Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Apr. 29, 2017	Jun. 13, 2017	Oct. 29, 2016
Document and Entity Information
Entity Registrant Name	LA-Z-BOY INC
Entity Central Index Key	0000057131
Current Fiscal Year End Date	--04-29
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,139.9
Entity Common Stock, Shares Outstanding		48,301,542
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Apr. 29, 2017

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
CONSOLIDATED STATEMENT OF INCOME
Sales	$ 1,520,060	$ 1,525,398	$ 1,425,395
Cost of sales	913,518	943,362	920,903
Gross profit	606,542	582,036	504,492
Selling, general and administrative expense	475,961	459,647	401,327
Operating income	130,581	122,389	103,165
Interest expense	1,073	486	523
Interest income	981	827	1,030
Income from Continued Dumping and Subsidy Offset Act, net	273	102	1,212
Other income (expense), net	(22)	2,211	744
Income from continuing operations before income taxes	130,740	125,043	105,628
Income tax expense	43,756	44,080	36,954
Income from continuing operations	86,984	80,963	68,674
Income from discontinued operations, net of tax			3,297
Net income	86,984	80,963	71,971
Net income attributable to noncontrolling interests	(1,062)	(1,711)	(1,198)
Net income attributable to La-Z-Boy Incorporated	85,922	79,252	70,773
Net income attributable to La-Z-Boy Incorporated:
Income from continuing operations attributable to La-Z-Boy Incorporated	85,922	79,252	67,476
Income from discontinued operations			3,297
Net income attributable to La-Z-Boy Incorporated	$ 85,922	$ 79,252	$ 70,773
Basic weighted average common shares (in shares)	48,963	50,194	51,767
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)	$ 1.75	$ 1.57	$ 1.30
Income from discontinued operations, net of tax (in dollars per share)			0.06
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 1.75	$ 1.57	$ 1.36
Diluted weighted average common shares (in shares)	49,470	50,765	52,346
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)	$ 1.73	$ 1.55	$ 1.28
Income from discontinued operations, net of tax (in dollars per share)			0.06
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	1.73	1.55	1.34
Dividends declared per share (in dollars per share)	$ 0.42	$ 0.36	$ 0.28

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income	$ 86,984	$ 80,963	$ 71,971
Other comprehensive income (loss)
Currency translation adjustment	(428)	(2,557)	(1,014)
Change in fair value of cash flow hedges, net of tax	360	274	(507)
Net unrealized gains (losses) on marketable securities, net of tax	694	(547)	507
Net pension amortization and actuarial gain, net of tax	545	374	179
Total other comprehensive income (loss)	1,171	(2,456)	(835)
Total comprehensive income before noncontrolling interests	88,155	78,507	71,136
Comprehensive income attributable to noncontrolling interests	(1,116)	(1,116)	(1,122)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 87,039	$ 77,391	$ 70,014

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Apr. 29, 2017	Apr. 30, 2016
Current assets
Cash and equivalents	$ 141,860	$ 112,358
Restricted cash	8,999	8,977
Receivables, net of allowance of $2,563 at 4/29/17 and $3,145 at 4/30/16	150,846	146,545
Inventories, net	175,114	175,589
Other current assets	40,603	38,503
Total current assets	517,422	481,972
Property, plant and equipment, net	169,132	171,590
Goodwill	74,245	37,193
Other intangible assets, net	18,489	8,558
Deferred income taxes - long-term	40,131	41,683
Other long-term assets, net	69,436	59,033
Total assets	888,855	800,029
Current liabilities
Current portion of long-term debt	219	290
Accounts payable	51,282	44,661
Accrued expenses and other current liabilities	147,175	112,476
Total current liabilities	198,676	157,427
Long-term debt	296	513
Other long-term liabilities	88,778	84,877
Contingencies and commitments
Shareholders' equity
Preferred shares - 5,000 authorized; none issued
Common shares, $1 par value - 150,000 authorized; 48,472 outstanding at 4/29/17 and 49,331 outstanding at 4/30/16	48,472	49,331
Capital in excess of par value	289,632	279,339
Retained earnings	284,698	252,472
Accumulated other comprehensive loss	(32,883)	(34,000)
Total La-Z-Boy Incorporated shareholders' equity	589,919	547,142
Noncontrolling interests	11,186	10,070
Total equity	601,105	557,212
Total liabilities and equity	$ 888,855	$ 800,029

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Apr. 29, 2017	Apr. 30, 2016
Current assets
Receivables, allowance (in dollars)	$ 2,563	$ 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)	48,472	49,331

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Cash flows from operating activities
Net income	$ 86,984	$ 80,963	$ 71,971
Adjustments to reconcile net income to cash provided by operating activities
(Gain) loss on disposal of assets	(224)	384	(499)
Gain on sale of investments	(471)	(436)	(214)
Deferred income tax expense	569	4,581	1,030
Provision for doubtful accounts	(291)	(660)	(2,290)
Depreciation and amortization	29,131	26,517	22,283
Stock-based compensation expense	8,864	8,292	6,780
Pension plan contributions	(2,300)	(7,000)
Change in receivables	(7,850)	10,730	(2,595)
Change in inventories	12,517	(14,621)	(7,644)
Change in other assets	(1,211)	4,148	4,154
Change in accounts payable	4,541	(1,007)	(5,206)
Change in other liabilities	15,915	470	(1,019)
Net cash provided by operating activities	146,174	112,361	86,751
Cash flows from investing activities
Proceeds from disposals of assets	761	3,054	9,061
Capital expenditures	(20,304)	(24,684)	(70,319)
Purchases of investments	(29,763)	(21,009)	(40,327)
Proceeds from sales of investments	19,954	28,721	33,750
Acquisitions, net of cash acquired	(35,878)	(23,311)	(1,774)
Change in restricted cash	(23)	659	2,936
Net cash used for investing activities	(65,253)	(36,570)	(66,673)
Cash flows from financing activities
Payments on debt	(288)	(508)	(7,571)
Payments for debt issuance costs			(208)
Stock issued for stock and employee benefit plans	3,566	420	1,397
Excess tax benefit on stock option exercises	1,737	1,264	1,592
Purchases of common stock	(35,957)	(44,082)	(51,853)
Dividends paid	(20,655)	(18,141)	(14,513)
Net cash used for financing activities	(51,597)	(61,047)	(71,156)
Effect of exchange rate changes on cash and equivalents	178	(688)	(281)
Change in cash and equivalents	29,502	14,056	(51,359)
Cash and equivalents at beginning of period	112,358	98,302	149,661
Cash and equivalents at end of period	141,860	$ 112,358	98,302
Supplemental disclosure of non-cash investing activities
Capital expenditures included in accounts payable	$ 1,795		$ 500

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. 26, 2014	$ 51,981	$ 262,901	$ 238,384	$ (31,380)	$ 7,832	$ 529,718
Increase (Decrease) in Stockholders' Equity
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
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
Net income			85,922		1,062	86,984
Other comprehensive income (loss)				1,117	54	1,171
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	504	2,992	(1,747)			1,749
Purchases of common stock	(1,363)	(3,300)	(31,294)			(35,957)
Stock option and restricted stock expense		8,864				8,864
Tax benefit from exercise of options		1,737				1,737
Dividends paid			(20,655)			(20,655)
Balance at Apr. 29, 2017	$ 48,472	$ 289,632	$ 284,698	$ (32,883)	$ 11,186	$ 601,105

Accounting Policies	12 Months Ended
Accounting Policies	Apr. 29, 2017
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. It is important to note that our fiscal year 2017 and fiscal year 2015 included 52 weeks, whereas fiscal year 2016 included 53 weeks. The additional week in fiscal year 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 63% and 70% of our inventories at April 29, 2017, and April 30, 2016, respectively. Cost is determined for all other inventories on a first-in, first-out ("FIFO") basis. The LIFO method of accounting is used for our La-Z-Boy U.S. wholesale business inventory and our Casegoods Segment inventory, while the FIFO method is used for the remainder of our inventory. 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 and the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland. The reporting units for goodwill related to store acquisitions are the geographic markets the acquired stores become part of upon acquisition, because the operations of the acquired stores benefit these geographic markets. The reporting unit for goodwill arising from the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland is that business. 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. Amortizable Intangible Assets In fiscal 2017, we acquired the La-Z-Boy wholesale business in the United Kingdom and Ireland and recorded $4.1 million of intangible assets ($3.6 million of which related to acquired customer relationships) on the acquisition date. These intangible assets will be amortized between one and 15 years on a straight-line basis. We established the fair value of these amortizable intangible assets based on the multi-period excess earnings method, a variant of the income approach, and also the relief from royalty method. We will test these assets for impairment on an annual basis in the fourth quarter of our fiscal year, beginning in fiscal 2018. These assets were not tested during the fourth quarter of fiscal 2017, as we finalized the purchase accounting for the acquisition during that quarter, and assessed the fair value of the assets at that time. 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 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. We had no gross notes receivable amounts outstanding and no corresponding allowance for credit losses on notes receivable at April 29, 2017, or at April 30, 2016. 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 2017, fiscal 2016, and fiscal 2015, we recorded a benefit related to legal settlements as part of cost of sales. Gross margin benefited 0.2 percentage points, 0.3 percentage points and 0.4 percentage points for fiscal 2017, 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 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 (Expense), Net Other income (expense), net, is made up primarily of foreign currency exchange net gain/(loss), gain/(loss) on the sale of investments, and certain pension costs. Research and Development Costs Research and development costs are charged to expense in the periods incurred. Expenditures for research and development costs were $8.0 million, $6.3 million, and $6.1 million for the fiscal years ended April 29, 2017, April 30, 2016, and April 25, 2015, 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 $82.1 million, $70.8 million, and $63.3 million for the fiscal years ended April 29, 2017, April 30, 2016, and April 25, 2015, 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 reimburse us for about 30% 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. In periods when deferred tax assets are recorded, we are required to estimate whether recoverability is more likely than not (i.e. a likelihood of more than 50%), 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 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 wholesale Canadian and Mexico subsidiaries is the U.S. dollar. Transaction gains and losses associated with translating our wholesale Canadian and Mexico subsidiaries' assets and liabilities, which are non-U.S. dollar denominated, are recorded in other income (expense), 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 classified Lea Industries as held for sale. We were unable to find a buyer for our Lea Industries business and, consequently, we ceased its operations and 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 Lea Industries are reported as discontinued operations in our consolidated statement of income for fiscal 2015. 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 employee-related health care benefits, vehicle liability, product liability, and workers' compensation liabilities. Our deductibles generally do not exceed $1.5 million. Recent Accounting Pronouncements In May 2014, the 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 standard by one year, thus making the new accounting standard effective for our fiscal 2019. We are currently reviewing our contracts and other revenue streams, gathering documentation, and developing our new accounting policy related to this standard. 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 standard 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 gain as of April 29, 2017, 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 their balance sheet. Under this new standard, the lessee is required to record an asset for the right to use the underlying asset for the lease term and a corresponding liability for the contractual lease payments. This standard is effective for our fiscal 2020. We are currently reviewing our leases and gathering the necessary information and tools to adopt this standard when it becomes effective for our fiscal 2020. We anticipate that adoption of this standard will have a significant impact on our consolidated balance sheet as we have a significant number of operating leases. See Note 10 for more information on our operating leases as of April 29, 2017. In March 2016, the FASB issued a new accounting standard focused on simplifying the accounting for share-based payments. The standard 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. We will adopt this standard in the first quarter of our fiscal 2018. Any increased volatility in our consolidated statement of income as a result of applying the provisions of this standard will be dependent on future vesting activity and volatility in our stock price. We plan to continue to estimate expected forfeitures. 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 standard 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 still assessing the impact this standard 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. We plan to early adopt this standard in 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 standard will be applicable for our fiscal 2019. We are still assessing the impact this standard 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. We plan to early adopt this standard in 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 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 standard will be applicable for our fiscal 2019. We are still assessing the impact this standard 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 impairment 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 standard will be applicable for our fiscal 2021. We are still assessing the impact this standard will have on our consolidated financial statements and related disclosures. In March 2017, the FASB issued a new accounting standard that will change the presentation of pension costs in our consolidated statement of income. Under this new standard, pension service costs will be presented in our consolidated statement of income with the related compensation costs. All other components of pension costs will be presented in non-operating expense in our consolidated statement of income. We plan to early adopt this standard in our fiscal 2018. Adoption of this standard will not have a material impact on our consolidated statement of income but will change the presentation of this statement by reclassifying certain components of pension costs from operating expenses to non-operating expenses.

Acquisitions

12 Months Ended

Apr. 29, 2017

Acquisitions

Acquisitions

Note 2: Acquisitions

Upholstery segment acquisitions

In fiscal 2017, we acquired the La-Z-Boy wholesale business in the United Kingdom and Ireland. Per the terms of the purchase agreement, payment for the business was due 90 business days following the date of acquisition, and accordingly, we have recorded a purchase price liability of $16.9 million, which includes $1.0 million of contingent consideration at April 29, 2017, related to this acquisition, based on current exchange rates. At April 29, 2017, based on current exchange rates, we had $4.1 million of intangible assets ($3.6 million of which related to acquired customer relationships) recorded, which will be amortized between one and 15 years on a straight-line basis, and $12.2 million of goodwill, which primarily relates to the expected synergies resulting from the integration of the acquired wholesale business with our domestic wholesale business and the anticipated future benefits of these synergies. The intangible assets, excluding the acquired customer relationships will be amortized and deducted for income tax purposes between one and two years. We recorded the acquisition in our Upholstery segment.

Retail segment acquisitions

During fiscal 2017, we acquired the assets of four independent operators of 14 La-Z-Boy Furniture Galleries® stores in Nevada, Canada, Pennsylvania, New York and New Jersey for $38.7 million, including $0.2 million of contingent consideration, $35.9 million of cash and $2.6 million of forgiveness of accounts receivable owed by these dealers.

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.

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.

In the three years of acquisitions above, we agreed to forgive the dealers' accounts and notes receivable as part of the negotiation of the purchase price with the dealers.

Prior to our retail 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 $5.9 million, $3.1 million, and $1.0 million in fiscal 2017, fiscal 2016, and fiscal 2015, respectively, related to these reacquired rights. We also recognized $24.9 million, $22.0 million, and $1.2 million of goodwill in fiscal 2017, fiscal 2016, and fiscal 2015, respectively, which primarily relates to the expected synergies resulting from the integration of the acquired stores and the anticipated future benefits of these synergies. All of the indefinite-lived intangible assets and goodwill assets for stores acquired in the United States will be amortized and deducted for federal income tax purposes over 15 years. A portion of the indefinite-lived intangible assets and goodwill assets for stores acquired in Canada will be amortized and deducted for income tax purposes on a declining balance until fully amortized.

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

(Amounts in thousands)	Fiscal 2017 Acquisitions			Fiscal 2016 Acquisitions
Current assets	$	12,175		$	4,146
Goodwill and other intangible assets		46,921			25,129
Property, plant and equipment		1,106			202

Total assets acquired		60,202			29,477
Current liabilities acquired		(4,023	)		(3,217	)
Purchase price liability		(15,103	)		—
Contingent consideration liability		(1,204	)		—

Total liabilities		(20,330	)		(3,217	)

Total purchase price	$	39,872		$	26,260

All acquired stores were included in our Retail segment results upon acquisition. None of the above acquisitions were material to our financial position or our results of operations, and, therefore, pro-forma financial information is not presented.

- 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

Discontinued Operations

12 Months Ended

Apr. 29, 2017

Discontinued Operations

Discontinued Operations

Note 3: Discontinued Operations

During the fourth quarter of fiscal 2014, we 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 consequently, we ceased its operations and 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 Lea Industries are reported as discontinued operations for fiscal 2015. We had historically reported the results of our Lea Industries business unit 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 year ended April 25, 2015, was as follows:

(Amounts in thousands)	4/25/2015
Net sales	$	7,850
Operating income from discontinued operations	$	869
Interest expense		8
Income from Continued Dumping and Subsidy Offset Act, net		4,211
Income tax expense		(1,775	)

Income from discontinued operations, net of tax	$	3,297

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.

- 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.

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+ Details

Inventories

12 Months Ended

Apr. 29, 2017

Inventories

Inventories

Note 4: Inventories

(Amounts in thousands)	4/29/2017			4/30/2016
Raw materials	$	83,371		$	87,905
Work in process		11,320			11,591
Finished goods		101,444			97,861

FIFO inventories		196,135			197,357
Excess of FIFO over LIFO		(21,021	)		(21,768	)

Total inventories	$	175,114		$	175,589

Property, Plant and Equipment

12 Months Ended

Apr. 29, 2017

Property, Plant and Equipment

Property, Plant and Equipment

Note 5: Property, Plant and Equipment

(Amounts in thousands)	Estimated Useful Lives		4/29/2017			4/30/2016
Buildings and building fixtures		3 - 40 years	$	196,817		$	192,211
Machinery and equipment		3 - 15 years		141,071			143,561
Information systems and software		3 - 10 years		76,684			72,275
Land		—		14,565			14,346
Land improvements		3 - 30 years		15,178			15,007
Transportation equipment		3 - 10 years		14,905			15,728
Furniture and fixtures		3 - 15 years		20,390			19,397
Construction in progress				11,247			10,465

				490,857			482,990
Accumulated depreciation				(321,725	)		(311,400	)

Net property, plant and equipment			$	169,132		$	171,590

Depreciation expense from continuing operations for the fiscal years ended April 29, 2017, April 30, 2016, and April 25, 2015, was $25.4 million, $23.3 million, and $19.3 million, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Apr. 29, 2017

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 6: Goodwill and Other Intangible Assets

Our goodwill, reacquired rights, and other intangible assets on our consolidated balance sheet relate to our acquisitions of La-Z-Boy Furniture Galleries® stores over the past several fiscal years and our recent acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland. 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 if possible, and use a quantitative two-step approach for the rest. The key assumptions used in the two-step assessment of our goodwill at April 29, 2017, were a discount rate of 9.3% and a terminal growth rate of 2.0%. The relative fair value of our reporting units significantly exceeds the carrying value of our goodwill as of April 29, 2017. As of April 29, 2017, $62.1 million of our goodwill relates to our Retail segment, and we recorded the remainder in our Upholstery segment. We did not have any goodwill impairment in fiscal 2017, fiscal 2016, or fiscal 2015.

The following is a roll-forward of goodwill for the fiscal years ended April 29, 2017, and April 30, 2016:

(Amounts in thousands)	Goodwill
Balance at April 25, 2015	$	15,164
Acquisitions		22,029

Balance at April 30, 2016		37,193
Acquisitions		36,584
Translation adjustment		468

Balance at April 29, 2017	$	74,245

The following is a roll-forward of our other intangible assets for the fiscal years ended April 29, 2017, and April 30, 2016:

(Amounts in thousands)	Trade Names			Reacquired Rights			Other Intangible Assets			Total Other Intangible Assets
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
Acquisitions		—			6,807			3,530			10,337
Impairment charges		(40	)		—			—			(40	)
Amortization		—			(336	)		(127	)		(463	)
Translation adjustment		—			(87	)		184			97

Balance at April 29, 2017	$	1,155		$	13,747		$	3,587		$	18,489

- 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. 29, 2017

Investments

Investments

Note 7: 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 including an available-for-sale convertible debt security and cost-basis preferred shares of a privately-held company. 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 29, 2017, and April 30, 2016:

(Amounts in thousands)	4/29/2017		4/30/2016
Short-term investments:
Available-for-sale investments	$	15,040	$	13,491
Trading securities		6		—
Held-to-maturity investments		1,867		1,826

Total short-term investments		16,913		15,317
Long-term investments:
Available-for-sale investments		31,264		31,659
Cost basis investment		5,500		—

Total long-term investments		36,764		31,659

Total investments	$	53,677	$	46,976


Investments to enhance returns on cash	$	33,087	$	33,583
Investments to fund compensation/retirement plans	$	13,690	$	13,393
Other investments	$	6,900	$	—

The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type at April 29, 2017, and April 30, 2016:

Fiscal 2017

(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	1,796	$	(83	)	$	13,610
Fixed income		729		(72	)		37,580
Mutual funds		—		—			6
Other		1		(8	)		2,481

Total securities	$	2,526	$	(163	)	$	53,677

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

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

(Amounts in thousands)	4/29/2017			4/30/2016			4/25/2015
Proceeds from sales	$	19,954		$	28,721		$	33,750
Gross realized gains		926			997			285
Gross realized losses		(455	)		(561	)		(74	)

At April 29, 2017, the fair value of fixed income available-for-sale securities by contractual maturity was $15.4 million within one year, $20.5 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. 29, 2017

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 8: Accrued Expenses and Other Current Liabilities

(Amounts in thousands)	4/29/2017		4/30/2016
Payroll and other compensation	$	45,229	$	45,611
Accrued product warranty, current portion		13,191		12,381
Customer deposits		26,595		20,961
Other current liabilities		62,160		33,523

Accrued expenses and other current liabilities	$	147,175	$	112,476

The increase in other current liabilities of $28.6 million is primarily related to the $15.9 million purchase price liability that we recorded for the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland (see Note 2) and an increase of $7.1 million in accrued federal income taxes.

Debt

12 Months Ended

Apr. 29, 2017

Debt

Debt

Note 9: Debt

(Amounts in thousands)	4/29/2017			4/30/2016
Capital leases	$	515		$	803
Less: current portion		(219	)		(290	)

Long-term debt	$	296		$	513

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 29, 2017, and at April 30, 2016, we were not subject to the fixed charge coverage ratio requirement and had no borrowings outstanding under the agreement. At April 29, 2017, we had excess availability of $141.9 million of the $150.0 million credit commitment.

Capital leases consist primarily of long-term commitments for the purchase of information technology equipment and have maturities ranging from fiscal 2018 to fiscal 2021. Interest rates range from 2.7% to 7.6%.

Maturities of long-term capital leases, subsequent to April 29, 2017, are $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 2017, 2016 and 2015 was $0.5 million in each fiscal year.

Operating Leases

12 Months Ended

Apr. 29, 2017

Operating Leases

Operating Leases

Note 10: 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 2033. We have certain retail facilities which we sublease to outside parties. The total rent liability included in other long-term liabilities as of April 29, 2017, and April 30, 2016, was $14.0 million and $14.8 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
2018	$	68,898	$	3,195
2019		62,782		3,195
2020		56,027		3,211
2021		52,093		2,562
2022		41,615		879
2023 and beyond		103,143		1,350

Total	$	384,558	$	14,392

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

(Amounts in thousands)	4/29/2017		4/30/2016		4/25/2015
Rental expense	$	68,452	$	62,953	$	55,808
Rental income		3,604		4,650		4,966

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

Retirement and Welfare Plans

12 Months Ended

Apr. 29, 2017

Retirement and Welfare Plans

Retirement and Welfare Plans

Note 11: 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 29, 2017, and April 30, 2016, we had $8.4 million and $6.9 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 29, 2017, and April 30, 2016, we had $20.3 million and $16.3 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 29, 2017, and at April 30, 2016, with cash surrender values of $27.8 million and $21.0 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. This plan had less than $0.1 million in mutual funds at April 29, 2017, and no mutual funds at April 30, 2016.

We maintain a non-qualified defined benefit retirement plan for certain former salaried employees. Included in other long-term liabilities were plan obligations of $16.7 million and $17.4 million at April 29, 2017, and April 30, 2016, respectively, which represented the unfunded projected benefit obligation of this plan. During fiscal 2017 and fiscal 2016, the total cost recognized for this plan was $0.9 million in each fiscal year, which primarily related to interest cost. The actuarial loss recognized in accumulated other comprehensive loss was $0.2 million and the benefit payments during the year were $1.1 million for both fiscal 2017 and fiscal 2016. 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 as of the end of fiscal 2017 and fiscal 2016 was 3.9% and 3.7%, respectively. 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 7 and 19). We are not required to fund the non-qualified defined benefit retirement plan in fiscal 2018; 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 29, 2017, and April 30, 2016, in fiscal 2017 and fiscal 2016, 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)	4/29/2017			4/30/2016
Beginning of year net actuarial loss	$	36,850		$	37,602
Net current year actuarial loss		2,605			2,249
Amortization of actuarial loss		(3,058	)		(3,001	)

End of year net actuarial loss	$	36,397		$	36,850

In fiscal 2018, 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)	4/29/2017			4/30/2016			4/25/2015
Service cost	$	1,278		$	1,358		$	1,114
Interest cost		4,681			4,938			5,070
Expected return on plan assets		(4,978	)		(4,997	)		(5,077	)
Net amortization and deferral		3,058			3,001			2,658

Net periodic pension cost (hourly plan)		4,039			4,300			3,765
401(k)*		7,124			6,657			6,270
PCRP*		1,488			3,088			1,377
Other*		51			318			124

Total retirement costs (excluding non-qualified defined benefit retirement plan)	$	12,702		$	14,363		$	11,536

*	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)	4/29/2017			4/30/2016
Change in benefit obligation
Benefit obligation at beginning of year	$	116,371		$	121,080
Service cost		1,278			1,358
Interest cost		4,681			4,938
Actuarial loss		14			221
Benefits paid		(7,728	)		(10,808	)
Administrative expenses		(431	)		(418	)

Benefit obligation at end of year		114,185			116,371
Change in plan assets
Fair value of plan assets at beginning of year		112,484			113,742
Actual return on plan assets		2,387			2,968
Employer contributions		2,300			7,000
Benefits paid		(7,728	)		(10,808	)
Administrative expenses		(431	)		(418	)

Fair value of plan assets at end of year		109,012			112,484

Funded status	$	(5,173	)	$	(3,887	)

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

(Amounts in thousands)		4/29/2017			4/30/2016
Other long-term liabilities		$	(5,173	)	$	(3,887	)

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

	4/29/2017			4/30/2016			4/25/2015
Discount rate used to determine benefit obligations		4.1	%		4.1	%		4.2	%
Discount rate used to determine net benefit cost		4.1	%		4.2	%		4.4	%
Long-term rate of return		4.5	%		4.3	%		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 2017, 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 29, 2017, and April 30, 2016. The various levels of the fair value hierarchy are described in Note 19.

Fiscal 2017

(Amounts in thousands)	Level 1(a)		Level 2(a)		Level 3
Cash and equivalents	$	44	$	3,730	$	—
Equity funds		1,517		181		—
Debt funds		—		93,949		—

Total	$	1,561	$	97,860	$	—

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

Fiscal 2016

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

Total	$	22,744	$	89,740	$	—

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

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 foreign issued equities that are valued using a bid evaluation. 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.

We hold common trust funds 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. In accordance with recently issued accounting standards, we no longer include these investments in our asset leveling using the fair value hierarchy. The fair value of the investments measured using net asset value at April 29, 2017 was $9.6 million. We did not hold similar investments at April 30, 2016.

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 2017 and fiscal 2016, we voluntarily contributed $2 million and $7 million, respectively, to our defined benefit pension plan. We currently expect to voluntarily contribute approximately $2 million to our defined benefit pension plan during fiscal 2018.

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
2018	$	6,458
2019		6,593
2020		6,720
2021		6,836
2022		6,949
2023 to 2027		35,490

	$	69,046

Product Warranties

12 Months Ended

Apr. 29, 2017

Product Warranties

Product Warranties

Note 12: 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)	4/29/2017			4/30/2016
Balance as of the beginning of the year	$	20,511		$	16,870
Accruals during the year		20,875			23,592
Settlements during the year		(19,516	)		(19,951	)

Balance as of the end of the year	$	21,870		$	20,511

As of April 29, 2017, and April 30, 2016, we included $13.2 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. 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. 29, 2017
Contingencies and Commitments
Contingencies and Commitments	Note 13: 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 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 following a verdict in a legal dispute over a contract that the other party contends requires us to pay royalties on certain power units. During fiscal 2017, the court ruled against us on our affirmative defenses, and we subsequently appealed the judgment entered against us. During fiscal 2017 we recognized $0.5 million of interest expense that will be incurred if the judgment is affirmed. Our appeal is still pending, and we have not paid the judgment or interest.

Stock-Based Compensation

12 Months Ended

Apr. 29, 2017

Stock-Based Compensation

Stock-Based Compensation

Note 14: 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)	4/29/2017		4/30/2016		4/25/2015
Equity-based awards expense	$	8,864	$	8,292	$	6,780
Liability-based awards expense		1,687		1,355		4,597

Total stock-based compensation expense	$	10,551	$	9,647	$	11,377

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 497,198 stock options to employees during the first quarter of fiscal 2017, 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 ten years.

Stock option expense recognized in selling, general and administrative expense for fiscal 2017, fiscal 2016, and fiscal 2015 was $3.4 million, $3.2 million, and $3.0 million, respectively. We received $3.6 million, $0.4 million, and $1.4 million in cash during fiscal 2017, fiscal 2016, and fiscal 2015, 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 30, 2016		1,411		$	19.39		7.4	$	9,489
Granted		497			25.99
Canceled		(97	)		25.28
Exercised		(302	)		11.82			$	4,871

Outstanding at April 29, 2017		1,509		$	22.70		7.6	$	7,638


Exercisable at April 29, 2017		591		$	18.27		6.2	$	5,688

The aggregate intrinsic value of options exercised was $0.6 million and $2.0 million in fiscal 2016 and fiscal 2015, respectively. As of April 29, 2017, our total unrecognized compensation cost related to non-vested stock option awards was $2.3 million, which we expect to recognize over a weighted-average remaining vesting term of all unvested awards of 1.4 years. During the year ended April 29, 2017, 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 2017, fiscal 2016, and fiscal 2015 were calculated using the following assumptions:

	Fiscal 2017 Grant			Fiscal 2016 Grant			Fiscal 2015 Grant
Risk-free interest rate		1.30	%		1.54	%		1.59	%
Dividend rate		1.54	%		1.20	%		1.00	%
Expected life in years		5.0			5.0			5.0
Stock price volatility		38.87	%		44.37	%		54.40	%
Fair value per share	$	7.99		$	9.69		$	10.45

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 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. We recognized compensation expense of $0.7 million, $0.1 million, and $0.7 million related to SARs in selling, general and administrative expense for the years ended April 29, 2017, April 30, 2016, and April 25, 2015, respectively. We have no remaining unrecognized compensation cost at April 29, 2017 relating to SAR awards, as they are all fully vested, but we will continue to re-measure these awards to reflect the fair value at the end of each reporting period until all awards are exercised or forfeited.

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 29, 2017, 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		1.04	%		0.81	%
Dividend rate		1.58	%		1.58	%
Expected life in years		1.13			0.21
Stock price volatility		31.29	%		21.91	%
Fair value per share	$	9.06		$	15.86

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 97,924 shares of restricted stock to employees during fiscal 2017. 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 2017 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. We recorded expense related to the restricted stock in selling, general and administrative expense of $1.7 million, $1.1 million, and $0.8 million during fiscal 2017, fiscal 2016, and fiscal 2015, respectively. Our unrecognized compensation cost at April 29, 2017, related to restricted shares was $4.0 million and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 2.6 years.

The following table summarizes information about non-vested share awards as of and for the year ended April 29, 2017:

	Shares (In Thousands)			Weighted Average Grant Date Fair Value
Non-vested shares at April 30, 2016		169		$	25.22
Granted		102			26.20
Vested		(51	)		25.06
Canceled		(11	)		25.56

Non-vested shares at April 29, 2017		209		$	25.72

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 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 April 29, 2017, was $27.90, 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 $0.8 million, $1.4 million, and $1.5 million in selling, general and administrative expense for the years ended April 29, 2017, April 30, 2016, and April 25, 2015, respectively. Our unrecognized compensation cost at April 29, 2017, related to employee restricted stock units was $0.1 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 less than one year.

The following table summarizes information about non-vested stock units as of and for the year ended April 29, 2017:

	Units (In Thousands)			Weighted Average Grant Date Fair Value
Non-vested units at April 30, 2016		77		$	16.61
Vested		(51	)		15.47
Canceled		(3	)		16.62

Non-vested units at April 29, 2017		23		$	19.80

Restricted stock units granted to directors is offered at no cost to the directors and vest when a director leaves the board. During fiscal 2017, fiscal 2016, and fiscal 2015 we granted less than 0.1 million of restricted stock each year to our non-employee directors. We account for these restricted stock awards 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, $27.74, and $21.81 for the awards granted in fiscal 2017, fiscal 2016, and fiscal 2015, respectively. Our expense relating to the non-employee directors restricted stock which we recorded in selling, general and administrative expense was $0.6 million in both fiscal 2017 and fiscal 2016, and $0.7 million in fiscal 2015.

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 awards that will vest, as well as unearned and canceled awards, depend on the achievement of certain financial and shareholder-return goals over the three-year performance periods, and will be settled in shares if service conditions are met, requiring employees to remain employed with the company through the end of the three-year-performance periods. The following table summarizes the performance-based shares outstanding at the maximum award amounts based upon the respective performance share agreements:

	Shares (In Thousands)			Weighted Average Grant Date Fair Value
Outstanding shares at April 30, 2016		612		$	23.10
Granted		361			24.79
Vested		(159	)		18.58
Unearned and canceled		(255	)		24.34

Outstanding shares at April 29, 2017		559		$	24.87

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 2017, fiscal 2016, and fiscal 2015 that vest based on attaining performance goals was $24.79, $25.73, and $22.91, 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 2017, fiscal 2016, and fiscal 2015 grants of shares that vest based on market conditions was $33.32, $34.40, and $29.64, respectively. Our unrecognized compensation cost at April 29, 2017, related to performance-based shares was $4.1 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 1.3 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)	4/29/2017		4/30/2016		4/25/2015
Fiscal 2013 grant	$	—	$	—	$	568
Fiscal 2014 grant		—		926		769
Fiscal 2015 grant		675		840		908
Fiscal 2016 grant		1,284		1,610		—
Fiscal 2017 grant		1,109		—		—

Total expense	$	3,068	$	3,376	$	2,245

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. We have not granted performance-based units since fiscal 2014. These awards vested at the end of fiscal 2016 and were completely expensed by that time. In fiscal 2015, we recognized $2.0 million of expense related to performance-based units. During fiscal 2016, we recognized no expense related to performance-based units because the cost of the units was offset by declines in their fair value.

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 29, 2017, 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, $(0.2) million, and $0.4 million during fiscal 2017, fiscal 2016, and fiscal 2015, respectively. Our liability related to these awards was $1.9 million and $2.6 million at April 29, 2017, and April 30, 2016, respectively, and is included as a component of other long-term liabilities on our consolidated balance sheet.

- 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

12 Months Ended

Apr. 29, 2017

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Note 15: Accumulated Other Comprehensive Loss

The activity in accumulated other comprehensive loss for the fiscal years ended April 29, 2017, April 30, 2016, and April 25, 2015, 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 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	)
Changes before reclassifications		(482	)		(1,478	)		1,592			(2,410	)		(2,778	)
Amounts reclassified to net income		—			2,060			(471	)		3,290			4,879
Tax effect		—			(222	)		(427	)		(335	)		(984	)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(482	)		360			694			545			1,117

Balance at April 29, 2017	$	(927	)	$	74		$	1,752		$	(33,782	)	$	(32,883	)

We reclassified the unrealized gain/(loss) 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 29, 2017, April 30, 2016, and April 25, 2015 were as follows:

(Amounts in thousands)	4/29/2017		4/30/2016			4/25/2015
Balance as of the beginning of the year	$	10,070	$	8,954		$	7,832
Net income		1,062		1,711			1,198
Other comprehensive income (loss)		54		(595	)		(76	)

Balance as of the end of the year	$	11,186	$	10,070		$	8,954

- 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

12 Months Ended

Apr. 29, 2017

Segment Information

Segment Information

Note 16: Segment Information

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

Upholstery Segment. Our Upholstery segment consists primarily of two operating units: La-Z-Boy, our largest operating unit, and our England subsidiary. The Upholstery segment also includes our international businesses, including the La-Z-Boy wholesale business in the United Kingdom and Ireland acquired during fiscal 2017. Our Upholstery segment manufactures and imports upholstered furniture such as 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. Our Casegoods segment is an importer, marketer, and distributor of casegoods/wood furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces, and also manufactures some coordinated upholstered furniture. The Casegoods segment consists of three brands: American Drew, Hammary, and Kincaid. 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. Our Retail segment consists of 143 company-owned La-Z-Boy Furniture Galleries® stores. During fiscal 2017, fiscal 2016, and fiscal 2015, 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 primarily sells upholstered furniture, in addition to some casegoods and other accessories, to end consumers through these stores.

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.

	Fiscal Year Ended
(Amounts in thousands)	4/29/2017			4/30/2016			4/25/2015
Sales
Upholstery segment:
Sales to external customers	$	986,917		$	1,027,615		$	990,237
Intersegment sales		204,526			188,190			161,565

Upholstery segment sales		1,191,443			1,215,805			1,151,802

Casegoods segment:
Sales to external customers		87,181			92,601			98,886
Intersegment sales		13,047			9,939			10,827

Casegoods segment sales		100,228			102,540			109,713

Retail segment sales		443,238			402,479			333,978
Corporate and Other:
Sales to external customers		2,724			2,703			2,294
Intersegment sales		6,437			3,720			—

Corporate and Other sales		9,161			6,423			2,294

Eliminations		(224,010	)		(201,849	)		(172,392	)

Consolidated sales	$	1,520,060		$	1,525,398		$	1,425,395


Operating Income (Loss)
Upholstery segment	$	146,235		$	134,193		$	121,403
Casegoods segment		8,623			7,734			6,408
Retail segment		19,205			25,567			11,466
Corporate and Other		(43,482	)		(45,105	)		(36,112	)

Consolidated operating income		130,581			122,389			103,165
Interest expense		1,073			486			523
Interest income		981			827			1,030
Income from Continued Dumping and Subsidy Offset Act, net		273			102			1,212
Other income (expense), net		(22	)		2,211			744

Income from continuing operations before income taxes	$	130,740		$	125,043		$	105,628


Depreciation and Amortization
Upholstery segment	$	14,692		$	13,559		$	12,669
Casegoods segment		863			874			813
Retail segment		3,131			2,800			2,910
Corporate and Other		10,445			9,284			5,891

Consolidated depreciation and amortization	$	29,131		$	26,517		$	22,283


Capital Expenditures
Upholstery segment	$	13,193		$	14,744		$	14,979
Casegoods segment		786			562			1,149
Retail segment		2,831			3,245			2,993
Corporate and Other		3,494			6,133			51,198

Consolidated capital expenditures	$	20,304		$	24,684		$	70,319


Assets
Upholstery segment	$	357,889		$	323,411		$	317,102
Casegoods segment		53,064			51,165			48,403
Retail segment		172,601			146,963			126,189
Unallocated assets		305,301			278,490			282,910

Consolidated assets	$	888,855		$	800,029		$	774,604


Long-Lived Assets by Geographic Location
Domestic	$	239,198		$	211,021		$	187,224
International		23,791			7,443			8,359

Consolidated long-lived assets	$	262,989		$	218,464		$	195,583


Sales by Country
United States		88	%		89	%		87	%
Canada		7	%		7	%		7	%
Other		5	%		4	%		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.

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+ Details

Income Taxes

12 Months Ended

Apr. 29, 2017

Income Taxes

Income Taxes

Note 17: Income Taxes

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

(Amounts in thousands)	4/29/2017		4/30/2016		4/25/2015
United States	$	122,196	$	115,750	$	96,605
Foreign		8,544		9,293		9,023

Total	$	130,740	$	125,043	$	105,628

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

(Amounts in thousands)	4/29/2017			4/30/2016		4/25/2015
Federal:
—current	$	35,606		$	32,403	$	28,887
—deferred		2,349			3,559		406
State:
—current		5,194			4,750		4,573
—deferred		(1,703	)		859		637
Foreign:
—current		2,388			2,345		2,281
—deferred		(78	)		164		170

Total income tax expense	$	43,756		$	44,080	$	36,954

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

	Fiscal Year Ended
(% of income from continuing operations before income taxes)	Fiscal Year Ended
	4/29/2017			4/30/2016			4/25/2015
Statutory tax rate		35.0	%		35.0	%		35.0	%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		2.7			3.4			3.5
U.S. manufacturing benefit		(2.4	)		(2.5	)		(2.1	)
Change in valuation allowance		(1.0	)		(0.3	)		(0.4	)
Miscellaneous items		(0.8	)		(0.3	)		(1.0	)

Effective tax rate		33.5	%		35.3	%		35.0	%

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 $27.6 million of the earnings. The potential deferred tax attributable to these earnings would be approximately $3.6 million.

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

(Amounts in thousands)	4/29/2017			4/30/2016
Assets
Deferred and other compensation	$	26,689		$	25,032
State income tax—net operating losses, credits and other		4,927			5,571
Warranty		8,261			7,817
Rent		4,768			4,184
Workers' compensation		3,707			3,870
Employee benefits		3,752			3,212
Other		4,663			5,026
Valuation allowance		(1,786	)		(3,625	)

Total deferred tax assets		54,981			51,087
Liabilities
Property, plant and equipment		(8,453	)		(7,089	)
Inventory		(3,052	)		(983	)
Goodwill and other intangibles		(3,345	)		(1,332	)

Net deferred tax assets	$	40,131		$	41,683

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)	$	5,668		Fiscal 2018 - 2036
Foreign net operating losses		58		Indefinite
Foreign capital losses		17		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 29, 2017, we estimate that about $100 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 2017, we recorded a $1.8 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	4/30/2016 Valuation Allowance					4/29/2017 Valuation Allowance
(Amounts in thousands)	4/30/2016 Valuation Allowance		Change			4/29/2017 Valuation Allowance
U.S. state	$	3,606	$	(1,837	)	$	1,769
Foreign		19		(2	)		17

Total	$	3,625	$	(1,839	)	$	1,786

The remaining valuation allowance of $1.8 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 29, 2017, we had a gross unrecognized tax benefit of $0.6 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)	4/29/2017			4/30/2016			4/25/2015
Balance at the beginning of the period	$	1,821		$	2,226		$	2,972
Additions:
Positions taken during the current year		148			87			94
Reductions:
Positions taken during the prior year		(4	)		(321	)		(702	)
Decreases related to settlements with taxing authorities		(27	)		—			(25	)
Reductions resulting from the lapse of the statute of limitations		(1,318	)		(171	)		(113	)

Balance at the end of the period	$	620		$	1,821		$	2,226

We recognize interest and penalties associated with uncertain tax positions in income tax expense. We had approximately $0.2 million accrued for interest and penalties as of both April 29, 2017, and April 30, 2016, respectively.

If recognized, $0.4 million of the total $0.6 million of unrecognized tax benefits would decrease our effective tax rate. We do not expect that the net liability for uncertain income tax positions will significantly change within the next 12 months. 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 2014 and subsequent are still subject to audit. 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 wholesale business in Canada and our Thailand business are subject to audit for fiscal years 2008 and subsequent, and in Mexico, calendar years 2012 and subsequent.

Cash paid for taxes (net of refunds received) during the fiscal years ended April 29, 2017, April 30, 2016, and April 25, 2015, were $33.7 million, $34.5 million, and $34.4 million, respectively.

Earnings per Share

12 Months Ended

Apr. 29, 2017

Earnings per Share

Earnings per Share

Note 18: 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:

	Fiscal Year Ended
(Amounts in thousands)	4/29/2017			4/30/2016			4/25/2015
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	85,922		$	79,252		$	70,773
Income allocated to participating securities		(422	)		(401	)		(395	)

Net income available to common shareholders	$	85,500		$	78,851		$	70,378


Denominator:
Basic weighted average common shares outstanding		48,963			50,194			51,767
Add:
Contingent common shares		194			238			250
Stock option dilution		313			333			329

Diluted weighted average common shares outstanding		49,470			50,765			52,346

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 29, 2017, and April 25, 2015.

Fair Value Measurements

12 Months Ended

Apr. 29, 2017

Fair Value Measurements

Fair Value Measurements

Note 19: 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. During fiscal 2017 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 we measured at fair value on a recurring basis at April 29, 2017, and April 30, 2016:

Fiscal 2017

	Fair Value Measurements
(Amounts in thousands)	Level 1(a)		Level 2(a)		Level 3(b)
Assets
Available-for-sale investments	$	1,217	$	36,638	$	1,400
Trading securities		—		6		—
Held-to-maturity investments		1,866		—		—
Cost basis investment		—		—		5,500

Total assets	$	3,083	$	36,644	$	6,900


Liabilities
Contingent consideration liability	$	—	$	—	$	1,248

(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.

Fiscal 2016

	Fair Value Measurements
(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.

At April 29, 2017, and April 30, 2016, 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. We also held other fixed income and cost basis investments.

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 include an available-for-sale convertible debt security, and preferred shares and a warrant to purchase common shares of a privately-held company. We initially valued our Level 3 investments at their cost basis as of the date of purchase, because the cost basis was the best estimate of their fair value on the date of acquisition. Subsequent to the acquisition date, in the fourth quarter of fiscal 2017, we recorded an unrealized gain on our available-for-sale convertible debt security, based on our assessment of that security's fair value on the last day of the fiscal year. We based that assessment on the present value of the probability-weighted future cash flows and recorded the unrealized gain as a part of other comprehensive income. 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:

(Amounts in thousands)	Level 3
Assets
Balance at April 30, 2016	$	—
Purchases		6,250
Unrealized gain		650

Balance at April 29, 2017	$	6,900


Liabilities
Balance at April 30, 2016	$	—
Acquisitions		1,204
Translation adjustment		44

Balance at April 29, 2017	$	1,248

We hold certain available-for-sale investments that we measure 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 7). The fair value of the investments measured using net asset value at April 29, 2017, and April 30, 2016, was $7.1 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

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Apr. 29, 2017

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

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

			Additions
Description	Balance at Beginning of Year		Charged/ (Credited) to Costs and Expenses			Charged/ (Credited) to Other Accounts			Deductions			Balance at End of Year
Allowance for doubtful accounts, deducted from accounts receivable:
April 29, 2017	$	3,145	$	(278	)	$	—		$	(304	)(a)	$	2,563
April 30, 2016		4,622		(664	)		—			(813	)(a)		3,145
April 25, 2015		12,368		(2,206	)		—			(5,540	)(a)		4,622
Allowance for deferred tax assets:
April 29, 2017	$	3,625	$	—		$	(562	)(c)	$	(1,277	)(b)	$	1,786
April 30, 2016		4,322		—			(358	)(c)		(339	)(b)		3,625
April 25, 2015		4,700		—			39	(c)		(417	)(b)		4,322

(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. 29, 2017
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 63% and 70% of our inventories at April 29, 2017, and April 30, 2016, respectively. Cost is determined for all other inventories on a first-in, first-out ("FIFO") basis. The LIFO method of accounting is used for our La-Z-Boy U.S. wholesale business inventory and our Casegoods Segment inventory, while the FIFO method is used for the remainder of our inventory.
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 and the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland. The reporting units for goodwill related to store acquisitions are the geographic markets the acquired stores become part of upon acquisition, because the operations of the acquired stores benefit these geographic markets. The reporting unit for goodwill arising from the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland is that business. 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.
Amortizable Intangible Assets	Amortizable Intangible Assets In fiscal 2017, we acquired the La-Z-Boy wholesale business in the United Kingdom and Ireland and recorded $4.1 million of intangible assets ($3.6 million of which related to acquired customer relationships) on the acquisition date. These intangible assets will be amortized between one and 15 years on a straight-line basis. We established the fair value of these amortizable intangible assets based on the multi-period excess earnings method, a variant of the income approach, and also the relief from royalty method. We will test these assets for impairment on an annual basis in the fourth quarter of our fiscal year, beginning in fiscal 2018. These assets were not tested during the fourth quarter of fiscal 2017, as we finalized the purchase accounting for the acquisition during that quarter, and assessed the fair value of the assets at that time.
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 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. We had no gross notes receivable amounts outstanding and no corresponding allowance for credit losses on notes receivable at April 29, 2017, or at April 30, 2016.
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 2017, fiscal 2016, and fiscal 2015, we recorded a benefit related to legal settlements as part of cost of sales. Gross margin benefited 0.2 percentage points, 0.3 percentage points and 0.4 percentage points for fiscal 2017, 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 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 (Expense), Net	Other Income (Expense), Net Other income (expense), net, is made up primarily of foreign currency exchange net gain/(loss), gain/(loss) on the sale of investments, and certain pension costs.
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 $8.0 million, $6.3 million, and $6.1 million for the fiscal years ended April 29, 2017, April 30, 2016, and April 25, 2015, 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 $82.1 million, $70.8 million, and $63.3 million for the fiscal years ended April 29, 2017, April 30, 2016, and April 25, 2015, 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 reimburse us for about 30% 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. In periods when deferred tax assets are recorded, we are required to estimate whether recoverability is more likely than not (i.e. a likelihood of more than 50%), 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 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 wholesale Canadian and Mexico subsidiaries is the U.S. dollar. Transaction gains and losses associated with translating our wholesale Canadian and Mexico subsidiaries' assets and liabilities, which are non-U.S. dollar denominated, are recorded in other income (expense), 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 classified Lea Industries as held for sale. We were unable to find a buyer for our Lea Industries business and, consequently, we ceased its operations and 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 Lea Industries are reported as discontinued operations in our consolidated statement of income for fiscal 2015.
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 employee-related health care benefits, vehicle liability, 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 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 standard by one year, thus making the new accounting standard effective for our fiscal 2019. We are currently reviewing our contracts and other revenue streams, gathering documentation, and developing our new accounting policy related to this standard. 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 standard 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 gain as of April 29, 2017, 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 their balance sheet. Under this new standard, the lessee is required to record an asset for the right to use the underlying asset for the lease term and a corresponding liability for the contractual lease payments. This standard is effective for our fiscal 2020. We are currently reviewing our leases and gathering the necessary information and tools to adopt this standard when it becomes effective for our fiscal 2020. We anticipate that adoption of this standard will have a significant impact on our consolidated balance sheet as we have a significant number of operating leases. See Note 10 for more information on our operating leases as of April 29, 2017. In March 2016, the FASB issued a new accounting standard focused on simplifying the accounting for share-based payments. The standard 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. We will adopt this standard in the first quarter of our fiscal 2018. Any increased volatility in our consolidated statement of income as a result of applying the provisions of this standard will be dependent on future vesting activity and volatility in our stock price. We plan to continue to estimate expected forfeitures. 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 standard 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 still assessing the impact this standard 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. We plan to early adopt this standard in 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 standard will be applicable for our fiscal 2019. We are still assessing the impact this standard 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. We plan to early adopt this standard in 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 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 standard will be applicable for our fiscal 2019. We are still assessing the impact this standard 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 impairment 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 standard will be applicable for our fiscal 2021. We are still assessing the impact this standard will have on our consolidated financial statements and related disclosures. In March 2017, the FASB issued a new accounting standard that will change the presentation of pension costs in our consolidated statement of income. Under this new standard, pension service costs will be presented in our consolidated statement of income with the related compensation costs. All other components of pension costs will be presented in non-operating expense in our consolidated statement of income. We plan to early adopt this standard in our fiscal 2018. Adoption of this standard will not have a material impact on our consolidated statement of income but will change the presentation of this statement by reclassifying certain components of pension costs from operating expenses to non-operating expenses.

Acquisitions (Tables)

12 Months Ended

Apr. 29, 2017

Acquisitions

Summary of fair values at the dates of acquisition

(Amounts in thousands)	Fiscal 2017 Acquisitions			Fiscal 2016 Acquisitions
Current assets	$	12,175		$	4,146
Goodwill and other intangible assets		46,921			25,129
Property, plant and equipment		1,106			202

Total assets acquired		60,202			29,477
Current liabilities acquired		(4,023	)		(3,217	)
Purchase price liability		(15,103	)		—
Contingent consideration liability		(1,204	)		—

Total liabilities		(20,330	)		(3,217	)

Total purchase price	$	39,872		$	26,260

Discontinued Operations (Tables)

12 Months Ended

Apr. 29, 2017

Discontinued Operations

Financial disclosures of discontinued operations

(Amounts in thousands)	4/25/2015
Net sales	$	7,850
Operating income from discontinued operations	$	869
Interest expense		8
Income from Continued Dumping and Subsidy Offset Act, net		4,211
Income tax expense		(1,775	)

Income from discontinued operations, net of tax	$	3,297

- 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
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
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+ Details

Inventories (Tables)

12 Months Ended

Apr. 29, 2017

Inventories

Summary of inventories

(Amounts in thousands)	4/29/2017			4/30/2016
Raw materials	$	83,371		$	87,905
Work in process		11,320			11,591
Finished goods		101,444			97,861

FIFO inventories		196,135			197,357
Excess of FIFO over LIFO		(21,021	)		(21,768	)

Total inventories	$	175,114		$	175,589

Property, Plant and Equipment (Tables)

12 Months Ended

Apr. 29, 2017

Property, Plant and Equipment

Schedule of property, plant and equipment

(Amounts in thousands)	Estimated Useful Lives		4/29/2017			4/30/2016
Buildings and building fixtures		3 - 40 years	$	196,817		$	192,211
Machinery and equipment		3 - 15 years		141,071			143,561
Information systems and software		3 - 10 years		76,684			72,275
Land		—		14,565			14,346
Land improvements		3 - 30 years		15,178			15,007
Transportation equipment		3 - 10 years		14,905			15,728
Furniture and fixtures		3 - 15 years		20,390			19,397
Construction in progress				11,247			10,465

				490,857			482,990
Accumulated depreciation				(321,725	)		(311,400	)

Net property, plant and equipment			$	169,132		$	171,590

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Apr. 29, 2017

Goodwill and Other Intangible Assets

Roll-forward of goodwill

(Amounts in thousands)	Goodwill
Balance at April 25, 2015	$	15,164
Acquisitions		22,029

Balance at April 30, 2016		37,193
Acquisitions		36,584
Translation adjustment		468

Balance at April 29, 2017	$	74,245

Roll-forward of other indefinite-lived intangible assets

(Amounts in thousands)	Trade Names			Reacquired Rights			Other Intangible Assets			Total Other Intangible Assets
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
Acquisitions		—			6,807			3,530			10,337
Impairment charges		(40	)		—			—			(40	)
Amortization		—			(336	)		(127	)		(463	)
Translation adjustment		—			(87	)		184			97

Balance at April 29, 2017	$	1,155		$	13,747		$	3,587		$	18,489

Investments (Tables)

12 Months Ended

Apr. 29, 2017

Investments

Summary of investments

(Amounts in thousands)	4/29/2017		4/30/2016
Short-term investments:
Available-for-sale investments	$	15,040	$	13,491
Trading securities		6		—
Held-to-maturity investments		1,867		1,826

Total short-term investments		16,913		15,317
Long-term investments:
Available-for-sale investments		31,264		31,659
Cost basis investment		5,500		—

Total long-term investments		36,764		31,659

Total investments	$	53,677	$	46,976


Investments to enhance returns on cash	$	33,087	$	33,583
Investments to fund compensation/retirement plans	$	13,690	$	13,393
Other investments	$	6,900	$	—

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

Fiscal 2017

(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	1,796	$	(83	)	$	13,610
Fixed income		729		(72	)		37,580
Mutual funds		—		—			6
Other		1		(8	)		2,481

Total securities	$	2,526	$	(163	)	$	53,677

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

Summary of sales of available-for-sale securities

(Amounts in thousands)	4/29/2017			4/30/2016			4/25/2015
Proceeds from sales	$	19,954		$	28,721		$	33,750
Gross realized gains		926			997			285
Gross realized losses		(455	)		(561	)		(74	)

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Apr. 29, 2017

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses and other current liabilities

(Amounts in thousands)	4/29/2017		4/30/2016
Payroll and other compensation	$	45,229	$	45,611
Accrued product warranty, current portion		13,191		12,381
Customer deposits		26,595		20,961
Other current liabilities		62,160		33,523

Accrued expenses and other current liabilities	$	147,175	$	112,476

Debt (Tables)

12 Months Ended

Apr. 29, 2017

Debt

Schedule of debt

(Amounts in thousands)	4/29/2017			4/30/2016
Capital leases	$	515		$	803
Less: current portion		(219	)		(290	)

Long-term debt	$	296		$	513

- 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
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-Section 50
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-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
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-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
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-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-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
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
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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. 29, 2017

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
2018	$	68,898	$	3,195
2019		62,782		3,195
2020		56,027		3,211
2021		52,093		2,562
2022		41,615		879
2023 and beyond		103,143		1,350

Total	$	384,558	$	14,392

Schedule of rental expense and rental income for operating leases

(Amounts in thousands)	4/29/2017		4/30/2016		4/25/2015
Rental expense	$	68,452	$	62,953	$	55,808
Rental income		3,604		4,650		4,966

Retirement and Welfare Plans (Tables)

12 Months Ended

Apr. 29, 2017

Retirement and Welfare Plans

Schedule of amounts recognized in accumulated other comprehensive loss

(Amounts in thousands)	4/29/2017			4/30/2016
Beginning of year net actuarial loss	$	36,850		$	37,602
Net current year actuarial loss		2,605			2,249
Amortization of actuarial loss		(3,058	)		(3,001	)

End of year net actuarial loss	$	36,397		$	36,850

Schedule of combined net periodic pension cost and retirement costs

(Amounts in thousands)	4/29/2017			4/30/2016			4/25/2015
Service cost	$	1,278		$	1,358		$	1,114
Interest cost		4,681			4,938			5,070
Expected return on plan assets		(4,978	)		(4,997	)		(5,077	)
Net amortization and deferral		3,058			3,001			2,658

Net periodic pension cost (hourly plan)		4,039			4,300			3,765
401(k)*		7,124			6,657			6,270
PCRP*		1,488			3,088			1,377
Other*		51			318			124

Total retirement costs (excluding non-qualified defined benefit retirement plan)	$	12,702		$	14,363		$	11,536

*	Not determined by an actuary

Schedule of funded status of the defined benefit pension plan

(Amounts in thousands)	4/29/2017			4/30/2016
Change in benefit obligation
Benefit obligation at beginning of year	$	116,371		$	121,080
Service cost		1,278			1,358
Interest cost		4,681			4,938
Actuarial loss		14			221
Benefits paid		(7,728	)		(10,808	)
Administrative expenses		(431	)		(418	)

Benefit obligation at end of year		114,185			116,371
Change in plan assets
Fair value of plan assets at beginning of year		112,484			113,742
Actual return on plan assets		2,387			2,968
Employer contributions		2,300			7,000
Benefits paid		(7,728	)		(10,808	)
Administrative expenses		(431	)		(418	)

Fair value of plan assets at end of year		109,012			112,484

Funded status	$	(5,173	)	$	(3,887	)

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

(Amounts in thousands)		4/29/2017			4/30/2016
Other long-term liabilities		$	(5,173	)	$	(3,887	)

Schedule of actuarial assumptions for the defined benefit pension plan

	4/29/2017			4/30/2016			4/25/2015
Discount rate used to determine benefit obligations		4.1	%		4.1	%		4.2	%
Discount rate used to determine net benefit cost		4.1	%		4.2	%		4.4	%
Long-term rate of return		4.5	%		4.3	%		4.7	%

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

Fiscal 2017

(Amounts in thousands)	Level 1(a)		Level 2(a)		Level 3
Cash and equivalents	$	44	$	3,730	$	—
Equity funds		1,517		181		—
Debt funds		—		93,949		—

Total	$	1,561	$	97,860	$	—

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

Fiscal 2016

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

Total	$	22,744	$	89,740	$	—

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

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

(Amounts in thousands)	Benefit Payments
2018	$	6,458
2019		6,593
2020		6,720
2021		6,836
2022		6,949
2023 to 2027		35,490

	$	69,046

Product Warranties (Tables)

12 Months Ended

Apr. 29, 2017

Product Warranties

Reconciliation of changes in product warranty liability

(Amounts in thousands)	4/29/2017			4/30/2016
Balance as of the beginning of the year	$	20,511		$	16,870
Accruals during the year		20,875			23,592
Settlements during the year		(19,516	)		(19,951	)

Balance as of the end of the year	$	21,870		$	20,511

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 29, 2017

Stock-Based Compensation

Summary of total stock-based compensation expense

(Amounts in thousands)	4/29/2017		4/30/2016		4/25/2015
Equity-based awards expense	$	8,864	$	8,292	$	6,780
Liability-based awards expense		1,687		1,355		4,597

Total stock-based compensation expense	$	10,551	$	9,647	$	11,377

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 30, 2016		1,411		$	19.39		7.4	$	9,489
Granted		497			25.99
Canceled		(97	)		25.28
Exercised		(302	)		11.82			$	4,871

Outstanding at April 29, 2017		1,509		$	22.70		7.6	$	7,638


Exercisable at April 29, 2017		591		$	18.27		6.2	$	5,688

Fair value assumptions for stock options

	Fiscal 2017 Grant			Fiscal 2016 Grant			Fiscal 2015 Grant
Risk-free interest rate		1.30	%		1.54	%		1.59	%
Dividend rate		1.54	%		1.20	%		1.00	%
Expected life in years		5.0			5.0			5.0
Stock price volatility		38.87	%		44.37	%		54.40	%
Fair value per share	$	7.99		$	9.69		$	10.45

Fair value assumptions for SARs

	Fiscal 2014 Grant			Fiscal 2013 Grant
Risk-free interest rate		1.04	%		0.81	%
Dividend rate		1.58	%		1.58	%
Expected life in years		1.13			0.21
Stock price volatility		31.29	%		21.91	%
Fair value per share	$	9.06		$	15.86

Summary of information about non-vested share awards

	Shares (In Thousands)			Weighted Average Grant Date Fair Value
Non-vested shares at April 30, 2016		169		$	25.22
Granted		102			26.20
Vested		(51	)		25.06
Canceled		(11	)		25.56

Non-vested shares at April 29, 2017		209		$	25.72

Summary of information about non-vested stock units

	Units (In Thousands)			Weighted Average Grant Date Fair Value
Non-vested units at April 30, 2016		77		$	16.61
Vested		(51	)		15.47
Canceled		(3	)		16.62

Non-vested units at April 29, 2017		23		$	19.80

Summary of information about performance-based shares outstanding

	Shares (In Thousands)			Weighted Average Grant Date Fair Value
Outstanding shares at April 30, 2016		612		$	23.10
Granted		361			24.79
Vested		(159	)		18.58
Unearned and canceled		(255	)		24.34

Outstanding shares at April 29, 2017		559		$	24.87

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

(Amounts in thousands)	4/29/2017		4/30/2016		4/25/2015
Fiscal 2013 grant	$	—	$	—	$	568
Fiscal 2014 grant		—		926		769
Fiscal 2015 grant		675		840		908
Fiscal 2016 grant		1,284		1,610		—
Fiscal 2017 grant		1,109		—		—

Total expense	$	3,068	$	3,376	$	2,245

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Apr. 29, 2017

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 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	)
Changes before reclassifications		(482	)		(1,478	)		1,592			(2,410	)		(2,778	)
Amounts reclassified to net income		—			2,060			(471	)		3,290			4,879
Tax effect		—			(222	)		(427	)		(335	)		(984	)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(482	)		360			694			545			1,117

Balance at April 29, 2017	$	(927	)	$	74		$	1,752		$	(33,782	)	$	(32,883	)

Components of non-controlling interest

(Amounts in thousands)	4/29/2017		4/30/2016			4/25/2015
Balance as of the beginning of the year	$	10,070	$	8,954		$	7,832
Net income		1,062		1,711			1,198
Other comprehensive income (loss)		54		(595	)		(76	)

Balance as of the end of the year	$	11,186	$	10,070		$	8,954

Segment Information (Tables)

12 Months Ended

Apr. 29, 2017

Segment Information

Schedule of segment information

	Fiscal Year Ended
(Amounts in thousands)	4/29/2017			4/30/2016			4/25/2015
Sales
Upholstery segment:
Sales to external customers	$	986,917		$	1,027,615		$	990,237
Intersegment sales		204,526			188,190			161,565

Upholstery segment sales		1,191,443			1,215,805			1,151,802

Casegoods segment:
Sales to external customers		87,181			92,601			98,886
Intersegment sales		13,047			9,939			10,827

Casegoods segment sales		100,228			102,540			109,713

Retail segment sales		443,238			402,479			333,978
Corporate and Other:
Sales to external customers		2,724			2,703			2,294
Intersegment sales		6,437			3,720			—

Corporate and Other sales		9,161			6,423			2,294

Eliminations		(224,010	)		(201,849	)		(172,392	)

Consolidated sales	$	1,520,060		$	1,525,398		$	1,425,395


Operating Income (Loss)
Upholstery segment	$	146,235		$	134,193		$	121,403
Casegoods segment		8,623			7,734			6,408
Retail segment		19,205			25,567			11,466
Corporate and Other		(43,482	)		(45,105	)		(36,112	)

Consolidated operating income		130,581			122,389			103,165
Interest expense		1,073			486			523
Interest income		981			827			1,030
Income from Continued Dumping and Subsidy Offset Act, net		273			102			1,212
Other income (expense), net		(22	)		2,211			744

Income from continuing operations before income taxes	$	130,740		$	125,043		$	105,628


Depreciation and Amortization
Upholstery segment	$	14,692		$	13,559		$	12,669
Casegoods segment		863			874			813
Retail segment		3,131			2,800			2,910
Corporate and Other		10,445			9,284			5,891

Consolidated depreciation and amortization	$	29,131		$	26,517		$	22,283


Capital Expenditures
Upholstery segment	$	13,193		$	14,744		$	14,979
Casegoods segment		786			562			1,149
Retail segment		2,831			3,245			2,993
Corporate and Other		3,494			6,133			51,198

Consolidated capital expenditures	$	20,304		$	24,684		$	70,319


Assets
Upholstery segment	$	357,889		$	323,411		$	317,102
Casegoods segment		53,064			51,165			48,403
Retail segment		172,601			146,963			126,189
Unallocated assets		305,301			278,490			282,910

Consolidated assets	$	888,855		$	800,029		$	774,604

Long-lived assets by geographic location and sales by country

	Fiscal Year Ended
(Amounts in thousands)	4/29/2017			4/30/2016			4/25/2015
Long-Lived Assets by Geographic Location
Domestic	$	239,198		$	211,021		$	187,224
International		23,791			7,443			8,359

Consolidated long-lived assets	$	262,989		$	218,464		$	195,583


Sales by Country
United States		88	%		89	%		87	%
Canada		7	%		7	%		7	%
Other		5	%		4	%		6	%

Total		100	%		100	%		100	%

Income Tax (Tables)

12 Months Ended

Apr. 29, 2017

Income Taxes

Schedule of income before income taxes for continuing operations

(Amounts in thousands)	4/29/2017		4/30/2016		4/25/2015
United States	$	122,196	$	115,750	$	96,605
Foreign		8,544		9,293		9,023

Total	$	130,740	$	125,043	$	105,628

Components of income tax expense (benefit)

(Amounts in thousands)	4/29/2017			4/30/2016		4/25/2015
Federal:
—current	$	35,606		$	32,403	$	28,887
—deferred		2,349			3,559		406
State:
—current		5,194			4,750		4,573
—deferred		(1,703	)		859		637
Foreign:
—current		2,388			2,345		2,281
—deferred		(78	)		164		170

Total income tax expense	$	43,756		$	44,080	$	36,954

Reconciliation of effective tax rate

	Fiscal Year Ended
(% of income from continuing operations before income taxes)	Fiscal Year Ended
	4/29/2017			4/30/2016			4/25/2015
Statutory tax rate		35.0	%		35.0	%		35.0	%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		2.7			3.4			3.5
U.S. manufacturing benefit		(2.4	)		(2.5	)		(2.1	)
Change in valuation allowance		(1.0	)		(0.3	)		(0.4	)
Miscellaneous items		(0.8	)		(0.3	)		(1.0	)

Effective tax rate		33.5	%		35.3	%		35.0	%

Components of deferred tax assets and (liabilities)

(Amounts in thousands)	4/29/2017			4/30/2016
Assets
Deferred and other compensation	$	26,689		$	25,032
State income tax—net operating losses, credits and other		4,927			5,571
Warranty		8,261			7,817
Rent		4,768			4,184
Workers' compensation		3,707			3,870
Employee benefits		3,752			3,212
Other		4,663			5,026
Valuation allowance		(1,786	)		(3,625	)

Total deferred tax assets		54,981			51,087
Liabilities
Property, plant and equipment		(8,453	)		(7,089	)
Inventory		(3,052	)		(983	)
Goodwill and other intangibles		(3,345	)		(1,332	)

Net deferred tax assets	$	40,131		$	41,683

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)	$	5,668		Fiscal 2018 - 2036
Foreign net operating losses		58		Indefinite
Foreign capital losses		17		Indefinite

Summary of valuation allowance by jurisdiction

Jurisdiction	4/30/2016 Valuation Allowance					4/29/2017 Valuation Allowance
(Amounts in thousands)	4/30/2016 Valuation Allowance		Change			4/29/2017 Valuation Allowance
U.S. state	$	3,606	$	(1,837	)	$	1,769
Foreign		19		(2	)		17

Total	$	3,625	$	(1,839	)	$	1,786

Reconciliation of the beginning and ending balance of unrecognized tax benefits

(Amounts in thousands)	4/29/2017			4/30/2016			4/25/2015
Balance at the beginning of the period	$	1,821		$	2,226		$	2,972
Additions:
Positions taken during the current year		148			87			94
Reductions:
Positions taken during the prior year		(4	)		(321	)		(702	)
Decreases related to settlements with taxing authorities		(27	)		—			(25	)
Reductions resulting from the lapse of the statute of limitations		(1,318	)		(171	)		(113	)

Balance at the end of the period	$	620		$	1,821		$	2,226

Earnings per Share (Tables)

12 Months Ended

Apr. 29, 2017

Earnings per Share

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

	Fiscal Year Ended
(Amounts in thousands)	4/29/2017			4/30/2016			4/25/2015
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	85,922		$	79,252		$	70,773
Income allocated to participating securities		(422	)		(401	)		(395	)

Net income available to common shareholders	$	85,500		$	78,851		$	70,378


Denominator:
Basic weighted average common shares outstanding		48,963			50,194			51,767
Add:
Contingent common shares		194			238			250
Stock option dilution		313			333			329

Diluted weighted average common shares outstanding		49,470			50,765			52,346

Fair Value Measurements (Tables)

12 Months Ended

Apr. 29, 2017

Fair Value Measurements

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

Fiscal 2017

	Fair Value Measurements
(Amounts in thousands)	Level 1(a)		Level 2(a)		Level 3(b)
Assets
Available-for-sale investments	$	1,217	$	36,638	$	1,400
Trading securities		—		6		—
Held-to-maturity investments		1,866		—		—
Cost basis investment		—		—		5,500

Total assets	$	3,083	$	36,644	$	6,900


Liabilities
Contingent consideration liability	$	—	$	—	$	1,248

(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.

Fiscal 2016

	Fair Value Measurements
(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

(Amounts in thousands)	Level 3
Assets
Balance at April 30, 2016	$	—
Purchases		6,250
Unrealized gain		650

Balance at April 29, 2017	$	6,900

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

(Amounts in thousands)	Level 3
Liabilities
Balance at April 30, 2016	$	—
Acquisitions		1,204
Translation adjustment		44

Balance at April 29, 2017	$	1,248

Accounting Policies - Fiscal Year and Inventories (Details)	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Accounting Policies
Length of fiscal year	364 days	371 days	364 days
Inventories
Inventory cost determined using LIFO basis (as a percent)	63.00%	70.00%

Accounting Policies - Property, Plant and Equipment (Details) - Computer software costs	12 Months Ended
	Apr. 29, 2017
Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Maximum
Property, Plant and Equipment
Estimated useful life	10 years

Accounting Policies - Amortizable Intangible Assets (Details) - La-Z-Boy Wholesale Business in United Kingdom and Ireland $ in Millions	12 Months Ended
	Apr. 29, 2017 USD ($)
Amortizable Intangible Assets
Amortizable intangible assets	$ 4.1
Minimum
Amortizable Intangible Assets
Amortization period	1 year
Maximum
Amortizable Intangible Assets
Amortization period	15 years
Customer relationships
Amortizable Intangible Assets
Amortizable intangible assets	$ 3.6

Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Millions	Apr. 29, 2017	Apr. 30, 2016
Allowances for Credit Losses
Notes receivable, gross	$ 0.0	$ 0.0
Allowance for notes receivable
Allowances for Credit Losses
Allowance for credit losses	$ 0.0	$ 0.0

Accounting Policies - Other Various Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Cost of Sales
Improvement in gross margin due to legal settlement (as a percent)	0.20%	0.30%	0.40%
Research and Development Costs
Expenditures for research and development costs from continuing operations	$ 8.0	$ 6.3	$ 6.1
Advertising Expenses
Gross advertising expenses	$ 82.1	$ 70.8	$ 63.3
Percentage reimbursement on shared advertising program	30.00%
Insurance/Self-Insurance
Maximum deductibles for excess loss coverages	$ 1.5

Acquisitions (Details) $ in Thousands	12 Months Ended
Acquisitions (Details) $ in Thousands	Apr. 29, 2017 USD ($) store Counterparty	Apr. 30, 2016 USD ($) store Counterparty	Apr. 25, 2015 USD ($) Counterparty
Acquisitions
Goodwill	$ 74,245	$ 37,193	$ 15,164
2017 Acquisitions
Fair values at the dates of acquisition
Current assets	12,175
Goodwill and other intangible assets	46,921
Property, plant and equipment	1,106
Total assets acquired	60,202
Current liabilities acquired	(4,023)
Purchase price liability	(15,103)
Contingent consideration liability	(1,204)
Total liabilities	(20,330)
Total purchase price	$ 39,872
La-Z-Boy Wholesale Business in United Kingdom and Ireland
Acquisitions
Period until payment is due	90 days
Total purchase price	$ 16,900
Amortizable intangible assets	4,100
Goodwill	12,200
Fair values at the dates of acquisition
Contingent consideration liability	$ (1,000)
La-Z-Boy Wholesale Business in United Kingdom and Ireland \| Minimum
Acquisitions
Amortization period	1 year
La-Z-Boy Wholesale Business in United Kingdom and Ireland \| Maximum
Acquisitions
Amortization period	15 years
Independent dealer assets acquired in fiscal 2017
Acquisitions
Number of dealers whose assets were acquired \| Counterparty	4
Number of stores \| store	14
Total purchase price	$ 38,700
Cash paid	35,900
Forgiveness of accounts receivable	2,600
Goodwill	24,900
Fair values at the dates of acquisition
Contingent consideration liability	(200)
Independent dealer assets acquired in fiscal 2017 \| Reacquired Rights
Acquisitions
Indefinite-lived intangible asset	5,900
Independent dealer assets acquired in fiscal 2016
Acquisitions
Number of dealers whose assets were acquired \| Counterparty		4
Number of stores \| store		11
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
Property, plant and equipment		202
Total assets acquired		29,477
Current liabilities acquired		(3,217)
Total liabilities acquired		(3,217)
Total purchase price		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
Customer relationships \| La-Z-Boy Wholesale Business in United Kingdom and Ireland
Acquisitions
Amortizable intangible assets	$ 3,600
Intangible assets, excluding acquired customer relationships \| Minimum
Acquisitions
Amortization period	1 year
Intangible assets, excluding acquired customer relationships \| Maximum
Acquisitions
Amortization period	2 years

Discontinued Operations (Details) $ in Thousands	12 Months Ended
Discontinued Operations (Details) $ in Thousands	Apr. 25, 2015 USD ($)
Results of discontinued operations
Income from discontinued operations, net of tax	$ 3,297
Discontinued Operations
Results of discontinued operations
Net sales	7,850
Operating income from discontinued operations	869
Interest expense	8
Income from Continued Dumping and Subsidy Offset Act, net	4,211
Income tax expense	(1,775)
Income from discontinued operations, net of tax	3,297
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. 29, 2017	Apr. 30, 2016
Inventories
Raw materials	$ 83,371	$ 87,905
Work in process	11,320	11,591
Finished goods	101,444	97,861
FIFO inventories	196,135	197,357
Excess of FIFO over LIFO	(21,021)	(21,768)
Total inventories	$ 175,114	$ 175,589

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Property, Plant and Equipment
Gross property, plant and equipment	$ 490,857	$ 482,990
Accumulated depreciation	(321,725)	(311,400)
Net property, plant and equipment	169,132	171,590
Depreciation expense	25,400	23,300	$ 19,300
Buildings and building fixtures
Property, Plant and Equipment
Gross property, plant and equipment	$ 196,817	192,211
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	$ 141,071	143,561
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	$ 76,684	72,275
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	$ 14,565	14,346
Land improvements
Property, Plant and Equipment
Gross property, plant and equipment	$ 15,178	15,007
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	$ 14,905	15,728
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	$ 20,390	19,397
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	$ 11,247	$ 10,465

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Roll-forward of goodwill
Balance at beginning of period	$ 37,193	$ 15,164
Acquisitions	36,584	22,029
Translation adjustment	468
Balance at end of period	$ 74,245	$ 37,193
Goodwill
Key assumptions used in assessment of goodwill
Discount rate	9.30%
Terminal growth rate	2.00%
Retail Segment
Roll-forward of goodwill
Balance at end of period	$ 62,100

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Roll-forward of other indefinite-lived intangible assets
Balance at beginning of period	$ 8,558	$ 5,458
Acquisitions	10,337	3,100
Impairment charges	(40)
Amortization	(463)
Translation adjustment	97
Balance at end of period	18,489	8,558
Trade Names
Roll-forward of other indefinite-lived intangible assets
Balance at beginning of period	1,195	1,195
Impairment charges	(40)
Balance at end of period	1,155	1,195
Reacquired Rights
Roll-forward of other indefinite-lived intangible assets
Balance at beginning of period	7,363	4,263
Acquisitions	6,807	3,100
Amortization	(336)
Translation adjustment	(87)
Balance at end of period	13,747	$ 7,363
Other Intangible Assets
Roll-forward of other indefinite-lived intangible assets
Acquisitions	3,530
Amortization	(127)
Translation adjustment	184
Balance at end of period	$ 3,587

Investments - Components (Details) - USD ($) $ in Thousands	Apr. 29, 2017	Apr. 30, 2016
Investments
Total investments	$ 53,677	$ 46,976
Investments to enhance returns on cash
Investments
Total investments	33,087	33,583
Investments to fund compensation/retirement plans
Investments
Total investments	13,690	13,393
Other investments
Investments
Total investments	6,900
Other current assets
Investments
Available-for-sale investments	15,040	13,491
Trading securities	6
Held-to-maturity investments	1,867	1,826
Total investments	16,913	15,317
Other long-term assets
Investments
Available-for-sale investments	31,264	31,659
Cost basis investment	5,500
Total investments	$ 36,764	$ 31,659

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Apr. 29, 2017	Apr. 30, 2016
Summary of investments
Gross Unrealized Gains	$ 2,526	$ 1,408
Gross Unrealized Losses	(163)	(165)
Fair Value	53,677	46,976
Equity securities
Summary of investments
Gross Unrealized Gains	1,796	1,231
Gross Unrealized Losses	(83)	(135)
Fair Value	13,610	8,150
Fixed income
Summary of investments
Gross Unrealized Gains	729	176
Gross Unrealized Losses	(72)	(9)
Fair Value	37,580	36,527
Mutual funds
Summary of investments
Fair Value	6
Other
Summary of investments
Gross Unrealized Gains	1	1
Gross Unrealized Losses	(8)	(21)
Fair Value	$ 2,481	$ 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	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Sales of available-for-sale securities
Proceeds from sales	$ 19,954	$ 28,721	$ 33,750
Gross realized gains	926	997	285
Gross realized losses	(455)	$ (561)	$ (74)
Fair value of available-for-sale securities by contractual maturity
Fair value, available-for-sale securities with contractual maturity within one year	15,400
Fair value, available-for-sale securities with contractual maturity within two to five years	20,500
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	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Payroll and other compensation	$ 45,229	$ 45,611
Accrued product warranty, current portion	13,191	12,381
Customer deposits	26,595	20,961
Other current liabilities	62,160	33,523
Accrued expenses and other current liabilities	147,175	$ 112,476
Increase in other current liabilities	28,600
Federal
Increase in accrued federal income taxes	7,100
La-Z-Boy Wholesale Business in United Kingdom and Ireland
Purchase price liability	$ 15,900

Debt (Details) - USD ($) $ in Thousands	12 Months Ended
Debt (Details) - USD ($) $ in Thousands	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Debt
Less: current portion	$ (219)	$ (290)
Long-term debt	296	513
Cash paid for interest	500	500	$ 500
Capital leases
Debt
Total debt	515	803
Less: current portion	(219)	(290)
Long-term debt	296	513
Maturities of long-term capital leases
Fiscal 2019	200
Fiscal 2020	$ 100
Capital leases \| Minimum
Debt
Interest rate (as a percent)	2.70%
Capital leases \| Maximum
Debt
Interest rate (as a percent)	7.60%
Maturities of long-term capital leases
Fiscal 2021	$ 100
Revolving credit facility
Debt
Borrowings outstanding	0	$ 0
Excess availability	141,900
Credit commitment	$ 150,000

Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Operating Leases (Details) - USD ($) $ in Thousands	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Operating Leases
Total rent liability	$ 14,000	$ 14,800
Future minimum rentals for all non-cancelable operating leases
2018	68,898
2019	62,782
2020	56,027
2021	52,093
2022	41,615
2023 and beyond	103,143
Total Future Minimum Rentals	384,558
Future rental income from subleases
2018	3,195
2019	3,195
2020	3,211
2021	2,562
2022	879
2023 and beyond	1,350
Total Future Minimum Income	14,392
Rental expense and rental income for operating leases
Rental expense	68,452	62,953	$ 55,808
Rental income	$ 3,604	$ 4,650	$ 4,966

Retirement and Welfare Plans - Deferred Compensation (Details) - USD ($) $ in Thousands	Apr. 29, 2017	Apr. 30, 2016
Other current assets
Retirement and Welfare
Market value of mutual funds	$ 6
PCRP \| Other long-term liabilities
Retirement and Welfare
Deferred compensation arrangement obligations	8,400	$ 6,900
Executive deferred compensation plan \| Other long-term liabilities
Retirement and Welfare
Deferred compensation arrangement obligations	20,300	16,300
Executive deferred compensation plan \| Other long-term assets
Retirement and Welfare
Cash surrender value of life insurance contracts	27,800	21,000
Executive deferred compensation plan \| Other current assets
Retirement and Welfare
Market value of mutual funds		$ 0
Executive deferred compensation plan \| Maximum \| Other current assets
Retirement and Welfare
Market value of mutual funds	$ 100

Retirement and Welfare Plans - Non-qualified Plan (Details) - Non-qualified defined benefit retirement plan - USD ($) $ in Millions	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Retirement and Welfare
Total cost recognized	$ 0.9	$ 0.9
Actuarial loss recognized in accumulated other comprehensive loss	0.2	0.2
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)	3.90%	3.70%
Other long-term liabilities
Retirement and Welfare
Plan obligations	$ 16.7	$ 17.4

Retirement and Welfare Plans - Defined Benefit and Defined Contribution (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Components of net periodic pension cost
Other	$ 51	$ 318	$ 124
Total retirement costs (excluding non-qualified defined benefit retirement plan)	12,702	14,363	11,536
401(k)
Components of net periodic pension cost
Defined contribution plan cost	7,124	6,657	6,270
PCRP
Components of net periodic pension cost
Defined contribution plan cost	1,488	3,088	1,377
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	36,850	37,602
Net current year actuarial (gain) loss	2,605	2,249
Amortization of actuarial loss	(3,058)	(3,001)
End of year net actuarial loss	36,397	36,850	37,602
Unrecognized actuarial losses expected to be amortized in fiscal 2018	3,100
Components of net periodic pension cost
Service cost	1,278	1,358	1,114
Interest cost	4,681	4,938	5,070
Expected return on plan assets	(4,978)	(4,997)	(5,077)
Net amortization and deferral	3,058	3,001	2,658
Net periodic pension cost	4,039	4,300	3,765
Change in benefit obligation
Benefit obligation at beginning of year	116,371	121,080
Service cost	1,278	1,358	1,114
Interest cost	4,681	4,938	5,070
Actuarial loss	14	221
Benefits paid	(7,728)	(10,808)
Administrative expenses	(431)	(418)
Benefit obligation at end of year	114,185	116,371	121,080
Change in plan assets
Fair value of plan assets at beginning of year	112,484	113,742
Actual return on plan assets	2,387	2,968
Employer contributions	2,300	7,000
Benefits paid	(7,728)	(10,808)
Administrative expenses	(431)	(418)
Fair value of plan assets at end of year	109,012	112,484	$ 113,742
Funded status	(5,173)	(3,887)
Other long-term liabilities	$ (5,173)	$ (3,887)
Actuarial assumptions for the defined benefit pension plan
Discount rate used to determine benefit obligations (as a percent)	4.10%	4.10%	4.20%
Discount rate used to determine net benefit cost (as a percent)	4.10%	4.20%	4.40%
Long-term rate of return (as a percent)	4.50%	4.30%	4.70%
Pension assets
Transfers from Level 1 to Level 2 assets	$ 0	$ 0
Transfers from Level 2 to Level 1 assets	0	0
Expected contributions during fiscal 2018	2,000
Expected benefit payments
2018	6,458
2019	6,593
2020	6,720
2021	6,836
2022	6,949
2023 to 2027	35,490
Total	69,046
Defined benefit pension plan for factory hourly employees \| Level 1
Change in plan assets
Fair value of plan assets at beginning of year	22,744
Fair value of plan assets at end of year	1,561	22,744
Defined benefit pension plan for factory hourly employees \| Level 2
Change in plan assets
Fair value of plan assets at beginning of year	89,740
Fair value of plan assets at end of year	$ 97,860	89,740
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	$ 3,239
Fair value of plan assets at end of year	44	3,239
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	15,440
Fair value of plan assets at end of year	3,730	15,440
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	19,505
Fair value of plan assets at end of year	1,517	19,505
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	42
Fair value of plan assets at end of year	181	42
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	74,258
Fair value of plan assets at end of year	93,949	$ 74,258
Defined benefit pension plan for factory hourly employees \| Common trust funds, measured using net asset value
Change in plan assets
Fair value of plan assets at end of year	$ 9,600

Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Apr. 29, 2017	Apr. 30, 2016
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 20,511	$ 16,870
Accruals during the period	20,875	23,592
Settlements during the period	(19,516)	(19,951)
Balance as of the end of the period	21,870	20,511
Product warranty liability included in accrued expenses and other current liabilities	$ 13,200	$ 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

Contingencies and Commitments (Details) - Civil lawsuit - Court ruling under appeal - USD ($) $ in Millions	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Contingencies and Commitments
Litigation expense recognized		$ 5.5
Interest expense recognized	$ 0.5

Stock-Based Compensation (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 8,864	$ 8,292	$ 6,780
Liability-based awards expense	1,687	1,355	4,597
Total stock-based compensation expense	$ 10,551	$ 9,647	$ 11,377
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. 30, 2016	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Stock-Based Compensation
Expense recognized		$ 10,551	$ 9,647	$ 11,377
Cash received for exercises of stock options		3,566	420	1,397
Stock Options
Stock-Based Compensation
Cash received for exercises of stock options		$ 3,600	$ 400	1,400
Number of Shares
Outstanding, at beginning of period (in shares)	1,411,000	1,411,000
Granted (in shares)	497,198	497,000
Canceled (in shares)		(97,000)
Exercised (in shares)		(302,000)
Outstanding, at end of period (in shares)		1,509,000	1,411,000
Exercisable (in shares)		591,000
Weighted Average Exercise Price
Outstanding, at beginning of period (in dollars per share)	$ 19.39	$ 19.39
Granted (in dollars per share)		25.99
Canceled (in dollars per share)		25.28
Exercised (in dollars per share)		11.82
Outstanding, at end of period (in dollars per share)		22.70	$ 19.39
Exercisable (in dollars per share)		$ 18.27
Additional information
Weighted Average Remaining Contractual Term, Outstanding		7 years 7 months 6 days	7 years 4 months 24 days
Weighted Average Remaining Contractual Term, Exercisable		6 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding		$ 7,638	$ 9,489
Aggregate Intrinsic Value, Exercised		4,871	$ 600	$ 2,000
Aggregate Intrinsic Value, Exercisable		5,688
Unrecognized compensation cost		$ 2,300
Period for recognition of unrecognized compensation costs		1 year 4 months 24 days
Vested during the period (in shares)		300,000
Fair value assumptions
Risk-free interest rate (as a percent)		1.30%	1.54%	1.59%
Dividend rate (as a percent)		1.54%	1.20%	1.00%
Expected life in years		5 years	5 years	5 years
Stock price volatility (as a percent)		38.87%	44.37%	54.40%
Fair value per share (in dollars per share)		$ 7.99	$ 9.69	$ 10.45
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		$ 3,400	$ 3,200	$ 3,000
Stock Options \| Former Long-Term Equity Award Plan
Stock-Based Compensation
Award expiration term		10 years

Stock-Based Compensation - SARs (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Stock-Based Compensation
Expense recognized	$ 10,551	$ 9,647	$ 11,377
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	$ 0
Stock Appreciation Rights \| Fiscal 2014 Grant
Fair value assumptions
Risk-free interest rate (as a percent)	1.04%
Dividend rate (as a percent)	1.58%
Expected life in years	1 year 1 month 17 days
Stock price volatility (as a percent)	31.29%
Fair value per share (in dollars per share)	$ 9.06
Stock Appreciation Rights \| Fiscal 2013 Grant
Fair value assumptions
Risk-free interest rate (as a percent)	0.81%
Dividend rate (as a percent)	1.58%
Expected life in years	2 months 16 days
Stock price volatility (as a percent)	21.91%
Fair value per share (in dollars per share)	$ 15.86
Stock Appreciation Rights \| Selling, General and Administrative Expense
Stock-Based Compensation
Expense recognized	$ 700	$ 100	$ 700

Stock-Based Compensation - Restricted Shares and RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 30, 2016	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Stock-Based Compensation
Expense recognized		$ 10,551	$ 9,647	$ 11,377
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		$ 4,000
Period for recognition of unrecognized compensation costs		2 years 7 months 6 days
Number of Shares
Non-vested at beginning of period (in shares)	169,000	169,000
Granted (in shares)		102,000
Vested (in shares)		(51,000)
Canceled (in shares)		(11,000)
Non-vested at end of period (in shares)		209,000	169,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 25.22	$ 25.22
Granted (in dollars per share/unit)	$ 25.99	26.20
Vested (in dollars per share)		25.06
Canceled (in dollars per share)		25.56
Non-vested at end of period (in dollars per share)		$ 25.72	$ 25.22
Restricted Stock \| Employees
Number of Shares
Granted (in shares)		97,924
Restricted Stock \| Selling, General and Administrative Expense
Stock-Based Compensation
Expense recognized		$ 1,700	$ 1,100	$ 800
Restricted Stock Units \| Employees
Stock-Based Compensation
Fair value (in dollars per unit)		$ 27.90
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		$ 100
Number of Shares
Non-vested at beginning of period (in shares)	77,000	77,000
Vested (in shares)		(51,000)
Canceled (in shares)		(3,000)
Non-vested at end of period (in shares)		23,000	77,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 16.61	$ 16.61
Vested (in dollars per share)		15.47
Canceled (in dollars per share)		16.62
Non-vested at end of period (in dollars per share)		$ 19.80	$ 16.61
Restricted Stock Units \| Employees \| Maximum
Stock-Based Compensation
Period for recognition of unrecognized compensation costs		1 year
Restricted Stock Units \| Non-Employee Directors
Weighted Average Grant Date Fair Value
Granted (in dollars per share/unit)		$ 27.10	$ 27.74	$ 21.81
Restricted Stock Units \| Non-Employee 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		$ 800	$ 1,400	$ 1,500
Restricted Stock Units \| Selling, General and Administrative Expense \| Non-Employee Directors
Stock-Based Compensation
Expense recognized		$ 600	$ 600	$ 700

Stock-Based Compensation - Performance Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Stock-Based Compensation
Equity based compensation expenses	$ 10,551	$ 9,647	$ 11,377
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	$ 3,068	$ 3,376	2,245
Unrecognized compensation cost	$ 4,100
Period for recognition of unrecognized compensation costs	1 year 3 months 18 days
Number of Shares
Non-vested at beginning of period (in shares)	612
Granted (in shares)	361
Vested (in shares)	(159)
Canceled (in shares)	(255)
Non-vested at end of period (in shares)	559	612
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 23.10
Granted (in dollars per share/unit)	24.79
Vested (in dollars per share)	18.58
Canceled (in dollars per share)	24.34
Non-vested at end of period (in dollars per share)	$ 24.87	$ 23.10
Performance-Based Shares \| Fiscal 2013 Grant
Stock-Based Compensation
Equity based compensation expenses			568
Performance-Based Shares \| Fiscal 2014 Grant
Stock-Based Compensation
Equity based compensation expenses		$ 926	769
Performance-Based Shares \| Fiscal 2015 Grant
Stock-Based Compensation
Equity based compensation expenses	$ 675	840	$ 908
Performance-Based Shares \| Fiscal 2016 Grant
Stock-Based Compensation
Equity based compensation expenses	1,284	$ 1,610
Performance-Based Shares \| Fiscal 2017 Grant
Stock-Based Compensation
Equity based compensation expenses	$ 1,109
Performance-Based Shares, vesting based on performance goals \| Fiscal 2015 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share/unit)			$ 22.91
Performance-Based Shares, vesting based on performance goals \| Fiscal 2016 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share/unit)		$ 25.73
Performance-Based Shares, vesting based on performance goals \| Fiscal 2017 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share/unit)	$ 24.79
Performance Based Shares, vesting based on market conditions \| Fiscal 2015 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share/unit)			$ 29.64
Performance Based Shares, vesting based on market conditions \| Fiscal 2016 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share/unit)		$ 34.40
Performance Based Shares, vesting based on market conditions \| Fiscal 2017 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share/unit)	$ 33.32
Performance-Based Units
Stock-Based Compensation
Equity based compensation expenses		$ 0	$ 2,000

Stock Based Compensation - Previously Granted Deferred Stock (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Previously Granted Deferred Stock Units
Expense recognized	$ 10,551	$ 9,647	$ 11,377
Non-Employee Directors \| Deferred Stock Units
Previously Granted Deferred Stock Units
Award common share equivalent (in shares)	1
Deferred stock units outstanding (in shares)	100,000
Non-Employee Directors \| Deferred Stock Units \| Selling, General and Administrative Expense
Previously Granted Deferred Stock Units
Expense recognized	$ 200	(200)	$ 400
Other long-term liabilities \| Non-Employee Directors \| Deferred Stock Units
Previously Granted Deferred Stock Units
Liability related to awards	$ 1,900	$ 2,600

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Activity in accumulated other comprehensive loss
Balance	$ 547,142
Balance	589,919	$ 547,142
Components of non-controlling interest
Balance as of the beginning of the period	10,070	8,954	$ 7,832
Net income	1,062	1,711	1,198
Other comprehensive income (loss)	54	(595)	(76)
Balance as of the end of the period	11,186	10,070	8,954
Accumulated Other Comprehensive Income (Loss)
Activity in accumulated other comprehensive loss
Balance	(34,000)	(32,139)	(31,380)
Changes before reclassifications	(2,778)	(6,732)	(4,279)
Amounts reclassified to net income	4,879	4,934	3,630
Tax effect	(984)	(63)	(110)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	1,117	(1,861)	(759)
Balance	(32,883)	(34,000)	(32,139)
Translation adjustment
Activity in accumulated other comprehensive loss
Balance	(445)	1,517	2,455
Changes before reclassifications	(482)	(1,962)	(938)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(482)	(1,962)	(938)
Balance	(927)	(445)	1,517
Change in fair value of cash flow hedge
Activity in accumulated other comprehensive loss
Balance	(286)	(560)	(53)
Changes before reclassifications	(1,478)	(1,711)	(1,857)
Amounts reclassified to net income	2,060	2,154	1,038
Tax effect	(222)	(169)	312
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	360	274	(507)
Balance	74	(286)	(560)
Unrealized gain on marketable securities
Activity in accumulated other comprehensive loss
Balance	1,058	1,605	1,098
Changes before reclassifications	1,592	(447)	1,033
Amounts reclassified to net income	(471)	(436)	(214)
Tax effect	(427)	336	(312)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	694	(547)	507
Balance	1,752	1,058	1,605
Net pension amortization and net actuarial loss
Activity in accumulated other comprehensive loss
Balance	(34,327)	(34,701)	(34,880)
Changes before reclassifications	(2,410)	(2,612)	(2,517)
Amounts reclassified to net income	3,290	3,216	2,806
Tax effect	(335)	(230)	(110)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	545	374	179
Balance	$ (33,782)	$ (34,327)	$ (34,701)

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Apr. 29, 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	143

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Segment Information
Sales	$ 1,520,060	$ 1,525,398	$ 1,425,395
Operating Income (Loss)	130,581	122,389	103,165
Interest expense	1,073	486	523
Interest income	981	827	1,030
Income from Continued Dumping and Subsidy Offset Act, net	273	102	1,212
Other income (expense), net	(22)	2,211	744
Income from continuing operations before income taxes	130,740	125,043	105,628
Depreciation and Amortization	29,131	26,517	22,283
Capital Expenditures	20,304	24,684	70,319
Assets	888,855	800,029	774,604
Upholstery Segment
Segment Information
Sales	986,917	1,027,615	990,237
Depreciation and Amortization	14,692	13,559	12,669
Capital Expenditures	13,193	14,744	14,979
Casegoods Segment
Segment Information
Sales	87,181	92,601	98,886
Depreciation and Amortization	863	874	813
Capital Expenditures	786	562	1,149
Retail Segment
Segment Information
Sales	443,238	402,479	333,978
Depreciation and Amortization	3,131	2,800	2,910
Capital Expenditures	2,831	3,245	2,993
Corporate and Other, non-segment
Segment Information
Sales	2,724	2,703	2,294
Depreciation and Amortization	10,445	9,284	5,891
Capital Expenditures	3,494	6,133	51,198
Operating Segments \| Upholstery Segment
Segment Information
Sales	1,191,443	1,215,805	1,151,802
Operating Income (Loss)	146,235	134,193	121,403
Assets	357,889	323,411	317,102
Operating Segments \| Casegoods Segment
Segment Information
Sales	100,228	102,540	109,713
Operating Income (Loss)	8,623	7,734	6,408
Assets	53,064	51,165	48,403
Operating Segments \| Retail Segment
Segment Information
Operating Income (Loss)	19,205	25,567	11,466
Assets	172,601	146,963	126,189
Corporate and Other
Segment Information
Operating Income (Loss)	(43,482)	(45,105)	(36,112)
Corporate and Other \| Corporate and Other, non-segment
Segment Information
Sales	9,161	6,423	2,294
Eliminations
Segment Information
Sales	(224,010)	(201,849)	(172,392)
Eliminations \| Upholstery Segment
Segment Information
Sales	(204,526)	(188,190)	(161,565)
Eliminations \| Casegoods Segment
Segment Information
Sales	(13,047)	(9,939)	(10,827)
Eliminations \| Corporate and Other, non-segment
Segment Information
Sales	(6,437)	(3,720)
Unallocated
Segment Information
Assets	$ 305,301	$ 278,490	$ 282,910

Segment Information - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Geographic Information
Long-lived assets	$ 262,989	$ 218,464	$ 195,583
Geographic concentration \| Sales
Geographic Information
Percentage of sales	100.00%	100.00%	100.00%
Domestic/United States
Geographic Information
Long-lived assets	$ 239,198	$ 211,021	$ 187,224
Domestic/United States \| Geographic concentration \| Sales
Geographic Information
Percentage of sales	88.00%	89.00%	87.00%
International
Geographic Information
Long-lived assets	$ 23,791	$ 7,443	$ 8,359
Canada \| Geographic concentration \| Sales
Geographic Information
Percentage of sales	7.00%	7.00%	7.00%
Other \| Geographic concentration \| Sales
Geographic Information
Percentage of sales	5.00%	4.00%	6.00%

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Income from continuing operations before income taxes
United States	$ 122,196	$ 115,750	$ 96,605
Foreign	8,544	9,293	9,023
Income from continuing operations before income taxes	130,740	125,043	105,628
Federal:
- current	35,606	32,403	28,887
- deferred	2,349	3,559	406
State:
- current	5,194	4,750	4,573
- deferred	(1,703)	859	637
Foreign:
- current	2,388	2,345	2,281
-deferred	(78)	164	170
Total income tax expense	$ 43,756	$ 44,080	$ 36,954
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)	2.70%	3.40%	3.50%
U.S. manufacturing benefit (as a percent)	(2.40%)	(2.50%)	(2.10%)
Change in valuation allowance (as a percent)	(1.00%)	(0.30%)	(0.40%)
Miscellaneous items (as a percent)	(0.80%)	(0.30%)	(1.00%)
Effective tax rate (as a percent)	33.50%	35.30%	35.00%
Undistributed earnings, reinvested	$ 27,600
Potential deferred tax attributable to undistributed foreign earnings	3,600
Assets
Deferred and other compensation	26,689	$ 25,032
State income tax - net operating losses, credits and other	4,927	5,571
Warranty	8,261	7,817
Rent	4,768	4,184
Workers' compensation	3,707	3,870
Employee benefits	3,752	3,212
Other	4,663	5,026
Valuation allowance	(1,786)	(3,625)
Total deferred tax assets	54,981	51,087
Liabilities
Property, plant and equipment	(8,453)	(7,089)
Inventory	(3,052)	(983)
Goodwill and other intangibles	(3,345)	(1,332)
Net deferred tax assets	40,131	$ 41,683
Deferred tax assets associated with loss carryforwards
Various U.S. state net operating losses (excluding federal tax effect)	5,668
Foreign net operating losses	58
Foreign capital losses	17
Future taxable income needed to fully recover net deferred tax assets	$ 100,000

Income Taxes - Valuation Allowance (Details) $ in Thousands	12 Months Ended
Income Taxes - Valuation Allowance (Details) $ in Thousands	Apr. 29, 2017 USD ($)
Summary of valuation allowance by jurisdiction
Valuation Allowance, beginning of period	$ 3,625
Change	(1,839)
Valuation Allowance, end of period	1,786
U.S. state
Summary of valuation allowance by jurisdiction
Valuation Allowance, beginning of period	3,606
Change	(1,837)
Valuation Allowance, end of period	1,769
Foreign
Summary of valuation allowance by jurisdiction
Valuation Allowance, beginning of period	19
Change	(2)
Valuation Allowance, end of period	$ 17

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Reconciliation of the beginning and ending balance of unrecognized tax benefits
Balance at the beginning of the period	$ 1,821	$ 2,226	$ 2,972
Additions:
Positions taken during the current year	148	87	94
Reductions:
Positions taken during the prior year	(4)	(321)	(702)
Decreases related to settlements with taxing authorities	(27)		(25)
Reductions resulting from the lapse of the statue of limitations	(1,318)	(171)	(113)
Balance at the end of the period	620	1,821	2,226
Interest and penalties accrued	200	200
Recognition of unrecognized tax benefit that would decrease the effective tax rate	400
Cash paid for taxes	$ 33,700	$ 34,500	$ 34,400

Earnings per Share - Reconciliation (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$ 85,922	$ 79,252	$ 70,773
Income allocated to participating securities, basic	(422)	(401)	(395)
Income allocated to participating securities, diluted	(422)	(401)	(395)
Net income available to common shareholders, basic	85,500	78,851	70,378
Net income available to common shareholders, diluted	$ 85,500	$ 78,851	$ 70,378
Denominator
Basic weighted average common shares outstanding (in shares)	48,963	50,194	51,767
Add:
Contingent common shares (in shares)	194	238	250
Stock option dilution (in shares)	313	333	329
Diluted weighted average common shares outstanding (in shares)	49,470	50,765	52,346

Earnings per Share - Antidilutive Securities (Details) - Outstanding options shares in Millions	12 Months Ended
	Apr. 29, 2017 $ / 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 - Hierarchy and Transfers (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Assets
Total assets	$ 53,677	$ 46,976
Recurring basis
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 assets	3,083	3,003
Level 1 \| Recurring basis \| Available-for-sale investments
Assets
Total assets	1,217	1,177
Level 1 \| Recurring basis \| Held-to-maturity investments
Assets
Total assets	1,866	1,826
Level 2 \| Recurring basis
Assets
Total assets	36,644	36,802
Level 2 \| Recurring basis \| Available-for-sale investments
Assets
Total assets	36,638	$ 36,802
Level 2 \| Recurring basis \| Trading securities
Assets
Total assets	6
Level 3 \| Recurring basis
Assets
Total assets	6,900
Liabilities
Contingent consideration liability	1,248
Level 3 \| Recurring basis \| Available-for-sale investments
Assets
Total assets	1,400
Level 3 \| Recurring basis \| Cost basis investment
Assets
Total assets	$ 5,500

Fair Value Measurements - Level 3 Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016
Reconciliation of Level 3 assets recorded at fair value using significant unobservable inputs
Purchases	$ 6,250
Unrealized gain	650
Balance at end of period	6,900
Reconciliation of Level 3 liabilities recorded at fair value using significant unobservable inputs
Acquisitions	1,204
Translation adjustment	44
Balance at end of period	1,248
Available-for-sale investments
Investments not included in the fair value hierarchy
Fair value of investments measured using net asset value	$ 7,100	$ 7,200

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Allowance for doubtful accounts, deducted from accounts receivable
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 3,145	$ 4,622	$ 12,368
Charged/(Credited) to Costs and Expenses	(278)	(664)	(2,206)
Deductions	(304)	(813)	(5,540)
Balance at End of Year	2,563	3,145	4,622
Allowance for deferred tax assets
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	3,625	4,322	4,700
Charged/(Credited) to Other Accounts	(562)	(358)	39
Deductions	(1,277)	(339)	(417)
Balance at End of Year	$ 1,786	$ 3,625	$ 4,322