Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Apr. 28, 2018	Jun. 12, 2018	Oct. 28, 2017
Document and Entity Information
Entity Registrant Name	LA-Z-BOY INC
Entity Central Index Key	0000057131
Current Fiscal Year End Date	--04-28
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,316.9
Entity Common Stock, Shares Outstanding		46,638,907
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Apr. 28, 2018

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
CONSOLIDATED STATEMENT OF INCOME
Sales	$ 1,583,947	$ 1,520,060	$ 1,525,398
Cost of sales	961,200	910,757	940,420
Gross profit	622,747	609,303	584,978
Selling, general and administrative expense	493,378	475,961	459,647
Operating income	129,369	133,342	125,331
Interest expense	538	1,073	486
Interest income	1,709	981	827
Other income (expense), net	(1,650)	(2,510)	(629)
Income before income taxes	128,890	130,740	125,043
Income tax expense	47,295	43,756	44,080
Net income	81,595	86,984	80,963
Net income attributable to noncontrolling interests	(729)	(1,062)	(1,711)
Net income attributable to La-Z-Boy Incorporated	$ 80,866	$ 85,922	$ 79,252
Basic weighted average common shares (in shares)	47,621	48,963	50,194
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 1.69	$ 1.75	$ 1.57
Diluted weighted average common shares (in shares)	48,135	49,470	50,765
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 1.67	$ 1.73	$ 1.55
Dividends declared per share (in dollars per share)	$ 0.46	$ 0.42	$ 0.36

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income	$ 81,595	$ 86,984	$ 80,963
Other comprehensive income (loss)
Currency translation adjustment	4,435	(428)	(2,557)
Change in fair value of cash flow hedges, net of tax	80	360	274
Net unrealized gains (losses) on marketable securities, net of tax	(376)	694	(547)
Net pension amortization and actuarial gain, net of tax	4,665	545	374
Total other comprehensive income (loss)	8,804	1,171	(2,456)
Total comprehensive income before noncontrolling interests	90,399	88,155	78,507
Comprehensive income attributable to noncontrolling interests	(1,849)	(1,116)	(1,116)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 88,550	$ 87,039	$ 77,391

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Apr. 28, 2018	Apr. 29, 2017
Current assets
Cash and equivalents	$ 134,515	$ 141,860
Restricted cash	2,356	8,999
Receivables, net of allowance of $1,956 at 4/28/18 and $2,563 at 4/29/17	154,055	150,846
Inventories, net	184,841	175,114
Other current assets	42,451	40,603
Total current assets	518,218	517,422
Property, plant and equipment, net	180,882	169,132
Goodwill	75,254	74,245
Other intangible assets, net	18,190	18,489
Deferred income taxes - long-term	21,265	40,131
Other long-term assets, net	79,158	69,436
Total assets	892,967	888,855
Current liabilities
Current portion of long-term debt	223	219
Accounts payable	62,403	51,282
Accrued expenses and other current liabilities	118,721	147,175
Total current liabilities	181,347	198,676
Long-term debt	199	296
Other long-term liabilities	86,205	88,778
Contingencies and commitments
Shareholders' equity
Preferred shares - 5,000 authorized; none issued
Common shares, $1 par value - 150,000 authorized; 46,788 outstanding at 4/28/18 and 48,472 outstanding at 4/29/17	46,788	48,472
Capital in excess of par value	298,948	289,632
Retained earnings	291,644	284,698
Accumulated other comprehensive loss	(25,199)	(32,883)
Total La-Z-Boy Incorporated shareholders' equity	612,181	589,919
Noncontrolling interests	13,035	11,186
Total equity	625,216	601,105
Total liabilities and equity	$ 892,967	$ 888,855

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Apr. 28, 2018	Apr. 29, 2017
Current assets
Receivables, allowance (in dollars)	$ 1,956	$ 2,563
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)	46,788	48,472

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Cash flows from operating activities
Net income	$ 81,595	$ 86,984	$ 80,963
Adjustments to reconcile net income to cash provided by operating activities
(Gain) loss on disposal of assets	(2,108)	(224)	384
Gain on conversion of investment	(2,204)
Gain on sale of investments	(770)	(471)	(436)
Change in deferred taxes	17,261	569	4,581
Change in provision for doubtful accounts	276	(291)	(660)
Depreciation and amortization	31,767	29,131	26,517
Stock-based compensation expense	9,474	8,864	8,292
Pension plan contributions	(2,000)	(2,300)	(7,000)
Change in receivables	(2,801)	(7,850)	10,730
Change in inventories	(8,009)	12,517	(14,621)
Change in other assets	(3,245)	(1,211)	4,148
Change in accounts payable	6,602	4,541	(1,007)
Change in other liabilities	(10,088)	17,731	2,618
Net cash provided by operating activities	115,750	147,990	114,509
Cash flows from investing activities
Proceeds from disposals of assets	1,440	761	3,054
Proceeds from property insurance	2,087
Capital expenditures	(36,337)	(20,304)	(24,684)
Purchases of investments	(28,593)	(29,763)	(21,009)
Proceeds from sales of investments	22,674	19,954	28,721
Acquisitions, net of cash acquired	(16,495)	(35,878)	(23,311)
Net cash used for investing activities	(55,224)	(65,230)	(37,229)
Cash flows from financing activities
Payments on debt	(262)	(288)	(508)
Payments for debt issuance costs	(231)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes	2,977	1,749	(1,728)
Excess tax benefit on stock option exercises		1,737	1,264
Purchases of common stock	(56,730)	(35,957)	(44,082)
Dividends paid	(22,009)	(20,655)	(18,141)
Net cash used for financing activities	(76,255)	(53,414)	(63,195)
Effect of exchange rate changes on cash and equivalents	1,741	178	(688)
Change in cash, cash equivalents and restricted cash	(13,988)	29,524	13,397
Cash, cash equivalents and restricted cash at beginning of period	150,859	121,335	107,938
Cash, cash equivalents and restricted cash at end of period	136,871	150,859	$ 121,335
Supplemental disclosure of non-cash investing activities
Capital expenditures included in accounts payable	$ 5,667	$ 1,795

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. 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 1,659 shares, 1,363 shares and 1,995 shares of common stock for the year ended April 30, 2016, April 29, 2017 and April 28, 2018, respectively	(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 1,659 shares, 1,363 shares and 1,995 shares of common stock for the year ended April 30, 2016, April 29, 2017 and April 28, 2018, respectively	(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
Increase (Decrease) in Stockholders' Equity
Net income			80,866		729	81,595
Other comprehensive income (loss)				7,684	1,120	8,804
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	311	4,046	(1,380)			2,977
Purchases of 1,659 shares, 1,363 shares and 1,995 shares of common stock for the year ended April 30, 2016, April 29, 2017 and April 28, 2018, respectively	(1,995)	(4,204)	(50,531)			(56,730)
Stock option and restricted stock expense		9,474				9,474
Dividends paid			(22,009)			(22,009)
Balance at Apr. 28, 2018	$ 46,788	$ 298,948	$ 291,644	$ (25,199)	$ 13,035	$ 625,216

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - shares shares in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Common Shares
Shares purchased	1,995	1,363	1,659

Accounting Policies	12 Months Ended
Accounting Policies	Apr. 28, 2018
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 2018 and fiscal year 2017 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. At April 28, 2018, we owned preferred shares of two privately-held companies, and a warrant to purchase common shares of one of the companies, both of which are variable interest entities. We have not consolidated their results in our financial statements because we do not have the power to direct those activities that most significantly impact their economic performance and, therefore, are not the primary beneficiary. 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 64% and 63% of our inventories at April 28, 2018, and April 29, 2017, 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 the imported finished goods inventory owned by our Casegoods Segment, 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 segments in our Upholstery reportable segment, our Casegoods segment, each of our retail stores, and other corporate assets. 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 we have acquired. The reacquired right to own and operate La-Z-Boy Furniture Galleries® stores are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. A Retailer Agreement remains in effect as long as the independent retailer is not in default under the terms of the agreement. 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 and the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland. The reporting unit for goodwill arising from retail store acquisitions is our Retail operating segment. We have three geographic regions which are considered components of our Retail operating segment. These three geographic regions are aggregated into one reporting unit for goodwill because they are economically similar, they operate in a consistent manner across the regions, and each store supports and benefits from common research and development projects. Additionally, the goodwill is recoverable from each of the geographic regions working in concert because we can change the composition of the regions to strategically rebalance management and distribution capacity as needed. 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 We test amortizable intangible assets 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 assets might be impaired. We have amortizable intangible assets related to the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland, which primarily include acquired customer relationships. 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 using the relief from royalty method. 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. Customer Deposits We collect a deposit on a portion of the total merchandise price at the time a customer order is placed in one of our company-owned Retail stores, and on la-z-boy.com. We record this as a customer deposit, which is included in our accrued expenses and other current liabilities on our consolidated balance sheet. The balance of the order is paid in full prior to delivery of the product. 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 28, 2018, or at April 29, 2017. 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 and fiscal 2016, we recorded a benefit related to legal settlements as part of cost of sales. Gross margin benefited 0.2 percentage points and 0.3 percentage points for fiscal 2017 and fiscal 2016, 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 all components of pension costs other than service costs. Research and Development Costs Research and development costs are charged to expense in the periods incurred. Expenditures for research and development costs were $7.9 million, $8.0 million, and $6.3 million for the fiscal years ended April 28, 2018, April 29, 2017, and April 30, 2016, 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 advertisement is first aired or released. Gross advertising expenses were $88.3 million, $82.1 million, and $70.8 million for the fiscal years ended April 28, 2018, April 29, 2017, and April 30, 2016, respectively. A portion of our advertising program is a national advertising campaign. This campaign is a shared advertising program with our dealers’ 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 and in conjunction with any outside counsel handling the matter, we 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. 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 Accounting pronouncements adopted in fiscal 2018 In March 2016, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard focused on simplifying the accounting for share-based payments, including accounting for income taxes, estimating forfeitures, and classifying certain share-based transactions in the consolidated statement of cash flows. We adopted this standard in the first quarter of fiscal 2018. Our adoption of this standard did not have a material impact on our consolidated financial statements. We did not record a cumulative-effect adjustment as we had no unrecognized excess tax benefits as of the end of fiscal 2017. We elected to continue estimating forfeiture rates on our share-based awards. We adjusted the consolidated statement of cash flows for fiscal 2017 and fiscal 2016 to conform to the current fiscal year presentation by reclassifying $1.8 million and $2.1 million, respectively, of cash paid related to shares swapped for taxes from a financing activity to an operating activity. 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 was to help reduce diversity in practice regarding cash flow presentation. We early adopted this standard in fiscal 2018. Adoption of this standard did not have a material impact on our consolidated statement of cash flows and although the guidance requires retrospective treatment, we did not have any cash receipts or payments during the prior year that needed to be reclassified. 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 amounts 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 early adopted this standard in fiscal 2018 with retrospective application. For fiscal 2017, this change resulted in a $9.0 million increase in cash, cash equivalents and restricted cash at both the beginning and end of the period on our consolidated statement of cash flows. In addition, removing the change in restricted cash from the consolidated statement of cash flows resulted in a decrease of less than $0.1 million in our net cash used for investing activities for fiscal 2017. For fiscal 2016, this change resulted in a $9.6 million increase in cash, cash equivalents and restricted cash at the beginning of the period and a $9.0 million increase in cash, cash equivalents and restricted cash at the end of the period on our consolidated statement of cash flows. In addition, removing the change in restricted cash from the consolidated statement of cash flows resulted in an increase of $0.7 million in our net cash used for investing activities for fiscal 2016. In March 2017, the FASB issued a new accounting standard that changed the presentation of pension costs in our consolidated statement of income. We elected to early adopt this standard in fiscal 2018, and it requires retrospective application. All components of pension costs other than service costs will now be presented in other income (expense), net rather than operating income in our consolidated statement of income. Adoption of this standard did not have a material impact on our consolidated statement of income for any periods presented. For fiscal 2017 and fiscal 2016, we reclassified pension costs of $2.8 million and $2.9 million, respectively, from operating income to other income (expense), net to conform to the current-year presentation. Accounting pronouncements not yet adopted 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 beginning with our fiscal 2019. We will apply the modified retrospective approach when we implement the new standard in fiscal 2019. We have reviewed substantially all of our contracts and other revenue streams and determined that while the application of the new standard will not have a material change in the amount of or timing for recognizing revenue, we anticipate that it will have a significant impact on our financial statement disclosures related to disaggregated revenue, customer deposits and contract assets and liabilities, as well as the presentation of contract assets and liabilities on our consolidated balance sheet. 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 using the equity method of accounting, or that result in consolidation of the invested entity. We currently hold equity investments that we measure at fair value at the end of each reporting period, and we recognize changes in fair value through other comprehensive income (loss) as unrealized gains (losses). We are required to adopt this standard for our fiscal 2019 financial statements. Based on the fair value of our net unrealized gain as of April 28, 2018, adopting this standard would be immaterial to our consolidated financial statements. When we adopt this standard, we will reclassify our current net unrealized gains from accumulated other comprehensive income to retained earnings and record a cumulative-effect adjustment which, based on current fair value, will be immaterial to our consolidated financial statements. See Note 7 for additional information on our current investments. In February 2016, the FASB issued a new accounting standard requiring all operating leases that a lessee enters into to be recorded on its balance sheet. Under this 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 will be effective beginning with our fiscal 2020. We are currently reviewing our leases and gathering the necessary information to adopt this standard when it becomes effective. We anticipate that adoption of this standard will have a material impact on our consolidated balance sheet as we have a significant number of operating leases. See Note 10 for additional information on our current operating leases. 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 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 beginning with our fiscal 2019. Our current assessment is that this standard will have no impact on our current practices because intra-entity transfers, as the standard defines them, are unlikely to occur. In January 2017, the FASB issued a new accounting standard clarifying the definition of a business with the objective of adding guidance to entities evaluating whether a transaction should be accounted for as an acquisition. This standard will be applicable for our fiscal 2019. Our current assessment is that this standard will not affect our accounting for past or future acquisitions. 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 permits early adoption with the requirement to adopt by our fiscal 2021.We plan to early adopt this standard in fiscal 2019. We do not believe that adoption of this standard will have a material impact on our consolidated financial statements or disclosures. In August 2017, the FASB issued a new accounting standard designed to improve and simplify the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This standard is intended to better align the recognition and presentation of the effects of hedging instruments with the hedged item in the financial statements, and requires additional disclosures on hedging instruments. This standard will be effective for our fiscal 2020. Based on our current hedging activity, we do not expect this standard to have a material impact on our consolidated financial statements or disclosures. In February 2018, the FASB issued a new accounting standard that allows entities to reclass stranded income tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings in their consolidated financial statements. Under the Tax Act, deferred taxes were adjusted to reflect the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate which left the tax effects on items within accumulated other comprehensive income stranded at the historical tax rate. This standard may be early adopted in any interim period and should be applied either in the period of adoption or retrospectively to each period that was affected by the change in the federal corporate tax rate under the Tax Act. This standard will be effective for our fiscal 2020. We are still assessing the impact this standard will have on our consolidated financial statements and related disclosures.

Acquisitions

12 Months Ended

Apr. 28, 2018

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 recorded a purchase price liability of $16.9 million, which included $1.0 million of contingent consideration at April 29, 2017, related to this acquisition, based on exchange rates at that date. The $15.9 million payment for the business was made in the first quarter of fiscal 2018.

At April 29, 2017, based on exchange rates at that date, 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 2018, we acquired the assets of an independent operator of one La-Z-Boy Furniture Galleries® store in Grand Rapids, Michigan for $0.6 million of cash.

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.

In both the fiscal 2017 and fiscal 2016 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 reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. A Retailer Agreement remains in effect as long as the independent retailer is not in default under the terms of the agreement. 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 $0.3 million, $5.9 million, and $3.1 million in fiscal 2018, fiscal 2017, and fiscal 2016, respectively, related to these reacquired rights. We also recognized $24.9 million and $22.0 million of goodwill in fiscal 2017 and fiscal 2016, 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 2018 Acquisitions			Fiscal 2017 Acquisitions
Current assets	$	595		$	12,175
Goodwill and other intangible assets	255			46,921
Property, plant and equipment	—			1,106

Total assets acquired	850			60,202

Current liabilities acquired	(234		)	(4,023		)
Purchase price liability	—			(15,103		)
Contingent consideration liability	—			(1,204		)

Total liabilities	(234		)	(20,330		)


Total purchase price	$	616		$	39,872

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.

Restricted Cash

12 Months Ended

Apr. 28, 2018

Restricted Cash

Restricted Cash

Note 3: Restricted Cash

We have cash on deposit with a bank as collateral for certain letters of credit. All of our letters of credit have maturity dates within the next twelve months, but we expect to renew some of these letters of credit when they mature.

(Unaudited, amounts in thousands)	4/28/2018		4/29/2017
Cash and cash equivalents	$	134,515	$	141,860
Restricted cash	2,356		8,999

Total cash, cash equivalents and restricted cash	$	136,871	$	150,859

Inventories

12 Months Ended

Apr. 28, 2018

Inventories

Inventories

Note 4: Inventories

(Amounts in thousands)	4/28/2018			4/29/2017
Raw materials	$	86,214		$	83,371
Work in process	12,254			11,320
Finished goods	109,183			101,444

FIFO inventories	207,651			196,135
Excess of FIFO over LIFO	(22,810		)	(21,021		)

Total inventories	$	184,841		$	175,114

Property, Plant and Equipment

12 Months Ended

Apr. 28, 2018

Property, Plant and Equipment

Property, Plant and Equipment

Note 5: Property, Plant and Equipment

(Amounts in thousands)	Estimated Useful Lives	4/28/2018			4/29/2017
Buildings and building fixtures	3 - 40 years	$	200,370		$	196,817
Machinery and equipment	3 - 15 years	147,542			141,071
Information systems and software	3 - 10 years	84,881			76,684
Land	—	14,626			14,565
Land improvements	3 - 30 years	15,362			15,178
Transportation equipment	3 - 10 years	13,929			14,905
Furniture and fixtures	3 - 15 years	20,812			20,390
Construction in progress		23,250			11,247

		520,772			490,857
Accumulated depreciation		(339,890		)	(321,725		)

Net property, plant and equipment		$	180,882		$	169,132

Depreciation expense for the fiscal years ended April 28, 2018, April 29, 2017, and April 30, 2016, was $27.5 million, $25.4 million, and $23.3 million, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Apr. 28, 2018

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 and our acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland. Details about our recent acquisitions can be found in Note 2. Our other intangible assets also include the American Drew trade name.

Our Upholstery reportable segment includes reporting units for La-Z-Boy, our England subsidiary, and our international wholesale business in the United Kingdom and Ireland, our Casegoods segment includes one reporting unit and our Retail segment includes one reporting unit. See Note 1 for additional information on our reporting units for goodwill. 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 28, 2018, were a discount rate of 8.9%, a tax rate of 24.5% 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 28, 2018. As of April 28, 2018, $62.3 million of our goodwill relates to our Retail segment, and we recorded the remainder in our Upholstery reportable segment as part of our international wholesale business in the United Kingdom and Ireland. We did not have any goodwill impairment in fiscal 2018, fiscal 2017, or fiscal 2016.

The following is a roll-forward of goodwill for the fiscal years ended April 28, 2018, and April 29, 2017:

(Amounts in thousands)	Goodwill
Balance at April 30, 2016	$	37,193
Acquisitions	36,584
Translation adjustment	468

Balance at April 29, 2017	74,245
Acquisitions	—
Translation adjustment	1,009

Balance at April 28, 2018	$	75,254

The following is a roll-forward of our other intangible assets for the fiscal years ended April 28, 2018, and April 29, 2017:

(Amounts in thousands)	Trade Names			Indefinite- Lived Reacquired Rights			Amortizable Reacquired Rights			Other Intangible Assets			Total Other Intangible Assets
Balance at April 30, 2016	$	1,195		$	7,363		$	—		$	—		$	8,558
Acquisitions	—			5,978			829			3,530			10,337
Impairment charges	(40		)	—			—			—			(40		)
Amortization	—			—			(336		)	(127		)	(463		)
Translation adjustment	—			(118		)	31			184			97

Balance at April 29, 2017	1,155			13,223			524			3,587			18,489
Acquisitions	—			255			—			—			255
Impairment charges	—			—			—			—			—
Amortization	—			—			(542		)	(417		)	(959		)
Translation adjustment	—			167			18			220			405

Balance at April 28, 2018	$	1,155		$	13,645		$	—		$	3,390		$	18,190

- 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. 28, 2018

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 consisting of cost-basis preferred shares of two privately-held companies. 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 28, 2018, and April 29, 2017:

(Amounts in thousands)	4/28/2018		4/29/2017
Short-term investments:
Available-for-sale investments	$	12,832	$	15,040
Trading securities	94		6
Held-to-maturity investments	3,340		1,867

Total short-term investments	16,266		16,913

Long-term investments:
Available-for-sale investments	32,134		31,264
Cost basis investments	10,954		5,500

Total long-term investments	43,088		36,764


Total investments	$	59,354	$	53,677


Investments to enhance returns on cash	$	34,359	$	33,087
Investments to fund compensation/retirement plans	$	14,041	$	13,690
Other investments	$	10,954	$	6,900

The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type at April 28, 2018, and April 29, 2017:

Fiscal 2018

(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	2,142	$	(39	)	$	18,671
Fixed income	29		(418		)	36,312
Mutual funds	—		—			94
Other	72		—			4,277

Total securities	$	2,243	$	(457	)	$	59,354

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

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

	(52 weeks)			(52 weeks)			(53 weeks)
(Amounts in thousands)	4/28/2018			4/29/2017			4/30/2016
Proceeds from sales	$	22,674		$	19,954		$	28,721
Gross realized gains	1,302			926			997
Gross realized losses	(532		)	(455		)	(561		)

At April 28, 2018, the fair value of fixed income available-for-sale securities by contractual maturity was $12.9 million within one year, $21.0 million within two to five years, $1.4 million within six to ten years and $1.0 million thereafter.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Apr. 28, 2018

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 8: Accrued Expenses and Other Current Liabilities

(Amounts in thousands)	4/28/2018		4/29/2017
Payroll and other compensation	$	40,467	$	45,229
Accrued product warranty, current portion	12,687		13,191
Customer deposits	31,282		26,595
Other current liabilities	34,285		62,160

Accrued expenses and other current liabilities	$	118,721	$	147,175

The decrease in other current liabilities of $27.9 million is primarily due to the $15.9 million payment for the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland (see Note 2). Per the terms of the purchase agreement, payment for the business was due 90 business days following the date of acquisition, and accordingly, the payment was made in the first quarter of fiscal 2018. In addition, other current liabilities decreased $8.4 million due to payment of a legal settlement (see Note 13 for additional information).

Debt

12 Months Ended

Apr. 28, 2018

Debt

Debt

Note 9: Debt

(Amounts in thousands)	4/28/2018			4/29/2017
Capital leases	$	422		$	515
Less: current portion	(223		)	(219		)

Long-term debt	$	199		$	296

We maintain a revolving credit facility secured primarily by all of our accounts receivable, inventory, and cash deposit and securities accounts. Availability under the agreement fluctuates according to a borrowing base calculated on eligible accounts receivable and inventory. We amended this agreement on December 19, 2017, extending its maturity date to December 19, 2022. 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 28, 2018, and at April 29, 2017, we were not subject to the fixed-charge coverage ratio requirement, had no borrowings outstanding under the agreement, and had excess availability of $148.1 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 2019 to fiscal 2021. Interest rates range from 2.6% to 7.6%.

Maturities of long-term capital leases, subsequent to April 28, 2018, are $0.2 million in fiscal 2020 and less than $0.1 million in fiscal 2021.

Cash paid for interest during fiscal years 2018, 2017 and 2016 was $0.4 million, $0.5 million, and $0.5 million, respectively.

Operating Leases

12 Months Ended

Apr. 28, 2018

Operating Leases

Operating Leases

Note 10: Operating Leases

We have operating leases for numerous retail facilities, one manufacturing facility, executive and sales offices, warehouses and showrooms, 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 28, 2018, and April 29, 2017, was $13.2 million and $14.0 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
2019	$	68,108	$	3,200
2020	61,777		3,216
2021	57,237		2,566
2022	46,195		883
2023	35,719		457
2024 and beyond	91,315		912

Total	$	360,351	$	11,234

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

(Amounts in thousands)	(52 weeks) 4/28/2018		(52 weeks) 4/29/2017		(53 weeks) 4/30/2016
Rental expense	$	71,022	$	68,452	$	62,953
Rental income	3,039		3,604		4,650

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. 28, 2018

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 28, 2018, and April 29, 2017, we had $0.2 million and $0.1 million, respectively, of obligations for this plan included in other current liabilities and $9.5 million and $8.3 million, respectively, 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 28, 2018, and April 29, 2017, we had $23.2 million and $20.3 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 28, 2018, and at April 29, 2017, with cash surrender values of $31.6 million and $27.8 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 $0.1 million in mutual funds at April 28, 2018, and less than $0.1 million in mutual funds at April 29, 2017.

We maintain a non-qualified defined benefit retirement plan for certain former salaried employees. Included in other long-term liabilities were plan obligations of $15.5 million and $16.7 million at April 28, 2018, and April 29, 2017, respectively, which represented the unfunded projected benefit obligation of this plan. During fiscal 2018 and fiscal 2017, the total cost recognized for this plan was $0.8 million and $0.9 million, respectively, 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 2018 and fiscal 2017. 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 2018 and fiscal 2017 was 4.1% and 3.9%, 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 for additional information on these investments). We are not required to fund the non-qualified defined benefit retirement plan in fiscal 2019; 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 28, 2018, and April 29, 2017, in fiscal 2018 and fiscal 2017, 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)	4/28/2018			4/29/2017
Beginning of year net actuarial loss	$	36,397		$	36,850
Net current year actuarial (gain) loss	(2,546		)	2,605
Amortization of actuarial loss	(3,120		)	(3,058		)

End of year net actuarial loss	$	30,731		$	36,397

In fiscal 2019, we expect to amortize $2.6 million of unrecognized actuarial losses as a component of pension expense.

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

	(52 weeks)			(52 weeks)			(53 weeks)
(Amounts in thousands)	4/28/2018			4/29/2017			4/30/2016
Service cost	$	1,316		$	1,278		$	1,358
Interest cost	4,587			4,681			4,938
Expected return on plan assets	(4,818		)	(4,978		)	(4,997		)
Net amortization and deferral	3,120			3,058			3,001

Net periodic pension cost (hourly plan)	4,205			4,039			4,300
401(k)*	7,093			7,124			6,657
PCRP*	1,347			1,488			3,088
Other*	360			51			318

Total retirement costs (excluding non-qualified defined benefit retirement plan)	$	13,005		$	12,702		$	14,363

*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)	4/28/2018			4/29/2017
Change in benefit obligation
Benefit obligation at beginning of year	$	114,185		$	116,371
Service cost	1,316			1,278
Interest cost	4,587			4,681
Actuarial (gain) loss	(5,154		)	14
Benefits paid	(5,694		)	(7,728		)
Administrative expenses	(455		)	(431		)

Benefit obligation at end of year	108,785			114,185

Change in plan assets
Fair value of plan assets at beginning of year	109,012			112,484
Actual return on plan assets	2,211			2,387
Employer contributions	2,000			2,300
Benefits paid	(5,694		)	(7,728		)
Administrative expenses	(455		)	(431		)

Fair value of plan assets at end of year	107,074			109,012


Funded status	$	(1,711	)	$	(5,173	)

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

(Amounts in thousands)		4/28/2018			4/29/2017
Other long-term liabilities		$	(1,711	)	$	(5,173	)

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

	4/28/2018		4/29/2017		4/30/2016
Discount rate used to determine benefit obligations	4.2	%	4.1	%	4.1	%
Discount rate used to determine net benefit cost	4.1	%	4.1	%	4.2	%
Long-term rate of return	4.5	%	4.5	%	4.3	%

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 2018, over 85% 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 28, 2018, and April 29, 2017. The various levels of the fair value hierarchy are described in Note 19.

Fiscal 2018

(Amounts in thousands)	Level 1 (a)		Level 2 (a)		Level 3
Cash and equivalents	$	57	$	3,272	$	—
Equity funds	1,449		119		—
Debt funds	—		92,839		—

Total	$	1,506	$	96,230	$	—

(a)There were no transfers between Level 1 and Level 2 during fiscal 2018.

Fiscal 2017

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

Total	$	1,561	$	97,860	$	—

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

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 28, 2018 and April 29, 2017 was $9.3 million and $9.6 million, respectively.

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 both fiscal 2018 and fiscal 2017, we voluntarily contributed $2.0 million and $2.3 million, respectively, to our defined benefit pension plan. We currently expect to voluntarily contribute approximately $7 million to our defined benefit pension plan during fiscal 2019.

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
2019	$	6,620
2020	6,723
2021	6,830
2022	6,926
2023	6,997
2024 to 2028	35,077

	$	69,173

Product Warranties

12 Months Ended

Apr. 28, 2018

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. Over 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)	4/28/2018			4/29/2017
Balance as of the beginning of the year	$	21,870		$	20,511
Accruals during the year	19,120			20,875
Settlements during the year	(19,785		)	(19,516		)

Balance as of the end of the year	$	21,205		$	21,870

As of April 28, 2018, and April 29, 2017, we included $12.7 million and $13.2 million, respectively, of our product warranty liability in accrued expenses and other current liabilities on our consolidated balance sheet, and included the remainder in other long-term liabilities. We recorded accruals during the periods presented primarily to reflect charges that relate to warranties issued during the respective periods. Our accrual adjustments reflect a change in the prior estimates of our product warranty liability.

Contingencies and Commitments	12 Months Ended
Contingencies and Commitments	Apr. 28, 2018
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 were a party to a civil lawsuit over a contract that the other party claimed required us to make payments in respect of certain power units. Following a verdict in the lawsuit during fiscal 2016, we recognized expense of $5.5 million in our consolidated statement of income. Subsequent to that verdict, we accrued $3.9 million of expense for royalties and interest related to this matter in our consolidated statement of income, for sales of certain power units from February 2016 through October 2017. During the third quarter of fiscal 2018, we entered into a settlement agreement and release that settled the legal dispute. Under the terms of the settlement agreement, the parties settled the legal dispute with no admission of liability, wrongdoing or responsibility by any of the parties, released each other from all future and past claims under the contract at issue in the lawsuit, including resolving all associated future royalty obligations, and agreed to dismiss all claims with prejudice, and we agreed to pay the other party $13.5 million. With the announced settlement, we recognized an additional charge of $4.1 million in the third quarter of fiscal 2018. We paid the settlement in the third quarter of fiscal 2018 and recorded the majority of the $13.5 million charge in our consolidated statement of income, in selling, general and administrative expense.

Stock-Based Compensation

12 Months Ended

Apr. 28, 2018

Stock-Based Compensation

Stock-Based Compensation

Note 14: Stock-Based Compensation

In fiscal 2018, our shareholders approved the La-Z-Boy Incorporated 2017 Omnibus Incentive Plan which 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 5.9 million shares.

Awards granted in fiscal 2018 were made under our La-Z-Boy Incorporated 2010 Omnibus Incentive Plan. As of the end of fiscal 2018, no grants may be issued under this plan or any of 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)	(52 weeks) 4/28/2018		(52 weeks) 4/29/2017		(53 weeks) 4/30/2016
Equity-based awards expense	$	9,474	$	8,864	$	8,292
Liability-based awards expense	405		1,687		1,355

Total stock-based compensation expense	$	9,879	$	10,551	$	9,647

Stock Options. The La-Z-Boy Incorporated 2010 Omnibus Incentive Plan authorized 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 573,591 stock options to employees during the first quarter of fiscal 2018, 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 2018, fiscal 2017, and fiscal 2016 was $4.2 million, $3.4 million, and $3.2 million, respectively. We received $4.4 million, $3.6 million, and $0.4 million in cash during fiscal 2018, fiscal 2017, and fiscal 2016, 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 29, 2017	1,509		$	22.70	7.6	$	7,638
Granted	574		27.25
Canceled	(40	)	26.58
Exercised	(206	)	21.40			$	2,152

Outstanding at April 28, 2018	1,837		$	24.18	7.4	$	9,407

Exercisable at April 28, 2018	732		$	20.57	5.9	$	6,388

The aggregate intrinsic value of options exercised was $4.9 million and $0.6 million in fiscal 2017 and fiscal 2016, respectively. As of April 28, 2018, our total unrecognized compensation cost related to non-vested stock option awards was $1.9 million, which we expect to recognize over a weighted-average remaining vesting term of all unvested awards of 1.5 years. During the year ended April 28, 2018, 0.4 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 2018, fiscal 2017, and fiscal 2016 were calculated using the following assumptions:

	Fiscal 2018 Grant			Fiscal 2017 Grant			Fiscal 2016 Grant
Risk-free interest rate	1.84		%	1.30		%	1.54		%
Dividend rate	1.61		%	1.54		%	1.20		%
Expected life in years	5.0			5.0			5.0
Stock price volatility	32.12		%	38.87		%	44.37		%
Fair value per share	$	7.16		$	7.99		$	9.69

Stock Appreciation Rights. Under the La-Z-Boy Incorporated 2010 Omnibus Incentive Plan, the Compensation Committee of the board of directors was authorized to award stock appreciation rights to certain employees. We did not grant any SARs to employees during fiscal 2018, 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 $0.3 million, $0.7 million, and $0.1 million related to SARs in selling, general and administrative expense for the years ended April 28, 2018, April 29, 2017, and April 30, 2016, respectively.

We have no remaining unrecognized compensation cost at April 28, 2018, 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 2013, we granted SARs as described in our Annual Report on Form 10-K for the fiscal year ended April 27, 2013. These awards have exceeded their expected life and are re-measured based on their intrinsic value, which is the market value of our common stock on the last day of the reporting period less the exercise price, until the earlier of the exercise date or the contractual term date. At April 28, 2018, the intrinsic value per share of these awards was $17.33.

In fiscal 2014, we granted SARs as described in our Annual Report on Form 10-K for the fiscal year ended April 26, 2014. At April 28, 2018, we measured the fair value of these SARs using the following assumptions:

	Fiscal 2014 Grant
Risk-free interest rate	1.64		%
Dividend rate	1.64		%
Expected life in years	0.13
Stock price volatility	18.79		%
Fair value per share	$	10.22

Restricted Stock. Under the La-Z-Boy Incorporated 2010 Omnibus Incentive Plan, the Compensation Committee of the board of directors was authorized to award restricted common shares to certain employees. We awarded 107,662 shares of restricted stock to employees during fiscal 2018. 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 weighted average fair value of the restricted stock that was awarded in fiscal 2018 was $27.45 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 $2.2 million, $1.7 million, and $1.1 million during fiscal 2018, fiscal 2017, and fiscal 2016, respectively. Our unrecognized compensation cost at April 28, 2018, related to restricted shares was $4.4 million and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 2.5 years.

The following table summarizes information about non-vested share awards as of and for the year ended April 28, 2018:

	Shares (In Thousands)		Weighted Average Grant Date Fair Value
Non-vested shares at April 29, 2017	209		$	25.72
Granted	108		27.45
Vested	(69	)	25.44
Canceled	(15	)	26.36

Non-vested shares at April 28, 2018	233		$	26.56

Restricted stock awards granted to directors are offered at no cost to the directors and vest when a director leaves the board. During fiscal 2018, fiscal 2017, and fiscal 2016 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 $23.85, $27.10, and $27.74 for the awards granted in fiscal 2018, fiscal 2017, and fiscal 2016, respectively. Our expense relating to the non-employee directors restricted stock which we recorded in selling, general and administrative expense was $0.7 million in fiscal 2018 and $0.6 million in both fiscal 2017 and fiscal 2016.

Restricted Stock Units. Under the La-Z-Boy Incorporated 2010 Omnibus Incentive Plan, the Compensation Committee of the board of directors was 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 2018, and we have no restricted stock units outstanding from previous grants since the final vesting of outstanding restricted stock units occurred in the first quarter of fiscal 2018. 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. 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 previously granted to employees of $0.9 million, $0.8 million, and $1.4 million in selling, general and administrative expense for the years ended April 28, 2018, April 29, 2017, and April 30, 2016, respectively. We have no remaining unrecognized compensation cost at April 28, 2018, relating to restricted stock unit awards, as they are fully vested.

The following table summarizes information about non-vested stock units as of and for the year ended April 28, 2018:

	Units (In Thousands)		Weighted Average Grant Date Fair Value
Non-vested units at April 29, 2017	23		$	19.80
Vested	(23	)	19.80

Non-vested units at April 28, 2018	—		$	—

Performance Awards. Under the La-Z-Boy Incorporated 2010 Omnibus Incentive Plan, the Compensation Committee of the board of directors was 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 29, 2017	559		$	24.87
Granted	356		25.93
Vested	(89	)	22.91
Unearned or cancelled	(285	)	25.54

Outstanding shares at April 28, 2018	541		$	25.52

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 2018, fiscal 2017, and fiscal 2016 that vest based on attaining performance goals was $25.93, $24.79, and $25.73, 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 2018, fiscal 2017, and fiscal 2016 grants of shares that vest based on market conditions was $36.24, $33.32, and $34.40, respectively. Our unrecognized compensation cost at April 28, 2018, related to performance-based shares was $2.9 million based on the current estimates of the number of awards that will vest, and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 1.4 years.

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

	(52 weeks)		(52 weeks)		(53 weeks)
(Amounts in thousands)	4/28/2018		4/29/2017		4/30/2016
Fiscal 2014 grant	$	—	$	—	$	926
Fiscal 2015 grant	—		675		840
Fiscal 2016 grant	1,052		1,284		1,610
Fiscal 2017 grant	455		1,109		—
Fiscal 2018 grant	887		—		—

Total expense	$	2,394	$	3,068	$	3,376

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 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 28, 2018, we had 0.1 million deferred stock units outstanding. We recorded (income)/expense relating to deferred stock units in selling, general and administrative of $0.1 million, $0.2 million, and $(0.2) million during fiscal 2018, fiscal 2017, and fiscal 2016, respectively. Our liability related to these awards was $2.0 million and $1.9 million at April 28, 2018, and April 29, 2017, respectively, and is included as a component of other long-term liabilities on our consolidated balance sheet.

Accumulated Other Comprehensive Loss

12 Months Ended

Apr. 28, 2018

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 28, 2018, April 29, 2017, and April 30, 2016, 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 Gain (Loss)			Accumulated Other Comprehensive Loss
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		)
Changes before reclassifications	3,315			164			844			3,257			7,580
Amounts reclassified to net income	—			(208		)	(1,420		)	3,341			1,713
Tax effect	—			124			200			(1,933		)	(1,609		)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	3,315			80			(376		)	4,665			7,684

Balance at April 28, 2018	$	2,388		$	154		$	1,376		$	(29,117	)	$	(25,199	)

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 28, 2018, April 29, 2017, and April 30, 2016 were as follows:

(Amounts in thousands)	4/28/2018		4/29/2017		4/30/2016
Balance as of the beginning of the year	$	11,186	$	10,070	$	8,954
Net income	729		1,062		1,711
Other comprehensive income (loss)	1,120		54		(595		)

Balance as of the end of the year	$	13,035	$	11,186	$	10,070

Segment Information

12 Months Ended

Apr. 28, 2018

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 reportable segment is our largest business segment and consists primarily of two operating segments: La-Z-Boy, our largest operating segment, and the operating segment for our England subsidiary. The Upholstery segment also includes our international wholesale businesses. These operating segments are aggregated into one reportable segment because they are economically similar and because they meet the other aggregation criteria for determining reportable segments. 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 consists of one operating segment, and sells furniture under three brands: American Drew, Hammary, and Kincaid. The 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 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 one operating segment, and includes our 146 company-owned La-Z-Boy Furniture Galleries® stores. During fiscal 2018, fiscal 2017, and fiscal 2016, 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, 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)	(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
Sales
Upholstery segment:
Sales to external customers	$	1,010,097		$	986,917		$	1,027,615
Intersegment sales	217,266			204,526			188,190

Upholstery segment sales	1,227,363			1,191,443			1,215,805


Casegoods segment:
Sales to external customers	95,919			87,181			92,601
Intersegment sales	15,474			13,047			9,939

Casegoods segment sales	111,393			100,228			102,540


Retail segment sales	474,613			443,238			402,479

Corporate and Other:
Sales to external customers	3,318			2,724			2,703
Intersegment sales	9,421			6,437			3,720

Corporate and Other sales	12,739			9,161			6,423


Eliminations	(242,161		)	(224,010		)	(201,849		)

Consolidated sales	$	1,583,947		$	1,520,060		$	1,525,398


Operating Income (Loss)
Upholstery segment	$	130,349		$	148,996		$	137,135
Casegoods segment	11,641			8,623			7,734
Retail segment	20,709			19,205			25,567
Corporate and Other	(33,330		)	(43,482		)	(45,105		)

Consolidated operating income	129,369			133,342			125,331
Interest expense	538			1,073			486
Interest income	1,709			981			827
Other income (expense), net	(1,650		)	(2,510		)	(629		)

Income before income taxes	$	128,890		$	130,740		$	125,043


Depreciation and Amortization
Upholstery segment	$	15,823		$	14,692		$	13,559
Casegoods segment	993			863			874
Retail segment	3,758			3,131			2,800
Corporate and Other	11,193			10,445			9,284

Consolidated depreciation and amortization	$	31,767		$	29,131		$	26,517


Capital Expenditures
Upholstery segment	$	30,049		$	13,193		$	14,744
Casegoods segment	711			786			562
Retail segment	3,377			2,831			3,245
Corporate and Other	2,200			3,494			6,133

Consolidated capital expenditures	$	36,337		$	20,304		$	24,684

(Amounts in thousands)	(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
Assets
Upholstery segment	$	363,864		$	357,889		$	323,411
Casegoods segment	57,312			53,064			51,165
Retail segment	177,853			172,601			146,963
Unallocated assets	293,938			305,301			278,490

Consolidated assets	$	892,967		$	888,855		$	800,029


Long-Lived Assets by Geographic Location
Domestic	$	251,778		$	239,198		$	211,021
International	23,671			23,791			7,443

Consolidated long-lived assets	$	275,449		$	262,989		$	218,464


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

Total	100		%	100		%	100		%

Income Taxes

12 Months Ended

Apr. 28, 2018

Income Taxes

Income Taxes

Note 17: Income Taxes

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law. Most of its provisions are effective for tax years beginning on or after January 1, 2018. Because we are a fiscal year U.S. taxpayer, the majority of the provisions, such as elimination of the domestic manufacturing deduction, new taxes on certain foreign-sourced income, and new limitations on certain business deductions, will begin applying to us for our fiscal 2019. For fiscal 2018, the most significant impacts include a lower U.S. federal corporate income tax rate applied to our fiscal 2018 U.S. tax activity, a revaluing of net U.S. deferred taxes, and a new transition tax on the deemed repatriation of certain foreign earnings. As the Company is a fiscal year taxpayer, the lower corporate income tax rate is phased in, resulting in a blended federal rate of 30.4% for fiscal 2018, compared with the previous 35% rate. The federal tax rate will be reduced to 21% in subsequent fiscal years.

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

(Amounts in thousands)	(52 weeks) 4/28/2018		(52 weeks) 4/29/2017		(53 weeks) 4/30/2016
United States	$	111,516	$	122,196	$	115,750
Foreign	17,374		8,544		9,293

Total	$	128,890	$	130,740	$	125,043

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

(Amounts in thousands)	(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
Federal:
– current	$	21,206		$	35,606		$	32,403
– deferred	16,401			2,349			3,559
State:
– current	4,886			5,194			4,750
– deferred	1,075			(1,703		)	859
Foreign:
– current	3,820			2,388			2,345
– deferred	(93		)	(78		)	164

Total income tax expense	$	47,295		$	43,756		$	44,080

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

	Fiscal Year Ended
(% of income before income taxes)	4/28/2018		4/29/2017		4/30/2016
Statutory tax rate	30.4	%	35.0	%	35.0	%
Increase (reduction) in income taxes resulting from:
Re-measurement of deferred taxes for changes in statutory U.S. tax rate	7.8		—		—
State income taxes, net of federal benefit	3.3		2.7		3.4
U.S. manufacturing benefit	(1.5	)	(2.4	)	(2.5	)
Change in valuation allowance	(0.3	)	(1.0	)	(0.3	)
U.S. research tax credits	(1.9	)	—		—
Miscellaneous items	(1.1	)	(0.8	)	(0.3	)

Effective tax rate	36.7	%	33.5	%	35.3	%

In December of 2017, the Securities and Exchange Commission staff issued guidance which provides that companies that have not completed their accounting for the effects of the Tax Act but can determine a reasonable estimate of those effects should include a provisional amount based on their reasonable estimate in their financial statements. The guidance also allows companies to adjust the provisional amounts during a one year measurement period which is similar to the measurement period used when accounting for business combinations. As of April 28, 2018, we have not completed our accounting for all of the tax effects associated with the enactment of the Tax Act. However, we made reasonable estimates, based on our current interpretation of the Tax Act, to record provisional adjustments during fiscal 2018. We may alter our estimates as we continue to accumulate and process data to finalize the underlying calculations and review further guidance that we expect regulators to issue. We are also analyzing other provisions of the Tax Act to determine if they will impact our effective tax rate in the future. We will continue to refine our adjustments through the permissible measurement period, which is not to extend beyond one year of the enactment date.

While our accounting for the Tax Act is not complete, we have made reasonable estimates for certain provisions and we have recorded a net tax expense of $10.2 million related to its enactment. This net charge includes a deferred tax charge of $10.0 million primarily from revaluing our net U.S. deferred tax assets to reflect the new U.S. corporate tax rate. We believe this calculation is complete except for changes in estimates that can result from finalizing the filing of our 2018 fiscal year U.S. income tax return, which are not anticipated to be material, and changes that may be a direct impact of other provisional amounts recorded due to the enactment of the Tax Act. The net charge also includes a provisional tax charge of $0.2 million related to the one-time transition tax. In general, the one-time transition tax imposed by the Tax Act results in the taxation of our accumulated foreign earnings and profits (“E&P”) at a 15.5% rate on liquid assets and 8% on the remaining unremitted foreign E&P, both net of foreign tax credits. At this time, we have not yet gathered, prepared and analyzed the necessary information with respect to the 2018 fiscal year in sufficient detail to complete the complex calculations necessary to finalize the amount of our transition tax. We also anticipate that further guidance may become available in this and other areas. We believe that our preliminary calculations provide a reasonable estimate of the transition tax and related foreign tax credit and, as such, have included those amounts in our year-end income tax provision. As the analysis of accumulated foreign E&P and related foreign taxes paid are completed on an entity by entity basis and we finalize the amount held in cash or other specified assets, we will update our provisional estimate of the transition tax and related foreign tax credit.

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 $45.1 million of the earnings. After enactment of the Tax Act, the potential deferred tax attributable to these earnings would be approximately $2.6 million, primarily related to foreign withholding taxes and state income taxes.

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

(Amounts in thousands)	4/28/2018			4/29/2017
Assets
Deferred and other compensation	$	18,326		$	26,689
State income tax — net operating losses, credits and other	5,050			4,927
Warranty	5,348			8,261
Rent	2,971			4,768
Workers’ compensation	2,714			3,707
Employee benefits	2,343			3,752
Pension	—			1,299
Other	—			3,364
Valuation allowance	(1,224		)	(1,786		)

Total deferred tax assets	35,528			54,981
Liabilities
Property, plant and equipment	(7,684		)	(8,453		)
Inventory	(1,531		)	(3,052		)
Goodwill and other intangibles	(3,575		)	(3,345		)
Pension	(1,230		)	—
Other	(243		)	—

Net deferred tax assets	$	21,265		$	40,131

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)	$	4,804	Fiscal 2019 – 2036
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 28, 2018, we estimate that about $72 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 2018, we recorded a $0.6 million decrease in our valuation allowance for deferred tax assets that are now considered more likely than not to be realized. This determination was primarily the result of our assessment of our cumulative pre-tax income in certain jurisdictions. A summary of the valuation allowance by jurisdiction is as follows:

Jurisdiction (Amounts in thousands)	4/29/2017 Valuation Allowance		Change			4/28/2018 Valuation Allowance
U.S. state	$	1,769	$	(562	)	$	1,207
Foreign	17		—			17

Total	$	1,786	$	(562	)	$	1,224

The remaining valuation allowance of $1.2 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 28, 2018, we had a gross unrecognized tax benefit of $1.0 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)	(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
Balance at the beginning of the period	$	620		$	1,821		$	2,226
Additions:
Positions taken during the current year	464			148			87
Positions taken during the prior year	25			—			—
Reductions:
Positions taken during the prior year	—			(4		)	(321		)
Decreases related to settlements with taxing authorities	—			(27		)	—
Reductions resulting from the lapse of the statute of limitations	(95		)	(1,318		)	(171		)

Balance at the end of the period	$	1,014		$	620		$	1,821

We recognize interest and penalties associated with uncertain tax positions in income tax expense. We had approximately $0.3 and $0.2 million accrued for interest and penalties as of April 28, 2018, and April 29, 2017, respectively.

If recognized, $0.9 million of the total $1.0 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 2015 and subsequent are still subject to audit. Our U.S. federal income tax return for fiscal year 2016 is currently under audit. In addition, we conduct business in various states. The major states in which we conduct business are subject to audit for fiscal years 2014 and subsequent. Our foreign operations are subject to audit for fiscal years 2008 and subsequent.

Cash paid for taxes (net of refunds received) during the fiscal years ended April 28, 2018, April 29, 2017, and April 30, 2016, were $37.1 million, $33.7 million, and $34.5 million, respectively.

Earnings per Share

12 Months Ended

Apr. 28, 2018

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)	(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	80,866		$	85,922		$	79,252
Income allocated to participating securities	(407		)	(422		)	(401		)

Net income available to common shareholders	$	80,459		$	85,500		$	78,851


Denominator:
Basic weighted average common shares outstanding	47,621			48,963			50,194
Add:
Contingent common shares	211			194			238
Stock option dilution	303			313			333

Diluted weighted average common shares outstanding	48,135			49,470			50,765

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 28, 2018, and April 29, 2017.

Fair Value Measurements

12 Months Ended

Apr. 28, 2018

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.

The following table presents the fair value hierarchy for those assets we measured at fair value on a recurring basis at April 28, 2018, and April 29, 2017:

Fiscal 2018

	Fair Value Measurements
(Amounts in thousands)	Level 1 (a)		Level 2 (a)		Level 3(b)
Assets
Available-for-sale investments	$	1,141	$	37,079	$	—
Trading securities	—		94		—
Held-to-maturity investments	3,340		—		—
Cost basis investment	—		—		10,954

Total assets	$	4,481	$	37,173	$	10,954


Liabilities
Contingent consideration liability	$	—	$	—	$	344

(a)

There were no transfers between Level 1 and Level 2 during fiscal 2018.

(b)

There were no transfers into or out of Level 3 during fiscal 2018.

Fiscal 2017

	Fair Value Measurements
(Amounts in thousands)	Level 1 (c)		Level 2 (c)		Level 3(d)
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

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

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

At April 28, 2018, and April 29, 2017, 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. At April 28, 2018, our Level 3 investments included preferred shares of two privately-held companies, and a warrant to purchase common shares of one of these privately-held companies. 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. During fiscal 2017, we recorded a $0.7 million unrealized gain in other comprehensive income related to a change in the fair value of the available-for-sale convertible debt security, using the present value of probability-weighted future cash flows to measure the security’s fair value. The quantitative unobservable inputs used when measuring the available-for-sale convertible debt security to fair value were a discount rate of 30%, along with an assumed conversion price per share provided by a third-party valuation firm and management’s assessment of the likelihood of different scenarios occurring, including the debt security maturing in the normal course or converting to preferred shares. During fiscal 2018, the available-for-sale convertible debt security converted to $3.0 million of cost-basis preferred shares of a privately-held company, and we recorded a gain of $2.2 million in other income (expense), net in our consolidated statement of income related to the conversion. We also invested another $2.5 million in the same privately-held company during fiscal 2018. The new cost basis of the preferred shares acquired in this transaction is $5.5 million. We calculated the gain we recorded upon conversion of the available-for-sale convertible debt security into preferred shares of a privately-held company by using the fair value of the preferred shares realized upon conversion, less the original cost basis of the available-for-sale convertible debt security. The fair value of the preferred shares was based on a pre-money valuation of the privately-held company, as calculated by a third party as of the conversion date. 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. During fiscal 2018, we reversed a portion of the contingent consideration liability, and recorded the benefit as a component of selling, general, and administrative expense in our consolidated statement of income, because we determined it was not probable that a portion of the contingent consideration would be earned.

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 29, 2017	$	6,900
Purchases	2,500
Realized gain	2,204
Unrealized gain reclassified to net income	(650		)

Balance at April 28, 2018	$	10,954


Liabilities
Balance at April 29, 2017	$	1,248
Fair value adjustment	(963		)
Translation adjustment	59

Balance at April 28, 2018	$	344

Our asset leveling presented above does not include certain available-for-sale investments that are measured at fair value using net asset value per share under the practical expedient methodology. 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 28, 2018, and April 29, 2017, was $6.7 million and $7.1 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. 28, 2018

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 28, 2018	$	2,563	$	261	(a)	$	—		$	(868	)(b)	$	1,956
April 29, 2017	3,145		(278		)(a)	—			(304		)(b)	2,563
April 30, 2016	4,622		(664		)(a)	—			(813		)(b)	3,145

Allowance for deferred tax assets:
April 28, 2018	$	1,786	$	—		$	(299	)(c)	$	(263	)(d)	$	1,224
April 29, 2017	3,625		—			(562		)(c)	(1,277		)(d)	1,786
April 30, 2016	4,322		—			(358		)(c)	(339		)(d)	3,625

(a)

Additions charged (credited) to costs and expenses includes the impact of foreign currency exchange gains (losses).

(b)

Deductions represented uncollectible accounts written off less recoveries of accounts receivable written off in prior years.

(c)

Represents impact of adjusting gross deferred tax assets and the impact of the statutory U.S. tax rate change.

(d)

Valuation allowance release.

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Apr. 28, 2018
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. At April 28, 2018, we owned preferred shares of two privately-held companies, and a warrant to purchase common shares of one of the companies, both of which are variable interest entities. We have not consolidated their results in our financial statements because we do not have the power to direct those activities that most significantly impact their economic performance and, therefore, are not the primary beneficiary.
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 64% and 63% of our inventories at April 28, 2018, and April 29, 2017, 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 the imported finished goods inventory owned by our Casegoods Segment, 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 segments in our Upholstery reportable segment, our Casegoods segment, each of our retail stores, and other corporate assets.
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 we have acquired. The reacquired right to own and operate La-Z-Boy Furniture Galleries® stores are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. A Retailer Agreement remains in effect as long as the independent retailer is not in default under the terms of the agreement. 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 and the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland. The reporting unit for goodwill arising from retail store acquisitions is our Retail operating segment. We have three geographic regions which are considered components of our Retail operating segment. These three geographic regions are aggregated into one reporting unit for goodwill because they are economically similar, they operate in a consistent manner across the regions, and each store supports and benefits from common research and development projects. Additionally, the goodwill is recoverable from each of the geographic regions working in concert because we can change the composition of the regions to strategically rebalance management and distribution capacity as needed. 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 We test amortizable intangible assets 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 assets might be impaired. We have amortizable intangible assets related to the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland, which primarily include acquired customer relationships. 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 using the relief from royalty method.
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.
Customer Deposits	Customer Deposits We collect a deposit on a portion of the total merchandise price at the time a customer order is placed in one of our company-owned Retail stores, and on la-z-boy.com. We record this as a customer deposit, which is included in our accrued expenses and other current liabilities on our consolidated balance sheet. The balance of the order is paid in full prior to delivery of the product.
Revenue Recognition	Revenue Recognition 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	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 28, 2018, or at April 29, 2017.
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 and fiscal 2016, we recorded a benefit related to legal settlements as part of cost of sales. Gross margin benefited 0.2 percentage points and 0.3 percentage points for fiscal 2017 and fiscal 2016, 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 all components of pension costs other than service 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 $7.9 million, $8.0 million, and $6.3 million for the fiscal years ended April 28, 2018, April 29, 2017, and April 30, 2016, 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 advertisement is first aired or released. Gross advertising expenses were $88.3 million, $82.1 million, and $70.8 million for the fiscal years ended April 28, 2018, April 29, 2017, and April 30, 2016, respectively. A portion of our advertising program is a national advertising campaign. This campaign is a shared advertising program with our dealers’ 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 and in conjunction with any outside counsel handling the matter, we 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.
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 Accounting pronouncements adopted in fiscal 2018 In March 2016, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard focused on simplifying the accounting for share-based payments, including accounting for income taxes, estimating forfeitures, and classifying certain share-based transactions in the consolidated statement of cash flows. We adopted this standard in the first quarter of fiscal 2018. Our adoption of this standard did not have a material impact on our consolidated financial statements. We did not record a cumulative-effect adjustment as we had no unrecognized excess tax benefits as of the end of fiscal 2017. We elected to continue estimating forfeiture rates on our share-based awards. We adjusted the consolidated statement of cash flows for fiscal 2017 and fiscal 2016 to conform to the current fiscal year presentation by reclassifying $1.8 million and $2.1 million, respectively, of cash paid related to shares swapped for taxes from a financing activity to an operating activity. 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 was to help reduce diversity in practice regarding cash flow presentation. We early adopted this standard in fiscal 2018. Adoption of this standard did not have a material impact on our consolidated statement of cash flows and although the guidance requires retrospective treatment, we did not have any cash receipts or payments during the prior year that needed to be reclassified. 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 amounts 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 early adopted this standard in fiscal 2018 with retrospective application. For fiscal 2017, this change resulted in a $9.0 million increase in cash, cash equivalents and restricted cash at both the beginning and end of the period on our consolidated statement of cash flows. In addition, removing the change in restricted cash from the consolidated statement of cash flows resulted in a decrease of less than $0.1 million in our net cash used for investing activities for fiscal 2017. For fiscal 2016, this change resulted in a $9.6 million increase in cash, cash equivalents and restricted cash at the beginning of the period and a $9.0 million increase in cash, cash equivalents and restricted cash at the end of the period on our consolidated statement of cash flows. In addition, removing the change in restricted cash from the consolidated statement of cash flows resulted in an increase of $0.7 million in our net cash used for investing activities for fiscal 2016. In March 2017, the FASB issued a new accounting standard that changed the presentation of pension costs in our consolidated statement of income. We elected to early adopt this standard in fiscal 2018, and it requires retrospective application. All components of pension costs other than service costs will now be presented in other income (expense), net rather than operating income in our consolidated statement of income. Adoption of this standard did not have a material impact on our consolidated statement of income for any periods presented. For fiscal 2017 and fiscal 2016, we reclassified pension costs of $2.8 million and $2.9 million, respectively, from operating income to other income (expense), net to conform to the current-year presentation. Accounting pronouncements not yet adopted 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 beginning with our fiscal 2019. We will apply the modified retrospective approach when we implement the new standard in fiscal 2019. We have reviewed substantially all of our contracts and other revenue streams and determined that while the application of the new standard will not have a material change in the amount of or timing for recognizing revenue, we anticipate that it will have a significant impact on our financial statement disclosures related to disaggregated revenue, customer deposits and contract assets and liabilities, as well as the presentation of contract assets and liabilities on our consolidated balance sheet. 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 using the equity method of accounting, or that result in consolidation of the invested entity. We currently hold equity investments that we measure at fair value at the end of each reporting period, and we recognize changes in fair value through other comprehensive income (loss) as unrealized gains (losses). We are required to adopt this standard for our fiscal 2019 financial statements. Based on the fair value of our net unrealized gain as of April 28, 2018, adopting this standard would be immaterial to our consolidated financial statements. When we adopt this standard, we will reclassify our current net unrealized gains from accumulated other comprehensive income to retained earnings and record a cumulative-effect adjustment which, based on current fair value, will be immaterial to our consolidated financial statements. See Note 7 for additional information on our current investments. In February 2016, the FASB issued a new accounting standard requiring all operating leases that a lessee enters into to be recorded on its balance sheet. Under this 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 will be effective beginning with our fiscal 2020. We are currently reviewing our leases and gathering the necessary information to adopt this standard when it becomes effective. We anticipate that adoption of this standard will have a material impact on our consolidated balance sheet as we have a significant number of operating leases. See Note 10 for additional information on our current operating leases. 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 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 beginning with our fiscal 2019. Our current assessment is that this standard will have no impact on our current practices because intra-entity transfers, as the standard defines them, are unlikely to occur. In January 2017, the FASB issued a new accounting standard clarifying the definition of a business with the objective of adding guidance to entities evaluating whether a transaction should be accounted for as an acquisition. This standard will be applicable for our fiscal 2019. Our current assessment is that this standard will not affect our accounting for past or future acquisitions. 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 permits early adoption with the requirement to adopt by our fiscal 2021.We plan to early adopt this standard in fiscal 2019. We do not believe that adoption of this standard will have a material impact on our consolidated financial statements or disclosures. In August 2017, the FASB issued a new accounting standard designed to improve and simplify the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This standard is intended to better align the recognition and presentation of the effects of hedging instruments with the hedged item in the financial statements, and requires additional disclosures on hedging instruments. This standard will be effective for our fiscal 2020. Based on our current hedging activity, we do not expect this standard to have a material impact on our consolidated financial statements or disclosures. In February 2018, the FASB issued a new accounting standard that allows entities to reclass stranded income tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings in their consolidated financial statements. Under the Tax Act, deferred taxes were adjusted to reflect the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate which left the tax effects on items within accumulated other comprehensive income stranded at the historical tax rate. This standard may be early adopted in any interim period and should be applied either in the period of adoption or retrospectively to each period that was affected by the change in the federal corporate tax rate under the Tax Act. This standard will be effective for our fiscal 2020. We are still assessing the impact this standard will have on our consolidated financial statements and related disclosures.

Acquisitions (Tables)

12 Months Ended

Apr. 28, 2018

Acquisitions

Summary of fair values at the dates of acquisition

(Amounts in thousands)	Fiscal 2018 Acquisitions			Fiscal 2017 Acquisitions
Current assets	$	595		$	12,175
Goodwill and other intangible assets	255			46,921
Property, plant and equipment	—			1,106

Total assets acquired	850			60,202

Current liabilities acquired	(234		)	(4,023		)
Purchase price liability	—			(15,103		)
Contingent consideration liability	—			(1,204		)

Total liabilities	(234		)	(20,330		)


Total purchase price	$	616		$	39,872

Restricted Cash (Tables)

12 Months Ended

Apr. 28, 2018

Restricted Cash

Schedule of cash, cash equivalents and restricted cash

(Unaudited, amounts in thousands)	4/28/2018		4/29/2017
Cash and cash equivalents	$	134,515	$	141,860
Restricted cash	2,356		8,999

Total cash, cash equivalents and restricted cash	$	136,871	$	150,859

Inventories (Tables)

12 Months Ended

Apr. 28, 2018

Inventories

Summary of inventories

(Amounts in thousands)	4/28/2018			4/29/2017
Raw materials	$	86,214		$	83,371
Work in process	12,254			11,320
Finished goods	109,183			101,444

FIFO inventories	207,651			196,135
Excess of FIFO over LIFO	(22,810		)	(21,021		)

Total inventories	$	184,841		$	175,114

Property, Plant and Equipment (Tables)

12 Months Ended

Apr. 28, 2018

Property, Plant and Equipment

Schedule of property, plant and equipment

(Amounts in thousands)	Estimated Useful Lives	4/28/2018			4/29/2017
Buildings and building fixtures	3 - 40 years	$	200,370		$	196,817
Machinery and equipment	3 - 15 years	147,542			141,071
Information systems and software	3 - 10 years	84,881			76,684
Land	—	14,626			14,565
Land improvements	3 - 30 years	15,362			15,178
Transportation equipment	3 - 10 years	13,929			14,905
Furniture and fixtures	3 - 15 years	20,812			20,390
Construction in progress		23,250			11,247

		520,772			490,857
Accumulated depreciation		(339,890		)	(321,725		)

Net property, plant and equipment		$	180,882		$	169,132

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Apr. 28, 2018

Goodwill and Other Intangible Assets

Roll-forward of goodwill

(Amounts in thousands)	Goodwill
Balance at April 30, 2016	$	37,193
Acquisitions	36,584
Translation adjustment	468

Balance at April 29, 2017	74,245
Acquisitions	—
Translation adjustment	1,009

Balance at April 28, 2018	$	75,254

Roll-forward of other intangible assets - Indefinite-lived

(Amounts in thousands)	Trade Names			Indefinite- Lived Reacquired Rights			Amortizable Reacquired Rights			Other Intangible Assets			Total Other Intangible Assets
Balance at April 30, 2016	$	1,195		$	7,363		$	—		$	—		$	8,558
Acquisitions	—			5,978			829			3,530			10,337
Impairment charges	(40		)	—			—			—			(40		)
Amortization	—			—			(336		)	(127		)	(463		)
Translation adjustment	—			(118		)	31			184			97

Balance at April 29, 2017	1,155			13,223			524			3,587			18,489
Acquisitions	—			255			—			—			255
Impairment charges	—			—			—			—			—
Amortization	—			—			(542		)	(417		)	(959		)
Translation adjustment	—			167			18			220			405

Balance at April 28, 2018	$	1,155		$	13,645		$	—		$	3,390		$	18,190

Roll-forward of other intangible assets - Amortizable

(Amounts in thousands)	Trade Names			Indefinite- Lived Reacquired Rights			Amortizable Reacquired Rights			Other Intangible Assets			Total Other Intangible Assets
Balance at April 30, 2016	$	1,195		$	7,363		$	—		$	—		$	8,558
Acquisitions	—			5,978			829			3,530			10,337
Impairment charges	(40		)	—			—			—			(40		)
Amortization	—			—			(336		)	(127		)	(463		)
Translation adjustment	—			(118		)	31			184			97

Balance at April 29, 2017	1,155			13,223			524			3,587			18,489
Acquisitions	—			255			—			—			255
Impairment charges	—			—			—			—			—
Amortization	—			—			(542		)	(417		)	(959		)
Translation adjustment	—			167			18			220			405

Balance at April 28, 2018	$	1,155		$	13,645		$	—		$	3,390		$	18,190

Investments (Tables)

12 Months Ended

Apr. 28, 2018

Investments

Summary of investments

(Amounts in thousands)	4/28/2018		4/29/2017
Short-term investments:
Available-for-sale investments	$	12,832	$	15,040
Trading securities	94		6
Held-to-maturity investments	3,340		1,867

Total short-term investments	16,266		16,913

Long-term investments:
Available-for-sale investments	32,134		31,264
Cost basis investments	10,954		5,500

Total long-term investments	43,088		36,764


Total investments	$	59,354	$	53,677


Investments to enhance returns on cash	$	34,359	$	33,087
Investments to fund compensation/retirement plans	$	14,041	$	13,690
Other investments	$	10,954	$	6,900

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

Fiscal 2018

(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	2,142	$	(39	)	$	18,671
Fixed income	29		(418		)	36,312
Mutual funds	—		—			94
Other	72		—			4,277

Total securities	$	2,243	$	(457	)	$	59,354

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

Summary of sales of available-for-sale securities

	(52 weeks)			(52 weeks)			(53 weeks)
(Amounts in thousands)	4/28/2018			4/29/2017			4/30/2016
Proceeds from sales	$	22,674		$	19,954		$	28,721
Gross realized gains	1,302			926			997
Gross realized losses	(532		)	(455		)	(561		)

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Apr. 28, 2018

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses and other current liabilities

(Amounts in thousands)	4/28/2018		4/29/2017
Payroll and other compensation	$	40,467	$	45,229
Accrued product warranty, current portion	12,687		13,191
Customer deposits	31,282		26,595
Other current liabilities	34,285		62,160

Accrued expenses and other current liabilities	$	118,721	$	147,175

Debt (Tables)

12 Months Ended

Apr. 28, 2018

Debt

Schedule of debt

(Amounts in thousands)	4/28/2018			4/29/2017
Capital leases	$	422		$	515
Less: current portion	(223		)	(219		)

Long-term debt	$	199		$	296

- 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=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

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

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-Name Accounting Standards Codification
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-SubTopic 30
-Section 55
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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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
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Operating Leases (Tables)

12 Months Ended

Apr. 28, 2018

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
2019	$	68,108	$	3,200
2020	61,777		3,216
2021	57,237		2,566
2022	46,195		883
2023	35,719		457
2024 and beyond	91,315		912

Total	$	360,351	$	11,234

Schedule of rental expense and rental income for operating leases

(Amounts in thousands)	(52 weeks) 4/28/2018		(52 weeks) 4/29/2017		(53 weeks) 4/30/2016
Rental expense	$	71,022	$	68,452	$	62,953
Rental income	3,039		3,604		4,650

Retirement and Welfare Plans (Tables)

12 Months Ended

Apr. 28, 2018

Retirement and Welfare Plans

Schedule of amounts recognized in accumulated other comprehensive loss

(Amounts in thousands)	4/28/2018			4/29/2017
Beginning of year net actuarial loss	$	36,397		$	36,850
Net current year actuarial (gain) loss	(2,546		)	2,605
Amortization of actuarial loss	(3,120		)	(3,058		)

End of year net actuarial loss	$	30,731		$	36,397

Schedule of combined net periodic pension cost and retirement costs

	(52 weeks)			(52 weeks)			(53 weeks)
(Amounts in thousands)	4/28/2018			4/29/2017			4/30/2016
Service cost	$	1,316		$	1,278		$	1,358
Interest cost	4,587			4,681			4,938
Expected return on plan assets	(4,818		)	(4,978		)	(4,997		)
Net amortization and deferral	3,120			3,058			3,001

Net periodic pension cost (hourly plan)	4,205			4,039			4,300
401(k)*	7,093			7,124			6,657
PCRP*	1,347			1,488			3,088
Other*	360			51			318

Total retirement costs (excluding non-qualified defined benefit retirement plan)	$	13,005		$	12,702		$	14,363

*Not determined by an actuary

Schedule of funded status of the defined benefit pension plan

(Amounts in thousands)	4/28/2018			4/29/2017
Change in benefit obligation
Benefit obligation at beginning of year	$	114,185		$	116,371
Service cost	1,316			1,278
Interest cost	4,587			4,681
Actuarial (gain) loss	(5,154		)	14
Benefits paid	(5,694		)	(7,728		)
Administrative expenses	(455		)	(431		)

Benefit obligation at end of year	108,785			114,185

Change in plan assets
Fair value of plan assets at beginning of year	109,012			112,484
Actual return on plan assets	2,211			2,387
Employer contributions	2,000			2,300
Benefits paid	(5,694		)	(7,728		)
Administrative expenses	(455		)	(431		)

Fair value of plan assets at end of year	107,074			109,012


Funded status	$	(1,711	)	$	(5,173	)

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

(Amounts in thousands)		4/28/2018			4/29/2017
Other long-term liabilities		$	(1,711	)	$	(5,173	)

Schedule of actuarial assumptions for the defined benefit pension plan

	4/28/2018		4/29/2017		4/30/2016
Discount rate used to determine benefit obligations	4.2	%	4.1	%	4.1	%
Discount rate used to determine net benefit cost	4.1	%	4.1	%	4.2	%
Long-term rate of return	4.5	%	4.5	%	4.3	%

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

Fiscal 2018

(Amounts in thousands)	Level 1 (a)		Level 2 (a)		Level 3
Cash and equivalents	$	57	$	3,272	$	—
Equity funds	1,449		119		—
Debt funds	—		92,839		—

Total	$	1,506	$	96,230	$	—

(a)There were no transfers between Level 1 and Level 2 during fiscal 2018.

Fiscal 2017

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

Total	$	1,561	$	97,860	$	—

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

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

(Amounts in thousands)	Benefit Payments
2019	$	6,620
2020	6,723
2021	6,830
2022	6,926
2023	6,997
2024 to 2028	35,077

	$	69,173

Product Warranties (Tables)

12 Months Ended

Apr. 28, 2018

Product Warranties

Reconciliation of changes in product warranty liability

(Amounts in thousands)	4/28/2018			4/29/2017
Balance as of the beginning of the year	$	21,870		$	20,511
Accruals during the year	19,120			20,875
Settlements during the year	(19,785		)	(19,516		)

Balance as of the end of the year	$	21,205		$	21,870

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 28, 2018

Stock-Based Compensation

Summary of total stock-based compensation expense

(Amounts in thousands)	(52 weeks) 4/28/2018		(52 weeks) 4/29/2017		(53 weeks) 4/30/2016
Equity-based awards expense	$	9,474	$	8,864	$	8,292
Liability-based awards expense	405		1,687		1,355

Total stock-based compensation expense	$	9,879	$	10,551	$	9,647

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 29, 2017	1,509		$	22.70	7.6	$	7,638
Granted	574		27.25
Canceled	(40	)	26.58
Exercised	(206	)	21.40			$	2,152

Outstanding at April 28, 2018	1,837		$	24.18	7.4	$	9,407

Exercisable at April 28, 2018	732		$	20.57	5.9	$	6,388

Fair value assumptions for stock options

	Fiscal 2018 Grant			Fiscal 2017 Grant			Fiscal 2016 Grant
Risk-free interest rate	1.84		%	1.30		%	1.54		%
Dividend rate	1.61		%	1.54		%	1.20		%
Expected life in years	5.0			5.0			5.0
Stock price volatility	32.12		%	38.87		%	44.37		%
Fair value per share	$	7.16		$	7.99		$	9.69

Fair value assumptions for SARs

	Fiscal 2014 Grant
Risk-free interest rate	1.64		%
Dividend rate	1.64		%
Expected life in years	0.13
Stock price volatility	18.79		%
Fair value per share	$	10.22

Summary of information about non-vested share awards

	Shares (In Thousands)		Weighted Average Grant Date Fair Value
Non-vested shares at April 29, 2017	209		$	25.72
Granted	108		27.45
Vested	(69	)	25.44
Canceled	(15	)	26.36

Non-vested shares at April 28, 2018	233		$	26.56

Summary of information about non-vested stock units

	Units (In Thousands)		Weighted Average Grant Date Fair Value
Non-vested units at April 29, 2017	23		$	19.80
Vested	(23	)	19.80

Non-vested units at April 28, 2018	—		$	—

Summary of information about performance-based shares outstanding

	Shares (In Thousands)		Weighted Average Grant Date Fair Value
Outstanding shares at April 29, 2017	559		$	24.87
Granted	356		25.93
Vested	(89	)	22.91
Unearned or cancelled	(285	)	25.54

Outstanding shares at April 28, 2018	541		$	25.52

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

	(52 weeks)		(52 weeks)		(53 weeks)
(Amounts in thousands)	4/28/2018		4/29/2017		4/30/2016
Fiscal 2014 grant	$	—	$	—	$	926
Fiscal 2015 grant	—		675		840
Fiscal 2016 grant	1,052		1,284		1,610
Fiscal 2017 grant	455		1,109		—
Fiscal 2018 grant	887		—		—

Total expense	$	2,394	$	3,068	$	3,376

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Apr. 28, 2018

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 Gain (Loss)			Accumulated Other Comprehensive Loss
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		)
Changes before reclassifications	3,315			164			844			3,257			7,580
Amounts reclassified to net income	—			(208		)	(1,420		)	3,341			1,713
Tax effect	—			124			200			(1,933		)	(1,609		)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	3,315			80			(376		)	4,665			7,684

Balance at April 28, 2018	$	2,388		$	154		$	1,376		$	(29,117	)	$	(25,199	)

Components of non-controlling interest

(Amounts in thousands)	4/28/2018		4/29/2017		4/30/2016
Balance as of the beginning of the year	$	11,186	$	10,070	$	8,954
Net income	729		1,062		1,711
Other comprehensive income (loss)	1,120		54		(595		)

Balance as of the end of the year	$	13,035	$	11,186	$	10,070

Segment Information (Tables)

12 Months Ended

Apr. 28, 2018

Segment Information

Schedule of segment information

	Fiscal Year Ended
(Amounts in thousands)	(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
Sales
Upholstery segment:
Sales to external customers	$	1,010,097		$	986,917		$	1,027,615
Intersegment sales	217,266			204,526			188,190

Upholstery segment sales	1,227,363			1,191,443			1,215,805


Casegoods segment:
Sales to external customers	95,919			87,181			92,601
Intersegment sales	15,474			13,047			9,939

Casegoods segment sales	111,393			100,228			102,540


Retail segment sales	474,613			443,238			402,479

Corporate and Other:
Sales to external customers	3,318			2,724			2,703
Intersegment sales	9,421			6,437			3,720

Corporate and Other sales	12,739			9,161			6,423


Eliminations	(242,161		)	(224,010		)	(201,849		)

Consolidated sales	$	1,583,947		$	1,520,060		$	1,525,398


Operating Income (Loss)
Upholstery segment	$	130,349		$	148,996		$	137,135
Casegoods segment	11,641			8,623			7,734
Retail segment	20,709			19,205			25,567
Corporate and Other	(33,330		)	(43,482		)	(45,105		)

Consolidated operating income	129,369			133,342			125,331
Interest expense	538			1,073			486
Interest income	1,709			981			827
Other income (expense), net	(1,650		)	(2,510		)	(629		)

Income before income taxes	$	128,890		$	130,740		$	125,043


Depreciation and Amortization
Upholstery segment	$	15,823		$	14,692		$	13,559
Casegoods segment	993			863			874
Retail segment	3,758			3,131			2,800
Corporate and Other	11,193			10,445			9,284

Consolidated depreciation and amortization	$	31,767		$	29,131		$	26,517


Capital Expenditures
Upholstery segment	$	30,049		$	13,193		$	14,744
Casegoods segment	711			786			562
Retail segment	3,377			2,831			3,245
Corporate and Other	2,200			3,494			6,133

Consolidated capital expenditures	$	36,337		$	20,304		$	24,684

Assets
Upholstery segment	$	363,864		$	357,889		$	323,411
Casegoods segment	57,312			53,064			51,165
Retail segment	177,853			172,601			146,963
Unallocated assets	293,938			305,301			278,490

Consolidated assets	$	892,967		$	888,855		$	800,029

Long-lived assets by geographic location and sales by country

(Amounts in thousands)	(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
Long-Lived Assets by Geographic Location
Domestic	$	251,778		$	239,198		$	211,021
International	23,671			23,791			7,443

Consolidated long-lived assets	$	275,449		$	262,989		$	218,464


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

Total	100		%	100		%	100		%

Income Tax (Tables)

12 Months Ended

Apr. 28, 2018

Income Taxes

Schedule of income before income taxes for continuing operations

(Amounts in thousands)	(52 weeks) 4/28/2018		(52 weeks) 4/29/2017		(53 weeks) 4/30/2016
United States	$	111,516	$	122,196	$	115,750
Foreign	17,374		8,544		9,293

Total	$	128,890	$	130,740	$	125,043

Components of income tax expense (benefit)

(Amounts in thousands)	(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
Federal:
– current	$	21,206		$	35,606		$	32,403
– deferred	16,401			2,349			3,559
State:
– current	4,886			5,194			4,750
– deferred	1,075			(1,703		)	859
Foreign:
– current	3,820			2,388			2,345
– deferred	(93		)	(78		)	164

Total income tax expense	$	47,295		$	43,756		$	44,080

Reconciliation of effective tax rate

	Fiscal Year Ended
(% of income before income taxes)	4/28/2018		4/29/2017		4/30/2016
Statutory tax rate	30.4	%	35.0	%	35.0	%
Increase (reduction) in income taxes resulting from:
Re-measurement of deferred taxes for changes in statutory U.S. tax rate	7.8		—		—
State income taxes, net of federal benefit	3.3		2.7		3.4
U.S. manufacturing benefit	(1.5	)	(2.4	)	(2.5	)
Change in valuation allowance	(0.3	)	(1.0	)	(0.3	)
U.S. research tax credits	(1.9	)	—		—
Miscellaneous items	(1.1	)	(0.8	)	(0.3	)

Effective tax rate	36.7	%	33.5	%	35.3	%

Components of deferred tax assets and (liabilities)

(Amounts in thousands)	4/28/2018			4/29/2017
Assets
Deferred and other compensation	$	18,326		$	26,689
State income tax — net operating losses, credits and other	5,050			4,927
Warranty	5,348			8,261
Rent	2,971			4,768
Workers’ compensation	2,714			3,707
Employee benefits	2,343			3,752
Pension	—			1,299
Other	—			3,364
Valuation allowance	(1,224		)	(1,786		)

Total deferred tax assets	35,528			54,981
Liabilities
Property, plant and equipment	(7,684		)	(8,453		)
Inventory	(1,531		)	(3,052		)
Goodwill and other intangibles	(3,575		)	(3,345		)
Pension	(1,230		)	—
Other	(243		)	—

Net deferred tax assets	$	21,265		$	40,131

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)	$	4,804	Fiscal 2019 – 2036
Foreign capital losses	17		Indefinite

Summary of valuation allowance by jurisdiction

Jurisdiction (Amounts in thousands)	4/29/2017 Valuation Allowance		Change			4/28/2018 Valuation Allowance
U.S. state	$	1,769	$	(562	)	$	1,207
Foreign	17		—			17

Total	$	1,786	$	(562	)	$	1,224

Reconciliation of the beginning and ending balance of unrecognized tax benefits

(Amounts in thousands)	(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
Balance at the beginning of the period	$	620		$	1,821		$	2,226
Additions:
Positions taken during the current year	464			148			87
Positions taken during the prior year	25			—			—
Reductions:
Positions taken during the prior year	—			(4		)	(321		)
Decreases related to settlements with taxing authorities	—			(27		)	—
Reductions resulting from the lapse of the statute of limitations	(95		)	(1,318		)	(171		)

Balance at the end of the period	$	1,014		$	620		$	1,821

Earnings per Share (Tables)

12 Months Ended

Apr. 28, 2018

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)	(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	80,866		$	85,922		$	79,252
Income allocated to participating securities	(407		)	(422		)	(401		)

Net income available to common shareholders	$	80,459		$	85,500		$	78,851


Denominator:
Basic weighted average common shares outstanding	47,621			48,963			50,194
Add:
Contingent common shares	211			194			238
Stock option dilution	303			313			333

Diluted weighted average common shares outstanding	48,135			49,470			50,765

Fair Value Measurements (Tables)

12 Months Ended

Apr. 28, 2018

Fair Value Measurements

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

Fiscal 2018

	Fair Value Measurements
(Amounts in thousands)	Level 1 (a)		Level 2 (a)		Level 3(b)
Assets
Available-for-sale investments	$	1,141	$	37,079	$	—
Trading securities	—		94		—
Held-to-maturity investments	3,340		—		—
Cost basis investment	—		—		10,954

Total assets	$	4,481	$	37,173	$	10,954


Liabilities
Contingent consideration liability	$	—	$	—	$	344

(a)

There were no transfers between Level 1 and Level 2 during fiscal 2018.

(b)

There were no transfers into or out of Level 3 during fiscal 2018.

Fiscal 2017

	Fair Value Measurements
(Amounts in thousands)	Level 1 (c)		Level 2 (c)		Level 3(d)
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

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

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

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

(Amounts in thousands)	Level 3
Assets
Balance at April 29, 2017	$	6,900
Purchases	2,500
Realized gain	2,204
Unrealized gain reclassified to net income	(650		)

Balance at April 28, 2018	$	10,954

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

(Amounts in thousands)	Level 3
Liabilities
Balance at April 29, 2017	$	1,248
Fair value adjustment	(963		)
Translation adjustment	59

Balance at April 28, 2018	$	344

Accounting Policies - Variable Interest Entities (Details) - Variable interest entities, not primary beneficiary	Apr. 28, 2018 company
Investments
Preferred share investments, number of privately-held companies	2
Preferred share investments with common share warrant, number of privately-held companies	1

Accounting Policies - Property, Plant and Equipment (Details) - Computer software costs	12 Months Ended
	Apr. 28, 2018
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	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017
Minimum
Amortizable Intangible Assets
Amortization period	1 year	1 year
Maximum
Amortizable Intangible Assets
Amortization period	15 years	15 years

Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Millions	Apr. 28, 2018	Apr. 29, 2017
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. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Cost of Sales
Improvement in gross margin due to legal settlement (as a percent)		0.20%	0.30%
Research and Development Costs
Expenditures for research and development costs	$ 7.9	$ 8.0	$ 6.3
Advertising Expenses
Gross advertising expenses	$ 88.3	$ 82.1	$ 70.8
Percentage reimbursement on shared advertising program	30.00%
Insurance/Self-Insurance
Maximum deductibles for excess loss coverages	$ 1.5

Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Recent Accounting Pronouncements
Cash flows from operating activities	$ 115,750	$ 147,990	$ 114,509
Cash flows from financing activities	(76,255)	(53,414)	(63,195)
Cash, cash equivalents and restricted cash at beginning of period	150,859	121,335	107,938
Cash, cash equivalents and restricted cash at end of period	136,871	150,859	121,335
Net cash provided by (used for) investing activities	(55,224)	(65,230)	(37,229)
Operating income	129,369	133,342	125,331
Other income (expense), net	(1,650)	(2,510)	(629)
Early Adoption, Effect \| Accounting Standards Update 2016-18 - Restricted Cash
Recent Accounting Pronouncements
Cash, cash equivalents and restricted cash at beginning of period	$ 9,000	9,000	9,600
Cash, cash equivalents and restricted cash at end of period		9,000	9,000
Net cash provided by (used for) investing activities			(700)
Early Adoption, Effect \| Accounting Standards Update 2017-07 - Pension Costs
Recent Accounting Pronouncements
Operating income		2,800	2,900
Other income (expense), net		(2,800)	(2,900)
Early Adoption, Effect \| Maximum \| Accounting Standards Update 2016-18 - Restricted Cash
Recent Accounting Pronouncements
Net cash provided by (used for) investing activities		100
Adjustment \| Accounting Standards Update 2016-09 - Stock Compensation
Recent Accounting Pronouncements
Cash flows from operating activities		1,800	2,100
Cash flows from financing activities		$ (1,800)	$ (2,100)

Acquisitions - Fiscal Year Acquisitions (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 29, 2017 USD ($)	Apr. 28, 2018 USD ($) store	Apr. 29, 2017 USD ($) store Counterparty	Apr. 30, 2016 USD ($) store Counterparty
Acquisitions
Goodwill		$ 75,254	$ 74,245	$ 37,193
La-Z-Boy Wholesale Business in United Kingdom and Ireland
Acquisitions
Period until payment due			90 days
Total purchase price			$ 16,900
Contingent consideration			1,000
Cash paid	$ 15,900
Amortizable intangible assets			4,100
Goodwill			$ 12,200
Independent dealer assets acquired in fiscal 2018
Acquisitions
Number of stores included in acquisition \| store		1
Cash paid		$ 600
Settlement gain or loss		0
Independent dealer assets acquired in fiscal 2018 \| Reacquired Rights
Acquisitions
Indefinite-lived intangible asset		$ 300
Independent dealer assets acquired in fiscal 2017
Acquisitions
Number of dealers whose assets were acquired \| Counterparty			4
Number of stores included in acquisition \| store			14
Total purchase price			$ 38,700
Contingent consideration			200
Cash paid			35,900
Forgiveness of accounts receivable			2,600
Settlement gain or loss			0
Goodwill			24,900
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 included in acquisition \| store				11
Total purchase price				$ 26,300
Cash paid				23,300
Prepaid expenses and forgiveness of accounts and notes receivable				3,000
Settlement gain or loss				0
Goodwill				22,000
Independent dealer assets acquired in fiscal 2016 \| Reacquired Rights
Acquisitions
Indefinite-lived intangible asset				$ 3,100
Minimum \| La-Z-Boy Wholesale Business in United Kingdom and Ireland
Acquisitions
Amortization period		1 year	1 year
Maximum \| La-Z-Boy Wholesale Business in United Kingdom and Ireland
Acquisitions
Amortization period		15 years	15 years
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 \| La-Z-Boy Wholesale Business in United Kingdom and Ireland
Acquisitions
Amortization period			1 year
Intangible assets, excluding acquired customer relationships \| Maximum \| La-Z-Boy Wholesale Business in United Kingdom and Ireland
Acquisitions
Amortization period			2 years

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2017	Apr. 28, 2018
Fiscal 2018 Acquisitions
Fair values at the dates of acquisition
Current assets		$ 595
Goodwill and other intangible assets		255
Total assets acquired		850
Current liabilities acquired		(234)
Total liabilities		(234)
Total purchase price		$ 616
Fiscal 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

Restricted Cash (Details) - USD ($) $ in Thousands	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016	Apr. 25, 2015
Restricted Cash
Cash and cash equivalents	$ 134,515	$ 141,860
Restricted cash	2,356	8,999
Total cash, cash equivalents and restricted cash	$ 136,871	$ 150,859	$ 121,335	$ 107,938

Inventories (Details) - USD ($) $ in Thousands	Apr. 28, 2018	Apr. 29, 2017
Inventories
Raw materials	$ 86,214	$ 83,371
Work in process	12,254	11,320
Finished goods	109,183	101,444
FIFO inventories	207,651	196,135
Excess of FIFO over LIFO	(22,810)	(21,021)
Total inventories	$ 184,841	$ 175,114

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Property, Plant and Equipment
Gross property, plant and equipment	$ 520,772	$ 490,857
Accumulated depreciation	(339,890)	(321,725)
Net property, plant and equipment	180,882	169,132
Depreciation expense	27,500	25,400	$ 23,300
Buildings and building fixtures
Property, Plant and Equipment
Gross property, plant and equipment	$ 200,370	196,817
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	$ 147,542	141,071
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	$ 84,881	76,684
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	$ 14,626	14,565
Land improvements
Property, Plant and Equipment
Gross property, plant and equipment	$ 15,362	15,178
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	$ 13,929	14,905
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	$ 20,812	20,390
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	$ 23,250	$ 11,247

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	12 Months Ended
	Apr. 28, 2018 USD ($) item	Apr. 29, 2017 USD ($)	Apr. 30, 2016 USD ($)
Key assumptions used in assessment of goodwill
Goodwill impairment	$ 0	$ 0	$ 0
Roll-forward of goodwill
Balance at beginning of period	74,245	37,193
Acquisitions		36,584
Translation adjustment	1,009	468
Balance at end of period	$ 75,254	$ 74,245	$ 37,193
Goodwill
Key assumptions used in assessment of goodwill
Discount rate (as a percent)	8.90%
Tax rate (as a percent)	24.50%
Terminal growth rate (as a percent)	2.00%
Casegoods Segment
Goodwill
Number of reporting units for goodwill \| item	1
Retail Segment
Goodwill
Number of reporting units for goodwill \| item	1
Roll-forward of goodwill
Balance at end of period	$ 62,300

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017
Roll-forward of other intangible assets
Balance at beginning of period	$ 18,489	$ 8,558
Acquisitions	255	10,337
Impairment charges		(40)
Amortization	(959)	(463)
Translation adjustment	405	97
Balance at end of period	18,190	18,489
Reacquired Rights
Roll-forward of other intangible assets
Balance at beginning of period	524
Acquisitions		829
Amortization	(542)	(336)
Translation adjustment	18	31
Balance at end of period		524
Other Intangible Assets
Roll-forward of other intangible assets
Balance at beginning of period	3,587
Acquisitions		3,530
Amortization	(417)	(127)
Translation adjustment	220	184
Balance at end of period	3,390	3,587
Trade Names
Roll-forward of other intangible assets
Balance at beginning of period	1,155	1,195
Impairment charges		(40)
Balance at end of period	1,155	1,155
Reacquired Rights
Roll-forward of other intangible assets
Balance at beginning of period	13,223	7,363
Acquisitions	255	5,978
Translation adjustment	167	(118)
Balance at end of period	$ 13,645	$ 13,223

Investments - Components (Details) - USD ($) $ in Thousands	Apr. 28, 2018	Apr. 29, 2017
Investments
Total investments	$ 59,354	$ 53,677
Investments to enhance returns on cash
Investments
Total investments	34,359	33,087
Investments to fund compensation/retirement plans
Investments
Total investments	14,041	13,690
Other investments
Investments
Total investments	10,954	6,900
Other current assets
Investments
Available-for-sale investments	12,832	15,040
Trading securities	94	6
Held-to-maturity investments	3,340	1,867
Total investments	16,266	16,913
Other long-term assets
Investments
Available-for-sale investments	32,134	31,264
Cost basis investments	10,954	5,500
Total investments	$ 43,088	$ 36,764

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Apr. 28, 2018	Apr. 29, 2017
Summary of investments
Gross Unrealized Gains	$ 2,243	$ 2,526
Gross Unrealized Losses	(457)	(163)
Fair Value	59,354	53,677
Equity securities
Summary of investments
Gross Unrealized Gains	2,142	1,796
Gross Unrealized Losses	(39)	(83)
Fair Value	18,671	13,610
Fixed income
Summary of investments
Gross Unrealized Gains	29	729
Gross Unrealized Losses	(418)	(72)
Fair Value	36,312	37,580
Mutual funds
Summary of investments
Fair Value	94	6
Other
Summary of investments
Gross Unrealized Gains	72	1
Gross Unrealized Losses		(8)
Fair Value	$ 4,277	$ 2,481

- 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 + Details

Investments - Sales and Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Sales of available-for-sale securities
Proceeds from sales	$ 22,674	$ 19,954	$ 28,721
Gross realized gains	1,302	926	997
Gross realized losses	(532)	$ (455)	$ (561)
Fair value of available-for-sale securities by contractual maturity
Fair value, available-for-sale securities with contractual maturity within one year	12,900
Fair value, available-for-sale securities with contractual maturity within two to five years	21,000
Fair value, available-for-sale securities with contractual maturity within six to ten years	1,400
Fair value, available-for-sale securities with contractual maturity after ten years	$ 1,000

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 29, 2017	Apr. 28, 2018	Apr. 29, 2017
Payroll and other compensation		$ 40,467	$ 45,229
Accrued product warranty, current portion		12,687	13,191
Customer deposits		31,282	26,595
Other current liabilities		34,285	62,160
Accrued expenses and other current liabilities		118,721	$ 147,175
Decrease in other current liabilities		27,900
Civil lawsuit \| Agreement to settle \| Other current liabilities
Net decrease in accrual for legal settlement		$ 8,400
La-Z-Boy Wholesale Business in United Kingdom and Ireland
Payment for acquisition	$ 15,900
Period until payment due			90 days
La-Z-Boy Wholesale Business in United Kingdom and Ireland \| Other current liabilities
Payment for acquisition	$ 15,900

Debt (Details) - USD ($) $ in Thousands	12 Months Ended
Debt (Details) - USD ($) $ in Thousands	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Debt
Less: current portion	$ (223)	$ (219)
Long-term debt	199	296
Cash paid for interest	400	500	$ 500
Capital leases
Debt
Total debt	422	515
Less: current portion	(223)	(219)
Long-term debt	199	296
Maturities of long-term capital leases
Fiscal 2020	$ 200
Capital leases \| Minimum
Debt
Interest rate (as a percent)	2.60%
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	148,100
Credit commitment	$ 150,000

Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Operating Leases (Details) - USD ($) $ in Thousands	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Operating Leases
Total rent liability	$ 13,200	$ 14,000
Future minimum rentals for all non-cancelable operating leases
2019	68,108
2020	61,777
2021	57,237
2022	46,195
2023	35,719
2024 and beyond	91,315
Total Future Minimum Rentals	360,351
Future rental income from subleases
2019	3,200
2020	3,216
2021	2,566
2022	883
2023	457
2024 and beyond	912
Total Future Minimum Income	11,234
Rental expense and rental income for operating leases
Rental expense	71,022	68,452	$ 62,953
Rental income	$ 3,039	$ 3,604	$ 4,650

Retirement and Welfare Plans - Deferred Compensation (Details) - USD ($) $ in Thousands	Apr. 28, 2018	Apr. 29, 2017
Other current assets
Retirement and Welfare
Market value of mutual funds	$ 94	$ 6
PCRP \| Other current liabilities
Retirement and Welfare
Deferred compensation arrangement obligations	200	100
PCRP \| Other long-term liabilities
Retirement and Welfare
Deferred compensation arrangement obligations	9,500	8,300
Executive deferred compensation plan \| Other long-term liabilities
Retirement and Welfare
Deferred compensation arrangement obligations	23,200	20,300
Executive deferred compensation plan \| Other current assets
Retirement and Welfare
Market value of mutual funds	100
Executive deferred compensation plan and PCRP \| Other long-term assets
Retirement and Welfare
Cash surrender value of life insurance contracts	$ 31,600	27,800
Maximum \| Executive deferred compensation plan \| 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 (not funded) - USD ($) $ in Millions	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017
Retirement and Welfare
Total cost recognized	$ 0.8	$ 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)	4.10%	3.90%
Other long-term liabilities
Retirement and Welfare
Plan obligations	$ 15.5	$ 16.7

Retirement and Welfare Plans - Hourly Plan, Amounts Recognized in AOCI (Details) - Defined benefit pension plan for factory hourly employees (funded) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017
Changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss (pre-tax)
Beginning of year net actuarial loss	$ 36,397	$ 36,850
Net current year actuarial (gain) loss	(2,546)	2,605
Amortization of actuarial loss	(3,120)	(3,058)
End of year net actuarial loss	30,731	$ 36,397
Unrecognized actuarial losses expected to be amortized in fiscal 2019	$ 2,600

Retirement and Welfare Plans - Net Periodic Pension Cost and Retirement Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Components of net periodic pension cost
Other	$ 360	$ 51	$ 318
Total retirement costs (excluding non-qualified defined benefit retirement plan)	13,005	12,702	14,363
401(k)
Components of net periodic pension cost
Defined contribution plan cost	7,093	7,124	6,657
PCRP
Components of net periodic pension cost
Defined contribution plan cost	1,347	1,488	3,088
Defined benefit pension plan for factory hourly employees (funded)
Components of net periodic pension cost
Service cost	1,316	1,278	1,358
Interest cost	4,587	4,681	4,938
Expected return on plan assets	(4,818)	(4,978)	(4,997)
Net amortization and deferral	3,120	3,058	3,001
Net periodic pension cost	$ 4,205	$ 4,039	$ 4,300

Retirement and Welfare Plans - Hourly Plan, Funded Status and Balance Sheet Amounts (Details) - Defined benefit pension plan for factory hourly employees (funded) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Change in benefit obligation
Benefit obligation at beginning of year	$ 114,185	$ 116,371
Service cost	1,316	1,278	$ 1,358
Interest cost	4,587	4,681	4,938
Actuarial (gain) loss	(5,154)	14
Benefits paid	(5,694)	(7,728)
Administrative expenses	(455)	(431)
Benefit obligation at end of year	108,785	114,185	116,371
Change in plan assets
Fair value of plan assets at beginning of year	109,012	112,484
Actual return on plan assets	2,211	2,387
Employer contributions	2,000	2,300
Benefits paid	(5,694)	(7,728)
Administrative expenses	(455)	(431)
Fair value of plan assets at end of year	107,074	109,012	$ 112,484
Funded status	(1,711)	(5,173)
Other long-term liabilities	$ (1,711)	$ (5,173)

Retirement and Welfare Plans - Hourly Plan, Actuarial Assumptions (Details) - Defined benefit pension plan for factory hourly employees (funded)	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Actuarial assumptions for the defined benefit pension plan
Discount rate used to determine benefit obligations (as a percent)	4.20%	4.10%	4.10%
Discount rate used to determine net benefit cost (as a percent)	4.10%	4.10%	4.20%
Long-term rate of return (as a percent)	4.50%	4.50%	4.30%

Retirement and Welfare Plans - Hourly Plan, Assets (Details) - Defined benefit pension plan for factory hourly employees (funded) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Pension assets
Fair value of plan assets	$ 107,074	$ 109,012	$ 112,484
Transfers from Level 1 to Level 2 assets	0	0
Transfers from Level 2 to Level 1 assets	0	0
Employer contributions	2,000	2,300
Expected contributions during fiscal 2019	7,000
Level 1
Pension assets
Fair value of plan assets	1,506	1,561
Level 2
Pension assets
Fair value of plan assets	$ 96,230	97,860
Fixed rate investments
Pension assets
Strategic asset allocation (as a percent)	85.00%
Cash and equivalents \| Level 1
Pension assets
Fair value of plan assets	$ 57	44
Cash and equivalents \| Level 2
Pension assets
Fair value of plan assets	3,272	3,730
Equity funds \| Level 1
Pension assets
Fair value of plan assets	1,449	1,517
Equity funds \| Level 2
Pension assets
Fair value of plan assets	119	181
Debt funds \| Level 2
Pension assets
Fair value of plan assets	92,839	93,949
Common trust funds, measured using net asset value
Pension assets
Fair value of plan assets	$ 9,300	$ 9,600

Retirement and Welfare Plans - Hourly Plan, Expected Benefit Payments (Details) - Defined benefit pension plan for factory hourly employees (funded) $ in Thousands	Apr. 28, 2018 USD ($)
Expected benefit payments
2019	$ 6,620
2020	6,723
2021	6,830
2022	6,926
2023	6,997
2024 to 2028	35,077
Total	$ 69,173

Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Apr. 28, 2018	Apr. 29, 2017
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 21,870	$ 20,511
Accruals during the period	19,120	20,875
Settlements during the period	(19,785)	(19,516)
Balance as of the end of the period	21,205	21,870
Product warranty liability included in accrued expenses and other current liabilities	$ 12,700	$ 13,200
Minimum \| 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 - USD ($) $ in Millions	3 Months Ended	12 Months Ended	21 Months Ended
	Jan. 27, 2018	Apr. 30, 2016	Oct. 31, 2017
Initial verdict
Contingencies and Commitments
Expense recognized		$ 5.5
Accrual of royalties and interest
Contingencies and Commitments
Expense recognized			$ 3.9
Agreement to settle
Contingencies and Commitments
Expense recognized	$ 4.1
Agreed settlement amount	$ 13.5

Stock-Based Compensation - Plans and Expense (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 9,474	$ 8,864	$ 8,292
Liability-based awards expense	405	1,687	1,355
Total stock-based compensation expense	$ 9,879	$ 10,551	$ 9,647
2017 Omnibus Incentive Plan
Stock-Based Compensation
Aggregate number of common shares that may be issued through awards (in shares)	5.9
2010 Omnibus Incentive Plan
Stock-Based Compensation
Aggregate number of common shares that may be issued through awards (in shares)	0.0
Previous Plans
Stock-Based Compensation
Aggregate number of common shares that may be issued through awards (in shares)	0.0

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 29, 2017	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Stock-Based Compensation
Expense recognized		$ 9,879	$ 10,551	$ 9,647
Stock Options
Stock-Based Compensation
Cash received for exercises of stock options		$ 4,400	$ 3,600	400
Number of Shares
Outstanding at beginning of period (in shares)	1,509,000	1,509,000
Granted (in shares)	573,591	574,000
Canceled (in shares)		(40,000)
Exercised (in shares)		(206,000)
Outstanding at end of period (in shares)		1,837,000	1,509,000
Exercisable (in shares)		732,000
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 22.70	$ 22.70
Granted (in dollars per share)		27.25
Canceled (in dollars per share)		26.58
Exercised (in dollars per share)		21.40
Outstanding at end of period (in dollars per share)		24.18	$ 22.70
Exercisable (in dollars per share)		$ 20.57
Additional information
Weighted Average Remaining Contractual Term, Outstanding		7 years 4 months 24 days	7 years 7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable		5 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding		$ 9,407	$ 7,638
Aggregate Intrinsic Value, Exercised		2,152	$ 4,900	$ 600
Aggregate Intrinsic Value, Exercisable		6,388
Unrecognized compensation cost		$ 1,900
Period for recognition of unrecognized compensation costs		1 year 6 months
Vested during the period (in shares)		400,000
Fair value assumptions
Risk-free interest rate (as a percent)		1.84%	1.30%	1.54%
Dividend rate (as a percent)		1.61%	1.54%	1.20%
Expected life in years		5 years	5 years	5 years
Stock price volatility (as a percent)		32.12%	38.87%	44.37%
Fair value per share (in dollars per share)		$ 7.16	$ 7.99	$ 9.69
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		$ 4,200	$ 3,400	$ 3,200
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. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Stock-Based Compensation
Expense recognized	$ 9,879	$ 10,551	$ 9,647
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 2013 Grant
Fair value assumptions
Fair value per share (in dollars per share)	$ 17.33
Stock Appreciation Rights \| Fiscal 2014 Grant
Fair value assumptions
Risk-free interest rate (as a percent)	1.64%
Dividend rate (as a percent)	1.64%
Expected life in years	1 month 17 days
Stock price volatility (as a percent)	18.79%
Fair value per share (in dollars per share)	$ 10.22
Stock Appreciation Rights \| Selling, general and administrative expense
Stock-Based Compensation
Expense recognized	$ 300	$ 700	$ 100

Stock-Based Compensation - Restricted Stock and RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Stock-Based Compensation
Expense recognized	$ 9,879	$ 10,551	$ 9,647
Restricted Stock \| Employees
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	$ 4,400
Period for recognition of unrecognized compensation costs	2 years 6 months
Number of Shares
Non-vested at beginning of period (in shares)	209,000
Granted (in shares)	107,662
Vested (in shares)	(69,000)
Canceled (in shares)	(15,000)
Non-vested at end of period (in shares)	233,000	209,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 25.72
Granted (in dollars per share/unit)	27.45
Vested (in dollars per share)	25.44
Canceled (in dollars per share)	26.36
Non-vested at end of period (in dollars per share)	26.56	$ 25.72
Restricted Stock \| Non-Employee Directors
Weighted Average Grant Date Fair Value
Granted (in dollars per share/unit)	$ 23.85	$ 27.10	$ 27.74
Restricted Stock \| Non-Employee Directors \| Maximum
Number of Shares
Granted (in shares)	100,000	100,000	100,000
Restricted Stock \| Selling, general and administrative expense \| Employees
Stock-Based Compensation
Expense recognized	$ 2,200	$ 1,700	$ 1,100
Restricted Stock \| Selling, general and administrative expense \| Non-Employee Directors
Stock-Based Compensation
Expense recognized	$ 700	$ 600	600
Restricted Stock Units \| Employees
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
Number of Shares
Non-vested at beginning of period (in shares)	23,000
Vested (in shares)	(23,000)
Non-vested at end of period (in shares)	0	23,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 19.80
Vested (in dollars per share)	$ 19.80
Non-vested at end of period (in dollars per share)		$ 19.80
Restricted Stock Units \| Selling, general and administrative expense \| Employees
Stock-Based Compensation
Expense recognized	$ 900	$ 800	$ 1,400

Stock-Based Compensation - Performance Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Stock-Based Compensation
Equity based compensation expenses	$ 9,879	$ 10,551	$ 9,647
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
Unrecognized compensation cost	$ 2,900
Period for recognition of unrecognized compensation costs	1 year 4 months 24 days
Equity based compensation expenses	$ 2,394	$ 3,068	3,376
Number of Shares
Non-vested at beginning of period (in shares)	559
Granted (in shares)	356
Vested (in shares)	(89)
Canceled (in shares)	(285)
Non-vested at end of period (in shares)	541	559
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 24.87
Granted (in dollars per share/unit)	25.93
Vested (in dollars per share)	22.91
Canceled (in dollars per share)	25.54
Non-vested at end of period (in dollars per share)	$ 25.52	$ 24.87
Performance-Based Shares \| Fiscal 2014 Grant
Stock-Based Compensation
Equity based compensation expenses			926
Performance-Based Shares \| Fiscal 2015 Grant
Stock-Based Compensation
Equity based compensation expenses		$ 675	840
Performance-Based Shares \| Fiscal 2016 Grant
Stock-Based Compensation
Equity based compensation expenses	$ 1,052	1,284	$ 1,610
Performance-Based Shares \| Fiscal 2017 Grant
Stock-Based Compensation
Equity based compensation expenses	455	$ 1,109
Performance-Based Shares \| Fiscal 2018 Grant
Stock-Based Compensation
Equity based compensation expenses	$ 887
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 performance goals \| Fiscal 2018 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share/unit)	$ 25.93
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 Shares, vesting based on market conditions \| Fiscal 2018 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share/unit)	$ 36.24
Performance-Based Units
Stock-Based Compensation
Equity based compensation expenses			$ 0

Stock Based Compensation - Previously Granted Deferred Stock (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Previously Granted Deferred Stock Units
Expense recognized	$ 9,879	$ 10,551	$ 9,647
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	$ 100	200	$ (200)
Other long-term liabilities \| Non-Employee Directors \| Deferred Stock Units
Previously Granted Deferred Stock Units
Liability related to awards	$ 2,000	$ 1,900

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Activity in accumulated other comprehensive loss
Balance	$ 589,919
Balance	612,181	$ 589,919
Components of non-controlling interest
Balance as of the beginning of the period	11,186	10,070	$ 8,954
Net income	729	1,062	1,711
Other comprehensive income (loss)	1,120	54	(595)
Balance as of the end of the period	13,035	11,186	10,070
Accumulated Other Comprehensive Income (Loss)
Activity in accumulated other comprehensive loss
Balance	(32,883)	(34,000)	(32,139)
Changes before reclassifications	7,580	(2,778)	(6,732)
Amounts reclassified to net income	1,713	4,879	4,934
Tax effect	(1,609)	(984)	(63)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	7,684	1,117	(1,861)
Balance	(25,199)	(32,883)	(34,000)
Translation Adjustment
Activity in accumulated other comprehensive loss
Balance	(927)	(445)	1,517
Changes before reclassifications	3,315	(482)	(1,962)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	3,315	(482)	(1,962)
Balance	2,388	(927)	(445)
Change in Fair Value of Cash Flow Hedge
Activity in accumulated other comprehensive loss
Balance	74	(286)	(560)
Changes before reclassifications	164	(1,478)	(1,711)
Amounts reclassified to net income	(208)	2,060	2,154
Tax effect	124	(222)	(169)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	80	360	274
Balance	154	74	(286)
Unrealized Gain on Marketable Securities
Activity in accumulated other comprehensive loss
Balance	1,752	1,058	1,605
Changes before reclassifications	844	1,592	(447)
Amounts reclassified to net income	(1,420)	(471)	(436)
Tax effect	200	(427)	336
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(376)	694	(547)
Balance	1,376	1,752	1,058
Net Pension Amortization and Net Actuarial Gain (Loss)
Activity in accumulated other comprehensive loss
Balance	(33,782)	(34,327)	(34,701)
Changes before reclassifications	3,257	(2,410)	(2,612)
Amounts reclassified to net income	3,341	3,290	3,216
Tax effect	(1,933)	(335)	(230)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	4,665	545	374
Balance	$ (29,117)	$ (33,782)	$ (34,327)

Segment Information - Reportable and Operating Segments (Details)	12 Months Ended
	Apr. 28, 2018 store segment item
Upholstery Segment
Segment Information
Number of operating segments	2
Number of reportable segments	1
Casegoods Segment
Segment Information
Number of operating segments	1
Number of brands \| item	3
Retail Segment
Segment Information
Number of operating segments	1
Number of stores \| store	146

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Segment Information
Sales	$ 1,583,947	$ 1,520,060	$ 1,525,398
Operating Income (Loss)	129,369	133,342	125,331
Interest expense	538	1,073	486
Interest income	1,709	981	827
Other income (expense), net	(1,650)	(2,510)	(629)
Income before income taxes	128,890	130,740	125,043
Depreciation and Amortization	31,767	29,131	26,517
Capital Expenditures	36,337	20,304	24,684
Assets	892,967	888,855	800,029
Upholstery Segment
Segment Information
Sales	1,010,097	986,917	1,027,615
Casegoods Segment
Segment Information
Sales	95,919	87,181	92,601
Corporate and Other, non-segment
Segment Information
Sales	3,318	2,724	2,703
Operating Segments \| Upholstery Segment
Segment Information
Sales	1,227,363	1,191,443	1,215,805
Operating Income (Loss)	130,349	148,996	137,135
Depreciation and Amortization	15,823	14,692	13,559
Capital Expenditures	30,049	13,193	14,744
Assets	363,864	357,889	323,411
Operating Segments \| Casegoods Segment
Segment Information
Sales	111,393	100,228	102,540
Operating Income (Loss)	11,641	8,623	7,734
Depreciation and Amortization	993	863	874
Capital Expenditures	711	786	562
Assets	57,312	53,064	51,165
Operating Segments \| Retail Segment
Segment Information
Sales	474,613	443,238	402,479
Operating Income (Loss)	20,709	19,205	25,567
Depreciation and Amortization	3,758	3,131	2,800
Capital Expenditures	3,377	2,831	3,245
Assets	177,853	172,601	146,963
Corporate and Other
Segment Information
Operating Income (Loss)	(33,330)	(43,482)	(45,105)
Depreciation and Amortization	11,193	10,445	9,284
Capital Expenditures	2,200	3,494	6,133
Corporate and Other \| Corporate and Other, non-segment
Segment Information
Sales	12,739	9,161	6,423
Eliminations
Segment Information
Sales	(242,161)	(224,010)	(201,849)
Eliminations \| Upholstery Segment
Segment Information
Sales	(217,266)	(204,526)	(188,190)
Eliminations \| Casegoods Segment
Segment Information
Sales	(15,474)	(13,047)	(9,939)
Eliminations \| Corporate and Other, non-segment
Segment Information
Sales	(9,421)	(6,437)	(3,720)
Unallocated
Segment Information
Assets	$ 293,938	$ 305,301	$ 278,490

Segment Information - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Geographic Information
Long-lived assets	$ 275,449	$ 262,989	$ 218,464
Geographic concentration \| Sales
Geographic Information
Percentage of sales	100.00%	100.00%	100.00%
Domestic/United States
Geographic Information
Long-lived assets	$ 251,778	$ 239,198	$ 211,021
Domestic/United States \| Geographic concentration \| Sales
Geographic Information
Percentage of sales	87.00%	88.00%	89.00%
International
Geographic Information
Long-lived assets	$ 23,671	$ 23,791	$ 7,443
Canada \| Geographic concentration \| Sales
Geographic Information
Percentage of sales	7.00%	7.00%	7.00%
Other \| Geographic concentration \| Sales
Geographic Information
Percentage of sales	6.00%	5.00%	4.00%

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Income from continuing operations before income taxes
United States		$ 111,516	$ 122,196	$ 115,750
Foreign		17,374	8,544	9,293
Income before income taxes		128,890	130,740	125,043
Federal:
- current		21,206	35,606	32,403
- deferred		16,401	2,349	3,559
State:
- current		4,886	5,194	4,750
- deferred		1,075	(1,703)	859
Foreign:
- current		3,820	2,388	2,345
- deferred		(93)	(78)	164
Total income tax expense		$ 47,295	$ 43,756	$ 44,080
Reconciliation of effective tax rate as it differs from the U.S. federal income tax rate
Statutory tax rate (as a percent)		30.40%	35.00%	35.00%
Increase (reduction) in income taxes resulting from:
Re-measurement of deferred taxes for changes in statutory U.S. tax rate (as a percent)		7.80%
State income taxes, net of federal benefit (as a percent)		3.30%	2.70%	3.40%
U.S. manufacturing benefit (as a percent)		(1.50%)	(2.40%)	(2.50%)
Change in valuation allowance (as a percent)		(0.30%)	(1.00%)	(0.30%)
U.S. research tax credits (as a percent)		(1.90%)
Miscellaneous items (as a percent)		(1.10%)	(0.80%)	(0.30%)
Effective tax rate (as a percent)		36.70%	33.50%	35.30%
Charge recorded to reflect net effect of the Tax Act		$ 10,200
Deferred tax charge from revaluing net U.S. deferred tax assets		10,000
Provisional tax charge related to the one-time transition tax		$ 200
Effect rate of transition tax related to liquid assets (as a percent)		15.50%
Effect rate of transition tax related to remaining unremitted foreign earnings and profit (as a percent)		8.00%
Undistributed earnings, reinvested		$ 45,100
Potential deferred tax attributable to undistributed foreign earnings		2,600
Assets
Deferred and other compensation		18,326	$ 26,689
State income tax - net operating losses, credits and other		5,050	4,927
Warranty		5,348	8,261
Rent		2,971	4,768
Workers' compensation		2,714	3,707
Employee benefits		2,343	3,752
Pension			1,299
Other			3,364
Valuation allowance		(1,224)	(1,786)
Total deferred tax assets		35,528	54,981
Liabilities
Property, plant and equipment		(7,684)	(8,453)
Inventory		(1,531)	(3,052)
Goodwill and other intangibles		(3,575)	(3,345)
Pension		(1,230)
Other		(243)
Net deferred tax assets		21,265	$ 40,131
Deferred tax assets associated with loss carryforwards
Various U.S. state net operating losses (excluding federal tax effect)		4,804
Foreign capital losses		17
Future taxable income needed to fully recover net deferred tax assets		$ 72,000
Forecast
Reconciliation of effective tax rate as it differs from the U.S. federal income tax rate
Statutory tax rate (as a percent)	21.00%

Income Taxes - Valuation Allowance (Details) $ in Thousands	12 Months Ended
Income Taxes - Valuation Allowance (Details) $ in Thousands	Apr. 28, 2018 USD ($)
Summary of valuation allowance by jurisdiction
Valuation Allowance, beginning of the period	$ 1,786
Change	(562)
Valuation Allowance, end of the period	1,224
U.S. state
Summary of valuation allowance by jurisdiction
Valuation Allowance, beginning of the period	1,769
Change	(562)
Valuation Allowance, end of the period	1,207
Foreign
Summary of valuation allowance by jurisdiction
Valuation Allowance, beginning of the period	17
Valuation Allowance, end of the period	$ 17

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Reconciliation of the beginning and ending balance of unrecognized tax benefits
Balance at the beginning of the period	$ 620	$ 1,821	$ 2,226
Additions:
Positions taken during the current year	464	148	87
Positions taken during the prior year	25
Reductions:
Positions taken during the prior year		(4)	(321)
Decreases related to settlements with taxing authorities		(27)
Reductions resulting from the lapse of the statue of limitations	(95)	(1,318)	(171)
Balance at the end of the period	1,014	620	1,821
Interest and penalties accrued	300	200
Recognition of unrecognized tax benefit that would decrease the effective tax rate	900
Cash paid for taxes (net of refunds received)	$ 37,100	$ 33,700	$ 34,500

Earnings per Share - Reconciliation (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$ 80,866	$ 85,922	$ 79,252
Income allocated to participating securities, basic	(407)	(422)	(401)
Income allocated to participating securities, diluted	(407)	(422)	(401)
Net income available to common shareholders, basic	80,459	85,500	78,851
Net income available to common shareholders, diluted	$ 80,459	$ 85,500	$ 78,851
Denominator
Basic weighted average common shares outstanding (in shares)	47,621	48,963	50,194
Add:
Contingent common shares (in shares)	211	194	238
Stock option dilution (in shares)	303	313	333
Diluted weighted average common shares outstanding (in shares)	48,135	49,470	50,765

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

Fair Value Measurements - Hierarchy and Transfers (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017
Assets
Total assets	$ 59,354	$ 53,677
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	4,481	3,083
Level 1 \| Recurring basis \| Available-for-sale investments
Assets
Total assets	1,141	1,217
Level 1 \| Recurring basis \| Held-to-maturity investments
Assets
Total assets	3,340	1,866
Level 2 \| Recurring basis
Assets
Total assets	37,173	36,644
Level 2 \| Recurring basis \| Available-for-sale investments
Assets
Total assets	37,079	36,638
Level 2 \| Recurring basis \| Trading securities
Assets
Total assets	94	6
Level 3 \| Recurring basis
Assets
Total assets	10,954	6,900
Liabilities
Contingent consideration liability	344	1,248
Level 3 \| Recurring basis \| Available-for-sale investments
Assets
Total assets		1,400
Level 3 \| Recurring basis \| Cost basis investments
Assets
Total assets	$ 10,954	$ 5,500

Fair Value Measurements - Level 3 Investments (Details) $ in Thousands	12 Months Ended
	Apr. 28, 2018 USD ($) company	Apr. 29, 2017 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unrealized gain in other comprehensive income	$ (650)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Preferred share investments, number of privately-held companies \| company	2
Preferred share investments with common share warrant, number of privately-held companies \| company	1
Available-for-sale securities converted to cost basis investment	$ 3,000
New cost basis of preferred shares	$ 5,500
Level 3 \| Available-for-sale investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Unrealized gain in other comprehensive income		$ 700
Discount rate (as a percent)		30.00%

Fair Value Measurements - Level 3 Reconciliation (Details) $ in Thousands	12 Months Ended
	Apr. 28, 2018 USD ($)
Reconciliation of Level 3 assets recorded at fair value using significant unobservable inputs
Balance at beginning of the year	$ 6,900
Purchases	2,500
Realized gain	2,204
Unrealized gain reclassified to net income	(650)
Balance at end of the year	10,954
Reconciliation of Level 3 liabilities recorded at fair value using significant unobservable inputs
Balance at beginning of the year	1,248
Fair value adjustment	(963)
Translation adjustment	59
Balance at end of the year	$ 344

Fair Value Measurements - Net Asset Value (Details) - USD ($) $ in Thousands	Apr. 28, 2018	Apr. 29, 2017
Assets
Fair Value	$ 59,354	$ 53,677
Fair Value Measured Using Net Asset Value \| Available-for-sale investments
Assets
Fair Value	$ 6,700	$ 7,100

- 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 + Details

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Allowance for doubtful accounts, deducted from accounts receivable
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 2,563	$ 3,145	$ 4,622
Charged/(Credited) to Costs and Expenses	261	(278)	(664)
Deductions	(868)	(304)	(813)
Balance at End of Year	1,956	2,563	3,145
Allowance for deferred tax assets
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	1,786	3,625	4,322
Charged/(Credited) to Other Accounts	(299)	(562)	(358)
Deductions	(263)	(1,277)	(339)
Balance at End of Year	$ 1,224	$ 1,786	$ 3,625

Accounting Policies - Fiscal Year (Details)	12 Months Ended
Accounting Policies - Fiscal Year (Details)	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Accounting Policies
Length of fiscal year	364 days	364 days	371 days

Accounting Policies - Inventories (Details)	Apr. 28, 2018	Apr. 29, 2017
Inventories
Inventory cost determined using LIFO basis (as a percent)	64.00%	63.00%

Accounting Policies - Goodwill (Details) - Retail Segment	12 Months Ended
	Apr. 28, 2018 region item
Goodwill
Number of geographic regions \| region	3
Number of reporting units for goodwill \| item	1