View Filing Data

81,595

80,866

729

Stock issued for stock and employee benefit plans, net of cancellations and withholding tax

8,804

7,684

1,120

2,977

311

4,046

(1,380)

Purchases of common stock

(56,730)

(1,995)

(4,204)

(50,531)

Stock option and restricted stock expense

9,474

Dividends declared and paid

(22,009)

Ending balance at Apr. 28, 2018

625,216

46,788

298,948

291,644

(25,199)

13,035

Increase (Decrease) in Stockholders' Equity

70,141

68,574

1,567

Stock issued for stock and employee benefit plans, net of cancellations and withholding tax

23,240

23,374

(134)

13,901

919

15,200

(2,218)

Purchases of common stock

(22,957)

(752)

(11,961)

(10,244)

Stock option and restricted stock expense

10,981

Cumulative effect adjustment for investments/Reclassification of certain income tax effects

(1,637)

Cumulative effect adjustment for investments/Reclassification of certain income tax effects | ASU 2016-01

1,637

(1,637)

Dividends declared and paid

(23,508)

Dividends declared not paid

(38)

Ending balance at Apr. 27, 2019

696,976

46,955

313,168

325,847

(3,462)

14,468

Increase (Decrease) in Stockholders' Equity

78,984

77,469

1,515

Stock issued for stock and employee benefit plans, net of cancellations and withholding tax

(3,209)

(2,943)

(266)

3,029

311

4,453

(1,735)

Purchases of common stock

(43,369)

(1,409)

(8,097)

(33,863)

Stock option and restricted stock expense

8,371

Cumulative effect adjustment for investments/Reclassification of certain income tax effects

^[1]

547

(547)

Dividends declared and paid

(25,091)

Dividends declared not paid

(115)

Ending balance at Apr. 25, 2020

156

320

(164)

$ 716,306

$ 45,857

$ 318,215

$ 343,633

$ (6,952)

$ 15,553

[1]	Income tax effects of the Tax Cuts and Jobs Act are reclassified from Accumulated Other Comprehensive Income ("AOCI") to retained earnings due to the adoption of ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220).

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares shares in Thousands	12 Months Ended
	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Dividends declared and paid (in dollars per share)	$ 0.54	$ 0.50	$ 0.46
Dividends declared not paid (in dollars per share)	$ 0.54	$ 0.50
Common Shares
Purchases of common stock (in shares)	1,409	752	1,995

Accounting Policies

12 Months Ended

Apr. 25, 2020

Accounting Policies [Abstract]

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," "us," "La-Z-Boy" or the "Company") consolidated financial statements. Our 2020, 2019 and 2018 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 25, 2020, 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% of our inventories at both April 25, 2020, and April 27, 2019. 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 seven 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 (SG&A) expenses.

We review the carrying value of our long-lived assets for impairment if 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. 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 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^®, 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 operating segment. 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 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 are 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 is amortized on a straight-line basis over its useful life of eight years. All intangible amortization expense is recorded as a component of SG&A 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. We also hold non-marketable preferred shares of two privately held-start up companies. The fair value of these equity investments is not readily determinable and therefore, 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. Realized gains and losses for all investments, charges for other-than-temporary impairments of debt securities, and charges for impairment on our equity investments without readily determinable values 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, in other expense, net, 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 customer places an order through www.joybird.com, we collect the entire amount owed and record this as a customer deposit.

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 customer 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 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 and a corresponding deferred revenue liability for the difference between the total order and the deposit collected. The contract asset is included in other current assets on our consolidated balance sheet and the deferred revenue is included in accrued expenses and other current liabilities on our consolidated balance sheet. At the time the customer 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 SG&A 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.

Allowance for Credit Losses

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.

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 administrative employees and other administrative costs.

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 refund/(charge) associated with the termination of 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 $10.8 million, $9.1 million, and $7.9 million for the fiscal years ended April 25, 2020, April 27, 2019, and April 28, 2018, 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 $108.3 million, $106.4 million, and $88.3 million for the fiscal years ended April 25, 2020, April 27, 2019, and April 28, 2018, 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.

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 reasonably estimable. As a litigation matter develops and in conjunction with any outside legal counsel handling the matter, we evaluate on an ongoing basis whether such matter presents a loss contingency that is probable and reasonably estimable. When a loss contingency is not both probable and reasonably 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 reasonably estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and reasonably estimable. Once the loss contingency related to a litigation matter is deemed to be both probable and reasonably 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 pronouncement adopted in fiscal 2020

The accounting standards update ("ASU") described in the paragraph below had a significant impact on our accounting policies and our consolidated financial statements and related disclosures.

In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842), requiring lessees to record substantially 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 adopted this standard in the first quarter of fiscal 2020 using a modified retrospective approach. See Note 6, Leases, for further information.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), 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.

The following table summarizes additional ASUs which were adopted in fiscal 2020, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.



ASU		Description
ASU 2017-06		Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting
ASU 2017-12		Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
ASU 2018-02		Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
ASU 2018-07		Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting
ASU 2018-13		Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements
ASU 2018-16		Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes

Accounting pronouncements not yet adopted

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 (Topic 326): Measurement of Credit Losses on Financial Instruments	Fiscal 2021
ASU 2018-14	Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans	Fiscal 2022
ASU 2019-12	Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	Fiscal 2022
ASU 2020-01	Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 325, and Topic 815	Fiscal 2022
ASU 2020-04	Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	Fiscal 2021

Acquisitions

12 Months Ended

Apr. 25, 2020

Business Combinations [Abstract]

Acquisitions

We did not complete any acquisitions during the fiscal year ended April 25, 2020. Acquisitions completed in fiscal year 2019 are described below.

Retail 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:



(Amounts in thousands)	Retail Segment 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 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

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

Joybird acquisition

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. We received the working capital adjustment 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 within two years following the acquisition. The remaining $25 million will be paid in five annual installments of $5 million on the anniversary date of the acquisition, the first of which was paid in the first quarter of fiscal 2020. 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, who became our employees, each of whom agreed to 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 SG&A expense over the two-year retention period on a straight-line basis. As we neared the end of the period for which four founders of Joybird were required to remain with the organization, we separated two of the founders during the fourth quarter of fiscal 2020. We waived our right to recover any compensation from these two founders, as we believe their work and two years of service commitment were substantially fulfilled, and accordingly we accelerated the amortization of the proportional amount of their respective retention agreement.

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 fair value of the earn-out opportunities as of the date of acquisition. We also recorded a finite-lived intangible asset of $6.4 million reflecting the 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.

Goodwill of $82.3 million, related to the Joybird acquisition, is primarily related 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. We included the Joybird operating segment in our other business activities which we report within our Corporate and Other reportable segment.

Refer to Note 7, Goodwill and Other Intangible Assets, and Note 20, Fair Value Measurements, for further information regarding the fair value of the contingent consideration, goodwill and intangible assets related to Joybird.

The following table summarizes the purchase price allocation for Joybird at the date of acquisition:



(Amounts in thousands)	Joybird Acquisition
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	3,647
Accounts payable	(8,222		)
Customer deposits	(17,365		)
Other current liabilities	(7,681		)
Other long-term liabilities	(150		)
Total identifiable net liabilities acquired	(12,323		)

Goodwill	$	82,308

Restricted Cash

12 Months Ended

Apr. 25, 2020

Cash and Cash Equivalents [Abstract]

Restricted Cash

We have restricted cash on deposit with a bank as collateral for certain letters of credit. All 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)	4/25/2020		4/27/2019
Cash and cash equivalents	$	261,553	$	129,819
Restricted cash	1,975		1,968
Total cash, cash equivalents and restricted cash	$	263,528	$	131,787

Inventories

12 Months Ended

Apr. 25, 2020

Inventory Disclosure [Abstract]

Inventories



(Amounts in thousands)	4/25/2020			4/27/2019
Raw materials	$	92,174		$	90,359
Work in process	14,064			13,728
Finished goods	96,850			114,478
FIFO inventories	203,088			218,565
Excess of FIFO over LIFO	(21,445		)	(21,666		)
Total inventories	$	181,643		$	196,899

Property, Plant and Equipment

12 Months Ended

Apr. 25, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment



(Amounts in thousands)	Estimated Useful Lives	4/25/2020			4/27/2019
Buildings and building fixtures	3 - 40 years	$	233,063		$	223,505
Machinery and equipment	3 - 15 years	155,776			148,760
Information systems and software	3 - 7 years	90,705			86,400
Furniture and fixtures	3 - 15 years	23,890			22,826
Land improvements	3 - 30 years	17,427			17,454
Transportation equipment	3 - 10 years	15,092			13,598
Land	N/A	14,236			14,323
Construction in progress	N/A	28,234			20,722
		578,423			547,588
Accumulated depreciation		(363,656		)	(347,065		)
Net property, plant and equipment		$	214,767		$	200,523

Depreciation expense for the fiscal years ended April 25, 2020, April 27, 2019, and April 28, 2018, was $30.0 million, $27.5 million, and $27.5 million, respectively.

Leases

12 Months Ended

Apr. 25, 2020

Leases [Abstract]

Leases

During the first quarter of fiscal 2020, we adopted ASU 2016-02, Leases (Topic 842) and all related amendments. The guidance requires lessees to recognize substantially all leases on their balance sheet as a right-of-use ("ROU") asset and a lease liability. The adoption of ASU 2016-02 resulted in an increase in total long-term assets and total liabilities of $314.2 million at the beginning of fiscal 2020.

The Company leases real estate for retail stores, distribution centers, warehouses, plants, showrooms and office space. We also have equipment leases for tractors/trailers, IT and office equipment and vehicles. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all the economic benefits from the use of that identified asset. Most of our real estate leases include options to renew or terminate early. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet these criteria are included in the lease term at lease commencement.

Most of our leases do not have an interest rate implicit in the lease. As a result, for purposes of measuring our ROU asset and lease liability, we determine our incremental borrowing rate by applying a spread above the U.S. Treasury borrowing rates. In the case an interest rate is implicit in a lease we will use that rate as the discount rate for that lease. Some of our leases contain variable rent payments based on a Consumer Price Index or percentage of sales. Due to the variable nature of these costs, they are not included in the measurement of the ROU asset and lease liability.

The Company has elected to apply the practical expedients permitted under transition guidance to forgo the restatement of comparative periods and to not reassess leases entered into prior to adoption. In addition, we have elected the practical expedient to not separate lease and non-lease components when determining the ROU asset and lease liability. We have also made an accounting policy election to not recognize an ROU asset and lease liability on the balance sheet for those leases with an initial term of one year or less and instead, such liabilities will be expensed on a straight-line basis over the lease term.

COVID-19 Impact

In response to the COVID-19 global pandemic, beginning in April of fiscal 2020, we have secured rent relief from several of our lessors, most often in the form of the deferral of rent payments for one or more months. Under these agreements, certain rent payments will be deferred without penalty and will be paid back over varying periods. In accordance with FASB Staff Q&A - Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic ("FASB Staff Q&A") issued in April 2020, we have elected to account for lease deferrals resulting directly from COVID-19 as if the enforceable rights and obligations for the deferrals existed in the respective contracts at lease inception and as such we will not account for the deferrals as lease modifications. Guidance from the FASB Staff Q&A provided methods to account for such rent deferrals which include the option to treat the lease as if no changes to the lease contract were made or to treat the deferred

payments as variable lease payments. The FASB Staff Q&A allows entities to select the most practical approach and does not require the same approach be applied consistently to all leases. For the majority of our leases, we elected to account for the deferrals as if no changes to the lease contract were made and continued to recognize lease expense, on a straight-line basis, during the deferral period. During April of fiscal 2020, payment deferrals and concessions totaled $4.4 million, the majority of which was recorded in other current liabilities on the consolidated balance sheet.

Supplemental balance sheet information pertaining to our leases is as follows:



(Amounts in thousands)	4/25/20
Operating leases
ROU assets	$	318,634
Lease liabilities, short-term	64,363
Lease liabilities, long-term	270,162
Financing leases
ROU assets	$	13
Lease liabilities, short-term	13

The ROU assets by segment are as follows:



(Amounts in thousands)	4/25/20
Upholstery	$	65,668
Casegoods	3,997
Retail	236,719
Corporate & Other	12,263
Total ROU assets	$	318,647

The components of lease cost are as follows:



(Amounts in thousands)	Year Ended April 25, 2020
Operating lease cost	$	76,223
Financing lease cost	166
Short-term lease cost	248
Variable lease cost (1)	(40		)
Less: Sublease income	(2,504		)
Total lease cost	$	74,093


(1)	Includes deferred payments on select leases in accordance with the FASB Staff Q&A.

The following tables present supplemental lease disclosures:



	Year Ended April 25, 2020
(Amounts in thousands)	Operating Leases		Financing Leases
Cash paid for amounts included in the measurement of lease liabilities	$	77,176	$	165
Lease liabilities arising from new ROU assets	72,061		—

The following table presents our undiscounted cash flows as of April 25, 2020, and our minimum contractual obligations on our leases as of April 27, 2019:



	4/25/20				4/27/19
(Amounts in thousands)	Operating Leases		Financing Leases		Operating Leases		Financing Leases
Within one year	$	75,500	$	13	$	76,508	$	180
After one year and within two years	65,458		—		71,544		19
After two years and within three years	54,870		—		58,763		—
After three years and within four years	44,358		—		46,541		—
After four years and within five years	37,357		—		36,082		—
After five years	101,006		—		102,782		—
Total lease payments	378,549		13		$	392,220	$	199
Less: Interest	44,024		—
Total lease obligations	$	334,525	$	13

Leases

COVID-19 Impact

Supplemental balance sheet information pertaining to our leases is as follows:



(Amounts in thousands)	4/25/20
Operating leases
ROU assets	$	318,634
Lease liabilities, short-term	64,363
Lease liabilities, long-term	270,162
Financing leases
ROU assets	$	13
Lease liabilities, short-term	13

The ROU assets by segment are as follows:



(Amounts in thousands)	4/25/20
Upholstery	$	65,668
Casegoods	3,997
Retail	236,719
Corporate & Other	12,263
Total ROU assets	$	318,647

The components of lease cost are as follows:



(Amounts in thousands)	Year Ended April 25, 2020
Operating lease cost	$	76,223
Financing lease cost	166
Short-term lease cost	248
Variable lease cost (1)	(40		)
Less: Sublease income	(2,504		)
Total lease cost	$	74,093


(1)	Includes deferred payments on select leases in accordance with the FASB Staff Q&A.

The following tables present supplemental lease disclosures:



	Year Ended April 25, 2020
(Amounts in thousands)	Operating Leases		Financing Leases
Cash paid for amounts included in the measurement of lease liabilities	$	77,176	$	165
Lease liabilities arising from new ROU assets	72,061		—

The following table presents our undiscounted cash flows as of April 25, 2020, and our minimum contractual obligations on our leases as of April 27, 2019:



	4/25/20				4/27/19
(Amounts in thousands)	Operating Leases		Financing Leases		Operating Leases		Financing Leases
Within one year	$	75,500	$	13	$	76,508	$	180
After one year and within two years	65,458		—		71,544		19
After two years and within three years	54,870		—		58,763		—
After three years and within four years	44,358		—		46,541		—
After four years and within five years	37,357		—		36,082		—
After five years	101,006		—		102,782		—
Total lease payments	378,549		13		$	392,220	$	199
Less: Interest	44,024		—
Total lease obligations	$	334,525	$	13

Goodwill and Other Intangible Assets

12 Months Ended

Apr. 25, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

We have goodwill on our consolidated balance sheet as follows:



Reportable Segment	Reporting Unit	Related Acquisition
Upholstery Segment	La-Z-Boy United Kingdom	Wholesale business in the United Kingdom and Ireland
Retail Segment	Retail	La-Z-Boy Furniture Galleries^® stores
Corporate & Other Segment	Joybird	Joybird

We test goodwill for impairment on an annual basis in the fourth quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that it might be impaired. Due to the economic conditions during the fourth quarter of fiscal 2020 as a result of the COVID-19 pandemic, we determined that we could not assess goodwill recoverability qualitatively using the Step 0 approach and deemed it necessary to perform the quantitative Step 1 goodwill impairment test for each applicable reporting unit. In accordance with ASU 2017-04, Intangibles-Goodwill and Other, which we adopted during fiscal 2019, our quantitative goodwill impairment tests were performed by comparing the fair value of the reporting unit with its carrying value, recognizing an impairment charge, if necessary, for the amount by which the carrying value exceeds the fair value.

The quantitative Step 1 goodwill impairment test requires us to estimate the fair value of each applicable reporting unit. Estimating the fair value of each reporting unit requires management to make significant assumptions and to apply judgment to project future sales based on estimated short and long-term growth rates along with future operating margins. Significant judgment is also involved in selecting the appropriate discount rate to be applied to the projected future cash flows. Changes in these assumptions may affect our fair value estimates and the result of impairment tests in future periods. Specific assumptions used and the results of our annual goodwill impairment tests as of April 25, 2020 were as follows:

Upholstery Segment

The goodwill associated with our La-Z-Boy United Kingdom reporting unit resides in our Upholstery reportable segment. To estimate the fair value of this reporting unit, we applied the income approach using discounted future cash flows. Sales and operating income projections were based on assumptions driven by the current economic conditions. Other key assumptions used in the quantitative assessment of the reporting units' goodwill were a discount rate of 9.5%, reflecting a market participant weighted average cost of capital, and a tax rate of 18.0%, which was specific to the La-Z-Boy United Kingdom reporting unit. Based on our testing, the relative fair value of our La-Z-Boy United Kingdom reporting unit exceeded its carrying value as of April 25, 2020 and no impairment was recorded.

Retail Segment

The goodwill associated with our acquisitions of La-Z-Boy Furniture Galleries^® stores resides in our Retail reportable segment. To estimate the fair value of this reporting unit, we applied the income approach using discounted future cash flows. Sales and operating income projections were based on assumptions driven by the current economic conditions. Due to uncertainty around the future impact of COVID-19, our projections considered various scenarios and we probability-weighted the likelihood of each scenario in determining the reporting unit's fair value. Other key assumptions used in the quantitative assessment of the reporting unit's goodwill were a discount rate of 9.5%, reflecting a market participant weighted average cost of capital, and a

tax rate of 23.5%, which is specific to the jurisdictions in which our acquired stores operate in. Based on our testing, the relative fair value of our Retail reporting unit exceeded its carrying value as of April 25, 2020 and no impairment was recorded.

Corporate & Other Segment

The goodwill associated with our Joybird reporting unit resides in our Corporate and Other reportable segment. To estimate the fair value of this reporting unit, we applied the income approach using discounted future cash flows. Sales and operating income projections were based on assumptions driven by the current economic conditions. Additionally, we assumed a 2.0% terminal growth rate for the reporting unit. Financial projections used in the fiscal 2020 impairment test were based on various scenarios and were significantly lower than those used in the fiscal 2019 impairment test due to the impact of the COVID-19 pandemic, integration activities taking longer than anticipated and a slower than anticipated growth rate due to a shifting focus on profitability. Other key assumptions used in the quantitative assessment of the reporting unit's goodwill were a discount rate of 17.5%, reflecting a market participant weighed average cost of capital assuming Joybird would be sold as a stand-alone business, and a tax rate of 24.3%, which was specific to the Joybird reporting unit. Based on our testing, the carrying value of the Joybird reporting unit exceeded its relative fair value as of April 25, 2020, and we recorded a non-cash pre-tax impairment charge of $26.9 million during the fourth quarter of fiscal 2020 to reduce the carrying value of the goodwill to its fair value.

The following table summarizes changes in the carrying amount of our goodwill by reportable segment:



(Amounts in thousands)	Upholstery Segment			Retail Segment			Corporate and Other			Total Goodwill
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
Prior period adjustment (1)	—			—			2,692			2,692
Impairment charge	—			—			(26,862		)	(26,862		)
Translation adjustment	(518		)	(162		)	—			(680		)
Balance at April 25, 2020	$	11,630		$	93,941		$	55,446		$	161,017


(1)	Includes $3.5 million adjustment made during the fourth quarter of fiscal 2020, as we determined that both goodwill and the customer deposit liability were understated, partially offset by a $0.8 million working capital adjustment made in the first quarter of fiscal 2020.

The carrying amount of our goodwill could be at risk for future impairment. There continues to be uncertainty surrounding the macroeconomic factors impacting our business, most notably, the impact of the COVID-19 pandemic, and a sustained economic downturn, significantly extended recovery, change in the assumed long-term revenue growth or profitability for our respective reporting units, especially Joybird, or change in market participant assumptions such as an increased discount rate, could increase the likelihood of future goodwill impairment charges.

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

We test amortizable intangible assets and indefinite-lived intangibles 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. Due to the economic conditions during the fourth quarter of fiscal 2020 as a result of the COVID-19 pandemic, we tested all intangible assets for impairment based on the multi-period excess earnings method, a variant of the income approach, and also using the relief from royalty method. Sales projections were based on assumptions driven by the current economic conditions. Our testing in the fourth quarter of fiscal 2020 did not indicate impairment of our intangible assets.

The following summarizes changes in our intangible assets:



(Amounts in thousands)	Indefinite-Lived Trade Names		Finite-Lived Trade Name			Indefinite-Lived Reacquired Rights			Other Intangible Assets			Total Intangible Assets
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
Amortization	—		(798		)	—			(220		)	(1,018		)
Translation adjustment	—		—			(121		)	(115		)	(236		)
Balance at April 25, 2020	$	1,155	$	5,003		$	19,996		$	2,499		$	28,653

There continues to be uncertainty surrounding the macroeconomic factors impacting our business, most notably, the impact of the COVID-19 pandemic, and a sustained economic downturn, significantly extended recovery, or change in the assumed long-term revenue growth rates could increase the likelihood of future intangible asset impairment charges.

For our intangible assets recorded as of April 25, 2020, we estimate annual amortization expense to be $1.0 million for each of the five succeeding fiscal years.

Investments

12 Months Ended

Apr. 25, 2020

Investments, Debt and Equity Securities [Abstract]

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. 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.

We also hold other investments consisting of cost-basis preferred shares of two privately held start-up companies. In the third quarter of fiscal 2020, we recognized an impairment of $6.0 million, which represents the full cost-basis value of the investment in one of these privately held start-up companies. The impairment loss is recognized in other expense, net on the consolidated statement of income. Refer to Note 20, Fair Value Measurements for further information.

The following summarizes our investments:



(Amounts in thousands)	4/25/20		4/27/19
Short-term investments:
Marketable securities	$	18,634	$	18,016
Held-to-maturity investments	3,337		3,341
Total short-term investments	21,971		21,357
Long-term investments:
Marketable securities	19,572		24,085
Cost basis investments	6,479		11,979
Total long-term investments	26,051		36,064
Total investments	$	48,022	$	57,421

Investments to enhance returns on cash	$	28,622	$	31,470
Investments to fund compensation/retirement plans	12,921		13,972
Other investments	6,479		11,979
Total investments	$	48,022	$	57,421

The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type:



	4/25/20							4/27/19
(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	1,011	$	(6,390	)	$	12,692	$	1,841	$	—		$	19,535
Fixed income	268		(56		)	30,213		75		(111		)	33,217
Other	372		—			5,117		258		(13		)	4,669
Total securities	$	1,651	$	(6,446	)	$	48,022	$	2,174	$	(124	)	$	57,421

The following table summarizes sales of marketable securities:



	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/20			4/27/19			4/28/18
Proceeds from sales	$	36,443		$	20,944		$	22,674
Gross realized gains	852			1,152			1,302
Gross realized losses	(159		)	(496		)	(532		)

The following is a summary of the fair value of fixed income marketable securities, classified as available-for-sale securities, by contractual maturity:



(Amounts in thousands)	4/25/20
Within one year	$	18,684
Within two to five years	8,070
Within six to ten years	1,256
Thereafter	2,203
Total	$	30,213

Accrued Expenses and Other Current Liabilities

12 Months Ended

Apr. 25, 2020

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities



(Amounts in thousands)	4/25/20		4/27/19
Payroll and other compensation	$	34,980	$	53,374
Accrued product warranty, current portion	14,264		13,892
Customer deposits	40,721		42,787
Deferred revenue	17,086		17,038
Other current liabilities	48,231		46,000
Accrued expenses and other current liabilities	$	155,282	$	173,091

Debt	12 Months Ended
Debt	Apr. 25, 2020
Debt Disclosure [Abstract]
Debt	Debt 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 25, 2020, we had $75.0 million in borrowings outstanding under the agreement, which was proactively borrowed to manage liquidity in response to economic conditions resulting from COVID-19 in the fourth quarter of 2020. At April 25, 2020, we were not subject to the fixed-charge coverage ratio requirement and had excess availability of $55.5 million of the $150.0 million credit commitment. Excess availability was lower than the total remaining credit commitment primarily due to lower eligible assets as of April 25, 2020, primarily resulting from lower eligible accounts receivable due to lower sales in the quarter as a result of COVID-19. At April 27, 2019, 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. Cash paid for interest during fiscal years 2020, 2019 and 2018 was $0.6 million, $1.0 million, and $0.4 million, respectively.

Employee Benefits

12 Months Ended

Apr. 25, 2020

Retirement Benefits [Abstract]

Employee Benefits

Employee Retirement and Welfare Plans

The table below summarizes the total costs associated with our employee retirement and welfare plans.



	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/25/20		4/27/19		4/28/18
401(k) Retirement Plan	$	9,380	$	9,128	$	7,093
Performance Compensation Retirement Plan	1,115		3,084		1,347
Deferred Compensation Plan	719		284		360
Non-Qualified Defined Benefit Retirement Plan (1)	796		805		845
Net Periodic Pension Cost (2)	—		35,998		4,205


(1)	Primarily related to interest cost.


(2)	Refer below for breakdown of net periodic pension cost.

401(k) Retirement Plan. 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. As a result of the increased matching contributions, supplemental contributions awarded to eligible employees based on achievement of operating performance targets during fiscal 2019 and 2018 were discontinued. Additionally, on March 29, 2020, we announced a temporary freeze on 401(k) matching contributions as part of our COVID-19 action plan.

Performance Compensation Retirement Plan. A performance compensation retirement plan ("PCRP") is maintained for eligible highly compensated employees. The company contributions to the 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. Further information related to the plan is as follows:



(Amounts in thousands)	4/25/20		4/27/19
Short-term obligation included in other current liabilities	$	638	$	530
Long-term obligation included in other long-term liabilities	12,492		12,023

Executive Deferred Compensation Plan. We maintain an executive deferred compensation plan for eligible highly compensated employees. An element of this plan allows contributions for eligible highly compensated employees. Further information related to the plan is as follows:



(Amounts in thousands)	4/25/20		4/27/19
Plan obligation included in other long-term liabilities	$	22,282	$	23,854
Cash surrender value on life insurance contracts included in other long-term assets (1)	34,562		34,308
Mutual funds held by plan included in other current assets (2)	76		189


(1)	Life insurance contracts are related to the Executive Deferred Compensation Plan and the PCRP.


(2)	Mutual funds are considered trading securities.

Non-Qualified Defined Benefit Retirement Plan. We maintain a non-qualified defined benefit retirement plan for certain former salaried employees. We hold available-for-sale marketable securities to fund future obligations of this plan in a Rabbi trust (refer to Note 8, Investments, and Note 20, Fair Value Measurements, for additional information on these investments). We are not required to fund the non-qualified defined benefit retirement plan in fiscal 2021; however, we have the discretion to make contributions to the Rabbi trust. Further information related to the plan is as follows:



(Amounts in thousands)	4/25/20			4/27/19
Plan obligation included in long-term liabilities	$	16,846		$	15,549
Discount rate used to determine obligation	2.8		%	3.9		%



	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/25/20		4/27/19		4/28/18
Actuarial loss recognized in AOCI	$	218	$	190	$	222
Benefit payments (1)	1,091		1,091		1,091


(1)	Benefit payments are scheduled to be between $1.0 million and $1.1 million annually for the next 10 years.

Defined Benefit Pension Plan. 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 the transfer of any remaining benefit obligations under the plan to a highly rated insurance company.

As a result of these actions, we recognized a non-cash pre-tax pension termination charge of $32.7 million during the fourth quarter of fiscal 2019. During the second quarter of fiscal 2020, we received a pre-tax refund of $1.9 million from the insurance company, representing an overpayment of the expected benefit obligations that were settled during the fourth quarter of fiscal 2019. Both the initial charge and the refund were recorded as pension termination refund (charge) in our consolidated statement of income.

There were no net periodic pension costs associated with the terminated pension plan in the fiscal year ended April 25, 2020. For the fiscal years ended April 27, 2019 and April 28, 2018, net periodic pension costs were as follows:



	Fiscal Year Ended
	(52 weeks)			(52 weeks)
(Amounts in thousands)	4/27/19			4/28/18
Service cost	$	851		$	1,316
Interest cost	4,464			4,587
Expected return on plan assets	(4,544		)	(4,818		)
Net amortization	2,556			3,120
Pension termination charge	32,671			—
Net periodic pension cost	$	35,998		$	4,205

The components of net periodic pension cost other than the service cost were included in other expense, net in our consolidated statement of income. Service cost was recorded in cost of sales in our consolidated statement of income.

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 salaried 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 salaried and office hourly employee 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 SG&A expense. Our factory hourly employee 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. 25, 2020

Product Warranties Disclosures [Abstract]

Product Warranties

We accrue an estimated liability for product warranties when we recognize revenue on the sale of warrantied 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)	4/25/20			4/27/19
Balance as of the beginning of the year	$	22,736		$	21,205
Acquisitions (1)	—			1,000
Accruals during the year	22,563			22,831
Settlements during the year	(22,044		)	(22,300		)
Balance as of the end of the year (2)	$	23,255		$	22,736


(1)	Acquired warranty liabilities from fiscal 2019 acquisition of Joybird. Refer to Note 2, Acquisitions, for further information on the acquisition.


(2)	$14.3 million and $13.9 million recorded in accrued expenses and other current liabilities as of April 25, 2020, and April 27, 2019, respectively, while the remainder is included 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.

Contingencies and Commitments	12 Months Ended
Contingencies and Commitments	Apr. 25, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	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. 25, 2020

Share-based Payment Arrangement [Abstract]

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:



	Fiscal Year Ended
	(52 weeks)			(52 weeks)		(52 weeks)
(Amounts in thousands)	4/25/2020			4/27/2019		4/28/2018
Equity-based awards expense
Stock options	$	2,000		$	3,507	$	4,180
Restricted stock awards	2,913			2,548		2,196
Restricted stock units	900			704		704
Performance based units	2,558			4,222		2,394
Total equity-based awards expense	8,371			10,981		9,474
Liability-based awards expense
Stock appreciation rights	(240		)	98		252
Restricted stock units	20			22		87
Performance based units	6			7		(28		)
Deferred stock units	(768		)	212		94
Total liability-based awards expense	(982		)	339		405
Total stock-based compensation expense (1)	$	7,389		$	11,320	$	9,879


(1)	Stock-based compensation expense is recorded in SG&A expense in the consolidated statement of income.

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 248,662 stock options to employees during the first quarter of fiscal 2020, 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 10 years.

We received $4.8 million, $16.2 million, and $4.4 million in cash during fiscal 2020, 2019, and 2018, respectively, for exercises of stock options.

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



	Number of Shares (In Thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at April 27, 2019	1,442		$	28.09	7.7	$	6,557
Granted	249		30.24		N/A	N/A
Canceled	(61	)	30.31		N/A	N/A
Exercised	(192	)	25.14		N/A	1,668
Outstanding at April 25, 2020	1,438		28.76		7.2	103

Exercisable at April 25, 2020	671		$	27.32	6.3	$	103

The aggregate intrinsic value of options exercised was $9.9 million and $2.2 million in fiscal 2019 and fiscal 2018, respectively. As of April 25, 2020, our total unrecognized compensation cost related to non-vested stock option awards was $1.4 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 25, 2020, stock options with respect to 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 2020, fiscal 2019, and fiscal 2018 were calculated using the following assumptions:



	Fiscal 2020 grant			Fiscal 2019 grant			Fiscal 2018 grant
Risk-free interest rate	2.19		%	2.82		%	1.84		%
Dividend rate	1.72		%	1.45		%	1.61		%
Expected life in years	5.0			5.0			5.0
Stock price volatility	34.27		%	33.07		%	32.12		%
Fair value per share	$	7.94		$	9.65		$	7.16

Stock Appreciation Rights ("SARs"). 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 remeasure to fair value at the end of each reporting period. We have no remaining unrecognized compensation cost at April 25, 2020, relating to SARs awards as they are all fully vested, but we will continue to remeasure these awards to reflect the fair value at the end of each reporting period until all awards are exercised or forfeited. As of April 25, 2020, we had 7,149 and 13,869 SARs outstanding for the fiscal 2013 and fiscal 2014 awards, respectively. These awards have exceeded their expected life and are remeasured 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 25, 2020, the intrinsic value per share of the fiscal 2013 and 2014 awards were $9.10 and $2.01, respectively.

Restricted Stock. We awarded 167,649 shares of restricted stock to employees during fiscal 2020. 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 2020 was $30.43 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.

The following table summarizes information about non-vested share awards as of and for the year ended April 25, 2020:



	Shares (In Thousands)		Weighted Average Grant Date Fair Value
Non-vested shares at April 27, 2019	247		$	29.55
Granted	168		30.43
Vested	(90	)	28.50
Canceled	(32	)	29.83
Non-vested shares at April 25, 2020	293		$	30.34

Unrecognized compensation cost related to non-vested restricted shares was $6.5 million and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 1.8 years.

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 2020, fiscal 2019, and fiscal 2018 we granted less than 0.1 million restricted stock units 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 $31.77, $33.15, and $23.85 for the awards granted in fiscal 2020, fiscal 2019, and fiscal 2018, respectively.

Performance Awards. Under the La-Z-Boy Incorporated 2017 Omnibus Incentive Plan, the Compensation Committee of the board of directors is 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:



	Shares (In Thousands)		Weighted Average Grant Date Fair Value
Outstanding shares at April 27, 2019	523		$	28.43
Granted	311		28.68
Vested	(87	)	24.79
Unearned or canceled	(213	)	28.45
Outstanding shares at April 25, 2020	534		$	29.21

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 2020, fiscal 2019, and fiscal 2018 that vest based on attaining performance goals was $28.68, $31.71, and $25.93, 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 2020, fiscal 2019, and fiscal 2018 grants of shares that vest based on market conditions was $38.75, $46.39, and $36.24, respectively. Our unrecognized compensation cost at April 25, 2020, related to performance-based shares was $3.7 million based on the current estimates of the number of awards that will vest, and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 1.3 years.

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



	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/25/2020		4/27/2019		4/28/2018
Fiscal 2016 grant	$	—	$	—	$	1,052
Fiscal 2017 grant	—		1,044		455
Fiscal 2018 grant	611		1,402		887
Fiscal 2019 grant	996		1,776		—
Fiscal 2020 grant	951		—		—
Total expense	$	2,558	$	4,222	$	2,394

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 25, 2020, we had 0.1 million deferred stock units outstanding. Our liability related to these awards was $1.4 million and $2.2 million at April 25, 2020, and April 27, 2019, 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. 25, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Activity in accumulated other comprehensive loss was as follows:



(Amounts in thousands)	Translation adjustment			Change in fair value of cash flow hedge			Unrealized gain (loss) on marketable securities			Net pension amortization and net actuarial loss			Accumulated other comprehensive loss
Balance at April 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	)
Changes before reclassifications	(1,941		)	—			387			(1,809		)	(3,363		)
Reclassification of certain income tax effects (3)	—			(97		)	258			(708		)	(547		)
Amounts reclassified to net income	—			14			(141		)	218			91
Tax effect	—			(4		)	(61		)	394			329
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(1,941		)	(87		)	443			(1,905		)	(3,490		)
Balance at April 25, 2020	$	(1,891	)	$	—		$	449		$	(5,510	)	$	(6,952	)


(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 ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10).


(2)	Includes a net $23.8 million charge related to the pension termination that occurred in the fourth quarter of fiscal 2019. 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. For further information, refer to Note 11, Employee Benefits.


(3)	Income tax effects of the Tax Cuts and Jobs Act are reclassified from AOCI to retained earnings due to adoption of ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220).

We reclassified the unrealized gain/(loss) on marketable securities from accumulated other comprehensive loss to net income through other expense, net, 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 noncontrolling interest were as follows:



	Fiscal Year Ended
	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/2020			4/27/2019			4/28/2018
Balance as of the beginning of the year	$	14,468		$	13,035		$	11,186
Net income	1,515			1,567			729
Other comprehensive income (loss)	(266		)	(134		)	1,120
Change in noncontrolling interests	(164		)	—			—
Balance as of the end of the year	$	15,553		$	14,468		$	13,035

Revenue Recognition

12 Months Ended

Apr. 25, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The following table presents our revenue disaggregated by product category and by segment or unit:



	Year Ended April 25, 2020
(Amounts in thousands)	Upholstery		Casegoods			Retail		Corporate and Other			Total
Motion Upholstery Furniture	$	751,697	$	—		$	355,427	$	—		$	1,107,124
Stationary Upholstery Furniture	347,881		16,146			124,772		102,886			591,685
Bedroom Furniture	—		31,195			7,408		6,426			45,029
Dining Room Furniture	—		21,944			10,894		1,847			34,685
Occasional Furniture	1,469		42,464			20,069		1,931			65,933
Other (1)	103,212		(5,714		)	79,984		(23,998		)	153,484
Total	$	1,204,259	$	106,035		$	598,554	$	89,092		$	1,997,940

			Eliminations								(293,958		)
			Consolidated Net Sales								$	1,703,982

	Year Ended April 27, 2019
(Amounts in thousands)	Upholstery		Casegoods			Retail		Corporate 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.

At April 25, 2020, our consolidated balance sheet includes current assets of $17.1 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 2020, we had $17.0 million of other receivables.

We receive customer deposits from end consumers before we recognize revenue 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 April 25, 2020, we included $40.7 million of customer deposits and $17.1 million of deferred revenues in accrued expenses and other current liabilities on our consolidated balance sheet. At the beginning of fiscal 2020, we had $42.8 million of customer deposits and $17.0 million of deferred revenues. During the fiscal year ended April 25, 2020, we recognized $55.0 million of revenue related to our contract liability balance at April 27, 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. 25, 2020

Segment Reporting [Abstract]

Segment Information

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

Upholstery Segment. Our Upholstery segment is our largest business segment and consists primarily of two operating segments: La-Z-Boy, our largest operating segment, and the operating segment for our England subsidiary. The Upholstery segment also includes our international wholesale businesses. We aggregate these operating segments into one reportable segment because they are economically similar and because they meet the other aggregation criteria for determining reportable segments. Our Upholstery segment manufactures and imports upholstered furniture such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas. The Upholstery segment sells directly to La-Z-Boy Furniture Galleries^® stores, operators of La-Z-Boy Comfort Studio^® locations and England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers.

Casegoods Segment. Our Casegoods segment consists of one operating segment that sells furniture under three brands: American Drew^®, Hammary^®, and Kincaid^®. The Casegoods segment is an importer, marketer, and distributor of casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces, and also manufactures some coordinated upholstered furniture. The Casegoods segment sells directly to major dealers, as well as La-Z-Boy Furniture Galleries^® stores, and a wide cross-section of other independent retailers.

Retail Segment. Our Retail segment consists of one operating segment comprised of our 154 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 upholstered furniture such as sofas, loveseats, chairs, ottomans, sleeper sofas and beds, and also imports casegoods (wood) furniture such as occasional tables and other accessories. Joybird sells to end consumers primarily 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, Accounting Policies. 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 expense, net and income taxes. Identifiable assets are cash and equivalents, notes and accounts receivable, net inventories, net property, plant and equipment, right-of-use lease assets, 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.

The following table presents sales and operating income (loss) by segment:



	Fiscal Year Ended
	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/2020			4/27/2019			4/28/2018
Sales
Upholstery segment:
Sales to external customers	$	941,228		$	1,016,957		$	1,010,097
Intersegment sales	263,031			251,285			217,266
Upholstery segment sales	1,204,259			1,268,242			1,227,363

Casegoods segment:
Sales to external customers	85,402			95,677			95,919
Intersegment sales	20,633			18,796			15,474
Casegoods segment sales	106,035			114,473			111,393

Retail segment sales	598,554			570,201			474,613

Corporate and Other:
Sales to external customers	78,798			62,566			3,318
Intersegment sales	10,294			11,446			9,421
Corporate and Other sales	89,092			74,012			12,739

Eliminations	(293,958		)	(281,527		)	(242,161		)
Consolidated sales	$	1,703,982		$	1,745,401		$	1,583,947

Operating Income (Loss)
Upholstery segment	$	134,691		$	127,906		$	130,349
Casegoods segment	7,749			12,589			11,641
Retail segment	48,256			37,922			20,709
Corporate and Other	(71,934		)	(48,743		)	(33,330		)
Consolidated operating income	118,762			129,674			129,369
Interest expense	(1,291		)	(1,542		)	(538		)
Interest income	2,785			2,103			1,709
Pension termination refund (charge)	1,900			(32,671		)	—
Other expense, net	(6,983		)	(2,237		)	(1,650		)
Income before income taxes	$	115,173		$	95,327		$	128,890

The following tables present additional financial information by segment and location.



	Fiscal Year Ended
	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/20			4/27/19			4/28/18
Depreciation and Amortization
Upholstery segment	$	16,398		$	16,122		$	15,823
Casegoods segment	1,214			1,143			993
Retail segment	4,271			4,007			3,758
Corporate and Other	9,309			9,875			11,193
Consolidated depreciation and amortization	$	31,192		$	31,147		$	31,767

Capital Expenditures
Upholstery segment	$	35,850		$	37,114		$	30,049
Casegoods segment	752			1,949			711
Retail segment	7,597			4,604			3,377
Corporate and Other	1,836			4,766			2,200
Consolidated capital expenditures	$	46,035		$	48,433		$	36,337

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



(Amounts in thousands)	4/25/20		4/27/19
Assets
Upholstery segment	$	479,744	$	398,469
Casegoods segment	51,551		55,295
Retail segment	495,970		210,863
Unallocated assets	407,624		395,163
Consolidated assets	$	1,434,889	$	1,059,790

Long-Lived Assets by Geographic Location
Domestic	$	662,623	$	389,892
International	48,852		27,529
Consolidated long-lived assets	$	711,475	$	417,421

Income Taxes

12 Months Ended

Apr. 25, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income before income taxes consists of the following:



	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/25/20		4/27/19		4/28/18
United States	$	102,125	$	73,058	$	111,516
Foreign	13,048		22,269		17,374
Total	$	115,173	$	95,327	$	128,890

Income tax expense (benefit) consists of the following components:



	Fiscal Year Ended
	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/20			4/27/19			4/28/18
Federal
Current	$	25,026		$	17,629		$	21,206
Deferred	1,440			(2,649		)	16,401
State
Current	7,901			6,199			4,886
Deferred	(1,409		)	(933		)	1,075
Foreign
Current	3,025			4,919			3,820
Deferred	206			21			(93		)
Total income tax expense	$	36,189		$	25,186		$	47,295

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



	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(% of income before income taxes)	4/25/20		4/27/19		4/28/18
Statutory tax rate	21.0	%	21.0	%	30.4	%
Increase (reduction) in income taxes resulting from:
Remeasurement of deferred taxes for changes in statutory U.S. tax rate	—	%	(0.2	)%	7.8	%
State income taxes, net of federal benefit	4.2	%	4.1	%	3.3	%
Tax effect of defined benefit pension plan termination	—	%	2.7	%	—	%
U.S. manufacturing benefit	—	%	—	%	(1.5	)%
Change in valuation allowance	0.7	%	0.6	%	(0.3	)%
U.S. research tax credits	(0.6	)%	(0.8	)%	(1.9	)%
Non-deductible asset impairment	4.9	%	—	%	—	%
Fair value adjustment of contingent liability	(1.4	)%	—	%	—	%
Tax on undistributed foreign earnings	1.1	%	—	%	—	%
Miscellaneous items	1.5	%	(1.0	)%	(1.1	)%
Effective tax rate	31.4	%	26.4	%	36.7	%

For our Canada, Mexico, and United Kingdom 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 $41.2 million of the earnings. After enactment of the Tax Cuts and Jobs Act in 2017, the potential deferred tax attributable to these earnings would be approximately $1.3 million, primarily related to foreign withholding taxes and state income taxes. The Company changed its permanent reinvestment position on undistributed earnings for its Thailand foreign operating units and provided for deferred tax attributable to those earnings of approximately $1.3 million in fiscal 2020.

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



(Amounts in thousands)	4/25/20			4/27/19
Assets
Leases	$	81,537		$	—
Deferred and other compensation	20,821			19,603
State income tax—net operating losses, credits and other	5,536			5,346
Warranty	5,797			5,707
Rent	—			2,714
Workers' compensation	2,567			2,525
Bad debt	2,061			—
Employee benefits	3,441			1,479
Federal net operating losses, credits	1,663			2,032
Pension	—			91
Other	2,354			2,250
Valuation allowance	(2,137		)	(2,312		)
Total deferred tax assets	123,640			39,435
Liabilities
Right of use lease assets	(77,479		)	—
Property, plant and equipment	(14,893		)	(10,523		)
Inventory	(827		)	(1,615		)
Goodwill and other intangibles	(8,286		)	(6,627		)
Tax on undistributed foreign earnings	(1,316		)	—
Net deferred tax assets	$	20,839		$	20,670

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

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 25, 2020, we estimate that about $65.5 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 which may be impacted by the COVID-19 pandemic, possibly resulting in a sustained economic downturn, or significantly extended economic recovery. 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 2020, we recorded a $0.2 million decrease in our valuation allowance for deferred tax assets that are now considered more likely than not to be realized. This determination was primarily 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:



(Amounts in thousands)	4/25/2020		4/27/19		Change
U.S. Federal	$	1,172	$	586	$	586
U.S. State	948		1,709		(761		)
Foreign	17		17		—
Total	$	2,137	$	2,312	$	(175	)

The remaining valuation allowance of $2.1 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 25, 2020, we had a gross unrecognized tax benefit of $1.0 million related to uncertain tax positions in various jurisdictions. A reconciliation of the beginning and ending balance of these unrecognized tax benefits is as follows:



	Fiscal Year Ended
	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/20			4/27/19			4/28/18
Balance at the beginning of the period	$	1,069		$	1,014		$	620
Additions:
Positions taken during the current year	174			187			464
Positions taken during the prior year	106			—			25
Reductions:
Positions taken during the prior year	—			(36		)	—
Decreases related to settlements with taxing authorities	(211		)	—			—
Reductions resulting from the lapse of the statute of limitations	(108		)	(96		)	(95		)
Balance at the end of the period	$	1,030		$	1,069		$	1,014

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 25, 2020, and April 27, 2019.

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 2017 and subsequent are still subject to audit. The audit of our U.S. federal income tax return for fiscal year 2016 was closed in fiscal 2020 with no material adjustments. In addition, we conduct business in various states. The major states in which we conduct business are subject to audit for fiscal years 2016 and subsequent. Our foreign operations are subject to audit for fiscal years 2011 and subsequent.

Cash paid for taxes (net of refunds received) during the fiscal years ended April 25, 2020, April 27, 2019, and April 28, 2018, was $24.7 million, $23.8 million, and $37.1 million, respectively.

Earnings per Share

12 Months Ended

Apr. 25, 2020

Earnings Per Share [Abstract]

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 2020 and 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 2020 and 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)	4/25/20			4/27/19			4/28/18
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	77,469		$	68,574		$	80,866
Income allocated to participating securities	(117		)	(225		)	(407		)
Net income available to common Shareholders	$	77,352		$	68,349		$	80,459

Denominator:
Basic weighted average common shares outstanding	46,399			46,828			47,621
Add:
Contingent common shares	211			242			211
Stock option dilution	126			263			303
Diluted weighted average common shares outstanding	46,736			47,333			48,135

Earnings per Share:
Basic	$	1.67		$	1.46		$	1.69
Diluted	$	1.66		$	1.44		$	1.67

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 0.3 million shares for the year ended April 25, 2020, 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. Similarly, we excluded options to purchase 0.4 million shares from the diluted share calculation for the year ended April 27, 2019. We did not exclude any outstanding options from the diluted share calculation for the fiscal year ended April 28, 2018.

Fair Value Measurements

12 Months Ended

Apr. 25, 2020

Fair Value Disclosures [Abstract]

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 25, 2020, and April 27, 2019. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented.



At April 25, 2020
	Fair Value Measurements
(Amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	—	$	31,691	$	—	$	6,515	$	38,206
Held-to-maturity investments	3,337		—		—		—		3,337
Cost basis investments	—		—		6,479		—		6,479
Total assets	$	3,337	$	31,691	$	6,479	$	6,515	$	48,022



At April 27, 2019
	Fair Value Measurements
(Amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	5	$	34,390	$	—	$	7,706	$	42,101
Held-to-maturity investments	3,341		—		—		—		3,341
Cost basis investment	—		—		11,979		—		11,979
Total assets	$	3,346	$	34,390	$	11,979	$	7,706	$	57,421

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


(1)	Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology.

At April 25, 2020 and April 27, 2019, 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.

Our Level 3 assets included non-marketable preferred shares of two privately held start-up companies, and a warrant to purchase common shares of one of these privately held start-up companies. The fair value for our Level 3 investments is not readily determinable 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.

During the second quarter of fiscal 2020, we invested an additional $0.5 million in one of these privately held start-up companies. Subsequently and during the third quarter of fiscal 2020, with respect to the same investee, we recorded an impairment charge of $6.0 million to other expense, net in the consolidated statement of income for the full carrying value as it was determined the value of the investment was not recoverable. For non-marketable equity investments, the measurement of fair value requires significant judgment and includes quantitative and qualitative analysis of identified events or circumstances that impact the fair value of the investment. Among other factors, we assessed the investee’s ability to meet business milestones, its financial condition and near-term prospects (including the rate at which the investee was using its cash), the investee’s need for possible additional funding at a lower valuation, and the competitive environment in which the investee operates its business.

Our Level 3 liabilities included our contingent consideration liability from the Joybird acquisition. We estimated the fair value of the Joybird contingent consideration liability 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 using a discount rate of 4.2% for the fiscal 2021 milestone and 4.7% for the fiscal 2023 milestone.

During the fourth quarter of fiscal 2020, in connection with our annual impairment testing, we reduced the fair value of the contingent consideration liability by its full carrying value of $7.9 million, as we no longer expect any additional consideration amounts will be owed related to the acquisition of Joybird based on our most recent financial projections and the terms of the earnout agreement. Consistent with our goodwill impairment testing, the estimated revenues and earnings projections for Joybird used in our fair value assessment at the end of fiscal 2020 were lower than those used in prior periods due to integration activities taking longer than anticipated, a slower than anticipated growth rate due to a shifting focus on profitability, and most notably, the impact of the COVID-19 pandemic. The reduction in fair value was recorded to SG&A in the consolidated statement of income.

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



(Amounts in thousands)	Assets			Liabilities
Balance at April 28, 2018	$	10,954		$	344
Purchases	1,025			—
Acquisitions	—			7,500
Write-up, net	—			74
Translation adjustment	—			(18		)
Balance at April 27, 2019	11,979			7,900
Purchases	500			—
Write-off	(6,000		)	(7,900		)
Balance at April 25, 2020	$	6,479		$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Subsequent Events	12 Months Ended
Subsequent Events	Apr. 25, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On June 4, 2020, we announced a continuation of the Company's COVID-19 action plan. Effective as of June 4, 2020, the Company reduce its global workforce by about 10%, or approximately 850 employees, across its manufacturing, retail and corporate locations, including the closure of its Newton, Mississippi upholstery manufacturing facility. Production from the Newton facility will be shifted to available capacity at the company’s Dayton, Tennessee, Neosho, Missouri, and Siloam Springs, Arkansas plants. The Newton facility employs about 300 people, accounts for approximately 10% of the La-Z-Boy branded business total upholstery production, and manufactures La-Z-Boy recliners, motion sofas and classics (high-leg recliners). The Newton-based integrated internal supply functions will remain in operation. Approximately 170 individuals work across these areas and will remain with the company. We expect to incur approximately $5 million to $7 million in fiscal 2021 of one-time pre-tax charges related to these initiatives, the majority of which will be realized in the first quarter.

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Apr. 25, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

LA-Z-BOY INCORPORATED

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

(Amounts in thousands)



					Additions
Description	Balance at Beginning of Year		Acquisitions		Charged/ (Credited) to Costs and Expenses			Charged/ (Credited) to Other Accounts				Deductions				Balance at End of Year
Allowance for doubtful accounts, deducted from accounts receivable:
April 25, 2020	$	2,180	$	—	$	13,263	⁽¹⁾	$	—			$	(7,902	)	⁽²⁾	$	7,541
April 27, 2019	1,956		600		367		⁽¹⁾	—				(743		)	⁽²⁾	2,180
April 28, 2018	2,563		—		261		⁽¹⁾	—				(868		)	⁽²⁾	1,956
Allowance for deferred tax assets:
April 25, 2020	$	2,312	$	—	$	687		$	2		⁽³⁾	$	(864	)	⁽⁴⁾	$	2,137
April 27, 2019	1,224		—		740			506			⁽³⁾	(158		)	⁽⁴⁾	2,312
April 28, 2018	1,786		—		—			(299		)	⁽³⁾	(263		)	⁽⁴⁾	1,224


(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.

(4)

Valuation allowance release.

Accounting Policies (Policies)

12 Months Ended

Apr. 25, 2020

Accounting Policies [Abstract]

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

Investments

Life Insurance

Customer Deposits

Revenue Recognition and Related Allowances

Allowance for Credit Losses

Cost of Sales

Selling, General and Administrative Expenses

Other Expense, Net

Research and Development Costs

Research and development costs are charged to expense in the periods incurred.

Advertising Expenses

Income Taxes

Foreign Currency Translation

Accounting for Stock-Based Compensation

Commitments and Contingencies

Insurance/Self-Insurance

Recent Accounting Pronouncements

Accounting pronouncement adopted in fiscal 2020

The accounting standards update ("ASU") described in the paragraph below had a significant impact on our accounting policies and our consolidated financial statements and related disclosures.



ASU		Description
ASU 2017-06		Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting
ASU 2017-12		Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
ASU 2018-02		Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
ASU 2018-07		Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting
ASU 2018-13		Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements
ASU 2018-16		Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes

Accounting pronouncements not yet adopted



ASU	Description	Adoption Date
ASU 2016-13	Financial Instruments – Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments	Fiscal 2021
ASU 2018-14	Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans	Fiscal 2022
ASU 2019-12	Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	Fiscal 2022
ASU 2020-01	Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 325, and Topic 815	Fiscal 2022
ASU 2020-04	Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	Fiscal 2021

Accounting Policies (Tables)

12 Months Ended

Apr. 25, 2020

Accounting Policies [Abstract]

Schedule of Recent Accounting Pronouncements



ASU	Description	Adoption Date
ASU 2016-13	Financial Instruments – Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments	Fiscal 2021
ASU 2018-14	Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans	Fiscal 2022
ASU 2019-12	Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes	Fiscal 2022
ASU 2020-01	Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 325, and Topic 815	Fiscal 2022
ASU 2020-04	Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	Fiscal 2021



ASU		Description
ASU 2017-06		Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting
ASU 2017-12		Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
ASU 2018-02		Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
ASU 2018-07		Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting
ASU 2018-13		Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements
ASU 2018-16		Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes

Acquisitions (Tables)

12 Months Ended

Apr. 25, 2020

Business Combinations [Abstract]

Summary of Purchase Price Allocation

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



(Amounts in thousands)	Retail Segment 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 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

The following table summarizes the purchase price allocation for Joybird at the date of acquisition:



(Amounts in thousands)	Joybird Acquisition
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	3,647
Accounts payable	(8,222		)
Customer deposits	(17,365		)
Other current liabilities	(7,681		)
Other long-term liabilities	(150		)
Total identifiable net liabilities acquired	(12,323		)

Goodwill	$	82,308

Restricted Cash (Tables)

12 Months Ended

Apr. 25, 2020

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash



(Amounts in thousands)	4/25/2020		4/27/2019
Cash and cash equivalents	$	261,553	$	129,819
Restricted cash	1,975		1,968
Total cash, cash equivalents and restricted cash	$	263,528	$	131,787

Inventories (Tables)

12 Months Ended

Apr. 25, 2020

Inventory Disclosure [Abstract]

Summary of Inventories



(Amounts in thousands)	4/25/2020			4/27/2019
Raw materials	$	92,174		$	90,359
Work in process	14,064			13,728
Finished goods	96,850			114,478
FIFO inventories	203,088			218,565
Excess of FIFO over LIFO	(21,445		)	(21,666		)
Total inventories	$	181,643		$	196,899

Property, Plant and Equipment (Tables)

12 Months Ended

Apr. 25, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment



(Amounts in thousands)	Estimated Useful Lives	4/25/2020			4/27/2019
Buildings and building fixtures	3 - 40 years	$	233,063		$	223,505
Machinery and equipment	3 - 15 years	155,776			148,760
Information systems and software	3 - 7 years	90,705			86,400
Furniture and fixtures	3 - 15 years	23,890			22,826
Land improvements	3 - 30 years	17,427			17,454
Transportation equipment	3 - 10 years	15,092			13,598
Land	N/A	14,236			14,323
Construction in progress	N/A	28,234			20,722
		578,423			547,588
Accumulated depreciation		(363,656		)	(347,065		)
Net property, plant and equipment		$	214,767		$	200,523

Leases (Tables)

12 Months Ended

Apr. 25, 2020

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information pertaining to our leases is as follows:



(Amounts in thousands)	4/25/20
Operating leases
ROU assets	$	318,634
Lease liabilities, short-term	64,363
Lease liabilities, long-term	270,162
Financing leases
ROU assets	$	13
Lease liabilities, short-term	13

Schedule of ROU Assets by Segment

The ROU assets by segment are as follows:



(Amounts in thousands)	4/25/20
Upholstery	$	65,668
Casegoods	3,997
Retail	236,719
Corporate & Other	12,263
Total ROU assets	$	318,647

Schedule of Components of Lease Cost

The components of lease cost are as follows:



(Amounts in thousands)	Year Ended April 25, 2020
Operating lease cost	$	76,223
Financing lease cost	166
Short-term lease cost	248
Variable lease cost (1)	(40		)
Less: Sublease income	(2,504		)
Total lease cost	$	74,093

(1)

Includes deferred payments on select leases in accordance with the FASB Staff Q&A.

Schedule of Supplemental Lease Disclosures

The following tables present supplemental lease disclosures:



	Year Ended April 25, 2020
(Amounts in thousands)	Operating Leases		Financing Leases
Cash paid for amounts included in the measurement of lease liabilities	$	77,176	$	165
Lease liabilities arising from new ROU assets	72,061		—

Schedule of Undiscounted Cash Flows and Minimum Contractual Obligations

The following table presents our undiscounted cash flows as of April 25, 2020, and our minimum contractual obligations on our leases as of April 27, 2019:



	4/25/20				4/27/19
(Amounts in thousands)	Operating Leases		Financing Leases		Operating Leases		Financing Leases
Within one year	$	75,500	$	13	$	76,508	$	180
After one year and within two years	65,458		—		71,544		19
After two years and within three years	54,870		—		58,763		—
After three years and within four years	44,358		—		46,541		—
After four years and within five years	37,357		—		36,082		—
After five years	101,006		—		102,782		—
Total lease payments	378,549		13		$	392,220	$	199
Less: Interest	44,024		—
Total lease obligations	$	334,525	$	13

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Apr. 25, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

We have goodwill on our consolidated balance sheet as follows:



Reportable Segment	Reporting Unit	Related Acquisition
Upholstery Segment	La-Z-Boy United Kingdom	Wholesale business in the United Kingdom and Ireland
Retail Segment	Retail	La-Z-Boy Furniture Galleries^® stores
Corporate & Other Segment	Joybird	Joybird

The following table summarizes changes in the carrying amount of our goodwill by reportable segment:



(Amounts in thousands)	Upholstery Segment			Retail Segment			Corporate and Other			Total Goodwill
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
Prior period adjustment (1)	—			—			2,692			2,692
Impairment charge	—			—			(26,862		)	(26,862		)
Translation adjustment	(518		)	(162		)	—			(680		)
Balance at April 25, 2020	$	11,630		$	93,941		$	55,446		$	161,017


(1)	Includes $3.5 million adjustment made during the fourth quarter of fiscal 2020, as we determined that both goodwill and the customer deposit liability were understated, partially offset by a $0.8 million working capital adjustment made in the first quarter of fiscal 2020.

Schedule of Indefinite-Lived Intangible Assets

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 summarizes changes in our intangible assets:



(Amounts in thousands)	Indefinite-Lived Trade Names		Finite-Lived Trade Name			Indefinite-Lived Reacquired Rights			Other Intangible Assets			Total Intangible Assets
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
Amortization	—		(798		)	—			(220		)	(1,018		)
Translation adjustment	—		—			(121		)	(115		)	(236		)
Balance at April 25, 2020	$	1,155	$	5,003		$	19,996		$	2,499		$	28,653

Schedule of Finite-Lived Intangible Assets

The following summarizes changes in our intangible assets:



(Amounts in thousands)	Indefinite-Lived Trade Names		Finite-Lived Trade Name			Indefinite-Lived Reacquired Rights			Other Intangible Assets			Total Intangible Assets
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
Amortization	—		(798		)	—			(220		)	(1,018		)
Translation adjustment	—		—			(121		)	(115		)	(236		)
Balance at April 25, 2020	$	1,155	$	5,003		$	19,996		$	2,499		$	28,653

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

Investments (Tables)

12 Months Ended

Apr. 25, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

The following summarizes our investments:



(Amounts in thousands)	4/25/20		4/27/19
Short-term investments:
Marketable securities	$	18,634	$	18,016
Held-to-maturity investments	3,337		3,341
Total short-term investments	21,971		21,357
Long-term investments:
Marketable securities	19,572		24,085
Cost basis investments	6,479		11,979
Total long-term investments	26,051		36,064
Total investments	$	48,022	$	57,421

Investments to enhance returns on cash	$	28,622	$	31,470
Investments to fund compensation/retirement plans	12,921		13,972
Other investments	6,479		11,979
Total investments	$	48,022	$	57,421

Summary of Unrealized Gains, Unrealized Losses and Fair Value

The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type:



	4/25/20							4/27/19
(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	1,011	$	(6,390	)	$	12,692	$	1,841	$	—		$	19,535
Fixed income	268		(56		)	30,213		75		(111		)	33,217
Other	372		—			5,117		258		(13		)	4,669
Total securities	$	1,651	$	(6,446	)	$	48,022	$	2,174	$	(124	)	$	57,421

Summary of Sales of Marketable Securities

The following table summarizes sales of marketable securities:



	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/20			4/27/19			4/28/18
Proceeds from sales	$	36,443		$	20,944		$	22,674
Gross realized gains	852			1,152			1,302
Gross realized losses	(159		)	(496		)	(532		)

The following is a summary of the fair value of fixed income marketable securities, classified as available-for-sale securities, by contractual maturity:



(Amounts in thousands)	4/25/20
Within one year	$	18,684
Within two to five years	8,070
Within six to ten years	1,256
Thereafter	2,203
Total	$	30,213

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Apr. 25, 2020

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities



(Amounts in thousands)	4/25/20		4/27/19
Payroll and other compensation	$	34,980	$	53,374
Accrued product warranty, current portion	14,264		13,892
Customer deposits	40,721		42,787
Deferred revenue	17,086		17,038
Other current liabilities	48,231		46,000
Accrued expenses and other current liabilities	$	155,282	$	173,091

Employee Benefits (Tables)

12 Months Ended

Apr. 25, 2020

Retirement Benefits [Abstract]

Schedule of Total Costs Associated with Plans

The table below summarizes the total costs associated with our employee retirement and welfare plans.



	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/25/20		4/27/19		4/28/18
401(k) Retirement Plan	$	9,380	$	9,128	$	7,093
Performance Compensation Retirement Plan	1,115		3,084		1,347
Deferred Compensation Plan	719		284		360
Non-Qualified Defined Benefit Retirement Plan (1)	796		805		845
Net Periodic Pension Cost (2)	—		35,998		4,205


(1)	Primarily related to interest cost.

(2)

Refer below for breakdown of net periodic pension cost.

Schedule of Further Information Related to Plans

Further information related to the plan is as follows:



(Amounts in thousands)	4/25/20			4/27/19
Plan obligation included in long-term liabilities	$	16,846		$	15,549
Discount rate used to determine obligation	2.8		%	3.9		%



	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/25/20		4/27/19		4/28/18
Actuarial loss recognized in AOCI	$	218	$	190	$	222
Benefit payments (1)	1,091		1,091		1,091

(1)

Benefit payments are scheduled to be between $1.0 million and $1.1 million annually for the next 10 years.

Further information related to the plan is as follows:



(Amounts in thousands)	4/25/20		4/27/19
Short-term obligation included in other current liabilities	$	638	$	530
Long-term obligation included in other long-term liabilities	12,492		12,023

Further information related to the plan is as follows:



(Amounts in thousands)	4/25/20		4/27/19
Plan obligation included in other long-term liabilities	$	22,282	$	23,854
Cash surrender value on life insurance contracts included in other long-term assets (1)	34,562		34,308
Mutual funds held by plan included in other current assets (2)	76		189


(1)	Life insurance contracts are related to the Executive Deferred Compensation Plan and the PCRP.

(2)

Mutual funds are considered trading securities.

Schedule of Net Periodic Pension Costs

For the fiscal years ended April 27, 2019 and April 28, 2018, net periodic pension costs were as follows:



	Fiscal Year Ended
	(52 weeks)			(52 weeks)
(Amounts in thousands)	4/27/19			4/28/18
Service cost	$	851		$	1,316
Interest cost	4,464			4,587
Expected return on plan assets	(4,544		)	(4,818		)
Net amortization	2,556			3,120
Pension termination charge	32,671			—
Net periodic pension cost	$	35,998		$	4,205

Product Warranties (Tables)

12 Months Ended

Apr. 25, 2020

Product Warranties Disclosures [Abstract]

Reconciliation of Changes in Product Warranty Liability

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



(Amounts in thousands)	4/25/20			4/27/19
Balance as of the beginning of the year	$	22,736		$	21,205
Acquisitions (1)	—			1,000
Accruals during the year	22,563			22,831
Settlements during the year	(22,044		)	(22,300		)
Balance as of the end of the year (2)	$	23,255		$	22,736


(1)	Acquired warranty liabilities from fiscal 2019 acquisition of Joybird. Refer to Note 2, Acquisitions, for further information on the acquisition.

(2)

$14.3 million and $13.9 million recorded in accrued expenses and other current liabilities as of April 25, 2020, and April 27, 2019, respectively, while the remainder is included in other long-term liabilities.

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 25, 2020

Share-based Payment Arrangement [Abstract]

Summary of Total Stock-Based Compensation Expense

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



	Fiscal Year Ended
	(52 weeks)			(52 weeks)		(52 weeks)
(Amounts in thousands)	4/25/2020			4/27/2019		4/28/2018
Equity-based awards expense
Stock options	$	2,000		$	3,507	$	4,180
Restricted stock awards	2,913			2,548		2,196
Restricted stock units	900			704		704
Performance based units	2,558			4,222		2,394
Total equity-based awards expense	8,371			10,981		9,474
Liability-based awards expense
Stock appreciation rights	(240		)	98		252
Restricted stock units	20			22		87
Performance based units	6			7		(28		)
Deferred stock units	(768		)	212		94
Total liability-based awards expense	(982		)	339		405
Total stock-based compensation expense (1)	$	7,389		$	11,320	$	9,879

(1)

Stock-based compensation expense is recorded in SG&A expense in the consolidated statement of income.

Schedule of Plan Activity for Stock Options

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



	Number of Shares (In Thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at April 27, 2019	1,442		$	28.09	7.7	$	6,557
Granted	249		30.24		N/A	N/A
Canceled	(61	)	30.31		N/A	N/A
Exercised	(192	)	25.14		N/A	1,668
Outstanding at April 25, 2020	1,438		28.76		7.2	103

Exercisable at April 25, 2020	671		$	27.32	6.3	$	103

Fair Value Assumptions for Stock Options

The fair value of stock options granted during fiscal 2020, fiscal 2019, and fiscal 2018 were calculated using the following assumptions:



	Fiscal 2020 grant			Fiscal 2019 grant			Fiscal 2018 grant
Risk-free interest rate	2.19		%	2.82		%	1.84		%
Dividend rate	1.72		%	1.45		%	1.61		%
Expected life in years	5.0			5.0			5.0
Stock price volatility	34.27		%	33.07		%	32.12		%
Fair value per share	$	7.94		$	9.65		$	7.16

Summary of Information about Non-Vested Share Awards

The following table summarizes information about non-vested share awards as of and for the year ended April 25, 2020:



	Shares (In Thousands)		Weighted Average Grant Date Fair Value
Non-vested shares at April 27, 2019	247		$	29.55
Granted	168		30.43
Vested	(90	)	28.50
Canceled	(32	)	29.83
Non-vested shares at April 25, 2020	293		$	30.34

Summary of Information about Performance-Based Shares Outstanding

The following table summarizes the performance-based shares outstanding at the maximum award amounts based upon the respective performance share agreements:



	Shares (In Thousands)		Weighted Average Grant Date Fair Value
Outstanding shares at April 27, 2019	523		$	28.43
Granted	311		28.68
Vested	(87	)	24.79
Unearned or canceled	(213	)	28.45
Outstanding shares at April 25, 2020	534		$	29.21

Schedule of Equity-Based Compensation Expenses Related to Performance-Based Shares

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



	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/25/2020		4/27/2019		4/28/2018
Fiscal 2016 grant	$	—	$	—	$	1,052
Fiscal 2017 grant	—		1,044		455
Fiscal 2018 grant	611		1,402		887
Fiscal 2019 grant	996		1,776		—
Fiscal 2020 grant	951		—		—
Total expense	$	2,558	$	4,222	$	2,394

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Apr. 25, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Activity in Accumulated Other Comprehensive Loss

Activity in accumulated other comprehensive loss was as follows:



(Amounts in thousands)	Translation adjustment			Change in fair value of cash flow hedge			Unrealized gain (loss) on marketable securities			Net pension amortization and net actuarial loss			Accumulated other comprehensive loss
Balance at April 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	)
Changes before reclassifications	(1,941		)	—			387			(1,809		)	(3,363		)
Reclassification of certain income tax effects (3)	—			(97		)	258			(708		)	(547		)
Amounts reclassified to net income	—			14			(141		)	218			91
Tax effect	—			(4		)	(61		)	394			329
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(1,941		)	(87		)	443			(1,905		)	(3,490		)
Balance at April 25, 2020	$	(1,891	)	$	—		$	449		$	(5,510	)	$	(6,952	)


(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 ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10).


(2)	Includes a net $23.8 million charge related to the pension termination that occurred in the fourth quarter of fiscal 2019. 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. For further information, refer to Note 11, Employee Benefits.

(3)

Income tax effects of the Tax Cuts and Jobs Act are reclassified from AOCI to retained earnings due to adoption of ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220).

Components of Noncontrolling Interest

The components of noncontrolling interest were as follows:



	Fiscal Year Ended
	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/2020			4/27/2019			4/28/2018
Balance as of the beginning of the year	$	14,468		$	13,035		$	11,186
Net income	1,515			1,567			729
Other comprehensive income (loss)	(266		)	(134		)	1,120
Change in noncontrolling interests	(164		)	—			—
Balance as of the end of the year	$	15,553		$	14,468		$	13,035

Revenue Recognition (Tables)

12 Months Ended

Apr. 25, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents our revenue disaggregated by product category and by segment or unit:



	Year Ended April 25, 2020
(Amounts in thousands)	Upholstery		Casegoods			Retail		Corporate and Other			Total
Motion Upholstery Furniture	$	751,697	$	—		$	355,427	$	—		$	1,107,124
Stationary Upholstery Furniture	347,881		16,146			124,772		102,886			591,685
Bedroom Furniture	—		31,195			7,408		6,426			45,029
Dining Room Furniture	—		21,944			10,894		1,847			34,685
Occasional Furniture	1,469		42,464			20,069		1,931			65,933
Other (1)	103,212		(5,714		)	79,984		(23,998		)	153,484
Total	$	1,204,259	$	106,035		$	598,554	$	89,092		$	1,997,940

			Eliminations								(293,958		)
			Consolidated Net Sales								$	1,703,982

	Year Ended April 27, 2019
(Amounts in thousands)	Upholstery		Casegoods			Retail		Corporate 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. 25, 2020

Segment Reporting [Abstract]

Schedule of Operating Income (Loss) by Segment

The following table presents sales and operating income (loss) by segment:



	Fiscal Year Ended
	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/2020			4/27/2019			4/28/2018
Sales
Upholstery segment:
Sales to external customers	$	941,228		$	1,016,957		$	1,010,097
Intersegment sales	263,031			251,285			217,266
Upholstery segment sales	1,204,259			1,268,242			1,227,363

Casegoods segment:
Sales to external customers	85,402			95,677			95,919
Intersegment sales	20,633			18,796			15,474
Casegoods segment sales	106,035			114,473			111,393

Retail segment sales	598,554			570,201			474,613

Corporate and Other:
Sales to external customers	78,798			62,566			3,318
Intersegment sales	10,294			11,446			9,421
Corporate and Other sales	89,092			74,012			12,739

Eliminations	(293,958		)	(281,527		)	(242,161		)
Consolidated sales	$	1,703,982		$	1,745,401		$	1,583,947

Operating Income (Loss)
Upholstery segment	$	134,691		$	127,906		$	130,349
Casegoods segment	7,749			12,589			11,641
Retail segment	48,256			37,922			20,709
Corporate and Other	(71,934		)	(48,743		)	(33,330		)
Consolidated operating income	118,762			129,674			129,369
Interest expense	(1,291		)	(1,542		)	(538		)
Interest income	2,785			2,103			1,709
Pension termination refund (charge)	1,900			(32,671		)	—
Other expense, net	(6,983		)	(2,237		)	(1,650		)
Income before income taxes	$	115,173		$	95,327		$	128,890

Schedule of Additional Financial Information by Segment

The following tables present additional financial information by segment and location.



	Fiscal Year Ended
	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/20			4/27/19			4/28/18
Depreciation and Amortization
Upholstery segment	$	16,398		$	16,122		$	15,823
Casegoods segment	1,214			1,143			993
Retail segment	4,271			4,007			3,758
Corporate and Other	9,309			9,875			11,193
Consolidated depreciation and amortization	$	31,192		$	31,147		$	31,767

Capital Expenditures
Upholstery segment	$	35,850		$	37,114		$	30,049
Casegoods segment	752			1,949			711
Retail segment	7,597			4,604			3,377
Corporate and Other	1,836			4,766			2,200
Consolidated capital expenditures	$	46,035		$	48,433		$	36,337

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



(Amounts in thousands)	4/25/20		4/27/19
Assets
Upholstery segment	$	479,744	$	398,469
Casegoods segment	51,551		55,295
Retail segment	495,970		210,863
Unallocated assets	407,624		395,163
Consolidated assets	$	1,434,889	$	1,059,790

Long-Lived Assets by Geographic Location
Domestic	$	662,623	$	389,892
International	48,852		27,529
Consolidated long-lived assets	$	711,475	$	417,421

Income Taxes (Tables)

12 Months Ended

Apr. 25, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes for Continuing Operations

Income before income taxes consists of the following:



	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/25/20		4/27/19		4/28/18
United States	$	102,125	$	73,058	$	111,516
Foreign	13,048		22,269		17,374
Total	$	115,173	$	95,327	$	128,890

Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following components:



	Fiscal Year Ended
	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/20			4/27/19			4/28/18
Federal
Current	$	25,026		$	17,629		$	21,206
Deferred	1,440			(2,649		)	16,401
State
Current	7,901			6,199			4,886
Deferred	(1,409		)	(933		)	1,075
Foreign
Current	3,025			4,919			3,820
Deferred	206			21			(93		)
Total income tax expense	$	36,189		$	25,186		$	47,295

Reconciliation of Effective Tax Rate

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



	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(% of income before income taxes)	4/25/20		4/27/19		4/28/18
Statutory tax rate	21.0	%	21.0	%	30.4	%
Increase (reduction) in income taxes resulting from:
Remeasurement of deferred taxes for changes in statutory U.S. tax rate	—	%	(0.2	)%	7.8	%
State income taxes, net of federal benefit	4.2	%	4.1	%	3.3	%
Tax effect of defined benefit pension plan termination	—	%	2.7	%	—	%
U.S. manufacturing benefit	—	%	—	%	(1.5	)%
Change in valuation allowance	0.7	%	0.6	%	(0.3	)%
U.S. research tax credits	(0.6	)%	(0.8	)%	(1.9	)%
Non-deductible asset impairment	4.9	%	—	%	—	%
Fair value adjustment of contingent liability	(1.4	)%	—	%	—	%
Tax on undistributed foreign earnings	1.1	%	—	%	—	%
Miscellaneous items	1.5	%	(1.0	)%	(1.1	)%
Effective tax rate	31.4	%	26.4	%	36.7	%

Components of Deferred Tax Assets and Liabilities

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



(Amounts in thousands)	4/25/20			4/27/19
Assets
Leases	$	81,537		$	—
Deferred and other compensation	20,821			19,603
State income tax—net operating losses, credits and other	5,536			5,346
Warranty	5,797			5,707
Rent	—			2,714
Workers' compensation	2,567			2,525
Bad debt	2,061			—
Employee benefits	3,441			1,479
Federal net operating losses, credits	1,663			2,032
Pension	—			91
Other	2,354			2,250
Valuation allowance	(2,137		)	(2,312		)
Total deferred tax assets	123,640			39,435
Liabilities
Right of use lease assets	(77,479		)	—
Property, plant and equipment	(14,893		)	(10,523		)
Inventory	(827		)	(1,615		)
Goodwill and other intangibles	(8,286		)	(6,627		)
Tax on undistributed foreign earnings	(1,316		)	—
Net deferred tax assets	$	20,839		$	20,670

Summary of Deferred Tax Assets Associated with Loss Carryforwards

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

Summary of Valuation Allowance by Jurisdiction

A summary of the valuation allowance by jurisdiction is as follows:



(Amounts in thousands)	4/25/2020		4/27/19		Change
U.S. Federal	$	1,172	$	586	$	586
U.S. State	948		1,709		(761		)
Foreign	17		17		—
Total	$	2,137	$	2,312	$	(175	)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of these unrecognized tax benefits is as follows:



	Fiscal Year Ended
	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/20			4/27/19			4/28/18
Balance at the beginning of the period	$	1,069		$	1,014		$	620
Additions:
Positions taken during the current year	174			187			464
Positions taken during the prior year	106			—			25
Reductions:
Positions taken during the prior year	—			(36		)	—
Decreases related to settlements with taxing authorities	(211		)	—			—
Reductions resulting from the lapse of the statute of limitations	(108		)	(96		)	(95		)
Balance at the end of the period	$	1,030		$	1,069		$	1,014

Earnings per Share (Tables)

12 Months Ended

Apr. 25, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Share

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)	4/25/20			4/27/19			4/28/18
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	77,469		$	68,574		$	80,866
Income allocated to participating securities	(117		)	(225		)	(407		)
Net income available to common Shareholders	$	77,352		$	68,349		$	80,459

Denominator:
Basic weighted average common shares outstanding	46,399			46,828			47,621
Add:
Contingent common shares	211			242			211
Stock option dilution	126			263			303
Diluted weighted average common shares outstanding	46,736			47,333			48,135

Earnings per Share:
Basic	$	1.67		$	1.46		$	1.69
Diluted	$	1.66		$	1.44		$	1.67

Fair Value Measurements (Tables)

12 Months Ended

Apr. 25, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy



At April 25, 2020
	Fair Value Measurements
(Amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	—	$	31,691	$	—	$	6,515	$	38,206
Held-to-maturity investments	3,337		—		—		—		3,337
Cost basis investments	—		—		6,479		—		6,479
Total assets	$	3,337	$	31,691	$	6,479	$	6,515	$	48,022



At April 27, 2019
	Fair Value Measurements
(Amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	5	$	34,390	$	—	$	7,706	$	42,101
Held-to-maturity investments	3,341		—		—		—		3,341
Cost basis investment	—		—		11,979		—		11,979
Total assets	$	3,346	$	34,390	$	11,979	$	7,706	$	57,421

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

(1)

Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology.

Reconciliation of Level 3 Liabilities

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



(Amounts in thousands)	Assets			Liabilities
Balance at April 28, 2018	$	10,954		$	344
Purchases	1,025			—
Acquisitions	—			7,500
Write-up, net	—			74
Translation adjustment	—			(18		)
Balance at April 27, 2019	11,979			7,900
Purchases	500			—
Write-off	(6,000		)	(7,900		)
Balance at April 25, 2020	$	6,479		$	—

Reconciliation of Level 3 Assets

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



(Amounts in thousands)	Assets			Liabilities
Balance at April 28, 2018	$	10,954		$	344
Purchases	1,025			—
Acquisitions	—			7,500
Write-up, net	—			74
Translation adjustment	—			(18		)
Balance at April 27, 2019	11,979			7,900
Purchases	500			—
Write-off	(6,000		)	(7,900		)
Balance at April 25, 2020	$	6,479		$	—

Accounting Policies (Details) $ in Millions		12 Months Ended
Accounting Policies (Details) $ in Millions	Jul. 30, 2018	Apr. 25, 2020 USD ($) company geographic_region reporting_unit	Apr. 27, 2019 USD ($)	Apr. 28, 2018 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
LIFO inventories (as a percent)		62.00%	62.00%
Research and development costs		$ 10.8	$ 9.1	$ 7.9
Advertising expenses		$ 108.3	$ 106.4	$ 88.3
Reimbursement for cost of program (as a percent)		30.00%
Deductibles for employee-related health care benefits, vehicle liability, product liability, and workers' compensation liabilities		$ 1.5
Variable Interest Entity, Not Primary Beneficiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Preferred share investments, number of privately-held companies \| company		2
Preferred share investments with common share warrant, number of privately-held companies \| company		1
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Depreciable life		3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Depreciable life		7 years
Retail
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of geographic regions \| geographic_region		4
Number of reporting units \| reporting_unit		1
La-Z-Boy Wholesale Business in United Kingdom and Ireland \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible asset, useful life		15 years
Joybird
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible asset, useful life	8 years	8 years

Acquisitions - Additional Information (Details)			3 Months Ended	12 Months Ended
Acquisitions - Additional Information (Details)	Sep. 30, 2018 USD ($) store warehouse operator	Jul. 30, 2018 USD ($) founder installment opportunity	Apr. 25, 2020 USD ($) founder	Apr. 25, 2020 USD ($)	Apr. 27, 2019 USD ($)	Apr. 28, 2018 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 161,017,000	$ 161,017,000	$ 185,867,000	$ 75,254,000
Retail
Business Acquisition [Line Items]
Number of businesses acquired \| operator	2
Total fair value of consideration	$ 42,814,000
Cash (paid at closing)	38,904,000
Forgiveness of accounts receivable	2,610,000
Guaranteed payment	1,300,000
Indefinite-lived reacquired rights	6,600,000
Goodwill	$ 31,987,000
Finite-lived intangible asset, useful life	15 years
Joybird
Business Acquisition [Line Items]
Total fair value of consideration		$ 69,985,000
Cash (paid at closing)		37,482,000
Guaranteed payment		22,489,000
Goodwill		$ 82,308,000
Finite-lived intangible asset, useful life		8 years		8 years
Guaranteed cash payments		$ 75,000,000
Working capital adjustment		(2,486,000)
Prepaid compensation		7,500,000
Number of founders with whom the company has separated \| founder			2
Assumption of liabilities		$ 5,000,000
Period to pay liabilities assumed in acquisition		2 years
Remaining consideration to be paid in annual installments		$ 25,000,000
Number of annual installments \| installment		5,000,000
Annual installment payment due on the anniversary date of the acquisition		$ 5,000,000
Number of future earn-out opportunities \| opportunity		2
Number of founders that are now employees \| founder		4
Contingent consideration liability		$ 7,500,000
Finite-lived tradename		6,400,000
Undiscounted range of contingent consideration, low		0
Undiscounted range of contingent consideration, high		$ 65,000,000
Arizona Operator \| Retail
Business Acquisition [Line Items]
Number of stores \| store	9
Number of warehouses \| warehouse	2
Massachusetts Operator \| Retail
Business Acquisition [Line Items]
Number of stores \| store	1

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jul. 30, 2018	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Amounts recognized for assets acquired and liabilities assumed:
Goodwill			$ 161,017	$ 185,867	$ 75,254
Retail
Fair value of consideration:
Cash (paid at closing)	$ 38,904
Forgiveness of accounts receivable	2,610
Guaranteed payment	1,300
Total fair value of consideration	42,814
Amounts recognized for 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 and liabilities acquired	10,827
Goodwill	$ 31,987
Joybird
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		3,647
Accounts payable		(8,222)
Customer deposits		(17,365)
Other current liabilities		(7,681)
Other long-term liabilities		(150)
Total identifiable net assets and liabilities acquired		(12,323)
Goodwill		$ 82,308

Restricted Cash (Details) - USD ($) $ in Thousands	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 261,553	$ 129,819
Restricted cash	1,975	1,968
Total cash, cash equivalents and restricted cash	$ 263,528	$ 131,787	$ 136,871	$ 150,859

Inventories (Details) - USD ($) $ in Thousands	Apr. 25, 2020	Apr. 27, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 92,174	$ 90,359
Work in process	14,064	13,728
Finished goods	96,850	114,478
FIFO inventories	203,088	218,565
Excess of FIFO over LIFO	(21,445)	(21,666)
Total inventories	$ 181,643	$ 196,899

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Property, Plant and Equipment
Gross property, plant and equipment	$ 578,423	$ 547,588
Accumulated depreciation	(363,656)	(347,065)
Net property, plant and equipment	214,767	200,523
Depreciation expense	$ 30,000	27,500	$ 27,500
Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Maximum
Property, Plant and Equipment
Estimated Useful Lives	7 years
Buildings and building fixtures
Property, Plant and Equipment
Gross property, plant and equipment	$ 233,063	223,505
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	$ 155,776	148,760
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	$ 90,705	86,400
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	7 years
Furniture and fixtures
Property, Plant and Equipment
Gross property, plant and equipment	$ 23,890	22,826
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
Land improvements
Property, Plant and Equipment
Gross property, plant and equipment	$ 17,427	17,454
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	$ 15,092	13,598
Transportation equipment \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Transportation equipment \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	10 years
Land
Property, Plant and Equipment
Gross property, plant and equipment	$ 14,236	14,323
Construction in progress
Property, Plant and Equipment
Gross property, plant and equipment	$ 28,234	$ 20,722

Leases - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 25, 2020	Apr. 28, 2019
Subsequent Event [Line Items]
Payment deferrals and concessions	$ 4.4
ASU 2016-02
Subsequent Event [Line Items]
Increase in total long-term assets upon adoption		$ 314.2
Increase in total liabilities upon adoption		$ 314.2

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, 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(11))
-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 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(12))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: 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(15))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: 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(17))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: 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(13))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: 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(16))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: 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(14))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 8: 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(10))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Apr. 25, 2020	Apr. 27, 2019
Operating leases
ROU assets	$ 318,634
Lease liabilities, short-term	64,363
Lease liabilities, long-term	270,162	$ 0
Financing leases
ROU assets	13
Lease liabilities, short-term	$ 13
Current operating lease liability, statement of financial position [Extensible List]	lzb:LeaseLiabilityCurrent

Leases - ROU Assets by Segment (Details) - USD ($) $ in Thousands	Apr. 25, 2020	Apr. 27, 2019
Leases
Total ROU assets	$ 318,647	$ 0
Upholstery
Leases
Total ROU assets	65,668
Casegoods
Leases
Total ROU assets	3,997
Retail
Leases
Total ROU assets	236,719
Corporate & Other
Leases
Total ROU assets	$ 12,263

Leases - Lease Cost (Details) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) $ in Thousands	Apr. 25, 2020 USD ($)
Leases [Abstract]
Operating lease cost	$ 76,223
Financing lease cost	166
Short-term lease cost	248
Variable lease cost	(40)
Less: Sublease income	(2,504)
Total lease cost	$ 74,093

Leases - Supplemental Lease Disclosures (Details)	12 Months Ended
Leases - Supplemental Lease Disclosures (Details)	Apr. 25, 2020 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities, operating	$ 77,176,000
Cash paid for amounts included in the measurement of lease liabilities, financing	165,000
Lease liabilities arising from new ROU assets, operating	72,061,000
Lease liabilities arising from new ROU assets, financing	$ 0
Lease term and discount rate
Operating lease, Weighted-average remaining lease term (years)	7 years
Finance lease, Weighted-average remaining lease term (years)	3 months 18 days
Operating Lease, Weighted-average discount rate	3.90%
Finance lease, Weighted-average discount rate	3.90%

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Apr. 25, 2020	Apr. 27, 2019
Operating Leases
Within one year	$ 75,500
After one year and within two years	65,458
After two years and within three years	54,870
After three years and within four years	44,358
After four years and within five years	37,357
After five years	101,006
Total lease payments	378,549
Less: Interest	44,024
Total lease obligations	334,525
Within one year		$ 76,508
After one year and within two years		71,544
After two years and within three years		58,763
After three years and within four years		46,541
After four years and within five years		36,082
After five years		102,782
Total lease payments		392,220
Financing Leases
Within one year	13
After one year and within two years	0
After two years and within three years	0
After three years and within four years	0
After four years and within five years	0
After five years	0
Total lease payments	13
Less: Interest	0
Total lease obligations	$ 13
Within one year		180
After one year and within two years		19
After two years and within three years		0
After three years and within four years		0
After four years and within five years		0
After five years		0
Total lease payments		$ 199

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Apr. 25, 2020	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Goodwill [Line Items]
Goodwill impairment		$ 26,862,000	$ 0	$ 0
Annual amortization expense for next twelve months	$ 1,000,000.0	1,000,000.0
Annual amortization expense for year two	1,000,000	1,000,000
Annual amortization expense for year three	1,000,000	1,000,000
Annual amortization expense for year four	1,000,000	1,000,000
Annual amortization expense for year five	$ 1,000,000	$ 1,000,000
United Kingdom Reporting Unit
Goodwill [Line Items]
Reporting unit, percentage of weighted average cost of capital	9.50%	9.50%
Reporting unit, percentage of tax rate	18.00%	18.00%
Goodwill impairment	$ 0
Furniture Galleries Reporting Unit
Goodwill [Line Items]
Reporting unit, percentage of weighted average cost of capital	9.50%	9.50%
Reporting unit, percentage of tax rate	23.50%	23.50%
Goodwill impairment	$ 0
Joybird Reporting Unit
Goodwill [Line Items]
Reporting unit, percentage of weighted average cost of capital	17.50%	17.50%
Reporting unit, percentage of tax rate	24.30%	24.30%
Reporting unit, percentage of terminal growth rate	2.00%	2.00%
Goodwill impairment	$ 26,900,000

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 25, 2020	Jul. 27, 2019	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Goodwill [Roll Forward]
Balance at beginning of period		$ 185,867	$ 185,867	$ 75,254
Acquisitions				111,603
Prior period adjustment	$ 3,500	(800)	2,692
Impairment charge			(26,862)	0	$ 0
Translation adjustment			(680)	(990)
Balance at end of period	161,017		161,017	185,867	75,254
Upholstery Segment
Goodwill [Roll Forward]
Balance at beginning of period		12,148	12,148	12,967
Acquisitions				0
Prior period adjustment			0
Impairment charge			0
Translation adjustment			(518)	(819)
Balance at end of period	11,630		11,630	12,148	12,967
Retail Segment
Goodwill [Roll Forward]
Balance at beginning of period		94,103	94,103	62,287
Acquisitions				31,987
Prior period adjustment			0
Impairment charge			0
Translation adjustment			(162)	(171)
Balance at end of period	93,941		93,941	94,103	62,287
Corporate and Other
Goodwill [Roll Forward]
Balance at beginning of period		$ 79,616	79,616	0
Acquisitions				79,616
Prior period adjustment			2,692
Impairment charge			(26,862)
Translation adjustment			0	0
Balance at end of period	$ 55,446		$ 55,446	$ 79,616	$ 0

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 25, 2020	Apr. 27, 2019
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	$ 29,907	$ 18,190
Acquisitions		13,000
Amortization	(1,018)	(945)
Translation adjustment	(236)	(338)
Balance at end of period	28,653	29,907
Finite-Lived Trade Name
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	5,801	0
Acquisitions		6,400
Amortization	(798)	(599)
Translation adjustment	0	0
Balance at end of period	5,003	5,801
Other Intangible Assets
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	2,834	3,390
Acquisitions		0
Amortization	(220)	(346)
Translation adjustment	(115)	(210)
Balance at end of period	2,499	2,834
Finite-Lived Trade Name
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	1,155	1,155
Acquisitions		0
Amortization	0	0
Translation adjustment	0	0
Balance at end of period	1,155	1,155
Indefinite-Lived Reacquired Rights
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	20,117	13,645
Acquisitions		6,600
Amortization	0	0
Translation adjustment	(121)	(128)
Balance at end of period	$ 19,996	$ 20,117
Upholstery \| Maximum
Other intangible assets
Useful life	15 years
Corporate and Other
Other intangible assets
Useful life	8 years

Investments - Additional Information (Details) $ in Millions	3 Months Ended
	Jan. 25, 2020 USD ($) company	Apr. 25, 2020 company
Investments
Other-than-temporary impairment \| $	$ 6.0
Level 3
Investments
Preferred share investments, number of privately-held companies		2
Number of companies impaired	1

Investments - Summary of Investments (Details) - USD ($) $ in Thousands	Apr. 25, 2020	Apr. 27, 2019
Investments
Total investments	$ 48,022	$ 57,421
Investments to enhance returns on cash
Investments
Total investments	28,622	31,470
Investments to fund compensation/retirement plans
Investments
Total investments	12,921	13,972
Other investments
Investments
Total investments	6,479	11,979
Short-term investments
Investments
Marketable securities	18,634	18,016
Held-to-maturity investments	3,337	3,341
Total investments	21,971	21,357
Long-term investments
Investments
Marketable securities	19,572	24,085
Cost basis investments	6,479	11,979
Total investments	$ 26,051	$ 36,064

Investments - Summary of Unrealized Gains, Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Apr. 25, 2020	Apr. 27, 2019
Investments
Gross Unrealized Gains	$ 1,651	$ 2,174
Gross Unrealized Losses	(6,446)	(124)
Fair Value	48,022	57,421
Equity securities
Investments
Gross Unrealized Gains	1,011	1,841
Gross Unrealized Losses	(6,390)	0
Fair Value	12,692	19,535
Fixed income
Investments
Gross Unrealized Gains	268	75
Gross Unrealized Losses	(56)	(111)
Fair Value	30,213	33,217
Other
Investments
Gross Unrealized Gains	372	258
Gross Unrealized Losses	0	(13)
Fair Value	$ 5,117	$ 4,669

Investments - Summary of Sales of Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Sales of marketable securities
Proceeds from sales	$ 36,443	$ 20,944	$ 22,674
Gross realized gains	852	1,152	1,302
Gross realized losses	(159)	$ (496)	$ (532)
Fair value of available-for-sale securities by contractual maturity
Within one year	18,684
Within two to five years	8,070
Within six to ten years	1,256
Within six to ten years	2,203
Total	$ 30,213

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Apr. 25, 2020	Apr. 27, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Payroll and other compensation	$ 34,980	$ 53,374
Accrued product warranty, current portion	14,264	13,892
Customer deposits	40,721	42,787
Deferred revenue	17,086	17,038
Other current liabilities	48,231	46,000
Accrued expenses and other current liabilities	$ 155,282	$ 173,091

Debt (Details) - USD ($)	12 Months Ended
Debt (Details) - USD ($)	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Debt
Short-term borrowings	$ 75,000,000	$ 0
Cash paid for interest	600,000	1,000,000.0	$ 400,000
Revolving credit facility
Debt
Excess availability	55,500,000	148,100,000
Credit commitment	$ 150,000,000.0	150,000,000.0
Borrowings outstanding		$ 0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Employee Benefits - Total Costs Associated with Plans (Details) - USD ($)	12 Months Ended
	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic pension cost	$ 0	$ 35,998,000	$ 4,205,000
401(k) Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Labor and related expense	9,380,000	9,128,000	7,093,000
Performance Compensation Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Labor and related expense	1,115,000	3,084,000	1,347,000
Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Labor and related expense	719,000	284,000	360,000
Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Labor and related expense	$ 796,000	$ 805,000	$ 845,000

Employee Benefits - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Oct. 26, 2019	Apr. 27, 2019	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension termination (refund)/charge		$ 32,700,000	$ (1,900,000)	$ 32,671,000	$ 0
Pre-tax refund from insurance	$ 1,900,000
Net periodic pension cost			$ 0	35,998,000	$ 4,205,000
Non-cash gain due to change in employee vacation policy				5,100,000
401(k) Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Additional expense from increase in matching contributions				1,700,000
Minimum \| Performance Compensation Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Period to elect to receive benefit payments			5 years
Maximum \| Performance Compensation Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Period to elect to receive benefit payments			20 years
Cost of Sales
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-cash gain due to change in employee vacation policy				1,300,000
Incremental expense due to change in employee vacation policy				$ 1,100,000

Employee Benefits - Further Information Related to Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate used to determine obligation	2.80%	3.90%
Actuarial loss recognized in AOCI	$ 218	$ 190	$ 222
Benefit payments	1,091	1,091	$ 1,091
Other current liabilities \| Performance Compensation Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in liabilities	638	530
Other long-term liabilities \| Performance Compensation Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in liabilities	12,492	12,023
Other long-term liabilities \| Executive Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in other long-term liabilities	22,282	23,854
Other long-term liabilities \| Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in liabilities	16,846	15,549
Other long-term assets \| Executive Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cash surrender value on life insurance contracts included in other long-term assets	34,562	34,308
Other current assets \| Executive Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Mutual funds held by plan included in other current assets	76	$ 189
Minimum \| Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Annual benefit payments for the next 10 years	1,000
Maximum \| Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Annual benefit payments for the next 10 years	$ 1,100

Employee Benefits - Net Periodic Pension Cost and Retirement Costs (Details) - USD ($)	3 Months Ended	12 Months Ended
	Apr. 27, 2019	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Retirement Benefits [Abstract]
Service cost			$ 851,000	$ 1,316,000
Interest cost			4,464,000	4,587,000
Expected return on plan assets			(4,544,000)	(4,818,000)
Net amortization			2,556,000	3,120,000
Pension termination charge	$ 32,700,000	$ (1,900,000)	32,671,000	0
Net periodic pension cost		$ 0	$ 35,998,000	$ 4,205,000

Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Apr. 25, 2020	Apr. 27, 2019
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance as of the beginning of the year	$ 22,736	$ 21,205
Acquisitions	0	1,000
Accruals during the year	22,563	22,831
Settlements during the year	(22,044)	(22,300)
Balance as of the end of the year	23,255	22,736
Product warranty liability included in accrued expenses and other current liabilities	$ 14,300	$ 13,900
Minimum \| Upholstery
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 \| Upholstery
Product Warranties
Warranty term	1 year

Stock-Based Compensation - Plans and Expense (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 8,371	$ 10,981	$ 9,474
Liability-based awards expense	(982)	339	405
Total stock-based compensation expense	7,389	11,320	9,879
Stock options
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	2,000	3,507	4,180
Restricted stock awards
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	2,913	2,548	2,196
Stock appreciation rights
Stock-based compensation expense recognized for outstanding grants
Liability-based awards expense	(240)	98	252
Restricted stock units
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	900	704	704
Liability-based awards expense	20	22	87
Performance based units
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	2,558	4,222	2,394
Liability-based awards expense	6	7	(28)
Deferred stock units
Stock-based compensation expense recognized for outstanding grants
Liability-based awards expense	$ (768)	$ 212	$ 94
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. 27, 2019	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
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		$ 4,800	$ 16,200	$ 4,400
Number of Shares
Outstanding at beginning of period (in shares)	1,442,000	1,442,000
Granted (in shares)	248,662	249,000
Canceled (in shares)		(61,000)
Exercised (in shares)		(192,000)
Outstanding at end of period (in shares)		1,438,000	1,442,000
Exercisable (in shares)		671,000
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 28.09	$ 28.09
Granted (in dollars per share)		30.24
Canceled (in dollars per share)		30.31
Exercised (in dollars per share)		25.14
Outstanding at end of period (in dollars per share)		28.76	$ 28.09
Exercisable (in dollars per share)		$ 27.32
Additional information
Weighted Average Remaining Contractual Term, Outstanding		7 years 2 months 12 days	7 years 8 months 12 days
Weighted Average Remaining Contractual Term, Exercisable		6 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding		$ 103	$ 6,557
Aggregate Intrinsic Value, Exercised		1,668	$ 9,900	$ 2,200
Aggregate Intrinsic Value, Exercisable		103
Unrecognized compensation cost		$ 1,400
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		2.19%	2.82%	1.84%
Dividend rate		1.72%	1.45%	1.61%
Expected life		5 years	5 years	5 years
Stock price volatility (as a percent)		34.27%	33.07%	32.12%
Fair value per share (in dollars per share)		$ 7.94	$ 9.65	$ 7.16
Stock options \| Minimum
Stock-Based Compensation
Purchase price of common stock at date of grant (less than) (as a percent)		100.00%
Stock options \| Former Long-Term Equity Award Plan
Stock-Based Compensation
Award expiration term		10 years

Stock-Based Compensation - SARs (Details) - SARs	12 Months Ended
Stock-Based Compensation - SARs (Details) - SARs	Apr. 25, 2020 USD ($) $ / shares shares
Stock-Based Compensation
Term of award	10 years
Unrecognized compensation cost \| $	$ 0
Fiscal 2013 Grant
Stock-Based Compensation
SARs outstanding (in shares) \| shares	7,149
Intrinsic value per share (in dollars per share) \| $ / shares	$ 9.10
Fiscal 2014 Grant
Stock-Based Compensation
SARs outstanding (in shares) \| shares	13,869
Intrinsic value per share (in dollars per share) \| $ / shares	$ 2.01

Stock-Based Compensation - Restricted Stock and RSUs (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Maximum
Stock-Based Compensation
Vesting period	4 years
Restricted Stock
Shares
Granted (in shares)	167,649
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	$ 6.5
Period for recognition of unrecognized compensation costs	1 year 9 months 18 days
Shares
Non-vested at beginning of period (in shares)	247,000
Granted (in shares)	168,000
Vested (in shares)	(90,000)
Canceled (in shares)	(32,000)
Non-vested at end of period (in shares)	293,000	247,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 29.55
Granted (in dollars per share)	30.43
Vested (in dollars per share)	28.50
Canceled (in dollars per share)	29.83
Non-vested at end of period (in dollars per share)	30.34	$ 29.55
Restricted Stock \| Non-Employee Directors
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 31.77	$ 33.15	$ 23.85
Restricted Stock \| Non-Employee Directors \| Maximum
Shares
Granted (in shares)	100,000	100,000	100,000

Stock-Based Compensation - Performance Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 25, 2020	Apr. 27, 2019	Apr. 28, 2018
Weighted Average Grant Date Fair Value
Equity based compensation expenses	$ 7,389	$ 11,320	$ 9,879
Performance based units
Stock-Based Compensation
Percentage of payout dependent on financial performance	80.00%
Percentage of payout dependent on total shareholder return	20.00%
Performance based units \| Minimum
Stock-Based Compensation
Performance award opportunity as a percentage of target award	50.00%
Performance based units \| Maximum
Stock-Based Compensation
Performance award opportunity as a percentage of target award	200.00%
Performance awards, performance period	3 years
Performance-Based Shares
Number of Shares
Non-vested at beginning of period (in shares)	523
Granted (in shares)	311
Vested (in shares)	(87)
Canceled (in shares)	(213)
Non-vested at end of period (in shares)	534	523
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 28.43
Granted (in dollars per share)	28.68
Vested (in dollars per share)	24.79
Canceled (in dollars per share)	28.45
Non-vested at end of period (in dollars per share)	$ 29.21	$ 28.43
Unrecognized compensation cost	$ 3,700
Period for recognition of unrecognized compensation costs	1 year 3 months 18 days
Equity based compensation expenses	$ 2,558	$ 4,222	2,394
Performance-Based Shares \| Fiscal 2016 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses			1,052
Performance-Based Shares \| Fiscal 2017 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses		1,044	455
Performance-Based Shares \| Fiscal 2018 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses	611	1,402	$ 887
Performance-Based Shares \| Fiscal 2019 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses	996	$ 1,776
Performance-Based Shares \| Fiscal 2020 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses	$ 951
Performance-Based Shares, vesting based on performance goals \| Fiscal 2020 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 28.68	$ 31.71	$ 25.93
Performance Based Shares, vesting based on market conditions \| Fiscal 2020 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 38.75	$ 46.39	$ 36.24

Stock-Based Compensation - Previously Granted Deferred Stock (Details) - Non-Employee Directors - Deferred Stock Units - USD ($) $ in Millions	Apr. 25, 2020	Apr. 27, 2019
Previously Granted Deferred Stock Units
Award common share equivalent (in shares)	1
Deferred stock units outstanding (in shares)	100,000
Other long-term liabilities
Previously Granted Deferred Stock Units
Plan obligation included in other long-term liabilities	$ 1.4	$ 2.2

Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Apr. 25, 2020

Apr. 27, 2019

Apr. 28, 2018

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Cumulative effect adjustment for investments/Reclassification of certain income tax effects

$ 696,976

$ 625,216

$ 601,105

^[1]

Amount of pension termination charge reclassified from AOCI

716,306

696,976

625,216

23,807

Pension termination charge

28,200

Income tax expense

4,400

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

696,976

625,216

601,105

78,984

70,141

81,595

(3,209)

23,240

8,804

156

AOCI Attributable to Parent, Net of Tax [Roll Forward]

716,306

696,976

625,216

ASU 2016-01

Cumulative effect adjustment for investments/Reclassification of certain income tax effects

Translation adjustment

AOCI Attributable to Parent, Net of Tax [Roll Forward]

2,388

(927)

Cumulative effect adjustment for investments/Reclassification of certain income tax effects

(1,941)

(2,338)

3,315

(1,941)

(2,338)

3,315

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

(1,891)

2,388

2,388

(927)

Change in fair value of cash flow hedge

(1,891)

2,388

AOCI Attributable to Parent, Net of Tax [Roll Forward]

154

Cumulative effect adjustment for investments/Reclassification of certain income tax effects

(369)

164

(97)

280

(208)

(4)

124

(87)

(67)

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

154

154

Unrealized gain (loss) on marketable securities

154

AOCI Attributable to Parent, Net of Tax [Roll Forward]

1,376

1,752

Cumulative effect adjustment for investments/Reclassification of certain income tax effects

387

330

844

258

(1,637)

(141)

(1,420)

(61)

(88)

200

443

(1,370)

(376)

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

449

1,376

1,376

1,752

Unrealized gain (loss) on marketable securities | ASU 2016-01

449

1,376

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Cumulative effect adjustment for investments/Reclassification of certain income tax effects

1,600

Net pension amortization and net actuarial loss

AOCI Attributable to Parent, Net of Tax [Roll Forward]

(3,605)

(29,117)

(33,782)

Cumulative effect adjustment for investments/Reclassification of certain income tax effects

(1,809)

(479)

3,257

(708)

218

26,553

3,341

394

(562)

(1,933)

(1,905)

25,512

4,665

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

(5,510)

(3,605)

(29,117)

(3,605)

(29,117)

(33,782)

Accumulated other comprehensive loss

(5,510)

(3,605)

(29,117)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

(3,462)

(25,199)

(32,883)

Cumulative effect adjustment for investments/Reclassification of certain income tax effects

(3,363)

(2,856)

7,580

(547)

^[1]

(1,637)

26,858

1,713

329

(628)

(1,609)

(3,490)

21,737

7,684

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

(6,952)

(3,462)

(25,199)

(3,462)

(25,199)

(32,883)

(2,943)

23,374

7,684

Accumulated other comprehensive loss | ASU 2016-01

(6,952)

(3,462)

(25,199)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Cumulative effect adjustment for investments/Reclassification of certain income tax effects

(1,637)

Cumulative effect adjustment - unrealized gains on equity investments

2,100

Cumulative effect adjustment - tax expense

500

Non-Controlling Interests

AOCI Attributable to Parent, Net of Tax [Roll Forward]

14,468

13,035

11,186

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

15,553

14,468

13,035

14,468

13,035

11,186

1,515

1,567

729

(266)

(134)

1,120

(164)