Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Apr. 30, 2016	Jun. 14, 2016	Oct. 24, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	LA-Z-BOY INC
Entity Central Index Key	0000057131
Current Fiscal Year End Date	--04-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,433.2
Entity Common Stock, Shares Outstanding		48,921,157
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Apr. 30, 2016

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
CONSOLIDATED STATEMENT OF INCOME
Sales	$ 1,525,398	$ 1,425,395	$ 1,357,318
Cost of sales
Cost of goods sold	943,290	921,142	888,025
Restructuring	72	(239)	4,839
Total cost of sales	943,362	920,903	892,864
Gross profit	582,036	504,492	464,454
Selling, general and administrative expense	459,140	401,459	375,158
Restructuring	507	(132)
Operating income	122,389	103,165	89,296
Interest expense	486	523	548
Interest income	827	1,030	761
Income from Continued Dumping and Subsidy Offset Act, net	102	1,212
Other income, net	2,211	744	2,050
Income from continuing operations before income taxes	125,043	105,628	91,559
Income tax expense	44,080	36,954	31,383
Income from continuing operations	80,963	68,674	60,176
Income (loss) from discontinued operations, net of tax		3,297	(3,796)
Net income	80,963	71,971	56,380
Net income attributable to noncontrolling interests	(1,711)	(1,198)	(1,324)
Net income attributable to La-Z-Boy Incorporated	79,252	70,773	55,056
Net income attributable to La-Z-Boy Incorporated:
Income from continuing operations attributable to La-Z-Boy Incorporated	79,252	67,476	58,852
Income (loss) from discontinued operations		3,297	(3,796)
Net income attributable to La-Z-Boy Incorporated	$ 79,252	$ 70,773	$ 55,056
Basic weighted average common shares (in shares)	50,194	51,767	52,386
Basic net income attributable to La-Z-Boy Incorporated per share:
Income from continuing operations attributable to La-Z-Boy Incorporated (in dollars per share)	$ 1.57	$ 1.30	$ 1.11
Income (loss) from discontinued operations, net of tax (in dollars per share)		0.06	(0.07)
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 1.57	$ 1.36	$ 1.04
Diluted weighted average common shares (in shares)	50,765	52,346	53,829
Diluted net income attributable to La-Z-Boy Incorporated per share:
Income from continuing operations attributable to La-Z-Boy Incorporated (in dollars per share)	$ 1.55	$ 1.28	$ 1.09
Income (loss) from discontinued operations, net of tax (in dollars per share)		0.06	(0.07)
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	1.55	1.34	1.02
Dividends declared per share (in dollars per share)	$ 0.36	$ 0.28	$ 0.20

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income	$ 80,963	$ 71,971	$ 56,380
Other comprehensive income (loss)
Currency translation adjustment	(2,557)	(1,014)	(3,054)
Change in fair value of cash flow hedges, net of tax	274	(507)	(284)
Net unrealized (gain) loss on marketable securities, net of tax	(547)	507	624
Net pension amortization and actuarial gain, net of tax	374	179	6,100
Total other comprehensive income (loss)	(2,456)	(835)	3,386
Total comprehensive income before noncontrolling interests	78,507	71,136	59,766
Comprehensive income attributable to noncontrolling interests	(1,116)	(1,122)	(594)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 77,391	$ 70,014	$ 59,172

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Apr. 30, 2016	Apr. 25, 2015
Current assets
Cash and equivalents	$ 112,358	$ 98,302
Restricted cash	8,977	9,636
Receivables, net of allowance of $3,145 at 4/30/16 and $4,622 at 4/25/15	146,545	158,548
Inventories, net	175,589	156,789
Deferred income taxes - current		11,255
Other current assets	38,503	41,921
Total current assets	481,972	476,451
Property, plant and equipment, net	171,590	174,036
Goodwill	37,193	15,164
Other intangible assets	8,558	5,458
Deferred income taxes - long-term	41,683	35,072
Other long-term assets, net	59,033	68,423
Total assets	800,029	774,604
Current liabilities
Current portion of long-term debt	290	397
Accounts payable	44,661	46,168
Accrued expenses and other current liabilities	112,476	108,326
Total current liabilities	157,427	154,891
Long-term debt	513	433
Other long-term liabilities	$ 84,877	$ 86,180
Contingencies and commitments
Shareholders' equity
Preferred shares - 5,000 authorized; none issued
Common shares, $1 par value - 150,000 authorized; 49,331 outstanding at 4/30/16 and 50,747 outstanding at 4/25/15	$ 49,331	$ 50,747
Capital in excess of par value	279,339	270,032
Retained earnings	252,472	235,506
Accumulated other comprehensive loss	(34,000)	(32,139)
Total La-Z-Boy Incorporated shareholders' equity	547,142	524,146
Noncontrolling interests	10,070	8,954
Total equity	557,212	533,100
Total liabilities and equity	$ 800,029	$ 774,604

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Apr. 30, 2016	Apr. 25, 2015
Current assets
Receivables, allowance (in dollars)	$ 3,145	$ 4,622
Shareholders' equity
Preferred shares, authorized (in shares)	5,000	5,000
Preferred shares, issued (in shares)	0	0
Common shares, par value (in dollars per share)	$ 1	$ 1
Common shares, authorized (in shares)	150,000	150,000
Common shares, outstanding (in shares)	49,331	50,747

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Cash flows from operating activities
Net income	$ 80,963	$ 71,971	$ 56,380
Adjustments to reconcile net income to cash provided by operating activities
(Gain) loss on disposal of assets	384	(499)	616
Gain on sale of investments	(436)	(214)	(300)
Write-down of long lived assets			1,149
Deferred income tax expense (benefit)	4,581	1,030	(216)
Restructuring	579	(360)	8,071
Provision for doubtful accounts	(660)	(2,290)	(2,651)
Depreciation and amortization	26,517	22,283	23,182
Stock-based compensation expense	8,292	6,780	8,739
Pension plan contributions	(7,000)
Change in receivables	10,730	(2,595)	3,337
Change in inventories	(14,621)	(7,644)	(9,444)
Change in other assets	4,148	4,154	(2,958)
Change in accounts payable	(1,007)	(5,206)	1,704
Change in other liabilities	(109)	(659)	3,223
Net cash provided by operating activities	112,361	86,751	90,832
Cash flows from investing activities
Proceeds from disposals of assets	3,054	9,061	2,233
Proceeds from sale of business			6,844
Capital expenditures	(24,684)	(70,319)	(33,730)
Purchases of investments	(21,009)	(40,327)	(54,233)
Proceeds from sales of investments	28,721	33,750	34,557
Acquisitions, net of cash acquired	(23,311)	(1,774)	(801)
Change in restricted cash	659	2,936	114
Net cash used for investing activities	(36,570)	(66,673)	(45,016)
Cash flows from financing activities
Payments on debt	(508)	(7,571)	(579)
Payments for debt issuance costs		(208)
Stock issued for stock and employee benefit plans	420	1,397	3,565
Excess tax benefit on stock option exercises	1,264	1,592	12,935
Purchases of common stock	(44,082)	(51,853)	(32,097)
Dividends paid	(18,141)	(14,513)	(10,514)
Net cash used for financing activities	(61,047)	(71,156)	(26,690)
Effect of exchange rate changes on cash and equivalents	(688)	(281)	(550)
Change in cash and equivalents	14,056	(51,359)	18,576
Cash and equivalents at beginning of period	98,302	149,661	131,085
Cash and equivalents at end of period	$ 112,358	98,302	149,661
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables		$ 500	$ 5,303

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Shares	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests	Total
Balance at Apr. 27, 2013	$ 52,392	$ 241,888	$ 226,044	$ (35,496)	$ 7,140	$ 491,968
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			55,056		1,324	56,380
Other comprehensive income (loss)				4,116	(730)	3,386
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	937	2,395	(4,509)			(1,177)
Purchases of common stock	(1,348)	(3,056)	(27,693)			(32,097)
Stock option and restricted stock expense		8,739				8,739
Tax benefit from exercise of options		12,935				12,935
Dividends paid			(10,514)			(10,514)
Change in noncontrolling interests					98	98
Balance at Apr. 26, 2014	51,981	262,901	238,384	(31,380)	7,832	529,718
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			70,773		1,198	71,971
Other comprehensive income (loss)				(759)	(76)	(835)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	898	26	(10,684)			(9,760)
Purchases of common stock	(2,132)	(1,267)	(48,454)			(51,853)
Stock option and restricted stock expense		6,780				6,780
Tax benefit from exercise of options		1,592				1,592
Dividends paid			(14,513)			(14,513)
Balance at Apr. 25, 2015	50,747	270,032	235,506	(32,139)	8,954	533,100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			79,252		1,711	80,963
Other comprehensive income (loss)				(1,861)	(595)	(2,456)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	243	97	(2,068)			(1,728)
Purchases of common stock	(1,659)	(346)	(42,077)			(44,082)
Stock option and restricted stock expense		8,292				8,292
Tax benefit from exercise of options		1,264				1,264
Dividends paid			(18,141)			(18,141)
Balance at Apr. 30, 2016	$ 49,331	$ 279,339	$ 252,472	$ (34,000)	$ 10,070	$ 557,212

Accounting Policies	12 Months Ended
Accounting Policies	Apr. 30, 2016
Accounting Policies
Accounting Policies	Note 1: Accounting Policies The following is a summary of significant accounting policies followed in the preparation of La-Z-Boy Incorporated and its subsidiaries' (individually and collectively, "we," "our" or the "Company") consolidated financial statements. Our fiscal year ends on the last Saturday of April. Our 2016 fiscal year included 53 weeks, whereas fiscal years 2015 and 2014 included 52 weeks. The additional week in fiscal 2016 was included in our fourth quarter. Principles of Consolidation The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries. The portion of less than wholly-owned subsidiaries is included as non-controlling interest. All intercompany transactions have been eliminated, including any related profit on intercompany sales. Use of Estimates 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 assets and liabilities), sales and expenses at the date of the financial statements. Actual results could differ from those estimates. Cash and Equivalents For purposes of the consolidated balance sheet and statement of cash flows, we consider all highly liquid debt instruments purchased with initial maturities of three months or less to be cash equivalents. Restricted Cash We have cash on deposit with a bank as collateral for certain letters of credit. Inventories Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ("LIFO") basis for approximately 70% and 66% of our inventories at April 30, 2016, and April 25, 2015, respectively. Cost is determined for all other inventories on a first-in, first-out ("FIFO") basis. The FIFO method of accounting is mainly used for our Retail segment's inventory as well as our England operating unit and our majority owned foreign subsidiaries. Property, Plant and Equipment Items capitalized, including significant betterments to existing facilities, are recorded at cost. Capitalized computer software costs include internal and external costs incurred during the software's development stage. Internal costs relate primarily to employee activities related to coding and testing the software under development. Computer software costs are depreciated over three to ten years. All maintenance and repair costs are expensed when incurred. Depreciation is computed principally using straight-line methods over the estimated useful lives of the assets. Disposal and Impairment of Long-Lived Assets Retirement or dispositions of long-lived assets are recorded based on carrying value and proceeds received. Any resulting gains or losses are recorded as a component of selling, general and administrative expenses. We review the carrying value of our long-lived assets for impairment annually or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Our assessment of recoverability is based on our best estimates using either quoted market prices or an analysis of the undiscounted projected future cash flows by asset groups in order to determine if there is any indicator of impairment requiring us to further assess the fair value of our long-lived assets. Our asset groups consist of our operating units in our Upholstery segment (La-Z-Boy and England), our Casegoods segment and each of our retail stores. Indefinite-Lived Intangible Assets and Goodwill We test indefinite-lived intangibles and goodwill for impairment on an annual basis in the fourth quarter of our fiscal year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Indefinite-lived intangible assets include our American Drew trade name and the reacquired right to own and operate La-Z-Boy Furniture Galleries® stores in markets we have acquired. We establish the fair value of our trade name and reacquired rights based upon the relief from royalty method. Our goodwill relates to the acquisition of La-Z-Boy Furniture Galleries® stores in various geographic markets. The reporting units for our goodwill are the geographic markets the acquired stores become part of upon acquisition, because the operations of the acquired stores benefit these geographic markets. The estimated fair value for the reporting unit is determined based upon discounted cash flows. In situations where the fair value is less than the carrying value, indicating a potential impairment, a second comparison is performed using a calculation of implied fair value of goodwill to measure any such impairment. Investments Available-for-sale securities are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income/(loss). Realized gains and losses and charges for other-than-temporary impairments are included in determining net income, with related purchase costs based on the first-in, first-out method. We periodically evaluate our available for sale investments for possible other-than-temporary impairments by reviewing factors such as the extent to which, and length of time, an investment's fair value has been below our cost basis, the issuer's financial condition, and our ability and intent to hold the investment for sufficient time for its market value to recover. For impairments that are other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment's cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment and it is not adjusted for subsequent recoveries in fair value. Life Insurance Life insurance policies are recorded at the amount that could be realized under the insurance contract as of the date of our consolidated balance sheet. These assets are classified as other long-term assets on our consolidated balance sheet. The change in cash surrender or contract value is recorded as income or expense during each period. Revenue Recognition and Related Allowances for Credit Losses Substantially all of our shipping agreements with third-party carriers transfer the risk of loss to our customers upon shipment. Accordingly, our shipments using third-party carriers are generally recognized as revenue when product is shipped. In all cases, for product shipped on our company-owned trucks, we recognize revenue when the product is delivered. This revenue includes amounts we billed to customers for shipping. At the time we recognize revenue, we make provisions for estimated product returns and warranties, as well as other incentives that we may offer to customers. We also recognize revenue for amounts we receive from our customers in connection with our shared advertising cost arrangement. We import certain products from foreign ports, some of which are shipped directly to our domestic customers. In this case, revenue is not recognized until title is assumed by our customer, which is normally after the goods pass through U.S. Customs. Incentives offered to customers include cash discounts and other sales incentive programs. Estimated cash discounts and other sales incentives are recorded as a reduction of revenues when the revenue is recognized. Trade accounts receivable arise from the sale of products on trade credit terms. On a quarterly basis, our management team reviews all significant accounts as to their past due balances, as well as collectability of the outstanding trade accounts receivable for possible write off. It is our policy to write off the accounts receivable against the allowance account when we deem the receivable to be uncollectible. Additionally, we review orders from dealers that are significantly past due, and we ship product only when our ability to collect payment for the new sales is reasonably assured. Our allowances for credit losses reflect our best estimate of probable losses inherent in the trade accounts receivable balance. We determine the allowance based on known troubled accounts, historic experience and other currently available evidence. At April 30, 2016, we had no gross notes receivable amounts outstanding. At April 25, 2015, we had gross notes receivable of $1.9 million recorded in receivables on our consolidated balance sheet. We had no allowance for credit losses at April 30, 2016 or at April 25, 2015. Cost of Sales Our cost of sales consists primarily of the cost to manufacture or purchase our merchandise, inspection costs, internal transfer costs, in-bound freight costs, outbound shipping costs, as well as warehousing costs, occupancy costs and depreciation expense related to our manufacturing facilities and equipment. During fiscal 2016 and fiscal 2015, we recorded a benefit related to legal settlements as part of cost of sales. Gross margin benefited 0.3 percentage point and 0.4 percentage point for fiscal 2016 and fiscal 2015, respectively, as a result of legal settlements. Selling, General and Administrative Expenses SG&A expenses include the costs of selling our products and other general and administrative costs. Selling expenses are primarily composed of commissions, advertising, warranty, bad debt expense and compensation and benefits of employees performing various sales functions. Additionally, the occupancy costs of our retail facilities and the warehousing costs of our regional retail distribution centers are included as a component of SG&A. Other general and administrative expenses included in SG&A are composed primarily of compensation and benefit costs for administration employees and other administrative costs. Other Income, Net Other income, net, primarily includes foreign currency exchange net gain/loss, as well as all pension costs except for the service cost, which is included in selling, general, and administrative expenses on our consolidated statement of income. Research and Development Costs Research and development costs are charged to expense in the periods incurred. Expenditures for research and development costs were $8.4 million, $8.0 million and $7.9 million for the fiscal years ended April 30, 2016, April 25, 2015, and April 26, 2014, respectively, and are included as a component of SG&A. Advertising Expenses Production costs of commercials, programming and costs of other advertising, promotion and marketing programs are charged to expense in the period in which the commercial or ad is first aired or released. Gross advertising expenses were $70.8 million, $63.3 million and $59.6 million for the fiscal years ended April 30, 2016, April 25, 2015, and April 26, 2014, respectively. A portion of our advertising program is a national advertising campaign. This campaign is a shared advertising program with our La-Z-Boy Furniture Galleries® stores, which are reimbursing us for about 32% of the cost of the program (excluding company-owned stores). Because of this shared cost arrangement, the advertising expense is reported as a component of SG&A, while the dealers' reimbursement portion is reported as a component of sales. Operating Leases We record rent expense related to operating leases on a straight-line basis for minimum lease payments starting with the beginning of the lease term based on the date that we have the right to control the leased property. Our minimum lease payments may incorporate step rent provisions or rent escalations. We also record rental income from subleases on a straight-line basis for minimum lease payments. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We elected the early adoption of accounting guidance issued in November 2015 requiring all deferred income tax assets and liabilities to be presented as noncurrent on our consolidated balance sheet. We are applying this change prospectively beginning with our fiscal 2016 consolidated balance sheet. In periods when deferred tax assets are recorded, we are required to estimate whether recoverability is more likely than not, based on, among other things, forecasts of taxable earnings in the related tax jurisdiction. We consider historical and projected future operating results, the eligible carry-forward period, tax law changes, tax planning opportunities and other relevant considerations when making judgments about realizing the value of our deferred tax assets. We recognize in our consolidated financial statements the benefit of a position taken or expected to be taken in a tax return when it is more likely than not (i.e. a likelihood of more than 50%) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is more likely than not to be realized upon settlement. Changes in judgment that result in subsequent recognition, derecognition or change in a measurement date of a tax position taken in a prior annual period (including any related interest and penalties) are recognized as a discrete item in the interim period in which the change occurs. Foreign Currency Translation The functional currency of our Canadian and Mexico subsidiaries is the U.S. dollar. Transaction gains and losses associated with translating our Canadian and Mexico subsidiaries' assets and liabilities, which are non-U.S. dollar denominated, are recorded in other income, net in our consolidated statement of income. The functional currency of each of our other foreign subsidiaries is its respective local currency. Assets and liabilities of those subsidiaries whose functional currency is their local currency are translated at the year-end exchange rates, and revenues and expenses are translated at average exchange rates for the period, with the corresponding translation effect included as a component of other comprehensive income. In connection with our Mexico subsidiary we have entered into foreign currency forward contracts, designated as cash flow hedges, to hedge certain forecasted expenses. Accounting for Stock-Based Compensation We estimate the fair value of equity-based awards, including option awards and stock-based awards that vest based on market conditions, on the date of grant using option-pricing models. The value of the portion of the equity-based awards that are ultimately expected to vest is recognized as expense over the requisite service periods in our consolidated statement of income using a straight-line single-option method. We measure stock-based compensation cost for liability-based awards based on the fair value of the award on the grant date and recognize it as expense over the vesting period. The liability for these awards is remeasured and adjusted to its fair value at the end of each reporting period until paid. We record compensation cost for stock-based awards that vest based on performance conditions ratably over the vesting periods when the vesting of such awards become probable. Commitments and Contingencies We establish an accrued liability for legal matters when those matters present loss contingencies that are both probable and estimable. As a litigation matter develops, we, in conjunction with any outside counsel handling the matter, evaluate on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. When a loss contingency is not both probable and estimable, we do not establish an accrued liability. If, at the time of evaluation, the loss contingency related to a litigation matter is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. Once the loss contingency related to a litigation matter is deemed to be both probable and estimable, we will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. We continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Discontinued Operations During fiscal 2014, we sold substantially all of the assets of our Bauhaus U.S.A. business unit and classified Lea Industries as held for sale. The assets and liabilities of Lea Industries were reported in business held for sale in our fiscal 2014 consolidated balance sheet. We were unable to find a buyer for our Lea Industries business, and therefore we liquidated all the assets, consisting mostly of inventory, and ceased operations of Lea Industries during the third quarter of fiscal 2015. The operating results of both Bauhaus and Lea Industries are reported as discontinued operations in our consolidated statement of income for fiscal 2015 and fiscal 2014. Insurance/Self-Insurance We use a combination of insurance and self-insurance for a number of risks, including workers' compensation, general liability, vehicle liability and the company-funded portion of employee-related health care benefits. Liabilities associated with these risks are estimated in part by considering historic claims experience, demographic factors, severity factors and other assumptions. Our workers' compensation reserve is an undiscounted liability. We have various excess loss coverages for auto, product liability and workers' compensation liabilities. Our deductibles generally do not exceed $1.5 million. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued a new accounting standard that requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard supersedes virtually all existing authoritative accounting guidance on revenue recognition and requires additional disclosures and greater use of estimates and judgments. During July 2015, the FASB deferred the effective date of the revenue recognition guidance by one year, thus making the new accounting standard effective for our fiscal year 2019. We are assessing the impact that this guidance will have on our consolidated financial statements and financial statement disclosures. In May 2015, the FASB issued a new accounting standard that requires entities to remove investments valued at net asset value per share under the practical expedient from the fair value hierarchy. Disclosure information on those assets will be required to help users understand the nature and risks of those investments. The standard is effective for our fiscal year 2017 and will be applied retrospectively. This standard will have no effect on our consolidated financial statements, but we are currently assessing the impact that this guidance will have on our fair value footnote disclosures. In September 2015, the FASB released a new accounting standard for business combinations that requires the acquirer to recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustments are determined. The standard is to be applied prospectively beginning with our fiscal year 2017. We are assessing the impact that this guidance will have on our consolidated financial statements. In January 2016, the FASB issued a new accounting standard that requires equity investments to be measured at fair value with the fair value changes to be recognized through net income. This standard does not apply to investments that are accounted for under the equity method of accounting or that result in consolidation of the invested entity. We currently hold equity investments that are measured at fair value at the end of each reporting period and we recognize the fair value changes through other comprehensive income (loss) as unrealized gains (losses). Based on the fair value of our unrealized loss as of April 30, 2016, adoption of this standard would be immaterial to our consolidated financial statements. Adoption of this standard will be required for our fiscal year 2019 financial statements. In February 2016, the FASB issued a new accounting standard requiring all operating leases that a lessee enters into to be recorded on their balance sheet. The lessee will record an asset for the right to use the underlying asset for the lease term and a liability for the contractual lease payments. This guidance is effective for our fiscal year 2020. We are assessing the impact that this guidance will have on our consolidated financial statements and related disclosures. In March 2016, the FASB issued a new accounting standard focused on simplifying the accounting for share-based payments. The guidance includes changes to the accounting for income taxes related to share-based payments as well as changes to the presentation of these tax impacts on the statement of cash flows. This guidance will be applicable for our fiscal year 2018. We are assessing the impact that this guidance will have on our consolidated financial statements.

Acquisitions

12 Months Ended

Apr. 30, 2016

Acquisitions

Acquisitions

Note 2: Acquisitions

During fiscal 2016, we acquired the assets of four independent operators of 11 La-Z-Boy Furniture Galleries® stores in Colorado, Wisconsin, North and South Carolina, and Ohio for $26.3 million, composed of $23.3 million of cash and $3.0 million of forgiveness of certain of these dealers' accounts receivable and prepaid expenses. We began including the 11 stores in our Retail segment results upon acquisition.

Prior to the acquisitions, we licensed the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in those markets to the dealers whose assets we acquired, and we reacquired these rights when we purchased the dealers' other assets. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $3.1 million related to these reacquired rights. We also recognized $22.0 million of goodwill, which primarily relates to the expected synergies resulting from the integration of the acquired stores and the anticipated future benefits of these synergies.

We based the purchase price allocations on fair values at the dates of acquisition and summarized them in the following table:

(Amounts in thousands)	Fiscal 2016 Acquisitions
Current assets	$	4,146
Goodwill and other intangible assets		25,129
Property, plant, and equipment		202

Total assets acquired		29,477
Current liabilities		(3,217	)

Net assets acquired	$	26,260

During fiscal 2015, we acquired the assets of two independent La-Z-Boy Furniture Galleries® dealers in exchange for $1.8 million in cash and forgiveness of these dealers' net accounts and notes receivable of $1.0 million. We reacquired the right to own and operate La-Z-Boy Furniture Galleries® stores in those markets as a result of the acquisitions. In our Retail segment, we recorded an indefinite-lived intangible asset of $1.0 million related to these reacquired rights and $1.2 million of goodwill.

During fiscal 2014, we acquired the assets of two independent La-Z-Boy Furniture Galleries® dealers in exchange for $0.8 million in cash and forgiveness of net accounts and notes receivable of $3.0 million. We reacquired the right to own and operate La-Z-Boy Furniture Galleries® stores in those markets as a result of the acquisitions. We recorded an indefinite-lived intangible asset of $1.1 million in our Retail segment related to these reacquired rights and goodwill of $1.1 million.

All of these indefinite-lived intangible assets and goodwill assets will be amortized and deducted for federal income tax purposes over 15 years. All acquired stores were included in our Retail segment results upon acquisition.

Purchase price allocations are not presented for the fiscal 2015 and fiscal 2014 acquisitions as they were not material to our consolidated balance sheet. All of the above acquisitions were not material to our financial position or our results of operations, and therefore, pro-forma financial information is not presented. The net notes and accounts receivable acquired are considered non-cash investing activities as they relate to our consolidated statement of cash flows.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Restructuring

12 Months Ended

Apr. 30, 2016

Restructuring

Restructuring

Note 3: Restructuring

During fiscal 2014, we committed to a restructuring of our casegoods business to transition to an all-import model for our wood furniture. We ceased casegoods manufacturing operations at our Hudson, North Carolina facility during the second quarter of fiscal 2015. As a result of this restructuring, we transitioned our remaining Kincaid and American Drew bedroom product lines to imported product. We exited the hospitality business as we had manufactured those products in our Hudson facility. We transitioned our warehouse and repair functions from two North Wilkesboro, North Carolina facilities to our Hudson plant. In addition, during fiscal 2015, we sold both of the North Wilkesboro facilities and most of the wood-working equipment from our Hudson plant and completed the consolidation of our casegoods showroom.

We have recorded pre-tax restructuring charges of $8.3 million ($5.4 million after tax) since the inception of this restructuring plan, with $5.1 million pre-tax ($3.3 million after tax) related to continuing operations and $3.2 million pre-tax ($2.1 million after tax) related to discontinued operations. These charges relate to severance and benefit-related costs, rent for an idled showroom, rent for an idled office building, and various asset write-downs, including fixed assets, inventory and trade names. The pre-tax restructuring income recorded in fiscal 2015 mainly related to gains on the sale of the North Wilkesboro warehouse, as well as inventory recoveries. These items were partly offset by severance and benefit related costs and rent expense related to an idled showroom.

The table below details the total pre-tax restructuring (income)/expense recorded by type for the fiscal years ended April 30, 2016, April 25, 2015, and April 26, 2014:

(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Fixed asset (recoveries) write-downs	$	132		$	(987	)	$	2,272
Inventory (recoveries) write-downs		(43	)		(578	)		2,216
Other		490			1,194			351

Total restructuring—continuing operations		579			(371	)		4,839
Inventory write-downs		—			—			1,804
Trade name write-down		—			—			1,265
Other		—			11			163

Total restructuring—discontinued operations		—			11			3,232

Total restructuring expense (income)	$	579		$	(360	)	$	8,071

We had $0.1 million of restructuring liability remaining as of April 30, 2016, related to severance and warranty. We expect the severance liability to be settled by the end of the second quarter of fiscal 2017. The warranty liability will remain until it is either used by warranty claims or the warranty period expires, whichever occurs first.

Discontinued Operations

12 Months Ended

Apr. 30, 2016

Discontinued Operations

Discontinued Operations

Note 4: Discontinued Operations

During the fourth quarter of fiscal 2014, we sold substantially all of the assets of our Bauhaus U.S.A. business unit to a group of investors and classified Lea Industries, a division of La-Z-Boy Casegoods, Inc., (formerly La-Z-Boy Greensboro, Inc.), as held for sale while we marketed that business for sale. We were unable to find a buyer for our Lea Industries business, and instead we liquidated all the assets, consisting mostly of inventory, and ceased operations of Lea Industries during the third quarter of fiscal 2015 (see Note 3 for additional information).

As a result of the sale of Bauhaus in fiscal 2014, we recorded an impairment to the value of the assets to be sold of $1.1 million, because the consideration paid was less than the recorded amount of the net assets to be sold. The operating results of our Bauhaus business unit are reported as discontinued operations for all periods presented. The transaction closed in the fourth quarter of fiscal 2014, and continuing cash flows from the end of the third quarter of fiscal 2014 through the closing date of the sale were not significant.

The operating results of Bauhaus and Lea Industries are reported as discontinued operations for fiscal 2015 and fiscal 2014. We had historically reported the results of our Bauhaus business unit as a component of our Upholstery segment and Lea Industries as a component of our Casegoods segment.

In fiscal 2015, we recorded $3.8 million of income in discontinued operations related to our previously owned subsidiary, American Furniture Company, Incorporated. We sold this subsidiary in fiscal 2007, and reported it as discontinued operations at that time. The income related to the Continued Dumping and Subsidy Offset Act of 2000 ("CDSOA"), which provided for distribution of duties, collected by U.S. Customs and Border Protection from antidumping cases, to domestic producers that supported the antidumping petition related to wooden bedroom furniture imported from China. When we sold American Furniture Company, Incorporated our contract provided that we would receive a portion of any such duties to which that entity was entitled. The remainder of the CDSOA income reported in discontinued operations in fiscal 2015 related to Lea Industries.

The results of our discontinued operations for the fiscal years ended April 25, 2015, and April 26, 2014, were as follows:

(Amounts in thousands)	4/25/2015			4/26/2014
Net sales	$	7,850		$	50,587
Operating income (loss) from discontinued operations	$	869		$	(6,032	)
Interest expense		8			—
Income from Continued Dumping and Subsidy Offset Act, net		4,211			—
Income tax benefit (expense)		(1,775	)		2,236

Income (loss) from discontinued operations, net of tax	$	3,297		$	(3,796	)

Operating income from discontinued operations in fiscal 2014 included a $3.3 million restructuring charge (see Note 3 for additional information).

In the consolidated statement of cash flows, the activity of these operating units was included along with our activity from continuing operations for fiscal 2015 and fiscal 2014.

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

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+ Details

Inventories

12 Months Ended

Apr. 30, 2016

Inventories

Inventories

Note 5: Inventories

	As of
(Amounts in thousands)	4/30/2016			4/25/2015
Raw materials	$	87,905		$	75,024
Work in process		11,591			14,310
Finished goods		97,861			92,295

FIFO inventories		197,357			181,629
Excess of FIFO over LIFO		(21,768	)		(24,840	)

Total inventories	$	175,589		$	156,789

Property, Plant and Equipment

12 Months Ended

Apr. 30, 2016

Property, Plant and Equipment

Property, Plant and Equipment

Note 6: Property, Plant and Equipment

			As of
	Estimated Useful Lives		As of
(Amounts in thousands)	Estimated Useful Lives		4/30/2016			4/25/2015
Buildings and building fixtures		3 - 40 years	$	192,211		$	202,482
Machinery and equipment		3 - 15 years		143,561			142,949
Information systems and software		3 - 10 years		72,275			72,200
Land		—		14,346			15,409
Land improvements		3 - 30 years		15,007			14,747
Transportation equipment		3 - 10 years		15,728			17,051
Furniture and fixtures		3 - 15 years		19,397			20,996
Construction in progress				10,465			14,195

				482,990			500,029
Accumulated depreciation				(311,400	)		(325,993	)

Net property, plant and equipment			$	171,590		$	174,036

Depreciation expense from continuing operations for the fiscal years ended April 30, 2016, April 25, 2015, and April 26, 2014, was $23.3 million, $19.3 million, and $19.3 million, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Apr. 30, 2016

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 7: Goodwill and Other Intangible Assets

Our goodwill and reacquired right assets on our consolidated balance sheet relates to acquisitions of La-Z-Boy Furniture Galleries® stores over the past several fiscal years. Details about these acquisitions can be found in Note 2. Our other intangible assets also include a trade name for American Drew.

We test goodwill annually for impairment, using a qualitative approach for some items of goodwill and a quantitative two-step approach for the rest. The key assumptions used in the two-step assessment of our goodwill at April 30, 2016 were a discount rate of 8.4% and a terminal growth rate of 2.0%. For our goodwill that was tested using a qualitative approach, we began by comparing the fair value of our reporting units to the carrying value in the prior year. We then reviewed the reporting unit for significant deterioration of the economic environment in which it operates or for an increased competitive environment, as well as general economic conditions associated with the reporting unit. Additionally, we reviewed the overall financial performance of the reporting unit and the expected future performance of the reporting unit, as well as whether or not there was a change in the overall composition of the reporting unit. The relative fair value of our reporting units significantly exceeds the carrying value of our goodwill as of April 30, 2016. All of our goodwill relates to our Retail segment. We did not have any goodwill impairment in fiscal 2014, fiscal 2015, or fiscal 2016.

The following is a roll-forward of goodwill for the fiscal years ended April 30, 2016, and April 25, 2015:

(Amounts in thousands)	Goodwill
Balance at April 26, 2014	$	13,923
Acquisitions		1,241

Balance at April 25, 2015		15,164
Acquisitions		22,029

Balance at April 30, 2016	$	37,193

The following is a roll-forward of other indefinite-lived intangible assets for the fiscal years ended April 30, 2016, and April 25, 2015:

(Amounts in thousands)	Trade Names			Reacquired Rights		Total Other Intangible Assets
Balance at April 26, 2014	$	1,306		$	3,238	$	4,544
Acquisitions		—			1,025		1,025
Impairment charges		(111	)		—		(111	)

Balance at April 25, 2015		1,195			4,263		5,458
Acquisitions		—			3,100		3,100

Balance at April 30, 2016	$	1,195		$	7,363	$	8,558

The impairment charge recorded in fiscal 2015 related to our American Drew trade name, as a result of our annual impairment assessment.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Investments

12 Months Ended

Apr. 30, 2016

Investments

Investments

Note 8: Investments

We have current and long-term investments intended to enhance returns on our cash as well as to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan, and our performance compensation retirement plan. Our short-term investments are included in other current assets and our long-term investments are included in other long-term assets on our consolidated balance sheet. The following summarizes our investments at April 30, 2016, and April 25, 2015:

(Amounts in thousands)	4/30/2016		4/25/2015
Short-term investments:
Available-for-sale investments	$	13,491	$	16,763
Trading securities		—		1,127
Held-to-maturity investments		1,826		—

Total short-term investments		15,317		17,890
Long-term investments:
Available-for-sale investments		31,659		43,305

Total available-for-sale and trading investments	$	46,976	$	61,195


Investments to enhance returns on cash	$	33,583	$	45,490
Investments to fund compensation/retirement plans	$	13,393	$	15,705

The following is a summary of the unrealized gain, unrealized losses, and fair value by investment type at April 30, 2016, and April 25, 2015:

Fiscal 2016

(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	1,231	$	(135	)	$	8,150
Fixed income		176		(9	)		36,527
Mutual funds		—		—			—
Other		1		(21	)		2,299

Total securities	$	1,408	$	(165	)	$	46,976

Fiscal 2015

(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	2,014	$	(78	)	$	9,251
Fixed income		224		(14	)		50,358
Mutual funds		—		—			1,127
Other		1		(22	)		459

Total securities	$	2,239	$	(114	)	$	61,195

The following table summarizes sales of available-for-sale securities (for the fiscal years ended):

(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Proceeds from sales	$	28,721		$	33,750		$	34,557
Gross realized gains		997			285			857
Gross realized losses		(561	)		(74	)		(559	)

The fair value of fixed income available-for-sale securities by contractual maturity was $13.6 million within one year, $21.2 million within two to five years, $1.5 million within six to ten years and $0.2 million thereafter.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Accrued Expenses and Other Current Liabilities

12 Months Ended

Apr. 30, 2016

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 9: Accrued Expenses and Other Current Liabilities

	As of
(Amounts in thousands)	4/30/2016		4/25/2015
Payroll and other compensation	$	45,611	$	40,711
Accrued product warranty, current portion		12,381		10,182
Customer deposits		20,961		23,722
Other current liabilities		33,523		33,711

Accrued expenses and other current liabilities	$	112,476	$	108,326

Included in other current liabilities at April 25, 2015, was a book overdraft of $7.3 million for outstanding checks.

Debt

12 Months Ended

Apr. 30, 2016

Debt

Debt

Note 10: Debt

	As of
(Amounts in thousands)	4/30/2016			4/25/2015
Capital leases	$	803		$	830
Less: current portion		(290	)		(397	)

Long-term debt	$	513		$	433

We maintain a revolving credit facility secured primarily by all of our accounts receivable, inventory, and cash deposit and securities accounts. We amended this agreement on December 30, 2014, extending its maturity date to December 30, 2019. Availability under the agreement fluctuates according to a borrowing base calculated on eligible accounts receivable and inventory. The credit agreement includes affirmative and negative covenants that apply under certain circumstances, including a fixed charge coverage ratio requirement that applies when excess availability under the line is less than certain thresholds. At April 30, 2016, and at April 25, 2015, we were not subject to the fixed charge coverage ratio requirement, had no borrowings outstanding under the agreement, and had excess availability of $146.9 million of the $150.0 million credit commitment.

In the first quarter of fiscal 2015, we paid our remaining industrial revenue bond that was used to finance the construction of some of our manufacturing facilities.

Capital leases consist primarily of long-term commitments for the purchase of information technology equipment and have maturities ranging from fiscal 2017 to fiscal 2021. Interest rates range from 2.7% to 7.6%.

Maturities of long-term capital leases, subsequent to April 30, 2016, are $0.2 million in fiscal 2018, $0.2 million in fiscal 2019, $0.1 million in fiscal 2020, and less than $0.1 million in fiscal 2021.

Cash paid for interest during fiscal years 2016, 2015 and 2014 was $0.5 million in each fiscal year.

Operating Leases

12 Months Ended

Apr. 30, 2016

Operating Leases

Operating Leases

Note 11: Operating Leases

We have operating leases for one manufacturing facility, executive and sales offices, warehouses, showrooms and retail facilities, as well as for transportation equipment, information technology and other equipment. The operating leases expire at various dates through fiscal 2032. We have certain retail facilities which we sublease to outside parties. The total rent liability included in other long-term liabilities as of April 30, 2016, and April 25, 2015, was $14.8 million and $13.5 million, respectively.

The future minimum rentals for all non-cancelable operating leases and future rental income from subleases are as follows (for the fiscal years):

(Amounts in thousands)	Future Minimum Rentals		Future Minimum Income
2017	$	63,256	$	3,969
2018		60,817		3,906
2019		54,574		3,906
2020		48,032		3,934
2021		44,238		3,309
2022 and beyond		105,461		4,969

Total	$	376,378	$	23,993

Rental expense and rental income from continuing operations for operating leases were as follows (for the fiscal years ended):

(Amounts in thousands)	4/30/2016		4/25/2015		4/26/2014
Rental expense	$	62,953	$	55,808	$	51,132
Rental income		4,650		4,966		5,138

Both our rental expense and rental income are included in selling, general, and administrative expense in our consolidated statement of income.

Retirement and Welfare Plans

12 Months Ended

Apr. 30, 2016

Retirement and Welfare Plans

Retirement and Welfare Plans

Note 12: Retirement and Welfare Plans

Voluntary 401(k) retirement plans are offered to eligible employees within certain U.S. operating units. For most operating units, we make matching contributions based on specific formulas. We also make supplemental contributions to this plan for eligible employees based on achievement of operating performance targets.

A performance compensation retirement plan ("PCRP") is maintained for eligible highly compensated employees. The company contributions to this plan are based on achievement of performance targets. As of April 30, 2016, and April 25, 2015, we had $6.9 million and $3.9 million, respectively, of obligations for this plan included in other long-term liabilities.

We also maintain an executive deferred compensation plan for eligible highly compensated employees. An element of this plan allows contributions for eligible highly compensated employees. As of April 30, 2016, and April 25, 2015, we had $16.3 million and $15.6 million, respectively, of obligations for this plan included in other long-term liabilities. We had life insurance contracts related to this plan and the PCRP at April 30, 2016, and at April 25, 2015, with cash surrender values of $21.0 million and $17.4 million, respectively, which are included in other long-term assets. Mutual funds related to this plan are considered trading securities and are included in other current assets. At April 30, 2016, this plan had no mutual funds and at April 25, 2015, the market value of these mutual funds was $1.1 million.

We maintain a non-qualified defined benefit retirement plan for certain former salaried employees. Included in other long-term liabilities were plan obligations of $17.4 million and $17.5 million at April 30, 2016, and April 25, 2015, respectively, which represented the unfunded projected benefit obligation of this plan. During fiscal 2016, the total cost recognized for this plan was $0.9 million, which primarily related to interest cost. The actuarial loss recognized in accumulated other comprehensive loss was $0.4 million and the benefit payments during the year were $1.1 million. Benefit payments are scheduled to be approximately $1.1 million annually for the next ten years. The discount rate used to determine the obligations under this plan was 3.7% as of the end of fiscal 2016. During fiscal 2015, the total cost recognized for this plan was $0.8 million, which primarily related to interest cost. The actuarial loss recognized in accumulated other comprehensive loss was $1.7 million and the benefit payments during the year were $1.1 million. The discount rate used to determine the obligations under this plan was 3.9% as of the end of fiscal 2015. This plan is not funded and is excluded from the obligation charts and disclosures that follow. We hold available-for-sale marketable securities to fund future obligations of this plan in a Rabbi trust (see Notes 8 and 20). We are not required to fund the non-qualified defined benefit retirement plan in fiscal year 2017; however, we have the discretion to make contributions to the Rabbi trust.

We also maintain a defined benefit pension plan for eligible factory hourly employees at our La-Z-Boy operating unit. This plan is closed to new participants, but active participants continue to earn service credit. The measurement dates for the pension plan assets and benefit obligations were April 30, 2016, and April 25, 2015, in fiscal 2016 and fiscal 2015, respectively.

The changes in plan assets and benefit obligations were recognized in accumulated other comprehensive loss as follows (pre-tax) (for the fiscal years ended):

(Amounts in thousands)	4/30/2016			4/25/2015
Beginning of year net actuarial loss	$	37,602		$	39,425
Net current year actuarial loss		2,249			836
Amortization of actuarial loss		(3,001	)		(2,659	)

End of year net actuarial loss	$	36,850		$	37,602

In fiscal 2017, we expect to amortize $3.1 million of unrecognized actuarial losses as a component of pension expense.

The combined net periodic pension cost and retirement costs for retirement plans related to continuing operations were as follows (for the fiscal years ended):

(Amounts in thousands)		4/30/2016			4/25/2015			4/26/2014
Service cost		$	1,358		$	1,114		$	1,241
Interest cost			4,938			5,070			4,822
Expected return on plan assets			(4,997	)		(5,077	)		(6,800	)
Net amortization and deferral			3,001			2,658			3,388

Net periodic pension cost (hourly plan)			4,300			3,765			2,651
401(k)*			6,657			6,270			5,802
PCRP*			3,088			1,377			2,513
Other*			318			124			223

Total retirement costs (excluding non-qualified defined benefit retirement plan)		$	14,363		$	11,536		$	11,189



*	Not determined by an actuary

The funded status of the defined benefit pension plan for eligible factory hourly employees was as follows:

(Amounts in thousands)	4/30/2016			4/25/2015
Change in benefit obligation
Benefit obligation at beginning of year	$	121,080		$	116,870
Service cost		1,358			1,114
Interest cost		4,938			5,070
Actuarial loss		221			3,664
Benefits paid		(10,808	)		(5,638	)
Administrative expenses		(418	)		—

Benefit obligation at end of year		116,371			121,080
Change in plan assets
Fair value of plan assets at beginning of year		113,742			111,474
Actual return on plan assets		2,968			7,906
Employer contributions		7,000			—
Benefits paid		(10,808	)		(5,638	)
Administrative expenses		(418	)		—

Fair value of plan assets at end of year		112,484			113,742

Funded status	$	(3,887	)	$	(7,338	)

Amounts included on the consolidated balance sheet related to the defined benefit pension plan for eligible factory hourly employees consist of:

(Amounts in thousands)		4/30/2016			4/25/2015
Other long-term liabilities		$	(3,887	)	$	(7,338	)

The actuarial assumptions for the defined benefit pension plan for eligible factory hourly employees were as follows (for the fiscal years ended):

	4/30/2016			4/25/2015			4/26/2014
Discount rate used to determine benefit obligations		4.1	%		4.2	%		4.4	%
Discount rate used to determine net benefit cost		4.2	%		4.4	%		4.0	%
Long-term rate of return		4.3	%		4.7	%		4.7	%

Consistent with prior years, the discount rate is calculated by matching a pool of high quality bond payments to the plan's expected future benefit payments as determined by our actuary. The long-term rate of return was determined based on the average rate of earnings expected on the funds invested or to be invested to provide the benefits of these plans. This included considering the trust's asset allocation, investment strategy, and the expected returns likely to be earned over the life of the plans. This is based on our goal of earning the highest rate of return while maintaining acceptable levels of risk. We strive to have assets within the plan that are diversified so that unexpected or adverse results from one asset class will not have a significant negative impact on the entire portfolio.

Our investment objective is to minimize the volatility of the value of our pension assets relative to pension liabilities and to ensure assets are sufficient to pay plan benefits by matching the characteristics of our assets relative to our liabilities. At the end of fiscal 2016, approximately 90% of the plan's assets were invested in fixed rate investments with a duration that approximates the duration of its liabilities, and the remainder of the assets was invested in equity investments.

The investment strategy and policy for the pension plan reflects a balance of risk-reducing and return-seeking considerations. The objective of minimizing the volatility of assets relative to liabilities is addressed primarily through asset-liability matching and asset diversification. The fixed income target asset allocation matches the bond-like and long-dated nature of the pension liabilities. Assets are broadly diversified within all asset classes to achieve adequate risk-adjusted returns while reducing the sensitivity of the pension plan funding status to market interest rates and equity return volatility, and maintaining liquidity sufficient to meet our defined benefit pension plan obligations.

Investments are reviewed at least quarterly and rebalanced as needed. The overall expected long-term rate of return is determined by using long-term historical returns for equity and debt securities in proportion to their weight in the investment portfolio.

The following table presents the fair value of the assets in our defined benefit pension plan for eligible factory hourly employees at April 30, 2016, and April 25, 2015. The various levels of the fair value hierarchy are described in Note 20.

Fiscal 2016

(Amounts in thousands)		Level 1(a)		Level 2(a)		Level 3
Cash and equivalents		$	3,239	$	15,440	$	—
Equity funds			19,505		42		—
Debt funds			—		74,258		—

Total		$	22,744	$	89,740	$	—



(a)	There were no transfers between Level 1 and Level 2 during fiscal 2016.

Fiscal 2015

(Amounts in thousands)		Level 1(b)		Level 2(b)		Level 3
Cash and equivalents		$	149	$	3,685	$	—
Equity funds			23,120		7,702		—
Debt funds			—		79,086		—

Total		$	23,269	$	90,473	$	—



(b)	There were no transfers between Level 1 and Level 2 during fiscal 2015.

Level 1 retirement plan assets include U.S. currency held by a designated trustee and equity funds of common and preferred securities issued by U.S. and non-U.S. corporations. These equity funds are traded actively on exchanges and price quotes for these shares are readily available.

Cash and equivalents of commingled funds generally valued using observable market data are categorized as Level 2 assets. Equity funds categorized as Level 2 include common trust funds which are composed of shares or units in open ended funds with active issuances and redemptions. The value of these funds is determined based on the net asset value of the funds, the underlying assets of which are publicly traded on exchanges. Price quotes for the assets held by these funds are readily available. Debt funds categorized as Level 2 consist of corporate fixed income securities issued by U.S. and non-U.S. corporations and fixed income securities issued directly by the U.S. Treasury or by government-sponsored enterprises which are valued using a bid evaluation process with bid data provided by independent pricing sources using observable market data.

Our funding policy is to contribute to our defined benefit pension plan amounts sufficient to meet the minimum funding requirement as defined by employee benefit and tax laws, plus additional amounts which we determine to be appropriate. During fiscal 2016, we voluntarily contributed $7 million to our defined benefit pension plan, and we currently expect to voluntarily contribute approximately $2 million to our defined benefit pension plan during fiscal 2017.

The expected benefit payments by our defined benefit pension plan for eligible factory hourly employees for each of the next five fiscal years and for periods thereafter are presented in the following table:

(Amounts in thousands)	Benefit Payments
2017	$	6,311
2018		6,451
2019		6,608
2020		6,752
2021		6,874
2022 to 2026		35,659

	$	68,655

Product Warranties

12 Months Ended

Apr. 30, 2016

Product Warranties

Product Warranties

Note 13: Product Warranties

We accrue an estimated liability for product warranties when we recognize revenue on the sale of warranted products. We estimate future warranty claims based on our claims experience and any additional anticipated future costs on previously sold products. We incorporate repair costs into our liability estimates, including materials, labor and overhead amounts necessary to perform repairs and any costs associated with delivering repaired product to our customers. Approximately 95% of our warranty liability relates to our Upholstery segment as we generally warrant our products against defects for one year on fabric and leather, from one to ten years on cushions and padding, and provide a limited lifetime warranty on certain mechanisms and frames. Our warranties cover labor costs relating to our parts for one year. Our warranty period begins when the consumer receives our product. We use considerable judgment in making our estimates, and we record differences between our actual and estimated costs when the differences are known.

A reconciliation of the changes in our product warranty liability is as follows:

(Amounts in thousands)	4/30/2016			4/25/2015
Balance as of the beginning of the year	$	16,870		$	16,013
Accruals during the year		23,592			19,017
Accrual adjustments		—			(953	)
Settlements during the year		(19,951	)		(17,207	)

Balance as of the end of the year	$	20,511		$	16,870

As of April 30, 2016, and April 25, 2015, we included $12.4 million and $10.2 million, respectively, of our product warranty liability in accrued expenses and other current liabilities on our consolidated balance sheet, and included the remainder in other long-term liabilities. We recorded accruals during the periods presented primarily to reflect charges that relate to warranties issued during the respective periods. Our accrual adjustments reflect a change in the prior estimates of our product warranty liability.

Contingencies and Commitments	12 Months Ended
Contingencies and Commitments	Apr. 30, 2016
Contingencies and Commitments
Contingencies and Commitments	Note 14: Contingencies and Commitments We have been named as a defendant in various lawsuits arising in the ordinary course of business and as a potentially responsible party at certain environmental clean-up sites, the effect of which are not considered significant. Based on a review of all currently known facts and our experience with previous legal and environmental matters, we have recorded expense in respect of probable and reasonably estimable losses arising from legal and environmental matters, and we currently do not believe it is probable that we will have any additional loss for legal or environmental matters that would be material to our consolidated financial statements. In view of the inherent difficulty of predicting the outcome of litigation, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories, we generally cannot predict the eventual outcome, timing, or related loss, if any, of pending matters. We recognized expense of $5.5 million in fiscal 2016, excluding internal and external legal fees, following the verdict in a civil lawsuit, which was previously announced. The verdict in the civil lawsuit has not been affirmed by the court. We had not accrued for this liability prior to the verdict because we did not believe we were liable. The $5.5 million is recorded as a component of accrued expenses and other current liabilities on our consolidated balance sheet.

Stock-Based Compensation

12 Months Ended

Apr. 30, 2016

Stock-Based Compensation

Stock-Based Compensation

Note 15: Stock-Based Compensation

The La-Z-Boy Incorporated 2010 Omnibus Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, stock units (including deferred stock units), unrestricted stock, dividend equivalent rights, and short-term cash incentive awards. Under this plan, as amended, the aggregate number of common shares that may be issued through awards of any form is 8.7 million shares. No grants may be issued under our previous plans.

The table below summarizes the total stock-based compensation expense recognized for all outstanding grants in our consolidated statement of income (for the fiscal years ended):

(Amounts in thousands)	4/30/2016		4/25/2015		4/26/2014
Equity-based awards expense	$	8,292	$	6,780	$	8,739
Liability-based awards expense		1,355		4,597		5,736

Total stock-based compensation expense	$	9,647	$	11,377	$	14,475

Stock Options. The La-Z-Boy Incorporated 2010 Omnibus Incentive Plan authorizes grants to certain employees and directors to purchase common shares at a specified price, which may not be less than 100% of the current market price of the stock at the date of grant. We granted 426,539 stock options to employees during the first quarter of fiscal 2016, and we also have stock options outstanding from previous grants. We recognize compensation expense for stock options over the vesting period equal to the fair value on the date our compensation committee approved the awards. The vesting period for our stock options ranges from one to four years, with accelerated vesting upon retirement. We expense options granted to retirement-eligible employees immediately. Granted options outstanding under the former long-term equity award plan remain in effect and have a term of five or ten years.

Stock option expense recognized in selling, general and administrative expense for fiscal 2016, fiscal 2015, and fiscal 2014 was $3.2 million, $3.0 million, and $2.1 million, respectively. We received $0.4 million, $1.4 million, and $3.6 million in cash during fiscal 2016, fiscal 2015, and fiscal 2014, respectively, for exercises of stock options.

Plan activity for stock options under the above plans was as follows:

	Number of Shares (In Thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In Thousands)
Outstanding at April 25, 2015		1,039		$	16.15		7.6	$	11,773
Granted		427			26.69
Canceled		(16	)		25.71
Exercised		(39	)		10.75				622

Outstanding at April 30, 2016		1,411		$	19.39		7.4	$	9,489


Exercisable at April 30, 2016		597		$	13.26		6.0	$	7,529

The aggregate intrinsic value of options exercised was $2.0 million and $8.3 million in fiscal 2015 and fiscal 2014, respectively. As of April 30, 2016, our total unrecognized compensation cost related to non-vested stock option awards was $2.6 million, which we expect to recognize over a weighted-average remaining vesting term of all unvested awards of 1.8 years. During the year ended April 30, 2016, 0.3 million shares vested.

We estimate the fair value of the employee stock options at the date of grant using the Black-Scholes option-pricing model, which requires management to make certain assumptions. We estimate expected volatility based on the historical volatility of our common shares. We base the average expected life on the contractual term of the stock option and expected employee exercise trends. We base the risk-free rate on U.S. Treasury issues with a term equal to the expected life assumed at the date of the grant. The fair value of stock options granted during fiscal 2016, fiscal 2015, and fiscal 2014 were calculated using the following assumptions:

	Fiscal 2016 Grant			Fiscal 2015 Grant			Fiscal 2014 Grant
Risk-free interest rate		1.54	%		1.59	%		0.84	%
Dividend rate		1.20	%		1.00	%		0.84	%
Expected life in years		5.0			5.0			5.0
Stock price volatility		44.37	%		54.40	%		81.27	%
Fair value per share	$	9.69		$	10.45		$	11.63

Stock Appreciation Rights. Under the La-Z-Boy Incorporated 2010 Omnibus Incentive Plan, the Compensation Committee of the board of directors is authorized to award stock appreciation rights to certain employees. We did not grant any SARs to employees during fiscal 2016, but we have SARs outstanding from previous grants. SARs will be paid in cash upon exercise and, accordingly, we account for SARs as liability-based awards that we re-measure to reflect the fair value at the end of each reporting period. These awards vest at 25% per year, beginning one year from the grant date for a term of four years, with accelerated vesting upon retirement. We expense SARs granted to retirement-eligible employees immediately. We estimate the fair value of SARs at the end of each reporting period using the Black-Scholes option-pricing model, which requires management to make certain assumptions. We base the average expected life on the contractual term of the SARs and expected employee exercise trends (which is consistent with the expected life of our option awards). We base the risk-free rate on U.S. Treasury issues with a term equal to the expected life assumed at the end of the reporting period. We recognized compensation expense of $0.1 million, $0.7 million, and $1.1 million related to SARs in selling, general and administrative expense for the years ended April 30, 2016, April 25, 2015, and April 26, 2014, respectively. Our unrecognized compensation cost at April 30, 2016, related to SARs was $0.2 million based on the fair value on that date, and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 0.9 years.

In fiscal 2014 and fiscal 2013, we granted SARs as described in our Annual Reports on Form 10-K for the fiscal years ended April 26, 2014, and April 27, 2013, respectively. At April 30, 2016, we measured the fair value of the SARs granted during these fiscal years using the following assumptions:

	Fiscal 2014 Grant			Fiscal 2013 Grant
Risk-free interest rate		0.88	%		0.66	%
Dividend rate		1.55	%		1.55	%
Expected life in years		2.1			1.2
Stock price volatility		30.77	%		30.56	%
Fair value per share	$	7.82		$	13.54

Restricted Stock. Under the La-Z-Boy Incorporated 2010 Omnibus Incentive Plan, the Compensation Committee of the board of directors is authorized to award restricted common shares to certain employees. We awarded 102,063 shares of restricted stock to employees during fiscal 2016. We issue restricted stock at no cost to the employees, and the shares are held in an escrow account until the vesting period ends. If a recipient's employment ends during the escrow period (other than through death or disability), the shares are returned at no cost to the company. We account for restricted stock awards as equity-based awards because upon vesting, they will be settled in common shares. The fair value of the restricted stock that was awarded in the first quarter of fiscal 2016 was $26.69 per share, the market value of our common shares on the date of grant. We recognize compensation expense for restricted stock over the vesting period equal to the fair value on the date our compensation committee approved the awards. Restricted stock awards vest at 25% per year, beginning one year from the grant date for a term of four years. We recorded expense related to the restricted stock in selling, general and administrative expense of $1.1 million, $0.8 million, and $0.5 million during fiscal 2016, fiscal 2015, and fiscal 2014, respectively. Our unrecognized compensation cost at April 30, 2016, related to restricted shares was $3.3 million and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 2.9 years.

The following table summarizes information about non-vested share awards as of and for the year ended April 30, 2016:

	Shares (In Thousands)			Weighted Average Grant Date Fair Value
Non-vested shares at April 25, 2015		142		$	20.50
Granted		102			26.46
Vested		(57	)		16.07
Canceled		(18	)		24.07

Non-vested shares at April 30, 2016		169		$	25.22

Restricted Stock Units. Under the La-Z-Boy Incorporated 2010 Omnibus Incentive Plan, the Compensation Committee of the board of directors is authorized to award restricted stock units to certain employees and our non-employee directors.

We did not grant any restricted stock units to employees during fiscal 2016, but we have restricted stock units outstanding from previous grants. We account for these units as liability-based awards because upon vesting, these awards will be paid in cash. We measure and recognize initial compensation expense based on the market value (intrinsic value) of our common stock on the grant date and amortize the expense over the vesting period. We re-measure and adjust the liability based on the market value (intrinsic value) of our common shares on the last day of the reporting period until paid with a corresponding adjustment to reflect the cumulative amount of compensation expense. The fair value of each outstanding restricted stock unit at April 30, 2016, was $25.87, the market value of our common shares on the last day of the reporting period. Each restricted stock unit is the equivalent of one common share. Restricted stock units vest at 25% per year, beginning one year from the grant date for a term of four years. We recognized compensation expense related to restricted stock units granted to employees of $1.4 million, $1.5 million, and $1.6 million in selling, general and administrative expense for the years ended April 30, 2016, April 25, 2015, and April 26, 2014, respectively. Our unrecognized compensation cost at April 30, 2016, related to employee restricted stock units was $0.9 million based on the market value (intrinsic value) on that date, and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 1.0 year.

The following table summarizes information about non-vested stock units as of and for the year ended April 30, 2016:

	Units (In Thousands)			Weighted Average Grant Date Fair Value
Non-vested units at April 25, 2015		146		$	16.12
Vested		(58	)		15.40
Canceled		(11	)		16.55

Non-vested units at April 30, 2016		77		$	16.61

Restricted stock units granted to directors are offered at no cost to the directors and vest when a director leaves the board. During fiscal 2016, fiscal 2015, and fiscal 2014 we granted less than 0.1 million restricted stock units each year to our non-employee directors. We account for these restricted stock units as equity-based awards as they will be settled in shares of our common stock upon vesting. We measure and recognize compensation expense for these awards based on the market price of our common shares on the date of grant, which was $27.74, $21.81, and $21.20 for the awards granted in fiscal 2016, fiscal 2015, and fiscal 2014, respectively. Our expense relating to the non-employee directors restricted stock units which we recorded in selling, general and administrative expense was $0.6 million in fiscal 2016 and $0.7 million in fiscal 2015 and fiscal 2014.

Performance Awards. Under the La-Z-Boy Incorporated 2010 Omnibus Incentive Plan, the Compensation Committee of the board of directors is authorized to award common shares and stock units to certain employees based on the attainment of certain financial goals over a given performance period. The awards are offered at no cost to the employees. In the event of an employee's termination during the vesting period, the potential right to earn shares/units under this program is generally forfeited.

Payout of these grants depends on our financial performance (80%) and a market-based condition based on the total return our shareholders receive on their investment in our stock relative to returns earned through investments in other public companies (20%). The performance award opportunity ranges from 50% of the employee's target award if minimum performance requirements are met to a maximum of 200% of the target award based on the attainment of certain financial and shareholder-return goals over a specific performance period, which is generally three fiscal years. The number of performance-based units/shares granted were as follows:

Performance-based awards granted (Shares/units in thousands)	Units		Shares
Fiscal 2014 grant		35		191
Fiscal 2015 grant		—		192
Fiscal 2016 grant		—		182

Based on our financial results for fiscal 2016, certain performance conditions were met for some of our outstanding performance-based awards. The number of awards earned based on performance conditions were as follows:

Performance-based awards earned (Shares/units in thousands)	Shares/Units
Fiscal 2014 performance-based shares		159
Fiscal 2014 performance-based units		24
Fiscal 2015 performance-based shares		64
Fiscal 2016 performance-based shares		80

The fiscal 2014, fiscal 2015, and fiscal 2016 shares will be settled in shares and the fiscal 2014 units will be settled in cash if service conditions are met, requiring employees to remain employed with the company through the end of the three-year-performance periods.

We account for performance-based shares as equity-based awards because upon vesting, they will be settled in common shares. For shares that vest based on our results relative to the performance goals, we expense as compensation cost the fair value of the shares as of the day we granted the awards recognized over the performance period, taking into account the probability that we will satisfy the performance goals. The fair value of each share of the awards we granted in fiscal 2016, fiscal 2015, and fiscal 2014 that vest based on attaining performance goals was $25.73, $22.91, and $18.58, respectively, the market value of our common shares on the date we granted the awards less the dividends we expect to pay before the shares vest. For shares that vest based on market conditions, we use a Monte Carlo valuation model to estimate each share's fair value as of the date of grant, and, similar to the way in which we expense awards of stock options, we expense compensation cost over the vesting period regardless of the value that award recipients ultimately receive. Based on the Monte Carlo model, the fair value as of the grant date of the fiscal 2016, fiscal 2015, and fiscal 2014 grants of shares that vest based on market conditions was $34.40, $29.64, and $26.08, respectively. Our unrecognized compensation cost at April 30, 2016, related to performance-based shares was $4.6 million based on the current estimates of the number of awards that will vest, and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 1.4 years.

Equity-based compensation expenses related to performance-based shares recognized in our consolidated statement of income were as follows (for the fiscal years ended):

(Amounts in thousands)	4/30/2016		4/25/2015		4/26/2014
Fiscal 2012 grant	$	—	$	—	$	3,603
Fiscal 2013 grant		—		568		849
Fiscal 2014 grant		926		769		1,006
Fiscal 2015 grant		840		908		—
Fiscal 2016 grant		1,610		—		—

Total expense	$	3,376	$	2,245	$	5,458

We account for performance-based units as liability-based awards because upon vesting, they will be paid in cash. For units that vest based on our results relative to performance goals, we expense as compensation cost over the performance period the fair value of each unit, taking into account the probability that the performance goals will be attained. The fair value of each unit we granted in fiscal 2014 that vest based on attaining performance goals was $25.77, the market value of our common shares on the last day of the reporting period less the dividends we expect to pay before the awards vest. For performance-based units that vest based on market conditions, we use a Monte Carlo valuation model to estimate each unit's fair value as of the last day of the reporting period. We re-measure and adjust the liability for these units based on the Monte Carlo valuation at the end of each reporting period until the units are settled. Based on the Monte Carlo model, the fair value at April 30, 2016, of the fiscal 2014 grant of units that vest based on market conditions was $46.64. During fiscal 2016, we recognized no expense related to performance-based units due to the cost of the units being offset by declines in their fair value during the year. In fiscal 2015 and fiscal 2014, we recognized $2.0 million and $2.2 million, respectively, of expense related to performance-based units.

Previously Granted Deferred Stock Units. We account for awards under our deferred stock unit plan for non-employee directors as liability-based awards because upon exercise these awards will be paid in cash. We measure and recognize compensation expense based on the market price of our common stock on the grant date. We remeasure and adjust the liability based on the market value (intrinsic value) of our common shares on the last day of the reporting period until paid with a corresponding adjustment to reflect the cumulative amount of compensation expense. For purposes of dividends and for measuring the liability, each deferred stock unit is the equivalent of one common share. As of April 30, 2016, we had 0.1 million deferred stock units outstanding. We recorded (income)/expense relating to deferred stock units in selling, general and administrative of $(0.2) million, $0.4 million, and $0.8 million during fiscal 2016, fiscal 2015, and fiscal 2014, respectively. Our liability related to these awards was $2.6 million and $3.4 million at April 30, 2016, and April 25, 2015, respectively, and is included as a component of other long-term liabilities on our consolidated balance sheet.

Accumulated Other Comprehensive Loss

12 Months Ended

Apr. 30, 2016

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Note 16: Accumulated Other Comprehensive Loss

The activity in accumulated other comprehensive loss for the fiscal years ended April 30, 2016, April 25, 2015, and April 26, 2014, were as follows:

(Amounts in thousands)	Translation Adjustment			Change in Fair Value of Cash Flow Hedge			Unrealized Gain on Marketable Securities			Net Pension Amortization and Net Actuarial Loss			Accumulated Other Comprehensive Loss
Balance at April 27, 2013	$	4,779		$	231		$	474		$	(40,980	)	$	(35,496	)
Changes before reclassifications		(2,324	)		(780	)		1,308			6,286			4,490
Amounts reclassified to net income		—			321			(300	)		3,566			3,587
Tax effect		—			175			(384	)		(3,752	)		(3,961	)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(2,324	)		(284	)		624			6,100			4,116

Balance at April 26, 2014		2,455			(53	)		1,098			(34,880	)		(31,380	)
Changes before reclassifications		(938	)		(1,857	)		1,033			(2,517	)		(4,279	)
Amounts reclassified to net income		—			1,038			(214	)		2,806			3,630
Tax effect		—			312			(312	)		(110	)		(110	)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(938	)		(507	)		507			179			(759	)

Balance at April 25, 2015		1,517			(560	)		1,605			(34,701	)		(32,139	)
Changes before reclassifications		(1,962	)		(1,711	)		(447	)		(2,612	)		(6,732	)
Amounts reclassified to net income		—			2,154			(436	)		3,216			4,934
Tax effect		—			(169	)		336			(230	)		(63	)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(1,962	)		274			(547	)		374			(1,861	)

Balance at April 30, 2016	$	(445	)	$	(286	)	$	1,058		$	(34,327	)	$	(34,000	)

We reclassified the unrealized gain on marketable securities from accumulated other comprehensive loss to net income through other income in our consolidated statement of income, reclassified the change in fair value of cash flow hedges to net income through cost of sales, and reclassified the net pension amortization to net income through selling, general and administrative expense.

The components of non-controlling interest at April 30, 2016, April 25, 2015, and April 26, 2014 were as follows:

(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Balance as of the beginning of the year	$	8,954		$	7,832		$	7,140
Net income		1,711			1,198			1,324
Other comprehensive income		(595	)		(76	)		(730	)
Change in non-controlling interest		—			—			98

Balance as of the end of the year	$	10,070		$	8,954		$	7,832

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

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+ Details

Segment Information

12 Months Ended

Apr. 30, 2016

Segment Information

Segment Information

Note 17: Segment Information

Our reportable operating segments are the Upholstery segment, the Casegoods segment and the Retail segment.

Upholstery Segment. The Upholstery segment consists primarily of two operating units: La-Z-Boy and England. This segment manufactures and imports upholstered furniture. Upholstered furniture includes recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas. The Upholstery segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® locations and England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers.

Casegoods Segment. The Casegoods segment consists of three brands: American Drew, Hammary, and Kincaid. This segment sells imported wood furniture to furniture retailers. Casegoods product includes bedroom, dining room, entertainment centers, occasional pieces and some manufactured coordinated upholstered furniture. The Casegoods segment sells directly to major dealers, as well as La-Z-Boy Furniture Galleries® stores, and a wide cross-section of other independent retailers.

Retail Segment. The Retail segment consists of 124 company-owned La-Z-Boy Furniture Galleries® stores. During fiscal 2016, fiscal 2015, and fiscal 2014, we acquired La-Z-Boy Furniture Galleries® stores in various markets. All of these acquired stores were previously independently owned and operated (see Note 2 for more detail related to these acquisitions). The Retail segment sells upholstered furniture, and some casegoods and other accessories, to end consumers through the retail network.

Restructuring. During fiscal 2014, we committed to a restructuring of our casegoods business to transition to an all-import model for our wood furniture. In fiscal 2016 and fiscal 2014, we recorded restructuring charges of $0.6 million and $4.8 million, respectively, and restructuring income of $0.4 million in fiscal 2015, related to continuing operations (see Note 3 for additional information). We do not include restructuring costs in the results of our reportable segments.

The accounting policies of the operating segments are the same as those described in Note 1. We account for intersegment revenue transactions between our segments consistent with independent third party transactions, that is, at current market prices. As a result, the manufacturing profit related to sales to our Retail segment is included within the appropriate Upholstery or Casegoods segment. Operating income realized on intersegment revenue transactions is therefore generally consistent with the operating income realized on our revenue from independent third party transactions. Segment operating income is based on profit or loss from operations before interest expense, interest income, income from continued dumping and subsidy offset act, other income (expense) and income taxes. Identifiable assets are cash and equivalents, notes and accounts receivable, net inventories, net property, plant and equipment, goodwill and other intangible assets. Our unallocated assets include deferred income taxes, corporate assets (including a portion of cash and equivalents), and various other assets. Sales are attributed to countries on the basis of the customer's location.

	Year Ended
(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Sales
Upholstery segment:
Sales to external customers	$	1,027,615		$	990,237		$	959,118
Intersegment sales		188,190			161,565			139,932

Upholstery segment sales		1,215,805			1,151,802			1,099,050

Casegoods segment:
Sales to external customers		92,601			98,886			97,095
Intersegment sales		9,939			10,827			9,657

Casegoods segment sales		102,540			109,713			106,752

Retail segment sales		402,479			333,978			298,642
Corporate and Other:
Sales to external customers		2,703			2,294			2,463
Intersegment sales		3,720			—			—

Corporate and Other sales		6,423			2,294			2,463

Eliminations		(201,849	)		(172,392	)		(149,589	)

Consolidated sales	$	1,525,398		$	1,425,395		$	1,357,318


Operating Income (Loss)
Upholstery segment	$	134,193		$	121,403		$	117,688
Casegoods segment		7,734			6,408			3,397
Retail segment		25,567			11,466			11,128
Restructuring		(579	)		371			(4,839	)
Corporate and Other		(44,526	)		(36,483	)		(38,078	)

Consolidated operating income		122,389			103,165			89,296
Interest expense		486			523			548
Interest income		827			1,030			761
Income from Continued Dumping and Subsidy Offset Act, net		102			1,212			—
Other income, net		2,211			744			2,050

Income from continuing operations before income taxes	$	125,043		$	105,628		$	91,559


Depreciation and Amortization
Upholstery segment	$	13,559		$	12,669		$	13,778
Casegoods segment		874			813			1,171
Retail segment		2,800			2,910			2,520
Corporate and Other		9,284			5,891			5,566

Consolidated depreciation and amortization	$	26,517		$	22,283		$	23,035


Capital Expenditures
Upholstery segment	$	14,744		$	14,979		$	6,579
Casegoods segment		562			1,149			149
Retail segment		3,245			2,993			4,379
Corporate and Other		6,133			51,198			22,623

Consolidated capital expenditures	$	24,684		$	70,319		$	33,730


Assets
Upholstery segment	$	323,411		$	317,102		$	305,814
Casegoods segment		51,165			48,403			53,299
Retail segment		146,963			126,189			119,816
Unallocated assets		278,490			282,910			292,366

Consolidated assets	$	800,029		$	774,604		$	771,295


Long-Lived Assets by Geographic Location
Domestic	$	211,021		$	187,224		$	147,538
International		7,443			8,359			6,805

Consolidated long-lived assets	$	218,464		$	195,583		$	154,343


Sales by Country
United States		89	%		87	%		86	%
Canada		7	%		7	%		8	%
Other		4	%		6	%		6	%

Total		100	%		100	%		100	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Income Taxes

12 Months Ended

Apr. 30, 2016

Income Taxes

Income Taxes

Note 18: Income Taxes

Income from continuing operations before income taxes consists of the following (for the fiscal years ended):

(Amounts in thousands)	4/30/2016		4/25/2015		4/26/2014
United States	$	115,750	$	96,605	$	82,705
Foreign		9,293		9,023		8,854

Total	$	125,043	$	105,628	$	91,559

Income tax expense (benefit) applicable to continuing operations consists of the following components (for the fiscal years ended):

(Amounts in thousands)	4/30/2016		4/25/2015		4/26/2014
Federal:
—current	$	32,403	$	28,887	$	24,695
—deferred		3,559		406		1,495
State:
—current		4,750		4,573		5,345
—deferred		859		637		(2,082	)
Foreign:
—current		2,345		2,281		1,375
—deferred		164		170		555

Total income tax expense	$	44,080	$	36,954	$	31,383

Our effective tax rate differs from the U.S. federal income tax rate for the following reasons:

	Year Ended
(% of income from continuing operations before income taxes)	Year Ended
	4/30/2016			4/25/2015			4/26/2014
Statutory tax rate		35.0	%		35.0	%		35.0	%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		3.4			3.5			3.1
U.S. manufacturing benefit		(2.5	)		(2.1	)		(1.0	)
Change in valuation allowance		(0.3	)		(0.4	)		(1.2	)
Miscellaneous items		(0.3	)		(1.0	)		(1.6	)

Effective tax rate		35.3	%		35.0	%		34.3	%

For our foreign operating units, we permanently reinvest the earnings and consequently do not record a deferred tax liability relative to the undistributed earnings. We have reinvested approximately $24.7 million of the earnings. The potential deferred tax attributable to these earnings would be approximately $3.2 million.

The primary components of our deferred tax assets and (liabilities) were as follows:

	As of
(Amounts in thousands)	4/30/2016			4/25/2015
Assets
Deferred and other compensation	$	25,032		$	22,085
Allowance for doubtful accounts		1,560			2,255
State income tax—net operating losses, credits and other		5,571			6,032
Pension		1,542			2,828
Warranty		7,817			6,466
Rent		4,184			5,174
Workers' compensation		3,870			4,173
Employee benefits		3,212			3,096
Other		—			1,262
Valuation allowance		(3,625	)		(4,322	)

Total deferred tax assets		49,163			49,049
Liabilities
Property, plant and equipment		(7,089	)		(2,722	)
Other		(391	)		—

Net deferred tax assets	$	41,683		$	46,327

The deferred tax assets associated with loss carry forwards and the related expiration dates are as follows:

(Amounts in thousands)	Amount		Expiration
Various U.S. state net operating losses (excluding federal tax effect)	$	8,909		Fiscal 2017 - 2035
Foreign net operating losses		100		Indefinite
Foreign capital losses		19		Indefinite

We evaluate our deferred taxes to determine if a valuation allowance is required. Accounting standards require that we assess whether a valuation allowance should be established based on the consideration of all available evidence using a "more likely than not" standard with significant weight being given to evidence that can be objectively verified.

The evaluation of the amount of net deferred tax assets expected to be realized necessarily involves forecasting the amount of taxable income that will be generated in future years. We have forecasted future results using estimates management believes to be reasonable. We based these estimates on objective evidence such as expected trends resulting from certain leading economic indicators. Based upon our net deferred tax asset position at April 30, 2016, we estimate that about $106 million of future taxable income would need to be generated to fully recover our net deferred tax assets. The realization of deferred income tax assets is dependent on future events. Actual results inevitably will vary from management's forecasts. Such variances could result in adjustments to the valuation allowance on deferred tax assets in future periods, and such adjustments could be material to the financial statements.

During fiscal 2016, we recorded a $0.7 million decrease in our valuation allowance for deferred tax assets that are now considered more likely than not to be realized. This determination was primarily the result of our assessment of our cumulative pre-tax income in certain jurisdictions. A summary of the valuation allowance by jurisdiction is as follows:

Jurisdiction (Amounts in thousands)	4/25/2015 Valuation Allowance		Change			4/30/2016 Valuation Allowance
U.S. state	$	4,303	$	(697	)	$	3,606
Foreign		19		—			19

Total	$	4,322	$	(697	)	$	3,625

The remaining valuation allowance of $3.6 million primarily related to certain U.S. state and foreign deferred tax assets. The U.S. state deferred taxes are primarily related to state net operating losses.

As of April 30, 2016, we had a gross unrecognized tax benefit of $1.8 million related to uncertain tax positions in various jurisdictions. A reconciliation of the beginning and ending balance of these unrecognized tax benefits is as follows:

(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Balance at the beginning of the period	$	2,226		$	2,972		$	3,248
Additions:
Positions taken during the current year		87			94			88
Reductions:
Positions taken during the prior year		(321	)		(702	)		(99	)
Decreases related to settlements with taxing authorities		—			(25	)		(98	)
Reductions resulting from the lapse of the statute of limitations		(171	)		(113	)		(167	)

Balance at the end of the period	$	1,821		$	2,226		$	2,972

We recognize interest and penalties associated with uncertain tax positions in income tax expense. We had approximately $0.2 million and $0.3 million accrued for interest and penalties as of April 30, 2016, and April 25, 2015, respectively.

If recognized, $0.4 million of the total $1.8 million of unrecognized tax benefits would decrease our effective tax rate. We expect unrecognized tax benefits to decrease by approximately $1.3 million within the next 12 months as a result of state tax net operating loss carryovers expiring. This expected decrease in unrecognized tax benefits will not impact our effective tax rate. The remaining balance will be settled or released as tax audits are effectively settled, statutes of limitation expire or other new information becomes available.

Our U.S. federal income tax returns for fiscal years 2013 and subsequent are still subject to audit. Our fiscal year 2012 U.S. federal income tax return audit was completed in fiscal 2016 with no changes to reported tax. In addition, we conduct business in various states. The major states in which we conduct business are subject to audit for fiscal years 2013 and subsequent. Our businesses in Canada and Thailand are subject to audit for fiscal years 2007 and subsequent, and in Mexico, calendar years 2011 and subsequent.

Cash paid for taxes (net of refunds received) during the fiscal years ended April 30, 2016, April 25, 2015, and April 26, 2014, were $34.5 million, $34.4 million, and $25.0 million, respectively.

Earnings per Share

12 Months Ended

Apr. 30, 2016

Earnings per Share

Earnings per Share

Note 19: Earnings per Share

Certain share-based compensation awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities. We grant restricted stock awards that contain non-forfeitable rights to dividends on unvested shares, and we are required to include these participating securities in calculating our basic earnings per common share, using the two-class method.

The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share:

	Year Ended
(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	79,252		$	70,773		$	55,056
Income allocated to participating securities		(401	)		(395	)		(422	)

Net income available to common shareholders	$	78,851		$	70,378		$	54,634


Denominator:
Basic weighted average common shares outstanding		50,194			51,767			52,386
Add:
Contingent common shares		238			250			1,049
Stock option dilution		333			329			394

Diluted weighted average common shares outstanding		50,765			52,346			53,829

The above values for contingent common shares reflect the dilutive effect of common shares that we would have issued to employees under the terms of performance-based share awards if the relevant performance period for the award had been the reporting period.

We had outstanding options to purchase 0.4 million shares for the year ended April 30, 2016 with a weighted average exercise price of $26.69. We excluded the effect of these options from our diluted share calculation since, for each period presented, the weighted average exercise price of the options was higher than the average market price, and including the options' effect would have been anti-dilutive. We did not exclude any outstanding options from the diluted share calculation for the fiscal years ended April 25, 2015 and April 26, 2014.

Fair Value Measurements

12 Months Ended

Apr. 30, 2016

Fair Value Measurements

Fair Value Measurements

Note 20: Fair Value Measurements

Accounting standards require that we put financial assets and liabilities into one of three categories based on the inputs we use to value them:


•	Level 1—Financial assets and liabilities the values of which are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access.
•	Level 2—Financial assets and liabilities the values of which are based on quoted prices in markets that are not active or on model inputs that are observable for substantially the full term of the asset or liability.
•	Level 3—Financial assets and liabilities the values of which are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

Accounting standards require that in making fair value measurements, we use observable market data when they are available. When inputs used to measure fair value fall within different levels of the hierarchy, we categorize the fair value measurement as being in the lowest level that is significant to the measurement. We recognize transfers between levels of the fair value hierarchy at the end of the reporting period in which they occur.

In addition to assets and liabilities that we record at fair value on a recurring basis, we are required to record assets and liabilities at fair value on a non-recurring basis. We measure non-financial assets such as trade names, goodwill, and other long-lived assets at fair value when there is an indicator of impairment, and we record them at fair value only when we recognize an impairment loss. During fiscal 2015 we recorded our American Drew trade name at fair value based upon the relief from royalty method.

The following table presents the fair value hierarchy for those assets measured at fair value on a recurring basis as of April 30, 2016, and April 25, 2015:

Fiscal 2016

		Fair Value Measurements
(Amounts in thousands)		Level 1(a)		Level 2(a)		Level 3
Assets
Available-for-sale investments		$	1,452	$	43,698	$	—
Held-to-maturity investments			1,826		—		—

Total		$	3,278	$	43,698	$	—



(a)	There were no transfers between Level 1 and Level 2 during fiscal 2016.

Fiscal 2015

		Fair Value Measurements
(Amounts in thousands)		Level 1(b)		Level 2(b)		Level 3
Assets
Available-for-sale investments		$	1,552	$	58,516	$	—
Trading securities			—		1,127		—

Total		$	1,552	$	59,643	$	—



(b)	There were no transfers between Level 1 and Level 2 during fiscal 2015.

At April 30, 2016, and April 25, 2015, we held available-for-sale marketable securities intended to enhance returns on our cash and to fund future obligations of our non-qualified defined benefit retirement plan, as well as trading securities to fund future obligations of our executive deferred compensation plan and our performance compensation retirement plan. The fair value measurements for our securities are based on quoted prices in active markets, as well as through broker quotes and independent valuation providers, multiplied by the number of shares owned exclusive of any transaction costs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Apr. 30, 2016

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

ScheLA-Z-BOY INCORPORATED
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
(Amounts in thousands)

				Additions
Description		Balance at Beginning of Year		Charged to Costs and Expenses			Charged to Other Accounts			Deductions			Balance at End of Year
Allowance for doubtful accounts, deducted from accounts receivable:
April 30, 2016		$	4,622	$	(664	)	$	—		$	(813	)(a)	$	3,145
April 25, 2015			12,368		(2,206	)		—			(5,540	)(a)		4,622
April 26, 2014			21,607		(2,926	)		—			(6,313	)(a)		12,368
Allowance for deferred tax assets:
April 30, 2016		$	4,322	$	—		$	(358	)(c)	$	(339	)(b)	$	3,625
April 25, 2015			4,700		—			39	(c)		(417	)(b)		4,322
April 26, 2014			6,619		(135	)		—			(1,784	)(b)		4,700

(a)	Deductions represented uncollectible accounts written off less recoveries of accounts receivable written off in prior years.
(b)	Valuation allowance release.
(c)	Represents impact of adjusting gross deferred tax assets.

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Apr. 30, 2016
Accounting Policies
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries. The portion of less than wholly-owned subsidiaries is included as non-controlling interest. All intercompany transactions have been eliminated, including any related profit on intercompany sales.
Use of Estimates	Use of Estimates 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 assets and liabilities), sales and expenses at the date of the financial statements. Actual results could differ from those estimates.
Cash and Equivalents	Cash and Equivalents For purposes of the consolidated balance sheet and statement of cash flows, we consider all highly liquid debt instruments purchased with initial maturities of three months or less to be cash equivalents.
Restricted Cash	Restricted Cash We have cash on deposit with a bank as collateral for certain letters of credit.
Inventories	Inventories Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ("LIFO") basis for approximately 70% and 66% of our inventories at April 30, 2016, and April 25, 2015, respectively. Cost is determined for all other inventories on a first-in, first-out ("FIFO") basis. The FIFO method of accounting is mainly used for our Retail segment's inventory as well as our England operating unit and our majority owned foreign subsidiaries.
Property, Plant and Equipment	Property, Plant and Equipment Items capitalized, including significant betterments to existing facilities, are recorded at cost. Capitalized computer software costs include internal and external costs incurred during the software's development stage. Internal costs relate primarily to employee activities related to coding and testing the software under development. Computer software costs are depreciated over three to ten years. All maintenance and repair costs are expensed when incurred. Depreciation is computed principally using straight-line methods over the estimated useful lives of the assets.
Disposal and Impairment of Long-Lived Assets	Disposal and Impairment of Long-Lived Assets Retirement or dispositions of long-lived assets are recorded based on carrying value and proceeds received. Any resulting gains or losses are recorded as a component of selling, general and administrative expenses. We review the carrying value of our long-lived assets for impairment annually or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Our assessment of recoverability is based on our best estimates using either quoted market prices or an analysis of the undiscounted projected future cash flows by asset groups in order to determine if there is any indicator of impairment requiring us to further assess the fair value of our long-lived assets. Our asset groups consist of our operating units in our Upholstery segment (La-Z-Boy and England), our Casegoods segment and each of our retail stores.
Indefinite-Lived Intangible Assets and Goodwill	Indefinite-Lived Intangible Assets and Goodwill We test indefinite-lived intangibles and goodwill for impairment on an annual basis in the fourth quarter of our fiscal year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Indefinite-lived intangible assets include our American Drew trade name and the reacquired right to own and operate La-Z-Boy Furniture Galleries® stores in markets we have acquired. We establish the fair value of our trade name and reacquired rights based upon the relief from royalty method. Our goodwill relates to the acquisition of La-Z-Boy Furniture Galleries® stores in various geographic markets. The reporting units for our goodwill are the geographic markets the acquired stores become part of upon acquisition, because the operations of the acquired stores benefit these geographic markets. The estimated fair value for the reporting unit is determined based upon discounted cash flows. In situations where the fair value is less than the carrying value, indicating a potential impairment, a second comparison is performed using a calculation of implied fair value of goodwill to measure any such impairment.
Investments	Investments Available-for-sale securities are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income/(loss). Realized gains and losses and charges for other-than-temporary impairments are included in determining net income, with related purchase costs based on the first-in, first-out method. We periodically evaluate our available for sale investments for possible other-than-temporary impairments by reviewing factors such as the extent to which, and length of time, an investment's fair value has been below our cost basis, the issuer's financial condition, and our ability and intent to hold the investment for sufficient time for its market value to recover. For impairments that are other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment's cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment and it is not adjusted for subsequent recoveries in fair value.
Life Insurance	Life Insurance Life insurance policies are recorded at the amount that could be realized under the insurance contract as of the date of our consolidated balance sheet. These assets are classified as other long-term assets on our consolidated balance sheet. The change in cash surrender or contract value is recorded as income or expense during each period.
Revenue Recognition	Revenue Recognition and Related Allowances for Credit Losses Substantially all of our shipping agreements with third-party carriers transfer the risk of loss to our customers upon shipment. Accordingly, our shipments using third-party carriers are generally recognized as revenue when product is shipped. In all cases, for product shipped on our company-owned trucks, we recognize revenue when the product is delivered. This revenue includes amounts we billed to customers for shipping. At the time we recognize revenue, we make provisions for estimated product returns and warranties, as well as other incentives that we may offer to customers. We also recognize revenue for amounts we receive from our customers in connection with our shared advertising cost arrangement. We import certain products from foreign ports, some of which are shipped directly to our domestic customers. In this case, revenue is not recognized until title is assumed by our customer, which is normally after the goods pass through U.S. Customs. Incentives offered to customers include cash discounts and other sales incentive programs. Estimated cash discounts and other sales incentives are recorded as a reduction of revenues when the revenue is recognized.
Related Allowances for Credit Losses	Revenue Recognition and Related Allowances for Credit Losses Trade accounts receivable arise from the sale of products on trade credit terms. On a quarterly basis, our management team reviews all significant accounts as to their past due balances, as well as collectability of the outstanding trade accounts receivable for possible write off. It is our policy to write off the accounts receivable against the allowance account when we deem the receivable to be uncollectible. Additionally, we review orders from dealers that are significantly past due, and we ship product only when our ability to collect payment for the new sales is reasonably assured. Our allowances for credit losses reflect our best estimate of probable losses inherent in the trade accounts receivable balance. We determine the allowance based on known troubled accounts, historic experience and other currently available evidence. At April 30, 2016, we had no gross notes receivable amounts outstanding. At April 25, 2015, we had gross notes receivable of $1.9 million recorded in receivables on our consolidated balance sheet. We had no allowance for credit losses at April 30, 2016 or at April 25, 2015.
Cost of Sales	Cost of Sales Our cost of sales consists primarily of the cost to manufacture or purchase our merchandise, inspection costs, internal transfer costs, in-bound freight costs, outbound shipping costs, as well as warehousing costs, occupancy costs and depreciation expense related to our manufacturing facilities and equipment. During fiscal 2016 and fiscal 2015, we recorded a benefit related to legal settlements as part of cost of sales. Gross margin benefited 0.3 percentage point and 0.4 percentage point for fiscal 2016 and fiscal 2015, respectively, as a result of legal settlements.
Selling, General and Administrative Expenses	Selling, General and Administrative Expenses SG&A expenses include the costs of selling our products and other general and administrative costs. Selling expenses are primarily composed of commissions, advertising, warranty, bad debt expense and compensation and benefits of employees performing various sales functions. Additionally, the occupancy costs of our retail facilities and the warehousing costs of our regional retail distribution centers are included as a component of SG&A. Other general and administrative expenses included in SG&A are composed primarily of compensation and benefit costs for administration employees and other administrative costs.
Other Income, Net	Other Income, Net Other income, net, primarily includes foreign currency exchange net gain/loss, as well as all pension costs except for the service cost, which is included in selling, general, and administrative expenses on our consolidated statement of income.
Research and Development Costs	Research and Development Costs Research and development costs are charged to expense in the periods incurred. Expenditures for research and development costs were $8.4 million, $8.0 million and $7.9 million for the fiscal years ended April 30, 2016, April 25, 2015, and April 26, 2014, respectively, and are included as a component of SG&A.
Advertising Expenses	Advertising Expenses Production costs of commercials, programming and costs of other advertising, promotion and marketing programs are charged to expense in the period in which the commercial or ad is first aired or released. Gross advertising expenses were $70.8 million, $63.3 million and $59.6 million for the fiscal years ended April 30, 2016, April 25, 2015, and April 26, 2014, respectively. A portion of our advertising program is a national advertising campaign. This campaign is a shared advertising program with our La-Z-Boy Furniture Galleries® stores, which are reimbursing us for about 32% of the cost of the program (excluding company-owned stores). Because of this shared cost arrangement, the advertising expense is reported as a component of SG&A, while the dealers' reimbursement portion is reported as a component of sales.
Operating Leases	Operating Leases We record rent expense related to operating leases on a straight-line basis for minimum lease payments starting with the beginning of the lease term based on the date that we have the right to control the leased property. Our minimum lease payments may incorporate step rent provisions or rent escalations. We also record rental income from subleases on a straight-line basis for minimum lease payments.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We elected the early adoption of accounting guidance issued in November 2015 requiring all deferred income tax assets and liabilities to be presented as noncurrent on our consolidated balance sheet. We are applying this change prospectively beginning with our fiscal 2016 consolidated balance sheet. In periods when deferred tax assets are recorded, we are required to estimate whether recoverability is more likely than not, based on, among other things, forecasts of taxable earnings in the related tax jurisdiction. We consider historical and projected future operating results, the eligible carry-forward period, tax law changes, tax planning opportunities and other relevant considerations when making judgments about realizing the value of our deferred tax assets. We recognize in our consolidated financial statements the benefit of a position taken or expected to be taken in a tax return when it is more likely than not (i.e. a likelihood of more than 50%) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is more likely than not to be realized upon settlement. Changes in judgment that result in subsequent recognition, derecognition or change in a measurement date of a tax position taken in a prior annual period (including any related interest and penalties) are recognized as a discrete item in the interim period in which the change occurs.
Foreign Currency Translation	Foreign Currency Translation The functional currency of our Canadian and Mexico subsidiaries is the U.S. dollar. Transaction gains and losses associated with translating our Canadian and Mexico subsidiaries' assets and liabilities, which are non-U.S. dollar denominated, are recorded in other income, net in our consolidated statement of income. The functional currency of each of our other foreign subsidiaries is its respective local currency. Assets and liabilities of those subsidiaries whose functional currency is their local currency are translated at the year-end exchange rates, and revenues and expenses are translated at average exchange rates for the period, with the corresponding translation effect included as a component of other comprehensive income. In connection with our Mexico subsidiary we have entered into foreign currency forward contracts, designated as cash flow hedges, to hedge certain forecasted expenses.
Accounting for Stock-Based Compensation	Accounting for Stock-Based Compensation We estimate the fair value of equity-based awards, including option awards and stock-based awards that vest based on market conditions, on the date of grant using option-pricing models. The value of the portion of the equity-based awards that are ultimately expected to vest is recognized as expense over the requisite service periods in our consolidated statement of income using a straight-line single-option method. We measure stock-based compensation cost for liability-based awards based on the fair value of the award on the grant date and recognize it as expense over the vesting period. The liability for these awards is remeasured and adjusted to its fair value at the end of each reporting period until paid. We record compensation cost for stock-based awards that vest based on performance conditions ratably over the vesting periods when the vesting of such awards become probable.
Commitments and Contingencies	Commitments and Contingencies We establish an accrued liability for legal matters when those matters present loss contingencies that are both probable and estimable. As a litigation matter develops, we, in conjunction with any outside counsel handling the matter, evaluate on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. When a loss contingency is not both probable and estimable, we do not establish an accrued liability. If, at the time of evaluation, the loss contingency related to a litigation matter is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. Once the loss contingency related to a litigation matter is deemed to be both probable and estimable, we will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. We continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.
Discontinued Operations	Discontinued Operations During fiscal 2014, we sold substantially all of the assets of our Bauhaus U.S.A. business unit and classified Lea Industries as held for sale. The assets and liabilities of Lea Industries were reported in business held for sale in our fiscal 2014 consolidated balance sheet. We were unable to find a buyer for our Lea Industries business, and therefore we liquidated all the assets, consisting mostly of inventory, and ceased operations of Lea Industries during the third quarter of fiscal 2015. The operating results of both Bauhaus and Lea Industries are reported as discontinued operations in our consolidated statement of income for fiscal 2015 and fiscal 2014.
Insurance/Self-Insurance	Insurance/Self-Insurance We use a combination of insurance and self-insurance for a number of risks, including workers' compensation, general liability, vehicle liability and the company-funded portion of employee-related health care benefits. Liabilities associated with these risks are estimated in part by considering historic claims experience, demographic factors, severity factors and other assumptions. Our workers' compensation reserve is an undiscounted liability. We have various excess loss coverages for auto, product liability and workers' compensation liabilities. Our deductibles generally do not exceed $1.5 million.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued a new accounting standard that requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard supersedes virtually all existing authoritative accounting guidance on revenue recognition and requires additional disclosures and greater use of estimates and judgments. During July 2015, the FASB deferred the effective date of the revenue recognition guidance by one year, thus making the new accounting standard effective for our fiscal year 2019. We are assessing the impact that this guidance will have on our consolidated financial statements and financial statement disclosures. In May 2015, the FASB issued a new accounting standard that requires entities to remove investments valued at net asset value per share under the practical expedient from the fair value hierarchy. Disclosure information on those assets will be required to help users understand the nature and risks of those investments. The standard is effective for our fiscal year 2017 and will be applied retrospectively. This standard will have no effect on our consolidated financial statements, but we are currently assessing the impact that this guidance will have on our fair value footnote disclosures. In September 2015, the FASB released a new accounting standard for business combinations that requires the acquirer to recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustments are determined. The standard is to be applied prospectively beginning with our fiscal year 2017. We are assessing the impact that this guidance will have on our consolidated financial statements. In January 2016, the FASB issued a new accounting standard that requires equity investments to be measured at fair value with the fair value changes to be recognized through net income. This standard does not apply to investments that are accounted for under the equity method of accounting or that result in consolidation of the invested entity. We currently hold equity investments that are measured at fair value at the end of each reporting period and we recognize the fair value changes through other comprehensive income (loss) as unrealized gains (losses). Based on the fair value of our unrealized loss as of April 30, 2016, adoption of this standard would be immaterial to our consolidated financial statements. Adoption of this standard will be required for our fiscal year 2019 financial statements. In February 2016, the FASB issued a new accounting standard requiring all operating leases that a lessee enters into to be recorded on their balance sheet. The lessee will record an asset for the right to use the underlying asset for the lease term and a liability for the contractual lease payments. This guidance is effective for our fiscal year 2020. We are assessing the impact that this guidance will have on our consolidated financial statements and related disclosures. In March 2016, the FASB issued a new accounting standard focused on simplifying the accounting for share-based payments. The guidance includes changes to the accounting for income taxes related to share-based payments as well as changes to the presentation of these tax impacts on the statement of cash flows. This guidance will be applicable for our fiscal year 2018. We are assessing the impact that this guidance will have on our consolidated financial statements.

Acquisitions (Tables)

12 Months Ended

Apr. 30, 2016

Acquisitions

Summary of fair values at the dates of acquisition

(Amounts in thousands)	Fiscal 2016 Acquisitions
Current assets	$	4,146
Goodwill and other intangible assets		25,129
Property, plant, and equipment		202

Total assets acquired		29,477
Current liabilities		(3,217	)

Net assets acquired	$	26,260

Restructuring (Tables)

12 Months Ended

Apr. 30, 2016

Restructuring

Details of total pre-tax restructuring (income)/expense

(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Fixed asset (recoveries) write-downs	$	132		$	(987	)	$	2,272
Inventory (recoveries) write-downs		(43	)		(578	)		2,216
Other		490			1,194			351

Total restructuring—continuing operations		579			(371	)		4,839
Inventory write-downs		—			—			1,804
Trade name write-down		—			—			1,265
Other		—			11			163

Total restructuring—discontinued operations		—			11			3,232

Total restructuring expense (income)	$	579		$	(360	)	$	8,071

Discontinued Operations (Tables)

12 Months Ended

Apr. 30, 2016

Discontinued Operations

Financial disclosures of discontinued operations

(Amounts in thousands)	4/25/2015			4/26/2014
Net sales	$	7,850		$	50,587
Operating income (loss) from discontinued operations	$	869		$	(6,032	)
Interest expense		8			—
Income from Continued Dumping and Subsidy Offset Act, net		4,211			—
Income tax benefit (expense)		(1,775	)		2,236

Income (loss) from discontinued operations, net of tax	$	3,297		$	(3,796	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
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-Section 50
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-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

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-Section 50
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-Name Accounting Standards Codification
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-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

+ Details

Inventories (Tables)

12 Months Ended

Apr. 30, 2016

Inventories

Schedule of inventories

	As of
(Amounts in thousands)	4/30/2016			4/25/2015
Raw materials	$	87,905		$	75,024
Work in process		11,591			14,310
Finished goods		97,861			92,295

FIFO inventories		197,357			181,629
Excess of FIFO over LIFO		(21,768	)		(24,840	)

Total inventories	$	175,589		$	156,789

Property, Plant and Equipment (Tables)

12 Months Ended

Apr. 30, 2016

Property, Plant and Equipment

Schedule of property, plant and equipment

			As of
	Estimated Useful Lives		As of
(Amounts in thousands)	Estimated Useful Lives		4/30/2016			4/25/2015
Buildings and building fixtures		3 - 40 years	$	192,211		$	202,482
Machinery and equipment		3 - 15 years		143,561			142,949
Information systems and software		3 - 10 years		72,275			72,200
Land		—		14,346			15,409
Land improvements		3 - 30 years		15,007			14,747
Transportation equipment		3 - 10 years		15,728			17,051
Furniture and fixtures		3 - 15 years		19,397			20,996
Construction in progress				10,465			14,195

				482,990			500,029
Accumulated depreciation				(311,400	)		(325,993	)

Net property, plant and equipment			$	171,590		$	174,036

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Apr. 30, 2016

Goodwill and Other Intangible Assets

Roll-forward of goodwill

(Amounts in thousands)	Goodwill
Balance at April 26, 2014	$	13,923
Acquisitions		1,241

Balance at April 25, 2015		15,164
Acquisitions		22,029

Balance at April 30, 2016	$	37,193

Roll-forward of other indefinite-lived intangible assets

(Amounts in thousands)	Trade Names			Reacquired Rights		Total Other Intangible Assets
Balance at April 26, 2014	$	1,306		$	3,238	$	4,544
Acquisitions		—			1,025		1,025
Impairment charges		(111	)		—		(111	)

Balance at April 25, 2015		1,195			4,263		5,458
Acquisitions		—			3,100		3,100

Balance at April 30, 2016	$	1,195		$	7,363	$	8,558

Investments (Tables)

12 Months Ended

Apr. 30, 2016

Investments

Summary of investments

(Amounts in thousands)	4/30/2016		4/25/2015
Short-term investments:
Available-for-sale investments	$	13,491	$	16,763
Trading securities		—		1,127
Held-to-maturity investments		1,826		—

Total short-term investments		15,317		17,890
Long-term investments:
Available-for-sale investments		31,659		43,305

Total available-for-sale and trading investments	$	46,976	$	61,195


Investments to enhance returns on cash	$	33,583	$	45,490
Investments to fund compensation/retirement plans	$	13,393	$	15,705

Summary of unrealized gain, unrealized losses, and fair value by investment type

Fiscal 2016

(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	1,231	$	(135	)	$	8,150
Fixed income		176		(9	)		36,527
Mutual funds		—		—			—
Other		1		(21	)		2,299

Total securities	$	1,408	$	(165	)	$	46,976

Fiscal 2015

(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	2,014	$	(78	)	$	9,251
Fixed income		224		(14	)		50,358
Mutual funds		—		—			1,127
Other		1		(22	)		459

Total securities	$	2,239	$	(114	)	$	61,195

Summary of sales of available-for-sale securities

(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Proceeds from sales	$	28,721		$	33,750		$	34,557
Gross realized gains		997			285			857
Gross realized losses		(561	)		(74	)		(559	)

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Apr. 30, 2016

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses and other current liabilities

	As of
(Amounts in thousands)	4/30/2016		4/25/2015
Payroll and other compensation	$	45,611	$	40,711
Accrued product warranty, current portion		12,381		10,182
Customer deposits		20,961		23,722
Other current liabilities		33,523		33,711

Accrued expenses and other current liabilities	$	112,476	$	108,326

Debt (Tables)

12 Months Ended

Apr. 30, 2016

Debt

Schedule of debt

	As of
(Amounts in thousands)	4/30/2016			4/25/2015
Capital leases	$	803		$	830
Less: current portion		(290	)		(397	)

Long-term debt	$	513		$	433

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Operating Leases (Tables)

12 Months Ended

Apr. 30, 2016

Operating Leases

Future minimum rentals for all non-cancelable operating leases and future rental income from subleases

(Amounts in thousands)	Future Minimum Rentals		Future Minimum Income
2017	$	63,256	$	3,969
2018		60,817		3,906
2019		54,574		3,906
2020		48,032		3,934
2021		44,238		3,309
2022 and beyond		105,461		4,969

Total	$	376,378	$	23,993

Schedule of rental expense and rental income for operating leases

(Amounts in thousands)	4/30/2016		4/25/2015		4/26/2014
Rental expense	$	62,953	$	55,808	$	51,132
Rental income		4,650		4,966		5,138

Retirement and Welfare Plans (Tables)

12 Months Ended

Apr. 30, 2016

Retirement and Welfare Plans

Schedule of amounts recognized in accumulated other comprehensive loss

(Amounts in thousands)	4/30/2016			4/25/2015
Beginning of year net actuarial loss	$	37,602		$	39,425
Net current year actuarial loss		2,249			836
Amortization of actuarial loss		(3,001	)		(2,659	)

End of year net actuarial loss	$	36,850		$	37,602

Schedule of combined net periodic pension cost and retirement costs

(Amounts in thousands)		4/30/2016			4/25/2015			4/26/2014
Service cost		$	1,358		$	1,114		$	1,241
Interest cost			4,938			5,070			4,822
Expected return on plan assets			(4,997	)		(5,077	)		(6,800	)
Net amortization and deferral			3,001			2,658			3,388

Net periodic pension cost (hourly plan)			4,300			3,765			2,651
401(k)*			6,657			6,270			5,802
PCRP*			3,088			1,377			2,513
Other*			318			124			223

Total retirement costs (excluding non-qualified defined benefit retirement plan)		$	14,363		$	11,536		$	11,189



*	Not determined by an actuary

Schedule of funded status of the defined benefit pension plan

(Amounts in thousands)	4/30/2016			4/25/2015
Change in benefit obligation
Benefit obligation at beginning of year	$	121,080		$	116,870
Service cost		1,358			1,114
Interest cost		4,938			5,070
Actuarial loss		221			3,664
Benefits paid		(10,808	)		(5,638	)
Administrative expenses		(418	)		—

Benefit obligation at end of year		116,371			121,080
Change in plan assets
Fair value of plan assets at beginning of year		113,742			111,474
Actual return on plan assets		2,968			7,906
Employer contributions		7,000			—
Benefits paid		(10,808	)		(5,638	)
Administrative expenses		(418	)		—

Fair value of plan assets at end of year		112,484			113,742

Funded status	$	(3,887	)	$	(7,338	)

Schedule of amounts included in the consolidated balance sheet related to the defined benefit pension plan

(Amounts in thousands)		4/30/2016			4/25/2015
Other long-term liabilities		$	(3,887	)	$	(7,338	)

Schedule of actuarial assumptions for the defined benefit pension plan

	4/30/2016			4/25/2015			4/26/2014
Discount rate used to determine benefit obligations		4.1	%		4.2	%		4.4	%
Discount rate used to determine net benefit cost		4.2	%		4.4	%		4.0	%
Long-term rate of return		4.3	%		4.7	%		4.7	%

Schedule of fair value of the assets in the defined benefit pension plan

Fiscal 2016

(Amounts in thousands)		Level 1(a)		Level 2(a)		Level 3
Cash and equivalents		$	3,239	$	15,440	$	—
Equity funds			19,505		42		—
Debt funds			—		74,258		—

Total		$	22,744	$	89,740	$	—



(a)	There were no transfers between Level 1 and Level 2 during fiscal 2016.

Fiscal 2015

(Amounts in thousands)		Level 1(b)		Level 2(b)		Level 3
Cash and equivalents		$	149	$	3,685	$	—
Equity funds			23,120		7,702		—
Debt funds			—		79,086		—

Total		$	23,269	$	90,473	$	—



(b)	There were no transfers between Level 1 and Level 2 during fiscal 2015.

Schedule of expected benefit payments for each of the next five fiscal years and for periods thereafter

(Amounts in thousands)	Benefit Payments
2017	$	6,311
2018		6,451
2019		6,608
2020		6,752
2021		6,874
2022 to 2026		35,659

	$	68,655

Product Warranties (Tables)

12 Months Ended

Apr. 30, 2016

Product Warranties

Reconciliation of changes in product warranty liability

(Amounts in thousands)	4/30/2016			4/25/2015
Balance as of the beginning of the year	$	16,870		$	16,013
Accruals during the year		23,592			19,017
Accrual adjustments		—			(953	)
Settlements during the year		(19,951	)		(17,207	)

Balance as of the end of the year	$	20,511		$	16,870

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2016

Stock-Based Compensation

Summary of total stock-based compensation expense

The table below summarizes the total stock-based compensation expense recognized for all outstanding grants in our consolidated statement of income (for the fiscal years ended):

(Amounts in thousands)	4/30/2016		4/25/2015		4/26/2014
Equity-based awards expense	$	8,292	$	6,780	$	8,739
Liability-based awards expense		1,355		4,597		5,736

Total stock-based compensation expense	$	9,647	$	11,377	$	14,475

Schedule of plan activity for stock options

	Number of Shares (In Thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In Thousands)
Outstanding at April 25, 2015		1,039		$	16.15		7.6	$	11,773
Granted		427			26.69
Canceled		(16	)		25.71
Exercised		(39	)		10.75				622

Outstanding at April 30, 2016		1,411		$	19.39		7.4	$	9,489


Exercisable at April 30, 2016		597		$	13.26		6.0	$	7,529

Fair value assumptions for stock options

	Fiscal 2016 Grant			Fiscal 2015 Grant			Fiscal 2014 Grant
Risk-free interest rate		1.54	%		1.59	%		0.84	%
Dividend rate		1.20	%		1.00	%		0.84	%
Expected life in years		5.0			5.0			5.0
Stock price volatility		44.37	%		54.40	%		81.27	%
Fair value per share	$	9.69		$	10.45		$	11.63

Fair value assumptions for SARs

	Fiscal 2014 Grant			Fiscal 2013 Grant
Risk-free interest rate		0.88	%		0.66	%
Dividend rate		1.55	%		1.55	%
Expected life in years		2.1			1.2
Stock price volatility		30.77	%		30.56	%
Fair value per share	$	7.82		$	13.54

Summary of information about non-vested share awards

	Shares (In Thousands)			Weighted Average Grant Date Fair Value
Non-vested shares at April 25, 2015		142		$	20.50
Granted		102			26.46
Vested		(57	)		16.07
Canceled		(18	)		24.07

Non-vested shares at April 30, 2016		169		$	25.22

Summary of information about non-vested stock units

	Units (In Thousands)			Weighted Average Grant Date Fair Value
Non-vested units at April 25, 2015		146		$	16.12
Vested		(58	)		15.40
Canceled		(11	)		16.55

Non-vested units at April 30, 2016		77		$	16.61

Schedule of performance-based shares and units granted

Performance-based awards granted (Shares/units in thousands)	Units		Shares
Fiscal 2014 grant		35		191
Fiscal 2015 grant		—		192
Fiscal 2016 grant		—		182

Schedule of awards earned based on performance conditions

Performance-based awards earned (Shares/units in thousands)	Shares/Units
Fiscal 2014 performance-based shares		159
Fiscal 2014 performance-based units		24
Fiscal 2015 performance-based shares		64
Fiscal 2016 performance-based shares		80

Schedule of equity-based compensation expenses related to performance-based shares

(Amounts in thousands)	4/30/2016		4/25/2015		4/26/2014
Fiscal 2012 grant	$	—	$	—	$	3,603
Fiscal 2013 grant		—		568		849
Fiscal 2014 grant		926		769		1,006
Fiscal 2015 grant		840		908		—
Fiscal 2016 grant		1,610		—		—

Total expense	$	3,376	$	2,245	$	5,458

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Apr. 30, 2016

Accumulated Other Comprehensive Loss

Activity in accumulated other comprehensive loss

(Amounts in thousands)	Translation Adjustment			Change in Fair Value of Cash Flow Hedge			Unrealized Gain on Marketable Securities			Net Pension Amortization and Net Actuarial Loss			Accumulated Other Comprehensive Loss
Balance at April 27, 2013	$	4,779		$	231		$	474		$	(40,980	)	$	(35,496	)
Changes before reclassifications		(2,324	)		(780	)		1,308			6,286			4,490
Amounts reclassified to net income		—			321			(300	)		3,566			3,587
Tax effect		—			175			(384	)		(3,752	)		(3,961	)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(2,324	)		(284	)		624			6,100			4,116

Balance at April 26, 2014		2,455			(53	)		1,098			(34,880	)		(31,380	)
Changes before reclassifications		(938	)		(1,857	)		1,033			(2,517	)		(4,279	)
Amounts reclassified to net income		—			1,038			(214	)		2,806			3,630
Tax effect		—			312			(312	)		(110	)		(110	)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(938	)		(507	)		507			179			(759	)

Balance at April 25, 2015		1,517			(560	)		1,605			(34,701	)		(32,139	)
Changes before reclassifications		(1,962	)		(1,711	)		(447	)		(2,612	)		(6,732	)
Amounts reclassified to net income		—			2,154			(436	)		3,216			4,934
Tax effect		—			(169	)		336			(230	)		(63	)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(1,962	)		274			(547	)		374			(1,861	)

Balance at April 30, 2016	$	(445	)	$	(286	)	$	1,058		$	(34,327	)	$	(34,000	)

Components of non-controlling interest

(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Balance as of the beginning of the year	$	8,954		$	7,832		$	7,140
Net income		1,711			1,198			1,324
Other comprehensive income		(595	)		(76	)		(730	)
Change in non-controlling interest		—			—			98

Balance as of the end of the year	$	10,070		$	8,954		$	7,832

Segment Information (Tables)

12 Months Ended

Apr. 30, 2016

Segment Information

Schedule of segment information

	Year Ended
(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Sales
Upholstery segment:
Sales to external customers	$	1,027,615		$	990,237		$	959,118
Intersegment sales		188,190			161,565			139,932

Upholstery segment sales		1,215,805			1,151,802			1,099,050

Casegoods segment:
Sales to external customers		92,601			98,886			97,095
Intersegment sales		9,939			10,827			9,657

Casegoods segment sales		102,540			109,713			106,752

Retail segment sales		402,479			333,978			298,642
Corporate and Other:
Sales to external customers		2,703			2,294			2,463
Intersegment sales		3,720			—			—

Corporate and Other sales		6,423			2,294			2,463

Eliminations		(201,849	)		(172,392	)		(149,589	)

Consolidated sales	$	1,525,398		$	1,425,395		$	1,357,318


Operating Income (Loss)
Upholstery segment	$	134,193		$	121,403		$	117,688
Casegoods segment		7,734			6,408			3,397
Retail segment		25,567			11,466			11,128
Restructuring		(579	)		371			(4,839	)
Corporate and Other		(44,526	)		(36,483	)		(38,078	)

Consolidated operating income		122,389			103,165			89,296
Interest expense		486			523			548
Interest income		827			1,030			761
Income from Continued Dumping and Subsidy Offset Act, net		102			1,212			—
Other income, net		2,211			744			2,050

Income from continuing operations before income taxes	$	125,043		$	105,628		$	91,559


Depreciation and Amortization
Upholstery segment	$	13,559		$	12,669		$	13,778
Casegoods segment		874			813			1,171
Retail segment		2,800			2,910			2,520
Corporate and Other		9,284			5,891			5,566

Consolidated depreciation and amortization	$	26,517		$	22,283		$	23,035


Capital Expenditures
Upholstery segment	$	14,744		$	14,979		$	6,579
Casegoods segment		562			1,149			149
Retail segment		3,245			2,993			4,379
Corporate and Other		6,133			51,198			22,623

Consolidated capital expenditures	$	24,684		$	70,319		$	33,730


Assets
Upholstery segment	$	323,411		$	317,102		$	305,814
Casegoods segment		51,165			48,403			53,299
Retail segment		146,963			126,189			119,816
Unallocated assets		278,490			282,910			292,366

Consolidated assets	$	800,029		$	774,604		$	771,295

Long-lived assets by geographic location and sales by country

Long-Lived Assets by Geographic Location
Domestic	$	211,021		$	187,224		$	147,538
International		7,443			8,359			6,805

Consolidated long-lived assets	$	218,464		$	195,583		$	154,343


Sales by Country
United States		89	%		87	%		86	%
Canada		7	%		7	%		8	%
Other		4	%		6	%		6	%

Total		100	%		100	%		100	%

Income Tax (Tables)

12 Months Ended

Apr. 30, 2016

Income Taxes

Schedule of income before income taxes for continuing operations

Income from continuing operations before income taxes consists of the following (for the fiscal years ended):

(Amounts in thousands)	4/30/2016		4/25/2015		4/26/2014
United States	$	115,750	$	96,605	$	82,705
Foreign		9,293		9,023		8,854

Total	$	125,043	$	105,628	$	91,559

Components of income tax expense (benefit)

Income tax expense (benefit) applicable to continuing operations consists of the following components (for the fiscal years ended):

(Amounts in thousands)	4/30/2016		4/25/2015		4/26/2014
Federal:
—current	$	32,403	$	28,887	$	24,695
—deferred		3,559		406		1,495
State:
—current		4,750		4,573		5,345
—deferred		859		637		(2,082	)
Foreign:
—current		2,345		2,281		1,375
—deferred		164		170		555

Total income tax expense	$	44,080	$	36,954	$	31,383

Reconciliation of effective tax rate

	Year Ended
(% of income from continuing operations before income taxes)	Year Ended
	4/30/2016			4/25/2015			4/26/2014
Statutory tax rate		35.0	%		35.0	%		35.0	%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		3.4			3.5			3.1
U.S. manufacturing benefit		(2.5	)		(2.1	)		(1.0	)
Change in valuation allowance		(0.3	)		(0.4	)		(1.2	)
Miscellaneous items		(0.3	)		(1.0	)		(1.6	)

Effective tax rate		35.3	%		35.0	%		34.3	%

Components of deferred tax assets and (liabilities)

	As of
(Amounts in thousands)	4/30/2016			4/25/2015
Assets
Deferred and other compensation	$	25,032		$	22,085
Allowance for doubtful accounts		1,560			2,255
State income tax—net operating losses, credits and other		5,571			6,032
Pension		1,542			2,828
Warranty		7,817			6,466
Rent		4,184			5,174
Workers' compensation		3,870			4,173
Employee benefits		3,212			3,096
Other		—			1,262
Valuation allowance		(3,625	)		(4,322	)

Total deferred tax assets		49,163			49,049
Liabilities
Property, plant and equipment		(7,089	)		(2,722	)
Other		(391	)		—

Net deferred tax assets	$	41,683		$	46,327

Summary of deferred tax assets associated with loss carryforwards

(Amounts in thousands)	Amount		Expiration
Various U.S. state net operating losses (excluding federal tax effect)	$	8,909		Fiscal 2017 - 2035
Foreign net operating losses		100		Indefinite
Foreign capital losses		19		Indefinite

Summary of valuation allowance by jurisdiction

Jurisdiction (Amounts in thousands)	4/25/2015 Valuation Allowance		Change			4/30/2016 Valuation Allowance
U.S. state	$	4,303	$	(697	)	$	3,606
Foreign		19		—			19

Total	$	4,322	$	(697	)	$	3,625

Reconciliation of the beginning and ending balance of unrecognized tax benefits

(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Balance at the beginning of the period	$	2,226		$	2,972		$	3,248
Additions:
Positions taken during the current year		87			94			88
Reductions:
Positions taken during the prior year		(321	)		(702	)		(99	)
Decreases related to settlements with taxing authorities		—			(25	)		(98	)
Reductions resulting from the lapse of the statute of limitations		(171	)		(113	)		(167	)

Balance at the end of the period	$	1,821		$	2,226		$	2,972

Earnings per Share (Tables)

12 Months Ended

Apr. 30, 2016

Earnings per Share

Reconciliation of numerators and denominators used in the computation of basic and diluted earnings per share

	Year Ended
(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	79,252		$	70,773		$	55,056
Income allocated to participating securities		(401	)		(395	)		(422	)

Net income available to common shareholders	$	78,851		$	70,378		$	54,634


Denominator:
Basic weighted average common shares outstanding		50,194			51,767			52,386
Add:
Contingent common shares		238			250			1,049
Stock option dilution		333			329			394

Diluted weighted average common shares outstanding		50,765			52,346			53,829

Fair Value Measurements (Tables)

12 Months Ended

Apr. 30, 2016

Fair Value Measurements

Fair value hierarchy for assets measured at fair value on a recurring basis

Fiscal 2016

	Fair Value Measurements
(Amounts in thousands)	Level 1(a)		Level 2(a)		Level 3
Assets
Available-for-sale investments	$	1,452	$	43,698	$	—
Held-to-maturity investments		1,826		—		—

Total	$	3,278	$	43,698	$	—



(a)	There were no transfers between Level 1 and Level 2 during fiscal 2016.

Fiscal 2015

		Fair Value Measurements
(Amounts in thousands)		Level 1(b)		Level 2(b)		Level 3
Assets
Available-for-sale investments		$	1,552	$	58,516	$	—
Trading securities			—		1,127		—

Total		$	1,552	$	59,643	$	—



(b)	There were no transfers between Level 1 and Level 2 during fiscal 2015.

Accounting Policies - Fiscal Year and Inventories (Details)	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Accounting Policies
Length of fiscal year	371 days	364 days	364 days
Inventories
Inventory cost determined using LIFO basis (as a percent)	70.00%	66.00%

Accounting Policies - Property, Plant and Equipment (Details) - Computer software costs	12 Months Ended
	Apr. 30, 2016
Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Maximum
Property, Plant and Equipment
Estimated useful life	10 years

Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 25, 2015
Valuation and Qualifying Accounts Disclosure [Line Items]
Notes receivable, gross	$ 0.0	$ 1.9
Allowance for notes receivable
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for credit losses	$ 0.0	$ 0.0

Accounting Policies - Other Various Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Cost of Sales
Improvement in gross margin due to legal settlement (as a percent)	0.30%	0.40%
Research and Development Costs
Expenditures for research and development costs from continuing operations	$ 8.4	$ 8.0	$ 7.9
Advertising Expenses
Gross advertising expenses	$ 70.8	$ 63.3	$ 59.6
Percentage reimbursement on shared advertising program	32.00%
Insurance/Self-Insurance
Maximum deductibles for excess loss coverages	$ 1.5

Acquisitions (Details) $ in Thousands	12 Months Ended
Acquisitions (Details) $ in Thousands	Apr. 30, 2016 USD ($) store Counterparty	Apr. 25, 2015 USD ($) Counterparty	Apr. 26, 2014 USD ($) Counterparty
Acquisitions
Cash paid	$ 23,311	$ 1,774	$ 801
Goodwill	$ 37,193	$ 15,164	$ 13,923
Independent dealer assets acquired in fiscal 2016
Acquisitions
Number of dealers whose assets were acquired \| Counterparty	4
Number of stores \| store	11
Total purchase price	$ 26,300
Cash paid	23,300
Prepaid expenses and forgiveness of accounts and notes receivable	3,000
Settlement gain or loss	0
Goodwill	22,000
Fair values at the dates of acquisition
Current assets	4,146
Goodwill and other intangible assets	25,129
Net property, plant, and equipment	202
Total assets acquired	29,477
Current liabilities	(3,217)
Net assets acquired	26,260
Independent dealer assets acquired in fiscal 2016 \| Reacquired rights
Acquisitions
Indefinite-lived intangible asset	$ 3,100
Independent dealer assets acquired in fiscal 2015
Acquisitions
Number of dealers whose assets were acquired \| Counterparty		2
Cash paid		$ 1,800
Prepaid expenses and forgiveness of accounts and notes receivable		1,000
Goodwill		1,200
Independent dealer assets acquired in fiscal 2015 \| Reacquired rights
Acquisitions
Indefinite-lived intangible asset		$ 1,000
Independent dealer assets acquired in fiscal 2014
Acquisitions
Number of dealers whose assets were acquired \| Counterparty			2
Cash paid			$ 800
Prepaid expenses and forgiveness of accounts and notes receivable			3,000
Goodwill			1,100
Independent dealer assets acquired in fiscal 2014 \| Reacquired rights
Acquisitions
Indefinite-lived intangible asset			$ 1,100

Restructuring (Details) $ in Thousands	12 Months Ended
Restructuring (Details) $ in Thousands	Apr. 30, 2016 USD ($)	Apr. 25, 2015 USD ($) facility	Apr. 26, 2014 USD ($)
Restructuring
Number of facilities sold \| facility		2
Restructuring charges
Pre-tax restructuring charges since inception of plan	$ 8,300
Restructuring charges since inception of plan, net of tax	5,400
Pre-tax restructuring expense (income)	579	$ (360)	$ 8,071
Restructuring liability	100
Continuing Operations
Restructuring charges
Pre-tax restructuring charges since inception of plan	5,100
Restructuring charges since inception of plan, net of tax	3,300
Pre-tax restructuring expense (income)	579	(371)	4,839
Continuing Operations \| Fixed asset (recoveries) write-downs
Restructuring charges
Pre-tax restructuring expense (income)	132	(987)	2,272
Continuing Operations \| Inventory (recoveries) write-downs
Restructuring charges
Pre-tax restructuring expense (income)	(43)	(578)	2,216
Continuing Operations \| Other
Restructuring charges
Pre-tax restructuring expense (income)	490	1,194	351
Discontinued Operations
Restructuring charges
Pre-tax restructuring charges since inception of plan	3,200
Restructuring charges since inception of plan, net of tax	$ 2,100
Pre-tax restructuring expense (income)		11	3,232
Discontinued Operations \| Inventory (recoveries) write-downs
Restructuring charges
Pre-tax restructuring expense (income)			1,804
Discontinued Operations \| Trade name write-down
Restructuring charges
Pre-tax restructuring expense (income)			1,265
Discontinued Operations \| Other
Restructuring charges
Pre-tax restructuring expense (income)		$ 11	$ 163

Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Discontinued Operations
Impairment to the value of assets to be sold			$ 1,149
Results of discontinued operations
Income from discontinued operations, net of tax		$ 3,297	(3,796)
Restructuring	$ 579	(360)	8,071
Discontinued Operations
Results of discontinued operations
Net sales		7,850	50,587
Operating income (loss) from discontinued operations		869	(6,032)
Interest expense		8
Income from Continued Dumping and Subsidy Offset Act, net		4,211
Income tax benefit (expense)		(1,775)	2,236
Income from discontinued operations, net of tax		3,297	(3,796)
Restructuring			3,300
Bauhaus operating unit \| Discontinued Operations, Held-for-sale
Discontinued Operations
Impairment to the value of assets to be sold			$ 1,100
American Furniture Company \| Discontinued Operations, Disposed of by Sale
Results of discontinued operations
Income from Continued Dumping and Subsidy Offset Act, net		$ 3,800

Inventories (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Apr. 25, 2015
Inventories
Raw materials	$ 87,905	$ 75,024
Work in process	11,591	14,310
Finished goods	97,861	92,295
FIFO inventories	197,357	181,629
Excess of FIFO over LIFO	(21,768)	(24,840)
Total inventories	$ 175,589	$ 156,789

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Property, Plant and Equipment
Gross property, plant and equipment	$ 482,990	$ 500,029
Accumulated depreciation	(311,400)	(325,993)
Net property, plant and equipment	171,590	174,036
Depreciation expense	23,300	19,300	$ 19,300
Buildings and building fixtures
Property, Plant and Equipment
Gross property, plant and equipment	$ 192,211	202,482
Buildings and building fixtures \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Buildings and building fixtures \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	40 years
Machinery and equipment
Property, Plant and Equipment
Gross property, plant and equipment	$ 143,561	142,949
Machinery and equipment \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	15 years
Information systems and software
Property, Plant and Equipment
Gross property, plant and equipment	$ 72,275	72,200
Information systems and software \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Information systems and software \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	10 years
Land
Property, Plant and Equipment
Gross property, plant and equipment	$ 14,346	15,409
Land improvements
Property, Plant and Equipment
Gross property, plant and equipment	$ 15,007	14,747
Land improvements \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Land improvements \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	30 years
Transportation equipment
Property, Plant and Equipment
Gross property, plant and equipment	$ 15,728	17,051
Transportation equipment \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Transportation equipment \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	10 years
Furniture and fixtures
Property, Plant and Equipment
Gross property, plant and equipment	$ 19,397	20,996
Furniture and fixtures \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	15 years
Construction in progress
Property, Plant and Equipment
Gross property, plant and equipment	$ 10,465	$ 14,195

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015
Roll-forward of goodwill
Balance at beginning of period	$ 15,164	$ 13,923
Acquisitions	22,029	1,241
Balance at end of period	$ 37,193	$ 15,164
Goodwill
Key assumptions used in assessment of goodwill
Discount rate	8.40%
Terminal growth rate	2.00%

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015
Roll-forward of other indefinite-lived intangible assets
Balance at beginning of period	$ 5,458	$ 4,544
Acquisitions	3,100	1,025
Impairment charges		(111)
Balance at end of period	8,558	5,458
Trade Names
Roll-forward of other indefinite-lived intangible assets
Balance at beginning of period	1,195	1,306
Impairment charges		(111)
Balance at end of period	1,195	1,195
Reacquired rights
Roll-forward of other indefinite-lived intangible assets
Balance at beginning of period	4,263	3,238
Acquisitions	3,100	1,025
Balance at end of period	$ 7,363	$ 4,263

Investments - Components (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Apr. 25, 2015
Investments
Total available-for-sale and trading investments	$ 46,976	$ 61,195
Investments to enhance returns on cash
Investments
Total available-for-sale and trading investments	33,583	45,490
Investments to fund compensation/retirement plans
Investments
Total available-for-sale and trading investments	13,393	15,705
Other current assets
Investments
Available-for-sale investments	13,491	16,763
Trading securities		1,127
Held-to-maturity investments	1,826
Total available-for-sale and trading investments	15,317	17,890
Other long-term assets
Investments
Available-for-sale investments	$ 31,659	$ 43,305

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Apr. 25, 2015
Summary of investments
Gross Unrealized Gains	$ 1,408	$ 2,239
Gross Unrealized Losses	(165)	(114)
Fair Value	46,976	61,195
Equity securities
Summary of investments
Gross Unrealized Gains	1,231	2,014
Gross Unrealized Losses	(135)	(78)
Fair Value	8,150	9,251
Fixed income
Summary of investments
Gross Unrealized Gains	176	224
Gross Unrealized Losses	(9)	(14)
Fair Value	36,527	50,358
Mutual funds
Summary of investments
Fair Value		1,127
Other
Summary of investments
Gross Unrealized Gains	1	1
Gross Unrealized Losses	(21)	(22)
Fair Value	$ 2,299	$ 459

Investments - Sales and Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Sales of available-for-sale securities
Proceeds from sales	$ 28,721	$ 33,750	$ 34,557
Gross realized gains	997	285	857
Gross realized losses	(561)	$ (74)	$ (559)
Fair value of available-for-sale securities by contractual maturity
Fair value, available-for-sale securities with contractual maturity within one year	13,600
Fair value, available-for-sale securities with contractual maturity within two to five years	21,200
Fair value, available-for-sale securities with contractual maturity within six to ten years	1,500
Fair value, available-for-sale securities with contractual maturity after ten years	$ 200

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Apr. 25, 2015
Accrued Expenses and Other Current Liabilities
Payroll and other compensation	$ 45,611	$ 40,711
Accrued product warranty, current portion	12,381	10,182
Customer deposits	20,961	23,722
Other current liabilities	33,523	33,711
Accrued expenses and other current liabilities	$ 112,476	108,326
Book overdraft		$ 7,300

Debt (Details) - USD ($) $ in Thousands	12 Months Ended
Debt (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Debt
Less: current portion	$ (290)	$ (397)
Long-term debt	513	433
Cash paid for interest	500	500	$ 500
Capital leases
Debt
Total debt	803	830
Less: current portion	(290)	(397)
Long-term debt	$ 513	433
Minimum interest rate (as a percent)	2.70%
Maximum interest rate (as a percent)	7.60%
Maturities of long-term capital leases
2018	$ 200
2019	200
2020	100
Capital leases \| Maximum
Maturities of long-term capital leases
2021	100
Revolving credit facility
Debt
Borrowings outstanding	0	0
Excess availability	146,900	146,900
Credit commitment	$ 150,000	$ 150,000

Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Operating Leases (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Operating Leases
Total rent liability	$ 14,800	$ 13,500
Future minimum rentals for all non-cancelable operating leases
2017	63,256
2018	60,817
2019	54,574
2020	48,032
2021	44,238
2022 and beyond	105,461
Total Future Minimum Rentals	376,378
Future rental income from subleases
2017	3,969
2018	3,906
2019	3,906
2020	3,934
2021	3,309
2022 and beyond	4,969
Total Future Minimum Income	23,993
Rental expense and rental income for operating leases
Rental expense	62,953	55,808	$ 51,132
Rental income	$ 4,650	$ 4,966	$ 5,138

Retirement and Welfare Plans - Deferred Compensation (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Apr. 25, 2015
Other current assets
Retirement and Welfare
Market value of mutual funds		$ 1,127
PCRP \| Other long-term liabilities
Retirement and Welfare
Deferred compensation arrangement obligations	$ 6,900	3,900
Executive deferred compensation plan \| Other long-term liabilities
Retirement and Welfare
Deferred compensation arrangement obligations	16,300	15,600
Executive deferred compensation plan \| Other long-term assets
Retirement and Welfare
Cash surrender value of life insurance contracts	21,000	17,400
Executive deferred compensation plan \| Other current assets
Retirement and Welfare
Market value of mutual funds	$ 0	$ 1,100

Retirement and Welfare Plans - Non-qualified Plan (Details) - Non-qualified defined benefit retirement plan - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015
Retirement and Welfare
Total cost recognized	$ 0.9	$ 0.8
Actuarial gain (loss) recognized in accumulated other comprehensive loss	(0.4)	(1.7)
Benefit payments	1.1	$ 1.1
Future benefit payments expected annually for the next ten years	$ 1.1
Discount rate used to determine benefit obligations (as a percent)	3.70%	3.90%
Other long-term liabilities
Retirement and Welfare
Plan obligations	$ 17.4	$ 17.5

Retirement and Welfare Plans - Defined Benefit and Defined Contribution (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Components of net periodic pension cost
Other	$ 318	$ 124	$ 223
Total retirement costs (excluding non-qualified defined benefit retirement plan)	14,363	11,536	11,189
401(k)
Components of net periodic pension cost
Defined contribution plan cost	6,657	6,270	5,802
PCRP
Components of net periodic pension cost
Defined contribution plan cost	3,088	1,377	2,513
Defined benefit pension plan for factory hourly employees
Changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss (pre-tax)
Beginning of year net actuarial loss	37,602	39,425
Net current year actuarial (gain) loss	2,249	836
Amortization of actuarial loss	(3,001)	(2,659)
End of year net actuarial loss	36,850	37,602	39,425
Unrecognized actuarial losses expected to be amortized in fiscal 2017	3,100
Components of net periodic pension cost
Service cost	1,358	1,114	1,241
Interest cost	4,938	5,070	4,822
Expected return on plan assets	(4,997)	(5,077)	(6,800)
Net amortization and deferral	3,001	2,658	3,388
Net periodic pension cost	4,300	3,765	2,651
Change in benefit obligation
Benefit obligation at beginning of year	121,080	116,870
Service cost	1,358	1,114	1,241
Interest cost	4,938	5,070	4,822
Actuarial loss	221	3,664
Benefits paid	(10,808)	(5,638)
Administrative expenses	(418)
Benefit obligation at end of year	116,371	121,080	116,870
Change in plan assets
Fair value of plan assets at beginning of year	113,742	111,474
Actual return on plan assets	2,968	7,906
Employer contributions	7,000
Benefits paid	(10,808)	(5,638)
Administrative expenses	(418)
Fair value of plan assets at end of year	112,484	113,742	$ 111,474
Funded status	(3,887)	(7,338)
Other long-term liabilities	$ (3,887)	$ (7,338)
Actuarial assumptions for the defined benefit pension plan
Discount rate used to determine benefit obligations (as a percent)	4.10%	4.20%	4.40%
Discount rate used to determine net benefit cost (as a percent)	4.20%	4.40%	4.00%
Long-term rate of return (as a percent)	4.30%	4.70%	4.70%
Pension assets
Expected contributions during fiscal 2016	$ 2,000
Expected benefit payments
2017	6,311
2018	6,451
2019	6,608
2020	6,752
2021	6,874
2022 to 2026	35,659
Total	68,655
Defined benefit pension plan for factory hourly employees \| Level 1
Change in plan assets
Fair value of plan assets at beginning of year	23,269
Fair value of plan assets at end of year	22,744	$ 23,269
Defined benefit pension plan for factory hourly employees \| Level 2
Change in plan assets
Fair value of plan assets at beginning of year	90,473
Fair value of plan assets at end of year	$ 89,740	90,473
Defined benefit pension plan for factory hourly employees \| Fixed rate investments
Pension assets
Strategic asset allocation (as a percent)	90.00%
Defined benefit pension plan for factory hourly employees \| Cash and equivalents \| Level 1
Change in plan assets
Fair value of plan assets at beginning of year	$ 149
Fair value of plan assets at end of year	3,239	149
Defined benefit pension plan for factory hourly employees \| Cash and equivalents \| Level 2
Change in plan assets
Fair value of plan assets at beginning of year	3,685
Fair value of plan assets at end of year	15,440	3,685
Defined benefit pension plan for factory hourly employees \| Equity funds \| Level 1
Change in plan assets
Fair value of plan assets at beginning of year	23,120
Fair value of plan assets at end of year	19,505	23,120
Defined benefit pension plan for factory hourly employees \| Equity funds \| Level 2
Change in plan assets
Fair value of plan assets at beginning of year	7,702
Fair value of plan assets at end of year	42	7,702
Defined benefit pension plan for factory hourly employees \| Debt funds \| Level 2
Change in plan assets
Fair value of plan assets at beginning of year	79,086
Fair value of plan assets at end of year	$ 74,258	$ 79,086

Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Apr. 25, 2015
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 16,870	$ 16,013
Accruals during the period	23,592	19,017
Accrual adjustments		(953)
Settlements during the period	(19,951)	(17,207)
Balance as of the end of the period	20,511	16,870
Product warranty liability included in accrued expenses and other current liabilities	$ 12,400	$ 10,200
Upholstery Segment
Product Warranties
Percentage of warranty liability relating to the segment	0.95%
Fabric and leather
Product Warranties
Warranty term	1 year
Cushions and padding \| Minimum
Product Warranties
Warranty term	1 year
Cushions and padding \| Maximum
Product Warranties
Warranty term	10 years
Labor costs relating to parts
Product Warranties
Warranty term	1 year

Contingencies and Commitments (Details) - Civil lawsuit - Verdict received $ in Millions	12 Months Ended
	Apr. 30, 2016 USD ($)
Contingencies and Commitments
Litigation expense, excluding internal and external legal fees	$ 5.5
Accrued expenses and other current liabilities
Contingencies and Commitments
Accrual recorded on the balance sheet	$ 5.5

Stock-Based Compensation (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 8,292	$ 6,780	$ 8,739
Liability-based awards expense	1,355	4,597	5,736
Total stock-based compensation expense	$ 9,647	$ 11,377	$ 14,475
2010 Omnibus Incentive Plan
Stock-Based Compensation
Aggregate number of common shares that may be issued through awards (in shares)	8.7

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 25, 2015	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Stock-Based Compensation
Expense recognized		$ 9,647	$ 11,377	$ 14,475
Cash received for exercises of stock options		420	1,397	3,565
Stock Options
Stock-Based Compensation
Cash received for exercises of stock options		$ 400	$ 1,400	3,600
Number of Shares
Outstanding, at beginning of period (in shares)	1,039,000	1,039,000
Granted (in shares)	426,539	427,000
Canceled (in shares)		(16,000)
Exercised (in shares)		(39,000)
Outstanding, at end of period (in shares)		1,411,000	1,039,000
Exercisable (in shares)		597,000
Weighted Average Exercise Price
Outstanding, at beginning of period (in dollars per share)	$ 16.15	$ 16.15
Granted (in dollars per share)		26.69
Canceled (in dollars per share)		25.71
Exercised (in dollars per share)		10.75
Outstanding, at end of period (in dollars per share)		19.39	$ 16.15
Exercisable (in dollars per share)		$ 13.26
Additional information
Weighted Average Remaining Contractual Term, Outstanding		7 years 4 months 24 days	7 years 7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable		6 years
Aggregate Intrinsic Value, Outstanding		$ 9,489	$ 11,773
Aggregate Intrinsic Value, Exercised		622	$ 2,000	$ 8,300
Aggregate Intrinsic Value, Exercisable		7,529
Unrecognized compensation cost		$ 2,600
Period for recognition of unrecognized compensation costs		1 year 9 months 18 days
Vested during the period (in shares)		300,000
Fair value assumptions
Risk-free interest rate (as a percent)		1.54%	1.59%	0.84%
Dividend rate (as a percent)		1.20%	1.00%	0.84%
Expected life in years		5 years	5 years	5 years
Stock price volatility (as a percent)		44.37%	54.40%	81.27%
Fair value per share (in dollars per share)		$ 9.69	$ 10.45	$ 11.63
Stock Options \| Minimum
Stock-Based Compensation
Purchase price of common stock at date of grant (as a percent)		100.00%
Vesting period		1 year
Stock Options \| Maximum
Stock-Based Compensation
Vesting period		4 years
Stock Options \| Selling, General and Administrative Expense
Stock-Based Compensation
Expense recognized		$ 3,200	$ 3,000	$ 2,100
Stock Options \| Former Long-Term Equity Award Plan \| Minimum
Stock-Based Compensation
Award expiration term		5 years
Stock Options \| Former Long-Term Equity Award Plan \| Maximum
Stock-Based Compensation
Award expiration term		10 years

Stock-Based Compensation - SARs (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Stock-Based Compensation
Expense recognized	$ 9,647	$ 11,377	$ 14,475
Stock Appreciation Rights
Stock-Based Compensation
Percentage vesting each year from date of grant	25.00%
Period from grant date for first vesting	1 year
Vesting period	4 years
Unrecognized compensation cost	$ 200
Period for recognition of unrecognized compensation costs	10 months 24 days
Stock Appreciation Rights \| Fiscal 2014 Grant
Fair value assumptions
Risk-free interest rate (as a percent)	0.88%
Dividend rate (as a percent)	1.55%
Expected life in years	2 years 1 month 6 days
Stock price volatility (as a percent)	30.77%
Fair value per share (in dollars per share)	$ 7.82
Stock Appreciation Rights \| Fiscal 2013 Grant
Fair value assumptions
Risk-free interest rate (as a percent)	0.66%
Dividend rate (as a percent)	1.55%
Expected life in years	1 year 2 months 12 days
Stock price volatility (as a percent)	30.56%
Fair value per share (in dollars per share)	$ 13.54
Stock Appreciation Rights \| Selling, General and Administrative Expense
Stock-Based Compensation
Expense recognized	$ 100	$ 700	$ 1,100

Stock-Based Compensation - Restricted Shares and RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 25, 2015	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Stock-Based Compensation
Expense recognized		$ 9,647	$ 11,377	$ 14,475
Restricted Stock
Stock-Based Compensation
Percentage vesting each year from date of grant		25.00%
Period from grant date for first vesting		1 year
Vesting period		4 years
Unrecognized compensation cost		$ 3,300
Period for recognition of unrecognized compensation costs		2 years 10 months 24 days
Number of Shares
Non-vested at beginning of period (in shares)	142,000	142,000
Granted (in shares)		102,000
Vested (in shares)		(57,000)
Canceled (in shares)		(18,000)
Non-vested at end of period (in shares)		169,000	142,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 20.50	$ 20.50
Granted (in dollars per share/unit)	$ 26.69	26.46
Vested (in dollars per share)		16.07
Canceled (in dollars per share)		24.07
Non-vested at end of period (in dollars per share)		$ 25.22	$ 20.50
Restricted Stock \| Employees
Number of Shares
Granted (in shares)		102,063
Restricted Stock \| Selling, General and Administrative Expense
Stock-Based Compensation
Expense recognized		$ 1,100	$ 800	$ 500
Restricted Stock Units \| Employees
Stock-Based Compensation
Fair value (in dollars per unit)		$ 25.87
Award common share equivalent (in shares)		1
Percentage vesting each year from date of grant		25.00%
Period from grant date for first vesting		1 year
Vesting period		4 years
Unrecognized compensation cost		$ 900
Period for recognition of unrecognized compensation costs		1 year
Number of Shares
Non-vested at beginning of period (in shares)	146,000	146,000
Vested (in shares)		(58,000)
Canceled (in shares)		(11,000)
Non-vested at end of period (in shares)		77,000	146,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 16.12	$ 16.12
Vested (in dollars per share)		15.40
Canceled (in dollars per share)		16.55
Non-vested at end of period (in dollars per share)		16.61	$ 16.12
Restricted Stock Units \| Directors
Weighted Average Grant Date Fair Value
Granted (in dollars per share/unit)		$ 27.74	$ 21.81	$ 21.20
Restricted Stock Units \| Directors \| Maximum
Number of Shares
Granted (in shares)		100,000	100,000	100,000
Restricted Stock Units \| Selling, General and Administrative Expense \| Employees
Stock-Based Compensation
Expense recognized		$ 1,400	$ 1,500	$ 1,600
Restricted Stock Units \| Selling, General and Administrative Expense \| Directors
Stock-Based Compensation
Expense recognized		$ 600	$ 700	$ 700

Stock-Based Compensation - Performance Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Stock-Based Compensation
Equity based compensation expenses	$ 9,647	$ 11,377	$ 14,475
Performance Awards
Stock-Based Compensation
Percentage of payout dependent on financial performance	80.00%
Percentage of payout dependent on total shareholder return	20.00%
Performance Awards \| Minimum
Stock-Based Compensation
Performance award opportunity as a percentage of target award	50.00%
Performance Awards \| Maximum
Stock-Based Compensation
Performance award opportunity as a percentage of target award	200.00%
Performance awards, performance period	3 years
Performance-Based Shares
Stock-Based Compensation
Equity based compensation expenses	$ 3,376	2,245	5,458
Unrecognized compensation cost	$ 4,600
Period for recognition of unrecognized compensation costs	1 year 4 months 24 days
Performance-Based Shares \| Fiscal 2012 Grant
Stock-Based Compensation
Equity based compensation expenses			3,603
Performance-Based Shares \| Fiscal 2013 Grant
Stock-Based Compensation
Equity based compensation expenses		568	$ 849
Performance-Based Shares \| Fiscal 2014 Grant
Stock-Based Compensation
Number of shares or units granted			191
Number of shares or units earned	159
Equity based compensation expenses	$ 926	$ 769	$ 1,006
Performance-Based Shares \| Fiscal 2015 Grant
Stock-Based Compensation
Number of shares or units granted		192
Number of shares or units earned	64
Equity based compensation expenses	$ 840	$ 908
Performance-Based Shares \| Fiscal 2016 Grant
Stock-Based Compensation
Number of shares or units granted	182
Number of shares or units earned	80
Equity based compensation expenses	$ 1,610
Performance-Based Shares \| Vesting Based on Performance \| Fiscal 2014 Grant
Stock-Based Compensation
Fair value on date of grant (in dollars per share)			$ 18.58
Performance-Based Shares \| Vesting Based on Performance \| Fiscal 2015 Grant
Stock-Based Compensation
Fair value on date of grant (in dollars per share)		$ 22.91
Performance-Based Shares \| Vesting Based on Performance \| Fiscal 2016 Grant
Stock-Based Compensation
Fair value on date of grant (in dollars per share)	$ 25.73
Performance-Based Shares \| Vesting Based on Market \| Fiscal 2014 Grant
Stock-Based Compensation
Fair value on date of grant (in dollars per share)			$ 26.08
Performance-Based Shares \| Vesting Based on Market \| Fiscal 2015 Grant
Stock-Based Compensation
Fair value on date of grant (in dollars per share)		$ 29.64
Performance-Based Shares \| Vesting Based on Market \| Fiscal 2016 Grant
Stock-Based Compensation
Fair value on date of grant (in dollars per share)	$ 34.40
Performance-Based Units
Stock-Based Compensation
Equity based compensation expenses	$ 0	$ 2,000	$ 2,200
Performance-Based Units \| Fiscal 2014 Grant
Stock-Based Compensation
Number of shares or units granted			35
Number of shares or units earned	24
Performance-Based Units \| Vesting Based on Performance \| Fiscal 2014 Grant
Stock-Based Compensation
Fair value (in dollars per unit)	$ 25.77
Performance-Based Units \| Vesting Based on Market \| Fiscal 2014 Grant
Stock-Based Compensation
Fair value (in dollars per unit)	$ 46.64

Stock Based Compensation - Previously Granted Deferred Stock (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Previously Granted Deferred Stock Units
Expense recognized	$ 9,647	$ 11,377	$ 14,475
Directors \| Deferred Stock Units
Previously Granted Deferred Stock Units
Award common share equivalent (in shares)	1
Deferred stock units outstanding (in shares)	100,000
Directors \| Deferred Stock Units \| Selling, General and Administrative Expense
Previously Granted Deferred Stock Units
Expense recognized	$ (200)	400	$ 800
Other long-term liabilities \| Directors \| Deferred Stock Units
Previously Granted Deferred Stock Units
Liability related to awards	$ 2,600	$ 3,400

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Activity in accumulated other comprehensive loss
Balance	$ 524,146
Balance	547,142	$ 524,146
Components of non-controlling interest
Balance as of the beginning of the period	8,954	7,832	$ 7,140
Net income (loss)	1,711	1,198	1,324
Other comprehensive income (loss)	(595)	(76)	(730)
Change in non-controlling interest			98
Balance as of the end of the period	10,070	8,954	7,832
Accumulated Other Comprehensive Income (Loss)
Activity in accumulated other comprehensive loss
Balance	(32,139)	(31,380)	(35,496)
Changes before reclassifications	(6,732)	(4,279)	4,490
Amounts reclassified to net income	4,934	3,630	3,587
Tax effect	(63)	(110)	(3,961)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(1,861)	(759)	4,116
Balance	(34,000)	(32,139)	(31,380)
Translation adjustment
Activity in accumulated other comprehensive loss
Balance	1,517	2,455	4,779
Changes before reclassifications	(1,962)	(938)	(2,324)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(1,962)	(938)	(2,324)
Balance	(445)	1,517	2,455
Change in fair value of cash flow hedge
Activity in accumulated other comprehensive loss
Balance	(560)	(53)	231
Changes before reclassifications	(1,711)	(1,857)	(780)
Amounts reclassified to net income	2,154	1,038	321
Tax effect	(169)	312	175
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	274	(507)	(284)
Balance	(286)	(560)	(53)
Unrealized gain on marketable securities
Activity in accumulated other comprehensive loss
Balance	1,605	1,098	474
Changes before reclassifications	(447)	1,033	1,308
Amounts reclassified to net income	(436)	(214)	(300)
Tax effect	336	(312)	(384)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(547)	507	624
Balance	1,058	1,605	1,098
Net pension amortization and net actuarial loss
Activity in accumulated other comprehensive loss
Balance	(34,701)	(34,880)	(40,980)
Changes before reclassifications	(2,612)	(2,517)	6,286
Amounts reclassified to net income	3,216	2,806	3,566
Tax effect	(230)	(110)	(3,752)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	374	179	6,100
Balance	$ (34,327)	$ (34,701)	$ (34,880)

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Apr. 30, 2016 USD ($) store segment item	Apr. 25, 2015 USD ($)	Apr. 26, 2014 USD ($)
Segment Information
Pre-tax restructuring expense (income)	$ 579	$ (360)	$ 8,071
Continuing Operations
Segment Information
Pre-tax restructuring expense (income)	$ 579	$ (371)	$ 4,839
Upholstery Segment
Segment Information
Number of operating units \| segment	2
Casegoods Segment
Segment Information
Number of brands \| item	3
Retail Segment
Segment Information
Number of stores \| store	124

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Segment Information
Sales	$ 1,525,398	$ 1,425,395	$ 1,357,318
Operating Income (Loss)	122,389	103,165	89,296
Restructuring	(579)	371	(4,839)
Interest expense	486	523	548
Interest income	827	1,030	761
Income from Continued Dumping and Subsidy Offset Act, net	102	1,212
Other income, net	2,211	744	2,050
Income from continuing operations before income taxes	125,043	105,628	91,559
Depreciation and Amortization	26,517	22,283	23,035
Capital Expenditures	24,684	70,319	33,730
Assets	800,029	774,604	771,295
Upholstery Segment
Segment Information
Sales	1,027,615	990,237	959,118
Depreciation and Amortization	13,559	12,669	13,778
Capital Expenditures	14,744	14,979	6,579
Casegoods Segment
Segment Information
Sales	92,601	98,886	97,095
Depreciation and Amortization	874	813	1,171
Capital Expenditures	562	1,149	149
Retail Segment
Segment Information
Sales	402,479	333,978	298,642
Depreciation and Amortization	2,800	2,910	2,520
Capital Expenditures	3,245	2,993	4,379
Corporate and Other
Segment Information
Sales	2,703	2,294	2,463
Depreciation and Amortization	9,284	5,891	5,566
Capital Expenditures	6,133	51,198	22,623
Operating Segments \| Upholstery Segment
Segment Information
Sales	1,215,805	1,151,802	1,099,050
Operating Income (Loss)	134,193	121,403	117,688
Assets	323,411	317,102	305,814
Operating Segments \| Casegoods Segment
Segment Information
Sales	102,540	109,713	106,752
Operating Income (Loss)	7,734	6,408	3,397
Assets	51,165	48,403	53,299
Operating Segments \| Retail Segment
Segment Information
Operating Income (Loss)	25,567	11,466	11,128
Assets	146,963	126,189	119,816
NonOperating Segments \| Corporate and Other
Segment Information
Sales	6,423	2,294	2,463
Operating Income (Loss)	(44,526)	(36,483)	(38,078)
Eliminations
Segment Information
Sales	(201,849)	(172,392)	(149,589)
Eliminations \| Upholstery Segment
Segment Information
Sales	(188,190)	(161,565)	(139,932)
Eliminations \| Casegoods Segment
Segment Information
Sales	(9,939)	(10,827)	(9,657)
Eliminations \| Corporate and Other
Segment Information
Sales	(3,720)
Unallocated
Segment Information
Assets	$ 278,490	$ 282,910	$ 292,366

Segment Information - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Geographic Information
Long-lived assets	$ 218,464	$ 195,583	$ 154,343
Geographic concentration \| Sales
Geographic Information
Percentage of sales	100.00%	100.00%	100.00%
Domestic/United States
Geographic Information
Long-lived assets	$ 211,021	$ 187,224	$ 147,538
Domestic/United States \| Geographic concentration \| Sales
Geographic Information
Percentage of sales	89.00%	87.00%	86.00%
International
Geographic Information
Long-lived assets	$ 7,443	$ 8,359	$ 6,805
Canada \| Geographic concentration \| Sales
Geographic Information
Percentage of sales	7.00%	7.00%	8.00%
Other \| Geographic concentration \| Sales
Geographic Information
Percentage of sales	4.00%	6.00%	6.00%

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Income from continuing operations before income taxes
United States	$ 115,750	$ 96,605	$ 82,705
Foreign	9,293	9,023	8,854
Income from continuing operations before income taxes	125,043	105,628	91,559
Federal:
- current	32,403	28,887	24,695
- deferred	3,559	406	1,495
State:
- current	4,750	4,573	5,345
- deferred	859	637	(2,082)
Foreign:
- current	2,345	2,281	1,375
-deferred	164	170	555
Total income tax expense	$ 44,080	$ 36,954	$ 31,383
Reconciliation of effective tax rate as it differs from the U.S. federal income tax rate
Statutory tax rate (as a percent)	35.00%	35.00%	35.00%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit (as a percent)	3.40%	3.50%	3.10%
U.S. manufacturing benefit (as a percent)	(2.50%)	(2.10%)	(1.00%)
Change in valuation allowance (as a percent)	(0.30%)	(0.40%)	(1.20%)
Miscellaneous items (as a percent)	(0.30%)	(1.00%)	(1.60%)
Effective tax rate (as a percent)	35.30%	35.00%	34.30%
Undistributed earnings, reinvested	$ 24,700
Potential deferred tax attributable to undistributed foreign earnings	3,200
Assets
Deferred and other compensation	25,032	$ 22,085
Allowance for doubtful accounts	1,560	2,255
State income tax - net operating losses, credits and other	5,571	6,032
Pension	1,542	2,828
Warranty	7,817	6,466
Rent	4,184	5,174
Workers' compensation	3,870	4,173
Employee benefits	3,212	3,096
Other		1,262
Valuation allowance	(3,625)	(4,322)
Total deferred tax assets	49,163	49,049
Liabilities
Property, plant and equipment	(7,089)	(2,722)
Other	(391)
Net deferred tax assets	41,683	$ 46,327
Deferred tax assets associated with loss carryforwards
Various U.S. state net operating losses (excluding federal tax effect)	8,909
Foreign net operating losses	100
Foreign capital losses	19
Future taxable income needed to fully recover net deferred tax assets	$ 106,000

Income Taxes - Valuation Allowance (Details) $ in Thousands	12 Months Ended
Income Taxes - Valuation Allowance (Details) $ in Thousands	Apr. 30, 2016 USD ($)
Summary of valuation allowance by jurisdiction
Valuation Allowance, beginning of period	$ 4,322
Change	(697)
Valuation Allowance, end of period	3,625
U.S. state
Summary of valuation allowance by jurisdiction
Valuation Allowance, beginning of period	4,303
Change	(697)
Valuation Allowance, end of period	3,606
Foreign
Summary of valuation allowance by jurisdiction
Valuation Allowance, beginning of period	19
Valuation Allowance, end of period	$ 19

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Reconciliation of the beginning and ending balance of unrecognized tax benefits
Balance at the beginning of the period	$ 2,226	$ 2,972	$ 3,248
Additions:
Positions taken during the current year	87	94	88
Reductions:
Positions taken during the prior year	(321)	(702)	(99)
Decreases related to settlements with taxing authorities		(25)	(98)
Reductions resulting from the lapse of the statue of limitations	(171)	(113)	(167)
Balance at the end of the period	1,821	2,226	2,972
Interest and penalties accrued	200	300
Recognition of unrecognized tax benefit that would decrease the effective tax rate	400
Expected decrease in unrecognized tax benefits within the next 12 months	1,300
Cash paid for taxes	$ 34,500	$ 34,400	$ 25,000

Earnings per Share - Reconciliation (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$ 79,252	$ 70,773	$ 55,056
Income allocated to participating securities, basic	(401)	(395)	(422)
Income allocated to participating securities, diluted	(401)	(395)	(422)
Net income available to common shareholders, basic	78,851	70,378	54,634
Net income available to common shareholders, diluted	$ 78,851	$ 70,378	$ 54,634
Denominator
Basic weighted average common shares outstanding (in shares)	50,194	51,767	52,386
Add:
Contingent common shares (in shares)	238	250	1,049
Stock option dilution (in shares)	333	329	394
Diluted weighted average common shares outstanding (in shares)	50,765	52,346	53,829

Earnings per Share - Antidilutive Securities (Details) - Outstanding options shares in Millions	12 Months Ended
	Apr. 30, 2016 $ / shares shares
Anti-dilutive options
Outstanding options excluded from diluted share calculation (in shares) \| shares	0.4
Weighted average exercise price of options excluded from diluted share calculation (in dollars per share) \| $ / shares	$ 26.69

Fair Value Measurements (Details) - USD ($)	Apr. 30, 2016	Apr. 25, 2015
Assets
Transfers from Level 1 to Level 2	$ 0	$ 0
Transfers from Level 2 to Level 1	0	0
Level 1 \| Recurring basis
Assets
Available-for-sale securities	1,452,000	1,552,000
Held-to-maturity investments	1,826,000
Total	3,278,000	1,552,000
Level 2 \| Recurring basis
Assets
Available-for-sale securities	43,698,000	58,516,000
Trading securities		1,127,000
Total	$ 43,698,000	$ 59,643,000

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2016	Apr. 25, 2015	Apr. 26, 2014
Allowance for doubtful accounts, deducted from accounts receivable
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 4,622	$ 12,368	$ 21,607
Charged to Costs and Expenses	(664)	(2,206)	(2,926)
Deductions	(813)	(5,540)	(6,313)
Balance at End of Year	3,145	4,622	12,368
Allowance for deferred tax assets
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	4,322	4,700	6,619
Charged to Costs and Expenses			(135)
Charged to Other Accounts	(358)	39
Deductions	(339)	(417)	(1,784)
Balance at End of Year	$ 3,625	$ 4,322	$ 4,700