Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jan. 28, 2017	Feb. 14, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	LA-Z-BOY INC
Entity Central Index Key	0000057131
Current Fiscal Year End Date	--04-29
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		48,816,942
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 28, 2017

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 28, 2017	Jan. 23, 2016	Jan. 28, 2017	Jan. 23, 2016
CONSOLIDATED STATEMENT OF INCOME
Sales	$ 389,992	$ 384,014	$ 1,107,354	$ 1,108,328
Cost of sales	233,875	236,024	669,012	690,300
Gross profit	156,117	147,990	438,342	418,028
Selling, general and administrative expense	123,235	113,206	350,524	329,884
Operating income	32,882	34,784	87,818	88,144
Interest expense	562	120	794	365
Interest income	241	204	679	573
Income from Continued Dumping and Subsidy Offset Act, net	273	102	273	102
Other income (expense), net	638	(93)	287	2,387
Income before income taxes	33,472	34,877	88,263	90,841
Income tax expense	9,830	12,643	29,508	32,825
Net income	23,642	22,234	58,755	58,016
Net income attributable to noncontrolling interests	(356)	(328)	(830)	(1,482)
Net income attributable to La-Z-Boy Incorporated	$ 23,286	$ 21,906	$ 57,925	$ 56,534
Basic weighted average common shares (in shares)	48,914	50,038	49,057	50,371
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.47	$ 0.44	$ 1.17	$ 1.12
Diluted weighted average common shares (in shares)	49,384	50,539	49,532	50,880
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.47	$ 0.43	$ 1.16	$ 1.11
Dividends declared per share (in dollars per share)	$ 0.11	$ 0.10	$ 0.31	$ 0.26

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 28, 2017	Jan. 23, 2016	Jan. 28, 2017	Jan. 23, 2016
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income	$ 23,642	$ 22,234	$ 58,755	$ 58,016
Other comprehensive income (loss)
Currency translation adjustment	(441)	27	(770)	(3,251)
Change in fair value of cash flow hedges, net of tax	(404)	(653)	(740)	(618)
Net unrealized gain (loss) on marketable securities, net of tax	(17)	(729)	39	(1,042)
Net pension amortization, net of tax	509	488	1,527	1,464
Total other comprehensive income (loss)	(353)	(867)	56	(3,447)
Total comprehensive income before allocation to noncontrolling interests	23,289	21,367	58,811	54,569
Comprehensive income attributable to noncontrolling interests	(298)	(196)	(671)	(560)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 22,991	$ 21,171	$ 58,140	$ 54,009

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Jan. 28, 2017	Apr. 30, 2016
Current assets
Cash and equivalents	$ 110,320	$ 112,358
Restricted cash	8,991	8,977
Receivables, net of allowance of $2,784 at 1/28/17 and $3,145 at 4/30/16	143,208	146,545
Inventories, net	193,695	175,589
Other current assets	41,894	38,503
Total current assets	498,108	481,972
Property, plant and equipment, net	169,128	171,590
Goodwill	73,777	37,193
Other intangible assets, net	18,781	8,558
Deferred income taxes - long-term	37,960	41,683
Other long-term assets, net	66,846	59,033
Total assets	864,600	800,029
Current liabilities
Current portion of long-term debt	243	290
Accounts payable	50,998	44,661
Accrued expenses and other current liabilities	138,852	112,476
Total current liabilities	190,093	157,427
Long-term debt	344	513
Other long-term liabilities	87,237	84,877
Contingencies and commitments
Shareholders' equity
Preferred shares - 5,000 authorized; none issued
Common shares, $1 par value - 150,000 authorized; 48,860 outstanding at 1/28/17 and 49,331 outstanding at 4/30/16	48,860	49,331
Capital in excess of par value	288,532	279,339
Retained earnings	272,578	252,472
Accumulated other comprehensive loss	(33,785)	(34,000)
Total La-Z-Boy Incorporated shareholders' equity	576,185	547,142
Noncontrolling interests	10,741	10,070
Total equity	586,926	557,212
Total liabilities and equity	$ 864,600	$ 800,029

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jan. 28, 2017	Apr. 30, 2016
Current assets
Receivables, allowance (in dollars)	$ 2,784	$ 3,145
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)	48,860	49,331

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jan. 28, 2017	Jan. 23, 2016
Cash flows from operating activities
Net income	$ 58,755	$ 58,016
Adjustments to reconcile net income to cash provided by (used for) operating activities
Deferred income tax expense	3,214	5,000
Provision for doubtful accounts	(64)	(675)
Depreciation and amortization	21,311	19,308
Equity-based compensation expense	7,571	6,868
Pension plan contributions	(2,300)	(7,000)
Change in receivables	(576)	15,284
Change in inventories	(5,929)	(23,121)
Change in other assets	(4,518)	1,991
Change in payables	6,359	349
Change in other liabilities	7,431	(6,306)
Net cash provided by operating activities	91,254	69,714
Cash flows from investing activities
Proceeds from disposals of assets	273	2,506
Capital expenditures	(15,529)	(19,825)
Purchases of investments	(20,778)	(15,816)
Proceeds from sales of investments	13,899	23,896
Acquisitions, net of cash acquired	(35,878)	(19,232)
Change in restricted cash	(15)	660
Net cash used for investing activities	(58,028)	(27,811)
Cash flows from financing activities
Payments on debt	(217)	(415)
Stock issued for stock and employee benefit plans	3,500	253
Excess tax benefit on stock option exercises	1,924	774
Purchases of common stock	(25,062)	(29,096)
Dividends paid	(15,270)	(13,137)
Net cash used for financing activities	(35,125)	(41,621)
Effect of exchange rate changes on cash and equivalents	(139)	(886)
Change in cash and equivalents	(2,038)	(604)
Cash and equivalents at beginning of period	112,358	98,302
Cash and equivalents at end of period	110,320	$ 97,698
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables	$ 1,012

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Shares	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Non-Controlling Interests	Total
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			57,925		830	58,755
Other comprehensive income (loss)				215	(159)	56
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	495	2,938	(1,693)			1,740
Purchases of common stock	(966)	(3,240)	(20,856)			(25,062)
Stock option and restricted stock expense		7,571				7,571
Tax benefit from exercise of options		1,924				1,924
Dividends paid			(15,270)			(15,270)
Balance at Jan. 28, 2017	$ 48,860	$ 288,532	$ 272,578	$ (33,785)	$ 10,741	$ 586,926

Basis of Presentation	9 Months Ended
Basis of Presentation	Jan. 28, 2017
Basis of Presentation
Basis of Presentation	Note 1: Basis of Presentation The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries. We derived the April 30, 2016 balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles, which we applied on a basis consistent with those reflected in our fiscal 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission, but the information does not include all of the disclosures required by generally accepted accounting principles. In management’s opinion, the interim financial information includes all adjustments and accruals, consisting only of normal recurring adjustments (except as otherwise disclosed), that are necessary for a fair statement of results for the respective interim periods. The interim results reflected in the accompanying financial statements are not necessarily indicative of the results of operations that will occur for the full fiscal year ending April 29, 2017. Fiscal 2017 is a 52-week year as compared with fiscal 2016, which had 53 weeks, with the additional week occurring in the fourth quarter of fiscal 2016. During the first nine months of both fiscal 2017 and fiscal 2016, we recorded a benefit related to legal settlements as part of cost of sales. The legal settlements increased gross margin 0.2 percentage point and 0.3 percentage point in the first nine months of fiscal 2017 and fiscal 2016, respectively. Gross margin was not impacted by legal settlements in either the third quarter of fiscal 2017 or the third quarter of fiscal 2016.

Acquisitions

9 Months Ended

Jan. 28, 2017

Acquisitions

Acquisitions

Note 2: Acquisitions

Upholstery segment acquisitions

In the third quarter of fiscal 2017, we acquired the license to sell the La-Z-Boy brand in the United Kingdom and Ireland. We are still evaluating certain facts and circumstances related to this acquisition, and expect to finalize the purchase accounting in the fourth quarter of fiscal 2017. Per the terms of the purchase agreement, payment for the business is not due until 90 business days following the date of acquisition, and accordingly, we have recorded a purchase price liability of $16.6 million, which includes $1.0 million of contingent consideration, related to this acquisition. We recorded $4.3 million of intangible assets ($3.2 million of which related to acquired customer relationships), which will be amortized between one and 15 years, and $11.6 million of goodwill. We recorded the acquisition in our Upholstery segment and will amortize and deduct a portion of the intangible assets over their estimated life for income tax purposes.

Retail segment acquisitions

Also, in the third quarter of fiscal 2017, we acquired the assets of an independent operator of nine La-Z-Boy Furniture Galleries® stores located throughout Pennsylvania, New York, and New Jersey for $21.3 million, composed of $19.9 million of cash and $1.4 million of forgiveness of accounts receivable owed by the dealer. We agreed to forgive the dealer’s accounts receivable as part of the negotiation of the purchase price with the dealer. We began including these stores in our Retail segment results upon acquisition.

In the second quarter of fiscal 2017, we acquired the assets of two independent operators of a combined four La-Z-Boy Furniture Galleries® stores in Canada for $12.1 million, including $0.2 million of contingent consideration, $10.7 million of cash, and $1.2 million of forgiveness of accounts receivable owed by these dealers. We agreed to forgive these dealers’ accounts receivable as part of the negotiation of the purchase price with the dealers. We finalized the purchase accounting for this acquisition in the third quarter of fiscal 2017. We began including these stores in our Retail segment results upon acquisition.

During the first quarter of fiscal 2017, we acquired the assets of an independent operator of one La-Z-Boy Furniture Galleries® store in Reno, Nevada for $5.3 million of cash. We began including this store in our Retail segment results upon acquisition.

Prior to these Retail segment 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. We acquired 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 indefinite-lived intangible assets of $6.0 million related to the reacquired rights. We also recognized $25.0 million of goodwill, which primarily relates to the expected synergies resulting from the integration of the acquired stores and the anticipated future benefits. We recorded the goodwill and other intangible assets in our Retail segment and will amortize and deduct them for federal income tax purposes over 15 years.

For all acquisitions made during fiscal 2017, we based the purchase price allocations on fair values at the dates of acquisition, and summarized them in the following table:

(Unaudited, amounts in thousands)	Fiscal 2017
Current assets	$	12,267
Goodwill and other intangible assets	46,921
Property, plant and equipment, net	1,106

Total assets acquired	60,294

Current liabilities acquired	(3,631		)
Purchase price liability	(15,587		)
Contingent consideration liability	(1,204		)

Total liabilities	(20,422		)


Total purchase price	$	39,872

Since the impact of these acquisitions on our results of operations was not material, pro-forma financial information is not required.

- 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

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+ Details

Inventories

9 Months Ended

Jan. 28, 2017

Inventories

Inventories

Note 3: Inventories

A summary of inventories is as follows:

(Unaudited, amounts in thousands)	1/28/17			4/30/16
Raw materials	$	92,881		$	87,905
Work in process	11,767			11,591
Finished goods	110,815			97,861

FIFO inventories	215,463			197,357
Excess of FIFO over LIFO	(21,768		)	(21,768		)

Inventories, net	$	193,695		$	175,589

Investments

9 Months Ended

Jan. 28, 2017

Investments

Investments

Note 4: 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. We also hold other investments. 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 January 28, 2017, and April 30, 2016:

(Unaudited, amounts in thousands)	1/28/17		4/30/16
Short-term investments:
Available-for-sale investments	$	13,854	$	13,491
Trading securities	10		—
Held-to-maturity investments	1,830		1,826

Total short-term investments	15,694		15,317

Long-term investments:
Available-for-sale investments	28,451		31,659
Cost basis investment	5,500		—

Total long-term investments	33,951		31,659


Total investments	$	49,645	$	46,976


Investments to enhance returns on cash	$	29,859	$	33,583
Investments to fund compensation/retirement plans	$	13,536	$	13,393
Other investments	$	6,250	$	—

The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type at January 28, 2017, and April 30, 2016:

At January 28, 2017

(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	1,467	$	(98	)	$	13,257
Fixed income	62		(118		)	33,972
Mutual funds	—		—			10
Other	1		(8		)	2,406

Total securities	$	1,530	$	(224	)	$	49,645

At April 30, 2016

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

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

The following table summarizes sales of available-for-sale securities:

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17			1/23/16			1/28/17			1/23/16
Proceeds from sales	$	4,142		$	4,487		$	13,899		$	23,896
Gross realized gains	866			267			913			970
Gross realized losses	(366		)	(18		)	(404		)	(557		)

The fair value of fixed income available-for-sale securities by contractual maturity was $14.1 million within one year, $18.3 million within two to five years, $1.3 million within six to ten years, and $0.3 million thereafter.

- Definition

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

+ References + Details

Pension Plans

9 Months Ended

Jan. 28, 2017

Pension Plans

Pension Plans

Note 5: Pension Plans

Net periodic pension costs were as follows:

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17			1/23/16			1/28/17			1/23/16
Service cost	$	320		$	333		$	958		$	999
Interest cost	1,170			1,211			3,510			3,633
Expected return on plan assets	(1,245		)	(1,226		)	(3,735		)	(3,678		)
Net amortization	764			736			2,292			2,208

Net periodic pension cost	$	1,009		$	1,054		$	3,025		$	3,162

Product Warranties

9 Months Ended

Jan. 28, 2017

Product Warranties

Product Warranties

Note 6: 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:

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17			1/23/16			1/28/17			1/23/16
Balance as of the beginning of the period	$	20,902		$	18,061		$	20,511		$	16,870
Accruals during the period	5,168			5,330			15,022			16,092
Settlements during the period	(4,846		)	(4,655		)	(14,309		)	(14,226		)

Balance as of the end of the period	$	21,224		$	18,736		$	21,224		$	18,736

As of January 28, 2017, and April 30, 2016, we included $12.8 million and $12.4 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.

Stock-Based Compensation

9 Months Ended

Jan. 28, 2017

Stock-Based Compensation

Stock-Based Compensation

Note 7: Stock-Based Compensation

The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants in our consolidated statement of income:

	Quarter Ended					Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17		1/23/16			1/28/17		1/23/16
Equity-based awards expense	$	1,691	$	1,745		$	7,571	$	6,868
Liability-based awards (income) expense	1,383		(1,645		)	1,653		(577		)

Total stock-based compensation expense	$	3,074	$	100		$	9,224	$	6,291

Stock Options. We granted 497,198 stock options to employees during the first quarter of fiscal 2017, and we have stock options outstanding from previous grants. We account for stock options as equity-based awards because when they are exercised, they will be settled in common shares. 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. 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.

We calculated the fair value of stock options granted during the first quarter of fiscal 2017 using the following assumptions:

(Unaudited)	Fiscal 2017 grant
Risk-free interest rate	1.30		%
Dividend rate	1.54		%
Expected life in years	5.00
Stock price volatility	38.87		%
Fair value per share	$	7.99

Stock Appreciation Rights (“SARs”). We did not grant any SARs to employees during the first nine months of fiscal 2017, 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.

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 January 28, 2017, we measured the fair value of the SARs granted during these fiscal years using the following assumptions:

(Unaudited)	Fiscal 2014 grant			Fiscal 2013 grant
Risk-free interest rate	0.87		%	0.64		%
Dividend rate	1.53		%	1.53		%
Expected life in years	1.38			0.46
Stock price volatility	35.10		%	33.74		%
Fair value per share	$	10.18		$	16.66

Restricted Stock. We granted 97,924 shares of restricted stock to employees during the first quarter of fiscal 2017. We also have shares of restricted stock outstanding from previous grants. 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 they will be settled in common shares upon vesting. The fair value of the restricted stock we awarded was $25.99 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.

Restricted Stock Units. We did not grant any restricted stock units to employees during the first nine months of fiscal 2017, 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 January 28, 2017, was $28.80, 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.

During the second quarter of fiscal 2017, we granted 23,624 restricted stock units to our non-employee directors. These restricted stock units vest when the director leaves the board. 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 $27.10.

Performance Shares. During the first quarter of fiscal 2017, we granted 180,359 performance-based shares. We also have performance-based share awards outstanding from previous grants. 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 share 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.

We account for performance-based shares as equity-based awards because they will be settled in common shares upon vesting. 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 2017 that vest based on attaining performance goals was $24.79, 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 2017 grant of shares that vest based on market conditions was $33.32.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Accumulated Other Comprehensive Loss

9 Months Ended

Jan. 28, 2017

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Note 8: Accumulated Other Comprehensive Loss

The activity in accumulated other comprehensive loss for the quarter ended January 28, 2017, and January 23, 2016, is as follows:

										Net pension
				Change in			Unrealized			amortization			Accumulated
				fair value			gain on			and net			other
	Translation			of cash			marketable			actuarial			comprehensive
(Unaudited, amounts in thousands)	adjustment			flow hedge			securities			loss			loss
Balance at October 29, 2016	$	(673	)	$	(622	)	$	1,114		$	(33,309	)	$	(33,490	)
Changes before reclassifications	(383		)	(1,414		)	472			—			(1,325		)
Amounts reclassified to net income	—			762			(500		)	822			1,084
Tax effect	—			248			11			(313		)	(54		)

Other comprehensive income (loss) attributable to La-Z- Boy Incorporated	(383		)	(404		)	(17		)	509			(295		)

Balance at January 28, 2017	$	(1,056	)	$	(1,026	)	$	1,097		$	(32,800	)	$	(33,785	)

										Net pension
				Change in			Unrealized			amortization			Accumulated
				fair value			gain on			and net			other
	Translation			of cash			marketable			actuarial			comprehensive
(Unaudited, amounts in thousands)	adjustment			flow hedge			securities			loss			loss
Balance at October 24, 2015	$	(971	)	$	(525	)	$	1,292		$	(33,725	)	$	(33,929	)
Changes before reclassifications	159			(1,616		)	(929		)	—			(2,386		)
Amounts reclassified to net income	—			560			(248		)	789			1,101
Tax effect	—			403			448			(301		)	550

Other comprehensive income (loss) attributable to La-Z- Boy Incorporated	159			(653		)	(729		)	488			(735		)

Balance at January 23, 2016	$	(812	)	$	(1,178	)	$	563		$	(33,237	)	$	(34,664	)

The activity in accumulated other comprehensive loss for the nine months ended January 28, 2017, and January 23, 2016, is as follows:

(Unaudited, 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 30, 2016	$	(445	)	$	(286	)	$	1,058		$	(34,327	)	$	(34,000	)
Changes before reclassifications	(611		)	(2,893		)	572			—			(2,932		)
Amounts reclassified to net income	—			1,698			(509		)	2,467			3,656
Tax effect	—			455			(24		)	(940		)	(509		)

Other comprehensive income (loss) attributable to La-Z- Boy Incorporated	(611		)	(740		)	39			1,527			215

Balance at January 28, 2017	$	(1,056	)	$	(1,026	)	$	1,097		$	(32,800	)	$	(33,785	)

(Unaudited, 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 25, 2015	$	1,517		$	(560	)	$	1,605		$	(34,701	)	$	(32,139	)
Changes before reclassifications	(2,329		)	(2,671		)	(1,270		)	—			(6,270		)
Amounts reclassified to net income	—			1,672			(413		)	2,366			3,625
Tax effect	—			381			641			(902		)	120

Other comprehensive income (loss) attributable to La-Z- Boy Incorporated	(2,329		)	(618		)	(1,042		)	1,464			(2,525		)

Balance at January 23, 2016	$	(812	)	$	(1,178	)	$	563		$	(33,237	)	$	(34,664	)

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 for the quarter and nine months ended January 28, 2017, and January 23, 2016, were as follows:

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17			1/23/16			1/28/17			1/23/16
Balance as of the beginning of the period	$	10,443		$	9,318		$	10,070		$	8,954
Net income	356			328			830			1,482
Other comprehensive loss	(58		)	(132		)	(159		)	(922		)

Balance as of the end of the period	$	10,741		$	9,514		$	10,741		$	9,514

- 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.

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+ Details

Segment Information

9 Months Ended

Jan. 28, 2017

Segment Information

Segment Information

Note 9: 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. The Upholstery segment also includes our international businesses, including our wholesale business from our recently acquired license to sell the La-Z-Boy brand in the United Kingdom and Ireland. 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 142 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells upholstered furniture, and some casegoods and other accessories, to end consumers through these stores.

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17			1/23/16			1/28/17			1/23/16
Sales
Upholstery segment:
Sales to external customers	$	246,650		$	250,740		$	715,357		$	743,304
Intersegment sales	56,273			51,652			150,771			137,581

Upholstery segment sales	302,923			302,392			866,128			880,885


Casegoods segment:
Sales to external customers	20,499			22,528			64,651			69,517
Intersegment sales	2,760			2,091			9,534			6,714

Casegoods segment sales	23,259			24,619			74,185			76,231


Retail segment sales	122,121			110,160			325,206			293,291

Corporate and Other:
Sales to external customers	722			586			2,140			2,216
Intersegment sales	1,978			1,328			4,751			2,594

Corporate and Other sales	2,700			1,914			6,891			4,810


Eliminations	(61,011		)	(55,071		)	(165,056		)	(146,889		)

Consolidated sales	$	389,992		$	384,014		$	1,107,354		$	1,108,328


Operating Income (Loss)
Upholstery segment	$	34,979		$	33,022		$	102,318		$	94,656
Casegoods segment	1,593			1,768			6,587			6,092
Retail segment	6,325			8,834			11,515			19,279
Corporate and Other	(10,015		)	(8,840		)	(32,602		)	(31,883		)

Consolidated operating income	32,882			34,784			87,818			88,144
Interest expense	562			120			794			365
Interest income	241			204			679			573
Income from Continued Dumping and Subsidy Offset Act, net	273			102			273			102
Other income (expense), net	638			(93		)	287			2,387

Income before income taxes	$	33,472		$	34,877		$	88,263		$	90,841

- 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.

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Jan. 28, 2017
Income Taxes
Income Taxes	Note 10: Income Taxes Our effective tax rate for the third quarter and first nine months of fiscal 2017 was 29.4% and 33.4%, respectively, as compared with 36.2% and 36.1% in the third quarter and first nine months of fiscal 2016, respectively. Our effective tax rate varies from the 35% statutory rate primarily due to state taxes, less the benefit of the U.S. manufacturing deduction and foreign earnings in jurisdictions with lower tax rates than the U.S. Additionally, our effective tax rate was lower in the third quarter and first nine months of fiscal 2017 primarily due to a tax benefit for state tax credits and a tax benefit for releases of valuation allowances relating to certain U.S. state deferred tax assets. Discrete items lowered our effective tax rate by 5.0 percentage points and 1.8 percentage points in the third quarter and first nine months of fiscal 2017, respectively. Our consolidated balance sheet at the end of the third quarter of fiscal 2017 reflected a $0.8 million net liability for uncertain income tax positions. We do not expect this net liability to change significantly in the next 12 months. We will either pay or release the liability for uncertain income tax positions as tax audits are completed or settled, statutes of limitation expire or other new information becomes available.

Earnings per Share

9 Months Ended

Jan. 28, 2017

Earnings per Share

Earnings per Share

Note 11: 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:

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17			1/23/16			1/28/17			1/23/16
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	23,286		$	21,906		$	57,925		$	56,534
Income allocated to participating securities	(115		)	(107		)	(287		)	(292		)

Net income available to common shareholders	$	23,171		$	21,799		$	57,638		$	56,242


Denominator:
Basic weighted average common shares outstanding	48,914			50,038			49,057			50,371
Add:
Contingent common shares	155			171			155			172
Stock option dilution	315			330			320			337

Diluted weighted average common shares outstanding	49,384			50,539			49,532			50,880

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 quarter and nine months ended January 23, 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 quarter and nine months ended January 28, 2017.

Fair Value Measurements

9 Months Ended

Jan. 28, 2017

Fair Value Measurements

Fair Value Measurements

Note 12: 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 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.

The following table presents the fair value hierarchy for those assets we measured at fair value on a recurring basis at January 28, 2017, and April 30, 2016:

At January 28, 2017	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1(a)		Level 2(a)		Level 3(b)
Assets
Available-for-sale investments	$	1,263	$	33,637	$	750
Trading securities	—		10		—
Held-to-maturity investments	1,830		—		—
Cost basis investment	—		—		5,500

Total assets	$	3,093	$	33,647	$	6,250


Liabilities
Contingent consideration liability	$	—	$	—	$	1,224

(a)

There were no transfers between Level 1 and Level 2 during fiscal 2017.

(b)

There were no transfers into or out of Level 3 during fiscal 2017.

At April 30, 2016	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1(c)		Level 2(c)		Level 3(d)
Assets
Available-for-sale investments	$	1,177	$	36,802	$	—
Held-to-maturity investments	1,826		—		—

Total	$	3,003	$	36,802	$	—

(c)

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

(d)

There were no transfers into or out of Level 3 during fiscal 2016.

The fair value measurements for our Level 1 and Level 2 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. Our Level 3 investments are valued at their cost basis as of the date of purchase, because estimating fair value is not practicable. Our Level 3 liability is a contingent consideration liability, and we estimate the fair value of this liability based on the present value of the probability-weighted future cash flows, which are unobservable inputs that are not supported by market activity.

The following table is a reconciliation of our Level 3 assets and liabilities recorded at fair value using significant unobservable inputs:

(Unaudited, amounts in thousands)	Level 3
Assets
Balance at April 30, 2016	$	—
Purchases	6,250

Balance at January 28, 2017	$	6,250


Liabilities
Balance at April 30, 2016	$	—
Acquisitions	1,204
Translation adjustment	20

Balance at January 28, 2017	$	1,224

We hold certain available-for-sale investments that are measured at fair value using net asset value per share under the practical expedient methodology. In accordance with recently issued accounting standards, we no longer include these investments in our asset leveling using the fair value hierarchy. Adoption of this standard had no effect on our consolidated financial statements, but, as a result of this updated standard, we have reclassified the fiscal 2016 table above to conform to the fiscal 2017 presentation by removing our available-for-sale securities that are measured using net asset value. These investments are still included in the total fair value column of the table in our investment footnote (see Note 4). The fair value of the investments measured using net asset value at January 28, 2017, and April 30, 2016, was $6.7 million and $7.2 million, respectively.

- 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

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Jan. 28, 2017
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 13: 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 2019. We are currently reviewing our contracts and other revenue streams as they relate to this guidance. At this time, we believe we will ultimately choose the modified retrospective approach to implementing the new standard when it becomes effective for our fiscal 2019, but we are still assessing the overall impact this guidance will have on our consolidated financial statements and financial statement disclosures. 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 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 its 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 2020. We are currently reviewing our leases and gathering the necessary information and tools to adopt this guidance when it becomes effective for our fiscal 2020. We are still assessing the impact 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 2018. We are still assessing the impact this guidance will have on our consolidated financial statements and related disclosures. In June 2016, the FASB issued a new accounting standard that amends current guidance on other-than-temporary impairments of available-for-sale debt securities. This amended guidance requires the use of an allowance to record estimated credit losses on these assets when the fair value is below the amortized cost of the asset. This standard also removes the evaluation of the length of time that a security has been in a loss position to avoid recording a credit loss. We are required to adopt this standard for our fiscal 2021 and apply it through a cumulative-effect adjustment to retained earnings. We are assessing the impact this guidance will have on our consolidated financial statements and related disclosures. In August 2016, the FASB issued a new accounting standard that provides guidance on the classification of eight cash receipts and cash payments issues on the statement of cash flows. The intent of this standard is to help reduce diversity in practice regarding cash flow presentation. This guidance will be applicable for our fiscal 2018. We do not believe that adoption of this standard will have a material impact on our statement of cash flows presentation. In October 2016, the FASB issued a new accounting standard that requires entities to recognize the income tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. This guidance will be applicable for our fiscal 2019. We are still assessing the impact this guidance will have on our consolidated financial statements and related disclosures. In November 2016, the FASB issued a new accounting standard that requires the statement of cash flows to explain the change during the period in the total cash, cash equivalents, and amount generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance will be applicable for our fiscal 2019. We do not believe that adoption of this standard will have a material impact on our statement of cash flows presentation. In January 2017, the FASB issued a new accounting standard clarifying the definition of a business with the objective of adding guidance to evaluating whether a transaction should be accounted for as an acquisition. This guidance will be applicable for our fiscal 2019. We are still assessing the impact this guidance will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued a new accounting standard simplifying the subsequent measurement of goodwill by eliminating Step 2 from the goodwill test. An entity should now perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance will be applicable for our fiscal 2021. We are still assessing the impact this guidance will have on our consolidated financial statements and related disclosures.

Acquisitions (Tables)

9 Months Ended

Jan. 28, 2017

Acquisitions

Summary of fair values at the dates of acquisition

(Unaudited, amounts in thousands)	Fiscal 2017
Current assets	$	12,267
Goodwill and other intangible assets	46,921
Property, plant and equipment, net	1,106

Total assets acquired	60,294

Current liabilities acquired	(3,631		)
Purchase price liability	(15,587		)
Contingent consideration liability	(1,204		)

Total liabilities	(20,422		)


Total purchase price	$	39,872

Inventories (Tables)

9 Months Ended

Jan. 28, 2017

Inventories

Summary of inventories

(Unaudited, amounts in thousands)	1/28/17			4/30/16
Raw materials	$	92,881		$	87,905
Work in process	11,767			11,591
Finished goods	110,815			97,861

FIFO inventories	215,463			197,357
Excess of FIFO over LIFO	(21,768		)	(21,768		)

Inventories, net	$	193,695		$	175,589

Investments (Tables)

9 Months Ended

Jan. 28, 2017

Investments

Summary of investments

(Unaudited, amounts in thousands)	1/28/17		4/30/16
Short-term investments:
Available-for-sale investments	$	13,854	$	13,491
Trading securities	10		—
Held-to-maturity investments	1,830		1,826

Total short-term investments	15,694		15,317

Long-term investments:
Available-for-sale investments	28,451		31,659
Cost basis investment	5,500		—

Total long-term investments	33,951		31,659


Total investments	$	49,645	$	46,976


Investments to enhance returns on cash	$	29,859	$	33,583
Investments to fund compensation/retirement plans	$	13,536	$	13,393
Other investments	$	6,250	$	—

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

At January 28, 2017

(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	1,467	$	(98	)	$	13,257
Fixed income	62		(118		)	33,972
Mutual funds	—		—			10
Other	1		(8		)	2,406

Total securities	$	1,530	$	(224	)	$	49,645

At April 30, 2016

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

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

Summary of sales of available-for-sale securities

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17			1/23/16			1/28/17			1/23/16
Proceeds from sales	$	4,142		$	4,487		$	13,899		$	23,896
Gross realized gains	866			267			913			970
Gross realized losses	(366		)	(18		)	(404		)	(557		)

Pension Plans (Tables)

9 Months Ended

Jan. 28, 2017

Pension Plans

Schedule of net periodic pension costs

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17			1/23/16			1/28/17			1/23/16
Service cost	$	320		$	333		$	958		$	999
Interest cost	1,170			1,211			3,510			3,633
Expected return on plan assets	(1,245		)	(1,226		)	(3,735		)	(3,678		)
Net amortization	764			736			2,292			2,208

Net periodic pension cost	$	1,009		$	1,054		$	3,025		$	3,162

Product Warranties (Tables)

9 Months Ended

Jan. 28, 2017

Product Warranties

Reconciliation of changes in product warranty liability

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17			1/23/16			1/28/17			1/23/16
Balance as of the beginning of the period	$	20,902		$	18,061		$	20,511		$	16,870
Accruals during the period	5,168			5,330			15,022			16,092
Settlements during the period	(4,846		)	(4,655		)	(14,309		)	(14,226		)

Balance as of the end of the period	$	21,224		$	18,736		$	21,224		$	18,736

Stock-Based Compensation (Tables)

9 Months Ended

Jan. 28, 2017

Stock-Based Compensation

Summary of total stock-based compensation expense

	Quarter Ended					Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17		1/23/16			1/28/17		1/23/16
Equity-based awards expense	$	1,691	$	1,745		$	7,571	$	6,868
Liability-based awards (income) expense	1,383		(1,645		)	1,653		(577		)

Total stock-based compensation expense	$	3,074	$	100		$	9,224	$	6,291

Fair value assumptions for stock options

(Unaudited)	Fiscal 2017 grant
Risk-free interest rate	1.30		%
Dividend rate	1.54		%
Expected life in years	5.00
Stock price volatility	38.87		%
Fair value per share	$	7.99

Fair value assumptions for SARs

(Unaudited)	Fiscal 2014 grant			Fiscal 2013 grant
Risk-free interest rate	0.87		%	0.64		%
Dividend rate	1.53		%	1.53		%
Expected life in years	1.38			0.46
Stock price volatility	35.10		%	33.74		%
Fair value per share	$	10.18		$	16.66

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Jan. 28, 2017

Accumulated Other Comprehensive Loss

Activity in accumulated other comprehensive loss

										Net pension
				Change in			Unrealized			amortization			Accumulated
				fair value			gain on			and net			other
	Translation			of cash			marketable			actuarial			comprehensive
(Unaudited, amounts in thousands)	adjustment			flow hedge			securities			loss			loss
Balance at October 29, 2016	$	(673	)	$	(622	)	$	1,114		$	(33,309	)	$	(33,490	)
Changes before reclassifications	(383		)	(1,414		)	472			—			(1,325		)
Amounts reclassified to net income	—			762			(500		)	822			1,084
Tax effect	—			248			11			(313		)	(54		)

Other comprehensive income (loss) attributable to La-Z- Boy Incorporated	(383		)	(404		)	(17		)	509			(295		)

Balance at January 28, 2017	$	(1,056	)	$	(1,026	)	$	1,097		$	(32,800	)	$	(33,785	)

										Net pension
				Change in			Unrealized			amortization			Accumulated
				fair value			gain on			and net			other
	Translation			of cash			marketable			actuarial			comprehensive
(Unaudited, amounts in thousands)	adjustment			flow hedge			securities			loss			loss
Balance at October 24, 2015	$	(971	)	$	(525	)	$	1,292		$	(33,725	)	$	(33,929	)
Changes before reclassifications	159			(1,616		)	(929		)	—			(2,386		)
Amounts reclassified to net income	—			560			(248		)	789			1,101
Tax effect	—			403			448			(301		)	550

Other comprehensive income (loss) attributable to La-Z- Boy Incorporated	159			(653		)	(729		)	488			(735		)

Balance at January 23, 2016	$	(812	)	$	(1,178	)	$	563		$	(33,237	)	$	(34,664	)

(Unaudited, 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 30, 2016	$	(445	)	$	(286	)	$	1,058		$	(34,327	)	$	(34,000	)
Changes before reclassifications	(611		)	(2,893		)	572			—			(2,932		)
Amounts reclassified to net income	—			1,698			(509		)	2,467			3,656
Tax effect	—			455			(24		)	(940		)	(509		)

Other comprehensive income (loss) attributable to La-Z- Boy Incorporated	(611		)	(740		)	39			1,527			215

Balance at January 28, 2017	$	(1,056	)	$	(1,026	)	$	1,097		$	(32,800	)	$	(33,785	)

(Unaudited, 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 25, 2015	$	1,517		$	(560	)	$	1,605		$	(34,701	)	$	(32,139	)
Changes before reclassifications	(2,329		)	(2,671		)	(1,270		)	—			(6,270		)
Amounts reclassified to net income	—			1,672			(413		)	2,366			3,625
Tax effect	—			381			641			(902		)	120

Other comprehensive income (loss) attributable to La-Z- Boy Incorporated	(2,329		)	(618		)	(1,042		)	1,464			(2,525		)

Balance at January 23, 2016	$	(812	)	$	(1,178	)	$	563		$	(33,237	)	$	(34,664	)

Components of non-controlling interest

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17			1/23/16			1/28/17			1/23/16
Balance as of the beginning of the period	$	10,443		$	9,318		$	10,070		$	8,954
Net income	356			328			830			1,482
Other comprehensive loss	(58		)	(132		)	(159		)	(922		)

Balance as of the end of the period	$	10,741		$	9,514		$	10,741		$	9,514

Segment Information (Tables)

9 Months Ended

Jan. 28, 2017

Segment Information

Schedule of segment information

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17			1/23/16			1/28/17			1/23/16
Sales
Upholstery segment:
Sales to external customers	$	246,650		$	250,740		$	715,357		$	743,304
Intersegment sales	56,273			51,652			150,771			137,581

Upholstery segment sales	302,923			302,392			866,128			880,885


Casegoods segment:
Sales to external customers	20,499			22,528			64,651			69,517
Intersegment sales	2,760			2,091			9,534			6,714

Casegoods segment sales	23,259			24,619			74,185			76,231


Retail segment sales	122,121			110,160			325,206			293,291

Corporate and Other:
Sales to external customers	722			586			2,140			2,216
Intersegment sales	1,978			1,328			4,751			2,594

Corporate and Other sales	2,700			1,914			6,891			4,810


Eliminations	(61,011		)	(55,071		)	(165,056		)	(146,889		)

Consolidated sales	$	389,992		$	384,014		$	1,107,354		$	1,108,328


Operating Income (Loss)
Upholstery segment	$	34,979		$	33,022		$	102,318		$	94,656
Casegoods segment	1,593			1,768			6,587			6,092
Retail segment	6,325			8,834			11,515			19,279
Corporate and Other	(10,015		)	(8,840		)	(32,602		)	(31,883		)

Consolidated operating income	32,882			34,784			87,818			88,144
Interest expense	562			120			794			365
Interest income	241			204			679			573
Income from Continued Dumping and Subsidy Offset Act, net	273			102			273			102
Other income (expense), net	638			(93		)	287			2,387

Income before income taxes	$	33,472		$	34,877		$	88,263		$	90,841

Earnings per Share (Tables)

9 Months Ended

Jan. 28, 2017

Earnings per Share

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

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/17			1/23/16			1/28/17			1/23/16
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	23,286		$	21,906		$	57,925		$	56,534
Income allocated to participating securities	(115		)	(107		)	(287		)	(292		)

Net income available to common shareholders	$	23,171		$	21,799		$	57,638		$	56,242


Denominator:
Basic weighted average common shares outstanding	48,914			50,038			49,057			50,371
Add:
Contingent common shares	155			171			155			172
Stock option dilution	315			330			320			337

Diluted weighted average common shares outstanding	49,384			50,539			49,532			50,880

Fair Value Measurements (Tables)

9 Months Ended

Jan. 28, 2017

Fair Value Measurements

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

At January 28, 2017	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1(a)		Level 2(a)		Level 3(b)
Assets
Available-for-sale investments	$	1,263	$	33,637	$	750
Trading securities	—		10		—
Held-to-maturity investments	1,830		—		—
Cost basis investment	—		—		5,500

Total assets	$	3,093	$	33,647	$	6,250


Liabilities
Contingent consideration liability	$	—	$	—	$	1,224

(a)

There were no transfers between Level 1 and Level 2 during fiscal 2017.

(b)

There were no transfers into or out of Level 3 during fiscal 2017.

At April 30, 2016	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1(c)		Level 2(c)		Level 3(d)
Assets
Available-for-sale investments	$	1,177	$	36,802	$	—
Held-to-maturity investments	1,826		—		—

Total	$	3,003	$	36,802	$	—

(c)

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

(d)

There were no transfers into or out of Level 3 during fiscal 2016.

Reconciliation of Level 3 assets recorded at fair value using significant unobservable inputs

(Unaudited, amounts in thousands)	Level 3
Assets
Balance at April 30, 2016	$	—
Purchases	6,250
Balance at January 28, 2017	$	6,250

Reconciliation of Level 3 liabilities recorded at fair value using significant unobservable inputs

(Unaudited, amounts in thousands)	Level 3
Liabilities
Balance at April 30, 2016	$	—
Acquisitions	1,204
Translation adjustment	20
Balance at January 28, 2017	$	1,224

Basis of Presentation (Details)	9 Months Ended		12 Months Ended
Basis of Presentation (Details)	Jan. 28, 2017	Jan. 23, 2016	Apr. 29, 2017	Apr. 30, 2016
Basis of Presentation
Length of fiscal year			364 days	371 days
Improvement in gross margin due to legal settlement (as a percent)	0.20%	0.30%

Acquisitions (Details) $ in Thousands	3 Months Ended			9 Months Ended
Acquisitions (Details) $ in Thousands	Jan. 28, 2017 USD ($) store	Oct. 29, 2016 USD ($) store Counterparty	Jul. 30, 2016 USD ($) store	Jan. 28, 2017 USD ($) store	Apr. 30, 2016 USD ($)
Acquisitions
Goodwill	$ 73,777			$ 73,777	$ 37,193
2017 Acquisitions
Fair values at the dates of acquisition
Current assets	12,267			12,267
Goodwill and other intangible assets	46,921			46,921
Property, plant and equipment, net	1,106			1,106
Total assets acquired	60,294			60,294
Current liabilities acquired	(3,631)			(3,631)
Purchase price liability				(15,587)
Contingent consideration liability	(1,204)			(1,204)
Total liabilities	$ (20,422)			(20,422)
Total purchase price				39,872
License to Sell La-Z-Boy in United Kingdom and Ireland
Acquisitions
Period until payment is due	90 days
Purchase price liability, including contingent consideration	$ 16,600			16,600
Amortizable intangible assets	4,300			4,300
Goodwill	11,600			11,600
Fair values at the dates of acquisition
Contingent consideration liability	$ (1,000)			(1,000)
License to Sell La-Z-Boy in United Kingdom and Ireland \| Minimum
Acquisitions
Amortization period	1 year
License to Sell La-Z-Boy in United Kingdom and Ireland \| Maximum
Acquisitions
Amortization period	15 years
Independent dealer assets acquired in fiscal 2017
Acquisitions
Goodwill	$ 25,000			25,000
Settlement gain or loss				0
Independent dealer assets acquired in fiscal 2017 \| Reacquired rights
Acquisitions
Indefinite-lived intangible asset	$ 6,000			$ 6,000
Independent dealer assets acquired in fiscal 2017, third quarter
Acquisitions
Number of stores \| store	9			9
Total purchase price	$ 21,300
Cash paid	19,900
Forgiveness of accounts receivable	1,400
Independent dealer assets acquired in fiscal 2017, second quarter
Acquisitions
Number of dealers whose assets were acquired \| Counterparty		2
Number of stores \| store		4
Total purchase price		$ 12,100
Cash paid		10,700
Forgiveness of accounts receivable		1,200
Fair values at the dates of acquisition
Contingent consideration liability		$ (200)
Independent dealer assets acquired in fiscal 2017, first quarter
Acquisitions
Number of stores \| store			1
Total purchase price			$ 5,300
Customer relationships \| License to Sell La-Z-Boy in United Kingdom and Ireland
Acquisitions
Amortizable intangible assets	$ 3,200			$ 3,200

Inventories (Details) - USD ($) $ in Thousands	Jan. 28, 2017	Apr. 30, 2016
Inventories
Raw materials	$ 92,881	$ 87,905
Work in process	11,767	11,591
Finished goods	110,815	97,861
FIFO inventories	215,463	197,357
Excess of FIFO over LIFO	(21,768)	(21,768)
Inventories, net	$ 193,695	$ 175,589

Investments - Components (Details) - USD ($) $ in Thousands	Jan. 28, 2017	Apr. 30, 2016
Investments
Total investments	$ 49,645	$ 46,976
Investments to enhance returns on cash
Investments
Total investments	29,859	33,583
Investments to fund compensation/retirement plans
Investments
Total investments	13,536	13,393
Other investments
Investments
Total investments	6,250
Other current assets
Investments
Available-for-sale investments	13,854	13,491
Trading securities	10
Held-to-maturity investments	1,830	1,826
Total investments	15,694	15,317
Other long-term assets
Investments
Available-for-sale investments	28,451	31,659
Cost basis investment	5,500
Total investments	$ 33,951	$ 31,659

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Jan. 28, 2017	Apr. 30, 2016
Summary of investments
Gross Unrealized Gains	$ 1,530	$ 1,408
Gross Unrealized Losses	(224)	(165)
Fair Value	49,645	46,976
Equity securities
Summary of investments
Gross Unrealized Gains	1,467	1,231
Gross Unrealized Losses	(98)	(135)
Fair Value	13,257	8,150
Fixed income
Summary of investments
Gross Unrealized Gains	62	176
Gross Unrealized Losses	(118)	(9)
Fair Value	33,972	36,527
Mutual funds
Summary of investments
Fair Value	10
Other
Summary of investments
Gross Unrealized Gains	1	1
Gross Unrealized Losses	(8)	(21)
Fair Value	$ 2,406	$ 2,299

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ 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(12))
-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
-Glossary Trading Securities
-URI http://asc.fasb.org/extlink&oid=6526789

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(5))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 35
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27723805&loc=d3e24584-111560

Reference 6: 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(2))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65884222&loc=d3e22054-111558

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1))
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Available-for-Sale Securities
-URI http://asc.fasb.org/extlink&oid=6505594

+ Details

Investments - Sales and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 28, 2017	Jan. 23, 2016	Jan. 28, 2017	Jan. 23, 2016
Sales of available-for-sale securities
Proceeds from sales	$ 4,142	$ 4,487	$ 13,899	$ 23,896
Gross realized gains	866	267	913	970
Gross realized losses	(366)	$ (18)	(404)	$ (557)
Fair value of available-for-sale securities by contractual maturity
Fair value, available-for-sale securities with contractual maturity within one year	14,100		14,100
Fair value, available-for-sale securities with contractual maturity within two to five years	18,300		18,300
Fair value, available-for-sale securities with contractual maturity within six to ten years	1,300		1,300
Fair value, available-for-sale securities with contractual maturity after ten years	$ 300		$ 300

Pension Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pension Plans (Details) - USD ($) $ in Thousands	Jan. 28, 2017	Jan. 23, 2016	Jan. 28, 2017	Jan. 23, 2016
Net periodic pension costs
Service cost	$ 320	$ 333	$ 958	$ 999
Interest cost	1,170	1,211	3,510	3,633
Expected return on plan assets	(1,245)	(1,226)	(3,735)	(3,678)
Net amortization	764	736	2,292	2,208
Net periodic pension cost	$ 1,009	$ 1,054	$ 3,025	$ 3,162

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Jan. 28, 2017	Jan. 23, 2016	Jan. 28, 2017	Jan. 23, 2016	Apr. 30, 2016
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 20,902	$ 18,061	$ 20,511	$ 16,870
Accruals during the period	5,168	5,330	15,022	16,092
Settlements during the period	(4,846)	(4,655)	(14,309)	(14,226)
Balance as of the end of the period	21,224	$ 18,736	21,224	$ 18,736
Product warranty liability included in accrued expenses and other current liabilities	$ 12,800		$ 12,800		$ 12,400
Upholstery Segment
Product Warranties
Percentage of warranty liability relating to the segment			95.00%
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

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 28, 2017	Jan. 23, 2016	Jan. 28, 2017	Jan. 23, 2016
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 1,691	$ 1,745	$ 7,571	$ 6,868
Liability-based awards (income) expense	1,383	(1,645)	1,653	(577)
Total stock-based compensation expense	$ 3,074	$ 100	$ 9,224	$ 6,291

Stock-Based Compensation - Stock Options (Details) - Stock Options - $ / shares	3 Months Ended	9 Months Ended
	Jul. 30, 2016	Jan. 28, 2017
Stock-Based Compensation
Shares granted (in shares)	497,198
Fair value assumptions
Risk-free interest rate (as a percent)	1.30%
Dividend rate (as a percent)	1.54%
Expected life in years	5 years
Stock price volatility (as a percent)	38.87%
Fair value per share (in dollars per share)	$ 7.99
Minimum
Stock-Based Compensation
Vesting period		1 year
Maximum
Stock-Based Compensation
Vesting period		4 years

Stock-Based Compensation - SARs (Details) - Stock Appreciation Rights	9 Months Ended
	Jan. 28, 2017 $ / shares
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
Fiscal 2014 Grant
Fair value assumptions
Risk-free interest rate (as a percent)	0.87%
Dividend rate (as a percent)	1.53%
Expected life in years	1 year 4 months 17 days
Stock price volatility (as a percent)	35.10%
Fair value per share (in dollars per share)	$ 10.18
Fiscal 2013 Grant
Fair value assumptions
Risk-free interest rate (as a percent)	0.64%
Dividend rate (as a percent)	1.53%
Expected life in years	5 months 16 days
Stock price volatility (as a percent)	33.74%
Fair value per share (in dollars per share)	$ 16.66

Stock-Based Compensation - Restricted Stock and RSUs (Details) - $ / shares	3 Months Ended		9 Months Ended
	Oct. 29, 2016	Jul. 30, 2016	Jan. 28, 2017
Restricted Stock
Stock-Based Compensation
Granted (in shares)		97,924
Granted (in dollars per share/unit)		$ 25.99
Percentage vesting each year from date of grant			25.00%
Period from grant date for first vesting			1 year
Vesting period			4 years
Restricted Stock Units \| Employees
Stock-Based Compensation
Fair value (in dollars per unit)			$ 28.80
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
Restricted Stock Units \| Non-Employee Directors
Stock-Based Compensation
Granted (in shares)	23,624
Granted (in dollars per share/unit)	$ 27.10

Stock-Based Compensation - Performance Awards (Details) - $ / shares	3 Months Ended	9 Months Ended
	Jul. 30, 2016	Jan. 28, 2017
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, performance period		3 years
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-Based Shares
Stock-Based Compensation
Number of shares or units granted	180,359
Performance-Based Shares, vesting based on performance goals \| Fiscal 2017 Grant
Stock-Based Compensation
Fair value on date of grant (in dollars per share)	$ 24.79
Performance Based Shares, vesting based on market conditions \| Fiscal 2017 Grant
Stock-Based Compensation
Fair value on date of grant (in dollars per share)	$ 33.32

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 28, 2017	Jan. 23, 2016	Jan. 28, 2017	Jan. 23, 2016
Activity in accumulated other comprehensive loss
Balance			$ 547,142
Balance	$ 576,185		576,185
Components of non-controlling interest
Balance as of the beginning of the period	10,443	$ 9,318	10,070	$ 8,954
Net income	356	328	830	1,482
Other comprehensive loss	(58)	(132)	(159)	(922)
Balance as of the end of the period	10,741	9,514	10,741	9,514
Accumulated Other Comprehensive Loss
Activity in accumulated other comprehensive loss
Balance	(33,490)	(33,929)	(34,000)	(32,139)
Changes before reclassifications	(1,325)	(2,386)	(2,932)	(6,270)
Amounts reclassified to net income	1,084	1,101	3,656	3,625
Tax effect	(54)	550	(509)	120
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(295)	(735)	215	(2,525)
Balance	(33,785)	(34,664)	(33,785)	(34,664)
Translation adjustment
Activity in accumulated other comprehensive loss
Balance	(673)	(971)	(445)	1,517
Changes before reclassifications	(383)	159	(611)	(2,329)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(383)	159	(611)	(2,329)
Balance	(1,056)	(812)	(1,056)	(812)
Change in fair value of cash flow hedge
Activity in accumulated other comprehensive loss
Balance	(622)	(525)	(286)	(560)
Changes before reclassifications	(1,414)	(1,616)	(2,893)	(2,671)
Amounts reclassified to net income	762	560	1,698	1,672
Tax effect	248	403	455	381
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(404)	(653)	(740)	(618)
Balance	(1,026)	(1,178)	(1,026)	(1,178)
Unrealized gain on marketable securities
Activity in accumulated other comprehensive loss
Balance	1,114	1,292	1,058	1,605
Changes before reclassifications	472	(929)	572	(1,270)
Amounts reclassified to net income	(500)	(248)	(509)	(413)
Tax effect	11	448	(24)	641
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(17)	(729)	39	(1,042)
Balance	1,097	563	1,097	563
Net pension amortization and net actuarial loss
Activity in accumulated other comprehensive loss
Balance	(33,309)	(33,725)	(34,327)	(34,701)
Amounts reclassified to net income	822	789	2,467	2,366
Tax effect	(313)	(301)	(940)	(902)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	509	488	1,527	1,464
Balance	$ (32,800)	$ (33,237)	$ (32,800)	$ (33,237)

Segment Information (Details)	9 Months Ended
Segment Information (Details)	Jan. 28, 2017 store segment item
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	142

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 28, 2017	Jan. 23, 2016	Jan. 28, 2017	Jan. 23, 2016
Segment Information
Sales	$ 389,992	$ 384,014	$ 1,107,354	$ 1,108,328
Operating Income (Loss)	32,882	34,784	87,818	88,144
Interest expense	562	120	794	365
Interest income	241	204	679	573
Income from Continued Dumping and Subsidy Offset Act, net	273	102	273	102
Other income (expense), net	638	(93)	287	2,387
Income before income taxes	33,472	34,877	88,263	90,841
Upholstery Segment
Segment Information
Sales	246,650	250,740	715,357	743,304
Casegoods Segment
Segment Information
Sales	20,499	22,528	64,651	69,517
Retail Segment
Segment Information
Sales	122,121	110,160	325,206	293,291
Corporate and Other, non-segment
Segment Information
Sales	722	586	2,140	2,216
Operating Segments \| Upholstery Segment
Segment Information
Sales	302,923	302,392	866,128	880,885
Operating Income (Loss)	34,979	33,022	102,318	94,656
Operating Segments \| Casegoods Segment
Segment Information
Sales	23,259	24,619	74,185	76,231
Operating Income (Loss)	1,593	1,768	6,587	6,092
Operating Segments \| Retail Segment
Segment Information
Operating Income (Loss)	6,325	8,834	11,515	19,279
Corporate and Other
Segment Information
Operating Income (Loss)	(10,015)	(8,840)	(32,602)	(31,883)
Corporate and Other \| Corporate and Other, non-segment
Segment Information
Sales	2,700	1,914	6,891	4,810
Eliminations
Segment Information
Sales	(61,011)	(55,071)	(165,056)	(146,889)
Eliminations \| Upholstery Segment
Segment Information
Sales	(56,273)	(51,652)	(150,771)	(137,581)
Eliminations \| Casegoods Segment
Segment Information
Sales	(2,760)	(2,091)	(9,534)	(6,714)
Eliminations \| Corporate and Other, non-segment
Segment Information
Sales	$ (1,978)	$ (1,328)	$ (4,751)	$ (2,594)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jan. 28, 2017	Jan. 23, 2016	Jan. 28, 2017	Jan. 23, 2016
Income Taxes
Effective tax rate (as a percent)	29.40%	36.20%	33.40%	36.10%
Statutory tax rate (as a percent)	35.00%
Net liability for uncertain income tax positions	$ 0.8		$ 0.8
Reduction in tax rate from discrete items (as a percent)	5.00%		1.80%

Earnings per Share - Reconciliation (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 28, 2017	Jan. 23, 2016	Jan. 28, 2017	Jan. 23, 2016
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$ 23,286	$ 21,906	$ 57,925	$ 56,534
Income allocated to participating securities, basic	(115)	(107)	(287)	(292)
Income allocated to participating securities, diluted	(115)	(107)	(287)	(292)
Net income available to common shareholders, basic	23,171	21,799	57,638	56,242
Net income available to common shareholders, diluted	$ 23,171	$ 21,799	$ 57,638	$ 56,242
Denominator
Basic weighted average common shares outstanding (in shares)	48,914	50,038	49,057	50,371
Add:
Contingent common shares (in shares)	155	171	155	172
Stock option dilution (in shares)	315	330	320	337
Diluted weighted average common shares outstanding (in shares)	49,384	50,539	49,532	50,880

Earnings per Share - Antidilutive Securities (Details) - Outstanding options - $ / shares shares in Millions	3 Months Ended	9 Months Ended
	Jan. 23, 2016	Jan. 23, 2016
Anti-dilutive options
Outstanding options excluded from diluted share calculation (in shares)	0.4	0.4
Weighted average exercise price of options excluded from diluted share calculation (in dollars per share)	$ 26.69	$ 26.69

Fair Value Measurements - Hierarchy and Transfers (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 28, 2017	Apr. 30, 2016
Assets
Total investments	$ 49,645	$ 46,976
Liabilities
Transfers from Level 1 to Level 2 assets	0	0
Transfers from Level 2 to Level 1 assets	0	0
Transfers into Level 3 assets	0	0
Transfers out of Level 3 assets	0	0
Transfers into Level 3 liabilities	0	0
Transfers out of Level 3 liabilities	0	0
Level 1 \| Recurring basis
Assets
Total investments	3,093	3,003
Level 1 \| Recurring basis \| Available-for-sale investments
Assets
Total investments	1,263	1,177
Level 1 \| Recurring basis \| Held-to-maturity investments
Assets
Total investments	1,830	1,826
Level 2 \| Recurring basis
Assets
Total investments	33,647	36,802
Level 2 \| Recurring basis \| Available-for-sale investments
Assets
Total investments	33,637	$ 36,802
Level 2 \| Recurring basis \| Trading securities
Assets
Total investments	10
Level 3 \| Recurring basis
Assets
Total investments	6,250
Liabilities
Contingent consideration liability	1,224
Level 3 \| Recurring basis \| Available-for-sale investments
Assets
Total investments	750
Level 3 \| Recurring basis \| Cost basis investment
Assets
Total investments	$ 5,500

Fair Value Measurements - Level 3 Reconciliation (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 28, 2017	Apr. 30, 2016
Reconciliation of Level 3 assets recorded at fair value using significant unobservable inputs
Purchases	$ 6,250
Balance at end of period	6,250
Reconciliation of Level 3 liabilities recorded at fair value using significant unobservable inputs
Acquisitions	1,204
Translation adjustment	20
Balance at end of period	1,224
Available-for-sale investments
Investments not included in the fair value hierarchy
Fair value of investments measured using net asset value	$ 6,700	$ 7,200