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https://cdn.kscope.io/92d24c3448e7dfce56b8de8982084a93-lzbimagepressrelease.jpg
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 25, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
COMMISSION FILE NUMBER 1-9656
LA-Z-BOY INCORPORATED
(Exact name of registrant as specified in its charter)
Michigan
 
38-0751137
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
One La-Z-Boy Drive,
Monroe,
Michigan
 
48162-5138
(Address of principal executive offices)
 
(Zip Code)
Registrant's telephone number, including area code (734) 242-1444
None
(Former name, former address and former fiscal year, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading  Symbol(s)
 
Name of each exchange on which registered
Common Stock, $1.00 Par Value
 
LZB
 
New York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☒  No  ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes  ☒   No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes     No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Class
 
Outstanding at February 11, 2020
Common Stock, $1.00 Par Value
 
46,032,716
 



LA-Z-BOY INCORPORATED
FORM 10-Q THIRD QUARTER OF FISCAL 2020
TABLE OF CONTENTS
 
Page
Number(s)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2


PART I - FINANCIAL INFORMATION (UNAUDITED)
ITEM 1. FINANCIAL STATEMENTS
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
 
 
Quarter Ended
 
Nine Months Ended
(Unaudited, amounts in thousands, except per share data)
 
1/25/20
 
1/26/19
 
1/25/20
 
1/26/19
Sales
 
$
475,856

 
$
467,582

 
$
1,336,701

 
$
1,291,610

Cost of sales
 
276,218

 
277,712

 
786,962

 
778,813

Gross profit
 
199,638

 
189,870

 
549,739

 
512,797

Selling, general and administrative expense
 
147,325

 
149,027

 
444,403

 
420,294

Operating income 
 
52,313

 
40,843

 
105,336

 
92,503

Interest expense
 
(265
)
 
(538
)
 
(891
)
 
(1,143
)
Interest income
 
844

 
540

 
2,093

 
1,534

Other expense, net
 
(5,998
)
 
(941
)
 
(5,390
)
 
(2,046
)
Income before income taxes
 
46,894

 
39,904

 
101,148

 
90,848

Income tax expense
 
12,178

 
10,730

 
25,540

 
22,374

Net income
 
34,716

 
29,174

 
75,608

 
68,474

Net income attributable to noncontrolling interests
 
(204
)
 
(443
)
 
(434
)
 
(1,428
)
Net income attributable to La-Z-Boy Incorporated
 
$
34,512

 
$
28,731

 
$
75,174

 
$
67,046

 
 


 


 
 
 
 
Basic weighted average common shares
 
46,262

 
46,820

 
46,545

 
46,808

Basic net income attributable to La-Z-Boy Incorporated per share
 
$
0.75

 
$
0.61

 
$
1.61

 
$
1.43

 
 
 
 
 
 
 
 
 
Diluted weighted average common shares
 
46,584

 
47,091

 
46,867

 
47,212

Diluted net income attributable to La-Z-Boy Incorporated per share
 
$
0.74

 
$
0.61

 
$
1.60

 
$
1.42

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

3


LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
 
 
Quarter Ended
 
Nine Months Ended
(Unaudited, amounts in thousands)
 
01/25/20
 
01/26/19
 
01/25/20
 
01/26/19
Net income
 
$
34,716

 
$
29,174

 
$
75,608

 
$
68,474

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
Currency translation adjustment
 
(112
)
 
1,469

 
2,028

 
(1,552
)
Change in fair value of cash flow hedges, net of tax
 

 
70

 
10

 
(108
)
Net unrealized gain on marketable securities, net of tax
 
16

 
90

 
170

 
154

Net pension amortization, net of tax
 
41

 
515

 
123

 
1,548

Total other comprehensive income (loss)
 
(55
)
 
2,144

 
2,331

 
42

Total comprehensive income before allocation to noncontrolling interests
 
34,661

 
31,318

 
77,939

 
68,516

Comprehensive income attributable to noncontrolling interests
 
(42
)
 
(1,112
)
 
(1,118
)
 
(1,488
)
Comprehensive income attributable to La-Z-Boy Incorporated
 
$
34,619

 
$
30,206

 
$
76,821

 
$
67,028

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

4


LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
(Unaudited, amounts in thousands, except par value)
 
1/25/20
 
4/27/19
Current assets
 
 
 
 
Cash and equivalents
 
$
166,272

 
$
129,819

Restricted cash
 
1,973

 
1,968

Receivables, net of allowance of $2,191 at 1/25/20 and $2,180 at 4/27/19
 
153,721

 
143,288

Inventories, net
 
198,567

 
196,899

Other current assets
 
82,765

 
69,144

Total current assets
 
603,298

 
541,118

Property, plant and equipment, net
 
212,851

 
200,523

Goodwill
 
185,328

 
185,867

Other intangible assets, net
 
29,235

 
29,907

Deferred income taxes – long-term
 
19,928

 
20,670

Right of use lease asset
 
318,162

 

Other long-term assets, net
 
73,831

 
81,705

Total assets
 
$
1,442,633

 
$
1,059,790

 
 
 
 
 
Current liabilities
 
 
 
 
Current portion of long-term debt
 
$

 
$
180

Accounts payable
 
68,045

 
65,365

Lease liability, short-term
 
65,128

 

Accrued expenses and other current liabilities
 
195,349

 
173,091

Total current liabilities
 
328,522

 
238,636

Long-term debt
 

 
19

Lease liability, long-term
 
267,955

 

Other long-term liabilities
 
116,674

 
124,159

Shareholders' equity
 
 
 
 
Preferred shares – 5,000 authorized; none issued
 

 

Common shares, $1 par value – 150,000 authorized; 46,075 outstanding at 1/25/20 and 46,955 outstanding at 4/27/19
 
46,075

 
46,955

Capital in excess of par value
 
316,764

 
313,168

Retained earnings
 
353,419

 
325,847

Accumulated other comprehensive loss
 
(2,361
)
 
(3,462
)
Total La-Z-Boy Incorporated shareholders' equity
 
713,897

 
682,508

Noncontrolling interests
 
15,585

 
14,468

Total equity
 
729,482

 
696,976

Total liabilities and equity
 
$
1,442,633

 
$
1,059,790



The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

5


LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
 
 
Nine Months Ended
(Unaudited, amounts in thousands)
 
1/25/20
 
1/26/19
Cash flows from operating activities
 
 
 
 
Net income
 
$
75,608

 
$
68,474

Adjustments to reconcile net income to cash provided by (used for) operating activities
 
 
 
 
(Gain)/loss on disposal of assets
 
(10,051
)
 
41

Change in deferred taxes
 
1,238

 
2,538

Provision for doubtful accounts
 
210

 
477

Depreciation and amortization
 
23,035

 
23,182

Equity-based compensation expense
 
7,235

 
8,174

Pension plan contributions
 

 
(7,000
)
Change in receivables
 
(11,178
)
 
1,152

Change in inventories
 
(62
)
 
(18,950
)
Change in other assets
 
53,620

 
(10,103
)
Change in payables
 
659

 
4,954

Change in other liabilities
 
(20,555
)
 
18,509

Net cash provided by operating activities
 
119,759

 
91,448

 
 
 
 
 
Cash flows from investing activities
 
 
 
 
Proceeds from disposals of assets
 
11,242

 
447

Proceeds from insurance
 
1,080

 
154

Capital expenditures
 
(35,464
)
 
(35,766
)
Purchases of investments
 
(26,248
)
 
(14,956
)
Proceeds from sales of investments
 
24,688

 
14,304

Acquisitions
 
(6,412
)
 
(78,582
)
Net cash used for investing activities
 
(31,114
)
 
(114,399
)
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
Net proceeds from credit facility
 

 
20,000

Payments on debt and finance lease liabilities
 
(135
)
 
(169
)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes
 
828

 
4,012

Purchases of common stock
 
(35,346
)
 
(16,726
)
Dividends paid
 
(18,641
)
 
(17,381
)
Net cash used for financing activities
 
(53,294
)
 
(10,264
)
 
 
 
 
 
Effect of exchange rate changes on cash and equivalents
 
1,107

 
(74
)
Change in cash, cash equivalents and restricted cash
 
36,458

 
(33,289
)
Cash, cash equivalents and restricted cash at beginning of period
 
131,787

 
136,871

Cash, cash equivalents and restricted cash at end of period
 
$
168,245

 
$
103,582

 
 
 
 
 
Supplemental disclosure of non-cash investing activities
 
 
 
 
Capital expenditures included in payables
 
$
4,026

 
$
2,827

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

6


LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited, amounts in thousands)
 
Common
Shares
 
Capital in Excess of
Par Value
 
Retained
Earnings
 
Accumulated Other
Comprehensive Income
(Loss)
 
Non-Controlling
Interests
 
Total
At April 27, 2019
 
$
46,955

 
$
313,168

 
$
325,847

 
$
(3,462
)
 
$
14,468

 
$
696,976

Net income (loss)
 

 

 
18,069

 

 
(81
)
 
17,988

Other comprehensive income
 

 

 

 
281

 
486

 
767

Stock issued for stock and employee benefit plans, net of cancellations and withholding tax
 
126

 
126

 
(1,669
)
 

 

 
(1,417
)
Purchases of 391 shares of common stock
 
(391
)
 
(3,762
)
 
(8,160
)
 

 

 
(12,313
)
Stock option and restricted stock expense
 

 
1,675

 

 

 

 
1,675

Cumulative effect adjustment for leases, net of tax (1)
 

 

 
574

 

 

 
574

Reclassification of certain income tax effects (2)
 

 

 
547

 
(547
)
 

 

Dividends declared and paid ($0.13/share)
 

 

 
(6,112
)
 

 

 
(6,112
)
At July 27, 2019
 
$
46,690

 
$
311,207

 
$
329,096

 
$
(3,728
)
 
$
14,873

 
$
698,138

Net income
 

 

 
22,593

 

 
311

 
22,904

Other comprehensive income
 

 

 

 
1,260

 
359

 
1,619

Stock issued for stock and employee benefit plans, net of cancellations and withholding tax
 
84

 
1,908

 
(4
)
 

 

 
1,988

Purchases of 335 shares of common stock
 
(335
)
 
(1,908
)
 
(8,611
)
 

 

 
(10,854
)
Stock option and restricted stock expense
 

 
3,032

 

 

 

 
3,032

Dividends declared and paid ($0.13/share)
 

 

 
(6,039
)
 

 

 
(6,039
)
Dividends declared not paid ($0.13/share)
 

 

 
(46
)
 

 

 
(46
)
At October 26, 2019
 
$
46,439

 
$
314,239

 
$
336,989

 
$
(2,468
)
 
$
15,543

 
$
710,742

Net income (loss)
 

 

 
34,512

 

 
204

 
34,716

Other comprehensive income (loss)
 

 

 

 
107

 
(162
)
 
(55
)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax
 
14

 
281

 
(37
)
 

 

 
258

Purchases of 378 shares of common stock
 
(378
)
 
(284
)
 
(11,520
)
 

 

 
(12,182
)
Stock option and restricted stock expense
 

 
2,528

 

 

 

 
2,528

Dividends declared and paid ($0.14/share)
 

 

 
(6,490
)
 

 

 
(6,490
)
Dividends declared not paid ($0.14/share)
 

 

 
(35
)
 

 

 
(35
)
At January 25, 2020
 
$
46,075

 
$
316,764

 
$
353,419

 
$
(2,361
)
 
$
15,585

 
$
729,482

(1)
Cumulative effect adjustment of deferred gains on prior sale/leaseback transactions as a result of adopting ASU 2016-02.
(2)
Income tax effects of the Tax Cuts and Jobs Act are reclassified from Accumulated Other Comprehensive Income ("AOCI") to retained earnings due to the adoption of ASU 2018-02.

7


(Unaudited, amounts in thousands)
 
Common
Shares
 
Capital in Excess of
Par Value
 
Retained
Earnings
 
Accumulated Other
Comprehensive Income
(Loss)
 
Non-Controlling
Interests
 
Total
At April 28, 2018
 
$
46,788

 
$
298,948

 
$
291,644

 
$
(25,199
)
 
$
13,035

 
$
625,216

Net income
 

 

 
18,303

 

 
648

 
18,951

Other comprehensive (loss)
 

 

 

 
(2,737
)
 
(1,228
)
 
(3,965
)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax
 
160

 
(42
)
 
(2,127
)
 

 

 
(2,009
)
Purchases of 257 shares of common stock
 
(257
)
 
(176
)
 
(7,511
)
 

 

 
(7,944
)
Stock option and restricted stock expense
 

 
2,040

 

 

 

 
2,040

Cumulative effect adjustment for investments, net of tax
 

 

 
1,637

 
(1,637
)
 

 

Dividends declared and paid ($0.12/share)
 

 

 
(5,625
)
 

 

 
(5,625
)
At July 28, 2018
 
$
46,691

 
$
300,770

 
$
296,321

 
$
(29,573
)
 
$
12,455

 
$
626,664

Net income
 

 

 
20,012

 

 
337

 
20,349

Other comprehensive income
 

 

 

 
1,244

 
619

 
1,863

Stock issued for stock and employee benefit plans, net of cancellations and withholding tax
 
335

 
5,748

 
(35
)
 

 

 
6,048

Purchases of 121 shares of common stock
 
(121
)
 
(2,456
)
 
(1,089
)
 

 

 
(3,666
)
Stock option and restricted stock expense
 

 
3,639

 

 

 

 
3,639

Dividends declared and paid ($0.12/share)
 

 

 
(5,653
)
 

 

 
(5,653
)
Dividends declared not paid ($0.12/share)
 

 

 
(13
)
 

 

 
(13
)
At October 27, 2018
 
$
46,905

 
$
307,701

 
$
309,543

 
$
(28,329
)
 
$
13,411

 
$
649,231

Net income
 

 

 
28,731

 

 
443

 
29,174

Other comprehensive loss
 

 

 

 
1,475

 
669

 
2,144

Stock issued for stock and employee benefit plans, net of cancellations and withholding tax
 
2

 
(5
)
 
(24
)
 

 

 
(27
)
Purchases of 177 shares of common stock
 
(177
)
 
(3,295
)
 
(1,644
)
 

 

 
(5,116
)
Stock option and restricted stock expense
 

 
2,495

 

 

 

 
2,495

Dividends declared and paid ($0.13/share)
 

 

 
(6,103
)
 

 

 
(6,103
)
Dividends declared not paid ($0.13/share)
 

 

 
(12
)
 

 

 
(12
)
At January 26, 2019
 
$
46,730

 
$
306,896

 
$
330,491

 
$
(26,854
)
 
$
14,523

 
$
671,786


The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

8


LA-Z-BOY INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1: Basis of Presentation
The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries (collectively, the "Company"). We derived the April 27, 2019, balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles, which we applied on a basis consistent with those reflected in our fiscal 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), but the information does not include all of the disclosures required by generally accepted accounting principles. In management’s opinion, the interim financial information includes all adjustments and accruals, consisting only of normal recurring adjustments (except as otherwise disclosed), that are necessary for a fair statement of results for the respective interim periods. The interim results reflected in the accompanying financial statements are not necessarily indicative of the results of operations that will occur for the full fiscal year ending April 25, 2020.
To further strengthen our supply chain footprint, on August 8, 2019, we announced our plan to close our Redlands, California upholstered furniture manufacturing facility and move production to available capacity at our other North American facilities. The Company’s Redlands upholstered furniture plant employed about 350 people, accounted for approximately 10% of the La-Z-Boy branded business total upholstery production, and manufactured recliners, motion sofas and classics (high-leg recliners). Production ceased at the Redlands plant as of the end of the second quarter of fiscal 2020 and in the third quarter of fiscal 2020, the facility, which is approximately 200,000 square feet, was sold for $10.8 million, net of closing costs. The sale of the Redlands property resulted in a $9.7 million pre-tax gain, recorded in selling, general and administrative expense ("SG&A") in our consolidated statement of income. In addition, we have transitioned the leather cut-and-sew operation from the Newton, Mississippi upholstered furniture manufacturing plant to another North American-based cut-and-sew facility. The move of the Newton leather cut-and-sew operation impacted about 105 of the 525 employees at that location.
As a part of our supply chain optimization initiative, we may incur expenses that qualify as exit and disposal costs under ASC 420, Exit or Disposal Cost Obligations. Other expenses that are an integral component of, and directly attributable to, restructuring activities do not qualify as exit and disposal costs, such as accelerated depreciation, asset impairments and other incremental costs. In the first nine months of fiscal 2020, we recognized pre-tax expenses associated with this initiative of $5.3 million within cost of sales. These costs do not qualify as exit and disposal costs under ASC 420.
At January 25, 2020, we owned preferred shares of two privately held start-up companies, both of which are variable interest entities. We also hold a warrant to purchase common shares of one of these companies. We have not consolidated the results of either of these companies in our financial statements because we do not have the power to direct those activities that most significantly impact the economic performance of either of these companies and, therefore, are not the primary beneficiary.
Accounting pronouncement adopted in fiscal 2020
The accounting standards update (“ASU”) described in the paragraph below had a significant impact on our accounting policies and our consolidated financial statements and related disclosures.
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), requiring lessees to record all operating leases on their balance sheet. Under this standard, the lessee is required to record an asset for the right to use the underlying asset for the lease term and a corresponding liability for the contractual lease payments. We have adopted this standard in the first quarter of fiscal 2020 using the modified retrospective approach. See Note 5 for further information.

9


The following table summarizes additional ASUs which were adopted in fiscal 2020, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.
ASU
 
Description
ASU 2017-06
 
Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting
ASU 2017-12
 
Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
ASU 2018-02
 
Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
ASU 2018-07
 
Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting
ASU 2018-13
 
Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements
ASU 2018-16
 
Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes

Accounting pronouncements not yet adopted

The following table summarizes additional accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.
ASU
 
Description
 
Adoption Date
ASU 2016-13
 
Financial Instruments – Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments
 
Fiscal 2021
ASU 2018-14
 
Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans
 
Fiscal 2022
ASU 2019-12
 
Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
 
Fiscal 2022
ASU 2020-01
 
Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 325, and Topic 815
 
Fiscal 2022


Subsequent events

Subsequent to the end of the third quarter of fiscal 2020, one of our largest customers made a public statement that they are actively exploring a variety of options with creditors, investors and landlords in order to continue serving their customers. As of the end of the third quarter of fiscal 2020, we had a trade receivable from this customer of approximately $7 million, and have not provided for any potential credit losses.  We are monitoring this fast-developing situation, including through direct discussions with this customer, and as of the date of this filing, based on all information available to us, believe that the amounts owed as of January 25, 2020, are materially collectible.
Note 2: Acquisitions
We did not complete any acquisitions during the nine months ended January 25, 2020.
Joybird acquisition
On July 30, 2018, we completed our acquisition of Stitch Industries, Inc. ("Joybird"), an e-commerce retailer and manufacturer of upholstered furniture, for guaranteed cash payments of $75 million, which was subject to a working capital adjustment of $2.5 million. We received the working capital adjustment during the third quarter of fiscal 2019 from amounts placed in escrow at the time of the closing of the transaction. We acquired Joybird to better position ourselves for growth in the online selling environment and increase our visibility with millennial and Gen X consumers, while simultaneously leveraging our supply chain assets.
The guaranteed payments include a closing date cash payment of $37.5 million in purchase price consideration (net of the working capital adjustment), $7.5 million in prepaid compensation, and the assumption of $5.0 million of liabilities that will be paid within two years following the acquisition. The remaining $25 million will be paid in five annual installments of $5 million on the anniversary date of the acquisition, the first of which was paid in the first quarter of fiscal 2020. The merger agreement also includes two future earn-out opportunities based on Joybird’s financial performance in fiscal 2021 and fiscal 2023.

10


The $7.5 million of prepaid compensation relates to the retention of the four Joybird founders, now our employees, each of whom will forfeit proportional amounts if one or more of them resigns in the two years following the acquisition. We are amortizing the $7.5 million to SG&A expense over the two-year retention period on a straight-line basis. In addition to the guaranteed cash payments of $75 million, we recorded a contingent consideration liability on the date of acquisition of $7.5 million, which reflects the fair value of the earn-out opportunities as of the date of acquisition. We also recorded a finite-lived intangible asset of $6.4 million reflecting the fair value of the acquired Joybird® trade name, which we are amortizing to SG&A expense on a straight-line basis over its useful life of eight years. The undiscounted range of the contingent consideration is zero to $65 million and is based on sales and profitability of Joybird in fiscal 2021 and fiscal 2023. Subsequent adjustments to the fair value of the contingent consideration will impact SG&A expense in our consolidated statement of income.
We recorded $78.8 million of goodwill related to the Joybird acquisition, related primarily to synergies we expect from the integration of the acquisition and the anticipated future benefits of these synergies. The finite-lived intangible asset and goodwill asset for Joybird are not deductible for federal income tax purposes. We included the Joybird operating segment in our other business activities which we report within our Corporate and Other reportable segment.
Refer to Note 6. Goodwill and Other Intangible Assets and Note 16. Fair Value Measurements for further information regarding the valuation of the contingent consideration, goodwill and intangible assets related to Joybird.

The following table summarizes the purchase price allocation for Joybird at the date of acquisition:
(Unaudited, amounts in thousands)
 
Joybird Acquisition
Fair value of consideration:
 
 
Cash (paid at closing)
 
$
37,482

Guaranteed payment
 
22,489

Acquisition earn-out
 
7,500

Assumption of liability
 
5,000

Working capital adjustment
 
(2,486
)
Total fair value of consideration
 
69,985

 
 
 
Amounts recognized for assets acquired and liabilities assumed:
 
 
Inventory
 
5,258

Other current assets
 
3,733

Property, plant and equipment
 
2,057

Finite-lived tradename
 
6,400

Other long-term assets
 
3,647

Accounts payable
 
(8,222
)
Customer deposits
 
(13,904
)
Other current liabilities
 
(7,681
)
Other long-term liabilities
 
(150
)
Total identifiable net liabilities acquired
 
(8,862
)
 
 
 
Goodwill
 
$
78,847


The Joybird acquisition was not material to our financial position or our results of operations, and therefore, pro-forma financial information is not presented.


11


Note 3: Restricted Cash

We have restricted cash on deposit with a bank as collateral for certain letters of credit. All our letters of credit have maturity dates within the next twelve months, but we expect to renew some of these letters of credit when they mature.
(Unaudited, amounts in thousands)
 
1/25/20
 
1/26/19
Cash and cash equivalents
 
$
166,272

 
$
101,579

Restricted cash
 
1,973

 
2,003

Total cash, cash equivalents and restricted cash
 
$
168,245

 
$
103,582



Note 4: Inventories

A summary of inventories is as follows:
(Unaudited, amounts in thousands)
 
1/25/20
 
4/27/19
Raw materials
 
$
96,010

 
$
90,359

Work in process
 
14,055

 
13,728

Finished goods
 
110,168

 
114,478

FIFO inventories
 
220,233

 
218,565

Excess of FIFO over LIFO
 
(21,666
)
 
(21,666
)
Total inventories
 
$
198,567

 
$
196,899


Note 5: Leases
During the first quarter of fiscal 2020, we adopted ASU 2016-02, Leases (Topic 842) and all related amendments. The guidance requires lessees to recognize substantially all leases on their balance sheet as a right-of-use (“ROU”) asset and a lease liability.
The Company leases real estate for retail stores, distribution centers, warehouses, plants, showrooms and office space. We also have equipment leases for tractors/trailers, IT and office equipment and vehicles. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all the economic benefits from the use of that identified asset. Most of our real estate leases include options to renew or terminate early. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet these criteria are included in the lease term at lease commencement.
Most of our leases do not have an interest rate implicit in the lease. As a result, for purposes of measuring our ROU asset and lease liability, we determine our incremental borrowing rate by applying a spread above the U.S. Treasury borrowing rates. In the case an interest rate is implicit in a lease we will use that rate as the discount rate for that lease. Some of our leases contain variable rent payments based on a Consumer Price Index or percentage of sales. Due to the variable nature of these costs, they are not included in the measurement of the ROU asset and lease liability.
The Company has elected to apply the practical expedients permitted under transition guidance to forgo the restatement of comparative periods and to not reassess leases entered into prior to adoption. In addition, we have elected the practical expedient to not separate lease and non-lease components when determining the ROU asset and lease liability. We have also made an accounting policy election to not recognize an ROU asset and lease liability on the balance sheet for those leases with an initial term of one year or less and instead, such liabilities will be expensed on a straight-line basis over the lease term.

Supplemental balance sheet information related to leases:
(Unaudited, amounts in thousands)
 
1/25/20
Operating leases
 
 
ROU assets
 
$
318,124

Lease liabilities, short-term
 
65,089

Lease liabilities, long-term
 
267,955

Finance leases
 
 
ROU assets
 
$
38

Lease liabilities, short-term
 
39

Lease liabilities, long-term
 



12



The ROU assets by segment are as follows:
(Unaudited, amounts in thousands)
 
1/25/20
Upholstery
 
$
57,800

Casegoods
 
4,214

Retail
 
242,987

Corporate & Other
 
13,161

Total ROU assets
 
$
318,162



The components of lease cost are as follows for the respective periods ended January 25, 2020:
(Unaudited, amounts in thousands)
 
Quarter Ended
 
Nine Months Ended
Operating lease cost
 
$
18,987

 
$
57,024

Financing lease cost