0000057131-21-000016 | 10-Q | XBRL Viewer

17,988

18,069

(81)

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

767

281

486

(1,417)

126

(1,669)

(12,313)

(391)

(3,762)

(8,160)

1,675

^[2]

547

(547)

Ending balance at Jul. 27, 2019

(6,112)

698,138

$ 46,690

311,207

329,096

(3,728)

14,873

Beginning balance at Apr. 27, 2019

391

696,976

$ 574

$ 46,955

313,168

325,847

$ 574

(3,462)

14,468

75,608

434

2,331

683

Ending balance at Jan. 25, 2020

(547)

729,482

46,075

316,764

353,419

(2,361)

15,585

Beginning balance at Jul. 27, 2019

698,138

46,690

311,207

329,096

(3,728)

14,873

22,904

22,593

311

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

1,619

1,260

359

1,988

1,908

(4)

(10,854)

(335)

(1,908)

(8,611)

3,032

(6,039)

Ending balance at Oct. 26, 2019

(46)

$ 710,742

$ 46,439

314,239

336,989

(2,468)

15,543

335

$ 0.13

$ 34,716

34,512

204

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

(55)

107

(162)

258

$ 14

281

(37)

(12,182)

(378)

(284)

(11,520)

2,528

(6,490)

Ending balance at Jan. 25, 2020

(35)

$ 729,482

$ 46,075

316,764

353,419

(2,361)

15,585

378

Beginning balance at Apr. 25, 2020

$ 0.14

$ 716,306

$ 45,857

318,215

343,633

(6,952)

15,553

4,679

4,798

(119)

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

2,218

1,720

498

(1,749)

132

(195)

(1,686)

2,047

Ending balance at Jul. 25, 2020

^[3]

(8,502)

(8,507)

$ 714,999

45,989

320,067

346,750

(5,232)

7,425

Beginning balance at Apr. 25, 2020

$ 0

$ 716,306

45,857

318,215

343,633

(6,952)

15,553

69,572

607

Ending balance at Jan. 23, 2021

5,909

939

788,018

46,316

333,975

401,117

(1,982)

8,592

Beginning balance at Jul. 25, 2020

714,999

45,989

320,067

346,750

(5,232)

7,425

35,304

34,935

369

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

1,354

1,275

2,113

124

1,995

(6)

4,120

(3,221)

Ending balance at Oct. 24, 2020

(20)

$ 754,649

46,113

326,182

378,438

(3,957)

7,873

$ 0.07

$ 29,589

29,232

357

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

2,337

1,975

362

5,895

225

5,698

(28)

(875)

(22)

(853)

2,948

(6,484)

Ending balance at Jan. 23, 2021

(41)

$ 788,018

$ 46,316

$ 333,975

$ 401,117

$ (1,982)

$ 8,592

$ 0.14

[1]	Cumulative effect adjustment of deferred gains on prior sale/leaseback transactions as a result of adopting ASU 2016-02.
[2]	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.
[3]	dividends to shareholders were declared or paid during the first quarter of fiscal 2021; amount includes dividends forfeited from restricted stock awards previously granted. Non-controlling interests include dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares shares in Thousands	3 Months Ended
	Jul. 25, 2020	Jul. 27, 2019
Dividends declared (in dollars per share)	$ 0
Dividends paid (in dollars per share)		$ 0.13
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Common Shares
Shares purchased (in shares)		391

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Indicates amendment to accounting standards.

+ References

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+ Details

Basis of Presentation

9 Months Ended

Jan. 23, 2021

Basis of Presentation

The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries (collectively, the "Company"). We derived the April 25, 2020, balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles, which we applied on a basis consistent with those reflected in our fiscal 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), but the information does not include all of the disclosures required by generally accepted accounting principles. In management’s opinion, the interim financial information includes all adjustments and accruals, consisting only of normal recurring adjustments (except as otherwise disclosed), that are necessary for a fair statement of results for the respective interim periods. The interim results reflected in the accompanying financial statements are not necessarily indicative of the results of operations that will occur for the full fiscal year ending April 24, 2021.

At January 23, 2021, we owned preferred shares and warrants to purchase common shares of two privately held 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.

COVID-19

As part of our continued response to the impact of COVID-19, on June 4, 2020, we announced our business realignment plan, which included the reduction of the Company's global workforce by approximately 10% across our manufacturing, retail and corporate locations, including the closure of our Newton, Mississippi upholstery manufacturing facility. In the first nine months of fiscal 2021, we incurred expenses of $3.9 million associated with our business realignment plan, primarily due to severance costs and an impairment of the carrying value of the Newton manufacturing facility. Subsequent to the announcement of our business realignment plan in the first quarter of fiscal 2021, consumers have continued to allocate more discretionary spending to home furnishings and as a result, the demand for our products has outpaced our production capacity. In response, we have added manufacturing cells at our Mexico Cut-and-Sew Center, added weekend production shifts to our U.S plants, temporarily re-activated a portion of our Newton, Mississippi upholstery manufacturing facility, and have opened a leased upholstery plant, in San Luis Rio Colorado, Mexico.

During the fourth quarter of fiscal 2020, in response to economic conditions resulting from COVID-19, to strengthen our financial position and maintain liquidity, we proactively borrowed $75.0 million from our revolving credit facility. Given the positive trends in cash flows during the first six months of fiscal 2021, we repaid all of the $75.0 million borrowed under our line of credit in the first and second quarters of fiscal 2021.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The CARES Act, among other things, includes provisions providing for refundable payroll tax credits, deferment of employer social security payments, lengthening net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. In the third quarter of fiscal 2021, the Company determined amounts that it is eligible to claim for employee retention payroll tax credits and recognized $5.2 million in non-operating income for wages and healthcare costs paid to employees during suspension of operations due to government orders which qualify under the provisions of the CARES Act. The Company continues to evaluate the impact that the CARES Act may have on its results of operations, financial condition and/or financial statement disclosures.

We continue to actively manage the impact of the COVID-19 crisis and there is uncertainty regarding the impact COVID-19 will have on our financial operations in the near and long term.

Accounting pronouncements adopted in fiscal 2021

The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2021, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.


ASU						Description
ASU 2016-13						Financial Instruments – Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments
ASU 2020-04						Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Accounting pronouncements not yet adopted

The following table summarizes 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 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 323, and Topic 815

Fiscal 2022

Acquisitions	9 Months Ended
Acquisitions	Jan. 23, 2021
Business Combinations [Abstract]
Acquisitions	Acquisitions On September 14, 2020, we completed our asset acquisition of the Seattle, Washington business that operated six independently owned La-Z-Boy Furniture Galleries® stores and one warehouse for $13.5 million, subject to customary adjustments. In the second quarter of fiscal 2021, a $2.0 million cash payment was made for the purchase with future guaranteed payments of $9.4 million to be paid over 36 months or less, with timing of payments dependent upon the achievement of sales thresholds defined in the purchase agreement. This acquisition is a core part of our 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 sales. Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in the Seattle, Washington market, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. 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 $2.2 million related to these reacquired rights. We also recognized $12.9 million of goodwill in our Retail segment 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. The acquisition of the Seattle, Washington business was not significant to our consolidated financial statements, and, therefore, pro-forma financial information is not presented. All of our provisional purchase accounting estimates for this acquisition are based on the information and data available to us as of the time of the issuance of these financial statements, and in accordance with Accounting Standard Codification Topic 805-10-25-15, are subject to change within the first 12 months of acquisition as we have access to additional data.

Cash and Restricted Cash

9 Months Ended

Jan. 23, 2021

Cash and Cash Equivalents [Abstract]

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


(Unaudited, amounts in thousands)	1/23/21		1/25/20
Cash and cash equivalents	$	390,324	$	166,272
Restricted cash	2,703		1,973
Total cash, cash equivalents and restricted cash	$	393,027	$	168,245

Inventories

9 Months Ended

Jan. 23, 2021

Inventory Disclosure [Abstract]

Inventories

A summary of inventories is as follows:


(Unaudited, amounts in thousands)	1/23/21		4/25/20
Raw materials	$	110,743	$	92,174
Work in process	20,839		14,064
Finished goods	101,977		96,850
FIFO inventories	233,559		203,088
Excess of FIFO over LIFO	(21,445)		(21,445)
Total inventories	$	212,114	$	181,643

Goodwill and Other Intangible Assets

9 Months Ended

Jan. 23, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

We have goodwill on our consolidated balance sheet as follows:

Reportable Segment/Unit

Reporting Unit

Related Acquisition

Wholesale 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

Joybird

The following is a roll-forward of goodwill for the nine months ended January 23, 2021:


(Unaudited, amounts in thousands)	Wholesale Segment		Retail Segment		Corporate and Other		Total Goodwill
Balance at April 25, 2020	$	11,630	$	93,941	$	55,446	$	161,017
Acquisitions	—		12,936		—		12,936
Translation adjustment	1,245		362		—		1,607
Balance at January 23, 2021	$	12,875	$	107,239	$	55,446	$	175,560

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

Reportable Segment/Unit

Intangible Asset

Useful Life

Wholesale 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

Wholesale Segment

American Drew® trade name

Indefinite-lived

Retail Segment

Reacquired rights to own and operate La-Z-Boy Furniture Galleries® stores

Indefinite-lived

Corporate & Other

Joybird® trade name

Amortizable over eight-year useful life

The following is a roll-forward of our other intangible assets for the nine months ended January 23, 2021:


(Unaudited, amounts in thousands)	Indefinite- Lived Trade Names		Finite- Lived Trade Name		Indefinite- Lived Reacquired Rights		Other Intangible Assets		Total Other Intangible Assets
Balance at April 25, 2020	$	1,155	$	5,003	$	19,996	$	2,499	$	28,653
Acquisitions	—		—		2,182		—		2,182
Amortization	—		(599)		—		(168)		(767)
Translation adjustment	—		—		271		258		529
Balance at January 23, 2021	$	1,155	$	4,404	$	22,449	$	2,589	$	30,597

We test indefinite-lived intangibles and 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 an asset might be impaired. We test amortizable intangible assets for impairment if events or changes in circumstances indicate that the assets might be impaired.

Investments

9 Months Ended

Jan. 23, 2021

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. We also hold other investments consisting of cost-basis preferred shares of two privately held start-up companies. Our short-term investments are included in other current assets and our long-term investments are included in other long-term assets on our consolidated balance sheet.

The following summarizes our investments:


(Unaudited, amounts in thousands)	1/23/21		4/25/20
Short-term investments:
Marketable securities	$	17,586	$	18,634
Held-to-maturity investments	2,643		3,337
Total short-term investments	20,229		21,971
Long-term investments:
Marketable securities	25,243		19,572
Cost basis investments	7,579		6,479
Total long-term investments	32,822		26,051
Total investments	$	53,051	$	48,022

Investments to enhance returns on cash	$	30,553	$	28,622
Investments to fund compensation/retirement plans	14,919		12,921
Other investments	7,579		6,479
Total investments	$	53,051	$	48,022

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


	1/23/21						4/25/20
(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity securities	$	2,671	$	—	$	15,492	$	1,011	$	(6,390)	$	12,692
Fixed income	182		(19)		32,932		268		(56)		30,213
Other	604		—		4,627		372		—		5,117
Total securities	$	3,457	$	(19)	$	53,051	$	1,651	$	(6,446)	$	48,022

The following table summarizes sales of marketable securities:


	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands)	1/23/21		1/25/20		1/23/21		1/25/20
Proceeds from sales	$	6,807	$	11,517	$	23,824	$	23,887
Gross realized gains	169		431		479		618
Gross realized losses	(15)		(62)		(41)		(150)

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


(Unaudited, amounts in thousands)	1/23/21
Within one year	$	17,678
Within two to five years	12,472
Within six to ten years	1,114
Thereafter	1,668
Total	$	32,932

Accrued Expenses and Other Current Liabilities

9 Months Ended

Jan. 23, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities


(Unaudited, amounts in thousands)	1/23/21		4/25/20
Payroll and other compensation	$	48,403	$	34,980
Accrued product warranty, current portion	14,322		14,264
Customer deposits	162,576		40,721
Deferred revenue	93,914		17,086
Other current liabilities	68,828		48,231
Accrued expenses and other current liabilities	$	388,043	$	155,282

The increase in customer deposits and deferred revenue was primarily driven by higher Retail segment and Joybird written sales in the first nine months of fiscal 2021. Higher written sales also led to an increase in contract assets, which are included in other current assets on the consolidated balance sheet, consistent with the increase in deferred revenue. Refer to Note 11, Revenue Recognition, for additional details regarding our contract assets and contract liabilities.

Product Warranties

9 Months Ended

Jan. 23, 2021

Product Warranties Disclosures [Abstract]

Product Warranties

Product WarrantiesWe accrue an estimated liability for product warranties when we recognize revenue on the sale of warranted products. We estimate future warranty claims on new sales based on our historical claims experience and any additional anticipated future costs on previously sold products. We incorporate repair costs into our liability estimates, including materials, labor and overhead amounts necessary to perform repairs and any costs associated with delivering repaired product to our customers. Over 90% of our warranty liability relates to our Wholesale 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 Wholesale segment warranties cover labor costs relating to our parts for one year. We provide a limited lifetime warranty against defects on a majority of Joybird products, which are a part of our Corporate and Other results. For all of 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:


	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands)	1/23/21		1/25/20		01/23/21		01/25/20
Balance as of the beginning of the period	$	22,938	$	23,081	$	23,255	$	22,736

Accruals during the period	5,791		6,321		14,925		17,746
Settlements during the period	(5,734)		(6,057)		(15,185)		(17,137)
Balance as of the end of the period (1)	$	22,995	$	23,345	$	22,995	$	23,345

(1)$14.3 million recorded in accrued expenses and other current liabilities at both January 23, 2021 and April 25, 2020, while the remainder is in 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.

Stock-Based Compensation

9 Months Ended

Jan. 23, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

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


	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands)	1/23/21		1/25/20		01/23/21		01/25/20
Equity-based awards expense	$	2,948	$	2,528	$	9,115	$	7,235
Liability-based awards expense	587		(303)		1,925		37
Total stock-based compensation expense	$	3,535	$	2,225	$	11,040	$	7,272

Stock Options. We granted 315,584 stock options to employees during the first quarter of fiscal 2021 and we have stock options outstanding from previous grants. We account for stock options as equity-based awards because when they are exercised, they will be settled in common shares. We recognize compensation expense for stock options over the vesting period equal to the fair value on the date our Compensation Committee approved the awards. The vesting period for our stock options ranges from one to four years, with accelerated vesting upon retirement. The vesting date for retirement-eligible employees is the later of the date they meet the criteria for retirement or the end of the fiscal year in which the grant was made. We accelerate the expense for options granted to retirement-eligible employees over the vesting period, with expense recognized from the grant date through their retirement eligibility date or over the ten months following the grant date, whichever period is longer. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur.

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. The fair value of stock options granted during the first quarter of fiscal 2021 was calculated using the following assumptions:

(Unaudited)

Fiscal 2021 grant

Assumption

Risk-free interest rate

0.34

U.S. Treasury issues with term equal to expected life at grant date

Dividend rate

Estimated future dividend rate and common share price at grant date

Expected life

5 years

Contractual term of stock option and expected employee exercise trends

Stock price volatility

41.79

Historical volatility of our common shares

Fair value per share

10.06

Restricted Stock. We granted 121,385 shares of restricted stock to employees during the first nine months of fiscal 2021. We also have shares of restricted stock outstanding from previous grants. We issue restricted stock at no cost to the employees and the shares are held in an escrow account until the vesting period ends. If a recipient’s employment ends during the escrow period (other than as a result of 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 awarded in the first nine months of fiscal 2021 was $27.63 per share, the market value of our common shares on the date of grant. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. We recognize compensation expense for restricted stock over the vesting period equal to the fair value on the grant date of the award. Restricted stock awards vest at 25% per year, beginning one year from the grant date over a term of four years.

Restricted Stock Units. During the second quarter of fiscal 2021, we granted 26,192 restricted stock units to our non-employee directors. These restricted stock units vest when the director leaves the board. 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 the grant, which was $32.08.

Performance Shares. During the first quarter of fiscal 2021, we granted 168,719 performance-based shares. We also have performance-based share awards outstanding from previous grants. Payout of the fiscal 2021 grant depends on our financial performance (50%) 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 (50%). The performance share opportunity ranges from 50% of the employee’s target award if minimum performance requirements are met to a maximum of 200% of the target award based on the attainment of certain financial and shareholder-return goals over a specific performance period, which is generally three fiscal years. Grants of performance-based shares during fiscal 2019 and fiscal 2020 were weighted (80%) on financial performance and (20%) on market-based conditions consistent with those in the fiscal 2021 grant.

We account for performance-based shares as equity-based awards because when they vest, they will be settled in common shares. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. 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 2021 that vest based on attaining performance goals was $30.75, 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. For shares that vest based on market conditions, we expense compensation cost 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 2021 grant of shares that vest based on market conditions was $38.14.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Jan. 23, 2021

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

Accumulated Other Comprehensive Income (Loss)

The activity in accumulated other comprehensive income (loss) for the quarters ended January 23, 2021, and January 25, 2020, is as follows:


(Unaudited, amounts in thousands)	Translation adjustment		Change in fair value of cash flow hedge		Unrealized gain (loss) on marketable securities		Net pension amortization and net actuarial loss		Accumulated other comprehensive income (loss)
Balance at October 24, 2020	$	997	$	—	$	426	$	(5,380)	$	(3,957)
Changes before reclassifications	1,924		—		(27)		—		1,897


Amounts reclassified to net income	—		—		9		86		95
Tax effect	—		—		4		(21)		(17)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	1,924		—		(14)		65		1,975
Balance at January 23, 2021	$	2,921	$	—	$	412	$	(5,315)	$	(1,982)

Balance at October 26, 2019	$	1,345	$	—	$	418	$	(4,231)	$	(2,468)
Changes before reclassifications	50		—		41		—		91


Amounts reclassified to net income	—		—		(20)		55		35
Tax effect	—		—		(5)		(14)		(19)
Other comprehensive income attributable to La-Z-Boy Incorporated	50		—		16		41		107
Balance at January 25, 2020	$	1,395	$	—	$	434	$	(4,190)	$	(2,361)

The activity in accumulated other comprehensive income (loss) for the nine months ended January 23, 2021, and January 25, 2020, is as follows:


(Unaudited, amounts in thousands)	Translation adjustment		Change in fair value of cash flow hedge		Unrealized gain (loss) on marketable securities		Net pension amortization and net actuarial loss		Accumulated other comprehensive income (loss)
Balance at April 25, 2020	$	(1,891)	$	—	$	449	$	(5,510)	$	(6,952)
Changes before reclassifications	4,812		—		(11)		—		4,801


Amounts reclassified to net income	—		—		(38)		259		221
Tax effect	—		—		12		(64)		(52)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	4,812		—		(37)		195		4,970
Balance at January 23, 2021	$	2,921	$	—	$	412	$	(5,315)	$	(1,982)

Balance at April 27, 2019	$	50	$	87	$	6	$	(3,605)	$	(3,462)
Changes before reclassifications	1,345		—		253		—		1,598
Reclassification of certain income tax effects (1)	—		(97)		258		(708)		(547)

Amounts reclassified to net income	—		14		(28)		164		150
Tax effect	—		(4)		(55)		(41)		(100)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	1,345		(87)		428		(585)		1,101
Balance at January 25, 2020	$	1,395	$	—	$	434	$	(4,190)	$	(2,361)

(1)Income tax effects of the Tax Cuts and Jobs Act are reclassified from AOCI to retained earnings due to adoption of ASU 2018-02.

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

The components of non-controlling interest were as follows:


	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands)	1/23/21		1/25/20		1/23/21		1/25/20
Balance as of the beginning of the period	$	7,873	$	15,543	$	15,553	$	14,468
Net income	357		204		607		434
Other comprehensive income (loss)	362		(162)		939		683
Dividends distributed to joint venture minority partners	—		—		(8,507)		—
Balance as of the end of the period	$	8,592	$	15,585	$	8,592	$	15,585

Revenue Recognition

9 Months Ended

Jan. 23, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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

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

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

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.

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


	Quarter Ended January 23, 2021								Quarter Ended January 25, 2020
(Unaudited, amounts in thousands)	Wholesale		Retail		Corporate and Other		Total		Wholesale		Retail		Corporate and Other		Total
Motion Upholstery Furniture	$	205,522	$	102,111	$	174	$	307,807	$	212,079	$	100,662	$	104	$	312,845
Stationary Upholstery Furniture	89,059		30,469		35,728		155,256		100,560		33,348		28,990		162,898
Bedroom Furniture	10,269		1,723		2,622		14,614		7,772		1,517		1,842		11,131
Dining Room Furniture	7,034		3,340		672		11,046		5,981		3,040		596		9,617
Occasional Furniture	11,585		6,118		623		18,326		12,002		6,148		516		18,666
Other (1)	27,239		22,198		(6,128)		43,309		26,417		22,779		(6,379)		42,817
Total	$	350,708	$	165,959	$	33,691	$	550,358	$	364,811	$	167,494	$	25,669	$	557,974

Eliminations							(80,162)								(82,118)
Consolidated Net Sales							$	470,196							$	475,856

	Nine Months Ended January 23, 2021								Nine Months Ended January 25, 2020
(Unaudited, amounts in thousands)	Wholesale		Retail		Corporate and Other		Total		Wholesale		Retail		Corporate and Other		Total
Motion Upholstery Furniture	$	538,234	$	255,020	$	397	$	793,651	$	588,820	$	270,301	$	264	$	859,385
Stationary Upholstery Furniture	240,052		79,104		88,225		407,381		294,572		96,306		79,213		470,091
Bedroom Furniture	25,818		4,141		6,149		36,108		24,711		4,513		4,800		34,024
Dining Room Furniture	18,455		7,957		2,173		28,585		17,656		8,036		1,436		27,128
Occasional Furniture	32,236		14,879		2,158		49,273		35,071		16,728		1,374		53,173
Other (1)	62,502		58,270		(14,953)		105,819		74,777		63,010		(16,555)		121,232
Total	$	917,297	$	419,371	$	84,149	$	1,420,817	$	1,035,607	$	458,894	$	70,532	$	1,565,033

Eliminations							(206,043)								(228,332)
Consolidated Net Sales							$	1,214,774							$	1,336,701

(1)Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, tariff surcharges, discounts and 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 January 23, 2021 and at April 25, 2020, our consolidated balance sheet included $93.9 million and $17.1 million, respectively, of contract assets that represent the remaining consideration to which we are entitled prior to fulfilling our performance obligation. These assets are reported as other current assets in our consolidated balance sheet.

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 January 23, 2021, we included $162.6 million of customer deposits and $93.9 million of deferred revenues in accrued expenses and other current liabilities on our consolidated balance sheet. At the beginning of fiscal 2021, we had $40.7 million of customer deposits and $17.1 million of deferred revenues. During the quarter and nine months ended January 23, 2021, we recognized revenue of $3.4 million and $54.9 million, respectively, related to our contract liability balance at April 25, 2020.

The increase in our contract assets and contract liabilities at January 23, 2021 was primarily the result of increased written sales during the first nine months of fiscal 2021 compared with those in the fourth quarter of fiscal 2020.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Segment Information

9 Months Ended

Jan. 23, 2021

Segment Reporting [Abstract]

Segment Information

Our reportable operating segments include the Wholesale segment and the Retail segment. Effective in the first quarter of fiscal 2021, in order to better align with the manner in which we view and manage the business, coupled with economic and customer channel similarities, we revised our reportable operating segments by aggregating the former Upholstery segment with the former Casegoods segment to form the newly combined Wholesale segment. The change in our reportable operating segments reflects how the Company evaluates financial information used to make operating decisions. There were no changes to our Retail operating segment or Corporate & Other as part of this revision. Prior period results disclosed in the tables below have been revised to reflect these changes.

Wholesale Segment. Our Wholesale segment consists primarily of three operating segments: La-Z-Boy, our largest operating segment, our England subsidiary, and our casegoods operating segment that sells furniture under three brands: American Drew®, Hammary® and Kincaid®. The Wholesale 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 Wholesale segment manufactures and imports upholstered furniture such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces. The Wholesale segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers.

Retail Segment. Our Retail segment consists of one operating segment comprised of our 158 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 the end consumer primarily online through its website, www.joybird.com. None of the operating segments included in Corporate & Other meet the requirements of reportable segments.

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


	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands)	1/23/21		1/25/20		1/23/21		1/25/20
Sales
Wholesale segment:
Sales to external customers	$	274,314	$	285,418	$	720,258	$	815,412
Intersegment sales	76,394		79,393		197,039		220,195
Wholesale segment sales	350,708		364,811		917,297		1,035,607

Retail segment sales	165,959		167,494		419,371		458,894

Corporate and Other:
Sales to external customers	29,923		22,944		75,145		62,395
Intersegment sales	3,768		2,725		9,004		8,137
Corporate and Other sales	33,691		25,669		84,149		70,532

Eliminations	(80,162)		(82,118)		(206,043)		(228,332)
Consolidated sales	$	470,196	$	475,856	$	1,214,774	$	1,336,701

Operating Income (Loss)
Wholesale segment	$	35,686	$	49,046	$	95,309	$	112,195
Retail segment	14,707		16,383		23,173		33,272
Corporate and Other	(15,979)		(13,116)		(31,804)		(40,131)
Consolidated operating income	34,414		52,313		86,678		105,336
Interest expense	(298)		(265)		(1,103)		(891)
Interest income	285		844		902		2,093
Other income (expense), net	6,532		(5,998)		7,995		(5,390)
Income before income taxes	$	40,933	$	46,894	$	94,472	$	101,148

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (f)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Income Taxes	9 Months Ended
Income Taxes	Jan. 23, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOur effective tax rate was 27.7% and 26.4% for the third quarter and nine months ended January 23, 2021, respectively, compared with 26.0% and 25.3% for the third quarter and nine months ended January 25, 2020, respectively. Our effective tax rate varies from the 21% federal statutory rate primarily due to state taxes.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Earnings per Share

9 Months Ended

Jan. 23, 2021

Earnings Per Share [Abstract]

Earnings per Share

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


	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands, except per share data)	1/23/21		1/25/20		1/23/21		1/25/20
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	29,232	$	34,512	$	68,965	$	75,174
Income allocated to participating securities	(9)		(45)		(33)		(121)
Net income available to common Shareholders	$	29,223	$	34,467	$	68,932	$	75,053

Denominator:
Basic weighted average common shares outstanding	46,261		46,262		46,064		46,545
Add:
Contingent common shares	224		148		195		147
Stock option dilution	333		174		148		175
Diluted weighted average common shares outstanding	46,818		46,584		46,407		46,867

Earnings per Share:
Basic	$	0.63	$	0.75	$	1.50	$	1.61
Diluted	$	0.62	$	0.74	$	1.49	$	1.60

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 nine months ended January 23, 2021, 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 0.3 million shares from the diluted share calculation for the nine months ended January 25, 2020.

Fair Value Measurements

9 Months Ended

Jan. 23, 2021

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 January 23, 2021 and April 25, 2020. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented.


At January 23, 2021
	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	—	$	34,766	$	—	$	8,063	$	42,829
Held-to-maturity investments	2,643		—		—		—		2,643
Cost basis investments	—		—		7,579		—		7,579
Total assets	$	2,643	$	34,766	$	7,579	$	8,063	$	53,051

Liabilities
Contingent consideration liability	$	—	$	—	$	12,500	$	—	$	12,500


At April 25, 2020
	Fair Value Measurements
(Unaudited, 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 investment	—		—		6,479		—		6,479
Total assets	$	3,337	$	31,691	$	6,479	$	6,515	$	48,022

Liabilities
Contingent consideration liability	$	—	$	—	$	—	$	—	$	—

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

At January 23, 2021 and April 25, 2020, we held marketable securities intended to enhance returns on our cash and to fund future obligations of our non-qualified defined benefit retirement plan, as well as marketable securities to fund future obligations of our executive deferred compensation plan and our performance compensation retirement plan. We also held other fixed income and cost basis investments.

The fair value measurements for our Level 1 and Level 2 securities are based on quoted prices in active markets, as well as through broker quotes and independent valuation providers, multiplied by the number of shares owned exclusive of any transaction costs.

At January 23, 2021, our Level 3 assets included non-marketable preferred shares and warrants to purchase common shares of two 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 nine months ended January 23, 2021, we invested an additional $1.1 million in one of these privately held start-up companies. There were no other changes to the fair value of our Level 3 assets during the nine months ended January 23, 2021.

Our Level 3 liability includes our contingent consideration liability resulting from the Joybird acquisition. During the nine months ended January 23, 2021 we recognized an increase in the fair value of our liability of $12.5 million, with a $10.0 million increase during the third quarter and a $2.5 million increase during the second quarter, as we expect consideration will be owed under the terms of the earnout agreement based on significant improvements to our most recent financial projections. The fair value of contingent consideration is based on future revenues and earnings of the Joybird business in fiscal 2021 and fiscal 2023 and is determined using a variation of the income approach, known as the real options method, whereby revenue and earnings were simulated over the earnout periods in a risk-neutral framework using Geometric Brownian Motion. For each simulation path, the potential earnout 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 1.3% for the fiscal 2021 milestone and 1.9% for the fiscal 2023 milestone. There were no other changes to the fair value of our Level 3 liabilities during the nine months ended January 23, 2021.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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

Basis of Presentation Basis of Presentation (Policies)

9 Months Ended

Jan. 23, 2021

Recent accounting pronouncements

Accounting pronouncements adopted in fiscal 2021


ASU						Description
ASU 2016-13						Financial Instruments – Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments
ASU 2020-04						Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Accounting pronouncements not yet adopted

ASU

Description

Adoption Date

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

Fiscal 2022

Basis of Presentation (Tables)

9 Months Ended

Jan. 23, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements Adopted and Not Yet Adopted


ASU						Description
ASU 2016-13						Financial Instruments – Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments
ASU 2020-04						Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Accounting pronouncements not yet adopted

ASU

Description

Adoption Date

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

Fiscal 2022

Cash and Restricted Cash (Tables)

9 Months Ended

Jan. 23, 2021

Cash and Cash Equivalents [Abstract]

Schedule of cash, cash equivalents and restricted cash


(Unaudited, amounts in thousands)	1/23/21		1/25/20
Cash and cash equivalents	$	390,324	$	166,272
Restricted cash	2,703		1,973
Total cash, cash equivalents and restricted cash	$	393,027	$	168,245

Inventories (Tables)

9 Months Ended

Jan. 23, 2021

Inventory Disclosure [Abstract]

Summary of inventories

A summary of inventories is as follows:


(Unaudited, amounts in thousands)	1/23/21		4/25/20
Raw materials	$	110,743	$	92,174
Work in process	20,839		14,064
Finished goods	101,977		96,850
FIFO inventories	233,559		203,088
Excess of FIFO over LIFO	(21,445)		(21,445)
Total inventories	$	212,114	$	181,643

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Jan. 23, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The following is a roll-forward of goodwill for the nine months ended January 23, 2021:


(Unaudited, amounts in thousands)	Wholesale Segment		Retail Segment		Corporate and Other		Total Goodwill
Balance at April 25, 2020	$	11,630	$	93,941	$	55,446	$	161,017
Acquisitions	—		12,936		—		12,936
Translation adjustment	1,245		362		—		1,607
Balance at January 23, 2021	$	12,875	$	107,239	$	55,446	$	175,560

Schedule of other intangible assets - indefinite-lived

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

Reportable Segment/Unit

Intangible Asset

Useful Life

Wholesale 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

Wholesale Segment

American Drew® trade name

Indefinite-lived

Retail Segment

Reacquired rights to own and operate La-Z-Boy Furniture Galleries® stores

Indefinite-lived

Corporate & Other

Joybird® trade name

Amortizable over eight-year useful life

The following is a roll-forward of our other intangible assets for the nine months ended January 23, 2021:


(Unaudited, amounts in thousands)	Indefinite- Lived Trade Names		Finite- Lived Trade Name		Indefinite- Lived Reacquired Rights		Other Intangible Assets		Total Other Intangible Assets
Balance at April 25, 2020	$	1,155	$	5,003	$	19,996	$	2,499	$	28,653
Acquisitions	—		—		2,182		—		2,182
Amortization	—		(599)		—		(168)		(767)
Translation adjustment	—		—		271		258		529
Balance at January 23, 2021	$	1,155	$	4,404	$	22,449	$	2,589	$	30,597

Schedule of other intangible assets - finite-lived

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

Reportable Segment/Unit

Intangible Asset

Useful Life

Wholesale 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

Wholesale Segment

American Drew® trade name

Indefinite-lived

Retail Segment

Reacquired rights to own and operate La-Z-Boy Furniture Galleries® stores

Indefinite-lived

Corporate & Other

Joybird® trade name

Amortizable over eight-year useful life

The following is a roll-forward of our other intangible assets for the nine months ended January 23, 2021:


(Unaudited, amounts in thousands)	Indefinite- Lived Trade Names		Finite- Lived Trade Name		Indefinite- Lived Reacquired Rights		Other Intangible Assets		Total Other Intangible Assets
Balance at April 25, 2020	$	1,155	$	5,003	$	19,996	$	2,499	$	28,653
Acquisitions	—		—		2,182		—		2,182
Amortization	—		(599)		—		(168)		(767)
Translation adjustment	—		—		271		258		529
Balance at January 23, 2021	$	1,155	$	4,404	$	22,449	$	2,589	$	30,597

Investments (Tables)

9 Months Ended

Jan. 23, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of investments

The following summarizes our investments:


(Unaudited, amounts in thousands)	1/23/21		4/25/20
Short-term investments:
Marketable securities	$	17,586	$	18,634
Held-to-maturity investments	2,643		3,337
Total short-term investments	20,229		21,971
Long-term investments:
Marketable securities	25,243		19,572
Cost basis investments	7,579		6,479
Total long-term investments	32,822		26,051
Total investments	$	53,051	$	48,022

Investments to enhance returns on cash	$	30,553	$	28,622
Investments to fund compensation/retirement plans	14,919		12,921
Other investments	7,579		6,479
Total investments	$	53,051	$	48,022

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

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


	1/23/21						4/25/20
(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity securities	$	2,671	$	—	$	15,492	$	1,011	$	(6,390)	$	12,692
Fixed income	182		(19)		32,932		268		(56)		30,213
Other	604		—		4,627		372		—		5,117
Total securities	$	3,457	$	(19)	$	53,051	$	1,651	$	(6,446)	$	48,022

Summary of sales of marketable securities

The following table summarizes sales of marketable securities:


	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands)	1/23/21		1/25/20		1/23/21		1/25/20
Proceeds from sales	$	6,807	$	11,517	$	23,824	$	23,887
Gross realized gains	169		431		479		618
Gross realized losses	(15)		(62)		(41)		(150)

Summary of fair value of fixed icome marketable securities

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


(Unaudited, amounts in thousands)	1/23/21
Within one year	$	17,678
Within two to five years	12,472
Within six to ten years	1,114
Thereafter	1,668
Total	$	32,932

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Jan. 23, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


(Unaudited, amounts in thousands)	1/23/21		4/25/20
Payroll and other compensation	$	48,403	$	34,980
Accrued product warranty, current portion	14,322		14,264
Customer deposits	162,576		40,721
Deferred revenue	93,914		17,086
Other current liabilities	68,828		48,231
Accrued expenses and other current liabilities	$	388,043	$	155,282

Product Warranties (Tables)

9 Months Ended

Jan. 23, 2021

Product Warranties Disclosures [Abstract]

Reconciliation of changes in product warranty liability

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


	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands)	1/23/21		1/25/20		01/23/21		01/25/20
Balance as of the beginning of the period	$	22,938	$	23,081	$	23,255	$	22,736

Accruals during the period	5,791		6,321		14,925		17,746
Settlements during the period	(5,734)		(6,057)		(15,185)		(17,137)
Balance as of the end of the period (1)	$	22,995	$	23,345	$	22,995	$	23,345

(1)$14.3 million recorded in accrued expenses and other current liabilities at both January 23, 2021 and April 25, 2020, while the remainder is in included in other long-term liabilities.

Stock-Based Compensation (Tables)

9 Months Ended

Jan. 23, 2021

Share-based Payment Arrangement [Abstract]

Summary of total stock-based compensation expense

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


	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands)	1/23/21		1/25/20		01/23/21		01/25/20
Equity-based awards expense	$	2,948	$	2,528	$	9,115	$	7,235
Liability-based awards expense	587		(303)		1,925		37
Total stock-based compensation expense	$	3,535	$	2,225	$	11,040	$	7,272

Fair value assumptions for stock options

The fair value of stock options granted during the first quarter of fiscal 2021 was calculated using the following assumptions:

(Unaudited)

Fiscal 2021 grant

Assumption

Risk-free interest rate

0.34

U.S. Treasury issues with term equal to expected life at grant date

Dividend rate

Estimated future dividend rate and common share price at grant date

Expected life

5 years

Contractual term of stock option and expected employee exercise trends

Stock price volatility

41.79

Historical volatility of our common shares

Fair value per share

10.06

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Jan. 23, 2021

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

Schedul of activity in accumulated other comprehensive loss

The activity in accumulated other comprehensive income (loss) for the quarters ended January 23, 2021, and January 25, 2020, is as follows:


(Unaudited, amounts in thousands)	Translation adjustment		Change in fair value of cash flow hedge		Unrealized gain (loss) on marketable securities		Net pension amortization and net actuarial loss		Accumulated other comprehensive income (loss)
Balance at October 24, 2020	$	997	$	—	$	426	$	(5,380)	$	(3,957)
Changes before reclassifications	1,924		—		(27)		—		1,897


Amounts reclassified to net income	—		—		9		86		95
Tax effect	—		—		4		(21)		(17)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	1,924		—		(14)		65		1,975
Balance at January 23, 2021	$	2,921	$	—	$	412	$	(5,315)	$	(1,982)

Balance at October 26, 2019	$	1,345	$	—	$	418	$	(4,231)	$	(2,468)
Changes before reclassifications	50		—		41		—		91


Amounts reclassified to net income	—		—		(20)		55		35
Tax effect	—		—		(5)		(14)		(19)
Other comprehensive income attributable to La-Z-Boy Incorporated	50		—		16		41		107
Balance at January 25, 2020	$	1,395	$	—	$	434	$	(4,190)	$	(2,361)

The activity in accumulated other comprehensive income (loss) for the nine months ended January 23, 2021, and January 25, 2020, is as follows:


(Unaudited, amounts in thousands)	Translation adjustment		Change in fair value of cash flow hedge		Unrealized gain (loss) on marketable securities		Net pension amortization and net actuarial loss		Accumulated other comprehensive income (loss)
Balance at April 25, 2020	$	(1,891)	$	—	$	449	$	(5,510)	$	(6,952)
Changes before reclassifications	4,812		—		(11)		—		4,801


Amounts reclassified to net income	—		—		(38)		259		221
Tax effect	—		—		12		(64)		(52)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	4,812		—		(37)		195		4,970
Balance at January 23, 2021	$	2,921	$	—	$	412	$	(5,315)	$	(1,982)

Balance at April 27, 2019	$	50	$	87	$	6	$	(3,605)	$	(3,462)
Changes before reclassifications	1,345		—		253		—		1,598
Reclassification of certain income tax effects (1)	—		(97)		258		(708)		(547)

Amounts reclassified to net income	—		14		(28)		164		150
Tax effect	—		(4)		(55)		(41)		(100)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	1,345		(87)		428		(585)		1,101
Balance at January 25, 2020	$	1,395	$	—	$	434	$	(4,190)	$	(2,361)

(1)Income tax effects of the Tax Cuts and Jobs Act are reclassified from AOCI to retained earnings due to adoption of ASU 2018-02.

Schedule of components of non-controlling interest

The components of non-controlling interest were as follows:


	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands)	1/23/21		1/25/20		1/23/21		1/25/20
Balance as of the beginning of the period	$	7,873	$	15,543	$	15,553	$	14,468
Net income	357		204		607		434
Other comprehensive income (loss)	362		(162)		939		683
Dividends distributed to joint venture minority partners	—		—		(8,507)		—
Balance as of the end of the period	$	8,592	$	15,585	$	8,592	$	15,585

Revenue Recognition (Tables)

9 Months Ended

Jan. 23, 2021

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue by product category by segment or unit

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


	Quarter Ended January 23, 2021								Quarter Ended January 25, 2020
(Unaudited, amounts in thousands)	Wholesale		Retail		Corporate and Other		Total		Wholesale		Retail		Corporate and Other		Total
Motion Upholstery Furniture	$	205,522	$	102,111	$	174	$	307,807	$	212,079	$	100,662	$	104	$	312,845
Stationary Upholstery Furniture	89,059		30,469		35,728		155,256		100,560		33,348		28,990		162,898
Bedroom Furniture	10,269		1,723		2,622		14,614		7,772		1,517		1,842		11,131
Dining Room Furniture	7,034		3,340		672		11,046		5,981		3,040		596		9,617
Occasional Furniture	11,585		6,118		623		18,326		12,002		6,148		516		18,666
Other (1)	27,239		22,198		(6,128)		43,309		26,417		22,779		(6,379)		42,817
Total	$	350,708	$	165,959	$	33,691	$	550,358	$	364,811	$	167,494	$	25,669	$	557,974

Eliminations							(80,162)								(82,118)
Consolidated Net Sales							$	470,196							$	475,856

	Nine Months Ended January 23, 2021								Nine Months Ended January 25, 2020
(Unaudited, amounts in thousands)	Wholesale		Retail		Corporate and Other		Total		Wholesale		Retail		Corporate and Other		Total
Motion Upholstery Furniture	$	538,234	$	255,020	$	397	$	793,651	$	588,820	$	270,301	$	264	$	859,385
Stationary Upholstery Furniture	240,052		79,104		88,225		407,381		294,572		96,306		79,213		470,091
Bedroom Furniture	25,818		4,141		6,149		36,108		24,711		4,513		4,800		34,024
Dining Room Furniture	18,455		7,957		2,173		28,585		17,656		8,036		1,436		27,128
Occasional Furniture	32,236		14,879		2,158		49,273		35,071		16,728		1,374		53,173
Other (1)	62,502		58,270		(14,953)		105,819		74,777		63,010		(16,555)		121,232
Total	$	917,297	$	419,371	$	84,149	$	1,420,817	$	1,035,607	$	458,894	$	70,532	$	1,565,033

Eliminations							(206,043)								(228,332)
Consolidated Net Sales							$	1,214,774							$	1,336,701

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

Segment Information (Tables)

9 Months Ended

Jan. 23, 2021

Segment Reporting [Abstract]

Sales and operating income (loss) by segment

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


	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands)	1/23/21		1/25/20		1/23/21		1/25/20
Sales
Wholesale segment:
Sales to external customers	$	274,314	$	285,418	$	720,258	$	815,412
Intersegment sales	76,394		79,393		197,039		220,195
Wholesale segment sales	350,708		364,811		917,297		1,035,607

Retail segment sales	165,959		167,494		419,371		458,894

Corporate and Other:
Sales to external customers	29,923		22,944		75,145		62,395
Intersegment sales	3,768		2,725		9,004		8,137
Corporate and Other sales	33,691		25,669		84,149		70,532

Eliminations	(80,162)		(82,118)		(206,043)		(228,332)
Consolidated sales	$	470,196	$	475,856	$	1,214,774	$	1,336,701

Operating Income (Loss)
Wholesale segment	$	35,686	$	49,046	$	95,309	$	112,195
Retail segment	14,707		16,383		23,173		33,272
Corporate and Other	(15,979)		(13,116)		(31,804)		(40,131)
Consolidated operating income	34,414		52,313		86,678		105,336
Interest expense	(298)		(265)		(1,103)		(891)
Interest income	285		844		902		2,093
Other income (expense), net	6,532		(5,998)		7,995		(5,390)
Income before income taxes	$	40,933	$	46,894	$	94,472	$	101,148

Earnings per Share (Tables)

9 Months Ended

Jan. 23, 2021

Earnings Per Share [Abstract]

Schedule of reconciliation of numerators and denominators used in the 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:


	Quarter Ended				Nine Months Ended
(Unaudited, amounts in thousands, except per share data)	1/23/21		1/25/20		1/23/21		1/25/20
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	29,232	$	34,512	$	68,965	$	75,174
Income allocated to participating securities	(9)		(45)		(33)		(121)
Net income available to common Shareholders	$	29,223	$	34,467	$	68,932	$	75,053

Denominator:
Basic weighted average common shares outstanding	46,261		46,262		46,064		46,545
Add:
Contingent common shares	224		148		195		147
Stock option dilution	333		174		148		175
Diluted weighted average common shares outstanding	46,818		46,584		46,407		46,867

Earnings per Share:
Basic	$	0.63	$	0.75	$	1.50	$	1.61
Diluted	$	0.62	$	0.74	$	1.49	$	1.60

Fair Value Measurements (Tables)

9 Months Ended

Jan. 23, 2021

Fair Value Disclosures [Abstract]

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


At January 23, 2021
	Fair Value Measurements
(Unaudited, amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	—	$	34,766	$	—	$	8,063	$	42,829
Held-to-maturity investments	2,643		—		—		—		2,643
Cost basis investments	—		—		7,579		—		7,579
Total assets	$	2,643	$	34,766	$	7,579	$	8,063	$	53,051

Liabilities
Contingent consideration liability	$	—	$	—	$	12,500	$	—	$	12,500


At April 25, 2020
	Fair Value Measurements
(Unaudited, 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 investment	—		—		6,479		—		6,479
Total assets	$	3,337	$	31,691	$	6,479	$	6,515	$	48,022

Liabilities
Contingent consideration liability	$	—	$	—	$	—	$	—	$	—

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

Basis of Presentation (Details) $ in Millions		3 Months Ended	9 Months Ended
Basis of Presentation (Details) $ in Millions	Jun. 04, 2020	Jan. 23, 2021 USD ($) company	Jan. 23, 2021 USD ($) company	Apr. 25, 2020 USD ($)
Variable Interest Entity [Line Items]
COVID-19 action and related cost, number of positions eliminated, percent	10.00%
COVID-19 action and related cost, costs incurred			$ 3.9
Non-operating income for wages and healthcare costs paid to employees		$ (5.2)
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Preferred share investments with common share warrant, number of privately-held companies \| company		2	2
Line of Credit
Variable Interest Entity [Line Items]
Long-term line of credit				$ 75.0
Repayments of long-term lines of credit			$ 75.0

Activity in accumulated other comprehensive loss

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

Acquisitions (Details) $ in Thousands		9 Months Ended
Acquisitions (Details) $ in Thousands	Sep. 14, 2020 USD ($) store warehouse	Jan. 23, 2021 USD ($)	Apr. 25, 2020 USD ($)
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired		$ 2,182
Goodwill		175,560	$ 161,017
Independently-owned Business \| Seattle, Washington
Business Acquisition [Line Items]
Number of stores acquired \| store	6
Number of warehouses acquired \| warehouse	1
Consideration transferred	$ 13,500
Payments for asset acquisitions	2,000
Guaranteed future payments for asset acquisitions	9,400
Indefinite-lived intangible assets acquired	$ 2,200
Amortization period for tax purposes	15 years
Retail
Business Acquisition [Line Items]
Goodwill		$ 107,239	$ 93,941
Retail \| Independently-owned Business \| Seattle, Washington
Business Acquisition [Line Items]
Goodwill	$ 12,900

Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 23, 2021	Apr. 25, 2020	Jan. 25, 2020	Apr. 27, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 390,324	$ 261,553	$ 166,272
Restricted cash	2,703	1,975	1,973
Total cash, cash equivalents and restricted cash	$ 393,027	$ 263,528	$ 168,245	$ 131,787

Inventories (Details) - USD ($) $ in Thousands	Jan. 23, 2021	Apr. 25, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 110,743	$ 92,174
Work in process	20,839	14,064
Finished goods	101,977	96,850
FIFO inventories	233,559	203,088
Excess of FIFO over LIFO	(21,445)	(21,445)
Total inventories	$ 212,114	$ 181,643

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	9 Months Ended
	Jan. 23, 2021 USD ($)
Roll-forward of goodwill
Balance at beginning of period	$ 161,017
Acquisitions	12,936
Translation adjustment	1,607
Balance at end of period	175,560
Wholesale segment
Roll-forward of goodwill
Balance at beginning of period	11,630
Acquisitions	0
Translation adjustment	1,245
Balance at end of period	12,875
Retail Segment
Roll-forward of goodwill
Balance at beginning of period	93,941
Acquisitions	12,936
Translation adjustment	362
Balance at end of period	107,239
Corporate and Other
Roll-forward of goodwill
Balance at beginning of period	55,446
Acquisitions	0
Translation adjustment	0
Balance at end of period	$ 55,446

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) $ in Thousands	9 Months Ended
	Jan. 23, 2021 USD ($)
Roll-forward of other intangible assets
Balance at beginning of period	$ 28,653
Acquisitions	2,182
Amortization	(767)
Translation adjustment	529
Balance at end of period	30,597
Finite- Lived Trade Name
Roll-forward of other intangible assets
Balance at beginning of period	5,003
Acquisitions	0
Amortization	(599)
Translation adjustment	0
Balance at end of period	4,404
Other Intangible Assets
Roll-forward of other intangible assets
Balance at beginning of period	2,499
Acquisitions	0
Amortization	(168)
Translation adjustment	258
Balance at end of period	2,589
Finite- Lived Trade Name
Roll-forward of other intangible assets
Balance at beginning of period	1,155
Acquisitions	0
Amortization	0
Translation adjustment	0
Balance at end of period	1,155
Indefinite- Lived Reacquired Rights
Roll-forward of other intangible assets
Balance at beginning of period	19,996
Acquisitions	2,182
Amortization	0
Translation adjustment	271
Balance at end of period	$ 22,449
Wholesale segment \| Maximum
Other intangible assets
Useful life	15 years
Corporate and Other
Other intangible assets
Useful life	8 years

Investments - Additional Information (Details)	Jan. 23, 2021 company
Investments, Debt and Equity Securities [Abstract]
Preferred share investments, number of privately-held companies	2

Investments - Components (Details) - USD ($) $ in Thousands	Jan. 23, 2021	Apr. 25, 2020
Investments
Total investments	$ 53,051	$ 48,022
Investments to enhance returns on cash
Investments
Total investments	30,553	28,622
Investments to fund compensation/retirement plans
Investments
Total investments	14,919	12,921
Other investments
Investments
Total investments	7,579	6,479
Short-term investments
Investments
Marketable securities	17,586	18,634
Held-to-maturity investments	2,643	3,337
Total investments	20,229	21,971
Long-term investments
Investments
Marketable securities	25,243	19,572
Cost basis investments	7,579	6,479
Total investments	$ 32,822	$ 26,051

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Jan. 23, 2021	Apr. 25, 2020
Summary of investments
Gross Unrealized Gains	$ 3,457	$ 1,651
Gross Unrealized Losses	(19)	(6,446)
Fair Value	53,051	48,022
Equity securities
Summary of investments
Gross Unrealized Gains	2,671	1,011
Gross Unrealized Losses	0	(6,390)
Fair Value	15,492	12,692
Fixed income
Summary of investments
Gross Unrealized Gains	182	268
Gross Unrealized Losses	(19)	(56)
Fair Value	32,932	30,213
Other
Summary of investments
Gross Unrealized Gains	604	372
Gross Unrealized Losses	0	0
Fair Value	$ 4,627	$ 5,117

Investments - Sales and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 23, 2021	Jan. 25, 2020	Jan. 23, 2021	Jan. 25, 2020
Sales of marketable securities
Proceeds from sales	$ 6,807	$ 11,517	$ 23,824	$ 23,887
Gross realized gains	169	431	479	618
Gross realized losses	(15)	$ (62)	(41)	$ (150)
Fair value of available-for-sale securities by contractual maturity
Within one year	17,678		17,678
Within two to five years	12,472		12,472
Within six to ten years	1,114		1,114
Thereafter	1,668		1,668
Total	$ 32,932		$ 32,932

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jan. 23, 2021	Apr. 26, 2020	Apr. 25, 2020
Payables and Accruals [Abstract]
Payroll and other compensation	$ 48,403		$ 34,980
Accrued product warranty, current portion	14,322		14,264
Customer deposits, included in accrued expenses and other current liabilities	162,576	$ 40,700	40,721
Deferred revenues, included in accrued expenses and other current liabilities	93,914	$ 17,100	17,086
Other current liabilities	68,828		48,231
Accrued expenses and other current liabilities	$ 388,043		$ 155,282

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Jan. 23, 2021	Jan. 25, 2020	Jan. 23, 2021	Jan. 25, 2020
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 22,938	$ 23,081	$ 23,255	$ 22,736
Accruals during the period	5,791	6,321	14,925	17,746
Settlements during the period	(5,734)	(6,057)	(15,185)	(17,137)
Balance as of the end of the period	22,995	$ 23,345	22,995	$ 23,345
Product warranty liability accrued	$ 14,300		$ 14,300
Minimum \| Wholesale segment
Product Warranties
Percentage of warranty liability relating to the segment			90.00%
Fabric and leather \| Wholesale segment
Product Warranties
Warranty term (in years)			1 year
Cushions and padding \| Minimum \| Wholesale segment
Product Warranties
Warranty term (in years)			1 year
Cushions and padding \| Maximum \| Wholesale segment
Product Warranties
Warranty term (in years)			10 years
Labor costs relating to parts \| Wholesale segment
Product Warranties
Warranty term (in years)			1 year

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 23, 2021	Jan. 25, 2020	Jan. 23, 2021	Jan. 25, 2020
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 2,948	$ 2,528	$ 9,115	$ 7,235
Liability-based awards expense	587	(303)	1,925	37
Total stock-based compensation expense	$ 3,535	$ 2,225	$ 11,040	$ 7,272

Stock-Based Compensation - Stock Options (Details) - Stock Options - $ / shares	3 Months Ended	9 Months Ended
	Jul. 25, 2020	Jan. 23, 2021
Stock-Based Compensation
Shares granted (in shares)	315,584
Fair value assumptions
Risk-free interest rate		0.34%
Dividend rate		0.00%
Expected life		5 years
Stock price volatility		41.79%
Fair value per share (in dollars per share)		$ 10.06
Minimum
Stock-Based Compensation
Vesting period	1 year
Period of recognition of expenses for retirement-eligible employees from the grant date	10 months
Maximum
Stock-Based Compensation
Vesting period	4 years

Stock-Based Compensation - Stock Options, Additional Information (Details) - Stock Options	3 Months Ended
	Jul. 25, 2020 shares
Stock-Based Compensation
Shares granted (in shares)	315,584
Minimum
Stock-Based Compensation
Vesting period	1 year
Period of recognition of expenses for retirement-eligible employees from the grant date	10 months
Maximum
Stock-Based Compensation
Vesting period	4 years

Stock-Based Compensation - Restricted Stock and RSUs, Additional Information (Details) - $ / shares	3 Months Ended	9 Months Ended
	Oct. 24, 2020	Jan. 23, 2021
Restricted Stock
Stock-Based Compensation
Number of shares or units granted (in shares)		121,385
Fair value per share (in dollars per share)		$ 27.63
Percentage vesting each year from date of grant		25.00%
Period from grant date for first vesting		1 year
Vesting period		4 years
Restricted Stock Units (RSUs)
Stock-Based Compensation
Number of shares or units granted (in shares)	26,192
Fair value per share (in dollars per share)	$ 32.08

Stock-Based Compensation - Performance Shares, Additional Information (Details)	3 Months Ended
	Jul. 25, 2020 $ / shares shares
Performance-Based Shares
Stock-Based Compensation
Number of shares or units granted (in shares) \| shares	168,719
Performance Awards
Stock-Based Compensation
Performance awards, performance period	3 years
Performance Awards \| Fiscal 2021 Grant
Stock-Based Compensation
Percentage of payout dependent on financial performance	50.00%
Percentage of payout dependent on total shareholder return	50.00%
Granted (in dollars per share)	$ 30.75
Performance Awards \| Fiscal 2019 Grant
Stock-Based Compensation
Percentage of payout dependent on financial performance	80.00%
Percentage of payout dependent on total shareholder return	20.00%
Performance Awards \| Fiscal 2020 Grant
Stock-Based Compensation
Percentage of payout dependent on financial performance	80.00%
Percentage of payout dependent on total shareholder return	20.00%
Performance Awards \| Minimum
Stock-Based Compensation
Performance award opportunity as a percentage of target award	50.00%
Performance Awards \| Maximum
Stock-Based Compensation
Performance award opportunity as a percentage of target award	200.00%
Performance Based Shares, vesting based on market conditions \| Fiscal 2021 Grant
Stock-Based Compensation
Granted (in dollars per share)	$ 38.14

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

3 Months Ended

9 Months Ended

Jan. 23, 2021

Oct. 24, 2020

Jul. 25, 2020

Jan. 25, 2020

Oct. 26, 2019

Jul. 27, 2019

Jan. 23, 2021

Jan. 25, 2020

$ 754,649

$ 714,999

$ 716,306

$ 710,742

$ 698,138

$ 696,976

$ 716,306

$ 696,976

1,897

4,801

1,598

^[1]

(547)

221

150

Other comprehensive income attributable to La-Z-Boy Incorporated

(17)

(19)

(52)

(100)

1,975

107

4,970

1,101

788,018

754,649

714,999

729,482

710,742

698,138

788,018

729,482

754,649

714,999

716,306

710,742

698,138

696,976

716,306

696,976

Net income

29,589

35,304

4,679

34,716

22,904

17,988

69,572

75,608

2,337

1,354

2,218

(55)

1,619

767

5,909

2,331

Activity in accumulated other comprehensive loss

788,018

754,649

714,999

729,482

710,742

698,138

788,018

729,482

Translation adjustment

997

(1,891)

1,345

(1,891)

1,924

4,812

1,345

Other comprehensive income attributable to La-Z-Boy Incorporated

1,924

4,812

1,345

2,921

997

1,395

1,345

2,921

1,395

997

(1,891)

1,345

(1,891)

Change in fair value of cash flow hedge

2,921

997

1,395

1,345

2,921

1,395

Activity in accumulated other comprehensive loss

(97)

Other comprehensive income attributable to La-Z-Boy Incorporated

(4)

(87)

Unrealized gain (loss) on marketable securities

Activity in accumulated other comprehensive loss

426

449

418

449

(27)

(11)

253

258

(20)

(38)

(28)

Other comprehensive income attributable to La-Z-Boy Incorporated

(5)

(55)

(14)

(37)

428

412

426

434

418

412

434

426

449

418

449

Net pension amortization and net actuarial loss

412

426

434

418

412

434

Activity in accumulated other comprehensive loss

(5,380)

(5,510)

(4,231)

(3,605)

(5,510)

(3,605)

(708)

259

164

Other comprehensive income attributable to La-Z-Boy Incorporated

(21)

(14)

(64)

(41)

195

(585)

(5,315)

(5,380)

(4,190)

(4,231)

(5,315)

(4,190)

(5,380)

(5,510)

(4,231)

(3,605)

(5,510)

(3,605)

Accumulated other comprehensive income (loss)

(5,315)

(5,380)

(4,190)

(4,231)

(5,315)

(4,190)

Activity in accumulated other comprehensive loss

(3,957)

(6,952)

(2,468)

(3,462)

(6,952)

(3,462)

(1,982)

(3,957)

(2,361)

(2,468)

(1,982)

(2,361)

(3,957)

(6,952)

(2,468)

(3,462)

(6,952)

(3,462)

Non-Controlling Interests

(1,982)

(3,957)

(2,361)

(2,468)

(1,982)

(2,361)

Activity in accumulated other comprehensive loss

7,873

7,425

15,553

15,543

14,873

14,468

15,553

14,468

8,592

7,873

7,425

15,585

15,543

14,873

8,592

15,585

7,873

7,425

15,553

15,543

14,873

14,468

15,553

14,468

Net income

357

369

(119)

204

311

(81)

607

434

Dividends distributed to joint venture minority partners

362

498

(162)

359

486

939

683

(8,507)