Revenue Recognition

12 Months Ended

Apr. 24, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The following table presents our revenue disaggregated by product category and by segment or unit:

	Year Ended April 24, 2021
(Amounts in thousands)	Wholesale		Retail		Corporate and Other		Total
Motion Upholstery Furniture	$	759,451	$	371,587	$	523	$	1,131,561
Stationary Upholstery Furniture	332,046		118,913		134,296		585,255
Bedroom Furniture	37,351		5,785		9,629		52,765
Dining Room Furniture	25,394		10,931		3,096		39,421
Occasional Furniture	44,897		20,682		3,171		68,750
Other (1)	102,159		85,008		(23,345)		163,822
Total	$	1,301,298	$	612,906	$	127,370	$	2,041,574
			Eliminations				(307,330)
	Consolidated Net Sales						$	1,734,244
	Year Ended April 25, 2020
(Amounts in thousands)	Wholesale		Retail		Corporate and Other		Total
Motion Upholstery Furniture	$	751,697	$	355,427	$	364	$	1,107,488
Stationary Upholstery Furniture	364,027		124,772		102,522		591,321
Bedroom Furniture	31,195		7,408		6,426		45,029
Dining Room Furniture	21,944		10,894		1,847		34,685
Occasional Furniture	43,933		20,069		1,931		65,933
Other (1)	97,498		79,984		(23,998)		153,484
Total	$	1,310,294	$	598,554	$	89,092	$	1,997,940
			Eliminations				(293,958)
	Consolidated Net Sales						$	1,703,982

(1)Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, surcharges, discounts & allowances, rebates and other sales incentives.

Motion Upholstery Furniture - Includes gross revenue for upholstered furniture, such as recliners, sofas, loveseats, chairs, sectionals and modulars that have a mechanism that allows the back of the product to recline or the product's footrest to extend. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer.

Stationary Upholstery Furniture - Includes gross revenue for upholstered furniture, such as sofas, loveseats, chairs, sectionals, modulars, and ottomans that do not have a mechanism. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer.

Bedroom Furniture - Includes gross revenue for casegoods furniture typically found in a bedroom, such as beds, chests, dressers, nightstands and benches. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer.

Dining Room Furniture - Includes gross revenue for casegoods furniture typically found in a dining room, such as dining tables, dining chairs, storage units and stools. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer.

Occasional Furniture - Includes gross revenue for casegoods furniture found throughout the home, such as cocktail tables, chairsides, sofa tables, end tables, and entertainment centers. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer.

At April 24, 2021, our consolidated balance sheet includes contract assets of $108.5 million, reported as other current assets, that represent the remaining consideration to which we are entitled prior to fulfilling our performance obligation. At the beginning of fiscal 2021, we had $17.1 million of contract assets. The increase from the beginning of fiscal year 2021 compared with April 24, 2021, was driven by the unprecedented demand for our products during fiscal 2021 which resulted in an increase in written orders and a higher product backlog.

We receive customer deposits from end consumers before we recognize revenue and in some cases we have the unconditional right to collect the remaining portion of the order price before we fulfill our performance obligation, resulting in deferred revenue (collectively, the "contract liabilities"). At April 24, 2021, we included $180.8 million of customer deposits and $108.5 million of deferred revenues in accrued expenses and other current liabilities on our consolidated balance sheet. At the beginning of fiscal 2020, we had $40.7 million of customer deposits and $17.1 million of deferred revenues. These increases from prior year to current year are primarily related to the increased demand and written orders for our products during fiscal 2021. During the fiscal year ended April 24, 2021, we recognized $55.1 million of revenue related to our contract liability balance at April 25, 2020.

We have elected the practical expedient permitted in ASC 606-10-32-18, which allows an entity to recognize the promised amount of consideration without adjusting for the effects of a significant financing component if the contract has a duration of one year or less. As our contracts typically are less than one year in length and do not have significant financing components, we have not adjusted consideration.