Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Apr. 27, 2019	Jun. 11, 2019	Oct. 26, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,290,400,000
Entity Common Stock, Shares Outstanding		46,823,501
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Apr. 27, 2019
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
CONSOLIDATED STATEMENT OF INCOME
Sales	$ 1,745,401	$ 1,583,947	$ 1,520,060
Cost of sales	1,042,831	961,200	910,757
Gross profit	702,570	622,747	609,303
Selling, general and administrative expense	572,896	493,378	475,961
Operating income	129,674	129,369	133,342
Interest expense	(1,542)	(538)	(1,073)
Interest income	2,103	1,709	981
Pension termination charge	(32,671)
Other expense	(2,237)	(1,650)	(2,510)
Income before income taxes	95,327	128,890	130,740
Income tax expense	25,186	47,295	43,756
Net income	70,141	81,595	86,984
Net income attributable to noncontrolling interests	(1,567)	(729)	(1,062)
Net income attributable to La-Z-Boy Incorporated	$ 68,574	$ 80,866	$ 85,922
Basic weighted average common shares (in shares)	46,828	47,621	48,963
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 1.46	$ 1.69	$ 1.75
Diluted weighted average common shares (in shares)	47,333	48,135	49,470
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 1.44	$ 1.67	$ 1.73

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income	$ 70,141	$ 81,595	$ 86,984
Other comprehensive income (loss)
Currency translation adjustment	(2,472)	4,435	(428)
Change in fair value of cash flow hedges, net of tax	(67)	80	360
Net unrealized gains (losses) on marketable securities, net of tax	267	(376)	694
Pension termination, net of tax	23,807
Net pension amortization and actuarial gain, net of tax	1,705	4,665	545
Total other comprehensive income	23,240	8,804	1,171
Total comprehensive income before noncontrolling interests	93,381	90,399	88,155
Comprehensive income attributable to noncontrolling interests	(1,433)	(1,849)	(1,116)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 91,948	$ 88,550	$ 87,039

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Apr. 27, 2019	Apr. 28, 2018
Current assets
Cash and equivalents	$ 129,819	$ 134,515
Restricted cash	1,968	2,356
Receivables, net of allowance of $2,180 at 4/27/19 and $1,956 at 4/28/18	143,288	154,055
Inventories, net	196,899	184,841
Other current assets	69,144	42,451
Total current assets	541,118	518,218
Property, plant and equipment, net	200,523	180,882
Goodwill	185,867	75,254
Other intangible assets, net	29,907	18,190
Deferred income taxes - long-term	20,670	21,265
Other long-term assets, net	81,705	79,158
Total assets	1,059,790	892,967
Current liabilities
Current portion of long-term debt	180	223
Accounts payable	65,365	62,403
Accrued expenses and other current liabilities	173,091	118,721
Total current liabilities	238,636	181,347
Long-term debt	19	199
Other long-term liabilities	124,159	86,205
Contingencies and commitments
Shareholders' equity
Preferred shares - 5,000 authorized; none issued
Common shares, $1 par value - 150,000 authorized; 46,955 outstanding at 4/27/19 and 46,788 outstanding at 4/28/18	46,955	46,788
Capital in excess of par value	313,168	298,948
Retained earnings	325,847	291,644
Accumulated other comprehensive loss	(3,462)	(25,199)
Total La-Z-Boy Incorporated shareholders' equity	682,508	612,181
Noncontrolling interests	14,468	13,035
Total equity	696,976	625,216
Total liabilities and equity	$ 1,059,790	$ 892,967

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Apr. 27, 2019	Apr. 28, 2018
Current assets
Receivables, allowance (in dollars)	$ 2,180	$ 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)	46,955	46,788

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Cash flows from operating activities
Net income	$ 70,141	$ 81,595	$ 86,984
Adjustments to reconcile net income to cash provided by operating activities
Gain on disposal of assets	(325)	(2,108)	(224)
Gain on conversion of investment		(2,204)
Gain on sale of investments	(656)	(770)	(471)
Change in deferred taxes	(1,668)	17,261	569
Change in provision for doubtful accounts	502	276	(291)
Depreciation and amortization	31,147	31,767	29,131
Stock-based compensation expense	10,981	9,474	8,864
Pension termination charge	32,671
Pension plan contributions	(7,000)	(2,000)	(2,300)
Change in receivables	7,195	(2,801)	(7,850)
Change in inventories	3,135	(8,009)	12,517
Change in other assets	(7,737)	(3,245)	(1,211)
Change in accounts payable	(2,388)	6,602	4,541
Change in other liabilities	14,747	(10,088)	17,731
Net cash provided by operating activities	150,745	115,750	147,990
Cash flows from investing activities
Proceeds from disposals of assets	1,941	1,440	761
Proceeds from property insurance	184	2,087
Capital expenditures	(48,433)	(36,337)	(20,304)
Purchases of investments	(20,698)	(28,593)	(29,763)
Proceeds from sales of investments	20,944	22,674	19,954
Acquisitions, net of cash acquired	(76,505)	(16,495)	(35,878)
Net cash used for investing activities	(122,567)	(55,224)	(65,230)
Cash flows from financing activities
Payments on debt	(223)	(262)	(288)
Payments for debt issuance costs		(231)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes	13,901	2,977	1,749
Excess tax benefit on stock option exercises			1,737
Purchases of common stock	(22,957)	(56,730)	(35,957)
Dividends paid	(23,508)	(22,009)	(20,655)
Net cash used for financing activities	(32,787)	(76,255)	(53,414)
Effect of exchange rate changes on cash and equivalents	(475)	1,741	178
Change in cash, cash equivalents and restricted cash	(5,084)	(13,988)	29,524
Cash, cash equivalents and restricted cash at beginning of period	136,871	150,859	121,335
Cash, cash equivalents and restricted cash at end of period	131,787	136,871	150,859
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables	$ 3,250	$ 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. 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				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 1,363 shares, 1,995 shares and 752 shares of common stock for the year ended April 29, 2017, April 28, 2018 and April 27, 2019, 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				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 1,363 shares, 1,995 shares and 752 shares of common stock for the year ended April 29, 2017, April 28, 2018 and April 27, 2019, 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			68,574		1,567	70,141
Other comprehensive income				23,374	(134)	23,240
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	919	15,200	(2,218)			13,901
Purchases of 1,363 shares, 1,995 shares and 752 shares of common stock for the year ended April 29, 2017, April 28, 2018 and April 27, 2019, respectively	(752)	(11,961)	(10,244)			(22,957)
Stock option and restricted stock expense		10,981				10,981
Cumulative effect adjustment for investments, net of tax \| ASU 2016-01 - Investments			1,637	(1,637)
Cumulative effect adjustment for investments, net of tax				(1,637)
Dividends paid			(23,508)			(23,508)
Dividends declared not paid			(38)			(38)
Balance at Apr. 27, 2019	$ 46,955	$ 313,168	$ 325,847	$ (3,462)	$ 14,468	$ 696,976

Accounting Policies

12 Months Ended

Apr. 27, 2019

Accounting Policies

Accounting Policies

Note 1: Accounting Policies

The following is a summary of significant accounting policies followed in the preparation of La-Z-Boy Incorporated and its subsidiaries’ (individually and collectively, “we,” “our,” or the “Company”) consolidated financial statements. Our 2019, 2018 and 2017 fiscal years included 52 weeks.

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 27, 2019, 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 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 62% and 64% of our inventories at April 27, 2019, and April 28, 2018, 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 for 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, our Joybird operating segment, 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 carrying value 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 indefinite-lived trade names and reacquired rights based upon the relief from royalty method.

Our goodwill relates to the acquisition of La-Z-Boy Furniture Galleries® stores, the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland, and the acquisition of Joybird(R), an e-commerce retailer and manufacturer of upholstered furniture. The reporting unit for goodwill arising from retail store acquisitions is our Retail operating segment. We have four geographic regions which are considered components of our Retail operating segment. These four 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 and the acquisition of Joybird is each respective business. The estimated fair value of the reporting units is determined based upon the income approach using discounted future cash flows. In situations where the fair value is less than the carrying value, an impairment charge would be recorded for the shortfall.

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 on a straight-line basis over their useful lives, which do not exceed 15 years. We also have an amortizable intangible asset for the Joybird® trade name, which will be amortized on a straight-line basis over its useful life of eight years. All intangible amortization expense is recorded as a component of selling, general, and administrative expense. 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 debt 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). Equity securities are recorded at fair value with unrealized gains and losses recorded in other expense, net. Realized gains and losses for all investments and charges for other-than-temporary impairments of debt securities are included in determining net income, with related purchase costs based on the first-in, first-out method. We evaluate our available-for-sale debt 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 and are used to fund our executive deferred compensation plan and performance compensation retirement plan. 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 through our website, www.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. At the time the end consumer places an order through www.joybird.com, we collect the entire amount owed and record this as a customer deposit. Because the entire amount owed is collected at the time of the order, there is no contract asset recorded for Joybird sales.

Revenue Recognition and Related Allowances

Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those goods or services. We generate revenues primarily by manufacturing/importing and delivering upholstery and casegoods (wood) furniture products to independent furniture retailers, independently-owned La-Z-Boy Furniture Galleries® stores or the end consumer. Each unit of furniture is a separate performance obligation, and we satisfy our performance obligation when control of our product is passed to our customer, which is the point in time that our customers are able to direct the use of and obtain substantially all of the remaining economic benefit of the goods or services.

The majority of our wholesale shipping agreements are freight-on-board shipping point and risk of loss transfers to our customer once the product is out of our control. Accordingly, revenue is recognized for product shipments on third-party carriers at the point in time that our product is loaded onto the third-party container or truck and that container or truck leaves our facility. For our imported products, we recognize revenue at the point in time that legal ownership is transferred, which may not occur until after the goods have passed through U.S. Customs. In all cases, this revenue includes amounts we bill to customers for freight charges, because we have elected to treat shipping activities that occur after the customer has obtained control of our product as a fulfillment cost rather than an additional promised service. Because of this election, we recognize revenue for shipping when control of our product passes to our customer, and the shipping costs are accrued when the freight revenue is recognized. Revenue for product shipments on company-owned trucks is recognized for the product and freight at the point in time that our product is delivered to our customer’s location.

We recognize revenue for retail sales and online sales to the end consumer through our company-owned retail stores, www. la-z-boy.com or www.joybird.com once the end consumer has taken control of the furniture, at which point legal title has passed to them. This takes place when the product is delivered to the end consumer’s home. Home delivery is not a promised service to our customer, and is not a separate performance obligation, because home delivery is a fulfillment activity as the costs are incurred as part of transferring our product to the end consumer. At the time the end consumer places an order through our company-owned retail stores or www.la-z-boy.com, we collect a deposit on a portion of the total merchandise price. 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. Once the order is taken through our company-owned retail stores or www.la-z-boy.com we recognize a contract asset for the full order amount and a corresponding deferred revenue liability for the difference between the total order and the deposit collected. The contract asset is included in our other current assets on our consolidated balance sheet and the deferred revenue is included in our accrued expenses and other current liabilities on our consolidated balance sheet. At the time the end consumer places an order through www.joybird.com, we collect the entire amount owed and record this as a customer deposit. Because the entire amount owed is collected at the time of the order, there is no contract asset recorded for Joybird sales.

At the time we recognize revenue, we make provisions for estimated refunds, product returns, and warranties, as well as other incentives that we may offer to customers. When estimating our incentives we utilize either the expected value method or the most likely amount to determine the amount of variable consideration. We use either method depending on which method will provide the best estimate of the variable consideration, and we only include variable consideration when it is probable that there will not be a significant reversal in the amount of cumulative revenue recognized when the uncertainty associated with the variable consideration is subsequently resolved. Incentives offered to customers include cash discounts, rebates, advertising agreements and other sales incentive programs. Our sales incentives, including cash discounts and rebates, are recorded as a reduction to revenues. Service allowances are for a distinct good or service received from our customer and are recorded as a component of selling, general and administrative expense in our consolidated statement of income, and are not recorded as a reduction of revenue and are not considered variable consideration. We use substantial judgment based on the type of variable consideration or service allowance, historical experience and expected sales volume when estimating these provisions. The expected costs associated with our warranties and service allowances are recognized as expense when our products are sold. For sales tax, we elected 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.

All orders are fulfilled within one year of order date, therefore we do not have any unfulfilled performance obligations. Additionally, we elected the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component because at contract inception we expect the period between when we transfer our product to our customer and when the customer pays for the product to be one year or less.

Trade accounts receivable arise from the sale of products on trade credit terms. On a quarterly basis, we review 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 from our customer for the new order is probable.

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.

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, we recorded a benefit related to legal settlements as part of cost of sales. Gross margin benefited 20 basis points in fiscal 2017, 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.

Pension Termination Charge

During the fourth quarter of fiscal 2019, we terminated our defined benefit pension plan for eligible factory hourly employees in our La-Z-Boy operating unit. In connection with the plan termination, we settled all future obligations under the plan through a combination of lump-sum payments to eligible participants who elected to receive them, and transferred any remaining benefit obligations under the plan to a highly rated insurance company. We recognized a non-cash pre-tax charge of $32.7 million in our consolidated statement of income associated with the plan termination during the fourth quarter of fiscal 2019.

Other Expense, Net

Other expense, net, is made up primarily of foreign currency exchange net gain/(loss), gain/(loss) on the sale of investments, unrealized gain/(loss) on equity securities, and all components of pension costs other than service costs and the charge to terminate our defined benefit pension plan for eligible factory hourly employees in our La-Z-Boy operating unit in fiscal 2019.

Research and Development Costs

Research and development costs are charged to expense in the periods incurred. Expenditures for research and development costs were $9.1 million, $7.9 million, and $8.0 million for the fiscal years ended April 27, 2019, April 28, 2018, and April 29, 2017, 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 $106.4 million, $88.3 million, and $82.1 million for the fiscal years ended April 27, 2019, April 28, 2018, and April 29, 2017, 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 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.

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 2019

The accounting standards updates (“ASUs”) adopted below had a significant impact on our accounting policies and/or our consolidated financial statements and related disclosures.

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 which 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. 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. 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. See Note 16 for information on revenue disclosures.

In January 2016, the FASB issued ASU 2016-01 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 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 7 for additional information on our current investments.

The following table summarizes additional ASUs which were adopted in fiscal 2019, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.


ASU		Description
ASU 2016-16		Income Taxes: Intra-entity transfers of assets other than inventory
ASU 2017-01		Clarifying the definition of a business
ASU 2017-04		Simplifying the test for goodwill impairment
ASU 2018-15		Intangibles - Goodwill and other - Internal-use software: Customer’s accounting
		for implementation costs incurred in a cloud computing arrangement that is a
		service contract

Accounting pronouncements not yet adopted

The ASUs below are expected to have a significant impact on our accounting policies and/or our consolidated financial statements and related disclosures upon adoption.

In February 2016, the FASB issued ASU 2016-02 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. We have reviewed our inventory of leases and we are in the final stage of implementing a lease accounting system and finalizing our control framework in preparation for the adoption of this standard in the first quarter of fiscal 2020. We will adopt this standard using the modified retrospective approach. The adoption will have a material impact on our consolidated balance sheet as we have a significant number of operating leases. We estimate the gross up of our balance sheet to record a right of use asset and lease liability to be in the range of approximately $300-$325 million.

The following table summarizes additional accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.


ASU	Description	Adoption Date
ASU 2016-13	Financial instruments - Credit losses	Fiscal 2021
ASU 2017-12	Targeted improvements to accounting for hedging activities	Fiscal 2020
ASU 2018-02	Income Statement - Reporting Comprehensive Income:	Fiscal 2020
	Reclassification of Certain Tax Effects from Accumulated Other
	Comprehensive Income
ASU 2018-13	Fair value measurement - Disclosure Framework - Changes	Fiscal 2021
	to the disclosure requirements for fair value measurements
ASU 2018-14	Compensation - Retirement benefits - Defined benefit plans -	Fiscal 2022
	General - Changes to the disclosure requirements for defined
	benefit plans

Acquisitions

12 Months Ended

Apr. 27, 2019

Acquisitions

Acquisitions

Note 2: Acquisitions

Retail segment acquisitions

On August 15, 2018, and September 30, 2018, respectively, we acquired the assets of two independent operators of La-Z-Boy Furniture Galleries® stores: one that operated nine stores and two warehouses in Arizona and one that operated one store in Massachusetts, for an aggregate $42.8 million, including $38.9 million of cash, $2.6 million of forgiveness of accounts receivable, and $1.3 million of guaranteed future payments. We will pay the guaranteed future payments as they are due, with the last payment being completed in the second quarter of fiscal 2022. These acquisitions are an integral part of our ongoing strategy to grow our company-owned retail business and leverage our integrated retail model where we earn a combined profit on both the wholesale and retail sides of the business.

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 $6.6 million related to these reacquired rights. We also recognized $32.0 million of goodwill in fiscal 2019 related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years.

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


	Second quarter
	fiscal 2019
	Retail segment
(Amounts in thousands)	acquisitions
Fair value of consideration:
Cash	$	38,904
Forgiveness of accounts receivable		2,610
Guaranteed future payments		1,300
Total fair value of consideration		42,814

Amounts recognized for identifiable assets acquired and liabilities assumed:
Inventory		10,491
Other current assets		4,194
Property, plant and equipment		929
Indefinite-lived reacquired rights		6,600
Other long-term assets		183
Customer deposits		(6,515)
Other current liabilities		(5,055)
Total identifiable net assets acquired		10,827

Goodwill	$	31,987

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.

All acquired stores were included in our Retail segment results upon acquisition.

Corporate and Other acquisitions

On July 30, 2018, we completed our acquisition of Stitch Industries, Inc. (“Joybird”), an e-commerce retailer and manufacturer of upholstered furniture, for guaranteed cash payments of $75 million, which was subject to a working capital adjustment of $2.5 million which we received during the third quarter of fiscal 2019 from amounts placed in escrow at the time of the closing of the transaction. We acquired Joybird to better position ourselves for growth in the online selling environment and increase our visibility with millennial and Gen X consumers, while simultaneously leveraging our supply chain assets.

The guaranteed payments include a closing date cash payment of $37.5 million in purchase price consideration (net of the working capital adjustment), $7.5 million in prepaid compensation, and the assumption of $5.0 million of liabilities that will be paid over the next two years. The remaining $25 million will be paid in annual installments of $5 million over the next five years. The merger agreement also includes two future earn-out opportunities based on Joybird’s financial performance in fiscal 2021 and fiscal 2023.

The $7.5 million of prepaid compensation relates to the retention of the four Joybird founders, now our employees, each of whom will forfeit proportional amounts if one or more of them resigns in the two years following the acquisition. We are amortizing the $7.5 million to selling, general & administrative expense over the two-year retention period on a straight-line basis. In addition to the guaranteed cash payments of $75 million, we recorded a contingent consideration liability on the date of acquisition of $7.5 million, which reflects the provisional fair value of the earn-out opportunities as of the date of acquisition, and a finite-lived intangible asset of $6.4 million, which reflects the provisional fair value of the acquired Joybird® trade name, which we are amortizing to SG&A expense on a straight-line basis over its useful life of eight years. The undiscounted range of the contingent consideration is zero to $65 million and is based on sales and profitability of Joybird in fiscal 2021 and fiscal 2023. Subsequent adjustments to the fair value of the contingent consideration will impact SG&A expense in our consolidated statement of income.

We recorded $79.6 million of goodwill related to the Joybird acquisition, related primarily to synergies we expect from the integration of the acquisition and the anticipated future benefits of these synergies. The finite-lived intangible asset and goodwill asset for Joybird are not deductible for federal income tax purposes.

When we acquired Joybird during the second quarter of fiscal 2019, we based the purchase price allocations on provisional fair values at the date of acquisition. During the fourth quarter of fiscal 2019, we obtained additional data and have revised certain of our estimates, resulting in the purchase price allocations shown below:


	Second quarter fiscal
	2019 Corporate &
(Amounts in thousands)	Other acquisitions
Fair value of consideration:
Cash (paid at closing)	$	37,482
Guaranteed payment		22,489
Acquisition earn-out		7,500
Assumption of liability		5,000
Working capital adjustment		(2,486)
Total fair value of consideration		69,985

Amounts recognized for assets acquired and liabilities assumed:
Inventory		5,258
Other current assets		3,733
Property, plant and equipment		2,057
Finite-lived tradename		6,400
Other long-term assets		2,878
Accounts payable		(8,222)
Customer deposits		(13,904)
Other current liabilities		(7,681)
Other long-term liabilities		(150)
Total identifiable net liabilities acquired		(9,631)

Goodwill	$	79,616

We included the Joybird operating segment in our other business activities which we report as Corporate and Other 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. In accordance with Accounting Standard Codification Topic 805-10-25-15, the acquirer has a period of time, referred to as the measurement period, to finalize the accounting for a business combination. The measurement period provides companies with a reasonable period of time to determine, among other things, the identifiable assets acquired, liabilities assumed and consideration transferred for the acquisition, or other amounts used in measuring goodwill. All of our provisional purchase accounting estimates shown above for both our Retail acquisitions and our acquisition of Joybird are based on the information and data available to us as of the time of the issuance of these financial statements, and are subject to change within the first 12 months of acquisition as we have access to additional data.

Restricted Cash

12 Months Ended

Apr. 27, 2019

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 12 months, but we expect to renew some of these letters of credit when they mature.


(Amounts in thousands)	4/27/2019		4/28/2018
Cash and cash equivalents	$	129,819	$	134,515
Restricted cash		1,968		2,356
Total cash, cash equivalents and restricted cash	$	131,787	$	136,871

Inventories

12 Months Ended

Apr. 27, 2019

Inventories

Inventories

Note 4: Inventories


(Amounts in thousands)	4/27/2019		4/28/2018
Raw materials	$	90,359	$	86,214
Work in process		13,728		12,254
Finished goods		114,478		109,183
FIFO inventories		218,565		207,651
Excess of FIFO over LIFO		(21,666)		(22,810)
Total inventories	$	196,899	$	184,841

The increase in our FIFO inventories was primarily a result of our fiscal 2019 acquisitions.

Property, Plant and Equipment

12 Months Ended

Apr. 27, 2019

Property, Plant and Equipment

Property, Plant and Equipment

Note 5: Property, Plant and Equipment


	Estimated
	Useful
(Amounts in thousands)	Lives				4/27/2019		4/28/2018
Buildings and building fixtures	3	-	40	years	$	223,505	$	200,370
Machinery and equipment	3	-	15	years		148,760		147,542
Information systems and software	3	-	10	years		86,400		84,881
Land			—			14,323		14,626
Land improvements	3	-	30	years		17,454		15,362
Transportation equipment	3	-	10	years		13,598		13,929
Furniture and fixtures	3	-	15	years		22,826		20,812
Construction in progress						20,722		23,250
						547,588		520,772
Accumulated depreciation						(347,065)		(339,890)
Net property, plant and equipment					$	200,523	$	180,882

Depreciation expense for the fiscal years ended April 27, 2019, April 28, 2018, and April 29, 2017, was $27.5 million, $27.5 million, and $25.4 million, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Apr. 27, 2019

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 6: Goodwill and Other Intangible Assets

We test goodwill annually for impairment. We have goodwill on our consolidated balance sheet as follows:

Reportable Segment	Related Acquisition	Fiscal 2019 impairment testing approach
Upholstery Segment	Acquisition of the wholesale business in the United Kingdom and Ireland	Qualitative
Retail Segment	Acquisitions of La-Z-Boy Furniture Galleries® stores	Quantitative
Corporate & Other	Acquisition of Joybird	Quantitative

We used a qualitative approach for our Upholstery segment goodwill impairment test in fiscal 2019 due to the relative fair value of our reporting unit significantly exceeding the carrying value of the goodwill, as well as the operating performance of that respective reporting unit.

We used a quantitative simplified one-step approach for our Retail segment goodwill impairment test in fiscal 2019, primarily due to the acquisitions of additional La-Z-Boy Furniture Galleries® stores and the resulting $32.0 million increase in goodwill recorded in that segment during the year. We applied the income approach using discounted future cash flows to estimate the fair value of this reporting unit. The key assumptions used in the quantitative assessment of our Retail segment goodwill at April 27, 2019, were a discount rate of 8.4%, a tax rate of 24.0% and a terminal growth rate of 2.0%. The relative fair value of our Retail reporting unit significantly exceeded the carrying value of our goodwill as of April 27, 2019.

We used a quantitative simplified one-step approach for our Corporate & Other goodwill impairment test in fiscal 2019, primarily because the acquisition of Joybird occurred during the year. We applied the income approach using discounted future cash flows to estimate the fair value of our Joybird reporting unit. Estimating future cash flows requires management to make significant assumptions and to apply judgment to project future sales based on estimated short and long-term growth rates and estimates of future operating margins. Significant judgment is also involved in selecting the appropriate discount rate to be applied to the projected future cash flows. The discount rate used in the quantitative assessment of our Corporate & Other goodwill in fiscal 2019 was the calculated weighted-average cost of capital for the Joybird reporting unit, which we estimated to be 25.0%. Changes in these assumptions may affect our fair value estimates and the result of impairment tests in future periods. Additional assumptions used in estimating the fair value were a tax rate of 24.9% and a terminal growth rate of 2.0%. There was no significant difference between the relative fair value of our Joybird reporting unit and the carrying value of our goodwill as of April 27, 2019, which is to be expected given the short duration of time between the goodwill impairment testing date and the Joybird acquisition date.

We did not have any goodwill impairment in fiscal 2019, fiscal 2018, or fiscal 2017. The following is a roll-forward of goodwill for the fiscal years ended April 27, 2019, and April 28, 2018:


	Upholstery		Retail		Corporate		Total
(Amounts in thousands)	Segment		Segment		and Other		Goodwill
Balance at April 29, 2017	$	12,181	$	62,064	$	—	$	74,245
Translation adjustment		786		223		—		1,009
Balance at April 28, 2018		12,967		62,287		—		75,254
Acquisitions		—		31,987		79,616		111,603
Translation adjustment		(819)		(171)		—		(990)
Balance at April 27, 2019	$	12,148	$	94,103	$	79,616	$	185,867

We have intangible assets on our consolidated balance sheet as follows:


Reportable Segment	Intangible Asset	Useful Life
Upholstery segment	Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland	Amortizable over useful lives that do not exceed 15 years
Casegoods segment	American Drew® trade name	Indefinite-lived
Retail segment	Reacquired rights to own and operate La-Z-Boy Furniture Galleries® stores	Indefinite-lived
Corporate & Other	Joybird® trade name	Amortizable over eight-year useful life

The following is a roll-forward of our other intangible assets for the fiscal years ended April 27, 2019, and April 28, 2018:


	Indefinite-		Finite-		Indefinite-
	Lived		Lived		Lived		Amortizable		Other		Total Other
	Trade		Trade		Reacquired		Reacquired		Intangible		Intangible
(Amounts in thousands)	Names		Names		Rights		Rights		Assets		Assets
Balance at April 29, 2017	$	1,155	$	—	$	13,223	$	524	$	3,587	$	18,489
Acquisitions		—		—		255		—		—		255
Amortization		—		—		—		(542)		(417)		(959)
Translation adjustment		—		—		167		18		220		405
Balance at April 28, 2018		1,155		—		13,645		—		3,390		18,190
Acquisitions		—		6,400		6,600		—		—		13,000
Amortization		—		(599)		—		—		(346)		(945)
Translation adjustment		—		—		(128)		—		(210)		(338)
Balance at April 27, 2019	$	1,155	$	5,801	$	20,117	$	—	$	2,834	$	29,907

Investments

12 Months Ended

Apr. 27, 2019

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 27, 2019, and April 28, 2018:


(Amounts in thousands)	4/27/2019		4/28/2018
Short-term investments:
Marketable securities	$	18,016	$	12,926
Held-to-maturity investments		3,341		3,340
Total short-term investments		21,357		16,266

Long-term investments:
Marketable securities		24,085		32,134
Cost basis investments		11,979		10,954
Total long-term investments		36,064		43,088

Total investments	$	57,421	$	59,354

Investments to enhance returns on cash	$	31,470	$	34,359
Investments to fund compensation/retirement plans	$	13,972	$	14,041
Other investments	$	11,979	$	10,954

The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type at April 27, 2019, and April 28, 2018:

Fiscal 2019


	Gross		Gross
(Amounts in thousands)	Unrealized Gains		Unrealized Losses		Fair Value
Equity securities	$	1,841	$	—	$	19,535
Fixed income		75		(111)		33,217
Other		258		(13)		4,669
Total securities	$	2,174	$	(124)	$	57,421

Fiscal 2018


	Gross		Gross
(Amounts in thousands)	Unrealized Gains		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 (for the fiscal years ended):


	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Proceeds from sales	$	20,944	$	22,674	$	19,954
Gross realized gains		1,152		1,302		926
Gross realized losses		(496)		(532)		(455)

At April 27, 2019, the fair value of our fixed income marketable securities, classified as available-for-sale securities, by contractual maturity was $18.1 million within one year, $12.7 million within two to five years, $1.5 million within six to ten years and $0.9 million thereafter.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Apr. 27, 2019

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 8: Accrued Expenses and Other Current Liabilities


(Amounts in thousands)	4/27/2019		4/28/2018
Payroll and other compensation	$	53,374	$	40,467
Accrued product warranty, current portion		13,892		12,687
Customer deposits		42,787		31,282
Deferred Revenue		17,038		—
Other current liabilities		46,000		34,285
Accrued expenses and other current liabilities	$	173,091	$	118,721

The increase of $17.0 million in deferred revenue was due to the implementation of Accounting Standard Update No. 2014-09, Revenue from Contracts with Customers, during fiscal 2019. This standard did not require restatement of prior financial statements and so fiscal 2018 does not include a similar liability. Additional information regarding this liability is included in Note 16. The remainder of the increase was primarily a result of our fiscal 2019 acquisitions.

Debt

12 Months Ended

Apr. 27, 2019

Debt

Debt

Note 9: Debt


(Amounts in thousands)	4/27/2019		4/28/2018
Capital leases	$	199	$	422
Less: current portion		(180)		(223)
Long-term debt	$	19	$	199

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 27, 2019, and at April 28, 2018, 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 2020 to fiscal 2021. Maturities of long-term capital leases, subsequent to April 27, 2019, are $0.2 million in fiscal 2020 and di minimis in fiscal 2021. Interest rates on our capital leases range from 2.6% to 2.7%.

Cash paid for interest during fiscal years 2019, 2018 and 2017 was $1.0 million, $0.4 million, and $0.5 million, respectively.

Operating Leases

12 Months Ended

Apr. 27, 2019

Operating Leases

Operating Leases

Note 10: Operating Leases

We have operating leases for numerous retail facilities, two manufacturing facilities in Mexico and one in Thailand, 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 27, 2019, and April 28, 2018, was $14.6 million and $13.2 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):


	Future		Future
	Minimum		Minimum
(Amounts in thousands)	Rentals		Income
2020	$	76,508	$	3,220
2021		71,544		2,571
2022		58,763		888
2023		46,541		461
2024		36,082		461
2025 and beyond		102,782		465
Total	$	392,220	$	8,066

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


	(52 weeks)		(52 weeks)		(53 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Rental expense	$	77,168	$	71,022	$	68,452
Rental income		2,642		3,039		3,604

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

Employee Benefits

12 Months Ended

Apr. 27, 2019

Employee Benefits

Employee Benefits

Note 11: Employee Benefits

Employee 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. On January 1, 2019, we increased our matching contributions for eligible employees which resulted in an additional expense of $1.7 million in fiscal 2019. During fiscal 2019 and prior periods presented below, we made supplemental contributions to this plan for eligible employees based on achievement of operating performance targets. The supplemental contribution will be discontinued for fiscal 2020 as a result of increasing the matching contributions mentioned above.

A performance compensation retirement plan (“PCRP”) is maintained for eligible highly compensated employees. The company contributions to plan are based on achievement of performance targets. Employees vest in these contributions if they achieve certain age and years of service with the Company, and can elect to receive benefit payments over a period ranging between five to twenty years after they leave the Company. As of April 27, 2019, and April 28, 2018, we had $0.5 million and $0.2 million, respectively, of obligations for this plan included in other current liabilities and $12.0 million and $9.5 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 27, 2019, and April 28, 2018, we had $23.9 million and $23.2 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 27, 2019, and at April 28, 2018, with cash surrender values of $34.3 million and $31.6 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 $0.2 million in mutual funds at April 27, 2019, and $0.1 million in mutual funds at April 28, 2018.

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 for both fiscal 2019 and 2018, which represented the unfunded projected benefit obligation of this plan. The total cost recognized for this plan was $0.8 million in fiscal 2019 and fiscal 2018 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 2019 and fiscal 2018. 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 2019 and fiscal 2018 was 3.9% and 4.1%, 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 20 for additional information on these investments). We are not required to fund the non-qualified defined benefit retirement plan in fiscal 2020; however, we have the discretion to make contributions to the Rabbi trust.

During the fourth quarter of fiscal 2019, we terminated our defined benefit pension plan for eligible factory hourly employees in our La-Z-Boy operating unit. In connection with the plan termination, we settled all future obligations under the plan through a combination of lump-sum payments to eligible participants who elected to receive them, and transferred any remaining benefit obligations under the plan to a highly rated insurance company. We recognized a non-cash pre-tax pension termination charge of $32.7 million in our consolidated statement of income associated with the plan termination during the fourth quarter of fiscal 2019.

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


	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Service cost	$	851	$	1,316	$	1,278
Interest cost		4,464		4,587		4,681
Expected return on plan assets		(4,544)		(4,818)		(4,978)
Net amortization and deferral		2,556		3,120		3,058
Pension termination charge		32,671		—		—
Net periodic pension cost (hourly plan)		35,998		4,205		4,039
401(k)(1)		9,128		7,093		7,124
PCRP(1)		3,084		1,347		1,488
Other(1)		284		360		51
Total retirement costs (excluding non-qualified defined benefit retirement plan)	$	48,494	$	13,005	$	12,702

(1)Not determined by an actuary

Employee Vacation Policy Changes

We enacted changes to our employee vacation policies that became effective on January 1, 2019. Our new vacation policies enhanced the amount of vacation time earned by our employees. Additionally, under these vacation policies, our salary and office hourly employees now accrue vacation in the current calendar year for use in the current calendar year, and any vacation time earned but not used will be forfeited at the end of each calendar year. These changes reduced our salary and office hourly vacation liability and resulted in a one-time non-cash gain of $5.1 million in our consolidated statement of income during fiscal 2019. Of the total $5.1 million gain recorded, $1.3 million was recorded in cost of sales with the remainder recorded in selling, general, and administrative expense. Our factory hourly vacation policies were only changed to enhance the amount of vacation time earned by our employees, with no change to accrual methodologies, and resulted in $1.1 million incremental expense in fiscal 2019, recorded in cost of sales.

Product Warranties

12 Months Ended

Apr. 27, 2019

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 on new sales based on our historical 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 90% 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 Upholstery segment warranties cover labor costs relating to our parts for one year. We provide a limited lifetime warranty against defects on a majority of the Joybird products, which are a part of our Corporate and Other results. For all our manufacturer warranties, the 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)	4/27/2019		4/28/2018
Balance as of the beginning of the year	$	21,205	$	21,870
Acquisitions		1,000		—
Accruals during the year		22,831		19,120
Settlements during the year		(22,300)		(19,785)
Balance as of the end of the year	$	22,736	$	21,205

As of April 27, 2019, and April 28, 2018, we included $13.9 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. The acquired warranty liability reflects our provisional estimate of the acquired warranty liabilities of Joybird on the acquisition date. See Note 2 for further information on our acquisition of Joybird.

Contingencies and Commitments	12 Months Ended
Contingencies and Commitments	Apr. 27, 2019
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.

Stock-Based Compensation

12 Months Ended

Apr. 27, 2019

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.

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):


	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Equity-based awards expense	$	10,981	$	9,474	$	8,864
Liability-based awards expense		339		405		1,687
Total stock-based compensation expense	$	11,320	$	9,879	$	10,551

Stock Options. The La-Z-Boy Incorporated 2017 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 423,273 stock options to employees during the first quarter of fiscal 2019, 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. 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. 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 2019, fiscal 2018, and fiscal 2017 was $3.5 million, $4.2 million, and $3.4 million, respectively. We received $16.2 million, $4.4 million, and $3.6 million in cash during fiscal 2019, fiscal 2018, and fiscal 2017, respectively, for exercises of stock options.

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


				Weighted
		Weighted		Average
	Number of	Average		Remaining	Aggregate
	Shares	Exercise		Contractual	Intrinsic Value
	(In Thousands)	Price		Term (Years)	(In Thousands)
Outstanding at April 28, 2018	1,837	$	24.18	7.4	$	9,407
Granted	423		33.15
Canceled	(58)		30.44
Exercised	(761)		21.28		$	9,933
Outstanding at April 27, 2019	1,441	$	28.09	7.7	$	6,557
Exercisable at April 27, 2019	516	$	25.78	6.8	$	3,450

The aggregate intrinsic value of options exercised was $2.2 million and $4.9 million in fiscal 2018 and fiscal 2017, respectively. As of April 27, 2019, our total unrecognized compensation cost related to non-vested stock option awards was $2.0 million, which we expect to recognize over a weighted-average remaining vesting term of all unvested awards of 1.7 years. During the year ended April 27, 2019, 0.5 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. We estimate forfeiture rates based on our employees' forfeiture history and believe they will approximate future results. The fair value of stock options granted during fiscal 2019, fiscal 2018, and fiscal 2017 were calculated using the following assumptions:


	Fiscal 2019			Fiscal 2018			Fiscal 2017
	Grant			Grant			Grant
Risk-free interest rate		2.82	%		1.84	%		1.30	%
Dividend rate		1.45	%		1.61	%		1.54	%
Expected life in years		5.0			5.0			5.0
Stock price volatility		33.07	%		32.12	%		38.87	%
Fair value per share	$	9.65		$	7.16		$	7.99

Stock Appreciation Rights. We have not granted any SARs to employees since fiscal 2014, but we have SARs outstanding from the fiscal 2013 and fiscal 2014 grants. All outstanding SARs are 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 fair value at the end of each reporting period. We recognized compensation expense of $0.1 million, $0.3 million, and $0.7 million related to SARs in selling, general and administrative expense for the years ended April 27, 2019, April 28, 2018, and April 29, 2017, respectively. We have no remaining unrecognized compensation cost at April 27, 2019, 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 and 2014, we granted SARs as described in our Annual Report on Form 10-K for the fiscal years ended April 27, 2013 and April 26, 2014, respectively. These awards have exceeded their expected life and are re-measured to fair value 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 27, 2019, the intrinsic value per share of the fiscal 2013 and 2014 awards were $20.48 and $13.39, respectively.

Restricted Stock. We awarded 112,926 shares of restricted stock to employees during fiscal 2019. 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 weighted average fair value of the restricted stock that was awarded in fiscal 2019 was $32.78 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. We recorded expense related to the restricted stock in selling, general and administrative expense of $2.5 million, $2.2 million, and $1.7 million during fiscal 2019, fiscal 2018, and fiscal 2017, respectively. Our unrecognized compensation cost at April 27, 2019, related to restricted shares was $5.2 million and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 1.8 years.

The following table summarizes information about non-vested share awards as of and for the year ended April 27, 2019:


		Weighted Average
	Shares	Grant Date
	(In Thousands)	Fair Value
Non-vested shares at April 28, 2018	233	$	26.56
Granted	113		32.78
Vested	(89)		26.03
Canceled	(10)		27.92
Non-vested shares at April 27, 2019	247	$	29.55

Restricted Stock Units. Restricted stock units granted to our non-employee directors are offered at no cost to the directors and vest when a director leaves the board. During fiscal 2019, fiscal 2018, and fiscal 2017 we granted less than 0.1 million of restricted stock each year to our non-employee directors. We account for these restricted stock units as equity-based awards because when they vest, they will be settled in shares of our common stock. 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 $33.15, $23.85, and $27.10 for the awards granted in fiscal 2019, fiscal 2018, and fiscal 2017, respectively. Expense relating to the restricted stock units which we recorded in selling, general and administrative expense was $0.7 million, $0.7 million and $0.6 million in fiscal 2019, fiscal 2018 and fiscal 2017, respectively.

Performance Awards. Under the La-Z-Boy Incorporated 2017 Omnibus Incentive Plan, the Compensation Committee of the board of directors was authorized to award common shares 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 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:


		Weighted Average
	Shares	Grant Date
	(In Thousands)	Fair Value
Outstanding shares at April 28, 2018	541	$	25.52
Granted	292		31.71
Vested	(139)		25.73
Unearned or cancelled	(171)		27.05
Outstanding shares at April 27, 2019	523	$	28.43

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, fiscal 2018, and fiscal 2017 that vest based on attaining performance goals was $31.71, $25.93, and $24.79,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. The Monte Carlo valuation model uses multiple simulations to evaluate our probability of achieving various stock price levels to determine our expected performance ranking relative to our peer group. Similar to the way in which we expense the awards of stock options, we expense compensation cost, net of estimated forfeitures, over the vesting period regardless of whether the market condition is ultimately satisfied. Based on the Monte Carlo model, the fair value as of the grant date of the fiscal 2019, fiscal 2018, and fiscal 2017 grants of shares that vest based on market conditions was $46.39, $36.24, and $33.32, respectively. Our unrecognized compensation cost at April 27, 2019, related to performance-based shares was $5.3 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)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Fiscal 2015 grant	$	—	$	—	$	675
Fiscal 2016 grant		—		1,052		1,284
Fiscal 2017 grant		1,044		455		1,109
Fiscal 2018 grant		1,402		887		—
Fiscal 2019 grant		1,774		—		—
Total expense	$	4,220	$	2,394	$	3,068

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 27, 2019, we had 0.1 million deferred stock units outstanding. We recorded expense relating to deferred stock units in selling, general and administrative of $0.2 million, $0.1 million, and $0.2 million during fiscal 2019, fiscal 2018, and fiscal 2017, respectively. Our liability related to these awards was $2.2 million and $2.0 million at April 27, 2019, and April 28, 2018, 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. 27, 2019

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 27, 2019, April 28, 2018, and April 29, 2017, were as follows:


			Change in				Net pension
			Fair Value		Unrealized		Amortization		Accumulated
			of Cash		Gain on		and Net		Other
	Translation		Flow		Marketable		Actuarial		Comprehensive
(Amounts in thousands)	Adjustment		Hedge		Securities		Gain (Loss)		Loss
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)
Changes before reclassifications		(2,338)		(369)		330		(479)		(2,856)
Cumulative effect adjustment for investments (1)		—		—		(1,637)		—		(1,637)
Amounts reclassified to net income (2)		—		280		25		26,553		26,858
Tax effect		—		22		(88)		(562)		(628)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(2,338)		(67)		(1,370)		25,512		21,737
Balance at April 27, 2019	$	50	$	87	$	6	$	(3,605)	$	(3,462)

(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. We reclassified the net $1.6 million of cumulative effect adjustment from accumulated other comprehensive loss to retained earnings as a result of adopting Accounting Standards Update 2016-01 (see Note 1 for further information).

(2)Included in the amount reclassified from accumulated other comprehensive income is a net $23.8 million charge related to the pension termination that occurred in the fourth quarter of fiscal 2019 (see Note 11 for additional information). Of this amount, $28.2 million of expense was recorded as pension termination charge and $4.4 million of income was recorded in income tax expense in our consolidated statement of income.

We reclassified the unrealized gain/(loss) on marketable securities from accumulated other comprehensive loss to net income through other expense, net 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 expense, net.

The components of non-controlling interest at April 27, 2019, April 28, 2018, and April 29, 2017, were as follows:


(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Balance as of the beginning of the year	$	13,035	$	11,186	$	10,070
Net income		1,567		729		1,062
Other comprehensive income (loss)		(134)		1,120		54
Balance as of the end of the year	$	14,468	$	13,035	$	11,186

Revenue Recognition

12 Months Ended

Apr. 27, 2019

Revenue Recognition

Revenue Recognition

Note 16: Revenue Recognition

The following table disaggregates our revenue by product category by segment for the fiscal year ended April 27, 2019:


							Corporate
(Amounts in thousands)	Upholstery		Casegoods		Retail		and Other		Total
Motion Upholstery Furniture	$	804,691	$	—	$	350,520	$	—	$	1,155,211
Stationary Upholstery Furniture		367,386		16,631		108,590		77,749		570,356
Bedroom Furniture		—		31,465		5,327		5,324		42,116
Dining Room Furniture		—		23,073		9,918		1,961		34,952
Occasional Furniture		1,616		49,173		20,354		1,132		72,275
Other (1)		94,549		(5,869)		75,492		(12,154)		152,018
Total	$	1,268,242	$	114,473	$	570,201	$	74,012		2,026,928

Eliminations										(281,527)
Consolidated Net Sales									$	1,745,401

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

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.

Our consolidated balance sheet includes current assets of $17.0 million that we reported as other receivables. These other receivables represent the remaining consideration to which we are entitled prior to fulfilling our performance obligation. 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 the beginning of fiscal 2019, we had $31.3 million of customer deposits and $12.1 million of deferred revenues. At April 27, 2019, we included $42.8 million of customer deposits and $17.0 million of deferred revenues in accrued expenses and other current liabilities on our consolidated balance sheet. During the fiscal year ended April 27, 2019, we recognized $41.5 million of revenue that was recorded as a contract liability at the beginning of fiscal 2019.

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

12 Months Ended

Apr. 27, 2019

Segment Information

Segment Information

Note 17: Segment Information

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

Upholstery Segment. 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, 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 comprising our 156 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells primarily upholstered furniture, in addition to some casegoods and other accessories, to end consumers through these stores.

Corporate & Other. Corporate & Other includes the shared costs for corporate functions, including human resources, information technology, finance and legal, in addition to revenue generated through royalty agreements with companies licensed to use the La-Z-Boy® brand name on various products. We consider our corporate functions to be other business activities and have aggregated them with our other insignificant operating segments including our global trading company in Hong Kong and Joybird, an e-commerce retailer that manufactures and sells upholstered furniture such as sofas, loveseats, chairs, ottomans, sleeper sofas and beds, and also imports and sells casegoods (wood) furniture such as occasional tables and other accessories. Joybird sells to the end consumer almost exclusively online through its website, www.joybird.com. None of the operating segments included in Corporate & Other meet the requirements of reportable segments.

The accounting policies of the operating segments are the same as those described in Note 1. We account for intersegment revenue transactions between our segments consistent with independent third-party transactions, that is, at current market prices. As a result, the manufacturing profit related to sales to our Retail segment is included within the appropriate Upholstery or Casegoods segment. Operating income realized on intersegment revenue transactions is therefore generally consistent with the operating income realized on our revenue from independent third-party transactions. Segment operating income is based on profit or loss from operations before interest expense, interest income, 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
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Sales
Upholstery segment:
Sales to external customers	$	1,016,957	$	1,010,097	$	986,917
Intersegment sales		251,285		217,266		204,526
Upholstery segment sales		1,268,242		1,227,363		1,191,443

Casegoods segment:
Sales to external customers		95,677		95,919		87,181
Intersegment sales		18,796		15,474		13,047
Casegoods segment sales		114,473		111,393		100,228

Retail segment sales		570,201		474,613		443,238

Corporate and Other:
Sales to external customers		62,566		3,318		2,724
Intersegment sales		11,446		9,421		6,437
Corporate and Other sales		74,012		12,739		9,161

Eliminations		(281,527)		(242,161)		(224,010)
Consolidated sales	$	1,745,401	$	1,583,947	$	1,520,060

Operating Income (Loss)
Upholstery segment	$	127,906	$	130,349	$	148,996
Casegoods segment		12,589		11,641		8,623
Retail segment		37,922		20,709		19,205
Corporate and Other		(48,743)		(33,330)		(43,482)
Consolidated operating income		129,674		129,369		133,342
Interest expense		(1,542)		(538)		(1,073)
Interest income		2,103		1,709		981
Pension termination charge		(32,671)		—		—
Other expense, net		(2,237)		(1,650)		(2,510)
Income before income taxes	$	95,327	$	128,890	$	130,740

Depreciation and Amortization
Upholstery segment	$	16,122	$	15,823	$	14,692
Casegoods segment		1,143		993		863
Retail segment		4,007		3,758		3,131
Corporate and Other		9,875		11,193		10,445
Consolidated depreciation and amortization	$	31,147	$	31,767	$	29,131


Capital Expenditures
Upholstery segment	$	37,114		$	30,049		$	13,193
Casegoods segment		1,949			711			786
Retail segment		4,604			3,377			2,831
Corporate and Other		4,766			2,200			3,494
Consolidated capital expenditures	$	48,433		$	36,337		$	20,304

Assets
Upholstery segment	$	398,469		$	363,864		$	357,889
Casegoods segment		55,295			57,312			53,064
Retail segment		210,863			177,853			172,601
Unallocated assets		395,163			293,938			305,301
Consolidated assets	$	1,059,790		$	892,967		$	888,855

Long-Lived Assets by Geographic Location
Domestic	$	389,892		$	251,778		$	239,198
International		27,529			23,671			23,791
Consolidated long-lived assets	$	417,421		$	275,449		$	262,989

Sales by Country
United States		89	%		87	%		88	%
Canada		6	%		7	%		7	%
Other		5	%		6	%		5	%
Total		100	%		100	%		100	%

Income Taxes

12 Months Ended

Apr. 27, 2019

Income Taxes

Income Taxes

Note 18: 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, began applying to us in fiscal 2019. Additionally, as a Company fiscal year taxpayer, the lower corporate income tax rate of 21% was phased in, resulting in a blended federal rate of 30.4% for fiscal 2018. The federal tax rate is 21% for fiscal 2019.

In December of 2017, the SEC 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. In fiscal 2019, we finalized the provisional estimates of $0.2 million recorded in fiscal 2018, with no material change.

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


	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
United States	$	73,058	$	111,516	$	122,196
Foreign		22,269		17,374		8,544
Total	$	95,327	$	128,890	$	130,740

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


	(52 weeks)		(52 weeks)		(53 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Federal:
– current	$	17,629	$	21,206	$	35,606
– deferred		(2,649)		16,401		2,349
State:
– current		6,199		4,886		5,194
– deferred		(933)		1,075		(1,703)
Foreign:
– current		4,919		3,820		2,388
– deferred		21		(93)		(78)
Total income tax expense	$	25,186	$	47,295	$	43,756

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)	4/27/2019		4/28/2018		4/29/2017
Statutory tax rate	21.0	%	30.4	%	35.0	%
Increase (reduction) in income taxes resulting from:
Re-measurement of deferred taxes for changes in statutory U.S. tax rate	(0.2)		7.8		—
State income taxes, net of federal benefit	4.1		3.3		2.7
Tax effect of defined benefit pension plan termination	2.7		—		—
U.S. manufacturing benefit	-		(1.5)		(2.4)
Change in valuation allowance	0.6		(0.3)		(1.0)
U.S. research tax credits	(0.8)		(1.9)		—
Miscellaneous items	(1.0)		(1.1)		(0.8)
Effective tax rate	26.4	%	36.7	%	33.5	%

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 $55.6 million of the earnings. After enactment of the Tax Act, the potential deferred tax attributable to these earnings would be approximately $3.1 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)	4/27/2019		4/28/2018
Assets
Deferred and other compensation	$	19,603	$	18,326
State income tax - net operating losses, credits and other		5,346		5,050
Warranty		5,707		5,348
Rent		2,714		2,971
Workers’ compensation		2,525		2,714
Employee benefits		1,479		2,343
Federal net operating losses, credits		2,032		—
Pension		91		—
Other		2,250		—
Valuation allowance		(2,312)		(1,224)
Total deferred tax assets		39,435		35,528
Liabilities
Property, plant and equipment		(10,523)		(7,684)
Inventory		(1,615)		(1,531)
Goodwill and other intangibles		(6,627)		(3,575)
Pension		—		(1,230)
Other		—		(243)
Net deferred tax assets	$	20,670	$	21,265

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


(Amounts in thousands)	Amount		Expiration
Federal net operating losses	$	2,032	Fiscal 2034 - 2038
Various U.S. state net operating losses (excluding federal tax effect)	$	5,012	Fiscal 2019 - 2038
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 27, 2019, we estimate that about $69 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 2019, we recorded a $1.1 million increase in our valuation allowance for deferred tax assets that are now considered more likely than not to be realized. This determination was primarily due to state net operating losses and the limitations on the realization of deferred tax assets related to executive compensation. A summary of the valuation allowance by jurisdiction is as follows:


		4/28/2018			4/27/2019
	Valuation				Valuation
Jurisdiction (Amounts in thousands)	Allowance		Change		Allowance
U.S. Federal	$	—	$	586	$	586
U.S. State		1,207		502		1,709
Foreign		17		—		17
Total	$	1,224	$	1,088	$	2,312

The remaining valuation allowance of $2.3 million primarily related to certain U.S. federal, state and foreign deferred tax assets. The U.S. federal deferred taxes are primarily due to limitations on the realization of deferred taxes related to executive compensation. The U.S. state deferred taxes are primarily related to state net operating losses.

As of April 27, 2019, we had a gross unrecognized tax benefit of $1.1 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:


	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Balance at the beginning of the period	$	1,014	$	620	$	1,821
Additions:
Positions taken during the current year		187		464		148
Positions taken during the prior year		—		25		—
Reductions:
Positions taken during the prior year		(36)		—		(4)
Decreases related to settlements with taxing authorities		—		—		(27)
Reductions resulting from the lapse of the statute of limitations		(96)		(95)		(1,318)
Balance at the end of the period	$	1,069	$	1,014	$	620

We recognize interest and penalties associated with uncertain tax positions in income tax expense. We had approximately $0.3 million accrued for interest and penalties as of both April 27, 2019, and April 28, 2018.

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 2016 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 2015 and subsequent. Our foreign operations are subject to audit for fiscal years 2009 and subsequent.

Cash paid for taxes (net of refunds received) during the fiscal years ended April 27, 2019, April 28, 2018, and April 29, 2017, were $23.8 million, $37.1 million, and $33.7 million, respectively.

Earnings per Share

12 Months Ended

Apr. 27, 2019

Earnings per Share

Earnings per Share

Note 19: Earnings per Share

Certain share-based compensation awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities. 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 therefore are not considered participating securities. The dividends on the restricted stock awards granted in fiscal 2019 are, and will continue to be, held in escrow until the stock awards vest at which time we will pay any accumulated dividends.

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
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	68,574	$	80,866	$	85,922
Income allocated to participating securities		(225)		(407)		(422)
Net income available to common shareholders	$	68,349	$	80,459	$	85,500

Denominator:
Basic weighted average common shares outstanding		46,828		47,621		48,963
Add:
Contingent common shares		242		211		194
Stock option dilution		263		303		313
Diluted weighted average common shares outstanding		47,333		48,135		49,470

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 year ended April 27, 2019, 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 fiscal years ended April 28, 2018, and April 29, 2017.

Fair Value Measurements

12 Months Ended

Apr. 27, 2019

Fair Value Measurements

Fair Value Measurements

Note 20: Fair Value Measurements

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

Level 1 - Financial assets and liabilities the values of which are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access.

Level 2 - Financial assets and liabilities the values of which are based on quoted prices in markets that are not active or on model inputs that are observable for substantially the full term of the asset or liability.

Level 3 - Financial assets and liabilities the values of which are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

Accounting standards require that in making fair value measurements, we use observable market data when 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 April 27, 2019, 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.


Fiscal 2019	Fair Value Measurements
(Amounts in thousands)	Level 1		Level 2		Level 3
Assets
Marketable securities	$	5	$	34,390	$	—
Held-to-maturity investments		3,341		—		—
Cost basis investment		—		—		11,979
Total assets	$	3,346	$	34,390	$	11,979

Liabilities
Contingent consideration liability	$	—	$	—	$	7,900


Fiscal 2018	Fair Value Measurements
(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 April 27, 2019, 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 April 27, 2019, 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. The fair value for our Level 3 investments is not readily available so we estimate the fair value as costs minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar investments with the same issuer. Our Level 3 liability includes our contingent consideration liabilities on recent acquisitions. We estimated the fair value of the contingent consideration liability for Joybird to be $7.9 million at April 27, 2019, an increase of $0.4 million over the acquisition -date fair value of this liability. The fair value of contingent consideration is based on future revenues and earnings in fiscal 2021 and fiscal 2023. The fair value was determined using a variation of the income approach, known as the real options method, whereby revenue and earnings were simulated over the earn-out periods in a risk-neutral framework using Geometric Brownian Motion. For each simulation path, the potential earn-out payments were calculated based on management's probability estimates for achievement of the revenue and earnings milestones and then were discounted to the valuation date. As of April 27, 2019, we used a discount rate of 4.2% for the fiscal 2021 milestone and 4.7% for the fiscal 2023 milestone. The increase in the Joybird contingent consideration liability between the acquisition date and the end of fiscal 2019 was primarily due to the shorter time horizon between the payout dates and the valuation date, and the change in valuation was recorded as a component of selling, general & administrative expense in our consolidated statement of income during fiscal 2019.

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 28, 2018	$	10,954
Purchases		1,025
Balance at April 27, 2019	$	11,979

Liabilities
Balance at April 28, 2018	$	344
Acquisitions		7,500
Write-up, net		74
Translation adjustment		(18)
Balance at April 27, 2019	$	7,900

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 7). The fair value of the investments measured using net asset value at April 27, 2019, and April 28, 2018, was $7.7 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

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Apr. 27, 2019

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
					Charged/
					(Credited)			Charged/
	Balance at				to costs			(Credited)						Balance
	Beginning of				and			to Other						at End of
Description	Year		Acquisitions		Expenses			Accounts			Deductions			Year
Allowance for doubtful accounts, deducted from accounts receivable:
April 27, 2019	$	1,956	$	600	$	367	(1)	$	—		$	(743)	(2)	$	2,180
April 28, 2018		2,563		—		261	(1)		—			(868)	(2)		1,956
April 29, 2017		3,145		—		(278)	(1)		—			(304)	(2)		2,563

Allowance for deferred tax assets:
April 27, 2019	$	1,224	$	—	$	740		$	506	(3)	$	(158)	(4)	$	2,312
April 28, 2018		1,786		—		—			(299)	(3)		(263)	(4)		1,224
April 29, 2017		3,625		—		—			(562)	(3)		(1,277)	(4)		1,786

(1)

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

(2)

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

(3)

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

(4)

Valuation allowance release.

Accounting Policies (Policies)

12 Months Ended

Apr. 27, 2019

Accounting Policies

Principles of Consolidation

Use of Estimates

Cash and Equivalents

Restricted Cash

We have cash on deposit with a bank as collateral for certain letters of credit.

Inventories

Property, Plant and Equipment

Disposal and Impairment of Long-Lived Assets

Indefinite-Lived Intangible Assets and Goodwill

Amortizable Intangible Assets

Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We generate revenues primarily by manufacturing/importing and delivering upholstery and casegoods (wood) furniture products to independent furniture retailers, independently-owned La-Z-Boy Furniture Galleries® stores or the end consumer. Each unit of furniture is a separate performance obligation, and we satisfy our performance obligation when control of our product is passed to our customer, which is the point in time that our customers are able to direct the use of and obtain substantially all of the remaining economic benefit of the goods or services.

We recognize revenue for retail sales and online sales to the end consumer through our company-owned retail stores, la-z-boy.com or joybird.com once the end consumer has taken control of the furniture, at which point legal title has passed to the end consumer. This takes place when the product is delivered to the end consumer’s home. Home delivery is not a promised service to our customer, and is not a separate performance obligation, because home delivery is a fulfillment activity as the costs are incurred as part of transferring our product to the end consumer. At the time the end consumer places an order through our company-owned retail stores or la-z-boy.com, we collect a deposit on a portion of the total merchandise price. 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. Once the order is taken through our company-owned retail stores or la-z-boy.com we recognize a contract asset for the full order amount and a corresponding deferred revenue liability for the difference between the total order and the deposit collected. The contract asset is included in our other current assets on our consolidated balance sheet and the deferred revenue is included in our accrued expenses and other current liabilities on our consolidated balance sheet. At the time the end consumer places an order through joybird.com, we collect the entire amount owed from the end consumer and record this as a customer deposit. Because the entire amount owed is collected at the time of the order, there is no contract asset recorded for Joybird sales.

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. When estimating our incentives we utilize either the expected value method or the most likely amount to determine the amount of variable consideration. We use either method depending on which method will provide the best estimate of the variable consideration, and we only include variable consideration when it is probable that there will not be a significant reversal in the amount of cumulative revenue recognized when the uncertainty associated with the variable consideration is subsequently resolved. Incentives offered to customers include cash discounts, rebates, advertising agreements and other sales incentive programs. Our sales incentives, including cash discounts and rebates, are recorded as a reduction to revenues. Service allowances are for a distinct good or service received from our customer and are recorded as a component of selling, general and administrative expense in our consolidated statement of income, and are not recorded as a reduction of revenue and are not considered variable consideration. We use substantial judgment based on the type of variable consideration or service allowance, historical experience and expected sales volume when estimating these provisions. The expected costs associated with our warranties and service allowances are recognized as expense when our products are sold. For sales tax, we elected 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.

Related Allowances

Cost of Sales

During fiscal 2017, we recorded a benefit related to legal settlements as part of cost of sales. Gross margin benefited 20 basis points in fiscal 2017, as a result of legal settlements.

Selling, General and Administrative Expenses

Pension Termination Charge

Other Expense, Net

Research and Development Costs

Advertising Expenses

Operating Leases

Income Taxes

Foreign Currency Translation

Accounting for Stock-Based Compensation

Commitments and Contingencies

Insurance/Self-Insurance

Recent Accounting Pronouncements

Accounting pronouncements adopted in fiscal 2019

The accounting standards updates (“ASUs”) adopted below had a significant impact on our accounting policies and/or our consolidated financial statements and related disclosures.


ASU		Description
ASU 2016-16		Income Taxes: Intra-entity transfers of assets other than inventory
ASU 2017-01		Clarifying the definition of a business
ASU 2017-04		Simplifying the test for goodwill impairment
ASU 2018-15		Intangibles - Goodwill and other - Internal-use software: Customer’s accounting
		for implementation costs incurred in a cloud computing arrangement that is a
		service contract

Accounting pronouncements not yet adopted

The ASUs below are expected to have a significant impact on our accounting policies and/or our consolidated financial statements and related disclosures upon adoption.


ASU	Description	Adoption Date
ASU 2016-13	Financial instruments - Credit losses	Fiscal 2021
ASU 2017-12	Targeted improvements to accounting for hedging activities	Fiscal 2020
ASU 2018-02	Income Statement - Reporting Comprehensive Income:	Fiscal 2020
	Reclassification of Certain Tax Effects from Accumulated Other
	Comprehensive Income
ASU 2018-13	Fair value measurement - Disclosure Framework - Changes	Fiscal 2021
	to the disclosure requirements for fair value measurements
ASU 2018-14	Compensation - Retirement benefits - Defined benefit plans -	Fiscal 2022
	General - Changes to the disclosure requirements for defined
	benefit plans

Acquisitions (Tables)

12 Months Ended

Apr. 27, 2019

Independent dealer assets acquired in fiscal 2019

Summary of fair values at the dates of acquisition


	Second quarter
	fiscal 2019
	Retail segment
(Amounts in thousands)	acquisitions
Fair value of consideration:
Cash	$	38,904
Forgiveness of accounts receivable		2,610
Guaranteed future payments		1,300
Total fair value of consideration		42,814

Amounts recognized for identifiable assets acquired and liabilities assumed:
Inventory		10,491
Other current assets		4,194
Property, plant and equipment		929
Indefinite-lived reacquired rights		6,600
Other long-term assets		183
Customer deposits		(6,515)
Other current liabilities		(5,055)
Total identifiable net assets acquired		10,827

Goodwill	$	31,987

Joybird

Summary of fair values at the dates of acquisition


	Second quarter fiscal
	2019 Corporate &
(Amounts in thousands)	Other acquisitions
Fair value of consideration:
Cash (paid at closing)	$	37,482
Guaranteed payment		22,489
Acquisition earn-out		7,500
Assumption of liability		5,000
Working capital adjustment		(2,486)
Total fair value of consideration		69,985

Amounts recognized for assets acquired and liabilities assumed:
Inventory		5,258
Other current assets		3,733
Property, plant and equipment		2,057
Finite-lived tradename		6,400
Other long-term assets		2,878
Accounts payable		(8,222)
Customer deposits		(13,904)
Other current liabilities		(7,681)
Other long-term liabilities		(150)
Total identifiable net liabilities acquired		(9,631)

Goodwill	$	79,616

Restricted Cash (Tables)

12 Months Ended

Apr. 27, 2019

Restricted Cash

Schedule of cash, cash equivalents and restricted cash


(Amounts in thousands)	4/27/2019		4/28/2018
Cash and cash equivalents	$	129,819	$	134,515
Restricted cash		1,968		2,356
Total cash, cash equivalents and restricted cash	$	131,787	$	136,871

Inventories (Tables)

12 Months Ended

Apr. 27, 2019

Inventories

Summary of inventories


(Amounts in thousands)	4/27/2019		4/28/2018
Raw materials	$	90,359	$	86,214
Work in process		13,728		12,254
Finished goods		114,478		109,183
FIFO inventories		218,565		207,651
Excess of FIFO over LIFO		(21,666)		(22,810)
Total inventories	$	196,899	$	184,841

Property, Plant and Equipment (Tables)

12 Months Ended

Apr. 27, 2019

Property, Plant and Equipment

Schedule of property, plant and equipment


	Estimated
	Useful
(Amounts in thousands)	Lives				4/27/2019		4/28/2018
Buildings and building fixtures	3	-	40	years	$	223,505	$	200,370
Machinery and equipment	3	-	15	years		148,760		147,542
Information systems and software	3	-	10	years		86,400		84,881
Land			—			14,323		14,626
Land improvements	3	-	30	years		17,454		15,362
Transportation equipment	3	-	10	years		13,598		13,929
Furniture and fixtures	3	-	15	years		22,826		20,812
Construction in progress						20,722		23,250
						547,588		520,772
Accumulated depreciation						(347,065)		(339,890)
Net property, plant and equipment					$	200,523	$	180,882

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Apr. 27, 2019

Goodwill and Other Intangible Assets

Roll-forward of goodwill


	Upholstery		Retail		Corporate		Total
(Amounts in thousands)	Segment		Segment		and Other		Goodwill
Balance at April 29, 2017	$	12,181	$	62,064	$	—	$	74,245
Translation adjustment		786		223		—		1,009
Balance at April 28, 2018		12,967		62,287		—		75,254
Acquisitions		—		31,987		79,616		111,603
Translation adjustment		(819)		(171)		—		(990)
Balance at April 27, 2019	$	12,148	$	94,103	$	79,616	$	185,867

Roll-forward of other intangible assets - Indefinite-lived


	Indefinite-		Finite-		Indefinite-
	Lived		Lived		Lived		Amortizable		Other		Total Other
	Trade		Trade		Reacquired		Reacquired		Intangible		Intangible
(Amounts in thousands)	Names		Names		Rights		Rights		Assets		Assets
Balance at April 29, 2017	$	1,155	$	—	$	13,223	$	524	$	3,587	$	18,489
Acquisitions		—		—		255		—		—		255
Amortization		—		—		—		(542)		(417)		(959)
Translation adjustment		—		—		167		18		220		405
Balance at April 28, 2018		1,155		—		13,645		—		3,390		18,190
Acquisitions		—		6,400		6,600		—		—		13,000
Amortization		—		(599)		—		—		(346)		(945)
Translation adjustment		—		—		(128)		—		(210)		(338)
Balance at April 27, 2019	$	1,155	$	5,801	$	20,117	$	—	$	2,834	$	29,907

Roll-forward of other intangible assets - Amortizable


	Indefinite-		Finite-		Indefinite-
	Lived		Lived		Lived		Amortizable		Other		Total Other
	Trade		Trade		Reacquired		Reacquired		Intangible		Intangible
(Amounts in thousands)	Names		Names		Rights		Rights		Assets		Assets
Balance at April 29, 2017	$	1,155	$	—	$	13,223	$	524	$	3,587	$	18,489
Acquisitions		—		—		255		—		—		255
Amortization		—		—		—		(542)		(417)		(959)
Translation adjustment		—		—		167		18		220		405
Balance at April 28, 2018		1,155		—		13,645		—		3,390		18,190
Acquisitions		—		6,400		6,600		—		—		13,000
Amortization		—		(599)		—		—		(346)		(945)
Translation adjustment		—		—		(128)		—		(210)		(338)
Balance at April 27, 2019	$	1,155	$	5,801	$	20,117	$	—	$	2,834	$	29,907

Investments (Tables)

12 Months Ended

Apr. 27, 2019

Investments

Summary of investments


(Amounts in thousands)	4/27/2019		4/28/2018
Short-term investments:
Marketable securities	$	18,016	$	12,926
Held-to-maturity investments		3,341		3,340
Total short-term investments		21,357		16,266

Long-term investments:
Marketable securities		24,085		32,134
Cost basis investments		11,979		10,954
Total long-term investments		36,064		43,088

Total investments	$	57,421	$	59,354

Investments to enhance returns on cash	$	31,470	$	34,359
Investments to fund compensation/retirement plans	$	13,972	$	14,041
Other investments	$	11,979	$	10,954

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

Fiscal 2019


	Gross		Gross
(Amounts in thousands)	Unrealized Gains		Unrealized Losses		Fair Value
Equity securities	$	1,841	$	—	$	19,535
Fixed income		75		(111)		33,217
Other		258		(13)		4,669
Total securities	$	2,174	$	(124)	$	57,421

Fiscal 2018


	Gross		Gross
(Amounts in thousands)	Unrealized Gains		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


	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Proceeds from sales	$	20,944	$	22,674	$	19,954
Gross realized gains		1,152		1,302		926
Gross realized losses		(496)		(532)		(455)

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Apr. 27, 2019

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses and other current liabilities


(Amounts in thousands)	4/27/2019		4/28/2018
Payroll and other compensation	$	53,374	$	40,467
Accrued product warranty, current portion		13,892		12,687
Customer deposits		42,787		31,282
Deferred Revenue		17,038		—
Other current liabilities		46,000		34,285
Accrued expenses and other current liabilities	$	173,091	$	118,721

Debt (Tables)

12 Months Ended

Apr. 27, 2019

Debt

Schedule of debt


(Amounts in thousands)	4/27/2019		4/28/2018
Capital leases	$	199	$	422
Less: current portion		(180)		(223)
Long-term debt	$	19	$	199

- 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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

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

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-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 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Operating Leases (Tables)

12 Months Ended

Apr. 27, 2019

Operating Leases

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


	Future		Future
	Minimum		Minimum
(Amounts in thousands)	Rentals		Income
2020	$	76,508	$	3,220
2021		71,544		2,571
2022		58,763		888
2023		46,541		461
2024		36,082		461
2025 and beyond		102,782		465
Total	$	392,220	$	8,066

Schedule of rental expense and rental income for operating leases


	(52 weeks)		(52 weeks)		(53 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Rental expense	$	77,168	$	71,022	$	68,452
Rental income		2,642		3,039		3,604

Employee Benefits (Tables)

12 Months Ended

Apr. 27, 2019

Employee Benefits

Schedule of combined net periodic pension cost and retirement costs


	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Service cost	$	851	$	1,316	$	1,278
Interest cost		4,464		4,587		4,681
Expected return on plan assets		(4,544)		(4,818)		(4,978)
Net amortization and deferral		2,556		3,120		3,058
Pension termination charge		32,671		—		—
Net periodic pension cost (hourly plan)		35,998		4,205		4,039
401(k)(1)		9,128		7,093		7,124
PCRP(1)		3,084		1,347		1,488
Other(1)		284		360		51
Total retirement costs (excluding non-qualified defined benefit retirement plan)	$	48,494	$	13,005	$	12,702

(1)Not determined by an actuary

Product Warranties (Tables)

12 Months Ended

Apr. 27, 2019

Product Warranties

Reconciliation of changes in product warranty liability


(Amounts in thousands)	4/27/2019		4/28/2018
Balance as of the beginning of the year	$	21,205	$	21,870
Acquisitions		1,000		—
Accruals during the year		22,831		19,120
Settlements during the year		(22,300)		(19,785)
Balance as of the end of the year	$	22,736	$	21,205

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 27, 2019

Stock-Based Compensation

Summary of total stock-based compensation expense


	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Equity-based awards expense	$	10,981	$	9,474	$	8,864
Liability-based awards expense		339		405		1,687
Total stock-based compensation expense	$	11,320	$	9,879	$	10,551

Schedule of plan activity for stock options


				Weighted
		Weighted		Average
	Number of	Average		Remaining	Aggregate
	Shares	Exercise		Contractual	Intrinsic Value
	(In Thousands)	Price		Term (Years)	(In Thousands)
Outstanding at April 28, 2018	1,837	$	24.18	7.4	$	9,407
Granted	423		33.15
Canceled	(58)		30.44
Exercised	(761)		21.28		$	9,933
Outstanding at April 27, 2019	1,441	$	28.09	7.7	$	6,557
Exercisable at April 27, 2019	516	$	25.78	6.8	$	3,450

Fair value assumptions for stock options


	Fiscal 2019			Fiscal 2018			Fiscal 2017
	Grant			Grant			Grant
Risk-free interest rate		2.82	%		1.84	%		1.30	%
Dividend rate		1.45	%		1.61	%		1.54	%
Expected life in years		5.0			5.0			5.0
Stock price volatility		33.07	%		32.12	%		38.87	%
Fair value per share	$	9.65		$	7.16		$	7.99

Summary of information about non-vested share awards


		Weighted Average
	Shares	Grant Date
	(In Thousands)	Fair Value
Non-vested shares at April 28, 2018	233	$	26.56
Granted	113		32.78
Vested	(89)		26.03
Canceled	(10)		27.92
Non-vested shares at April 27, 2019	247	$	29.55

Summary of information about performance-based shares outstanding


		Weighted Average
	Shares	Grant Date
	(In Thousands)	Fair Value
Outstanding shares at April 28, 2018	541	$	25.52
Granted	292		31.71
Vested	(139)		25.73
Unearned or cancelled	(171)		27.05
Outstanding shares at April 27, 2019	523	$	28.43

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


	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Fiscal 2015 grant	$	—	$	—	$	675
Fiscal 2016 grant		—		1,052		1,284
Fiscal 2017 grant		1,044		455		1,109
Fiscal 2018 grant		1,402		887		—
Fiscal 2019 grant		1,774		—		—
Total expense	$	4,220	$	2,394	$	3,068

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Apr. 27, 2019

Accumulated Other Comprehensive Loss

Activity in accumulated other comprehensive loss


			Change in				Net pension
			Fair Value		Unrealized		Amortization		Accumulated
			of Cash		Gain on		and Net		Other
	Translation		Flow		Marketable		Actuarial		Comprehensive
(Amounts in thousands)	Adjustment		Hedge		Securities		Gain (Loss)		Loss
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)
Changes before reclassifications		(2,338)		(369)		330		(479)		(2,856)
Cumulative effect adjustment for investments (1)		—		—		(1,637)		—		(1,637)
Amounts reclassified to net income (2)		—		280		25		26,553		26,858
Tax effect		—		22		(88)		(562)		(628)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(2,338)		(67)		(1,370)		25,512		21,737
Balance at April 27, 2019	$	50	$	87	$	6	$	(3,605)	$	(3,462)

Components of non-controlling interest


(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Balance as of the beginning of the year	$	13,035	$	11,186	$	10,070
Net income		1,567		729		1,062
Other comprehensive income (loss)		(134)		1,120		54
Balance as of the end of the year	$	14,468	$	13,035	$	11,186

Revenue Recognition (Tables)

12 Months Ended

Apr. 27, 2019

Revenue Recognition

Schedule of disaggregation of revenue by product category by segment


							Corporate
(Amounts in thousands)	Upholstery		Casegoods		Retail		and Other		Total
Motion Upholstery Furniture	$	804,691	$	—	$	350,520	$	—	$	1,155,211
Stationary Upholstery Furniture		367,386		16,631		108,590		77,749		570,356
Bedroom Furniture		—		31,465		5,327		5,324		42,116
Dining Room Furniture		—		23,073		9,918		1,961		34,952
Occasional Furniture		1,616		49,173		20,354		1,132		72,275
Other (1)		94,549		(5,869)		75,492		(12,154)		152,018
Total	$	1,268,242	$	114,473	$	570,201	$	74,012		2,026,928

Eliminations										(281,527)
Consolidated Net Sales									$	1,745,401

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

Segment Information (Tables)

12 Months Ended

Apr. 27, 2019

Segment Information

Schedule of segment information


	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Sales
Upholstery segment:
Sales to external customers	$	1,016,957	$	1,010,097	$	986,917
Intersegment sales		251,285		217,266		204,526
Upholstery segment sales		1,268,242		1,227,363		1,191,443

Casegoods segment:
Sales to external customers		95,677		95,919		87,181
Intersegment sales		18,796		15,474		13,047
Casegoods segment sales		114,473		111,393		100,228

Retail segment sales		570,201		474,613		443,238

Corporate and Other:
Sales to external customers		62,566		3,318		2,724
Intersegment sales		11,446		9,421		6,437
Corporate and Other sales		74,012		12,739		9,161

Eliminations		(281,527)		(242,161)		(224,010)
Consolidated sales	$	1,745,401	$	1,583,947	$	1,520,060

Operating Income (Loss)
Upholstery segment	$	127,906	$	130,349	$	148,996
Casegoods segment		12,589		11,641		8,623
Retail segment		37,922		20,709		19,205
Corporate and Other		(48,743)		(33,330)		(43,482)
Consolidated operating income		129,674		129,369		133,342
Interest expense		(1,542)		(538)		(1,073)
Interest income		2,103		1,709		981
Pension termination charge		(32,671)		—		—
Other expense, net		(2,237)		(1,650)		(2,510)
Income before income taxes	$	95,327	$	128,890	$	130,740

Depreciation and Amortization
Upholstery segment	$	16,122	$	15,823	$	14,692
Casegoods segment		1,143		993		863
Retail segment		4,007		3,758		3,131
Corporate and Other		9,875		11,193		10,445
Consolidated depreciation and amortization	$	31,147	$	31,767	$	29,131


Capital Expenditures
Upholstery segment	$	37,114	$	30,049	$	13,193
Casegoods segment		1,949		711		786
Retail segment		4,604		3,377		2,831
Corporate and Other		4,766		2,200		3,494
Consolidated capital expenditures	$	48,433	$	36,337	$	20,304

Assets
Upholstery segment	$	398,469	$	363,864	$	357,889
Casegoods segment		55,295		57,312		53,064
Retail segment		210,863		177,853		172,601
Unallocated assets		395,163		293,938		305,301
Consolidated assets	$	1,059,790	$	892,967	$	888,855

Long-lived assets by geographic location and sales by country

		(52 weeks)			(52 weeks)					(52 weeks)
(Amounts in thousands)		4/27/2019			4/28/2018					4/29/2017
Long-Lived Assets by Geographic Location
Domestic	$		389,892			$	251,778		$		239,198
International			27,529				23,671				23,791
Consolidated long-lived assets	$		417,421			$	275,449		$		262,989

Sales by Country
United States			89	%			87	%			88	%
Canada			6	%			7	%			7	%
Other			5	%			6	%			5	%
Total			100	%			100	%			100	%

Income Taxes (Tables)

12 Months Ended

Apr. 27, 2019

Income Taxes

Schedule of income before income taxes for continuing operations


	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
United States	$	73,058	$	111,516	$	122,196
Foreign		22,269		17,374		8,544
Total	$	95,327	$	128,890	$	130,740

Components of income tax expense (benefit)


	(52 weeks)		(52 weeks)		(53 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Federal:
– current	$	17,629	$	21,206	$	35,606
– deferred		(2,649)		16,401		2,349
State:
– current		6,199		4,886		5,194
– deferred		(933)		1,075		(1,703)
Foreign:
– current		4,919		3,820		2,388
– deferred		21		(93)		(78)
Total income tax expense	$	25,186	$	47,295	$	43,756

Reconciliation of effective tax rate


	Fiscal Year Ended
(% of income before income taxes)	4/27/2019		4/28/2018		4/29/2017
Statutory tax rate	21.0	%	30.4	%	35.0	%
Increase (reduction) in income taxes resulting from:
Re-measurement of deferred taxes for changes in statutory U.S. tax rate	(0.2)		7.8		—
State income taxes, net of federal benefit	4.1		3.3		2.7
Tax effect of defined benefit pension plan termination	2.7		—		—
U.S. manufacturing benefit	-		(1.5)		(2.4)
Change in valuation allowance	0.6		(0.3)		(1.0)
U.S. research tax credits	(0.8)		(1.9)		—
Miscellaneous items	(1.0)		(1.1)		(0.8)
Effective tax rate	26.4	%	36.7	%	33.5	%

Components of deferred tax assets and (liabilities)


(Amounts in thousands)	4/27/2019		4/28/2018
Assets
Deferred and other compensation	$	19,603	$	18,326
State income tax - net operating losses, credits and other		5,346		5,050
Warranty		5,707		5,348
Rent		2,714		2,971
Workers’ compensation		2,525		2,714
Employee benefits		1,479		2,343
Federal net operating losses, credits		2,032		—
Pension		91		—
Other		2,250		—
Valuation allowance		(2,312)		(1,224)
Total deferred tax assets		39,435		35,528
Liabilities
Property, plant and equipment		(10,523)		(7,684)
Inventory		(1,615)		(1,531)
Goodwill and other intangibles		(6,627)		(3,575)
Pension		—		(1,230)
Other		—		(243)
Net deferred tax assets	$	20,670	$	21,265

Summary of deferred tax assets associated with loss carryforwards


(Amounts in thousands)	Amount		Expiration
Federal net operating losses	$	2,032	Fiscal 2034 - 2038
Various U.S. state net operating losses (excluding federal tax effect)	$	5,012	Fiscal 2019 - 2038
Foreign capital losses	$	17	Indefinite

Summary of valuation allowance by jurisdiction


		4/28/2018			4/27/2019
	Valuation				Valuation
Jurisdiction (Amounts in thousands)	Allowance		Change		Allowance
U.S. Federal	$	—	$	586	$	586
U.S. State		1,207		502		1,709
Foreign		17		—		17
Total	$	1,224	$	1,088	$	2,312

Reconciliation of the beginning and ending balance of unrecognized tax benefits


	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Balance at the beginning of the period	$	1,014	$	620	$	1,821
Additions:
Positions taken during the current year		187		464		148
Positions taken during the prior year		—		25		—
Reductions:
Positions taken during the prior year		(36)		—		(4)
Decreases related to settlements with taxing authorities		—		—		(27)
Reductions resulting from the lapse of the statute of limitations		(96)		(95)		(1,318)
Balance at the end of the period	$	1,069	$	1,014	$	620

Earnings per Share (Tables)

12 Months Ended

Apr. 27, 2019

Earnings per Share

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


	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/27/2019		4/28/2018		4/29/2017
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	68,574	$	80,866	$	85,922
Income allocated to participating securities		(225)		(407)		(422)
Net income available to common shareholders	$	68,349	$	80,459	$	85,500

Denominator:
Basic weighted average common shares outstanding		46,828		47,621		48,963
Add:
Contingent common shares		242		211		194
Stock option dilution		263		303		313
Diluted weighted average common shares outstanding		47,333		48,135		49,470

Fair Value Measurements (Tables)

12 Months Ended

Apr. 27, 2019

Fair Value Measurements

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


Fiscal 2019	Fair Value Measurements
(Amounts in thousands)	Level 1		Level 2		Level 3
Assets
Marketable securities	$	5	$	34,390	$	—
Held-to-maturity investments		3,341		—		—
Cost basis investment		—		—		11,979
Total assets	$	3,346	$	34,390	$	11,979

Liabilities
Contingent consideration liability	$	—	$	—	$	7,900


Fiscal 2018	Fair Value Measurements
(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 assets recorded at fair value using significant unobservable inputs


(Amounts in thousands)	Level 3
Assets
Balance at April 28, 2018	$	10,954
Purchases		1,025
Balance at April 27, 2019	$	11,979

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


(Amounts in thousands)	Level 3
Liabilities
Balance at April 28, 2018	$	344
Acquisitions		7,500
Write-up, net		74
Translation adjustment		(18)
Balance at April 27, 2019	$	7,900

Accounting Policies - Amortizable Intangible Assets (Details)		12 Months Ended
	Jul. 30, 2018	Apr. 27, 2019
La-Z-Boy Wholesale Business in United Kingdom and Ireland \| Maximum
Amortizable Intangible Assets
Amortization period		15 years
Joybird
Amortizable Intangible Assets
Amortization period	8 years	8 years

Accounting Policies - Other Various Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Cost of Sales
Improvement in gross margin due to legal settlement (as a percent)			0.20%
Pension Termination Charge.
Pension termination charge	$ 32,671
Research and Development Costs
Expenditures for research and development costs	9,100	$ 7,900	$ 8,000
Advertising Expenses
Gross advertising expenses	$ 106,400	$ 88,300	$ 82,100
Percentage reimbursement on shared advertising program	30.00%
Insurance/Self-Insurance
Maximum deductibles for excess loss coverages	$ 1,500

Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 28, 2018	Apr. 27, 2019
Recent Accounting Pronouncements
Lease liability		$ 392,220
Retained Earnings \| ASU 2016-01 - Investments
Recent Accounting Pronouncements
Reclassification of net unrealized gains, before tax	$ 2,100
Reclassification of tax expense	500
Accumulated Other Comprehensive Income (Loss) \| ASU 2016-01 - Investments
Recent Accounting Pronouncements
Reclassification of net unrealized gains, before tax	(2,100)
Reclassification of tax expense	$ (500)
Restatement Adjustment \| Minimum \| ASU 2016-02
Recent Accounting Pronouncements
Right of use asset		300,000
Lease liability		0
Restatement Adjustment \| Maximum \| ASU 2016-02
Recent Accounting Pronouncements
Right of use asset		(325,000)
Lease liability		$ 0

Acquisitions - Retail Segment (Details) $ in Thousands			2 Months Ended	12 Months Ended
Acquisitions - Retail Segment (Details) $ in Thousands	Sep. 30, 2018 USD ($) store Counterparty	Aug. 15, 2018 store Counterparty warehouse	Sep. 30, 2018 USD ($) store Counterparty	Apr. 28, 2018 USD ($)	Apr. 27, 2019 USD ($)	Apr. 29, 2017 USD ($)
Amounts recognized for identifiable assets acquired and liabilities assumed:
Goodwill				$ 75,254	$ 185,867	$ 74,245
Independent dealer assets acquired in fiscal 2019
Acquisitions
Number of dealers whose assets were acquired \| Counterparty			2
Settlement gain or loss			$ 0
Fair value of consideration:
Cash			38,904
Forgiveness of accounts receivable			2,610
Guaranteed future payments			1,300
Total fair value of consideration			42,814
Amounts recognized for identifiable assets acquired and liabilities assumed:
Inventory	$ 10,491		10,491
Other current assets	4,194		4,194
Property, plant and equipment	929		929
Indefinite-lived reacquired rights	6,600		6,600
Other long-term assets	183		183
Customer deposits	(6,515)		(6,515)
Other current liabilities	(5,055)		(5,055)
Total identifiable net assets acquired	10,827		10,827
Goodwill	$ 31,987		$ 31,987
Independent dealer assets acquired in fiscal 2019 \| Arizona
Acquisitions
Number of dealers whose assets were acquired \| Counterparty		1
Number of stores included in acquisition \| store		9
Number of warehouses included in acquisition \| warehouse		2
Independent dealer assets acquired in fiscal 2019 \| Massachusetts
Acquisitions
Number of dealers whose assets were acquired \| Counterparty	1
Number of stores included in acquisition \| store	1		1
Independent dealer assets acquired in fiscal 2018
Fair value of consideration:
Cash				$ 600

Acquisitions - Corporate and Other (Details) $ in Thousands		12 Months Ended
Acquisitions - Corporate and Other (Details) $ in Thousands	Jul. 30, 2018 USD ($) person item	Apr. 27, 2019 USD ($)	Apr. 28, 2018 USD ($)	Apr. 29, 2017 USD ($)
Amounts recognized for identifiable assets acquired and liabilities assumed:
Goodwill		$ 185,867	$ 75,254	$ 74,245
Joybird
Acquisitions
Total guaranteed payments	$ 75,000
Receivable for working capital adjustment	2,500
Prepaid compensation included in guaranteed payments	$ 7,500
Period for payment of liabilities assumed as consideration	2 years
Remaining guaranteed payments	$ 25,000
Annual installments of remaining guaranteed payments	$ 5,000
Period for annual installments of remaining guaranteed payments	5 years
Number of future earnout opportunities \| item	2
Number of co-founders covered by forfeitable initial payment \| person	4
Period for amortization of prepaid compensation	2 years
Finite-lived intangible asset, useful life	8 years	8 years
Contingent consideration, low end of range	$ 0
Contingent consideration, high end of range	65,000
Fair value of consideration:
Cash (paid at closing)	37,482
Guaranteed payment	22,489
Acquisition earn-out	7,500
Assumption of liability	5,000
Working capital adjustment	(2,486)
Total fair value of consideration	69,985
Amounts recognized for identifiable assets acquired and liabilities assumed:
Inventory	5,258
Other current assets	3,733
Property, plant and equipment	2,057
Finite-lived tradename	6,400
Other long-term assets	2,878
Accounts payable	(8,222)
Customer deposits	(13,904)
Other current liabilities	(7,681)
Other long-term liabilities	(150)
Total identifiable net assets acquired	(9,631)
Goodwill	$ 79,616

Restricted Cash (Details) - USD ($) $ in Thousands	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017	Apr. 30, 2016
Restricted Cash
Cash and cash equivalents	$ 129,819	$ 134,515
Restricted cash	1,968	2,356
Total cash, cash equivalents and restricted cash	$ 131,787	$ 136,871	$ 150,859	$ 121,335

Inventories (Details) - USD ($) $ in Thousands	Apr. 27, 2019	Apr. 28, 2018
Inventories
Raw materials	$ 90,359	$ 86,214
Work in process	13,728	12,254
Finished goods	114,478	109,183
FIFO inventories	218,565	207,651
Excess of FIFO over LIFO	(21,666)	(22,810)
Total inventories	$ 196,899	$ 184,841

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Property, Plant and Equipment
Gross property, plant and equipment	$ 547,588	$ 520,772
Accumulated depreciation	(347,065)	(339,890)
Net property, plant and equipment	200,523	180,882
Depreciation expense	27,500	27,500	$ 25,400
Buildings and building fixtures
Property, Plant and Equipment
Gross property, plant and equipment	$ 223,505	200,370
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	$ 148,760	147,542
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	$ 86,400	84,881
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	$ 14,323	14,626
Land improvements
Property, Plant and Equipment
Gross property, plant and equipment	$ 17,454	15,362
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	$ 13,598	13,929
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	$ 22,826	20,812
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	$ 20,722	$ 23,250

Goodwill and Other Intangible Assets - Goodwill Roll-forward (Details) $ in Thousands	12 Months Ended
	Apr. 27, 2019 USD ($)	Apr. 28, 2018 USD ($)
Roll-forward of goodwill
Balance at beginning of period	$ 75,254	$ 74,245
Acquisitions	111,603
Translation adjustment	(990)	1,009
Balance at end of period	185,867	75,254
Upholstery Segment
Roll-forward of goodwill
Balance at beginning of period	12,967	12,181
Translation adjustment	(819)	786
Balance at end of period	$ 12,148	12,967
Amortization period	15 years
Retail Segment
Roll-forward of goodwill
Balance at beginning of period	$ 62,287	62,064
Acquisitions	31,987
Translation adjustment	(171)	223
Balance at end of period	$ 94,103	$ 62,287
Retail Segment \| Goodwill
Key assumptions used in assessment of goodwill
Tax rate (as a percent)	24.00%
Retail Segment \| Goodwill \| Discount rate
Key assumptions used in assessment of goodwill
Rate (as a percent)	8.4
Retail Segment \| Goodwill \| Terminal growth rate
Key assumptions used in assessment of goodwill
Rate (as a percent)	2.0
Corporate and Other
Roll-forward of goodwill
Acquisitions	$ 79,616
Balance at end of period	$ 79,616
Amortization period	8 years
Corporate and Other \| Goodwill
Key assumptions used in assessment of goodwill
Tax rate (as a percent)	24.90%
Corporate and Other \| Goodwill \| Discount rate
Key assumptions used in assessment of goodwill
Rate (as a percent)	25.0
Corporate and Other \| Goodwill \| Terminal growth rate
Key assumptions used in assessment of goodwill
Rate (as a percent)	2.0

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018
Roll-forward of other intangible assets
Balance at beginning of period	$ 18,190	$ 18,489
Acquisitions	13,000	255
Amortization	(945)	(959)
Translation adjustment	(338)	405
Balance at end of period	29,907	18,190
Trade Names
Roll-forward of other intangible assets
Acquisitions	6,400
Amortization	(599)
Balance at end of period	5,801
Reacquired Rights
Roll-forward of other intangible assets
Balance at beginning of period		524
Amortization		(542)
Translation adjustment		18
Other Intangible Assets
Roll-forward of other intangible assets
Balance at beginning of period	3,390	3,587
Amortization	(346)	(417)
Translation adjustment	(210)	220
Balance at end of period	2,834	3,390
Trade Names
Roll-forward of other intangible assets
Balance at beginning of period	1,155	1,155
Balance at end of period	1,155	1,155
Reacquired Rights
Roll-forward of other intangible assets
Balance at beginning of period	13,645	13,223
Acquisitions	6,600	255
Translation adjustment	(128)	167
Balance at end of period	$ 20,117	$ 13,645

Investments - Components (Details) - USD ($) $ in Thousands	Apr. 27, 2019	Apr. 28, 2018
Investments
Total investments	$ 57,421	$ 59,354
Investments to enhance returns on cash
Investments
Total investments	31,470	34,359
Investments to fund compensation/retirement plans
Investments
Total investments	13,972	14,041
Other investments
Investments
Total investments	11,979	10,954
Other current assets
Investments
Marketable securities	18,016	12,926
Held-to-maturity investments	3,341	3,340
Total investments	21,357	16,266
Other long-term assets
Investments
Marketable securities	24,085	32,134
Cost basis investments	11,979	10,954
Total investments	$ 36,064	$ 43,088

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Apr. 27, 2019	Apr. 28, 2018
Summary of investments
Gross Unrealized Gains	$ 2,174	$ 2,243
Gross Unrealized Losses	(124)	(457)
Fair Value	57,421	59,354
Equity securities
Summary of investments
Gross Unrealized Gains	1,841	2,142
Gross Unrealized Losses		(39)
Fair Value	19,535	18,765
Fixed income
Summary of investments
Gross Unrealized Gains	75	29
Gross Unrealized Losses	(111)	(418)
Fair Value	33,217	36,312
Other
Summary of investments
Gross Unrealized Gains	258	72
Gross Unrealized Losses	(13)
Fair Value	$ 4,669	$ 4,277

Investments - Sales and Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Sales of marketable securities
Proceeds from sales	$ 20,944	$ 22,674	$ 19,954
Gross realized gains	1,152	1,302	926
Gross realized losses	(496)	$ (532)	$ (455)
Fair value of available-for-sale securities by contractual maturity
Fair value, available-for-sale securities with contractual maturity within one year	18,100
Fair value, available-for-sale securities with contractual maturity within two to five years	12,700
Fair value, available-for-sale securities with contractual maturity within six to ten years	1,500
Fair value, available-for-sale securities with contractual maturity after ten years	$ 900

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Apr. 27, 2019	Apr. 28, 2018
Accrued Expenses and Other Current Liabilities
Payroll and other compensation	$ 53,374	$ 40,467
Accrued product warranty, current portion	13,892	12,687
Customer deposits	42,787	31,282
Deferred Revenue	17,038
Other current liabilities	46,000	34,285
Accrued expenses and other current liabilities	$ 173,091	$ 118,721

Debt (Details) - USD ($) $ in Thousands	12 Months Ended
Debt (Details) - USD ($) $ in Thousands	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Debt
Less: current portion	$ (180)	$ (223)
Long-term debt	19	199
Cash paid for interest	1,000	400	$ 500
Capital leases
Debt
Total debt	199	422
Less: current portion	(180)	(223)
Long-term debt	19	199
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)	2.70%
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. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Operating Leases
Total rent liability	$ 14,600	$ 13,200
Future minimum rentals for all non-cancelable operating leases
2020	76,508
2021	71,544
2022	58,763
2023	46,541
2024	36,082
2025 and beyond	102,782
Total Future Minimum Rentals	392,220
Future rental income from subleases
2020	3,220
2021	2,571
2022	888
2023	461
2024	461
2025 and beyond	465
Total Future Minimum Income	8,066
Rental expense and rental income for operating leases
Rental expense	77,168	71,022	$ 68,452
Rental income	$ 2,642	$ 3,039	$ 3,604

Employee Benefits - Deferred Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018
401(k)
Retirement and Welfare
Employer contributions	$ 1.7
PCRP \| Maximum
Retirement and Welfare
Period of benefit payments	20 years
PCRP \| Minimum
Retirement and Welfare
Period of benefit payments	5 years
PCRP \| Other current liabilities
Retirement and Welfare
Deferred compensation arrangement obligations	$ 0.5	$ 0.2
PCRP \| Other long-term liabilities
Retirement and Welfare
Deferred compensation arrangement obligations	12.0	9.5
Executive deferred compensation plan \| Other long-term liabilities
Retirement and Welfare
Deferred compensation arrangement obligations	23.9	23.2
Executive deferred compensation plan \| Other current assets
Retirement and Welfare
Market value of mutual funds	0.2
Executive deferred compensation plan \| Other current assets \| Maximum
Retirement and Welfare
Market value of mutual funds		0.1
Executive deferred compensation plan and PCRP \| Other long-term assets
Retirement and Welfare
Cash surrender value of life insurance contracts	$ 34.3	$ 31.6

Employee Benefits - Non-qualified Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018
Retirement and Welfare
Pension termination charge	$ 32,671
Non-qualified defined benefit retirement plan (not funded)
Retirement and Welfare
Total cost recognized	800	$ 800
Actuarial loss recognized in accumulated other comprehensive loss	200	200
Benefit payments	1,100	$ 1,100
Future benefit payments expected annually for the next ten years	$ 1,100
Discount rate used to determine benefit obligations (as a percent)	3.90%	4.10%
Non-qualified defined benefit retirement plan (not funded) \| Other long-term liabilities
Retirement and Welfare
Plan obligations	$ 15,500	$ 15,500

Employee Benefits - Net Periodic Pension Cost and Retirement Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Components of net periodic pension cost
Other	$ 284	$ 360	$ 51
Total retirement costs (excluding non-qualified defined benefit retirement plan)	48,494	13,005	12,702
401(k)
Components of net periodic pension cost
Defined contribution plan cost	9,128	7,093	7,124
PCRP
Components of net periodic pension cost
Defined contribution plan cost	3,084	1,347	1,488
Defined benefit pension plan for factory hourly employees (funded)
Components of net periodic pension cost
Service cost	851	1,316	1,278
Interest cost	4,464	4,587	4,681
Expected return on plan assets	(4,544)	(4,818)	(4,978)
Net amortization and deferral	2,556	3,120	3,058
Pension termination charge	32,671
Net periodic pension cost	$ 35,998	$ 4,205	$ 4,039

Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Apr. 27, 2019	Apr. 28, 2018
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 21,205	$ 21,870
Acquisitions	1,000
Accruals during the period	22,831	19,120
Settlements during the period	(22,300)	(19,785)
Balance as of the end of the period	22,736	21,205
Product warranty liability included in accrued expenses and other current liabilities	$ 13,900	$ 12,700
Minimum \| Upholstery Segment
Product Warranties
Percentage of warranty liability relating to the segment	90.00%
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 - Plans and Expense (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 10,981	$ 9,474	$ 8,864
Liability-based awards expense	339	405	1,687
Total stock-based compensation expense	$ 11,320	$ 9,879	$ 10,551
2017 Omnibus Incentive Plan
Stock-Based Compensation
Aggregate number of common shares that may be issued through awards (in shares)		5.9

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 28, 2018	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Stock-Based Compensation
Expense recognized		$ 11,320	$ 9,879	$ 10,551
Minimum
Stock-Based Compensation
Vesting period		1 year
Maximum
Stock-Based Compensation
Vesting period		4 years
Stock Options
Stock-Based Compensation
Vesting period		10 months
Cash received for exercises of stock options		$ 16,200	$ 4,400	3,600
Number of Shares
Outstanding at beginning of period (in shares)	1,837,000	1,837,000
Granted (in shares)	423,273	423,000
Canceled (in shares)		(58,000)
Exercised (in shares)		(761,000)
Outstanding at end of period (in shares)		1,441,000	1,837,000
Exercisable (in shares)		516,000
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 24.18	$ 24.18
Granted (in dollars per share)		33.15
Canceled (in dollars per share)		30.44
Exercised (in dollars per share)		21.28
Outstanding at end of period (in dollars per share)		28.09	$ 24.18
Exercisable (in dollars per share)		$ 25.78
Additional information
Weighted Average Remaining Contractual Term, Outstanding		7 years 8 months 12 days	7 years 4 months 24 days
Weighted Average Remaining Contractual Term, Exercisable		6 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding		$ 6,557	$ 9,407
Aggregate Intrinsic Value, Exercised		9,933	$ 2,200	$ 4,900
Aggregate Intrinsic Value, Exercisable		3,450
Unrecognized compensation cost		$ 2,000
Period for recognition of unrecognized compensation costs		1 year 8 months 12 days
Vested during the period (in shares)		500,000
Fair value assumptions
Risk-free interest rate (as a percent)		2.82%	1.84%	1.30%
Dividend rate (as a percent)		1.45%	1.61%	1.54%
Expected life in years		5 years	5 years	5 years
Stock price volatility (as a percent)		33.07%	32.12%	38.87%
Fair value per share (in dollars per share)		$ 9.65	$ 7.16	$ 7.99
Stock Options \| Minimum
Stock-Based Compensation
Purchase price of common stock at date of grant (as a percent)		100.00%
Stock Options \| Selling, general and administrative expense
Stock-Based Compensation
Expense recognized		$ 3,500	$ 4,200	$ 3,400
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. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Stock-Based Compensation
Expense recognized	$ 11,320	$ 9,879	$ 10,551
Stock Appreciation Rights
Stock-Based Compensation
Term of award	10 years
Unrecognized compensation cost	$ 0
Stock Appreciation Rights \| Fiscal 2013 Grant
Fair value assumptions
Fair value per share (in dollars per share)	$ 20.48
Stock Appreciation Rights \| Fiscal 2014 Grant
Fair value assumptions
Fair value per share (in dollars per share)	$ 13.39
Stock Appreciation Rights \| Selling, general and administrative expense
Stock-Based Compensation
Expense recognized	$ 100	$ 300	$ 700

Stock-Based Compensation - Restricted Stock and RSUs (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Stock-Based Compensation
Expense recognized	$ 11,320	$ 9,879	$ 10,551
Maximum
Stock-Based Compensation
Vesting period	4 years
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	$ 5,200
Period for recognition of unrecognized compensation costs	1 year 9 months 18 days
Shares
Non-vested at beginning of period (in shares)	233
Granted (in shares)	113
Vested (in shares)	(89)
Canceled (in shares)	(10)
Non-vested at end of period (in shares)	247	233
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 26.56
Granted (in dollars per share)	32.78
Vested (in dollars per share)	26.03
Canceled (in dollars per share)	27.92
Non-vested at end of period (in dollars per share)	29.55	$ 26.56
Restricted Stock \| Non-Employee Directors
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 33.15	$ 23.85	$ 27.10
Restricted Stock \| Non-Employee Directors \| Maximum
Shares
Granted (in shares)	100	100	100
Restricted Stock \| Selling, general and administrative expense \| Employees
Stock-Based Compensation
Expense recognized	$ 2,500	$ 2,200	$ 1,700
Restricted Stock \| Selling, general and administrative expense \| Non-Employee Directors
Stock-Based Compensation
Expense recognized	$ 700	$ 700	$ 600

Stock-Based Compensation - Performance Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Stock-Based Compensation
Equity based compensation expenses	$ 11,320	$ 9,879	$ 10,551
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	$ 5,300
Period for recognition of unrecognized compensation costs	1 year 4 months 24 days
Equity based compensation expenses	$ 4,220	$ 2,394	3,068
Number of Shares
Non-vested at beginning of period (in shares)	541
Granted (in shares)	292
Vested (in shares)	(139)
Canceled (in shares)	(171)
Non-vested at end of period (in shares)	523	541
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 25.52
Granted (in dollars per share)	31.71
Vested (in dollars per share)	25.73
Canceled (in dollars per share)	27.05
Non-vested at end of period (in dollars per share)	$ 28.43	$ 25.52
Performance-Based Shares \| Fiscal 2015 Grant
Stock-Based Compensation
Equity based compensation expenses			675
Performance-Based Shares \| Fiscal 2016 Grant
Stock-Based Compensation
Equity based compensation expenses		$ 1,052	1,284
Performance-Based Shares \| Fiscal 2017 Grant
Stock-Based Compensation
Equity based compensation expenses	$ 1,044	455	$ 1,109
Performance-Based Shares \| Fiscal 2018 Grant
Stock-Based Compensation
Equity based compensation expenses	1,402	$ 887
Performance-Based Shares \| Fiscal 2019 Grant
Stock-Based Compensation
Equity based compensation expenses	$ 1,774
Performance-Based Shares, vesting based on performance goals \| Fiscal 2017 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share)			$ 24.79
Performance-Based Shares, vesting based on performance goals \| Fiscal 2018 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 25.93
Performance-Based Shares, vesting based on performance goals \| Fiscal 2019 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 31.71
Performance Based Shares, vesting based on market conditions \| Fiscal 2017 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share)			$ 33.32
Performance Based Shares, vesting based on market conditions \| Fiscal 2018 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 36.24
Performance Based Shares, vesting based on market conditions \| Fiscal 2019 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 46.39

Stock Based Compensation - Previously Granted Deferred Stock (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Previously Granted Deferred Stock Units
Expense recognized	$ 11,320	$ 9,879	$ 10,551
Non-Employee Directors \| Deferred Stock Units
Previously Granted Deferred Stock Units
Award common share equivalent (in shares)	1
Deferred stock units outstanding (in shares)	100,000
Non-Employee Directors \| Deferred Stock Units \| Selling, general and administrative expense
Previously Granted Deferred Stock Units
Expense recognized	$ 200	100	$ 200
Other long-term liabilities \| Non-Employee Directors \| Deferred Stock Units
Previously Granted Deferred Stock Units
Liability related to awards	$ 2,200	$ 2,000

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 28, 2018	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Activity in accumulated other comprehensive loss
Balance	$ 612,181	$ 612,181
Balance		682,508	$ 612,181
Amount of pension termination charge reclassified from AOCI		23,807
Pension termination charge		28,200
Income tax expense		4,400
Components of non-controlling interest
Balance as of the beginning of the period	13,035	13,035	11,186	$ 10,070
Net income		1,567	729	1,062
Other comprehensive income (loss)		(134)	1,120	54
Balance as of the end of the period		14,468	13,035	11,186
Accumulated Other Comprehensive Income (Loss)
Activity in accumulated other comprehensive loss
Balance	(25,199)	(25,199)	(32,883)	(34,000)
Changes before reclassifications		(2,856)	7,580	(2,778)
Cumulative effect adjustment		(1,637)
Amounts reclassified to net income		26,858	1,713	4,879
Tax effect		(628)	(1,609)	(984)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		21,737	7,684	1,117
Balance		(3,462)	(25,199)	(32,883)
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)	(445)
Changes before reclassifications		(2,338)	3,315	(482)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(2,338)	3,315	(482)
Balance		50	2,388	(927)
Change in Fair Value of Cash Flow Hedge
Activity in accumulated other comprehensive loss
Balance	154	154	74	(286)
Changes before reclassifications		(369)	164	(1,478)
Amounts reclassified to net income		280	(208)	2,060
Tax effect		22	124	(222)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(67)	80	360
Balance		87	154	74
Unrealized Gain on Marketable Securities
Activity in accumulated other comprehensive loss
Balance	1,376	1,376	1,752	1,058
Changes before reclassifications		330	844	1,592
Cumulative effect adjustment		(1,637)
Amounts reclassified to net income		25	(1,420)	(471)
Tax effect		(88)	200	(427)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		(1,370)	(376)	694
Balance		6	1,376	1,752
Net Pension Amortization and Net Actuarial Gain (Loss)
Activity in accumulated other comprehensive loss
Balance	$ (29,117)	(29,117)	(33,782)	(34,327)
Changes before reclassifications		(479)	3,257	(2,410)
Amounts reclassified to net income		26,553	3,341	3,290
Tax effect		(562)	(1,933)	(335)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated		25,512	4,665	545
Balance		$ (3,605)	$ (29,117)	$ (33,782)

Revenue Recognition - Disaggregation (Details) $ in Thousands	12 Months Ended
	Apr. 27, 2019 USD ($)
Revenue Recognition
Consolidated Net Sales	$ 1,745,401
Operating Segments
Revenue Recognition
Consolidated Net Sales	2,026,928
Operating Segments \| Motion Upholstery Furniture
Revenue Recognition
Consolidated Net Sales	1,155,211
Operating Segments \| Stationary Upholstery Furniture
Revenue Recognition
Consolidated Net Sales	570,356
Operating Segments \| Bedroom Furniture
Revenue Recognition
Consolidated Net Sales	42,116
Operating Segments \| Dining Room Furniture
Revenue Recognition
Consolidated Net Sales	34,952
Operating Segments \| Occasional Furniture
Revenue Recognition
Consolidated Net Sales	72,275
Operating Segments \| Other
Revenue Recognition
Consolidated Net Sales	152,018
Operating Segments \| Upholstery Segment
Revenue Recognition
Consolidated Net Sales	1,268,242
Operating Segments \| Upholstery Segment \| Motion Upholstery Furniture
Revenue Recognition
Consolidated Net Sales	804,691
Operating Segments \| Upholstery Segment \| Stationary Upholstery Furniture
Revenue Recognition
Consolidated Net Sales	367,386
Operating Segments \| Upholstery Segment \| Occasional Furniture
Revenue Recognition
Consolidated Net Sales	1,616
Operating Segments \| Upholstery Segment \| Other
Revenue Recognition
Consolidated Net Sales	94,549
Operating Segments \| Casegoods Segment
Revenue Recognition
Consolidated Net Sales	114,473
Operating Segments \| Casegoods Segment \| Stationary Upholstery Furniture
Revenue Recognition
Consolidated Net Sales	16,631
Operating Segments \| Casegoods Segment \| Bedroom Furniture
Revenue Recognition
Consolidated Net Sales	31,465
Operating Segments \| Casegoods Segment \| Dining Room Furniture
Revenue Recognition
Consolidated Net Sales	23,073
Operating Segments \| Casegoods Segment \| Occasional Furniture
Revenue Recognition
Consolidated Net Sales	49,173
Operating Segments \| Casegoods Segment \| Other
Revenue Recognition
Consolidated Net Sales	(5,869)
Operating Segments \| Retail Segment
Revenue Recognition
Consolidated Net Sales	570,201
Operating Segments \| Retail Segment \| Motion Upholstery Furniture
Revenue Recognition
Consolidated Net Sales	350,520
Operating Segments \| Retail Segment \| Stationary Upholstery Furniture
Revenue Recognition
Consolidated Net Sales	108,590
Operating Segments \| Retail Segment \| Bedroom Furniture
Revenue Recognition
Consolidated Net Sales	5,327
Operating Segments \| Retail Segment \| Dining Room Furniture
Revenue Recognition
Consolidated Net Sales	9,918
Operating Segments \| Retail Segment \| Occasional Furniture
Revenue Recognition
Consolidated Net Sales	20,354
Operating Segments \| Retail Segment \| Other
Revenue Recognition
Consolidated Net Sales	75,492
Corporate and Other \| Corporate and Other, non-segment
Revenue Recognition
Consolidated Net Sales	74,012
Corporate and Other \| Corporate and Other, non-segment \| Stationary Upholstery Furniture
Revenue Recognition
Consolidated Net Sales	77,749
Corporate and Other \| Corporate and Other, non-segment \| Bedroom Furniture
Revenue Recognition
Consolidated Net Sales	5,324
Corporate and Other \| Corporate and Other, non-segment \| Dining Room Furniture
Revenue Recognition
Consolidated Net Sales	1,961
Corporate and Other \| Corporate and Other, non-segment \| Occasional Furniture
Revenue Recognition
Consolidated Net Sales	1,132
Corporate and Other \| Corporate and Other, non-segment \| Other
Revenue Recognition
Consolidated Net Sales	(12,154)
Eliminations
Revenue Recognition
Consolidated Net Sales	$ (281,527)

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018
Revenue Recognition
Other receivables, included in other current assets	$ 17.0	$ 12.1
Customer deposits, included in accrued expenses and other current liabilities	42.8	31.3
Deferred revenues, included in accrued expenses and other current liabilities	17.0	$ 12.1
Revenue recognized related to contract liabilities	$ 41.5
Revenue, practical expedient elected for financing components of contracts with one year or less duration	true

Segment Information - Reportable and Operating Segments (Details)	12 Months Ended
	Apr. 27, 2019 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	156

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Segment Information
Sales	$ 1,745,401	$ 1,583,947	$ 1,520,060
Operating Income (Loss)	129,674	129,369	133,342
Interest expense	(1,542)	(538)	(1,073)
Interest income	2,103	1,709	981
Pension termination charge	(32,671)
Other expense, net	(2,237)	(1,650)	(2,510)
Income before income taxes	95,327	128,890	130,740
Depreciation and Amortization	31,147	31,767	29,131
Capital Expenditures	48,433	36,337	20,304
Assets	1,059,790	892,967	888,855
Upholstery Segment
Segment Information
Sales	1,016,957	1,010,097	986,917
Casegoods Segment
Segment Information
Sales	95,677	95,919	87,181
Corporate and Other, non-segment
Segment Information
Sales	62,566	3,318	2,724
Operating Segments \| Upholstery Segment
Segment Information
Sales	1,268,242	1,227,363	1,191,443
Operating Income (Loss)	127,906	130,349	148,996
Depreciation and Amortization	16,122	15,823	14,692
Capital Expenditures	37,114	30,049	13,193
Assets	398,469	363,864	357,889
Operating Segments \| Casegoods Segment
Segment Information
Sales	114,473	111,393	100,228
Operating Income (Loss)	12,589	11,641	8,623
Depreciation and Amortization	1,143	993	863
Capital Expenditures	1,949	711	786
Assets	55,295	57,312	53,064
Operating Segments \| Retail Segment
Segment Information
Sales	570,201	474,613	443,238
Operating Income (Loss)	37,922	20,709	19,205
Depreciation and Amortization	4,007	3,758	3,131
Capital Expenditures	4,604	3,377	2,831
Assets	210,863	177,853	172,601
Corporate and Other
Segment Information
Operating Income (Loss)	(48,743)	(33,330)	(43,482)
Depreciation and Amortization	9,875	11,193	10,445
Capital Expenditures	4,766	2,200	3,494
Corporate and Other \| Corporate and Other, non-segment
Segment Information
Sales	74,012	12,739	9,161
Eliminations
Segment Information
Sales	(281,527)	(242,161)	(224,010)
Eliminations \| Upholstery Segment
Segment Information
Sales	(251,285)	(217,266)	(204,526)
Eliminations \| Casegoods Segment
Segment Information
Sales	(18,796)	(15,474)	(13,047)
Eliminations \| Corporate and Other, non-segment
Segment Information
Sales	(11,446)	(9,421)	(6,437)
Unallocated
Segment Information
Assets	$ 395,163	$ 293,938	$ 305,301

Segment Information - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Geographic Information
Long-lived assets	$ 417,421	$ 275,449	$ 262,989
Geographic concentration \| Sales
Geographic Information
Percentage of sales	100.00%	100.00%	100.00%
Domestic/United States
Geographic Information
Long-lived assets	$ 389,892	$ 251,778	$ 239,198
Domestic/United States \| Geographic concentration \| Sales
Geographic Information
Percentage of sales	89.00%	87.00%	88.00%
International
Geographic Information
Long-lived assets	$ 27,529	$ 23,671	$ 23,791
Canada \| Geographic concentration \| Sales
Geographic Information
Percentage of sales	6.00%	7.00%	7.00%
Other \| Geographic concentration \| Sales
Geographic Information
Percentage of sales	5.00%	6.00%	5.00%

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Income Taxes
Estimated effects of the transition tax	$ 200
Income from continuing operations before income taxes
United States	73,058	$ 111,516	$ 122,196
Foreign	22,269	17,374	8,544
Income before income taxes	95,327	128,890	130,740
Federal:
- current	17,629	21,206	35,606
- deferred	(2,649)	16,401	2,349
State:
- current	6,199	4,886	5,194
- deferred	(933)	1,075	(1,703)
Foreign:
- current	4,919	3,820	2,388
- deferred	21	(93)	(78)
Total income tax expense	$ 25,186	$ 47,295	$ 43,756
Reconciliation of effective tax rate as it differs from the U.S. federal income tax rate
Statutory tax rate (as a percent)	21.00%	30.40%	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)	(0.20%)	7.80%
State income taxes, net of federal benefit (as a percent)	4.10%	3.30%	2.70%
Tax effect of defined benefit pension plan termination (as a percent)	2.70%
U.S. manufacturing benefit (as a percent)		(1.50%)	(2.40%)
Change in valuation allowance (as a percent)	0.60%	(0.30%)	(1.00%)
U.S. research tax credits (as a percent)	(0.80%)	(1.90%)
Miscellaneous items (as a percent)	(1.00%)	(1.10%)	(0.80%)
Effective tax rate (as a percent)	26.40%	36.70%	33.50%
Undistributed earnings, reinvested	$ 55,600
Potential deferred tax attributable to undistributed foreign earnings	3,100
Assets
Deferred and other compensation	19,603	$ 18,326
State income tax - net operating losses, credits and other	5,346	5,050
Warranty	5,707	5,348
Rent	2,714	2,971
Workers' compensation	2,525	2,714
Employee benefits	1,479	2,343
Federal net operating losses, credits	2,032
Pension	91
Other	2,250
Valuation allowance	(2,312)	(1,224)
Total deferred tax assets	39,435	35,528
Liabilities
Property, plant and equipment	(10,523)	(7,684)
Inventory	(1,615)	(1,531)
Goodwill and other intangibles	(6,627)	(3,575)
Pension		(1,230)
Other		(243)
Net deferred tax assets	20,670	$ 21,265
Deferred tax assets associated with loss carryforwards
Various U.S. state net operating losses (excluding federal tax effect)	5,012
Foreign net operating losses	2,032
Foreign capital losses	17
Future taxable income needed to fully recover net deferred tax assets	$ 69,000

Income Taxes - Valuation Allowance (Details) $ in Thousands	12 Months Ended
Income Taxes - Valuation Allowance (Details) $ in Thousands	Apr. 27, 2019 USD ($)
Summary of valuation allowance by jurisdiction
Valuation Allowance, beginning of the period	$ 1,224
Change	1,088
Valuation Allowance, end of the period	2,312
U.S. Federal
Summary of valuation allowance by jurisdiction
Change	586
Valuation Allowance, end of the period	586
U.S. state
Summary of valuation allowance by jurisdiction
Valuation Allowance, beginning of the period	1,207
Change	502
Valuation Allowance, end of the period	1,709
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. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Reconciliation of the beginning and ending balance of unrecognized tax benefits
Balance at the beginning of the period	$ 1,014	$ 620	$ 1,821
Additions:
Positions taken during the current year	187	464	148
Positions taken during the prior year		25
Reductions:
Positions taken during the prior year	(36)		(4)
Decreases related to settlements with taxing authorities			(27)
Reductions resulting from the lapse of the statue of limitations	(96)	(95)	(1,318)
Balance at the end of the period	1,069	1,014	620
Interest and penalties accrued	300	300
Recognition of unrecognized tax benefit that would decrease the effective tax rate	900
Expected decrease in unrecognized tax benefits within the next 12 months	1,000
Cash paid for taxes (net of refunds received)	$ 23,800	$ 37,100	$ 33,700

Earnings per Share - Reconciliation (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$ 68,574	$ 80,866	$ 85,922
Income allocated to participating securities, basic	(225)	(407)	(422)
Income allocated to participating securities, diluted	(225)	(407)	(422)
Net income available to common shareholders, basic	68,349	80,459	85,500
Net income available to common shareholders, diluted	$ 68,349	$ 80,459	$ 85,500
Denominator:
Basic weighted average common shares outstanding (in shares)	46,828	47,621	48,963
Add:
Contingent common shares (in shares)	242	211	194
Stock option dilution (in shares)	263	303	313
Diluted weighted average common shares outstanding (in shares)	47,333	48,135	49,470

Earnings per Share - Antidilutive Securities (Details) - Outstanding options shares in Millions	12 Months Ended
	Apr. 27, 2019 $ / 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	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018
Assets
Total assets	$ 57,421	$ 59,354
Liabilities
Transfers from Level 1 to Level 2 assets	0	0
Transfers from Level 2 to Level 1 assets	0	0
Transfers from Level 1 to Level 2 liabilities	0	0
Transfers from Level 2 to Level 1 liabilities	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
Recurring basis \| Level 1
Assets
Marketable securities	5	1,141
Held-to-maturity investments	3,341	3,340
Total assets	3,346	4,481
Recurring basis \| Level 2
Assets
Marketable securities	34,390	37,173
Total assets	34,390	37,173
Recurring basis \| Level 3
Assets
Cost basis investments	11,979	10,954
Total assets	11,979	10,954
Liabilities
Contingent consideration liability	$ 7,900	$ 344

Fair Value Measurements - Level 3 Investments (Details) $ in Millions	12 Months Ended
	Apr. 27, 2019 USD ($) company
Joybird
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Increase in fair value of liability \| $	$ 0.4
Discount rate for fiscal 2021 milestone contingent consideration	4.20%
Discount rate for fiscal 2023 milestone contingent consideration	4.70%
Level 3
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	12 Months Ended
	Apr. 27, 2019 USD ($)
Reconciliation of Level 3 assets recorded at fair value using significant unobservable inputs
Balance at beginning of the year	$ 10,954
Purchases	1,025
Balance at end of the year	11,979
Reconciliation of Level 3 liabilities recorded at fair value using significant unobservable inputs
Balance at beginning of the year	344
Acquisitions	7,500
Write-up, net	(74)
Translation adjustment	(18)
Balance at end of the year	$ 7,900

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Allowance for doubtful accounts, deducted from accounts receivable
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 1,956	$ 2,563	$ 3,145
Acquisitions	600
Charged/(Credited) to Costs and Expenses	367	261	(278)
Charged/(Credited) to Other Accounts	0
Deductions	(743)	(868)	(304)
Balance at End of Year	2,180	1,956	2,563
Allowance for deferred tax assets
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	1,224	1,786	3,625
Acquisitions	0
Charged/(Credited) to Costs and Expenses	740
Charged/(Credited) to Other Accounts	506	(299)	(562)
Deductions	(158)	(263)	(1,277)
Balance at End of Year	$ 2,312	$ 1,224	$ 1,786

Accounting Policies - Fiscal Year (Details)	12 Months Ended
Accounting Policies - Fiscal Year (Details)	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Accounting Policies
Length of fiscal year	364 days	364 days	364 days

Accounting Policies - Inventories (Details)	Apr. 27, 2019	Apr. 28, 2018
Inventories
Inventory cost determined using LIFO basis (as a percent)	62.00%	64.00%

Accounting Policies - Goodwill (Details) - Retail Segment	12 Months Ended
	Apr. 27, 2019 region item
Goodwill
Number of geographic regions \| region	4
Number of reporting units for goodwill \| item	1

Investments - Other Investments (Details)	Apr. 27, 2019 company
Cost-basis investments
Investments
Preferred share investments, number of privately-held companies	2

Employee Benefits - Employee Vacation Policy Changes (Details) $ in Millions	12 Months Ended
	Apr. 27, 2019 USD ($)
Employee Vacation Policy Changes
Non-cash gain due to change in employee vacation policy	$ 5.1
Cost of Sales
Employee Vacation Policy Changes
Non-cash gain due to change in employee vacation policy	1.3
Incremental expense due to change in employee vacation policy	$ 1.1

Fair Value Measurements - Net Asset Value (Details) - USD ($) $ in Millions	Apr. 27, 2019	Apr. 28, 2018
Fair Value Measured Using Net Asset Value
Assets
Marketable securities	$ 7.7	$ 6.7