Revenue Recognition

12 Months Ended

Apr. 29, 2023

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 29, 2023
(Amounts in thousands)	Wholesale		Retail		Corporate and Other		Total
Upholstered Furniture	$	1,326,327	$	811,955	$	179,815	$	2,318,097
Casegoods Furniture	108,098		58,455		24,673		191,226
Delivery	210,963		32,653		7,652		251,268
Other (1)	44,860		78,980		(45,950)		77,890
Total	$	1,690,248	$	982,043	$	166,190	$	2,838,481
			Eliminations				(489,048)
	Consolidated Net Sales						$	2,349,433
	Year Ended April 30, 2022
(Amounts in thousands)	Wholesale		Retail		Corporate and Other		Total
Upholstered Furniture	$	1,378,577	$	654,272	$	219,967	$	2,252,816
Casegoods Furniture	110,126		47,162		24,559		181,847
Delivery	190,110		30,171		7,999		228,280
Other (1)	90,025		72,789		(56,566)		106,248
Total	$	1,768,838	$	804,394	$	195,959	$	2,769,191
			Eliminations				(412,380)
	Consolidated Net Sales						$	2,356,811

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

Upholstered Furniture - Includes gross revenue for upholstered furniture, such as recliners, sofas, loveseats, chairs, sectionals, modulars, and ottomans. 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.

Casegoods Furniture - Includes gross revenue for casegoods furniture typically found in a bedroom, such as beds, chests, dressers, nightstands and benches; furniture typically found in the dining room, such as dining tables, storage units, and stools; and furniture typically 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.

Contract Assets and Liabilities. 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 a contract asset and a corresponding deferred revenue liability. In our consolidated balance sheet, customer deposits and deferred revenue (collectively, the "contract liabilities") are reported in accrued expenses and other current liabilities while contract assets are reported as other current assets.

The following table presents our contract assets and liabilities:

(Unaudited, amounts in thousands)	4/29/2023		4/30/2022
Contract assets	$	44,939	$	139,006
Customer deposits	$	105,766	$	183,233
Deferred revenue	44,939		139,006
Total contract liabilities (1)	$	150,705	$	322,239

(1)During the year ended April 29, 2023, we recognized revenue of $293.7 million related to our contract liability balance at April 30, 2022.

Contract assets, customer deposits and deferred revenue decreased during fiscal 2023 as we continue to work down the backlog built up in prior periods back to pre-pandemic levels.