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Document and Entity Information
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6 Months Ended | |
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Oct. 29, 2011
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Nov. 23, 2011
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| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Oct. 29, 2011 | |
| Document Fiscal Year Focus | 2012 | |
| Document Fiscal Period Focus | Q2 | |
| 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 | 51,856,436 |
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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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- 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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CONSOLIDATED STATEMENT OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Oct. 29, 2011
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Oct. 23, 2010
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Oct. 29, 2011
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Oct. 23, 2010
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| Sales | $ 307,679 | $ 292,982 | $ 587,773 | $ 556,296 |
| Cost of sales | 211,896 | 207,876 | 411,062 | 398,356 |
| Gross profit | 95,783 | 85,106 | 176,711 | 157,940 |
| Selling, general and administrative expense | 83,535 | 79,767 | 160,990 | 154,251 |
| Operating income | 12,248 | 5,339 | 15,721 | 3,689 |
| Interest expense | 389 | 592 | 813 | 1,182 |
| Interest income | 166 | 223 | 349 | 466 |
| Income from Continued Dumping and Subsidy Offset Act, net | 322 | 0 | ||
| Other income (expense), net | (108) | (418) | 265 | (69) |
| Income before income taxes | 11,917 | 4,552 | 15,844 | 2,904 |
| Income tax expense (benefit) | 4,245 | 1,381 | (37,684) | 675 |
| Net income | 7,672 | 3,171 | 53,528 | 2,229 |
| Net (income) loss attributable to noncontrolling interests | 198 | 774 | (122) | 1,500 |
| Net income attributable to La-Z-Boy Incorporated | $ 7,870 | $ 3,945 | $ 53,406 | $ 3,729 |
| Basic average shares | 52,055 | 51,855 | 51,999 | 51,820 |
| Basic net income attributable to La-Z-Boy Incorporated per share | $ 0.15 | $ 0.07 | $ 1.01 | $ 0.07 |
| Diluted average shares | 52,475 | 52,214 | 52,458 | 52,228 |
| Diluted net income attributable to La-Z-Boy Incorporated per share | $ 0.15 | $ 0.07 | $ 1.00 | $ 0.07 |
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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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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 |
Oct. 29, 2011
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Apr. 30, 2011
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|---|---|---|
| Receivables, allowance | $ 22,955 | $ 23,937 |
| Common shares, par value | $ 1 | $ 1 |
| Common shares, authorized | 150,000 | 150,000 |
| Common shares, outstanding | 51,946 | 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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- 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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- 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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- 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
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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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 to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. 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
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 the reporting currency of the reporting entity, net of tax. 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
|
| X | ||||||||||
|
- Definition
Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
|---|---|
|
Oct. 29, 2011
|
|
| Unrealized (loss) gain on marketable securities arising during the period, tax | $ 0.2 |
| Reclassification adjustment for gain on marketable securities included in net income, tax | 0.2 |
| Net pension amortization, tax | $ 0.3 |
| 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
|
6 Months Ended |
|---|---|
|
Oct. 29, 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 balance sheet and consolidated statement of changes in
equity for the periods presented have been revised to include the
effect of a reclassification at April 24, 2010, of $16.7 million
(and subsequent activity) between capital in excess of par value
and retained earnings related to share purchase activity and
subsequent reissuances. Our consolidated statement of
cash flows for the period ended October 23, 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
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 29, 2011
|
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| Allowance for Credit Losses |
Note 2: Allowance for Credit Losses
As
of October 29, 2011, we had gross notes receivable of $9.9 million
outstanding from 15 customers, with a corresponding allowance for
credit losses of $2.3 million. We have collateral from
these customers in the form of inventory or real estate to support
the carrying value of these notes. We do not accrue
interest income on these notes receivable, but we record interest
income when it is received. Of the $9.9 million in notes
receivable as of October 29, 2011, $2.4 million is expected to be
repaid in the next twelve months, and was categorized as
receivables in our consolidated balance sheet. The
remainder of the notes receivable were categorized as other
long-term assets, with the allowance for credit losses allocated
between receivables and other long-term assets.
The
following is an analysis of the allowance for credit losses related
to our notes receivable as of and for the quarter and six months
ended October 29, 2011, and October 23, 2010:
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| X | ||||||||||
|
- Definition
The entire disclosure for allowance for credit losses. No definition available.
|
|
Inventories
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Oct. 29, 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
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 29, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments |
Note 4: Investments
Included
in other long-term assets in our consolidated balance sheet were
available-for-sale investments of $10.1 million and trading
securities of $1.4 million at October 29, 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 related to
available-for-sale investments and were included in accumulated
other comprehensive income/(loss) within our consolidated statement
of changes in equity because we did not have any unrealized gains
or losses which were considered other-than-temporary during fiscal
2012 or fiscal 2011. If there was a decline in the fair value of an
investment below its cost and the decline was considered
other-than-temporary, the amount of decline below cost would be
charged to earnings.
The
following is a summary of investments at October 29, 2011, and
April 30, 2011:
The
following table summarizes sales of available-for-sale
securities:
The
fair value of fixed income available-for-sale securities by
contractual maturity was $0.1 million within one year, $1.2 million
within two to five years, $1.2 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
|
|
Debt
|
6 Months Ended |
|---|---|
|
Oct. 29, 2011
|
|
| Debt |
Note 5: Debt
On
October 19, 2011, we entered into an amended credit agreement with
a syndicate of lenders, which reduced our revolving credit facility
capacity from $175 million to $150 million and extended its
maturity date to October 19, 2016. We may elect interest
rates based on LIBOR or the base rate. The base rate is
the higher of the federal funds rate plus 0.50% and the prime rate.
Interest on our loans is set at the applicable rate plus a margin
ranging from 1.50% to 2.00% for LIBOR loans and up to 0.50% for
base rate loans, in each case based on average excess
availability. The amended credit agreement reduces the
commitment fee that we pay on the unused portion of the revolving
credit commitment from 0.375% to 0.25% per annum.
The
amended credit agreement is secured primarily by all of our
accounts receivable, inventory, and cash deposit and securities
accounts. Availability under the agreement fluctuates in
accordance with a borrowing base calculation based on eligible
accounts receivable and inventory. The agreement
includes affirmative and negative covenants that apply under
certain circumstances, including a 1.05 to 1.00 fixed charge
coverage ratio requirement that applies when excess availability
under the line is less than 12.5% of the revolving credit
commitment. At October 29, 2011, we were not subject to the fixed
charge coverage ratio requirement, but would have complied with the
requirement had we been subject to it. At October 29, 2011, we had
borrowings of $20 million outstanding under the
agreement.
The
amended credit agreement contains customary events of default,
including nonpayment of principal when due, nonpayment of interest
after a stated grace period; inaccuracy of representations and
warranties; violations of covenants; certain acts of bankruptcy and
liquidation; defaults under certain material contracts; certain
ERISA-related events; certain material environmental claims; and a
change in control (as defined in the agreement). In the event of a
default, the lenders may terminate their commitments, declare
amounts outstanding, including accrued interest and fees, payable
immediately, and enforce any and all of their rights, including
exercising remedies with respect to the collateral including
foreclosure and other remedies available to secured
creditors.
|
| X | ||||||||||
|
- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Pension Plans
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 29, 2011
|
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| Pension Plans |
Note 6: 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
|
|
Product Warranties
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Oct. 29, 2011
|
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| Product Warranties |
Note 7: Product Warranties
We
accrue an estimated liability for product warranties 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 as 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 making our
estimates. If actual costs were to differ significantly
from our estimates, we would record the impact of these costs in
subsequent periods.
A
reconciliation of the changes in our product warranty liability for
the quarter and six months ended October 29, 2011, and October 23,
2010, is as follows:
As
of October 29, 2011, and April 30, 2011, $7.9 million and $8.0
million, respectively, of our product warranty liability was
included in accrued expenses and other current liabilities in our
consolidated balance sheet, with the remainder included in other
long-term liabilities. The accruals recorded during the periods
presented primarily reflect charges related to warranties issued
during the respective periods.
|
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| X | ||||||||||
|
- Definition
The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Stock-Based Compensation
|
6 Months Ended |
|---|---|
|
Oct. 29, 2011
|
|
| Stock-Based Compensation |
Note 8: Stock-Based Compensation
In
the first quarter of fiscal 2012, we granted 0.3 million stock
options, 0.2 million restricted shares and 0.7 million performance
awards to employees. Total compensation expense recognized in the
consolidated statement of income for all equity based compensation
was $1.7 million and $3.3 million for the second quarter and first
six months of fiscal 2012, respectively, and was categorized as a
component of selling, general, and administrative expense in our
consolidated statement of income. For the second quarter
and first six months of fiscal 2011, we recorded compensation
expense for all equity based compensation of $1.3 million and $2.4
million, 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
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Oct. 29, 2011
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| Total Comprehensive Income |
Note 9: 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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- 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
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Variable Interest Entities
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Oct. 29, 2011
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| Variable Interest Entities |
Note 10: 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 requires
that a variable interest entity (“VIE”) be consolidated
if the company 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 15 stores of this VIE, and the results of those stores
are now reported in our Retail Group. As a result, our
VIEs’ results included eight stores during the first quarter
of fiscal 2012, nine stores during the second quarter of fiscal
2012 and 23 stores during the first six months of fiscal
2011.
The
table below shows the assets and liabilities of our single
remaining VIE included in our consolidated balance sheet at October
29, 2011, and April 30, 2011:
In
addition to our consolidated VIE, we have significant interests in
three independent La-Z-Boy Furniture Galleries® dealers for
which we are not the primary beneficiary. Our total
exposure related to these dealers at October 29, 2011, and April
30, 2011, was $4.6 million and $5.0 million, respectively,
consisting 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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| Segment Information |
Note 11: Segment Information
Our
reportable operating segments are the Upholstery Group, the
Casegoods Group and the Retail Group.
Upholstery Group. The Upholstery Group consists
of three operating units, 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. The Uphostery Group sells
directly to La-Z-Boy Furniture Galleries ® stores, operators
of Comfort Studios, general dealers and department
stores.
Casegoods Group. The Casegoods Group consists of two
operating units, American Drew, Lea and Hammary; and Kincaid. This
group sells imported or manufactured 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 85 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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Income Taxes
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| Income Taxes |
Note 12: Income Taxes
Our
effective tax rate for the second quarter of fiscal 2012 was 35.6%
compared to 30.3% for the second quarter of fiscal
2011. The effective tax rate for the second quarter of
fiscal 2011 was impacted by routine discrete items that resulted in
a rate reduction of 11.2%. Our effective tax rate for
the six month period of fiscal 2012 was impacted by the release of
a portion of the valuation allowance relating to our U.S. federal
and state deferred tax assets. Absent this discrete
adjustment, the effective tax rate for the first six months of
fiscal 2012 would have been 36.0%. The effective tax
rate was 23.2% for the first six months of fiscal 2011 after the
impact of routine discrete items that resulted in a rate reduction
of 17.6%.
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
in the U.S. by generating sufficient positive pretax income to
recover the preexisting 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 (ii) our most recent
operating results, including pretax 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 certain of our concerns
regarding the fiscal 2012 economic environment, we 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 believed
that it had become more likely than not that the value of those
deferred tax assets will be realized.
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. 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 six months 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, and we believe it is more
likely than not that they will not be realized. 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 in future periods, based on, among other factors, the level
of cumulative pretax losses and estimated future taxable income
generated in that foreign jurisdiction in fiscal 2012 and
beyond.
Our
consolidated balance sheet at the end of the second quarter of
fiscal 2012 reflected a $2.2 million liability for uncertain income
tax positions. It is reasonably possible that $0.4
million of this liability will be settled within the next 12
months. The remaining balance will be paid or released
as tax audits are completed or settled.
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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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Oct. 29, 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 grant restricted stock
awards that contain non-forfeitable rights to dividends on unvested
shares; 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.
A
reconciliation of the numerators and denominators used in the
computations of basic and diluted earnings per share is as
follows:
We
had outstanding options to purchase 1.1 million shares for the
quarter and six months ended October 29, 2011, with a weighted
average exercise price of $14.16, and
outstanding options to purchase 1.3 million shares for
the quarter and six months ended October 23, 2010, with a weighted
average exercise price of $15.30. We excluded the effect
of these options from the diluted share calculation since, for each
period presented, the weighted average exercise price of the
options was higher than the average market price, so that including
the options’ effect 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 loss 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 at October 29, 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.
In
order to fix a portion of our floating rate debt, we entered into a
three year interest rate swap agreement which expired during the
first quarter of fiscal 2012.
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| X | ||||||||||
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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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Oct. 29, 2011
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| Recent Accounting Pronouncements |
Note 15: Recent Accounting Pronouncements
In June 2011, the Financial Accounting
Standards Board (“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. Based upon our current
portfolio requiring fair value measurements we do not anticipate
that the revisions to our existing disclosures will be
significant.
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| X | ||||||||||
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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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