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Revenue Recognition
 9 Months Ended
Jan. 27, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Our revenue is primarily derived from product sales. We report product sales net of discounts and recognize them when control (rights and obligations associated with the product) passes to the customer. For sales to furniture retailers or distributors, control typically transfers when we ship the product. In cases where we sell directly to the end consumer, control of the product is generally transferred upon delivery.

For shipping and handling activities, we have elected to apply the accounting policy election permitted in ASC 606-10-25-18B, which allows an entity to account for shipping and handling activities as fulfillment activities (rather than as a promised good or service) when the activities are performed even if those activities are performed after the control of the good has been transferred. We expense shipping and handling costs at the time we recognize revenue in accordance with this election.

For sales tax, we have elected to apply the accounting policy election permitted in ASC 606-10-32-2A, which allows an entity to exclude from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). This allows us to present revenue net of these certain types of taxes.

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

Quarter Ended January 27, 2024Quarter Ended January 28, 2023
(Unaudited, amounts in thousands)WholesaleRetailCorporate
and Other		TotalWholesaleRetailCorporate
and Other		Total
Upholstered Furniture$300,568 $168,473 $46,187 $515,228 $322,461 $206,959 $35,253 $564,673 
Casegoods Furniture19,483 11,021 3,677 34,181 28,330 16,804 5,021 50,155 
Delivery39,633 8,430 1,773 49,836 50,008 8,105 1,654 59,767 
Other (1)(3,309)16,772 (13,505)(42)6,804 19,289 (8,418)17,675 
Total$356,375 $204,696 $38,132 $599,203 $407,603 $251,157 $33,510 $692,270 
Eliminations(98,797)(119,547)
Consolidated Net Sales$500,406 $572,723 
Nine Months Ended January 27, 2024Nine Months Ended January 28, 2023
(Unaudited, amounts in thousands)WholesaleRetailCorporate
and Other		TotalWholesaleRetailCorporate
and Other		Total
Upholstered Furniture$898,757 $512,176 $135,617 $1,546,550 $990,936 $610,989 $132,933 $1,734,858 
Casegoods Furniture60,211 35,796 12,633 108,640 86,881 44,677 19,290 150,848 
Delivery123,331 25,542 5,430 154,303 162,783 24,293 5,657 192,733 
Other (1)(27,482)53,734 (39,255)(13,003)55,052 59,371 (32,003)82,420 
Total$1,054,817 $627,248 $114,425 $1,796,490 $1,295,652 $739,330 $125,877 $2,160,859 
Eliminations(302,998)(372,713)
Consolidated Net Sales$1,493,492 $1,788,146 
(1)Primarily includes discounts and allowances, revenue for advertising, royalties, parts, accessories, after-treatment products, surcharges, rebates and other sales incentives. In fiscal 2024, certain amounts that were previously charged as surcharges in fiscal 2023 are now included in the base product pricing and reflected in the amounts by product category.

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)1/27/20244/29/2023
Contract assets $43,259 $44,939 
Customer deposits$102,438 $105,766 
Deferred revenue43,259 44,939 
Total contract liabilities (1)
$145,697 $150,705 
(1)During the nine months ended January 27, 2024, we recognized revenue of $138.8 million related to our contract liability balance at April 29, 2023.