Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jul. 28, 2018	Aug. 14, 2018
Document and Entity Information
Entity Registrant Name	LA-Z-BOY INC
Entity Central Index Key	0000057131
Current Fiscal Year End Date	--04-27
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		46,687,129
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 28, 2018

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 28, 2018	Jul. 29, 2017
CONSOLIDATED STATEMENT OF INCOME
Sales	$ 384,695	$ 357,079
Cost of sales	236,173	217,976
Gross profit	148,522	139,103
Selling, general and administrative expense	125,362	122,805
Operating income	23,160	16,298
Interest expense	104	157
Interest income	602	343
Other income (expense), net	892	1,749
Income before income taxes	24,550	18,233
Income tax expense	5,599	6,489
Net income	18,951	11,744
Net income attributable to noncontrolling interests	(648)	(93)
Net income attributable to La-Z-Boy Incorporated	$ 18,303	$ 11,651
Basic weighted average common shares (in shares)	46,716	48,357
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.39	$ 0.24
Diluted weighted average common shares (in shares)	47,161	48,846
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.39	$ 0.24
Dividends declared per share (in dollars per share)	$ 0.12	$ 0.11

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jul. 28, 2018	Jul. 29, 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income	$ 18,951	$ 11,744
Other comprehensive income (loss)
Currency translation adjustment	(4,189)	2,316
Change in fair value of cash flow hedges, net of tax	(333)	478
Net unrealized gains (losses) on marketable securities, net of tax	41	(271)
Net pension amortization, net of tax	516	517
Total other comprehensive income (loss)	(3,965)	3,040
Total comprehensive income before noncontrolling interests	14,986	14,784
Comprehensive (income) loss attributable to noncontrolling interests	580	(498)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 15,566	$ 14,286

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Jul. 28, 2018	Apr. 28, 2018
Current assets
Cash and equivalents	$ 134,247	$ 134,515
Restricted cash	2,358	2,356
Receivables, net of allowance of $ 2,058 at 7/28/18 and $1,956 at 4/28/18	138,979	154,055
Inventories, net	195,015	184,841
Other current assets	55,313	42,451
Total current assets	525,912	518,218
Property, plant and equipment, net	188,088	180,882
Goodwill	74,553	75,254
Other intangible assets, net	17,874	18,190
Deferred income taxes - long-term	21,255	21,265
Other long-term assets, net	78,900	79,158
Total assets	906,582	892,967
Current liabilities
Current portion of long-term debt	221	223
Accounts payable	62,885	62,403
Accrued expenses and other current liabilities	127,708	118,721
Total current liabilities	190,814	181,347
Long-term debt	142	199
Other long-term liabilities	88,962	86,205
Contingencies and commitments
Shareholders' equity
Preferred shares - 5,000 authorized; none issued
Common shares, $1 par value - 150,000 authorized; 46,691 outstanding at 7/28/18 and 46,788 outstanding at 4/28/18	46,691	46,788
Capital in excess of par value	300,770	298,948
Retained earnings	296,321	291,644
Accumulated other comprehensive loss	(29,573)	(25,199)
Total La-Z-Boy Incorporated shareholders' equity	614,209	612,181
Noncontrolling interests	12,455	13,035
Total equity	626,664	625,216
Total liabilities and equity	$ 906,582	$ 892,967

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jul. 28, 2018	Apr. 28, 2018
Current assets
Receivables, allowance (in dollars)	$ 2,058	$ 1,956
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)	46,691	46,788

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 28, 2018	Jul. 29, 2017
Cash flows from operating activities
Net income	$ 18,951	$ 11,744
Adjustments to reconcile net income to cash provided by operating activities
Change in deferred taxes	(183)	1,344
Provision for doubtful accounts	279	(22)
Depreciation and amortization	7,541	7,758
Equity-based compensation expense	2,040	3,558
Change in receivables	14,236	15,753
Change in inventories	(11,092)	(2,477)
Change in other assets	463	(10,837)
Change in payables	2,491	(3,974)
Change in other liabilities	(2,572)	(3,339)
Net cash provided by operating activities	32,154	19,508
Cash flows from investing activities
Proceeds from disposals of assets	61	459
Proceeds from property insurance	58	450
Capital expenditures	(15,873)	(9,146)
Purchases of investments	(4,190)	(10,851)
Proceeds from sales of investments	4,762	5,857
Acquisitions, net of cash acquired		(15,879)
Net cash used for investing activities	(15,182)	(29,110)
Cash flows from financing activities
Payments on debt	(59)	(66)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes	(2,009)	377
Purchases of common stock	(7,944)	(11,491)
Dividends paid	(5,625)	(5,337)
Net cash used for financing activities	(15,637)	(16,517)
Effect of exchange rate changes on cash and equivalents	(1,601)	851
Change in cash, cash equivalents and restricted cash	(266)	(25,268)
Cash, cash equivalents and restricted cash at beginning of period	136,871	150,859
Cash, cash equivalents and restricted cash at end of period	136,605	125,591
Supplemental disclosure of non-cash investing activities
Capital expenditures included in accounts payable	$ 4,122	$ 1,671

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. 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
Purchase of 1,995 shares and 257 shares of common stock for the year-ended April 28, 2018 and three months ended July 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
Increase (Decrease) in Stockholders' Equity
Net income			18,303		648	18,951
Other comprehensive income (loss)				(2,737)	(1,228)	(3,965)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	160	(42)	(2,127)			(2,009)
Purchase of 1,995 shares and 257 shares of common stock for the year-ended April 28, 2018 and three months ended July 28, 2018 respectively.	(257)	(176)	(7,511)			(7,944)
Stock option and restricted stock expense		2,040				2,040
Cumulative effect adjustment for investments, net of tax \| ASU 2016-01 - Investments			1,637	(1,637)
Dividends paid			(5,625)			(5,625)
Balance at Jul. 28, 2018	$ 46,691	$ 300,770	$ 296,321	$ (29,573)	$ 12,455	$ 626,664

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - shares	3 Months Ended	12 Months Ended
	Jul. 28, 2018	Apr. 28, 2018
Common Shares
Shares purchased	257	1,995

Basis of Presentation	3 Months Ended
Basis of Presentation	Jul. 28, 2018
Basis of Presentation
Basis of Presentation	Note 1: Basis of Presentation The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries. We derived the April 28, 2018, balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles, which we applied on a basis consistent with those reflected in our fiscal 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission, but the information does not include all of the disclosures required by generally accepted accounting principles. In management’s opinion, the interim financial information includes all adjustments and accruals, consisting only of normal recurring adjustments (except as otherwise disclosed), that are necessary for a fair statement of results for the respective interim periods. The interim results reflected in the accompanying financial statements are not necessarily indicative of the results of operations that will occur for the full fiscal year ending April 27, 2019. At July 28, 2018, we owned preferred shares of two privately-held companies, both of which are variable interest entities. We also hold a warrant to purchase common shares of one of these companies. 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. Accounting pronouncements adopted in fiscal 2019 In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard that requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard supersedes virtually all existing authoritative accounting guidance on revenue recognition and requires additional disclosures and greater use of estimates and judgments. During July 2015, the FASB deferred the effective date of the revenue recognition standard by one year, thus making the new accounting standard effective beginning with our fiscal 2019. We adopted the new standard in the first quarter of fiscal 2019 with modified retrospective application. We reviewed substantially all of our contracts and other revenue streams and determined that while the application of the new standard did not have a material change in the amount of or timing for recognizing revenue, it did have a significant impact on our financial statement disclosures related to disaggregated revenue, customer deposits, other receivables and contract liabilities, as well as the presentation of other receivables and deferred revenues (contract liabilities) on our consolidated balance sheet. See Note 10 for information on these disclosures. In January 2016, the FASB issued a new accounting standard that requires equity investments to be measured at fair value with the fair value changes to be recognized through net income. This standard does not apply to investments that are accounted for using the equity method of accounting or that result in consolidation of the invested entity. As of April 28, 2018, we held equity investments and recognized changes in fair value through other comprehensive income (loss) as unrealized gains (losses). We adopted the new standard in the first quarter of fiscal 2019 and consequently reclassified $2.1 million of net unrealized gains from accumulated other comprehensive income to retained earnings as a cumulative-effect adjustment during the first quarter of fiscal 2019. We also reclassified $0.5 million of tax expense related to these investments from accumulated other comprehensive loss to retained earnings. We will recognize the tax impact for these investments in the consolidated statement of income as the unrealized gains (losses) become realized. See Note 5 for additional information on our current investments. 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. We adopted this standard in the first quarter of fiscal 2019. Adoption of this standard did not impact our current practices because intra-entity transfers, as the standard defines them, did not occur in the first quarter of fiscal 2019. 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 was adopted in the first quarter of fiscal 2019. Future acquisitions will be assessed under this adopted standard. 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. We are required to adopt this standard by our fiscal 2021, but the standard permits us to adopt it early. We have elected to adopt this standard in fiscal 2019, and we will perform our goodwill impairment test in the fourth quarter of fiscal 2019. We do not believe that adoption of this standard will have a material impact on our consolidated financial statements or disclosures. Accounting pronouncements not yet adopted In February 2016, the FASB issued a new accounting standard requiring lessees to record all operating leases on their 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 adopting this standard will have a material impact on our consolidated balance sheet as we have a significant number of 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 new standard requires the use of an allowance to record estimated credit losses on these assets when the fair value is below the amortized cost of the asset. This standard also removes the evaluation of the length of time that a security has been in a loss position to avoid recording a credit loss. We are required to adopt this standard for our fiscal 2021 and apply it through a cumulative-effect adjustment to retained earnings. We are still assessing the impact this standard will have on our consolidated financial statements and related disclosures. In August 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. As of July 28, 2018, we do not have any outstanding hedging relationships or instruments that would be affected by this standard. The Tax Cut and Jobs Act of 2017 (the “Tax Act”) required corporations to adjust deferred taxes to reflect the reduction of the corporate income tax rate, leaving items within accumulated other comprehensive income stranded at the historical tax rate. In February 2018, the FASB issued a new accounting standard that allows corporations in their consolidated financial statements to reclassify these stranded income tax effects from accumulated other comprehensive income to retained earnings. This standard will be effective for our fiscal 2020, and companies are permitted to adopt it in any interim period. Companies are to apply the standard either in the period they adopt or retrospectively to each period that was affected by the Tax Act’s change in the federal corporate tax rate. We are still assessing the impact this standard will have on our consolidated financial statements and related disclosures.

Restricted Cash

3 Months Ended

Jul. 28, 2018

Restricted Cash

Restricted Cash

Note 2: 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)	7/28/18		7/29/17
Cash and cash equivalents	$	134,247	$	119,628
Restricted cash	2,358		5,963

Total cash, cash equivalents and restricted cash	$	136,605	$	125,591

Inventories

3 Months Ended

Jul. 28, 2018

Inventories

Inventories

Note 3: Inventories

A summary of inventories is as follows:

(Unaudited, amounts in thousands)	7/28/18			4/28/18
Raw materials	$	92,788		$	86,214
Work in process	13,224			12,254
Finished goods	111,813			109,183

FIFO inventories	217,825			207,651
Excess of FIFO over LIFO	(22,810		)	(22,810		)

Total inventories	$	195,015		$	184,841

Goodwill and Other Intangible Assets

3 Months Ended

Jul. 28, 2018

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 4: Goodwill and Other Intangible Assets

Goodwill relating to the acquisition of La-Z-Boy Furniture Galleries® stores is recorded in our Retail segment and totals $62.2 million at July 28, 2018. The remainder of our goodwill is related to the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland, which is recorded in our Upholstery reportable segment. The following is a roll-forward of goodwill for the quarter ended July 28, 2018:

(Unaudited, amounts in thousands)	Goodwill
Balance at April 28, 2018	$	75,254
Translation adjustment	(701		)

Balance at July 28, 2018	$	74,553

The trade name in our intangible assets relates to American Drew, a brand in our Casegoods segment. Indefinite-lived reacquired rights relate to the acquisition of La-Z-Boy Furniture Galleries® stores and are recorded in our Retail segment. Other intangible assets are primarily acquired customer relationships from the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland and are recorded in our Upholstery reportable segment. The following is a roll-forward of our other intangible assets for the quarter ended July 28, 2018:

(Unaudited, amounts in thousands)	Trade Name		Indefinite-Lived Reacquired Rights			Other Intangible Assets			Total Other Intangible Assets
Balance at April 28, 2018	$	1,155	$	13,645		$	3,390		$	18,190
Amortization	—		—			(104		)	(104		)
Translation adjustment	—		(48		)	(164		)	(212		)

Balance at July 28, 2018	$	1,155	$	13,597		$	3,122		$	17,874

- 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

3 Months Ended

Jul. 28, 2018

Investments

Investments

Note 5: 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 July 28, 2018, and April 28, 2018:

(Unaudited, amounts in thousands)	7/28/18		4/28/18
Short-term investments:
Marketable securities	$	12,444	$	12,926
Held-to-maturity investments	3,038		3,340

Total short-term investments	15,482		16,266

Long-term investments:
Marketable securities	30,326		32,134
Cost basis investments	10,954		10,954

Total long-term investments	41,280		43,088


Total investments	$	56,762	$	59,354


Investments to enhance returns on cash	$	31,565	$	34,359
Investments to fund compensation/retirement plans	$	14,243	$	14,041
Other investments	$	10,954	$	10,954

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

At July 28, 2018

(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	2,462	$	(44	)	$	19,038
Fixed income	29		(366		)	33,587
Other	169		(13		)	4,137

Total securities	$	2,660	$	(423	)	$	56,762

At April 28, 2018

(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	2,142	$	(39	)	$	18,765
Fixed income	29		(418		)	36,312
Other	72		—			4,277

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

The following table summarizes sales of marketable securities:

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18			7/29/17
Proceeds from sales	$	4,762		$	5,857
Gross realized gains	75			402
Gross realized losses	(55		)	(221		)

At July 28, 2018, the fair value of fixed income marketable securities, which are classified as available-for-sale securities, by contractual maturity was $12.5 million within one year, $18.9 million within two to five years, $1.2 million within six to ten years, and $1.0 million thereafter.

Pension Plans

3 Months Ended

Jul. 28, 2018

Pension Plans

Pension Plans

Note 6: Pension Plans

Net periodic pension costs were as follows:

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18			7/29/17
Service cost	$	323		$	329
Interest cost	1,116			1,147
Expected return on plan assets	(1,136		)	(1,204		)
Net amortization	639			780

Net periodic pension cost	$	942		$	1,052

The components of net periodic pension cost other than the service cost are included in other income (expense), net in our consolidated statement of income. Service cost is recorded in cost of sales in our consolidated statement of income.

Product Warranties

3 Months Ended

Jul. 28, 2018

Product Warranties

Product Warranties

Note 7: Product Warranties

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

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

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18			7/29/17
Balance as of the beginning of the period	$	21,205		$	21,870
Accruals during the period	5,121			4,853
Settlements during the period	(5,233		)	(4,841		)

Balance as of the end of the period	$	21,093		$	21,882

As of July 28, 2018, and April 28, 2018, we included $12.6 million and $12.7 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 in the table above, primarily to reflect charges that relate to warranties issued during the respective periods.

Stock-Based Compensation

3 Months Ended

Jul. 28, 2018

Stock-Based Compensation

Stock-Based Compensation

Note 8: Stock-Based Compensation

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

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18		7/29/17
Equity-based awards expense	$	2,040	$	3,558
Liability-based awards expense	166		896

Total stock-based compensation expense	$	2,206	$	4,454

Stock Options. We granted 423,273 stock options to employees during the first quarter of fiscal 2019, and we have stock options outstanding from previous grants. We account for stock options as equity-based awards because when they are exercised, they will be settled in common shares. We recognize compensation expense for stock options over the vesting period equal to the fair value on the date our compensation committee approved the awards. The vesting period for our stock options ranges from one to four years, with accelerated vesting upon retirement. The vesting date for retirement-eligible employees is the later of the date they meet the criteria for retirement or the end of the fiscal year in which the grant was made. We accelerate the expense for options granted to retirement-eligible employees over the vesting period, with expense recognized from the grant date through their retirement eligibility date or over the ten months following the grant date, whichever period is longer. We estimate forfeiture rates based on our employees’ forfeiture history and believe they will approximate future results. We estimate the fair value of the employee stock options at the date of grant using the Black-Scholes option-pricing model, which requires management to make certain assumptions. We estimate expected volatility based on the historical volatility of our common shares. We base the average expected life on the contractual term of the stock option and expected employee exercise trends. We base the risk-free rate on U.S. Treasury issues with a term equal to the expected life assumed at the date of the grant.

We calculated the fair value of stock options granted during the first quarter of fiscal 2019 using the following assumptions:

(Unaudited)	Fiscal 2019 grant
Risk-free interest rate	2.82		%
Dividend rate	1.45		%
Expected life in years	5.00
Stock price volatility	33.07		%
Fair value per share	$	9.65

Stock Appreciation Rights (“SARs”). We did not grant any SARs to employees during the first quarter of fiscal 2019, but we have SARs outstanding from previous grants which are all fully vested and have a term of ten years. 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.

In fiscal 2013 and fiscal 2014, we granted SARs as described in our Annual Report on Form 10-K for the fiscal year ended April 27, 2013, and April 26, 2014, respectively. As of July 28, 2018, we had 7,149 and 20,438 SARs outstanding for the fiscal 2013 and fiscal 2014 awards, respectively. 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 July 28, 2018, the intrinsic value per share of the fiscal 2013 and fiscal 2014 awards were $18.93 and $11.84, respectively.

Restricted Stock. We granted 99,426 shares of restricted stock to employees during the first quarter of fiscal 2019. We also have shares of restricted stock outstanding from previous grants. We issue restricted stock at no cost to the employees, and the shares are held in an escrow account until the vesting period ends. If a recipient’s employment ends during the escrow period (other than through death or disability), the shares are returned at no cost to the company. We account for restricted stock awards as equity-based awards because when they vest, they will be settled in common shares. The fair value of the restricted stock awarded in the first quarter of fiscal 2019 was $33.15 per share, the market value of our common shares on the date of grant. We estimate forfeiture rates based on our employees’ forfeiture history and believe they will approximate future results. 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.

Performance Shares. During the first quarter of fiscal 2019, we granted 146,107 performance-based shares. We also have performance-based share awards outstanding from previous grants. Payout of these grants depends on our financial performance (80%) and a market-based condition based on the total return our shareholders receive on their investment in our stock relative to returns earned through investments in other public companies (20%). The performance share opportunity ranges from 50% of the employee’s target award if minimum performance requirements are met to a maximum of 200% of the target award based on the attainment of certain financial and shareholder-return goals over a specific performance period, which is generally three fiscal years.

We account for performance-based shares as equity-based awards because when they vest, they will be settled in common shares. We estimate forfeiture rates based on our employees’ forfeiture history and believe they will approximate future results. 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 2019 that vest based on attaining performance goals was $31.71, 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 2019 grant of shares that vest based on market conditions was $46.39.

Accumulated Other Comprehensive Loss

3 Months Ended

Jul. 28, 2018

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Note 9: Accumulated Other Comprehensive Loss

The activity in accumulated other comprehensive loss for the quarter ended July 28, 2018, and July 29, 2017, is as follows:

(Unaudited, amounts in thousands)	Translation adjustment			Change in fair value of cash flow hedge			Unrealized gain (loss) on marketable securities			Net pension amortization and net actuarial loss			Accumulated other comprehensive loss
Balance at April 28, 2018	$	2,388		$	154		$	1,376		$	(29,117	)	$	(25,199	)
Changes before reclassifications	(2,961		)	(509		)	73			—			(3,397		)
Cumulative effect adjustment for investments (1)	—			—			(1,637		)	—			(1,637		)
Amounts reclassified to net income	—			67			(19		)	686			734
Tax effect	—			109			(13		)	(170		)	(74		)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(2,961		)	(333		)	(1,596		)	516			(4,374		)

Balance at July 28, 2018	$	(573	)	$	(179	)	$	(220	)	$	(28,601	)	$	(29,573	)

(1)

The cumulative effect adjustment for investments is composed of $2.1 million of unrealized gains on equity investments offset by $0.5 million of tax expense. The net $1.6 million of cumulative effect adjustment was reclassed from accumulated other comprehensive loss to retained earnings as a result of adoption of Accounting Standards Update 2016-01 (see Note 1 for further information).

(Unaudited, amounts in thousands)	Translation adjustment			Change in fair value of cash flow hedge			Unrealized gain on marketable securities			Net pension amortization and net actuarial loss			Accumulated other comprehensive loss
Balance at April 29, 2017	$	(927	)	$	74		$	1,752		$	(33,782	)	$	(32,883	)
Changes before reclassifications	1,911			855			394			—			3,160
Amounts reclassified to net income	—			(83		)	(832		)	835			(80		)
Tax effect	—			(294		)	167			(318		)	(445		)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	1,911			478			(271		)	517			2,635

Balance at July 29, 2017	$	984		$	552		$	1,481		$	(33,265	)	$	(30,248	)

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 other income (expense), net.

The components of non-controlling interest for the quarter ended July 28, 2018, and July 29, 2017, were as follows:

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18			7/29/17
Balance as of the beginning of the period	$	13,035		$	11,186
Net income	648			93
Other comprehensive income (loss)	(1,228		)	405

Balance as of the end of the period	$	12,455		$	11,684

Revenue Recognition

3 Months Ended

Jul. 28, 2018

Revenue Recognition

Revenue Recognition

Note 10: Revenue Recognition

We implemented Accounting Standard Update No. 2014-09, Revenue from Contracts with Customers (Accounting Standards Codification Topic 606, “ASC 606”), in the first quarter of fiscal 2019 using the modified-retrospective approach, which required us to apply the new guidance retrospectively to revenue transactions completed on or after the effective date. Adopting this new standard did not have a material impact on our consolidated financial statements except for our enhanced presentation and disclosures. As of the beginning of our fiscal 2019, we had identified and implemented all changes required by the new standard, including those related to our accounting policies, controls, and disclosures.

Our revenue consists substantially of product sales. We report product sales net of discounts and recognize them when control (rights and obligations associated with the product) passes to the customer. For sales to furniture retailers or distributors, control typically transfers when we ship product. In cases where we sell directly to the end consumer, control of the product is generally transferred upon delivery.

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

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

The following table disaggregates our revenue by product category by segment for the quarter ended July 28, 2018:

(Unaudited, amounts in thousands)	Upholstery		Casegoods			Retail		Total
Motion Upholstery Furniture	$	187,659	$	—		$	74,957	$	262,616
Stationary Upholstery Furniture	85,290		3,942			23,164		112,396
Bedroom Furniture	—		8,364			855		9,219
Dining Room Furniture	—		5,929			1,583		7,512
Occasional Furniture	393		11,988			3,974		16,355
Other (a)	20,056		(1,837		)	14,695		32,914

Total	$	293,398	$	28,386		$	119,228	441,012

			Corporate and Other (b)					3,865
			Eliminations					(60,182		)

			Consolidated Net Sales					$	384,695

(a)

Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, discounts & allowances, rebates and other sales incentives

(b)

Primarily includes revenue for royalties and intercompany commissions

Motion Upholstery Furniture — Includes gross revenue for upholstered furniture, such as recliners, sofas, loveseats, chairs, sectionals and modulars that have a mechanism that allows the back of the product to recline or the product’s footrest to extend. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer.

Stationary Upholstery Furniture — Includes gross revenue for upholstered furniture, such as sofas, loveseats, chairs, sectionals, modulars, and ottomans that do not have a mechanism. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer.

Bedroom Furniture — Includes gross revenue for casegoods furniture typically found in a bedroom, such as beds, chests, dressers, nightstands and benches. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer.

Dining Room Furniture — Includes gross revenue for casegoods furniture typically found in a dining room, such as dining tables, dining chairs, storage units and stools. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer.

Occasional Furniture — Includes gross revenue for casegoods furniture found throughout the home, such as cocktail tables, chairsides, sofa tables, end tables, and entertainment centers. This gross revenue includes sales to La-Z-Boy Furniture Galleries® stores (including company-owned stores), independent retailers, and the end consumer.

We have current assets on our consolidated balance sheet which we reported as other receivables, that represents the remaining amount of consideration to which we are entitled prior to fulfilling our performance obligation. Our other receivables are included in other current assets on our consolidated balance sheet, and were $13.8 million at July 28, 2018. At the beginning of fiscal 2019, we had $12.1 million of other receivables.

We receive deposits from end consumers before we recognize revenue, resulting in customer deposits, and in some cases we have the unconditional right to collect the remaining portion of the order price before we fulfill our performance obligation, resulting in deferred revenue, (collectively, the “contract liabilities”). At July 28, 2018, we included $32.5 million of customer deposits and $13.8 million of deferred revenues in accrued expenses and other current liabilities on our consolidated balance sheet. At the beginning of fiscal 2019, we had $31.3 million of customer deposits and $12.1 million of deferred revenues. During the quarter ended July 28, 2018, we recognized revenue of $40.1 million related to our contract liabilities.

We have elected the practical expedient permitted in ASC 606-10-32-18, which allows an entity to recognize the promised amount of consideration without adjusting for the effects of a significant financing component if the contract has a duration of one year or less. As our contracts typically are less than one year in length and do not have significant financing components, we have not adjusted consideration.

Segment Information

3 Months Ended

Jul. 28, 2018

Segment Information

Segment Information

Note 11: 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. We aggregate these operating segments 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 that 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 which includes our 147 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment primarily sells upholstered furniture, in addition to some casegoods and other accessories, to end consumers through these stores.

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18			7/29/17
Sales
Upholstery segment:
Sales to external customers	$	240,054		$	224,814
Intersegment sales	53,344			49,593

Upholstery segment sales	293,398			274,407


Casegoods segment:
Sales to external customers	24,403			21,019
Intersegment sales	3,983			4,491

Casegoods segment sales	28,386			25,510


Retail segment sales	119,228			110,516

Corporate and Other:
Sales to external customers	1,010			730
Intersegment sales	2,855			1,930

Corporate and Other sales	3,865			2,660


Eliminations	(60,182		)	(56,014		)

Consolidated sales	$	384,695		$	357,079


Operating Income (Loss)
Upholstery segment	$	23,884		$	23,299
Casegoods segment	3,080			2,739
Retail segment	4,458			1,767
Corporate and Other	(8,262		)	(11,507		)

Consolidated operating income	23,160			16,298
Interest expense	104			157
Interest income	602			343
Other income (expense), net	892			1,749

Income before income taxes	$	24,550		$	18,233

Income Taxes	3 Months Ended
Income Taxes	Jul. 28, 2018
Income Taxes
Income Taxes	Note 12: Income Taxes We determine our tax provision using an estimated annual effective tax rate and adjusting for discrete taxable events that occur during the quarter. We recognize the effects of tax legislation in the period in which the law is enacted. We re-measure our deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years we estimate the related temporary differences to reverse. 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 eliminating the domestic manufacturing deduction, new taxes on certain foreign-sourced income and new limitations on certain business deductions, began applying to us in fiscal 2019. In December of 2017, the SEC staff issued SAB 118, 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 in SAB 118 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. We continue to analyze provisions of the Tax Act and review guidance issued from regulators to determine if they will impact our effective tax rate in fiscal 2019 or in the future. As of July 28, 2018, we have not recorded any adjustments to our provisional estimates previously recorded as of the prior year end related to the transition tax. We will continue to refine our provisional adjustments through the permissible measurement period, which is not to extend beyond one year of the enactment date. Our effective tax rate for the first quarter of fiscal 2019 was 22.8% compared with 35.6% for the first quarter of fiscal 2018. Our effective tax rate varies from the 21% statutory rate primarily due to state taxes. Absent discrete adjustments, our effective tax rate in the first quarter of fiscal 2019 would have been 24.4%.

Earnings per Share

3 Months Ended

Jul. 28, 2018

Earnings per Share

Earnings per Share

Note 13: Earnings per Share

Certain share-based compensation awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities. Prior to fiscal 2019, we granted restricted stock awards that contained 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 restricted stock awards we granted in fiscal 2019 do not have non-forfeitable rights to dividends and so are not participating securities.

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

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18			7/29/17
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	18,303		$	11,651
Income allocated to participating securities	(76		)	(57		)

Net income available to common shareholders	$	18,227		$	11,594


Denominator:
Basic weighted average common shares outstanding	46,716			48,357
Add:
Contingent common shares	66			175
Stock option dilution	379			314

Diluted weighted average common shares outstanding	47,161			48,846

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

We had outstanding options to purchase 0.4 million shares for the quarter ended July 28, 2018, with a weighted average exercise price of $33.15. We excluded the effect of these options from our diluted share calculation since the weighted average exercise price of the options was higher than the average market price and including the options’ effect would have been anti-dilutive. We did not exclude any outstanding options from the diluted share calculation for the quarter ended July 29, 2017.

Fair Value Measurements

3 Months Ended

Jul. 28, 2018

Fair Value Measurements

Fair Value Measurements

Note 14: 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 other intangible assets, 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 July 28, 2018, and April 28, 2018. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented.

At July 28, 2018

	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3
Assets
Marketable securities	$	1,180	$	34,544	$	—
Held-to-maturity investments	3,038		—		—
Cost basis investments	—		—		10,954

Total assets	$	4,218	$	34,544	$	10,954


Liabilities
Contingent consideration liability	$	—	$	—	$	328

At April 28, 2018

	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3
Assets
Marketable securities	$	1,141	$	37,173	$	—
Held-to-maturity investments	3,340		—		—
Cost basis investment	—		—		10,954

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


Liabilities
Contingent consideration liability	$	—	$	—	$	344

At July 28, 2018, and April 28, 2018, we held 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 marketable 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 July 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. 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.

There were no changes to the fair value of our Level 3 assets during the first quarter of fiscal 2019. The following table is a reconciliation of our Level 3 liabilities recorded at fair value using significant unobservable inputs:

(Unaudited, amounts in thousands)	Level 3
Liabilities
Balance at April 28, 2018	$	344
Translation adjustment	(16		)

Balance at July 28, 2018	$	328

Our asset leveling presented above does not include certain marketable securities 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 5). The fair value of the investments measured using net asset value at July 28, 2018, and April 28, 2018, was $7.1 million and $6.7 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

Subsequent Events	3 Months Ended
Subsequent Events	Jul. 28, 2018
Subsequent Events
Subsequent Events	Note 15: Subsequent Events On July 30, 2018, we completed the acquisition of Stitch Industries Inc. (“Joybird”), an e-commerce retailer and manufacturer of upholstered furniture. Per the terms of the merger agreement, we acquired Joybird for a total of $75 million of guaranteed payments, with two future earnout opportunities based on Joybird’s financial performance in fiscal 2021 and fiscal 2023. The guaranteed payments included an initial payment of $50 million on the acquisition date, with the remaining $25 million to be paid annually in $5 million installments over the next five years. Of the $50 million initial payment, $7.5 million will be considered compensation expense because it is forfeitable proportionately upon the resignation of any of the four co-founders of Joybird within the first two years following the acquisition date, and we will amortize it to selling, general & administrative expense over the two-year retention period on a straight-line basis. In addition, we expect to record a contingent consideration liability for the fair value of the earnout opportunities as of the date of acquisition, as well as the fair value of the acquired Joybird tradename, which we expect to amortize to selling, general & administrative expense over its useful life. We will begin including Joybird in our Corporate and Other results in the second quarter of fiscal 2019. We anticipate recording our initial purchase accounting, including the fair value measurements for acquired inventory, the contingent consideration liability, the Joybird tradename, and the goodwill acquired as part of this acquisition, when we report our financial results for our second quarter of fiscal 2019. On August 15, 2018, we acquired the assets of EBCO, Inc., an independent operator of nine La-Z-Boy Furniture Galleries® stores in Arizona for approximately $40 million of cash. We will begin including these stores in our Retail segment results in the second quarter of fiscal 2019. We anticipate recording our initial purchase accounting, including the fair value measurements for acquired inventory, the indefinite-lived reacquired right asset and the goodwill acquired as part of this acquisition, when we report our financial results for our second quarter of fiscal 2019. Neither of the above acquisitions was material to our financial position or our results of operations, and, therefore, we are not presenting pro-forma financial information.

Restricted Cash (Tables)

3 Months Ended

Jul. 28, 2018

Restricted Cash

Schedule of cash, cash equivalents and restricted cash

(Unaudited, amounts in thousands)	7/28/18		7/29/17
Cash and cash equivalents	$	134,247	$	119,628
Restricted cash	2,358		5,963

Total cash, cash equivalents and restricted cash	$	136,605	$	125,591

Inventories (Tables)

3 Months Ended

Jul. 28, 2018

Inventories

Summary of inventories

(Unaudited, amounts in thousands)	7/28/18			4/28/18
Raw materials	$	92,788		$	86,214
Work in process	13,224			12,254
Finished goods	111,813			109,183

FIFO inventories	217,825			207,651
Excess of FIFO over LIFO	(22,810		)	(22,810		)

Total inventories	$	195,015		$	184,841

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Jul. 28, 2018

Goodwill and Other Intangible Assets

Roll-forward of goodwill

(Unaudited, amounts in thousands)	Goodwill
Balance at April 28, 2018	$	75,254
Translation adjustment	(701		)

Balance at July 28, 2018	$	74,553

Roll-forward of other intangible assets - Indefinite-lived

(Unaudited, amounts in thousands)	Trade Name		Indefinite-Lived Reacquired Rights			Other Intangible Assets			Total Other Intangible Assets
Balance at April 28, 2018	$	1,155	$	13,645		$	3,390		$	18,190
Amortization	—		—			(104		)	(104		)
Translation adjustment	—		(48		)	(164		)	(212		)

Balance at July 28, 2018	$	1,155	$	13,597		$	3,122		$	17,874

Roll-forward of other intangible assets - Amortizable

(Unaudited, amounts in thousands)	Trade Name		Indefinite-Lived Reacquired Rights			Other Intangible Assets			Total Other Intangible Assets
Balance at April 28, 2018	$	1,155	$	13,645		$	3,390		$	18,190
Amortization	—		—			(104		)	(104		)
Translation adjustment	—		(48		)	(164		)	(212		)

Balance at July 28, 2018	$	1,155	$	13,597		$	3,122		$	17,874

Investments (Tables)

3 Months Ended

Jul. 28, 2018

Investments

Summary of investments

(Unaudited, amounts in thousands)	7/28/18		4/28/18
Short-term investments:
Marketable securities	$	12,444	$	12,926
Held-to-maturity investments	3,038		3,340

Total short-term investments	15,482		16,266

Long-term investments:
Marketable securities	30,326		32,134
Cost basis investments	10,954		10,954

Total long-term investments	41,280		43,088


Total investments	$	56,762	$	59,354


Investments to enhance returns on cash	$	31,565	$	34,359
Investments to fund compensation/retirement plans	$	14,243	$	14,041
Other investments	$	10,954	$	10,954

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

At July 28, 2018

(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	2,462	$	(44	)	$	19,038
Fixed income	29		(366		)	33,587
Other	169		(13		)	4,137

Total securities	$	2,660	$	(423	)	$	56,762

At April 28, 2018

(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	2,142	$	(39	)	$	18,765
Fixed income	29		(418		)	36,312
Other	72		—			4,277

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

Summary of sales of marketable securities

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18			7/29/17
Proceeds from sales	$	4,762		$	5,857
Gross realized gains	75			402
Gross realized losses	(55		)	(221		)

Pension Plans (Tables)

3 Months Ended

Jul. 28, 2018

Pension Plans

Schedule of net periodic pension costs

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18			7/29/17
Service cost	$	323		$	329
Interest cost	1,116			1,147
Expected return on plan assets	(1,136		)	(1,204		)
Net amortization	639			780

Net periodic pension cost	$	942		$	1,052

Product Warranties (Tables)

3 Months Ended

Jul. 28, 2018

Product Warranties

Reconciliation of changes in product warranty liability

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18			7/29/17
Balance as of the beginning of the period	$	21,205		$	21,870
Accruals during the period	5,121			4,853
Settlements during the period	(5,233		)	(4,841		)

Balance as of the end of the period	$	21,093		$	21,882

Stock-Based Compensation (Tables)

3 Months Ended

Jul. 28, 2018

Stock-Based Compensation

Summary of total stock-based compensation expense

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18		7/29/17
Equity-based awards expense	$	2,040	$	3,558
Liability-based awards expense	166		896

Total stock-based compensation expense	$	2,206	$	4,454

Fair value assumptions for stock options

(Unaudited)	Fiscal 2019 grant
Risk-free interest rate	2.82		%
Dividend rate	1.45		%
Expected life in years	5.00
Stock price volatility	33.07		%
Fair value per share	$	9.65

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Jul. 28, 2018

Accumulated Other Comprehensive Loss

Activity in accumulated other comprehensive loss

(Unaudited, amounts in thousands)	Translation adjustment			Change in fair value of cash flow hedge			Unrealized gain (loss) on marketable securities			Net pension amortization and net actuarial loss			Accumulated other comprehensive loss
Balance at April 28, 2018	$	2,388		$	154		$	1,376		$	(29,117	)	$	(25,199	)
Changes before reclassifications	(2,961		)	(509		)	73			—			(3,397		)
Cumulative effect adjustment for investments (1)	—			—			(1,637		)	—			(1,637		)
Amounts reclassified to net income	—			67			(19		)	686			734
Tax effect	—			109			(13		)	(170		)	(74		)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(2,961		)	(333		)	(1,596		)	516			(4,374		)

Balance at July 28, 2018	$	(573	)	$	(179	)	$	(220	)	$	(28,601	)	$	(29,573	)

(1)

(Unaudited, amounts in thousands)	Translation adjustment			Change in fair value of cash flow hedge			Unrealized gain on marketable securities			Net pension amortization and net actuarial loss			Accumulated other comprehensive loss
Balance at April 29, 2017	$	(927	)	$	74		$	1,752		$	(33,782	)	$	(32,883	)
Changes before reclassifications	1,911			855			394			—			3,160
Amounts reclassified to net income	—			(83		)	(832		)	835			(80		)
Tax effect	—			(294		)	167			(318		)	(445		)

Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	1,911			478			(271		)	517			2,635

Balance at July 29, 2017	$	984		$	552		$	1,481		$	(33,265	)	$	(30,248	)

Components of non-controlling interest

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18			7/29/17
Balance as of the beginning of the period	$	13,035		$	11,186
Net income	648			93
Other comprehensive income (loss)	(1,228		)	405

Balance as of the end of the period	$	12,455		$	11,684

Revenue Recognition (Tables)

3 Months Ended

Jul. 28, 2018

Revenue Recognition

Schedule of disaggregation of revenue by product category by segment

The following table disaggregates our revenue by product category by segment for the quarter ended July 28, 2018:

(Unaudited, amounts in thousands)	Upholstery		Casegoods			Retail		Total
Motion Upholstery Furniture	$	187,659	$	—		$	74,957	$	262,616
Stationary Upholstery Furniture	85,290		3,942			23,164		112,396
Bedroom Furniture	—		8,364			855		9,219
Dining Room Furniture	—		5,929			1,583		7,512
Occasional Furniture	393		11,988			3,974		16,355
Other (a)	20,056		(1,837		)	14,695		32,914

Total	$	293,398	$	28,386		$	119,228	441,012

			Corporate and Other (b)					3,865
			Eliminations					(60,182		)

			Consolidated Net Sales					$	384,695

(a)

Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, discounts & allowances, rebates and other sales incentives

(b)

Primarily includes revenue for royalties and intercompany commissions

Segment Information (Tables)

3 Months Ended

Jul. 28, 2018

Segment Information

Schedule of segment information

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18			7/29/17
Sales
Upholstery segment:
Sales to external customers	$	240,054		$	224,814
Intersegment sales	53,344			49,593

Upholstery segment sales	293,398			274,407


Casegoods segment:
Sales to external customers	24,403			21,019
Intersegment sales	3,983			4,491

Casegoods segment sales	28,386			25,510


Retail segment sales	119,228			110,516

Corporate and Other:
Sales to external customers	1,010			730
Intersegment sales	2,855			1,930

Corporate and Other sales	3,865			2,660


Eliminations	(60,182		)	(56,014		)

Consolidated sales	$	384,695		$	357,079


Operating Income (Loss)
Upholstery segment	$	23,884		$	23,299
Casegoods segment	3,080			2,739
Retail segment	4,458			1,767
Corporate and Other	(8,262		)	(11,507		)

Consolidated operating income	23,160			16,298
Interest expense	104			157
Interest income	602			343
Other income (expense), net	892			1,749

Income before income taxes	$	24,550		$	18,233

Earnings per Share (Tables)

3 Months Ended

Jul. 28, 2018

Earnings per Share

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

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/18			7/29/17
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	18,303		$	11,651
Income allocated to participating securities	(76		)	(57		)

Net income available to common shareholders	$	18,227		$	11,594


Denominator:
Basic weighted average common shares outstanding	46,716			48,357
Add:
Contingent common shares	66			175
Stock option dilution	379			314

Diluted weighted average common shares outstanding	47,161			48,846

Fair Value Measurements (Tables)

3 Months Ended

Jul. 28, 2018

Fair Value Measurements

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

At July 28, 2018

	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3
Assets
Marketable securities	$	1,180	$	34,544	$	—
Held-to-maturity investments	3,038		—		—
Cost basis investments	—		—		10,954

Total assets	$	4,218	$	34,544	$	10,954


Liabilities
Contingent consideration liability	$	—	$	—	$	328

At April 28, 2018

	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3
Assets
Marketable securities	$	1,141	$	37,173	$	—
Held-to-maturity investments	3,340		—		—
Cost basis investment	—		—		10,954

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


Liabilities
Contingent consideration liability	$	—	$	—	$	344

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

(Unaudited, amounts in thousands)	Level 3
Liabilities
Balance at April 28, 2018	$	344
Translation adjustment	(16		)

Balance at July 28, 2018	$	328

Basis of Presentation - Variable Interest Entities (Details) - Variable interest entities, not primary beneficiary	Jul. 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

Basis of Presentation - Accounting Pronouncements Adopted (Details) - ASU 2016-01 - Investments $ in Millions	Apr. 29, 2018 USD ($)
Retained Earnings
Accounting pronouncements adopted in fiscal 2019
Reclassification of net unrealized gains, before tax	$ 2.1
Reclassification of tax expense	0.5
Accumulated Other Comprehensive Income (Loss)
Accounting pronouncements adopted in fiscal 2019
Reclassification of net unrealized gains, before tax	(2.1)
Reclassification of tax expense	$ (0.5)

Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 28, 2018	Apr. 28, 2018	Jul. 29, 2017	Apr. 29, 2017
Restricted Cash
Cash and cash equivalents	$ 134,247	$ 134,515	$ 119,628
Restricted cash	2,358	2,356	5,963
Total cash, cash equivalents and restricted cash	$ 136,605	$ 136,871	$ 125,591	$ 150,859

Inventories (Details) - USD ($) $ in Thousands	Jul. 28, 2018	Apr. 28, 2018
Inventories
Raw materials	$ 92,788	$ 86,214
Work in process	13,224	12,254
Finished goods	111,813	109,183
FIFO inventories	217,825	207,651
Excess of FIFO over LIFO	(22,810)	(22,810)
Total inventories	$ 195,015	$ 184,841

Goodwill and Other Intangible Assets - Goodwill in Retail Segment (Details) - USD ($) $ in Thousands	Jul. 28, 2018	Apr. 28, 2018
Goodwill
Goodwill	$ 74,553	$ 75,254
Retail Segment
Goodwill
Goodwill	$ 62,200

Goodwill and Other Intangible Assets - Goodwill Roll-forward (Details) $ in Thousands	3 Months Ended
	Jul. 28, 2018 USD ($)
Roll-forward of goodwill
Balance at beginning of period	$ 75,254
Translation adjustment	(701)
Balance at end of period	$ 74,553

Goodwill and Other Intangible Assets - Intangible Assets (Details) $ in Thousands	3 Months Ended
	Jul. 28, 2018 USD ($)
Roll-forward of other intangible assets
Balance at beginning of period	$ 18,190
Amortization	(104)
Translation adjustment	(212)
Balance at end of period	17,874
Other Intangible Assets
Roll-forward of other intangible assets
Balance at beginning of period	3,390
Amortization	(104)
Translation adjustment	(164)
Balance at end of period	3,122
Trade Names
Roll-forward of other intangible assets
Balance at beginning of period	1,155
Balance at end of period	1,155
Reacquired Rights
Roll-forward of other intangible assets
Balance at beginning of period	13,645
Translation adjustment	(48)
Balance at end of period	$ 13,597

Investments - Components (Details) - USD ($) $ in Thousands	Jul. 28, 2018	Apr. 28, 2018
Investments
Total investments	$ 56,762	$ 59,354
Investments to enhance returns on cash
Investments
Total investments	31,565	34,359
Investments to fund compensation/retirement plans
Investments
Total investments	14,243	14,041
Other investments
Investments
Total investments	10,954	10,954
Other current assets
Investments
Marketable securities	12,444	12,926
Held-to-maturity investments	3,038	3,340
Total investments	15,482	16,266
Other long-term assets
Investments
Marketable securities	30,326	32,134
Cost basis investments	10,954	10,954
Total investments	$ 41,280	$ 43,088

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Jul. 28, 2018	Apr. 28, 2018
Summary of investments
Gross Unrealized Gains	$ 2,660	$ 2,243
Gross Unrealized Losses	(423)	(457)
Fair Value	56,762	59,354
Equity securities
Summary of investments
Gross Unrealized Gains	2,462	2,142
Gross Unrealized Losses	(44)	(39)
Fair Value	19,038	18,765
Fixed income
Summary of investments
Gross Unrealized Gains	29	29
Gross Unrealized Losses	(366)	(418)
Fair Value	33,587	36,312
Other
Summary of investments
Gross Unrealized Gains	169	72
Gross Unrealized Losses	(13)
Fair Value	$ 4,137	$ 4,277

- 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	3 Months Ended
	Jul. 28, 2018	Jul. 29, 2017
Sales of available-for-sale securities
Proceeds from sales	$ 4,762	$ 5,857
Gross realized gains	75	402
Gross realized losses	(55)	$ (221)
Fair value of available-for-sale securities by contractual maturity
Fair value, available-for-sale securities with contractual maturity within one year	12,500
Fair value, available-for-sale securities with contractual maturity within two to five years	18,900
Fair value, available-for-sale securities with contractual maturity within six to ten years	1,200
Fair value, available-for-sale securities with contractual maturity after ten years	$ 1,000

Pension Plans (Details) - USD ($) $ in Thousands	3 Months Ended
Pension Plans (Details) - USD ($) $ in Thousands	Jul. 28, 2018	Jul. 29, 2017
Net periodic pension costs
Service cost	$ 323	$ 329
Interest cost	1,116	1,147
Expected return on plan assets	(1,136)	(1,204)
Net amortization	639	780
Net periodic pension cost	$ 942	$ 1,052

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Jul. 28, 2018	Jul. 29, 2017	Apr. 28, 2018
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 21,205	$ 21,870
Accruals during the period	5,121	4,853
Settlements during the period	(5,233)	(4,841)
Balance as of the end of the period	21,093	$ 21,882
Product warranty liability included in accrued expenses and other current liabilities	$ 12,600		$ 12,700
Upholstery Segment
Product Warranties
Percentage of warranty liability relating to the segment	95.00%
Fabric and leather
Product Warranties
Warranty term	1 year
Cushions and padding \| Minimum
Product Warranties
Warranty term	1 year
Cushions and padding \| Maximum
Product Warranties
Warranty term	10 years
Labor costs relating to parts
Product Warranties
Warranty term	1 year

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 28, 2018	Jul. 29, 2017
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 2,040	$ 3,558
Liability-based awards expense	166	896
Total stock-based compensation expense	$ 2,206	$ 4,454

Stock-Based Compensation - Stock Options (Details) - Stock Options	3 Months Ended
	Jul. 28, 2018 $ / shares shares
Stock-Based Compensation
Shares granted (in shares) \| shares	423,273
Fair value assumptions
Risk-free interest rate (as a percent)	2.82%
Dividend rate (as a percent)	1.45%
Expected life in years	5 years
Stock price volatility (as a percent)	33.07%
Fair value per share (in dollars per share) \| $ / shares	$ 9.65
Minimum
Stock-Based Compensation
Vesting period	1 year
Period of recognition of expenses for retirement-eligible employees from the grant date	10 months
Maximum
Stock-Based Compensation
Vesting period	4 years

Stock-Based Compensation - SARs (Details) - Stock Appreciation Rights	3 Months Ended
	Jul. 28, 2018 $ / shares shares
Stock-Based Compensation
Term of award	10 years
Fiscal 2014 Grant
Stock-Based Compensation
Number of awards outstanding (in shares) \| shares	20,438
Fair value per share (in dollars per share) \| $ / shares	$ 11.84
Fiscal 2013 Grant
Stock-Based Compensation
Number of awards outstanding (in shares) \| shares	7,149
Fair value per share (in dollars per share) \| $ / shares	$ 18.93

Stock-Based Compensation - Restricted Stock (Details) - Restricted Stock	3 Months Ended
	Jul. 28, 2018 $ / shares shares
Stock-Based Compensation
Percentage vesting each year from date of grant	25.00%
Period from grant date for first vesting	1 year
Vesting period	4 years
Number of shares or units granted \| shares	99,426
Fair value per share (in dollars per share) \| $ / shares	$ 33.15

Stock-Based Compensation - Performance Awards (Details)	3 Months Ended
Stock-Based Compensation - Performance Awards (Details)	Jul. 28, 2018 $ / shares shares
Performance Awards
Stock-Based Compensation
Percentage of payout dependent on financial performance	80.00%
Percentage of payout dependent on total shareholder return	20.00%
Performance awards, performance period	3 years
Performance Awards \| Minimum
Stock-Based Compensation
Performance award opportunity as a percentage of target award	50.00%
Performance Awards \| Maximum
Stock-Based Compensation
Performance award opportunity as a percentage of target award	200.00%
Performance-Based Shares
Stock-Based Compensation
Number of shares or units granted \| shares	146,107
Performance-Based Shares, vesting based on performance goals \| Fiscal 2018 Grant
Stock-Based Compensation
Fair value on date of grant (in dollars per share)	$ 31.71
Performance Based Shares, vesting based on market conditions \| Fiscal 2018 Grant
Stock-Based Compensation
Fair value on date of grant (in dollars per share)	$ 46.39

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 29, 2018	Jul. 28, 2018	Jul. 29, 2017
Activity in accumulated other comprehensive loss
Balance	$ 612,181	$ 612,181
Balance		614,209
Components of non-controlling interest
Balance as of the beginning of the period	13,035	13,035	$ 11,186
Net income		648	93
Other comprehensive income (loss)		(1,228)	405
Balance as of the end of the period		12,455	11,684
Accumulated Other Comprehensive Income (Loss)
Activity in accumulated other comprehensive loss
Balance	(25,199)	(25,199)	(32,883)
Changes before reclassifications		(3,397)	3,160
Amounts reclassified to net income		734	(80)
Tax effect		(74)	(445)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(4,374)	2,635
Balance		(29,573)	(30,248)
Accumulated Other Comprehensive Income (Loss) \| ASU 2016-01 - Investments
Activity in accumulated other comprehensive loss
Cumulative effect adjustment		(1,637)
Cumulative effect adjustment - unrealized gains on equity investments	(2,100)
Cumulative effect adjustment - tax expense	(500)
Translation Adjustment
Activity in accumulated other comprehensive loss
Balance	2,388	2,388	(927)
Changes before reclassifications		(2,961)	1,911
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(2,961)	1,911
Balance		(573)	984
Change in Fair Value of Cash Flow Hedge
Activity in accumulated other comprehensive loss
Balance	154	154	74
Changes before reclassifications		(509)	855
Amounts reclassified to net income		67	(83)
Tax effect		109	(294)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(333)	478
Balance		(179)	552
Unrealized Gain (Loss) on Marketable Securities
Activity in accumulated other comprehensive loss
Balance	1,376	1,376	1,752
Changes before reclassifications		73	394
Amounts reclassified to net income		(19)	(832)
Tax effect		(13)	167
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(1,596)	(271)
Balance		(220)	1,481
Unrealized Gain (Loss) on Marketable Securities \| ASU 2016-01 - Investments
Activity in accumulated other comprehensive loss
Cumulative effect adjustment		(1,637)
Cumulative effect adjustment - unrealized gains on equity investments		(2,100)
Cumulative effect adjustment - tax expense		(500)
Net Pension Amortization and Net Actuarial Loss
Activity in accumulated other comprehensive loss
Balance	$ (29,117)	(29,117)	(33,782)
Amounts reclassified to net income		686	835
Tax effect		(170)	(318)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		516	517
Balance		$ (28,601)	$ (33,265)

Revenue Recognition - Disaggregation (Details) $ in Thousands	3 Months Ended
	Jul. 28, 2018 USD ($)
Revenue Recognition
Sales	$ 384,695
Operating Segments
Revenue Recognition
Sales	441,012
Operating Segments \| Motion Upholstery Furniture
Revenue Recognition
Sales	262,616
Operating Segments \| Stationary Upholstery Furniture
Revenue Recognition
Sales	112,396
Operating Segments \| Bedroom Furniture
Revenue Recognition
Sales	9,219
Operating Segments \| Dining Room Furniture
Revenue Recognition
Sales	7,512
Operating Segments \| Occasional Furniture
Revenue Recognition
Sales	16,355
Operating Segments \| Other
Revenue Recognition
Sales	32,914
Operating Segments \| Upholstery Segment
Revenue Recognition
Sales	293,398
Operating Segments \| Upholstery Segment \| Motion Upholstery Furniture
Revenue Recognition
Sales	187,659
Operating Segments \| Upholstery Segment \| Stationary Upholstery Furniture
Revenue Recognition
Sales	85,290
Operating Segments \| Upholstery Segment \| Occasional Furniture
Revenue Recognition
Sales	393
Operating Segments \| Upholstery Segment \| Other
Revenue Recognition
Sales	20,056
Operating Segments \| Casegoods Segment
Revenue Recognition
Sales	28,386
Operating Segments \| Casegoods Segment \| Stationary Upholstery Furniture
Revenue Recognition
Sales	3,942
Operating Segments \| Casegoods Segment \| Bedroom Furniture
Revenue Recognition
Sales	8,364
Operating Segments \| Casegoods Segment \| Dining Room Furniture
Revenue Recognition
Sales	5,929
Operating Segments \| Casegoods Segment \| Occasional Furniture
Revenue Recognition
Sales	11,988
Operating Segments \| Casegoods Segment \| Other
Revenue Recognition
Sales	(1,837)
Operating Segments \| Retail Segment
Revenue Recognition
Sales	119,228
Operating Segments \| Retail Segment \| Motion Upholstery Furniture
Revenue Recognition
Sales	74,957
Operating Segments \| Retail Segment \| Stationary Upholstery Furniture
Revenue Recognition
Sales	23,164
Operating Segments \| Retail Segment \| Bedroom Furniture
Revenue Recognition
Sales	855
Operating Segments \| Retail Segment \| Dining Room Furniture
Revenue Recognition
Sales	1,583
Operating Segments \| Retail Segment \| Occasional Furniture
Revenue Recognition
Sales	3,974
Operating Segments \| Retail Segment \| Other
Revenue Recognition
Sales	14,695
Corporate and Other \| Corporate and Other, non-segment
Revenue Recognition
Sales	3,865
Eliminations
Revenue Recognition
Sales	$ (60,182)

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 28, 2018	Apr. 29, 2018
Revenue Recognition
Other receivables, included in other current assets	$ 13.8	$ 12.1
Customer deposits, included in accrued expenses and other current liabilities	32.5	31.3
Deferred revenues, included in accrued expenses and other current liabilities	13.8	$ 12.1
Revenue recognized related to contract liabilities	$ 40.1
Revenue, practical expedient elected for financing components of contracts with one year or less duration	true

Segment Information - Reportable and Operating Segments (Details)	3 Months Ended
	Jul. 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	147

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 28, 2018	Jul. 29, 2017
Segment Information
Sales	$ 384,695	$ 357,079
Operating Income (Loss)	23,160	16,298
Interest expense	104	157
Interest income	602	343
Other income (expense), net	892	1,749
Income before income taxes	24,550	18,233
Upholstery Segment
Segment Information
Sales	240,054	224,814
Casegoods Segment
Segment Information
Sales	24,403	21,019
Retail Segment
Segment Information
Sales	119,228	110,516
Corporate and Other, non-segment
Segment Information
Sales	1,010	730
Operating Segments \| Upholstery Segment
Segment Information
Sales	293,398	274,407
Operating Income (Loss)	23,884	23,299
Operating Segments \| Casegoods Segment
Segment Information
Sales	28,386	25,510
Operating Income (Loss)	3,080	2,739
Operating Segments \| Retail Segment
Segment Information
Operating Income (Loss)	4,458	1,767
Corporate and Other
Segment Information
Operating Income (Loss)	(8,262)	(11,507)
Corporate and Other \| Corporate and Other, non-segment
Segment Information
Sales	3,865	2,660
Eliminations
Segment Information
Sales	(60,182)	(56,014)
Eliminations \| Upholstery Segment
Segment Information
Sales	(53,344)	(49,593)
Eliminations \| Casegoods Segment
Segment Information
Sales	(3,983)	(4,491)
Eliminations \| Corporate and Other, non-segment
Segment Information
Sales	$ (2,855)	$ (1,930)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Jul. 28, 2018	Jul. 29, 2017
Income Taxes
Effective tax rate (as a percent)	22.80%	35.60%
Statutory tax rate (as a percent)	21.00%
Effective tax rate absent discrete adjustments (as a percent)	24.40%

Earnings per Share - Reconciliation (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 28, 2018	Jul. 29, 2017
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$ 18,303	$ 11,651
Income allocated to participating securities, basic	(76)	(57)
Income allocated to participating securities, diluted	(76)	(57)
Net income available to common shareholders, basic	18,227	11,594
Net income available to common shareholders, diluted	$ 18,227	$ 11,594
Denominator
Basic weighted average common shares outstanding (in shares)	46,716	48,357
Add:
Contingent common shares (in shares)	66	175
Stock option dilution (in shares)	379	314
Diluted weighted average common shares outstanding (in shares)	47,161	48,846

Earnings per Share - Antidilutive Securities (Details) - Outstanding options shares in Millions	3 Months Ended
	Jul. 28, 2018 $ / 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	$ 33.15

Fair Value Measurements - Hierarchy and Transfers (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 28, 2018	Apr. 28, 2018
Assets
Total assets	$ 56,762	$ 59,354
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
Marketable securities	1,180	1,141
Held-to-maturity investments	3,038	3,340
Total assets	4,218	4,481
Level 2 \| Recurring basis
Assets
Marketable securities	34,544	37,173
Total assets	34,544	37,173
Level 3 \| Recurring basis
Assets
Cost basis investments	10,954	10,954
Total assets	10,954	10,954
Liabilities
Contingent consideration liability	$ 328	$ 344

Fair Value Measurements - Level 3 Investments (Details) - Level 3	Jul. 28, 2018 company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Preferred share investments, number of privately-held companies	2
Preferred share investments with common share warrant, number of privately-held companies	1

Fair Value Measurements - Level 3 Reconciliation (Details) $ in Thousands	3 Months Ended
	Jul. 28, 2018 USD ($)
Reconciliation of Level 3 liabilities recorded at fair value using significant unobservable inputs
Balance at beginning of the year	$ 344
Translation adjustment	(16)
Balance at end of the year	$ 328

Fair Value Measurements - Net Asset Value (Details) - USD ($) $ in Millions	Jul. 28, 2018	Apr. 28, 2018
Fair Value Measured Using Net Asset Value
Assets
Marketable securities	$ 7.1	$ 6.7

Subsequent Events (Details) - Subsequent Events $ in Millions	Aug. 15, 2018 USD ($) store	Jul. 30, 2018 USD ($) person item
Joybird
Subsequent Events
Total purchase price		$ 75.0
Number of future earnout opportunities \| item		2
Initial payment		$ 50.0
Remaining guaranteed payments		25.0
Annual installments of remaining guaranteed payments		$ 5.0
Period for annual installments of remaining guaranteed payments		5 years
Forfeitable initial payment treated as compensation expense		$ 7.5
Number of co-founders covered by forfeitable initial payment \| person		4
Period over which forfeitable initial payment is amortized		2 years
La Z Boy Furniture Galleries Stores in Arizona
Subsequent Events
Total purchase price	$ 40.0
Number of stores included in acquisition \| store	9

Investments - Other Investments (Details)	Jul. 28, 2018 company
Cost-basis investments
Investments
Preferred share investments, number of privately-held companies	2