Consolidated Balance Sheet as
of July 30, 2011, and April 30, 2011:
In
addition to our consolidated VIE, we had significant interests in
three independent La-Z-Boy Furniture Galleries® dealers for
which we are not the primary beneficiary. Our total
exposure to losses related to these dealers as of July 30, 2011 and
April 30, 2011 was $4.7 million and $5.0 million, respectively,
which consists primarily of past due accounts receivable as well as
notes receivable, net of reserves and collateral on inventory and
real estate. We have not provided additional financial
or other support to these dealers during fiscal 2012 and have no
obligations or commitments to provide further support.
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- Definition
Disclosure of Variable Interest Entities [Text Block] No definition available.
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Segment Information
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Jul. 30, 2011
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| Segment Information |
Note 10: Segment Information
Our
reportable operating segments are the Upholstery Group, the
Casegoods Group and the Retail Group.
Upholstery Group. The operating units in the
Upholstery Group are La-Z-Boy, England and Bauhaus. This
group manufactures or imports and sells upholstered furniture to
furniture retailers. Upholstered furniture includes recliners and
motion furniture, sofas, loveseats, chairs, ottomans and sleeper
sofas. It sells directly to La-Z-Boy Furniture Galleries
® stores, operators of Comfort Studios, general dealers and
department stores.
Casegoods Group. The operating units in the Casegoods Group
consist of two groups, one including American Drew, Lea, and
Hammary, the second being Kincaid. This group primarily sells
manufactured or imported wood furniture to furniture retailers.
Casegoods product includes bedroom, dining room, entertainment
centers, accent pieces and some coordinated upholstered furniture.
The Casegoods Group sells to proprietary stores and general
dealers.
Retail Group. The Retail Group consists of 84 company-owned
La-Z-Boy Furniture Galleries® stores in nine primary
markets. The Retail Group sells upholstered furniture,
as well as some casegoods and other accessories, to end consumers
through the retail network.
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- Definition
The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Restructuring
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Jul. 30, 2011
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| Restructuring |
Note 11: Restructuring
During
the past several years, we have committed to various restructuring
plans as a result of declining demand and foreign competition to
rationalize our manufacturing facilities, consolidate warehouse
distribution centers and close underperforming retail
stores. The majority of the restructuring expense in the
first quarter of fiscal 2012 related to the ongoing costs of closed
retail stores.
For the first quarter of fiscal 2012, restructuring liabilities
along with pre-tax charges to expense, cash payments or asset
write-downs were as follows:
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- Definition
The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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Jul. 30, 2011
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| Income Taxes |
Note 12: Income Taxes
Our
effective tax rate for the current period was greatly impacted by
the release of a portion of the valuation allowance relating to
U.S. federal and state deferred tax assets. Absent this
discrete adjustment, the effective tax rate for the period would
have been 37.1%, compared to 42.9% for the first quarter of fiscal
2011. This was lower than the prior year due to certain
U.S. tax adjustments not recognized (as a result of the valuation
allowance) and minor discrete items in the first quarter of fiscal
2011.
The
valuation allowance was originally established in fiscal year 2009
based on our cumulative pretax losses in the U.S. at that time and
uncertainty as to when those losses would reverse. In
the first quarter of fiscal 2012, we moved from a three year
cumulative loss position to a three year cumulative income position
by generating sufficient positive pretax income to recover the
pre-existing cumulative losses.
Realization
of our deferred tax assets is dependent on (among other things)
generating sufficient future taxable income. Based upon
(i) our cumulative pretax income position and (ii) our most recent
operating results, including pre-tax income amounts in our first
fiscal quarter which exceeded both our operating plan and prior
year first quarter results and (iii) our most current forecasts,
all of which caused us to reconsider our concerns regarding the
fiscal 2012 economic environment, we have concluded that certain
valuation allowances totaling $43.4 million associated with certain
U.S. federal and state deferred tax assets should be reduced in the
first quarter of fiscal 2012 because we now believe that it is more
likely than not that the value of these deferred tax assets will be
realized. This reduction of the valuation allowance is
reflected in the accompanying Consolidated Balance Sheet as an
increase to deferred income tax assets - current of $20.1 million
and an increase to deferred income tax assets - long-term of $23.3
million.
In
connection with our analysis of the total amounts of the valuation
allowance to be reduced, we conducted an updated analysis of our
deferred tax assets position as of April 30, 2011. As a
result of this analysis, we determined that our total gross
deferred tax assets at April 30, 2011 should be reduced by $8.7
million, with a corresponding decrease to the related valuation
allowance for the same amount. The adjustments to reduce
our gross deferred tax balances were primarily related to
unrealized gains on our investments, employee benefit plan
arrangements and state income taxes. Changes in our
valuation allowance in the first quarter of fiscal 2012 were as
follows:
The
remaining valuation allowance of $13.6 million includes $11.1
million related to certain U.S. federal and state deferred tax
assets and $2.5 million associated with foreign deferred tax
assets. The U.S federal deferred tax assets primarily represent
capital losses which expire in 2013. The state deferred
taxes are primarily related to certain state net operating
losses. Foreign deferred tax assets relate primarily to
net operating losses. The valuation allowance related to
the foreign deferred tax assets could be reduced later in fiscal
2012, based on, among other factors, the level of estimated future
taxable income generated in that foreign jurisdiction in fiscal
2012 and beyond.
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- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings per Share
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Jul. 30, 2011
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| Earnings per Share |
Note 13: Earnings per Share
Certain
share-based payment awards that entitle their holders to receive
non-forfeitable dividends prior to vesting are considered
participating securities. We granted restricted stock
awards that contain non-forfeitable rights to dividends on unvested
shares; such stock awards are considered participating
securities. As participating securities, the unvested
shares are required to be included in the calculation of our basic
earnings per common share, using the two-class
method. For the first quarter ended July 24, 2010, we
did not allocate any loss to the unvested stock awards
(participating securities), due to their anti-dilutive
effect.
A
reconciliation of the numerators and denominators used in the
computations of basic and diluted earnings per share is as
follows:
The
effect of options to purchase 1.1 million and 1.7 million shares
for the quarters ended July 30, 2011, and July 24, 2010, with a
weighted average exercise price of $14.64 and $14.95, respectively,
was excluded from the diluted share calculation as the exercise
prices of these options were higher than the average share price
for the quarters and including them would have been
anti-dilutive.
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- Definition
The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements
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| Fair Value Measurements |
Note 14: Fair Value Measurements
Accounting
standards require the categorization of financial assets and
liabilities, based on the inputs to the valuation technique, into a
three-level fair value hierarchy. The various levels of the fair
value hierarchy are described as follows:
Accounting
standards require the use of observable market data, when
available, in making fair value measurements. When inputs used to
measure fair value fall within different levels of the hierarchy,
the level within which the fair value measurement is categorized is
based on the lowest level input that is significant to the fair
value measurement.
In
addition to assets and liabilities that are recorded at fair value
on a recurring basis, we are required to record assets and
liabilities at fair value on a non-recurring
basis. Non-financial assets such as trade names and
long-lived assets are measured at fair value when there is an
indicator of impairment and recorded at fair value only when an
impairment is recognized. We did not measure any
significant assets or liabilities at fair value on a non-recurring
basis during fiscal 2012.
The
following table presents the fair value hierarchy for those assets
measured at fair value on a recurring basis as of July 30, 2011 and
April 30, 2011:
We
hold available-for-sale marketable securities to fund future
obligations of one of our non-qualified retirement plans and
trading securities to fund future obligations of our deferred
compensation plan. The fair value measurements for our
securities are based upon 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.
We
entered into a three year interest rate swap agreement in order to
fix a portion of our floating rate debt which expired during the
first quarter of fiscal 2012. The fair value of
the swap agreement was measured as the present value of all
expected future cash flows based on the LIBOR-based swap yield
curve as of the date of the valuation and considered counterparty
non-performance risk. These assumptions can be derived from
observable data or are supported by observable levels at which
transactions are executed in the marketplace.
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- Definition
The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Recent Accounting Pronouncements
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3 Months Ended |
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Jul. 30, 2011
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| Recent Accounting Pronouncements |
Note 15: Recent Accounting Pronouncements
In
June 2011, the FASB issued accounting guidance on the presentation
of comprehensive income which eliminates the current option to
report other comprehensive income and its components in the
statement of changes in equity and requires the presentation of net
income and comprehensive income in one continuous statement, or in
two consecutive statements. This guidance will be
effective for our fiscal 2013 and will change the way we present
comprehensive income in our financial statements.
In
May 2011, the FASB issued accounting guidance on fair value
measurements. This guidance requires the categorization
by level for items that are only required to be disclosed at fair
value and information about transfers between Level 1 and Level 2.
In addition, it provides guidance on measuring the fair value of
financial instruments managed within a portfolio and the
application of premiums and discounts on fair value measurements.
The guidance requires additional disclosure for Level 3
measurements regarding the sensitivity of fair value to changes in
unobservable inputs and any interrelationships between those inputs
and will be effective for our fourth quarter of fiscal
2012. We will revise our disclosures at that time as a
result of this new accounting guidance.
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- Definition
The entire disclosure for a new accounting pronouncement that has been issued but not yet adopted. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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