2022 Q2 Form 10-K Financial Statement

#000005713122000031 Filed on June 21, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 2021 Q2
Revenue $684.6M $2.357B $519.5M
YoY Change 31.78% 35.9% 41.43%
Cost Of Revenue $413.3M $1.441B $297.4M
YoY Change 38.99% 44.96% 52.03%
Gross Profit $271.2M $916.0M $222.1M
YoY Change 22.12% 23.74% 29.35%
Gross Profit Margin 39.62% 38.86% 42.75%
Selling, General & Admin $192.4M $709.2M $172.0M
YoY Change 11.86% 17.51% 30.92%
% of Gross Profit 70.95% 77.43% 77.46%
Research & Development $9.000M
YoY Change 18.42%
% of Gross Profit 0.98%
Depreciation & Amortization $12.63M $39.77M $8.421M
YoY Change 49.92% 20.44% 2.7%
% of Gross Profit 4.65% 4.34% 3.79%
Operating Expenses $192.4M $718.2M $172.0M
YoY Change 11.86% 17.52% 30.92%
Operating Profit $78.79M $206.8M $50.06M
YoY Change 57.39% 51.21% 24.21%
Interest Expense $127.0K $443.0K -$88.00K
YoY Change -244.32% -253.29% -129.33%
% of Operating Profit 0.16% 0.21% -0.18%
Other Income/Expense, Net -$1.186M -$1.708M $1.471M
YoY Change -180.63% -118.04% -191.94%
Pretax Income $77.73M $205.5M $51.44M
YoY Change 51.1% 40.83% 267.44%
Income Tax $20.10M $53.16M $13.48M
% Of Pretax Income 25.87% 25.87% 26.21%
Net Earnings $57.47M $150.0M $37.50M
YoY Change 53.26% 40.91% 1530.26%
Net Earnings / Revenue 8.39% 6.37% 7.22%
Basic Earnings Per Share $3.41
Diluted Earnings Per Share $1.329M $3.39 $810.8K
COMMON SHARES
Basic Shares Outstanding 43.09M shares 44.02M shares 45.21M shares
Diluted Shares Outstanding 44.29M shares

Balance Sheet

Concept 2022 Q2 2022 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $262.9M $262.9M $411.8M
YoY Change -36.14% -36.14% 45.25%
Cash & Equivalents $245.6M $245.6M $391.2M
Short-Term Investments $17.36M $17.36M $20.57M
Other Short-Term Assets $216.0M $201.9M $166.0M
YoY Change 30.13% 35.59% 102.9%
Inventory $303.2M $303.2M $226.1M
Prepaid Expenses
Receivables $183.7M $183.7M $139.3M
Other Receivables $0.00 $0.00 $108.5M
Total Short-Term Assets $951.8M $951.8M $926.2M
YoY Change 2.77% 2.77% 47.87%
LONG-TERM ASSETS
Property, Plant & Equipment $253.1M $658.9M $219.2M
YoY Change 15.49% 17.03% 2.06%
Goodwill $194.6M $175.8M
YoY Change 10.69% 9.19%
Intangibles $33.97M $30.43M
YoY Change 11.63% 6.21%
Long-Term Investments $34.18M $34.18M $34.84M
YoY Change -1.89% -1.89% 33.47%
Other Assets $82.21M $58.66M $79.01M
YoY Change 4.05% 4.59% 22.23%
Total Long-Term Assets $980.3M $980.3M $860.2M
YoY Change 13.97% 13.97% 6.38%
TOTAL ASSETS
Total Short-Term Assets $951.8M $951.8M $926.2M
Total Long-Term Assets $980.3M $980.3M $860.2M
Total Assets $1.932B $1.932B $1.786B
YoY Change 8.16% 8.16% 24.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $104.0M $104.0M $94.15M
YoY Change 10.49% 10.49% 69.61%
Accrued Expenses $154.0M $154.0M $144.6M
YoY Change 6.47% 6.55% -34.15%
Deferred Revenue $322.2M $289.2M
YoY Change 11.41% 1592.77%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $123.0K $123.0K
YoY Change 1.65%
Total Short-Term Liabilities $675.7M $675.7M $611.7M
YoY Change 10.47% 10.47% 74.68%
LONG-TERM LIABILITIES
Long-Term Debt $350.0K $350.0K $473.0K
YoY Change -26.0% -26.0%
Other Long-Term Liabilities $81.94M $436.4M $97.48M
YoY Change -15.95% 11.32% -0.78%
Total Long-Term Liabilities $81.94M $436.8M $97.48M
YoY Change -15.95% 11.28% -0.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $675.7M $675.7M $611.7M
Total Long-Term Liabilities $81.94M $436.8M $97.48M
Total Liabilities $757.6M $1.121B $709.2M
YoY Change 6.84% 10.72% 58.14%
SHAREHOLDERS EQUITY
Retained Earnings $431.2M $399.0M
YoY Change 8.06% 16.12%
Common Stock $385.3M $376.0M
YoY Change 2.48% 3.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $810.7M $810.7M $773.5M
YoY Change
Total Liabilities & Shareholders Equity $1.932B $1.932B $1.786B
YoY Change 8.16% 8.16% 24.49%

Cashflow Statement

Concept 2022 Q2 2022 2021 Q2
OPERATING ACTIVITIES
Net Income $57.47M $150.0M $37.50M
YoY Change 53.26% 40.91% 1530.26%
Depreciation, Depletion And Amortization $12.63M $39.77M $8.421M
YoY Change 49.92% 20.44% 2.7%
Cash From Operating Activities $33.81M $79.00M $60.12M
YoY Change -43.76% -74.51% 35.4%
INVESTING ACTIVITIES
Capital Expenditures -$17.99M $76.58M -$11.26M
YoY Change 59.81% 101.74% 7.24%
Acquisitions $26.32M
YoY Change 1216.15%
Other Investing Activities $16.66M -$1.791M $6.257M
YoY Change 166.26% -34.71% 595.22%
Cash From Investing Activities -$1.335M -$78.37M -$5.003M
YoY Change -73.32% 92.54% -48.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $90.65M
YoY Change 105.07%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.27M -$144.6M -53.25M
YoY Change -58.18% 2.49% -184.93%
NET CHANGE
Cash From Operating Activities 33.81M $79.00M 60.12M
Cash From Investing Activities -1.335M -$78.37M -5.003M
Cash From Financing Activities -22.27M -$144.6M -53.25M
Net Change In Cash 10.20M -$145.8M 1.860M
YoY Change 448.6% -211.19% -98.09%
FREE CASH FLOW
Cash From Operating Activities $33.81M $79.00M $60.12M
Capital Expenditures -$17.99M $76.58M -$11.26M
Free Cash Flow $51.81M $2.424M $71.38M
YoY Change -27.42% -99.11% 30.01%

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CY2021Q2 us-gaap Preferred Stock Shares Issued
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CY2022Q2 us-gaap Common Stock Shares Authorized
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CY2021 lzb Pension Termination Charge
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CY2021 us-gaap Proceeds From Insurance Settlement Investing Activities
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CY2021 lzb Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Net Of Payments Related To Tax Withholding
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CY2020 lzb Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Net Of Payments Related To Tax Withholding
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Dividends
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12671000 USD
CY2021 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2021 lzb Dividends Declared And Paid
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CY2021 lzb Dividendsdeclarednotpaid
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CY2022 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2022 us-gaap Common Stock Dividends Per Share Declared
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CY2022 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2022 us-gaap Dividends
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect the reported amounts or disclosures of assets, liabilities (including contingent liabilities), sales, and expenses at the date of the financial statements. Actual results could differ from those estimates.</span></div>
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CY2021 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
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CY2020 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
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CY2021 lzb Tax Cuts And Jobs Act Payroll Tax Credit
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CY2022 lzb Percentage Reimbursement On Advertising
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248856000 USD
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CY2022Q2 us-gaap Inventory Raw Materials
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CY2021Q2 us-gaap Inventory Net
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394703000 USD
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CY2021Q2 us-gaap Inventory Finished Goods
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595047000 USD
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395702000 USD
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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375853000 USD
CY2022Q2 us-gaap Property Plant And Equipment Net
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253144000 USD
CY2021Q2 us-gaap Property Plant And Equipment Net
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219194000 USD
CY2022 us-gaap Depreciation
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38300000 USD
CY2021 us-gaap Depreciation
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31700000 USD
CY2020 us-gaap Depreciation
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CY2021Q2 us-gaap Operating Lease Right Of Use Asset
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75148000 USD
CY2021Q2 us-gaap Operating Lease Liability Current
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67493000 USD
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
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CY2021Q2 us-gaap Operating Lease Liability Noncurrent
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CY2021Q2 us-gaap Finance Lease Right Of Use Asset
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593000 USD
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123000 USD
CY2021Q2 us-gaap Finance Lease Liability Current
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CY2022Q2 us-gaap Finance Lease Liability Noncurrent
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350000 USD
CY2021Q2 us-gaap Finance Lease Liability Noncurrent
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473000 USD
CY2022Q2 lzb Lease Right Of Use Asset
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CY2021Q2 lzb Lease Right Of Use Asset
LeaseRightOfUseAsset
343800000 USD
CY2022 us-gaap Operating Lease Cost
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CY2021 us-gaap Operating Lease Cost
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CY2020 us-gaap Operating Lease Cost
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CY2022 lzb Finance Lease Cost
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CY2021 lzb Finance Lease Cost
FinanceLeaseCost
53000 USD
CY2020 lzb Finance Lease Cost
FinanceLeaseCost
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CY2022 us-gaap Short Term Lease Cost
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CY2021 us-gaap Short Term Lease Cost
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545000 USD
CY2020 us-gaap Short Term Lease Cost
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248000 USD
CY2022 lzb Variable Lease Cost Credit
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CY2021 lzb Variable Lease Cost Credit
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CY2020 lzb Variable Lease Cost Credit
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CY2021 us-gaap Sublease Income
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CY2020 us-gaap Sublease Income
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CY2021 us-gaap Lease Cost
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CY2020 us-gaap Lease Cost
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CY2021 us-gaap Operating Lease Payments
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CY2021 us-gaap Finance Lease Principal Payments
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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P7Y2M12D
CY2022Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P3Y9M18D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6Y9M18D
CY2021Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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0.017
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.033
CY2021Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.017
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86634000 USD
CY2022Q2 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
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CY2022Q2 us-gaap Finance Lease Liability Payments Due In Rolling After Year Five
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CY2022Q2 us-gaap Finance Lease Liability
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CY2022Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
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CY2022Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Three
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
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54262000 USD
CY2022Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Four
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
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CY2022Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Five
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CY2022Q2 us-gaap Finance Lease Liability Payments Due
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54300000 USD
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CY2020Q2 us-gaap Goodwill
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CY2021 us-gaap Goodwill Acquired During Period
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CY2022 us-gaap Indefinitelived Intangible Assets Acquired
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CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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400000 USD
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CY2021Q2 us-gaap Investments
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CY2022Q2 us-gaap Investments
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CY2021Q2 us-gaap Investments
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879000 USD
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51537000 USD
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3493000 USD
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34000 USD
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55404000 USD
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CY2021 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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CY2020 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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1026000 USD
CY2020 us-gaap Debt Securities Available For Sale Realized Gain Loss Excluding Other Than Temporary Impairment
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852000 USD
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CY2021 us-gaap Debt Securities Available For Sale Realized Loss
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CY2020 us-gaap Debt Securities Available For Sale Realized Loss
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CY2022Q2 us-gaap Available For Sale Securities Debt Maturities Rolling Year Six Through Ten Fair Value
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16436000 USD
CY2021Q2 us-gaap Product Warranty Accrual Classified Current
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14447000 USD
CY2022Q2 us-gaap Deposit Liability Current
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CY2021Q2 us-gaap Deposit Liability Current
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CY2021Q2 lzb Contract With Customer Liability For Deferred Revenue Current
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CY2021Q2 us-gaap Other Sundry Liabilities Current
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CY2021Q2 us-gaap Other Liabilities Current
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CY2021 us-gaap Interest Paid
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30146000 USD
CY2021 us-gaap Product Warranty Accrual Warranties Issued
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21956000 USD
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CY2021Q2 us-gaap Product Warranty Accrual
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16400000 USD
CY2021Q2 us-gaap Standard Product Warranty Accrual Current
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14400000 USD
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CY2020 lzb Expense Recognized For Equity Based Awards
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CY2021 lzb Expense Income Recognized For Liability Based Awards
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Allocated Share Based Compensation Expense
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CY2021 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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CY2022 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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231000 USD
CY2022 lzb Other Comprehensive Income Loss Including Cumulative Effecton Retained Earnings Netof Tax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q2 us-gaap Contract With Customer Asset Net Current
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108460000 USD
CY2021 lzb Interest Expense Including Litigation Settlement Interest
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1390000 USD
CY2020 lzb Interest Expense Including Litigation Settlement Interest
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1291000 USD
CY2022Q2 lzb Contract With Customer Liability For Customer Deposits Current
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183233000 USD
CY2021Q2 lzb Contract With Customer Liability For Customer Deposits Current
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180766000 USD
CY2022Q2 lzb Contract With Customer Liability For Deferred Revenue Current
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139006000 USD
CY2021Q2 lzb Contract With Customer Liability For Deferred Revenue Current
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108460000 USD
CY2022Q2 us-gaap Contract With Customer Liability Current
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CY2021Q2 us-gaap Contract With Customer Liability Current
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271900000 USD
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1734244000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 us-gaap Operating Income Loss
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CY2021 us-gaap Investment Income Interest
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1101000 USD
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205491000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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145913000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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115173000 USD
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39771000 USD
CY2021 us-gaap Depreciation Depletion And Amortization
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33021000 USD
CY2020 us-gaap Depreciation Depletion And Amortization
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31192000 USD
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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37960000 USD
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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46035000 USD
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102125000 USD
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CY2021Q2 us-gaap Assets
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CY2021Q2 us-gaap Noncurrent Assets
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164432000 USD
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124547000 USD
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41059000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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21366000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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13048000 USD
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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205491000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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145913000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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115173000 USD
CY2022 us-gaap Current Federal Tax Expense Benefit
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30793000 USD
CY2021 us-gaap Current Federal Tax Expense Benefit
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18327000 USD
CY2020 us-gaap Current Federal Tax Expense Benefit
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25026000 USD
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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2303000 USD
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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6771000 USD
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
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1440000 USD
CY2022 us-gaap Current State And Local Tax Expense Benefit
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9191000 USD
CY2021 us-gaap Current State And Local Tax Expense Benefit
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6475000 USD
CY2020 us-gaap Current State And Local Tax Expense Benefit
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7901000 USD
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
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1060000 USD
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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2339000 USD
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