0000057131-23-000032 | 10-K | XBRL Viewer

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Apr. 29, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


(Amounts in thousands)	4/29/2023		4/30/2022
Payroll and other compensation	$	63,342	$	62,373
Accrued product warranty, current portion	19,893		16,436
Customer deposits	105,766		183,233
Deferred revenue	44,939		139,006
Other current liabilities	56,710		95,345
Accrued expenses and other current liabilities	$	290,650	$	496,393

Segment Information

12 Months Ended

Apr. 29, 2023

Segment Reporting [Abstract]

Segment Information

Our reportable operating segments include the Wholesale segment and the Retail segment.

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 and manufacturing businesses. We aggregate these operating segments into one reportable segment because they are economically similar and 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 171 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 accounting policies of the operating segments are the same as those described in Note 1, Accounting Policies. We account for intersegment revenue transactions between our segments consistent with independent third-party transactions, that is, at current market prices. As a result, the manufacturing profit related to sales to our Retail segment is included within the Wholesale segment. Operating income realized on intersegment revenue transactions is therefore generally consistent with the operating income realized on our revenue from independent third-party transactions. Segment operating income is based on profit or loss from operations before interest expense, interest income, other income (expense), net and income taxes. Identifiable assets are cash and equivalents, notes and accounts receivable, net inventories, net property, plant and equipment, right-of-use lease assets, goodwill and other intangible assets. Our unallocated assets include deferred income taxes, corporate assets (including a portion of cash and equivalents), and various other assets. Sales are attributed to countries on the basis of the customer's location.

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Sales
Wholesale segment:
Sales to external customers	$	1,215,429	$	1,371,602	$	1,006,377
Intersegment sales	474,819		397,236		294,921
Wholesale segment sales	1,690,248		1,768,838		1,301,298

Retail segment sales	982,043		804,394		612,906

Corporate and Other:
Sales to external customers	151,961		180,815		114,961
Intersegment sales	14,229		15,144		12,409
Corporate and Other sales	166,190		195,959		127,370

Eliminations	(489,048)		(412,380)		(307,330)
Consolidated sales	$	2,349,433	$	2,356,811	$	1,734,244

Operating Income (Loss)
Wholesale segment	$	115,215	$	134,013	$	134,312
Retail segment	161,571		109,546		46,724
Corporate and Other	(65,347)		(36,803)		(44,300)
Consolidated operating income	211,439		206,756		136,736
Interest expense	(536)		(895)		(1,390)
Interest income	6,670		1,338		1,101

Other income (expense), net	(11,784)		(1,708)		9,466
Income before income taxes	$	205,789	$	205,491	$	145,913

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Depreciation and Amortization
Wholesale segment	$	23,327	$	24,520	$	19,029
Retail segment	7,922		6,320		4,894
Corporate and Other	8,944		8,931		9,098
Consolidated depreciation and amortization	$	40,193	$	39,771	$	33,021

Capital Expenditures
Wholesale segment	$	38,491	$	49,373	$	27,303
Retail segment	22,285		19,426		8,958
Corporate and Other	8,036		7,781		1,699
Consolidated capital expenditures	$	68,812	$	76,580	$	37,960

Sales by Country
United States	89%		89%		91%
Canada	6%		6%		5%
Other	5%		5%		4%
Total	100%		100%		100%


(Amounts in thousands)	4/29/2023		4/30/2022
Assets
Wholesale segment	$	688,238	$	741,150
Retail segment	615,752		587,083
Unallocated assets	562,273		603,856
Consolidated assets	$	1,866,263	$	1,932,089

Long-Lived Assets by Geographic Location
Domestic	$	865,556	$	798,089
International	73,674		89,385
Consolidated long-lived assets	$	939,230	$	887,474

- Definition

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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&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)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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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)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Goodwill and Other Intangible Assets

12 Months Ended

Apr. 29, 2023

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

United Kingdom

Wholesale business in the United Kingdom and Ireland

Wholesale Segment

United Kingdom

La-Z-Boy United Kingdom Manufacturing (Furnico)

Retail Segment

Retail

La-Z-Boy Furniture Galleries® stores

Corporate & Other

Joybird

We test goodwill for impairment on an annual basis in the fourth quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that it may be impaired. Under U.S. GAAP, we have the option to first assess qualitative factors in order to determine if it is more likely than not that the fair value of one of our reporting units is greater than its carrying value ("Step 0"). If the qualitative assessment leads to a determination that the reporting unit’s fair value is less than its carrying value, or if we elect to bypass the qualitative assessment altogether, we are required to perform a quantitative impairment test ("Step 1") by calculating the fair value of the reporting unit and comparing the fair value with its associated carrying value.

Step 0 Assessment

During our fiscal 2023 annual impairment test, we first assessed goodwill recoverability qualitatively using the Step 0 approach for each of our reporting units. For our qualitative assessment, we considered the most recent quantitative analysis, which was performed during the fourth quarter of fiscal 2020, including assumptions used, such as discount rates and tax rates, indicated fair values, and the amounts in which those fair values exceeded their carrying amounts. Further, we compared actual performance in fiscal 2023, along with future financial projections to the internal financial projections used in the prior quantitative analysis. Additionally, we considered various other factors including macroeconomic conditions, relevant industry and market trends, and factors specific to the Company that could indicate a potential change in the fair value of our reporting units. Lastly, we evaluated whether any events have occurred or any circumstances have changed since the fourth quarter of fiscal 2020 that would indicate that our goodwill may have become impaired since our last quantitative test.

Based on these qualitative assessments, we determined that it is more likely than not that the fair value of our Retail reporting unit exceeded its carrying value and as such, our goodwill for the Retail reporting unit was not considered impaired as of April 29, 2023 and the Step 1 quantitative goodwill impairment analysis was not necessary. However, for our United Kingdom and Joybird reporting units, we determined that the quantitative Step 1 goodwill impairment test was necessary as noted below.

Step 1 Assessment

United Kingdom Reporting Unit

Our United Kingdom reporting unit includes the goodwill from our wholesale business in the United Kingdom and Ireland along with our manufacturing business in the United Kingdom, both of which were considered their own reporting unit in fiscal 2022. In fiscal 2023, we determined that in accordance with ASC 350, these businesses, or components, should be aggregated into a single reporting unit as they have similar economic characteristics. As this represented a change in our reporting unit structure, we elected to perform the quantitative Step 1 goodwill impairment test for the new United Kingdom reporting unit.

To estimate the fair value of this reporting unit, we applied the income approach using discounted future cash flows. Sales and operating income projections were based on assumptions driven by the current economic conditions. Other key assumptions used in the quantitative assessment of the reporting units' goodwill were a discount rate of 8.7%, reflecting a market participant weighted average cost of capital, and a tax rate of 25.0%, which was specific to the United Kingdom reporting unit. Based on our testing, the fair value of the United Kingdom reporting unit exceeded its carrying value as of April 29, 2023 and no impairment was recorded.

Joybird Reporting Unit

Due to a decline in Joybird's financial performance in fiscal 2023, we deemed it necessary to perform the quantitative Step 1 goodwill impairment test for the Joybird reporting unit. To estimate the fair value of this reporting unit, we applied a combination of the income approach and the market approach, weighted 75% and 25%, respectively. The income approach used discounted future cash flows in which sales and operating income projections were based on assumptions driven by current economic conditions and assumed a 2.0% terminal growth rate. Other key assumptions used in the discounted future cash flow model were a discount rate of 18.0%, reflecting a market participant weighted average cost of capital assuming Joybird would be sold as a stand-alone business, and a tax rate of 24.9%, which was specific to the Joybird reporting unit.

The market approach used the guideline public company method, which derives a valuation from market multiples based on revenue for comparable public companies and was adjusted for a control premium based on recent merger and acquisition transaction data of target companies similar to the Joybird reporting unit. Based on our testing, the fair value of the Joybird reporting unit exceeded its carrying value as of April 29, 2023 by approximately 50% and no impairment was recorded.

Further, a sensitivity analysis was performed on key assumptions used in the valuation, primarily the discount rate and terminal growth rate, and using a range of reasonable inputs, the fair value of the Joybird reporting unit exceeded its carrying value in the various scenarios analyzed. However, changes to other valuation inputs or failure to meet our forecasts, in particular our sales and operating income projections, could reduce the fair value of the Joybird reporting unit and thus increase the possibility that our goodwill may be impaired in the future.

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


(Amounts in thousands)	Wholesale Segment		Retail Segment		Corporate and Other		Total Goodwill
Balance at April 24, 2021 (1)	$	13,052	$	107,316	$	55,446	$	175,814
Acquisitions	9,207		11,748		—		20,955

Translation adjustment	(2,052)		(113)		—		(2,165)
Balance at April 30, 2022 (1)	20,207		118,951		55,446		194,604
Acquisitions	—		10,598		—		10,598

Translation adjustment	(5)		(189)		—		(194)
Balance at April 29, 2023 (1)	$	20,202	$	129,360	$	55,446	$	205,008

(1) Includes $26.9 million of accumulated impairment losses in Corporate and Other.

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

Reportable Segment

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

We test amortizable intangible assets and indefinite-lived intangible assets for impairment on an annual basis in the fourth quarter of our fiscal year, or more frequently if events or changes in circumstances indicate that the assets might be impaired. Similar to our goodwill testing, we used the qualitative Step 0 approach to assess if it was more likely than not that the fair values of our indefinite-lived intangible assets were greater than their carrying values. Based on the same qualitative factors outlined above, we determined that it is more likely than not that the fair value of each of our indefinite-lived intangible assets exceeded their respective carrying value and as such, our indefinite-lived intangible assets were not considered impaired as of April 29, 2023, and the Step 1 quantitative impairment analysis was not necessary.

The following summarizes changes in our intangible assets:


(Amounts in thousands)	Indefinite-Lived Trade Names		Finite-Lived Trade Name		Indefinite-Lived Reacquired Rights		Other Intangible Assets		Total Intangible Assets
Balance at April 24, 2021	$	1,155	$	4,205	$	22,507	$	2,564	$	30,431
Acquisitions	—		—		4,896		—		4,896
Amortization	—		(813)		—		(236)		(1,049)
Translation adjustment	—		—		(84)		(223)		(307)
Balance at April 30, 2022	$	1,155	$	3,392	$	27,319	$	2,105	$	33,971
Acquisitions	—		—		6,562		—		6,562
Amortization	—		(798)		—		(208)		(1,006)
Translation adjustment	—		—		(142)		(10)		(152)
Balance at April 29, 2023	$	1,155	$	2,594	$	33,739	$	1,887	$	39,375

For our intangible assets recorded as of April 29, 2023, we estimate annual amortization expense to be $1.0 million for each of the three succeeding fiscal years, $0.4 million in the fourth succeeding fiscal year, and $0.2 million in the fifth succeeding fiscal year.

Leases

12 Months Ended

Apr. 29, 2023

Leases [Abstract]

Leases

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

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

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


(Amounts in thousands)	4/29/2023		4/30/2022
Operating leases
ROU lease assets	$	415,925	$	405,287
Lease liabilities, short-term	77,626		75,148
Lease liabilities, long-term	367,938		354,493
Finance leases
ROU lease assets	$	344	$	468
Lease liabilities, short-term	125		123
Lease liabilities, long-term	225		350

The ROU lease assets by segment are as follows:


(Amounts in thousands)	4/29/2023		4/30/2022
Wholesale	$	92,195	$	90,741
Retail	299,536		296,908
Corporate & Other	24,538		18,106
Total ROU lease assets	$	416,269	$	405,755

The components of lease cost are as follows:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Operating lease cost	$	90,500	$	83,520	$	79,072
Finance lease cost	130		130		53
Short-term lease cost	2,459		2,097		545
Variable lease cost	187		159		(245)
Less: Sublease income	(276)		(550)		(1,546)
Total lease cost	$	93,000	$	85,356	$	77,879

The following tables present supplemental lease disclosures:


	Fiscal Year Ended
	(52 weeks)				(53 weeks)
	4/29/2023				4/30/2022
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities	$	91,934	$	130	$	84,492	$	130
Lease liabilities arising from new ROU lease assets	92,787		—		140,376		—


	4/29/2023				4/30/2022
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term (years)	7.0		2.8		7.2		3.8
Weighted-average discount rate	3.5	%	1.7	%	3.0	%	1.7	%

The following table presents our maturity of lease liabilities:


	4/29/2023
(Amounts in thousands)	Operating Leases (1)		Finance Leases
Within one year	$	91,654	$	130
After one year and within two years	81,605		130
After two years and within three years	69,155		98
After three years and within four years	58,890		—
After four years and within five years	50,816		—
After five years	152,855		—
Total lease payments	504,975		358
Less: Interest	59,411		8
Total lease obligations	$	445,564	$	350

Leases

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


(Amounts in thousands)	4/29/2023		4/30/2022
Operating leases
ROU lease assets	$	415,925	$	405,287
Lease liabilities, short-term	77,626		75,148
Lease liabilities, long-term	367,938		354,493
Finance leases
ROU lease assets	$	344	$	468
Lease liabilities, short-term	125		123
Lease liabilities, long-term	225		350

The ROU lease assets by segment are as follows:


(Amounts in thousands)	4/29/2023		4/30/2022
Wholesale	$	92,195	$	90,741
Retail	299,536		296,908
Corporate & Other	24,538		18,106
Total ROU lease assets	$	416,269	$	405,755

The components of lease cost are as follows:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Operating lease cost	$	90,500	$	83,520	$	79,072
Finance lease cost	130		130		53
Short-term lease cost	2,459		2,097		545
Variable lease cost	187		159		(245)
Less: Sublease income	(276)		(550)		(1,546)
Total lease cost	$	93,000	$	85,356	$	77,879

The following tables present supplemental lease disclosures:


	Fiscal Year Ended
	(52 weeks)				(53 weeks)
	4/29/2023				4/30/2022
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities	$	91,934	$	130	$	84,492	$	130
Lease liabilities arising from new ROU lease assets	92,787		—		140,376		—


	4/29/2023				4/30/2022
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term (years)	7.0		2.8		7.2		3.8
Weighted-average discount rate	3.5	%	1.7	%	3.0	%	1.7	%

The following table presents our maturity of lease liabilities:


	4/29/2023
(Amounts in thousands)	Operating Leases (1)		Finance Leases
Within one year	$	91,654	$	130
After one year and within two years	81,605		130
After two years and within three years	69,155		98
After three years and within four years	58,890		—
After four years and within five years	50,816		—
After five years	152,855		—
Total lease payments	504,975		358
Less: Interest	59,411		8
Total lease obligations	$	445,564	$	350

(1)Excludes approximately $28.6 million in future lease payments for various operating leases commencing in a future period

Income Taxes - Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Income Tax Disclosure [Abstract]
Statutory tax rate	21.00%	21.00%	21.00%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit	4.50%	3.90%	4.30%
Losses/(gains) on corporate owned life insurance	0.20%	0.00%	(1.20%)
Fair value adjustment of contingent consideration liability	(0.10%)	(0.30%)	2.00%
Miscellaneous items	0.60%	1.30%	0.20%
Effective tax rate	26.20%	25.90%	26.30%

Investments (Tables)

12 Months Ended

Apr. 29, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The following summarizes our investments:


(Amounts in thousands)	4/29/2023		4/30/2022
Short-term investments:
Marketable securities	$	5,043	$	16,022
Held-to-maturity investments	1,351		1,337
Total short-term investments	6,394		17,359
Long-term investments:
Marketable securities	18,509		26,599
Cost basis investments	—		7,579
Total long-term investments	18,509		34,178
Total investments	$	24,903	$	51,537

Investments to enhance returns on cash	$	11,617	$	27,239
Investments to fund compensation/retirement plans	13,286		14,219
Other investments	—		10,079
Total investments	$	24,903	$	51,537

Schedule of Unrealized Gains, Unrealized Losses and Fair Value

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


	4/29/2023						4/30/2022
(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity securities	$	1,338	$	(103)	$	6,853	$	1,448	$	(86)	$	13,905
Fixed income	42		(620)		14,039		28		(809)		33,521
Other	1,171		—		4,011		1,250		—		4,111
Total securities	$	2,551	$	(723)	$	24,903	$	2,726	$	(895)	$	51,537

Schedule of Sales of Marketable Securities

The following table summarizes sales of marketable securities:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Proceeds from sales	$	24,483	$	35,116	$	33,631
Gross realized gains	94		879		1,026
Gross realized losses	(242)		(402)		(71)

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


(Amounts in thousands)	4/29/2023
Within one year	$	5,038
Within two to five years	6,612
Within six to ten years	674
Thereafter	1,715
Total	$	14,039

Accounting Policies (Details)	3 Months Ended	12 Months Ended
Accounting Policies (Details)	Apr. 29, 2023 USD ($) company	Apr. 29, 2023 USD ($) company geographic_region reporting_unit	Apr. 30, 2022 USD ($)	Apr. 24, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
LIFO inventories (as a percent)	59.00%	59.00%	60.00%
Impairment charge	$ (10,300,000)	$ (10,300,000)	$ 0	$ 0
Payroll tax credits, CARES Act		(5,200,000)
Research and development costs		9,100,000	9,000,000	7,600,000
Advertising expenses		$ 159,000,000	$ 126,800,000	$ 94,600,000
Reimbursement for cost of program (as a percent)		20.00%
Deductibles for employee-related health care benefits, vehicle liability, product liability, and workers' compensation liabilities		$ 2,500,000
Variable Interest Entity, Not Primary Beneficiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Preferred share investments, number of privately-held companies \| company	2	2
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Depreciable life		3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Depreciable life		5 years
Retail
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of geographic regions \| geographic_region		2
Number of reporting units \| reporting_unit		1
La-Z-Boy Wholesale Business in United Kingdom and Ireland \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible asset, useful life (in years)		15 years
Joybird
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible asset, useful life (in years)		8 years

Earnings per Share

12 Months Ended

Apr. 29, 2023

Earnings Per Share [Abstract]

Earnings per Share

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	150,664	$	150,017	$	106,461
Income allocated to participating securities (1)	—		(7)		(46)
Net income available to common Shareholders	$	150,664	$	150,010	$	106,415

Denominator:
Basic weighted average common shares outstanding	43,148		44,023		45,983
Contingent common shares	91		79		171
Stock option dilution	1		192		213
Diluted weighted average common shares outstanding	43,240		44,294		46,367

Earnings per Share:
Basic	$	3.49	$	3.41	$	2.31
Diluted	$	3.48	$	3.39	$	2.30

(1)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 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 exclude the effect of options from our diluted share calculation when the weighted average exercise price of the options is higher than the average market price, since including the options' effect would be anti-dilutive. We excluded options to purchase 1.4 million and 0.2 million shares from the diluted share calculation for the years ended April 29, 2023 and April 30, 2022, respectively. We did not exclude any outstanding options from the diluted share calculation for the fiscal year ended April 24, 2021.

Stock-Based Compensation - Plans and Expense (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021	Apr. 28, 2018
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 12,458	$ 11,858	$ 12,671
Liability-based awards expense	162	(1,131)	1,878
Total stock-based compensation expense	12,620	10,727	14,549
Stock options
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	2,076	1,973	2,959
Restricted stock
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	5,069	3,720	3,367
Restricted stock units
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	1,020	1,194	840
Performance-based units
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 4,293	$ 4,971	$ 5,505
2022 Plan
Stock-Based Compensation
Aggregate number of common shares that may be issued through awards (in shares)				2.8

Earnings per Share - Antidilutive Securities (Details) - shares	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Outstanding options
Anti-dilutive options
Outstanding options excluded from diluted share calculation (in shares)	1,400,000	200,000	0

Fair Value Measurements - Hierarchy and Transfers (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Assets
Total assets	$ 24,903	$ 51,537
Recurring basis
Assets
Marketable securities	23,552	42,621
Held-to-maturity investments	1,351	1,337
Cost basis investments		7,579
Total assets	24,903	51,537
Liabilities
Contingent consideration liability		800
Recurring basis \| Level 1
Assets
Marketable securities	0	0
Held-to-maturity investments	1,351	1,337
Cost basis investments		0
Total assets	1,351	1,337
Liabilities
Contingent consideration liability		0
Recurring basis \| Level 2
Assets
Marketable securities	16,557	33,578
Held-to-maturity investments	0	0
Cost basis investments		0
Total assets	16,557	33,578
Liabilities
Contingent consideration liability		0
Recurring basis \| Level 3
Assets
Marketable securities	0	2,500
Held-to-maturity investments	0	0
Cost basis investments		7,579
Total assets	0	10,079
Liabilities
Contingent consideration liability		800
Recurring basis \| NAV
Assets
Marketable securities	6,995	6,543
Held-to-maturity investments	0	0
Cost basis investments		0
Total assets	$ 6,995	6,543
Liabilities
Contingent consideration liability		$ 0

Product Warranties (Tables)

12 Months Ended

Apr. 29, 2023

Product Warranties Disclosures [Abstract]

Schedule of Reconciliation of Changes in Product Warranty Liability

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


(Amounts in thousands)	4/29/2023		4/30/2022
Balance as of the beginning of the year	$	27,036	$	23,636
Acquisitions	—		548
Accruals during the year	35,276		30,146
Settlements during the year	(31,328)		(27,294)
Balance as of the end of the year (1)	$	30,984	$	27,036

(1)$19.9 million and $16.4 million is recorded in accrued expenses and other current liabilities as of April 29, 2023, and April 30, 2022, respectively, while the remainder is included in other long-term liabilities.

Investments - Schedule of Sales of Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Sales of marketable securities
Proceeds from sales	$ 24,483	$ 35,116	$ 33,631
Gross realized gains	94	879	1,026
Gross realized losses	(242)	$ (402)	$ (71)
Fair value of available-for-sale securities by contractual maturity
Within one year	5,038
Within two to five years	6,612
Within six to ten years	674
Thereafter	1,715
Total	$ 14,039

Revenue Recognition (Tables)

12 Months Ended

Apr. 29, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Year Ended April 29, 2023
(Amounts in thousands)	Wholesale		Retail		Corporate and Other		Total
Upholstered Furniture	$	1,326,327	$	811,955	$	179,815	$	2,318,097
Casegoods Furniture	108,098		58,455		24,673		191,226
Delivery	210,963		32,653		7,652		251,268
Other (1)	44,860		78,980		(45,950)		77,890
Total	$	1,690,248	$	982,043	$	166,190	$	2,838,481

			Eliminations				(489,048)
	Consolidated Net Sales						$	2,349,433

	Year Ended April 30, 2022
(Amounts in thousands)	Wholesale		Retail		Corporate and Other		Total
Upholstered Furniture	$	1,378,577	$	654,272	$	219,967	$	2,252,816
Casegoods Furniture	110,126		47,162		24,559		181,847
Delivery	190,110		30,171		7,999		228,280
Other (1)	90,025		72,789		(56,566)		106,248
Total	$	1,768,838	$	804,394	$	195,959	$	2,769,191

			Eliminations				(412,380)
	Consolidated Net Sales						$	2,356,811

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

Contract with Customer, Contract Assets and Contract Liabilities

The following table presents our contract assets and liabilities:


(Unaudited, amounts in thousands)	4/29/2023		4/30/2022
Contract assets	$	44,939	$	139,006

Customer deposits	$	105,766	$	183,233
Deferred revenue	44,939		139,006
Total contract liabilities (1)	$	150,705	$	322,239

(1)During the year ended April 29, 2023, we recognized revenue of $293.7 million related to our contract liability balance at April 30, 2022.

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Leases [Abstract]
Operating lease cost	$ 90,500	$ 83,520	$ 79,072
Finance lease cost	130	130	53
Short-term lease cost	2,459	2,097	545
Variable lease cost	187	159	(245)
Less: Sublease income	(276)	(550)	(1,546)
Total lease cost	$ 93,000	$ 85,356	$ 77,879

Income Taxes - Summary of Valuation Allowance by Jurisdiction (Details) $ in Thousands	12 Months Ended
	Apr. 29, 2023 USD ($)
Deferred Tax Asset Valuation Allowance [Roll Forward]
Beginning of the period	$ 3,517
Change	(49)
End of the period	3,468
U.S. Federal
Deferred Tax Asset Valuation Allowance [Roll Forward]
Beginning of the period	1,460
Change	362
End of the period	1,822
U.S. State
Deferred Tax Asset Valuation Allowance [Roll Forward]
Beginning of the period	1,907
Change	(411)
End of the period	1,496
Foreign
Deferred Tax Asset Valuation Allowance [Roll Forward]
Beginning of the period	150
Change	0
End of the period	$ 150

Earnings per Share (Tables)

12 Months Ended

Apr. 29, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Share

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	150,664	$	150,017	$	106,461
Income allocated to participating securities (1)	—		(7)		(46)
Net income available to common Shareholders	$	150,664	$	150,010	$	106,415

Denominator:
Basic weighted average common shares outstanding	43,148		44,023		45,983
Contingent common shares	91		79		171
Stock option dilution	1		192		213
Diluted weighted average common shares outstanding	43,240		44,294		46,367

Earnings per Share:
Basic	$	3.49	$	3.41	$	2.31
Diluted	$	3.48	$	3.39	$	2.30

Stock-Based Compensation

12 Months Ended

Apr. 29, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

In fiscal 2023, our shareholders approved the La-Z-Boy Incorporated 2022 Omnibus Incentive Plan which provides for the grant of stock options, stock appreciation rights, restricted stock and restricted stock units, unrestricted stock, performance awards, dividend equivalent rights, and short-term cash incentive awards. Under this plan, the aggregate number of common shares that may be issued through awards of any form is 2.8 million shares, reduced by the number of shares subject to awards granted under the La-Z-Boy Incorporated 2017 Omnibus Incentive Plan after April 30, 2022 and prior to the Annual Meeting of Shareholders of La-Z-Boy Incorporated held on August 30, 2022.

Awards granted in fiscal 2023 were made under our La-Z-Boy Incorporated 2017 Omnibus Incentive Plan. As of the end of fiscal 2023, no grants may be issued under this plan or any of our previous plans.

The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants. Stock-based compensation expense is recorded in SG&A in the consolidated statement of income:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Equity-based awards expense
Stock options	$	2,076	$	1,973	$	2,959
Restricted stock	5,069		3,720		3,367
Restricted stock units issued to Directors	1,020		1,194		840
Performance-based shares	4,293		4,971		5,505
Total equity-based awards expense	12,458		11,858		12,671
Liability-based awards expense (1)	162		(1,131)		1,878






Total stock-based compensation expense	$	12,620	$	10,727	$	14,549

(1)Includes stock appreciation rights, deferred stock units issued to Directors, restricted stock units, and performance-based units. Compensation expense for these awards is based on the market price of our common stock on the grant date and is remeasured each reporting period based on the market value of our common shares on the last day of the reported period.

Stock Options. The La-Z-Boy Incorporated 2017 Omnibus Incentive Plan authorized grants to certain employees and directors to purchase common shares at a specified price, which may not be less than 100% of the current market price of the stock at the date of grant. We granted 318,411 stock options to employees during the first quarter of fiscal 2023, and we also 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 and Talent Oversight Committee of our board of directors 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 ten months after the grant date. 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. Granted options outstanding under the former long-term equity award plan remain in effect and have a term of 10 years.

We estimate the fair value of the employee stock options at the grant date using the Black-Scholes option-pricing model, which requires management to make certain assumptions. The fair value of stock options granted during fiscal years 2023, 2022, and 2021 were calculated using the following assumptions:


	Grant Year
	Fiscal 2023		Fiscal 2022		Fiscal 2021		Assumption
Risk-free interest rate	2.87%		0.82%		0.34%		U.S. Treasury issues with term equal to expected life at grant date
Dividend rate	2.70%		1.58%		—%		Estimated future dividend rate and common share price at grant date
Expected life	5.0 years		5.0 years		5.0 years		Contractual term of stock option and expected employee exercise trends
Stock price volatility	42.78%		42.16%		41.79%		Historical volatility of our common shares
Fair value per option	$	7.90	$	12.29	$	10.06

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


	Number of Shares (In Thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at April 30, 2022	1,516	$	30.51	6.6	$	24
Granted	318	24.41		N/A	N/A
Canceled	(37)	30.46		N/A	N/A

Exercised	(176)	26.64		N/A	1,047
Outstanding at April 29, 2023	1,621	29.73		6.7	2,175

Exercisable at April 29, 2023	1,076	$	30.15	5.7	$	776

The aggregate intrinsic value of options exercised was $0.3 million and $5.1 million in fiscal 2022 and fiscal 2021, respectively. As of April 29, 2023, our total unrecognized compensation cost related to non-vested stock option awards was $2.7 million, which we expect to recognize over a weighted-average remaining vesting term of all unvested awards of 1.6 years. During the year ended April 29, 2023, stock options with respect to 0.3 million shares vested.

We received $4.7 million, $1.1 million, and $10.8 million in cash during fiscal 2023, 2022, and 2021, respectively, for exercises of stock options.

Restricted Stock. We granted 256,128 shares of restricted stock units to employees during fiscal 2023. We issue restricted stock at no cost to the employees and account for restricted stock awards as equity-based awards because when they vest, they will be settled in common shares. We recognize compensation expense for restricted stock over the vesting period equal to the fair value on the date our Compensation and Talent Oversight Committee of our board of directors approved the awards. Restricted stock awards vest at 25% per year, beginning one year from the grant date for a term of four years, with continued vesting upon retirement with respect to the fiscal 2023 grants. We accelerate the expense for restricted stock 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. The weighted average fair value of the restricted stock that was awarded in fiscal 2023 was $24.58 per share, the market value of our common shares on the date of grant.

The following table summarizes information about non-vested awards as of and for the year ended April 29, 2023:


	Shares or Units (In Thousands)	Weighted Average Grant Date Fair Value
Non-vested awards at April 30, 2022	287	$	33.45
Granted	256	24.58
Vested	(107)	32.81
Canceled	(43)	31.15
Non-vested awards at April 29, 2023	393	28.10

Unrecognized compensation cost related to non-vested restricted shares was $6.7 million and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 1.5 years.

Restricted Stock Units Issued to Directors. Restricted stock units granted to our non-employee directors are offered at no cost to the directors and vest the earlier of the date a director ceases to be a member of the board (for any reason other than the termination of service for cause) or the one-year anniversary of the grant date. During fiscal 2023, fiscal 2022, and fiscal 2021 we granted less than 0.1 million restricted stock units each year to our non-employee directors. We account for these restricted stock units as equity-based awards because when they vest, they will be settled in shares of our common stock. We measure and recognize compensation expense for these awards based on the market price of our common shares on the date of grant. The weighted-average fair value of the restricted stock units that were granted during fiscal 2023, fiscal 2022, and fiscal 2021 was $26.49, $35.34, and $32.08, respectively.

Performance Shares. Under the La-Z-Boy Incorporated 2017 Omnibus Incentive Plan, the Compensation and Talent Oversight Committee of our board of directors is authorized to award common shares to certain employees based on the attainment of certain financial goals over a given performance period. The awards are offered at no cost to the employees. In the event of an employee's termination during the vesting period, the potential right to earn shares under this program is generally forfeited.

During the first quarter of fiscal 2023, we granted 240,833 performance-based shares, and we also have performance-based share awards outstanding from grants in fiscal 2022 and fiscal 2021. Payout of these grants depend 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.

The number of awards that will vest, as well as unearned and canceled awards, depend on the achievement of certain financial and shareholder-return goals over the three-year performance periods, and will be settled in shares if service conditions are met, requiring employees to remain employed with the Company through the end of the three-year performance periods.

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


	Shares (In Thousands)	Weighted Average Grant Date Fair Value
Outstanding shares at April 30, 2022	621	$	32.28
Granted	482	24.41
Vested	(122)	28.68
Unearned or canceled	(218)	30.21
Outstanding shares at April 29, 2023	763	28.47

We account for performance-based shares as equity-based awards because when they vest, they will be settled in common shares. In the event of an employee's termination during the vesting period, the potential right to earn shares under this program is generally forfeited and we have elected to recognize forfeitures as an adjustment to compensation expense in the same period in which 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 2023, fiscal 2022, and fiscal 2021 that vest based on attaining performance goals was $22.43, $36.13, and $30.75, respectively, the market value of our common shares on the date we granted the awards less the dividends we expect to pay before the shares vest. For shares that vest based on market conditions, we use a Monte Carlo valuation model to estimate each share's fair value as of the date of grant. The Monte Carlo valuation model uses multiple simulations to evaluate our probability of achieving various stock price levels to determine our expected performance ranking relative to our peer group. Similar to the way in which we expense the awards of stock options, we expense compensation cost 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 2023, fiscal 2022, and fiscal 2021 grants of shares that vest based on market conditions was $36.63, $51.85, and $38.14, respectively. Our unrecognized compensation cost at April 29, 2023, related to performance-based shares was $6.7 million based on the current estimates of the number of awards that will vest, and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 1.4 years.

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Fiscal 2019 grant	$	—	$	—	$	1,545
Fiscal 2020 grant	—		1,066		2,051
Fiscal 2021 grant	548		2,195		1,909
Fiscal 2022 grant	1,649		1,710		—
Fiscal 2023 grant	2,096		—		—
Total expense	$	4,293	$	4,971	$	5,505

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Property, Plant and Equipment
Gross property, plant and equipment	$ 704,586	$ 648,846
Accumulated depreciation	(426,008)	(395,702)
Net property, plant and equipment	278,578	253,144
Depreciation expense	$ 39,000	38,300	$ 31,700
Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Maximum
Property, Plant and Equipment
Estimated Useful Lives	5 years
Buildings and building fixtures
Property, Plant and Equipment
Gross property, plant and equipment	$ 301,546	250,758
Buildings and building fixtures \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Buildings and building fixtures \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	30 years
Machinery and equipment
Property, Plant and Equipment
Gross property, plant and equipment	$ 193,890	184,223
Machinery and equipment \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	20 years
Information systems, hardware and software
Property, Plant and Equipment
Gross property, plant and equipment	$ 99,703	102,861
Information systems, hardware and software \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Information systems, hardware and software \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	15 years
Furniture and fixtures
Property, Plant and Equipment
Gross property, plant and equipment	$ 27,049	23,665
Furniture and fixtures \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	10 years
Land improvements
Property, Plant and Equipment
Gross property, plant and equipment	$ 24,617	23,541
Land improvements \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Land improvements \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	30 years
Transportation equipment
Property, Plant and Equipment
Gross property, plant and equipment	$ 16,800	16,499
Transportation equipment \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Transportation equipment \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	6 years
Land
Property, Plant and Equipment
Gross property, plant and equipment	$ 8,554	8,587
Construction in progress
Property, Plant and Equipment
Gross property, plant and equipment	$ 32,427	$ 38,712

Investments - Schedule of Unrealized Gains, Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Investments
Gross Unrealized Gains	$ 2,551	$ 2,726
Gross Unrealized Losses	(723)	(895)
Fair Value	24,903	51,537
Equity securities
Investments
Gross Unrealized Gains	1,338	1,448
Gross Unrealized Losses	(103)	(86)
Fair Value	6,853	13,905
Fixed income
Investments
Gross Unrealized Gains	42	28
Gross Unrealized Losses	(620)	(809)
Fair Value	14,039	33,521
Other
Investments
Gross Unrealized Gains	1,171	1,250
Gross Unrealized Losses	0	0
Fair Value	$ 4,011	$ 4,111

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Revenue Recognition
Consolidated net sales	$ 2,349,433	$ 2,356,811	$ 1,734,244
Operating Segments
Revenue Recognition
Consolidated net sales	2,838,481	2,769,191
Operating Segments \| Upholstered Furniture
Revenue Recognition
Consolidated net sales	2,318,097	2,252,816
Operating Segments \| Casegoods Furniture
Revenue Recognition
Consolidated net sales	191,226	181,847
Operating Segments \| Delivery
Revenue Recognition
Consolidated net sales	251,268	228,280
Operating Segments \| Other
Revenue Recognition
Consolidated net sales	77,890	106,248
Operating Segments \| Wholesale
Revenue Recognition
Consolidated net sales	1,690,248	1,768,838
Operating Segments \| Wholesale \| Upholstered Furniture
Revenue Recognition
Consolidated net sales	1,326,327	1,378,577
Operating Segments \| Wholesale \| Casegoods Furniture
Revenue Recognition
Consolidated net sales	108,098	110,126
Operating Segments \| Wholesale \| Delivery
Revenue Recognition
Consolidated net sales	210,963	190,110
Operating Segments \| Wholesale \| Other
Revenue Recognition
Consolidated net sales	44,860	90,025
Operating Segments \| Retail
Revenue Recognition
Consolidated net sales	982,043	804,394	612,906
Operating Segments \| Retail \| Upholstered Furniture
Revenue Recognition
Consolidated net sales	811,955	654,272
Operating Segments \| Retail \| Casegoods Furniture
Revenue Recognition
Consolidated net sales	58,455	47,162
Operating Segments \| Retail \| Delivery
Revenue Recognition
Consolidated net sales	32,653	30,171
Operating Segments \| Retail \| Other
Revenue Recognition
Consolidated net sales	78,980	72,789
Corporate and Other
Revenue Recognition
Consolidated net sales	166,190	195,959	127,370
Corporate and Other \| Upholstered Furniture
Revenue Recognition
Consolidated net sales	179,815	219,967
Corporate and Other \| Casegoods Furniture
Revenue Recognition
Consolidated net sales	24,673	24,559
Corporate and Other \| Delivery
Revenue Recognition
Consolidated net sales	7,652	7,999
Corporate and Other \| Other
Revenue Recognition
Consolidated net sales	(45,950)	(56,566)
Eliminations
Revenue Recognition
Consolidated net sales	$ (489,048)	$ (412,380)	$ (307,330)

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 44,939	$ 139,006
Customer deposits	105,766	183,233
Deferred revenue	44,939	139,006
Deferred revenue	150,705	$ 322,239
Revenue recognized related to contract liabilities	$ 293,700

Fair Value Measurements

12 Months Ended

Apr. 29, 2023

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 and liabilities we measured at fair value on a recurring basis at April 29, 2023 and April 30, 2022. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented.


At April 29, 2023
	Fair Value Measurements
(Amounts in thousands)	Level 1		Level 2		Level 3		NAV (1)		Total
Assets
Marketable securities	$	—	$	16,557	$	—	$	6,995	$	23,552
Held-to-maturity investments	1,351		—		—		—		1,351

Total assets	$	1,351	$	16,557	$	—	$	6,995	$	24,903


At April 30, 2022
	Fair Value Measurements
(Amounts in thousands)	Level 1		Level 2		Level 3		NAV (1)		Total
Assets
Marketable securities	$	—	$	33,578	$	2,500	$	6,543	$	42,621
Held-to-maturity investments	1,337		—		—		—		1,337
Cost basis investment	—		—		7,579		—		7,579
Total assets	$	1,337	$	33,578	$	10,079	$	6,543	$	51,537

Liabilities
Contingent consideration liability	$	—	$	—	$	800	$	—	$	800

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

At April 29, 2023 and April 30, 2022, we held marketable securities intended to enhance returns on our cash and 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 held other fixed income and cost basis investments.

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

At April 29, 2023, our Level 3 assets included investments in two privately-held companies consisting of non-marketable preferred shares, warrants to purchase common shares, and convertible notes. The fair value for our Level 3 equity 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 third quarter of fiscal 2023, we invested an additional $0.2 million in convertible notes in one of these privately-held start-up companies. Subsequently and during the fourth quarter of fiscal 2023, with respect to the same investee, we recorded an impairment charge of $10.3 million to other income (expense), net in the consolidated statement of income for the full carrying value of the preferred shares ($7.6 million) and convertible notes ($2.7 million), as it was determined the value of the investments was not recoverable. For non-marketable equity investments, the measurement of fair value requires significant judgment and includes quantitative and qualitative analysis of identified events or circumstances that impact the fair value of the investment. Among other factors, we assessed the investee's ability to meet business milestones, its financial condition and near-term prospects (including the rate at which the investee was using cash and its current debt obligations and impending debt maturities), the investee's need for additional funding, and the competitive environment in which the investee operates its business.

Our Level 3 liability included our contingent consideration liability resulting from the Joybird acquisition. The fair value of our contingent consideration liability as of April 29, 2023 reflects our expectation that no additional consideration will be owed based on our most recent financial projections and the terms of the earnout agreement. As a result, during the second quarter of fiscal 2023, we reduced the fair value of the contingent consideration liability by its full carrying value of $0.8 million which was recorded as a favorable impact to selling, general and administrative expense in our consolidated statement of income.

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


(Amounts in thousands)	Assets		Liabilities
Balance at April 24, 2021	$	7,579	$	14,100
Purchases	2,500		—
Settlements	—		(10,000)
Fair value adjustment	—		(3,300)

Balance at April 30, 2022	10,079		800
Purchases	237		—

Impairment	(10,316)		—
Fair value adjustment	—		(800)
Balance at April 29, 2023	$	—	$	—

- Definition

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

+ References + Details

Revenue Recognition

12 Months Ended

Apr. 29, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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


	Year Ended April 29, 2023
(Amounts in thousands)	Wholesale		Retail		Corporate and Other		Total
Upholstered Furniture	$	1,326,327	$	811,955	$	179,815	$	2,318,097
Casegoods Furniture	108,098		58,455		24,673		191,226
Delivery	210,963		32,653		7,652		251,268
Other (1)	44,860		78,980		(45,950)		77,890
Total	$	1,690,248	$	982,043	$	166,190	$	2,838,481

			Eliminations				(489,048)
	Consolidated Net Sales						$	2,349,433

	Year Ended April 30, 2022
(Amounts in thousands)	Wholesale		Retail		Corporate and Other		Total
Upholstered Furniture	$	1,378,577	$	654,272	$	219,967	$	2,252,816
Casegoods Furniture	110,126		47,162		24,559		181,847
Delivery	190,110		30,171		7,999		228,280
Other (1)	90,025		72,789		(56,566)		106,248
Total	$	1,768,838	$	804,394	$	195,959	$	2,769,191

			Eliminations				(412,380)
	Consolidated Net Sales						$	2,356,811

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

Upholstered Furniture - Includes gross revenue for upholstered furniture, such as recliners, sofas, loveseats, chairs, sectionals, modulars, and ottomans. 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.

Casegoods Furniture - Includes gross revenue for casegoods furniture typically found in a bedroom, such as beds, chests, dressers, nightstands and benches; furniture typically found in the dining room, such as dining tables, storage units, and stools; and furniture typically 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.

Contract Assets and Liabilities. 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 a contract asset and a corresponding deferred revenue liability. In our consolidated balance sheet, customer deposits and deferred revenue (collectively, the "contract liabilities") are reported in accrued expenses and other current liabilities while contract assets are reported as other current assets.

The following table presents our contract assets and liabilities:


(Unaudited, amounts in thousands)	4/29/2023		4/30/2022
Contract assets	$	44,939	$	139,006

Customer deposits	$	105,766	$	183,233
Deferred revenue	44,939		139,006
Total contract liabilities (1)	$	150,705	$	322,239

(1)During the year ended April 29, 2023, we recognized revenue of $293.7 million related to our contract liability balance at April 30, 2022.

Contract assets, customer deposits and deferred revenue decreased during fiscal 2023 as we continue to work down the backlog built up in prior periods back to pre-pandemic levels.

- Definition

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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Payroll and other compensation	$ 63,342	$ 62,373
Accrued product warranty, current portion	19,893	16,436
Customer deposits	105,766	183,233
Deferred revenue	44,939	139,006
Other current liabilities	56,710	95,345
Accrued expenses and other current liabilities	$ 290,650	$ 496,393

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	$ 33,971	$ 30,431
Acquisitions, Indefinite-Lived Intangible Assets	6,562	4,896
Amortization	(1,006)	(1,049)
Translation adjustment	(152)	(307)
Balance at end of period	39,375	33,971
Trade Name
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	3,392	4,205
Acquisitions, Finite-Lived Trade Name	0	0
Amortization	(798)	(813)
Translation adjustment	0	0
Balance at end of period	2,594	3,392
Other Intangible Assets
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	2,105	2,564
Acquisitions, Other Intangible Assets	0	0
Amortization	(208)	(236)
Translation adjustment	(10)	(223)
Balance at end of period	1,887	2,105
Trade Name
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	1,155	1,155
Acquisitions, Indefinite-Lived Intangible Assets	0	0
Amortization	0	0
Translation adjustment	0	0
Balance at end of period	1,155	1,155
Indefinite-Lived Reacquired Rights
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	27,319	22,507
Acquisitions, Indefinite-Lived Intangible Assets	6,562	4,896
Amortization	0	0
Translation adjustment	(142)	(84)
Balance at end of period	$ 33,739	$ 27,319
Wholesale \| Maximum
Other intangible assets
Useful life	15 years
Corporate and Other
Other intangible assets
Useful life	8 years

Leases (Tables)

12 Months Ended

Apr. 29, 2023

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

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


(Amounts in thousands)	4/29/2023		4/30/2022
Operating leases
ROU lease assets	$	415,925	$	405,287
Lease liabilities, short-term	77,626		75,148
Lease liabilities, long-term	367,938		354,493
Finance leases
ROU lease assets	$	344	$	468
Lease liabilities, short-term	125		123
Lease liabilities, long-term	225		350

Schedule of ROU Lease Assets by Segment

The ROU lease assets by segment are as follows:


(Amounts in thousands)	4/29/2023		4/30/2022
Wholesale	$	92,195	$	90,741
Retail	299,536		296,908
Corporate & Other	24,538		18,106
Total ROU lease assets	$	416,269	$	405,755

Schedule of Components of Lease Cost

The components of lease cost are as follows:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Operating lease cost	$	90,500	$	83,520	$	79,072
Finance lease cost	130		130		53
Short-term lease cost	2,459		2,097		545
Variable lease cost	187		159		(245)
Less: Sublease income	(276)		(550)		(1,546)
Total lease cost	$	93,000	$	85,356	$	77,879

Schedule of Supplemental Lease Disclosures

The following tables present supplemental lease disclosures:


	Fiscal Year Ended
	(52 weeks)				(53 weeks)
	4/29/2023				4/30/2022
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities	$	91,934	$	130	$	84,492	$	130
Lease liabilities arising from new ROU lease assets	92,787		—		140,376		—


	4/29/2023				4/30/2022
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term (years)	7.0		2.8		7.2		3.8
Weighted-average discount rate	3.5	%	1.7	%	3.0	%	1.7	%

Schedule of Maturity of Operating Lease Liabilities

The following table presents our maturity of lease liabilities:


	4/29/2023
(Amounts in thousands)	Operating Leases (1)		Finance Leases
Within one year	$	91,654	$	130
After one year and within two years	81,605		130
After two years and within three years	69,155		98
After three years and within four years	58,890		—
After four years and within five years	50,816		—
After five years	152,855		—
Total lease payments	504,975		358
Less: Interest	59,411		8
Total lease obligations	$	445,564	$	350

(1)Excludes approximately $28.6 million in future lease payments for various operating leases commencing in a future period

Schedule of Maturity of Finance Lease Liabilities

The following table presents our maturity of lease liabilities:


	4/29/2023
(Amounts in thousands)	Operating Leases (1)		Finance Leases
Within one year	$	91,654	$	130
After one year and within two years	81,605		130
After two years and within three years	69,155		98
After three years and within four years	58,890		—
After four years and within five years	50,816		—
After five years	152,855		—
Total lease payments	504,975		358
Less: Interest	59,411		8
Total lease obligations	$	445,564	$	350

(1)Excludes approximately $28.6 million in future lease payments for various operating leases commencing in a future period

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Apr. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

We have goodwill on our consolidated balance sheet as follows:

Reportable Segment/Unit

Reporting Unit

Related Acquisition

Wholesale Segment

United Kingdom

Wholesale business in the United Kingdom and Ireland

Wholesale Segment

United Kingdom

La-Z-Boy United Kingdom Manufacturing (Furnico)

Retail Segment

Retail

La-Z-Boy Furniture Galleries® stores

Corporate & Other

Joybird

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


(Amounts in thousands)	Wholesale Segment		Retail Segment		Corporate and Other		Total Goodwill
Balance at April 24, 2021 (1)	$	13,052	$	107,316	$	55,446	$	175,814
Acquisitions	9,207		11,748		—		20,955

Translation adjustment	(2,052)		(113)		—		(2,165)
Balance at April 30, 2022 (1)	20,207		118,951		55,446		194,604
Acquisitions	—		10,598		—		10,598

Translation adjustment	(5)		(189)		—		(194)
Balance at April 29, 2023 (1)	$	20,202	$	129,360	$	55,446	$	205,008

(1) Includes $26.9 million of accumulated impairment losses in Corporate and Other.

Schedule of Indefinite-Lived Intangible Assets

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

Reportable Segment

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 summarizes changes in our intangible assets:


(Amounts in thousands)	Indefinite-Lived Trade Names		Finite-Lived Trade Name		Indefinite-Lived Reacquired Rights		Other Intangible Assets		Total Intangible Assets
Balance at April 24, 2021	$	1,155	$	4,205	$	22,507	$	2,564	$	30,431
Acquisitions	—		—		4,896		—		4,896
Amortization	—		(813)		—		(236)		(1,049)
Translation adjustment	—		—		(84)		(223)		(307)
Balance at April 30, 2022	$	1,155	$	3,392	$	27,319	$	2,105	$	33,971
Acquisitions	—		—		6,562		—		6,562
Amortization	—		(798)		—		(208)		(1,006)
Translation adjustment	—		—		(142)		(10)		(152)
Balance at April 29, 2023	$	1,155	$	2,594	$	33,739	$	1,887	$	39,375

Schedule of Finite-Lived Intangible Assets

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

Reportable Segment

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 summarizes changes in our intangible assets:


(Amounts in thousands)	Indefinite-Lived Trade Names		Finite-Lived Trade Name		Indefinite-Lived Reacquired Rights		Other Intangible Assets		Total Intangible Assets
Balance at April 24, 2021	$	1,155	$	4,205	$	22,507	$	2,564	$	30,431
Acquisitions	—		—		4,896		—		4,896
Amortization	—		(813)		—		(236)		(1,049)
Translation adjustment	—		—		(84)		(223)		(307)
Balance at April 30, 2022	$	1,155	$	3,392	$	27,319	$	2,105	$	33,971
Acquisitions	—		—		6,562		—		6,562
Amortization	—		(798)		—		(208)		(1,006)
Translation adjustment	—		—		(142)		(10)		(152)
Balance at April 29, 2023	$	1,155	$	2,594	$	33,739	$	1,887	$	39,375

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Leases - ROU Assets by Segment (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Leases
Total ROU lease assets	$ 416,269	$ 405,755
Wholesale
Leases
Total ROU lease assets	92,195	90,741
Retail
Leases
Total ROU lease assets	299,536	296,908
Corporate & Other
Leases
Total ROU lease assets	$ 24,538	$ 18,106

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 29, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Total Stock-Based Compensation Expense


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Equity-based awards expense
Stock options	$	2,076	$	1,973	$	2,959
Restricted stock	5,069		3,720		3,367
Restricted stock units issued to Directors	1,020		1,194		840
Performance-based shares	4,293		4,971		5,505
Total equity-based awards expense	12,458		11,858		12,671
Liability-based awards expense (1)	162		(1,131)		1,878






Total stock-based compensation expense	$	12,620	$	10,727	$	14,549

Fair Value Assumptions for Stock Options

The fair value of stock options granted during fiscal years 2023, 2022, and 2021 were calculated using the following assumptions:


	Grant Year
	Fiscal 2023		Fiscal 2022		Fiscal 2021		Assumption
Risk-free interest rate	2.87%		0.82%		0.34%		U.S. Treasury issues with term equal to expected life at grant date
Dividend rate	2.70%		1.58%		—%		Estimated future dividend rate and common share price at grant date
Expected life	5.0 years		5.0 years		5.0 years		Contractual term of stock option and expected employee exercise trends
Stock price volatility	42.78%		42.16%		41.79%		Historical volatility of our common shares
Fair value per option	$	7.90	$	12.29	$	10.06

Schedule of Plan Activity for Stock Options

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


	Number of Shares (In Thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at April 30, 2022	1,516	$	30.51	6.6	$	24
Granted	318	24.41		N/A	N/A
Canceled	(37)	30.46		N/A	N/A

Exercised	(176)	26.64		N/A	1,047
Outstanding at April 29, 2023	1,621	29.73		6.7	2,175

Exercisable at April 29, 2023	1,076	$	30.15	5.7	$	776

Summary of Information about Non-Vested Share Awards

The following table summarizes information about non-vested awards as of and for the year ended April 29, 2023:


	Shares or Units (In Thousands)	Weighted Average Grant Date Fair Value
Non-vested awards at April 30, 2022	287	$	33.45
Granted	256	24.58
Vested	(107)	32.81
Canceled	(43)	31.15
Non-vested awards at April 29, 2023	393	28.10

Summary of Information about Performance-Based Shares Outstanding

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


	Shares (In Thousands)	Weighted Average Grant Date Fair Value
Outstanding shares at April 30, 2022	621	$	32.28
Granted	482	24.41
Vested	(122)	28.68
Unearned or canceled	(218)	30.21
Outstanding shares at April 29, 2023	763	28.47

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

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Fiscal 2019 grant	$	—	$	—	$	1,545
Fiscal 2020 grant	—		1,066		2,051
Fiscal 2021 grant	548		2,195		1,909
Fiscal 2022 grant	1,649		1,710		—
Fiscal 2023 grant	2,096		—		—
Total expense	$	4,293	$	4,971	$	5,505

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Apr. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We have been named as a defendant in various lawsuits arising in the ordinary course of business and as a potentially responsible party at certain environmental clean-up sites, the effect of which are not considered significant. Based on a review of all currently known facts and our experience with previous legal and environmental matters, we have recorded expense in respect of probable and reasonably estimable losses arising from legal matters, and we currently do not believe it is probable that we will have any additional loss for legal or environmental matters that would be material to our consolidated financial statements. In view of the inherent difficulty of predicting the outcome of litigation, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories, we generally cannot predict the eventual outcome, timing, or related loss, if any, of pending matters.

Fair Value Measurements - Additional Information (Details)	3 Months Ended			12 Months Ended
	Apr. 29, 2023 USD ($) company	Oct. 29, 2022 USD ($)	Jan. 22, 2022 USD ($)	Apr. 29, 2023 USD ($) company	Apr. 30, 2022 USD ($)	Apr. 24, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Additional investment					$ 2,500,000
Impairment charge	$ (10,300,000)			$ (10,300,000)	0	$ 0
Fair value adjustment		$ 800,000			$ 3,300,000
Variable Interest Entity, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred share investments, number of privately-held companies \| company	2			2
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment				$ 800,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Additional investment			$ 200,000	$ 237,000

Segment Information - Geographic Information (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Geographic Information
Assets	$ 1,866,263	$ 1,932,089
Long-Lived Assets by Geographic Location	939,230	887,474
United States
Geographic Information
Long-Lived Assets by Geographic Location	865,556	798,089
International
Geographic Information
Long-Lived Assets by Geographic Location	73,674	89,385
Segment Reconciling Items
Geographic Information
Assets	562,273	603,856
Wholesale Segment \| Operating Segments
Geographic Information
Assets	688,238	741,150
Retail segment \| Operating Segments
Geographic Information
Assets	$ 615,752	$ 587,083

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Investments
Total investments	$ 24,903	$ 51,537
Investments to enhance returns on cash
Investments
Total investments	11,617	27,239
Investments to fund compensation/retirement plans
Investments
Total investments	13,286	14,219
Other investments
Investments
Total investments	0	10,079
Short-term investments:
Investments
Marketable securities	5,043	16,022
Held-to-maturity investments	1,351	1,337
Total investments	6,394	17,359
Long-term investments:
Investments
Marketable securities	18,509	26,599
Cost basis investments	0	7,579
Total investments	$ 18,509	$ 34,178

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the period	$ 1,037	$ 1,069	$ 1,030
Additions:
Positions taken during the current year	109	121	176
Positions taken during the prior year	83	10	35
Reductions:
Positions taken during the prior year	0	(23)	(19)
Decreases related to settlements with taxing authorities	0	0	0
Reductions resulting from the lapse of the statute of limitations	(145)	(140)	(153)
Balance at the end of the period	$ 1,084	$ 1,037	$ 1,069

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Goodwill [Line Items]
Goodwill impairment			$ 26,900
Goodwill [Roll Forward]
Balance at beginning of period	$ 194,604	$ 175,814
Acquisitions	10,598	20,955
Translation adjustment	(194)	(2,165)
Balance at end of period	205,008	194,604	175,814
Wholesale Segment
Goodwill [Roll Forward]
Balance at beginning of period	20,207	13,052
Acquisitions	0	9,207
Translation adjustment	(5)	(2,052)
Balance at end of period	20,202	20,207	13,052
Retail Segment
Goodwill [Roll Forward]
Balance at beginning of period	118,951	107,316
Acquisitions	10,598	11,748
Translation adjustment	(189)	(113)
Balance at end of period	129,360	118,951	107,316
Corporate and Other
Goodwill [Roll Forward]
Balance at beginning of period	55,446	55,446
Acquisitions	0	0
Translation adjustment	0	0
Balance at end of period	$ 55,446	$ 55,446	$ 55,446

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Apr. 29, 2023

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

Schedule of Activity in Accumulated Other Comprehensive Loss

Activity in accumulated other comprehensive loss was as follows:


(Amounts in thousands)	Translation adjustment		Unrealized gain (loss) on marketable securities		Net pension amortization and net actuarial loss		Accumulated other comprehensive loss
Balance at April 25, 2020	$	(1,891)	$	449	$	(5,510)	$	(6,952)
Changes before reclassifications	4,932		(96)		428		5,264


Amounts reclassified to net income	—		(9)		347		338
Tax effect	—		26		(197)		(171)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	4,932		(79)		578		5,431
Balance at April 24, 2021	$	3,041	$	370	$	(4,932)	$	(1,521)
Changes before reclassifications	(5,002)		(947)		1,539		(4,410)


Amounts reclassified to net income	—		59		306		365
Tax effect	—		220		(451)		(231)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(5,002)		(668)		1,394		(4,276)
Balance at April 30, 2022	$	(1,961)	$	(298)	$	(3,538)	$	(5,797)
Changes before reclassifications	(691)		(27)		879		161


Amounts reclassified to net income	—		231		193		424
Tax effect	—		(51)		(265)		(316)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(691)		153		807		269
Balance at April 29, 2023	$	(2,652)	$	(145)	$	(2,731)	$	(5,528)

Components of Noncontrolling Interest

The components of noncontrolling interest were as follows:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Balance as of the beginning of the year	$	8,897	$	8,648	$	15,553
Net income	1,277		2,311		1,068
Other comprehensive income (loss)	87		(802)		534
Dividends distributed to joint venture minority partners	—		(1,260)		(8,507)

Balance as of the end of the year	$	10,261	$	8,897	$	8,648

Acquisitions	12 Months Ended
Acquisitions	Apr. 29, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions None of the below acquisitions were significant to our consolidated financial statements, and, therefore, pro-forma financial information is not presented. All of our provisional purchase accounting estimates for the acquisitions completed in fiscal 2023 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 following the acquisition as we gain additional data. Each of the following Retail acquisitions completed in fiscal 2023, 2022 and 2021 reflect a core component of our strategic priorities, which is 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) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries® network. Prior to each Retail acquisition completed in fiscal 2023, 2022, and 2021, we licensed to the counterparty the exclusive right to own and the operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in each of their respective markets, and we reacquired these rights when we consummated the transaction. These required rights are indefinite-lived because our retailer agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement date of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. For federal income tax purposes, we amortize and deduct these indefinite-lived intangible assets and goodwill, if any, over 15 years. Baton Rouge, Louisiana acquisition On March 20, 2023, we completed our acquisition of the Baton Rouge, Louisiana business that operates one independently owned La-Z-Boy Furniture Galleries® store and one distribution center for $5.0 million, subject to customary adjustments. We paid total cash of $4.9 million during the fourth quarter of fiscal 2023 and the remaining consideration includes forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $0.5 million related to the reacquired rights described above. Barboursville, West Virginia acquisition On December 12, 2022, we completed our acquisition of the Barboursville, West Virginia business that operates one independently owned La-Z-Boy Furniture Galleries® store. This acquisition did not have a meaningful impact on our consolidated financial statements. Spokane, Washington acquisition On September 26, 2022, we completed our acquisition of the Spokane, Washington business that operates one independently owned La-Z-Boy Furniture Galleries® store and one distribution center for $4.7 million, subject to customary adjustments. We paid total cash of $4.0 million during the second quarter of fiscal 2023 and the remaining consideration includes forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $1.2 million related to the reacquired rights described above. We also recognized $3.0 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired store and future benefits of these synergies. Denver, Colorado acquisition On July 18, 2022, we completed our acquisition of the Denver, Colorado business that operates five independently owned La-Z-Boy Furniture Galleries® stores and one distribution center for $10.1 million, subject to customary adjustments. We paid total cash of $7.7 million in the first and second quarters of fiscal 2023 and the remaining consideration includes forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $4.3 million related to the reacquired rights described above. We also recognized $7.6 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. Prior Year Acquisitions We completed the following acquisitions in fiscal 2022. Alabama and Chattanooga, Tennessee acquisition On December 6, 2021, we completed our acquisition of the Alabama and Chattanooga, Tennessee businesses that operate four independently owned La-Z-Boy Furniture Galleries® stores in Alabama and one in Chattanooga, Tennessee, for $8.3 million, subject to customary adjustments. We paid total cash of $8.0 million in the third quarter of fiscal 2022 and the remaining consideration includes forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $4.1 million related to the reacquired rights described above. We also recognized $7.4 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. Furnico (La-Z-Boy United Kingdom Manufacturing) acquisition On October 25, 2021, we completed the acquisition of Furnico Furniture Ltd ("Furnico"), an upholstery manufacturing business in the U.K for approximately $13.3 million, subject to customary adjustments and in the third and fourth quarters of fiscal 2022, we paid $13.9 million of cash for the purchase of the Furnico business. Furnico produces La-Z-Boy branded product for the La-Z-Boy U.K. business and also operates a wholesale business, selling white label products to key U.K. retailers. With this acquisition, we expect to realize production synergies, cost savings through materials procurement, and increases in production capacity to support growth in the La-Z-Boy U.K business. As part of the acquisition, we recognized $9.2 million of goodwill in our Wholesale segment related primarily to synergies we expect from the integration of the acquired business and future benefits of these synergies. The goodwill asset for Furnico is not deductible for federal income tax purposes. Long Island, New York acquisition On August 16, 2021, we completed our acquisition of the Long Island, New York business that operates three independently owned La-Z-Boy Furniture Galleries® stores for $4.5 million, subject to customary adjustments. We paid $4.4 million of cash during the second quarter of fiscal 2022 and the remaining consideration includes forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $0.8 million related to the reacquired rights described above. We also recognized $4.4 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. We completed the following acquisition in fiscal 2021. Seattle, Washington acquisition 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. We paid $2.0 million of cash during the second quarter of fiscal 2021 and the remaining consideration includes forgiveness of accounts receivable, payments based on working capital adjustments, and future guaranteed payments of $9.4 million to be paid over 36 months or fewer, with timing of payments dependent upon the achievement of sales thresholds defined in the purchase agreement. As part of the acquisition, we recorded an indefinite-lived intangible asset of $2.2 million related to the reacquired rights described above. 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.

Audit Information	12 Months Ended
Audit Information	Apr. 29, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Detroit, Michigan
Auditor Firm ID	238

Property, Plant and Equipment (Tables)

12 Months Ended

Apr. 29, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


(Amounts in thousands)	Estimated Useful Lives	4/29/2023		4/30/2022
Buildings and building fixtures	3 - 30 years	$	301,546	$	250,758
Machinery and equipment	3 - 20 years	193,890		184,223
Information systems, hardware and software	3 - 15 years	99,703		102,861
Furniture and fixtures	3 - 10 years	27,049		23,665
Land improvements	3 - 30 years	24,617		23,541
Transportation equipment	3 - 6 years	16,800		16,499
Land	N/A	8,554		8,587
Construction in progress	N/A	32,427		38,712
		704,586		648,846
Accumulated depreciation		(426,008)		(395,702)
Net property, plant and equipment		$	278,578	$	253,144

Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance as of the beginning of the year	$ 27,036	$ 23,636
Acquisitions	0	548
Accruals during the year	35,276	30,146
Settlements during the year	(31,328)	(27,294)
Balance as of the end of the year	30,984	27,036
Product warranty liability included in accrued expenses and other current liabilities	$ 19,900	$ 16,400
Minimum \| Wholesale
Product Warranties
Percentage of warranty liability relating to the segment	90.00%
Cushions and padding \| Minimum
Product Warranties
Warranty term	1 year
Cushions and padding \| Maximum
Product Warranties
Warranty term	10 years
Labor Costs Relating To Parts \| Wholesale Segment
Product Warranties
Warranty term	1 year

Fair Value Measurements (Tables)

12 Months Ended

Apr. 29, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy


At April 29, 2023
	Fair Value Measurements
(Amounts in thousands)	Level 1		Level 2		Level 3		NAV (1)		Total
Assets
Marketable securities	$	—	$	16,557	$	—	$	6,995	$	23,552
Held-to-maturity investments	1,351		—		—		—		1,351

Total assets	$	1,351	$	16,557	$	—	$	6,995	$	24,903


At April 30, 2022
	Fair Value Measurements
(Amounts in thousands)	Level 1		Level 2		Level 3		NAV (1)		Total
Assets
Marketable securities	$	—	$	33,578	$	2,500	$	6,543	$	42,621
Held-to-maturity investments	1,337		—		—		—		1,337
Cost basis investment	—		—		7,579		—		7,579
Total assets	$	1,337	$	33,578	$	10,079	$	6,543	$	51,537

Liabilities
Contingent consideration liability	$	—	$	—	$	800	$	—	$	800

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

Reconciliation of Level 3 Assets

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


(Amounts in thousands)	Assets		Liabilities
Balance at April 24, 2021	$	7,579	$	14,100
Purchases	2,500		—
Settlements	—		(10,000)
Fair value adjustment	—		(3,300)

Balance at April 30, 2022	10,079		800
Purchases	237		—

Impairment	(10,316)		—
Fair value adjustment	—		(800)
Balance at April 29, 2023	$	—	$	—

Reconciliation of Level 3 Liabilities

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


(Amounts in thousands)	Assets		Liabilities
Balance at April 24, 2021	$	7,579	$	14,100
Purchases	2,500		—
Settlements	—		(10,000)
Fair value adjustment	—		(3,300)

Balance at April 30, 2022	10,079		800
Purchases	237		—

Impairment	(10,316)		—
Fair value adjustment	—		(800)
Balance at April 29, 2023	$	—	$	—

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Income Statement [Abstract]
Sales	$ 2,349,433	$ 2,356,811	$ 1,734,244
Cost of sales	1,340,734	1,440,842	993,984
Gross profit	1,008,699	915,969	740,260
Selling, general and administrative expense	797,260	709,213	603,524
Operating income	211,439	206,756	136,736
Interest expense	(536)	(895)	(1,390)
Interest income	6,670	1,338	1,101
Other income (expense), net	(11,784)	(1,708)	9,466
Income before income taxes	205,789	205,491	145,913
Income tax expense	53,848	53,163	38,384
Net income	151,941	152,328	107,529
Net income attributable to noncontrolling interests	(1,277)	(2,311)	(1,068)
Net income attributable to La-Z-Boy Incorporated	$ 150,664	$ 150,017	$ 106,461
Basic weighted average common shares (in shares)	43,148	44,023	45,983
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 3.49	$ 3.41	$ 2.31
Diluted weighted average common shares (in shares)	43,240	44,294	46,367
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 3.48	$ 3.39	$ 2.30

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Apr. 29, 2023 store segment brand
Wholesale Segment
Segment Information
Number of operating segments	3
Number of reportable segments	1
Wholesale Segment \| Casegoods Segment
Segment Information
Number of brands \| brand	3
Retail
Segment Information
Number of operating segments	1
Number of stores \| store	171

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Apr. 29, 2023 USD ($)
Operating Leases
Within one year	$ 91,654
After one year and within two years	81,605
After two years and within three years	69,155
After three years and within four years	58,890
After four years and within five years	50,816
After five years	152,855
Total lease payments	504,975
Less: Interest	59,411
Total lease obligations	445,564
Finance Leases
Within one year	130
After one year and within two years	130
After two years and within three years	98
After three years and within four years	0
After four years and within five years	0
After five years	0
Total lease payments	358
Less: Interest	8
Total lease obligations	350
Lease not yet commenced, undiscounted amount	$ 28,600

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Income Tax Disclosure [Abstract]
Foreign earnings reinvested	$ 61,000
Potential deferred tax attributable to earnings	2,600
Deferred tax attributable to foreign earnings reinvested	1,152	$ 1,102
Future taxable income	13,600
Remaining valuation allowance	3,468	3,517
Gross unrecognized tax benefit	1,100
Accrued interest and penalties	400	400
Recognition of unrecognized tax benefit that would decrease the effective tax rate	900
Cash paid for taxes (net of refunds received)	$ 69,900	$ 38,600	$ 40,500

Accumulated Other Comprehensive Loss

12 Months Ended

Apr. 29, 2023

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

Accumulated Other Comprehensive Loss

Activity in accumulated other comprehensive loss was as follows:


(Amounts in thousands)	Translation adjustment		Unrealized gain (loss) on marketable securities		Net pension amortization and net actuarial loss		Accumulated other comprehensive loss
Balance at April 25, 2020	$	(1,891)	$	449	$	(5,510)	$	(6,952)
Changes before reclassifications	4,932		(96)		428		5,264


Amounts reclassified to net income	—		(9)		347		338
Tax effect	—		26		(197)		(171)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	4,932		(79)		578		5,431
Balance at April 24, 2021	$	3,041	$	370	$	(4,932)	$	(1,521)
Changes before reclassifications	(5,002)		(947)		1,539		(4,410)


Amounts reclassified to net income	—		59		306		365
Tax effect	—		220		(451)		(231)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(5,002)		(668)		1,394		(4,276)
Balance at April 30, 2022	$	(1,961)	$	(298)	$	(3,538)	$	(5,797)
Changes before reclassifications	(691)		(27)		879		161


Amounts reclassified to net income	—		231		193		424
Tax effect	—		(51)		(265)		(316)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(691)		153		807		269
Balance at April 29, 2023	$	(2,652)	$	(145)	$	(2,731)	$	(5,528)

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

The components of noncontrolling interest were as follows:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Balance as of the beginning of the year	$	8,897	$	8,648	$	15,553
Net income	1,277		2,311		1,068
Other comprehensive income (loss)	87		(802)		534
Dividends distributed to joint venture minority partners	—		(1,260)		(8,507)

Balance as of the end of the year	$	10,261	$	8,897	$	8,648

Inventories

12 Months Ended

Apr. 29, 2023

Inventory Disclosure [Abstract]

Inventories


(Amounts in thousands)	4/29/2023		4/30/2022
Raw materials	$	116,440	$	146,896
Work in process	24,328		36,834
Finished goods	181,401		185,870
FIFO inventories	322,169		369,600
Excess of FIFO over LIFO	(45,912)		(66,409)
Total inventories	$	276,257	$	303,191

Debt	12 Months Ended
Debt	Apr. 29, 2023
Debt Disclosure [Abstract]
Debt	Debt On October 15, 2021, we entered into a new five-year $200 million unsecured revolving credit facility (the “Credit Facility”). Borrowings under the Credit Facility may be used by the Company for general corporate purposes. We may increase the size of the facility, either in the form of additional revolving commitments or new term loans, subject to the discretion of each lender to participate in such increase, up to an additional amount of $100 million. The Credit Facility will mature on October 15, 2026 and provides us the ability to extend the maturity date for two additional one-year periods, subject to the satisfaction of customary conditions. As of April 29, 2023, we have no borrowings outstanding under the Credit Facility. The Credit Facility contains certain restrictive loan covenants, including, among others, financial covenants requiring a maximum consolidated net lease adjusted leverage ratio and a minimum consolidated fixed charge coverage ratio, as well as customary covenants limiting our ability to incur indebtedness, grant liens, make acquisitions, merge or consolidate, and dispose of certain assets. As of April 29, 2023, we were in compliance with our financial covenants under the Credit Facility. The Credit Facility replaced our previous $150.0 million revolving credit facility, which had been secured primarily by all of our accounts receivable, inventory, cash deposits, and securities accounts. The previous revolving credit facility was terminated on October 15, 2021, and is no longer in effect. Cash paid for interest during fiscal years 2023, 2022, and 2021 was $0.3 million, $0.5 million and $0.8 million, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Income Taxes - Income Before Income Taxes for Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Income Tax Disclosure [Abstract]
United States	$ 177,940	$ 164,432	$ 124,547
Foreign	27,849	41,059	21,366
Income before income taxes	$ 205,789	$ 205,491	$ 145,913

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 30, 2022	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Minimum
Stock-Based Compensation
Vesting period		1 year
Maximum
Stock-Based Compensation
Vesting period		4 years
Stock options
Stock-Based Compensation
Vesting period		10 months
Number of Shares
Outstanding at beginning of period (in shares)	1,516,000	1,516,000
Granted (in shares)	318,411	318,000
Canceled (in shares)		(37,000)
Exercised (in shares)		(176,000)
Outstanding at end of period (in shares)		1,621,000	1,516,000
Exercisable (in shares)		1,076,000
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 30.51	$ 30.51
Granted (in dollars per share)		24.41
Canceled (in dollars per share)		30.46
Exercised (in dollars per share)		26.64
Outstanding at end of period (in dollars per share)		29.73	$ 30.51
Exercisable (in dollars per share)		$ 30.15
Additional information
Weighted Average Remaining Contractual Term, Outstanding		6 years 8 months 12 days	6 years 7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable		5 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding		$ 2,175	$ 24
Aggregate Intrinsic Value, Exercised		1,047	300	$ 5,100
Aggregate Intrinsic Value, Exercisable		776
Unrecognized compensation cost		$ 2,700
Period for recognition of unrecognized compensation costs		1 year 7 months 6 days
Vested during the period (in shares)		300,000
Cash received for exercises of stock options		$ 4,700	$ 1,100	$ 10,800
Fair value assumptions
Risk-free interest rate		2.87%	0.82%	0.34%
Dividend rate		2.70%	1.58%	0.00%
Expected life		5 years	5 years	5 years
Stock price volatility (as a percent)		42.78%	42.16%	41.79%
Fair value per option (in dollars per share)		$ 7.90	$ 12.29	$ 10.06
Stock options \| Former Long-Term Equity Award Plan
Stock-Based Compensation
Award expiration term		10 years
Stock options \| Minimum
Stock-Based Compensation
Purchase price of common stock at date of grant (less than) (as a percent)		100.00%

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Segment Information
Sales	$ 2,349,433	$ 2,356,811	$ 1,734,244
Operating Income (Loss)	211,439	206,756	136,736
Interest expense	(536)	(895)	(1,390)
Interest income	6,670	1,338	1,101
Other income (expense), net	(11,784)	(1,708)	9,466
Income before income taxes	205,789	205,491	145,913
Depreciation and Amortization	40,193	39,771	33,021
Capital Expenditures	68,812	76,580	37,960
Wholesale Segment
Segment Information
Sales	1,215,429	1,371,602	1,006,377
Operating Segments
Segment Information
Sales	2,838,481	2,769,191
Operating Segments \| Wholesale Segment
Segment Information
Sales	1,690,248	1,768,838	1,301,298
Operating Income (Loss)	115,215	134,013	134,312
Depreciation and Amortization	23,327	24,520	19,029
Capital Expenditures	38,491	49,373	27,303
Operating Segments \| Retail
Segment Information
Sales	982,043	804,394	612,906
Operating Income (Loss)	161,571	109,546	46,724
Depreciation and Amortization	7,922	6,320	4,894
Capital Expenditures	22,285	19,426	8,958
Corporate and Other
Segment Information
Sales	166,190	195,959	127,370
Operating Income (Loss)	(65,347)	(36,803)	(44,300)
Depreciation and Amortization	8,944	8,931	9,098
Capital Expenditures	8,036	7,781	1,699
Sales to external customers
Segment Information
Sales	151,961	180,815	114,961
Intersegment sales
Segment Information
Sales	(14,229)	(15,144)	(12,409)
Intersegment sales \| Wholesale Segment
Segment Information
Sales	(474,819)	(397,236)	(294,921)
Eliminations
Segment Information
Sales	$ (489,048)	$ (412,380)	$ (307,330)
Geographic Concentration Risk \| Sales
Segment Information
Sales by Country	100.00%	100.00%	100.00%
Geographic Concentration Risk \| United States \| Sales
Segment Information
Sales by Country	89.00%	89.00%	91.00%
Geographic Concentration Risk \| Canada \| Sales
Segment Information
Sales by Country	6.00%	6.00%	5.00%
Geographic Concentration Risk \| Other \| Sales
Segment Information
Sales by Country	5.00%	5.00%	4.00%

Acquisitions (Details) $ in Thousands								12 Months Ended
Acquisitions (Details) $ in Thousands	Mar. 20, 2023 USD ($) store center	Sep. 26, 2022 USD ($) store center	Jul. 18, 2022 USD ($) store center	Dec. 06, 2021 USD ($) store	Oct. 25, 2021 USD ($)	Aug. 16, 2021 USD ($) store	Sep. 14, 2020 USD ($) store warehouse	Apr. 29, 2023 USD ($)	Apr. 30, 2022 USD ($)	Apr. 24, 2021 USD ($)	Dec. 12, 2022 store
Business Acquisition [Line Items]
Goodwill								$ 205,008	$ 194,604	$ 175,814
Indefinite-lived intangible assets acquired								6,562	4,896
Total cash paid								16,835	26,323	2,000
Independently-owned Business
Business Acquisition [Line Items]
Consideration transferred				$ 8,300
Total cash paid				8,000
Retail
Business Acquisition [Line Items]
Goodwill								$ 129,360	$ 118,951	$ 107,316
Indefinite-lived intangible assets acquired				4,100
Retail \| Independently-owned Business
Business Acquisition [Line Items]
Goodwill				$ 7,400
Retail \| Furnico
Business Acquisition [Line Items]
Goodwill					$ 9,200
ALABAMA \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store				4
Chattanooga Tennessee \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store				1
UNITED KINGDOM \| Furnico
Business Acquisition [Line Items]
Total fair value of consideration					13,300
Payments to acquire businesses					$ 13,900
Seattle, Washington \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store							6
Indefinite-lived intangible assets acquired							$ 2,200
Consideration transferred							13,500
Payments for asset acquisitions							$ 2,000
Number of warehouses acquired \| warehouse							1
Guaranteed future payments for asset acquisitions							$ 9,400
Seattle, Washington \| Retail \| Independently-owned Business
Business Acquisition [Line Items]
Goodwill							$ 12,900
Spokane, Washington \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store		1
Number of distribution center acquired \| center		1
Total fair value of consideration		$ 4,700
Payments to acquire businesses		4,000
Indefinite-lived intangible asset, reacquired rights		1,200
Spokane, Washington \| Retail \| Independently-owned Business
Business Acquisition [Line Items]
Goodwill		$ 3,000
Denver, Colorado \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store			5
Number of distribution center acquired \| center			1
Total fair value of consideration			$ 10,100
Payments to acquire businesses			7,700
Indefinite-lived intangible assets acquired			4,300
Denver, Colorado \| Retail \| Independently-owned Business
Business Acquisition [Line Items]
Goodwill			$ 7,600
Long Island, New York \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store						3
Total fair value of consideration						$ 4,500
Payments to acquire businesses						4,400
Indefinite-lived intangible assets acquired						800
Long Island, New York \| Retail \| Independently-owned Business
Business Acquisition [Line Items]
Goodwill						$ 4,400
Baton Rouge, Louisiana \| Independently-owned Business
Business Acquisition [Line Items]
Indefinite-lived intangible assets and goodwill assets, useful life (in years)	15 years
Number of stores acquired \| store	1
Number of distribution center acquired \| center	1
Total fair value of consideration	$ 5,000
Payments to acquire businesses	4,900
Indefinite-lived intangible asset, reacquired rights	$ 500
Barboursville, West Virginia \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store											1

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Federal
Current	$ 31,945	$ 30,793	$ 18,327
Deferred	4,960	2,303	6,771
State
Current	10,345	9,191	6,475
Deferred	1,537	1,060	2,339
Foreign
Current	7,237	11,632	4,451
Deferred	(2,176)	(1,816)	21
Total income tax expense	$ 53,848	$ 53,163	$ 38,384

Stock-Based Compensation - Restricted Stock and RSUs (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Maximum
Stock-Based Compensation
Vesting period	4 years
Restricted Stock
Shares
Granted (in shares)	256,128
Restricted Stock \| Employees
Stock-Based Compensation
Percentage vesting each year from date of grant	25.00%
Period from grant date for first vesting	1 year
Vesting period	4 years
Unrecognized compensation cost	$ 6.7
Period for recognition of unrecognized compensation costs	1 year 6 months
Shares
Non-vested at beginning of period (in shares)	287,000
Granted (in shares)	256,000
Vested (in shares)	(107,000)
Canceled (in shares)	(43,000)
Non-vested at end of period (in shares)	393,000	287,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 33.45
Granted (in dollars per share)	24.58
Vested (in dollars per share)	32.81
Canceled (in dollars per share)	31.15
Non-vested at end of period (in dollars per share)	28.10	$ 33.45
Restricted Stock \| Non-Employee Directors
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 26.49	$ 35.34	$ 32.08
Restricted Stock \| Non-Employee Directors \| Maximum
Shares
Granted (in shares)	100,000	100,000	100,000

Income Taxes (Tables)

12 Months Ended

Apr. 29, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes for Continuing Operations

Income before income taxes consists of the following:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
United States	$	177,940	$	164,432	$	124,547
Foreign	27,849		41,059		21,366
Total	$	205,789	$	205,491	$	145,913

Components of Income Tax Expense (Benefit)

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Federal
Current	$	31,945	$	30,793	$	18,327
Deferred	4,960		2,303		6,771
State
Current	10,345		9,191		6,475
Deferred	1,537		1,060		2,339
Foreign
Current	7,237		11,632		4,451
Deferred	(2,176)		(1,816)		21
Total income tax expense	$	53,848	$	53,163	$	38,384

Reconciliation of Effective Tax Rate

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(% of income before income taxes)	4/29/2023		4/30/2022		4/24/2021
Statutory tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) in income taxes resulting from:

State income taxes, net of federal benefit	4.5	%	3.9	%	4.3	%

Losses/(gains) on corporate owned life insurance	0.2	%	—	%	(1.2)	%



Fair value adjustment of contingent consideration liability	(0.1)	%	(0.3)	%	2.0	%

Miscellaneous items	0.6	%	1.3	%	0.2	%
Effective tax rate	26.2	%	25.9	%	26.3	%

Components of Deferred Tax Assets and Liabilities

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


(Amounts in thousands)	4/29/2023		4/30/2022
Assets
Leases	$	110,993	$	108,108
Deferred and other compensation	19,475		21,309
State income tax—net operating losses, credits and other	5,126		5,795
Warranty	7,213		6,402
Inventory	—		2,274
Workers' compensation	1,817		2,292
Bad debt	1,475		1,216
Employee benefits	2,159		2,170
Federal net operating losses, credits	530		908

Other	2,198		81
Valuation allowance	(3,468)		(3,517)
Total deferred tax assets	147,518		147,038
Liabilities
Right of use lease assets	(104,067)		(102,978)
Property, plant and equipment	(19,936)		(20,412)
Inventory	(1,802)		—
Goodwill and other intangibles	(14,128)		(11,914)
Tax on undistributed foreign earnings	(1,152)		(1,102)


Net deferred tax assets	$	6,433	$	10,632

Summary of Deferred Tax Assets Associated with Loss Carryforwards

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

(Amounts in thousands)

Amount

Expiration

Federal net operating losses

530

Fiscal 2039

Various U.S. state net operating losses (excluding federal tax effect)

2,074

Fiscal 2024 - 2038

Foreign capital losses

147

Indefinite

Foreign net operating losses

131

Indefinite

Summary of Valuation Allowance by Jurisdiction

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


(Amounts in thousands)	4/29/2023		4/30/2022		Change
U.S. Federal	$	1,822	$	1,460	$	362
U.S. State	1,496		1,907		(411)
Foreign	150		150		—
Total	$	3,468	$	3,517	$	(49)

Reconciliation of Unrecognized Tax Benefits

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Balance at the beginning of the period	$	1,037	$	1,069	$	1,030
Additions:
Positions taken during the current year	109		121		176
Positions taken during the prior year	83		10		35
Reductions:
Positions taken during the prior year	—		(23)		(19)
Decreases related to settlements with taxing authorities	—		—		—
Reductions resulting from the lapse of the statute of limitations	(145)		(140)		(153)
Balance at the end of the period	$	1,084	$	1,037	$	1,069

Product Warranties

12 Months Ended

Apr. 29, 2023

Product Warranties Disclosures [Abstract]

Product Warranties

We accrue an estimated liability for product warranties when we recognize revenue on the sale of warrantied products. We estimate future warranty claims on product sales based on our historical claims experience and periodically adjust the provision to reflect changes in actual experience. 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 reportable segment as we generally warrant our products against defects for one to three years on fabric and leather, from one to ten years on cushions and padding, and provide a limited lifetime warranty on certain mechanisms and frames, unless otherwise noted in the warranty. Additionally, 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 the Joybird products, which are a part of our Corporate and Other results. For all our manufacturer warranties, the warranty period begins when the consumer receives our product. We use considerable judgment in making our estimates, and we record differences between our actual and estimated costs when the differences are known.

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


(Amounts in thousands)	4/29/2023		4/30/2022
Balance as of the beginning of the year	$	27,036	$	23,636
Acquisitions	—		548
Accruals during the year	35,276		30,146
Settlements during the year	(31,328)		(27,294)
Balance as of the end of the year (1)	$	30,984	$	27,036

We recorded accruals during the periods presented in the table above, primarily to reflect charges that relate to warranties issued during the respective periods.

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Apr. 29, 2023	Apr. 24, 2021
Goodwill [Line Items]
Goodwill impairment		$ 26,900,000
Annual amortization expense for next twelve months	$ 1,000,000
Annual amortization expense for year two	1,000,000
Annual amortization expense for year three	1,000,000
Annual amortization expense for year four	400,000
Annual amortization expense for year five	200,000
United Kingdom Reporting Unit
Goodwill [Line Items]
Goodwill impairment	$ 0
United Kingdom Reporting Unit \| Measurement Input, Tax Rate
Goodwill [Line Items]
Measurement input	25.00%
United Kingdom Reporting Unit \| Measurement Input, Cost Of Capital
Goodwill [Line Items]
Measurement input	8.70%
Joybird Reporting Unit
Goodwill [Line Items]
Goodwill impairment	$ 0
Income approach, percent evaluated	75.00%
Reporting unit, percentage of fair value in excess of income and market approach	25.00%
Joybird Reporting Unit \| Measurement Input, Long-Term Revenue Growth Rate
Goodwill [Line Items]
Measurement input	2.00%
Joybird Reporting Unit \| Measurement Input, Discount Rate
Goodwill [Line Items]
Measurement input	18.00%
Joybird Reporting Unit \| Measurement Input, Tax Rate
Goodwill [Line Items]
Measurement input	24.90%

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 819,622	$ 782,146	$ 716,306
Changes before reclassifications	161	(4,410)	5,264
Amounts reclassified to net income	424	365	338
Tax effect	(316)	(231)	(171)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	269	(4,276)	5,431
Ending balance	952,097	819,622	782,146
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	819,622	782,146	716,306
Net income	151,941	152,328	107,529
Other comprehensive income (loss)	356	(5,078)	5,965
Ending balance	952,097	819,622	782,146
Translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,961)	3,041	(1,891)
Changes before reclassifications	(691)	(5,002)	4,932
Amounts reclassified to net income	0	0	0
Tax effect	0	0	0
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(691)	(5,002)	4,932
Ending balance	(2,652)	(1,961)	3,041
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	(1,961)	3,041	(1,891)
Ending balance	(2,652)	(1,961)	3,041
Unrealized gain (loss) on marketable securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(298)	370	449
Changes before reclassifications	(27)	(947)	(96)
Amounts reclassified to net income	231	59	(9)
Tax effect	(51)	220	26
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	153	(668)	(79)
Ending balance	(145)	(298)	370
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	(298)	370	449
Ending balance	(145)	(298)	370
Net pension amortization and net actuarial loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3,538)	(4,932)	(5,510)
Changes before reclassifications	879	1,539	428
Amounts reclassified to net income	193	306	347
Tax effect	(265)	(451)	(197)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	807	1,394	578
Ending balance	(2,731)	(3,538)	(4,932)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	(3,538)	(4,932)	(5,510)
Ending balance	(2,731)	(3,538)	(4,932)
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5,797)	(1,521)	(6,952)
Ending balance	(5,528)	(5,797)	(1,521)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	(5,797)	(1,521)	(6,952)
Ending balance	(5,528)	(5,797)	(1,521)
Non-Controlling Interests
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	8,897	8,648	15,553
Ending balance	10,261	8,897	8,648
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	8,897	8,648	15,553
Net income	1,277	2,311	1,068
Other comprehensive income (loss)	87	(802)	534
Dividends distributed to joint venture minority partners	0	(1,260)	(8,507)
Ending balance	$ 10,261	$ 8,897	$ 8,648

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Apr. 30, 2022	Apr. 29, 2023	Apr. 24, 2021
Dividends declared and paid (in dollars per share)	$ 0.63	$ 0.693	$ 0.36
Dividends declared not paid (in dollars per share)	$ 0.63	$ 0.693	$ 0.36
Common Shares
Purchases of common stock (in shares)	2,480	204	1,079

Employee Benefits (Tables)

12 Months Ended

Apr. 29, 2023

Retirement Benefits [Abstract]

Schedule of Total Costs Associated with Plans

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
401(k) Retirement Plan	$	12,877	$	11,763	$	7,313
Performance Compensation Retirement Plan	160		1,654		3,810
Deferred Compensation Plan	202		242		24
Non-Qualified Defined Benefit Retirement Plan (1)	748		763		803

(1)Primarily related to interest cost

Schedule of Further Information Related to Plans

While the Company no longer makes contributions, the outstanding liability balance related to the plan is as follows:


(Amounts in thousands)	4/29/2023		4/30/2022
Short-term obligation included in other current liabilities	$	2,103	$	1,922
Long-term obligation included in other long-term liabilities	11,895		13,898

Further information related to the plan is as follows:


(Amounts in thousands)	4/29/2023		4/30/2022
Plan obligation included in other long-term liabilities	$	21,689	$	24,595
Cash surrender value on life insurance contracts included in other long-term assets (1)	40,723		42,699

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

Further information related to the plan is as follows:


(Amounts in thousands)	4/29/2023			4/30/2022
Short-term plan obligation included in other current liabilities	$	1,053		$	1,059
Long-term plan obligation included in other long-term liabilities	11,053			12,461
Discount rate used to determine obligation	5.3		%	4.3		%


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Actuarial loss recognized in AOCI	$	193	$	306	$	347
Benefit payments (1)	1,091		1,182		1,091

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

Restricted Cash (Tables)

12 Months Ended

Apr. 29, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash


(Amounts in thousands)	4/29/2023		4/30/2022
Cash and cash equivalents	$	343,374	$	245,589
Restricted cash	3,304		3,267
Total cash, cash equivalents and restricted cash	$	346,678	$	248,856

Debt (Details) - USD ($)		12 Months Ended
Debt (Details) - USD ($)	Oct. 15, 2021	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Debt
Cash paid for interest		$ 300,000	$ 500,000	$ 800,000
Revolving credit facility
Debt
Credit commitment		150,000,000
Unsecured Revolving Credit Facility \| Revolving credit facility
Debt
Debt instrument term	5 years
Credit commitment	$ 200,000,000
Accordion feature, increase limit	$ 100,000,000
Line of credit facility, outstanding		$ 0

Employee Benefits - Additional Information (Details) - Performance Compensation Retirement Plan	12 Months Ended
	Apr. 29, 2023
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Period to elect to receive benefit payments	5 years
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Period to elect to receive benefit payments	20 years

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Operating leases
ROU lease assets	$ 415,925	$ 405,287
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use lease assets	Right of use lease assets
Lease liabilities, short-term	$ 77,626	$ 75,148
Short-term operating lease liability, statement of financial position [Extensible List]	Lease liabilities, short-term	Lease liabilities, short-term
Lease liabilities, long-term	$ 367,938	$ 354,493
Long-term operating lease liability, statement of financial position [Extensible List]	Lease liabilities, long-term	Lease liabilities, long-term
Finance leases
ROU lease assets	$ 344	$ 468
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use lease assets	Right of use lease assets
Lease liabilities, short-term	$ 125	$ 123
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, short-term	Lease liabilities, short-term
Lease liabilities, long-term	$ 225	$ 350
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, long-term	Lease liabilities, long-term

Employee Benefits - Further Information Related to Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate used to determine obligation	5.30%	4.30%
Actuarial loss recognized in AOCI	$ 193	$ 306	$ 347
Benefit payments	1,091	1,182	$ 1,091
Other current liabilities \| Performance Compensation Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in liabilities	2,103	1,922
Other current liabilities \| Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in liabilities	1,053	1,059
Other long-term liabilities \| Performance Compensation Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in liabilities	11,895	13,898
Other long-term liabilities \| Executive Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in other long-term liabilities	21,689	24,595
Other long-term liabilities \| Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in liabilities	11,053	12,461
Other long-term assets \| Executive Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cash surrender value on life insurance contracts included in other long-term assets	40,723	$ 42,699
Minimum \| Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Annual benefit payments for the next 10 years	1,000
Maximum \| Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Annual benefit payments for the next 10 years	$ 1,100

Investments

12 Months Ended

Apr. 29, 2023

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 investments of two privately-held companies consisting of non-marketable preferred shares, warrants to purchase common shares, and convertible notes. In the fourth quarter of fiscal 2023, we recognized an impairment of $10.3 million, consisting of $7.6 million in cost-basis investments and $2.7 million in convertible notes, which in total represents the full cost-basis value of the investment in one of these privately held start-up companies. The impairment loss is recognized in other income (expense), net, on the consolidated statement of income (refer to Note 20, Fair Value Measurement for additional information).

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:


(Amounts in thousands)	4/29/2023		4/30/2022
Short-term investments:
Marketable securities	$	5,043	$	16,022
Held-to-maturity investments	1,351		1,337
Total short-term investments	6,394		17,359
Long-term investments:
Marketable securities	18,509		26,599
Cost basis investments	—		7,579
Total long-term investments	18,509		34,178
Total investments	$	24,903	$	51,537

Investments to enhance returns on cash	$	11,617	$	27,239
Investments to fund compensation/retirement plans	13,286		14,219
Other investments	—		10,079
Total investments	$	24,903	$	51,537

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


	4/29/2023						4/30/2022
(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity securities	$	1,338	$	(103)	$	6,853	$	1,448	$	(86)	$	13,905
Fixed income	42		(620)		14,039		28		(809)		33,521
Other	1,171		—		4,011		1,250		—		4,111
Total securities	$	2,551	$	(723)	$	24,903	$	2,726	$	(895)	$	51,537

The following table summarizes sales of marketable securities:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Proceeds from sales	$	24,483	$	35,116	$	33,631
Gross realized gains	94		879		1,026
Gross realized losses	(242)		(402)		(71)

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


(Amounts in thousands)	4/29/2023
Within one year	$	5,038
Within two to five years	6,612
Within six to ten years	674
Thereafter	1,715
Total	$	14,039

Employee Benefits - Total Costs Associated with Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
401(k) Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Labor and related expense	$ 12,877	$ 11,763	$ 7,313
Performance Compensation Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Labor and related expense	160	1,654	3,810
Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Labor and related expense	202	242	24
Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Labor and related expense	$ 748	$ 763	$ 803

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Current assets
Receivables, allowance	$ 4,776	$ 3,406
Shareholders' equity
Preferred shares, authorized (in shares)	5,000,000	5,000,000
Preferred shares, issued (in shares)	0	0
Common shares, par value (in dollars per share)	$ 1	$ 1
Common shares, authorized (in shares)	150,000,000	150,000,000
Common shares, outstanding (in shares)	43,318,000	43,089,000

Fair Value Measurements - Level 3 Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Oct. 29, 2022	Apr. 29, 2023	Apr. 30, 2022
Assets
Balance at beginning of the year		$ 10,079	$ 7,579
Purchases			2,500
Settlements			0
Impairment		(10,316)
Fair value adjustment		0	0
Balance at end of the year		0	10,079
Liabilities
Balance at beginning of the year		800	14,100
Purchases		0	0
Settlements			(10,000)
Impairment		0
Fair value adjustment	$ (800)		(3,300)
Balance at end of the year		$ 0	$ 800
FairValueRecurringBasisUnobservableInputReconciliationAssetGainLossStatementOfIncomeExtensibleListNotDisclosedFlag		Impairment

Leases - Supplemental Lease Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities, operating	$ 91,934	$ 84,492
Cash paid for amounts included in the measurement of lease liabilities, financing	130	130
Lease liabilities arising from new ROU lease assets, operating	92,787	140,376
Lease liabilities arising from new ROU lease assets, financing	$ 0	$ 0
Lease term and discount rate
Operating lease, Weighted-average remaining lease term (years)	7 years	7 years 2 months 12 days
Finance lease, Weighted-average remaining lease term (years)	2 years 9 months 18 days	3 years 9 months 18 days
Operating Lease, Weighted-average discount rate	3.50%	3.00%
Finance lease, Weighted-average discount rate	1.70%	1.70%

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Allowance for doubtful accounts, deducted from accounts receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 3,406	$ 4,011	$ 7,541
Acquisitions	0	51	0
Charged/ (Credited) to Costs and Expenses	1,489	(629)	(3,319)
Charged/ (Credited) to Other Accounts	0	0	0
Deductions	(119)	(27)	(211)
Balance at End of Year	4,776	3,406	4,011
Allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	3,517	3,495	2,137
Acquisitions	0	133	0
Charged/ (Credited) to Costs and Expenses	370	851	2,308
Charged/ (Credited) to Other Accounts	(419)	(962)	(950)
Deductions	0	0	0
Balance at End of Year	$ 3,468	$ 3,517	$ 3,495

Segment Information (Tables)

12 Months Ended

Apr. 29, 2023

Segment Reporting [Abstract]

Schedule of Operating Income (Loss) by Segment

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Sales
Wholesale segment:
Sales to external customers	$	1,215,429	$	1,371,602	$	1,006,377
Intersegment sales	474,819		397,236		294,921
Wholesale segment sales	1,690,248		1,768,838		1,301,298

Retail segment sales	982,043		804,394		612,906

Corporate and Other:
Sales to external customers	151,961		180,815		114,961
Intersegment sales	14,229		15,144		12,409
Corporate and Other sales	166,190		195,959		127,370

Eliminations	(489,048)		(412,380)		(307,330)
Consolidated sales	$	2,349,433	$	2,356,811	$	1,734,244

Operating Income (Loss)
Wholesale segment	$	115,215	$	134,013	$	134,312
Retail segment	161,571		109,546		46,724
Corporate and Other	(65,347)		(36,803)		(44,300)
Consolidated operating income	211,439		206,756		136,736
Interest expense	(536)		(895)		(1,390)
Interest income	6,670		1,338		1,101

Other income (expense), net	(11,784)		(1,708)		9,466
Income before income taxes	$	205,789	$	205,491	$	145,913

Schedule of Additional Financial Information by Segment

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Depreciation and Amortization
Wholesale segment	$	23,327	$	24,520	$	19,029
Retail segment	7,922		6,320		4,894
Corporate and Other	8,944		8,931		9,098
Consolidated depreciation and amortization	$	40,193	$	39,771	$	33,021

Capital Expenditures
Wholesale segment	$	38,491	$	49,373	$	27,303
Retail segment	22,285		19,426		8,958
Corporate and Other	8,036		7,781		1,699
Consolidated capital expenditures	$	68,812	$	76,580	$	37,960

Sales by Country
United States	89%		89%		91%
Canada	6%		6%		5%
Other	5%		5%		4%
Total	100%		100%		100%


(Amounts in thousands)	4/29/2023		4/30/2022
Assets
Wholesale segment	$	688,238	$	741,150
Retail segment	615,752		587,083
Unallocated assets	562,273		603,856
Consolidated assets	$	1,866,263	$	1,932,089

Long-Lived Assets by Geographic Location
Domestic	$	865,556	$	798,089
International	73,674		89,385
Consolidated long-lived assets	$	939,230	$	887,474

Restricted Cash (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 343,374	$ 245,589
Restricted cash	3,304	3,267
Total cash, cash equivalents and restricted cash	$ 346,678	$ 248,856	$ 394,703	$ 263,528

Accounting Policies (Policies)

12 Months Ended

Apr. 29, 2023

Accounting Policies [Abstract]

Principles of Consolidation

The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries. The portion of less than wholly-owned subsidiaries is included as non-controlling interest. All intercompany transactions have been eliminated, including any related profit on intercompany sales.

At April 29, 2023, we owned investments in two privately-held companies consisting of non-marketable preferred shares, warrants to purchase common shares, and convertible notes. Each of these companies is a variable interest entity and we have not consolidated their results in our financial statements because we do not have the power to direct those activities that most significantly impact their economic performance and, therefore, are not the primary beneficiary.

Use of Estimates

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect the reported amounts or disclosures of assets, liabilities (including contingent liabilities), sales, and expenses at the date of the financial statements. Actual results could differ from those estimates.

Cash and Equivalents

For purposes of the consolidated balance sheet and statement of cash flows, we consider all highly liquid debt instruments purchased with initial maturities of three months or less to be cash equivalents.

Restricted Cash

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

Inventories

Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ("LIFO") basis for approximately 59% and 60% of our inventories at April 29, 2023, and April 30, 2022, respectively. Cost is determined for all other inventories on a first-in, first-out ("FIFO") basis. The majority of our La-Z-Boy Wholesale segment inventory uses the LIFO method of accounting, while the FIFO method is used primarily in our Retail segment and Joybird business.

Property, Plant and Equipment

Items capitalized, including significant betterments to existing facilities, are recorded at cost. Capitalized computer software costs include internal and external costs incurred during the software's development stage. Internal costs relate primarily to employee activities for coding and testing the software under development. Computer software costs are depreciated over three to five years. All maintenance and repair costs are expensed when incurred. Depreciation is computed principally using straight-line methods over the estimated useful lives of the assets.

Disposal and Impairment of Long-Lived Assets

Retirement or dispositions of long-lived assets are recorded based on carrying value and proceeds received. Any resulting gains or losses are recorded as a component of selling, general and administrative ("SG&A") expenses.

We review the carrying value of our long-lived assets, which includes our right-of-use lease assets, for impairment if events or changes in circumstances indicate that their carrying amounts may not be recoverable. Our assessment of recoverability is based

on our best estimates using either quoted market prices or an analysis of the undiscounted projected future cash flows by asset groups in order to determine if there is any indicator of impairment requiring us to further assess the fair value of our long-lived assets. Our asset groups consist of our operating segments in our Wholesale reportable segment, each of our retail stores, our Joybird operating segment, and other corporate assets, which are evaluated at the consolidated level.

Indefinite-Lived Intangible Assets and Goodwill

Indefinite-lived intangible assets include our American Drew trade name and the reacquired right to own and operate La-Z-Boy Furniture Galleries® stores we have acquired. Prior to our retail acquisitions, we licensed the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in those markets to the dealers whose assets we acquired, and we reacquired these rights when we purchased the dealers' other assets. The reacquired right to own and operate La-Z-Boy Furniture Galleries® stores are indefinite-lived because our retailer agreements are perpetual agreements that have no specific expiration date and no renewal options. A retailer agreement remains in effect as long as the independent retailer is not in default under the terms of the agreement.

Our goodwill relates to the acquisitions of La-Z-Boy Furniture Galleries® stores, the La-Z-Boy wholesale business in the United Kingdom and Ireland, the La-Z-Boy manufacturing business in the United Kingdom, and Joybird®, an e-commerce retailer and manufacturer of upholstered furniture. The reporting unit for goodwill arising from retail store acquisitions is our Retail operating segment. We have two geographic regions which are considered components of our Retail operating segment. These two geographic regions are aggregated into one reporting unit for goodwill because they are economically similar, they operate in a consistent manner across the regions, and each store supports and benefits from common research and development projects. Additionally, the goodwill is recoverable from each of the geographic regions working in concert because we can change the composition of the regions to strategically rebalance management and distribution capacity as needed. Goodwill arising from the acquisition of our wholesale business in the United Kingdom and Ireland along with goodwill arising from the acquisition of our manufacturing business in the United Kingdom are combined into the United Kingdom reporting. These two businesses are considered components of the International operating segment and are aggregated into one reporting unit for goodwill because they are economically similar and work in concert as they represent the manufacturing and selling entities within the United Kingdom. The reporting unit for goodwill arising from the acquisition of Joybird is the Joybird operating segment.

We test indefinite-lived intangibles and goodwill for impairment on an annual basis in the fourth quarter of our fiscal year, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. We have the option to first assess qualitative factors in order to determine if it is more likely than not that the fair value of our intangible assets or reporting units are greater than their carrying value. If the qualitative assessment leads to a determination that the intangible asset/reporting unit’s fair value may be less than its carrying value, or if we elect to bypass the qualitative assessment altogether, we are required to perform a quantitative impairment test by calculating the fair value of the intangible asset/reporting unit and comparing the fair value with its associated carrying value. When we perform the quantitative test for indefinite-lived intangible assets, we establish the fair value of our indefinite-lived trade names and reacquired rights based upon the relief from royalty method. When we perform the quantitative test for goodwill, we establish the fair value for the reporting unit based on the income approach, in which we utilize a discounted cash flow model, the market approach, in which we utilize market multiples of comparable companies, or a combination of both approaches. In situations where the fair value is less than the carrying value, an impairment charge would be recorded for the shortfall.

Amortizable Intangible Assets

We have amortizable intangible assets related to the acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland, which primarily include acquired customer relationships. These intangible assets are amortized on a straight-line basis over their estimated useful lives, which do not exceed 15 years. We also have an amortizable intangible asset for the Joybird® trade name, which is amortized on a straight-line basis over its estimated useful life of eight years. All intangible amortization expense is recorded as a component of SG&A expense. We test amortizable intangible assets for impairment if events or changes in circumstances indicate that the assets might be impaired. If we determine an assessment for impairment is necessary, we establish the fair value of these amortizable intangible assets based on the multi-period excess earnings method, a variant of the income approach, and the relief from royalty method, as applicable.

Investments

Available-for-sale debt securities are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income/(loss). Equity securities are recorded at fair value with

unrealized gains and losses recorded in other income (expense), net. We also hold investments in two privately-held companies consisting of non-marketable preferred shares, warrants to purchase common shares, and convertible notes. The fair value of these equity investments (preferred shares and warrants) is not readily determinable and therefore, we estimate the fair value as costs minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar investments with the same issuer. The convertible notes are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income, consistent with our other available-for-sale debt securities.

Realized gains and losses for all investments, charges for other-than-temporary impairments of debt securities, and charges for impairment on our equity investments without readily determinable values are included in determining net income, with related purchase costs based on the first-in, first-out method. We evaluate our available-for-sale debt investments for possible other-than-temporary impairments by reviewing factors such as the extent to which an investment's fair value is below our cost basis, the issuer's financial condition, and our ability and intent to hold the investment for sufficient time for its market value to recover. For impairments that are other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment's cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment and it is not adjusted for subsequent recoveries in fair value. During fiscal 2023, we recognized a $10.3 million impairment charge for one of the investments which was recorded as a component of other income (expense), net in the consolidated statement of income. There were no impairment charges recorded in the fiscal 2022 or fiscal 2021.

Life Insurance

Life insurance policies are recorded at the amount that could be realized under the insurance contract as of the date of our consolidated balance sheet. These assets are classified as other long-term assets on our consolidated balance sheet and are used to fund our executive deferred compensation plan and performance compensation retirement plan. The change in cash surrender or contract value is recorded as income or expense, in other income (expense), net, during each period.

Customer Deposits

Customer DepositsWe collect a deposit on a portion of the total merchandise price at the time a customer order is placed in one of our company-owned retail stores, and through our website, www.la-z-boy.com. We record this as a customer deposit, which is included in our accrued expenses and other current liabilities on our consolidated balance sheet. The balance of the order is paid in full prior to delivery of the product. At the time the customer places an order through www.joybird.com, we collect the entire amount owed and record this as a customer deposit.

Revenue Recognition and Related Allowances

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

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

We recognize revenue for retail sales and online sales to the end consumer through our company-owned retail stores, www.la-z-boy.com or www.joybird.com once the end consumer has taken control of the furniture, at which point legal title has passed to them. This takes place when the product is delivered to the end consumer's home. Home delivery is not a promised service to

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

At the time we recognize revenue, we make provisions for estimated refunds, product returns, and warranties, as well as other incentives that we may offer to customers. When estimating our incentives, we utilize either the expected value method or the most likely amount to determine the amount of variable consideration. We use either method depending on which method will provide the best estimate of the variable consideration, and we only include variable consideration when it is probable that there will not be a significant reversal in the amount of cumulative revenue recognized when the uncertainty associated with the variable consideration is subsequently resolved. Incentives offered to customers include cash discounts, rebates, advertising agreements and other sales incentive programs. Our sales incentives, including cash discounts and rebates, are recorded as a reduction to revenues. Service allowances are for a distinct good or service with our customers and are recorded as a component of SG&A expense in our consolidated statement of income, and are not recorded as a reduction of revenue and are not considered variable consideration. We use substantial judgment based on the type of variable consideration or service allowance, historical experience and expected sales volume when estimating these provisions. The expected costs associated with our warranties and service allowances are recognized as expense when our products are sold. For sales tax, we elected to exclude from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). This allows us to present revenue net of these certain types of taxes.

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

Allowance for Credit Losses

Trade accounts receivable arise from the sale of products on trade credit terms. On a quarterly basis, we review all significant accounts as to their past due balances, as well as collectability of the outstanding trade accounts receivable for possible write off. It is our policy to write off the accounts receivable against the allowance account when we deem the receivable to be uncollectible. Additionally, we review orders from dealers that are significantly past due, and we ship product only when our ability to collect payment from our customer for the new order is probable.

Our allowances for credit losses reflect our best estimate of losses inherent in the trade accounts receivable balance. We determine the allowance based on known troubled accounts, weighing probabilities of future conditions and expected outcomes, and other currently available evidence.

Cost of Sales

Our cost of sales consists primarily of the cost to manufacture or purchase our merchandise, inspection costs, internal transfer costs, in-bound freight costs, outbound shipping costs, as well as warehousing costs, occupancy costs, and depreciation expense related to our manufacturing facilities and equipment.

Selling, General and Administrative Expenses

SG&A expenses include the costs of selling our products and other general and administrative costs. Selling expenses are primarily composed of commissions, advertising, warranty, bad debt expense, and compensation and benefits of employees performing various sales functions. Additionally, the occupancy costs of our retail facilities and the warehousing costs of our distribution centers are included as a component of SG&A. Other general and administrative expenses included in SG&A are composed primarily of compensation and benefit costs for administrative employees and other administrative costs.

Other Income (Expense), Net

Other income (expense), net is made up primarily of foreign currency exchange net gain/(loss), gain/(loss) on the sale of investments, and unrealized gain/(loss) on equity securities. Other income (expense), net for fiscal 2023 also includes a $10.3 million impairment of our investments in a privately-held start-up company and fiscal 2021 includes the benefit of $5.2 million of payroll tax credits resulting from the CARES Act.

Research and Development Costs

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

Advertising Expenses

Production costs of commercials, programming and costs of other advertising, promotion and marketing programs are charged to expense in the period in which the commercial or advertisement is first aired or released. Gross advertising expenses were $159.0 million, $126.8 million, and $94.6 million for the fiscal years ended April 29, 2023, April 30, 2022, and April 24, 2021, respectively.

A portion of our advertising program is a national advertising campaign. This campaign is a shared advertising program with our dealers' La-Z-Boy Furniture Galleries® stores, which reimburse us for over 20% of the cost of the program (excluding company-owned stores). Because of this shared cost arrangement, the advertising expense is reported as a component of SG&A, while the dealers' reimbursement portion is reported as a component of sales.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.

In periods when deferred tax assets are recorded, we are required to estimate whether recoverability is more likely than not (i.e. a likelihood of more than 50%), based on, among other things, forecasts of taxable earnings in the related tax jurisdiction. We consider historical and projected future results of operations, the eligible carry-forward period, tax law changes, tax planning opportunities, and other relevant considerations when making judgments about realizing the value of our deferred tax assets.

We recognize in our consolidated financial statements the benefit of a position taken or expected to be taken in a tax return when it is more likely than not that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is more likely than not to be realized upon settlement. Changes in judgment that result in subsequent recognition, derecognition or change in a measurement date of a tax position taken in a prior annual period (including any related interest and penalties) are recognized as a discrete item in the interim period in which the change occurs.

Foreign Currency Translation

Foreign currency transaction gains and losses associated with translating assets and liabilities denominated in a currency that is different than a subsidiaries' functional currency, are recorded in cost of sales and other income (expense), net in our consolidated statement of income. Assets and liabilities of foreign subsidiaries whose functional currency is their local currency are translated at the year-end exchange rates, and revenues and expenses are translated at average exchange rates for the period, with the corresponding translation effect included as a component of other comprehensive income.

Accounting for Stock-Based Compensation

We estimate the fair value of equity-based awards, including option awards and stock-based awards that vest based on market conditions, on the date of grant using option-pricing models. The value of the portion of the equity-based awards that are

ultimately expected to vest is recognized as expense over the requisite service periods in our consolidated statement of income using a straight-line single-option method. We measure stock-based compensation cost for liability-based awards based on the fair value of the award on the grant date, and recognize it as expense over the vesting period. The liability for these awards is remeasured and adjusted to its fair value at the end of each reporting period until paid. We record compensation cost for stock-based awards that vest based on performance conditions ratably over the vesting periods when the vesting of such awards become probable.

Commitments and Contingencies

We establish an accrued liability for legal matters when those matters present loss contingencies that are both probable and reasonably estimable. As a litigation matter develops and in conjunction with any outside legal counsel handling the matter, we evaluate on an ongoing basis whether such matter presents a loss contingency that is probable and reasonably estimable. If, at the time of evaluation, the loss contingency related to a litigation matter is not both probable and reasonably estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and reasonably estimable. Once the loss contingency related to a litigation matter is deemed to be both probable and reasonably estimable, we will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. We continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.

Insurance/Self-Insurance

We use a combination of insurance and self-insurance for a number of risks, including workers' compensation, general liability, vehicle liability and the company-funded portion of employee-related health care benefits. Liabilities associated with these risks are estimated in part by considering historic claims experience, demographic factors, severity factors and other assumptions. Our workers' compensation reserve is an undiscounted liability. We have various excess loss coverages for employee-related health care benefits, vehicle liability, product liability, and workers' compensation liabilities. Our deductibles generally do not exceed $2.5 million.

Recent Accounting Pronouncements

Accounting pronouncement adopted in fiscal 2023

We did not adopt any Accounting Standards Updates ("ASUs") in fiscal 2023.

Accounting pronouncements not yet adopted

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

ASU

Description

Adoption Date

ASU 2023-02

Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.

Fiscal 2025

ASU 2021-08

Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers

Fiscal 2024

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Apr. 29, 2023

Apr. 30, 2022

Apr. 24, 2021

Cash flows from operating activities

Net income

$ 151,941

$ 152,328

$ 107,529

Adjustments to reconcile net income to cash provided by operating activities

(Gain)/loss on disposal and impairment of assets

6,365

(13,657)

(37)

(Gain)/loss on sale of investments

148

(478)

(954)

Provision for doubtful accounts

1,546

(617)

(3,169)

Depreciation and amortization

40,193

39,771

33,021

Amortization of right-of-use lease assets

76,511

72,942

65,571

Lease impairment

1,347

Equity-based compensation expense

12,458

11,858

12,671

Change in deferred taxes

3,895

1,022

8,790

Change in receivables

53,675

(41,829)

(38,288)

Change in inventories

32,311

(72,022)

(40,727)

Change in other assets

24,377

(16,232)

2,926

Change in payables

4,586

6,326

37,068

Change in lease liabilities

(77,811)

(73,805)

(65,881)

Change in other liabilities

(126,375)

13,397

191,397

Net cash provided by operating activities

205,167

79,004

309,917

Cash flows from investing activities

Proceeds from disposals of assets

136

22,588

2,770

Capital expenditures

(68,812)

(76,580)

(37,960)

Purchases of investments

(9,092)

(34,152)

(39,584)

Proceeds from sales of investments

24,483

36,096

36,071

Acquisitions

(16,835)

(26,323)

(2,000)

Net cash used for investing activities

(70,120)

(78,371)

(40,703)

Cash flows from financing activities

Payments on debt and finance lease liabilities

(123)

(121)

(75,050)

Holdback payments for acquisitions

(5,000)

(23,000)

(5,783)

Stock issued for stock and employee benefit plans, net of shares withheld for taxes

2,857

(1,818)

9,030

Repurchases of common stock

(5,004)

(90,645)

(44,202)

Dividends paid to shareholders

(29,869)

(27,717)

(16,542)

Dividends paid to minority interest joint venture partners

^[1]

(1,260)

(8,507)

Net cash used for financing activities

(37,139)

(144,561)

(141,054)

Effect of exchange rate changes on cash and equivalents

(86)

(1,919)

3,015

Change in cash, cash equivalents and restricted cash

97,822

(145,847)

131,175

Cash, cash equivalents and restricted cash at beginning of period

248,856

394,703

263,528

Cash, cash equivalents and restricted cash at end of period

346,678

248,856

394,703

Supplemental disclosure of non-cash investing activities

Capital expenditures included in accounts payable

$ 8,208

$ 9,234

$ 4,638

[1]	Includes dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested.

Accounting Policies

12 Months Ended

Apr. 29, 2023

Accounting Policies [Abstract]

Accounting Policies

The following is a summary of significant accounting policies followed in the preparation of La-Z-Boy Incorporated and its subsidiaries' (individually and collectively, "we," "our," "us," "La-Z-Boy" or the "Company") consolidated financial statements. Our fiscal year ends on the last Saturday of April. Our 2023 and 2021 fiscal years included 52 weeks, whereas our 2022 fiscal year included 53 weeks. The additional week in fiscal 2022 was included in the fourth quarter.

Principles of Consolidation

Use of Estimates

Cash and Equivalents

Restricted Cash

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

Inventories

Property, Plant and Equipment

Disposal and Impairment of Long-Lived Assets

Indefinite-Lived Intangible Assets and Goodwill

Amortizable Intangible Assets

Investments

Life Insurance

Customer Deposits

We collect a deposit on a portion of the total merchandise price at the time a customer order is placed in one of our company-owned retail stores, and through our website, www.la-z-boy.com. We record this as a customer deposit, which is included in our accrued expenses and other current liabilities on our consolidated balance sheet. The balance of the order is paid in full prior to delivery of the product. At the time the customer places an order through www.joybird.com, we collect the entire amount owed and record this as a customer deposit.

Revenue Recognition and Related Allowances

Allowance for Credit Losses

Cost of Sales

Selling, General and Administrative Expenses

Other Income (Expense), Net

Research and Development Costs

Research and development costs are charged to expense in the periods incurred. Expenditures for research and development costs were $9.1 million, $9.0 million, and $7.6 million for the fiscal years ended April 29, 2023, April 30, 2022, and April 24, 2021, respectively, and are included as a component of SG&A.

Advertising Expenses

Income Taxes

Foreign Currency Translation

Accounting for Stock-Based Compensation

Commitments and Contingencies

Insurance/Self-Insurance

Recent Accounting Pronouncements

Accounting pronouncement adopted in fiscal 2023

We did not adopt any Accounting Standards Updates ("ASUs") in fiscal 2023.

Accounting pronouncements not yet adopted

ASU

Description

Adoption Date

ASU 2023-02

Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.

Fiscal 2025

ASU 2021-08

Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers

Fiscal 2024

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Apr. 29, 2023

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

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

LA-Z-BOY INCORPORATED

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

(Amounts in thousands)


					Additions
Description	Balance at Beginning of Year		Acquisitions		Charged/ (Credited) to Costs and Expenses			Charged/ (Credited) to Other Accounts			Deductions			Balance at End of Year
Allowance for doubtful accounts, deducted from accounts receivable:
April 29, 2023	$	3,406	$	—	$	1,489	(1)	$	—		$	(119)	(2)	$	4,776
April 30, 2022	4,011		51		(629)		(1)	—			(27)		(2)	3,406
April 24, 2021	7,541		—		(3,319)		(1)	—			(211)		(2)	4,011
Allowance for deferred tax assets:
April 29, 2023	$	3,517	$	—	$	370		$	(419)	(3)	$	—		$	3,468
April 30, 2022	3,495		133		851			(962)		(3)	—			3,517
April 24, 2021	2,137		—		2,308			(950)		(3)	—			3,495

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

(2)Deductions represent uncollectible accounts written off less recoveries of accounts receivable written off in prior years.

(3)Represents impact of adjusting gross deferred tax assets.

Stock-Based Compensation - Performance Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 30, 2022	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Weighted Average Grant Date Fair Value
Equity based compensation expenses		$ 12,620	$ 10,727	$ 14,549
Performance-Based Shares
Number of Shares
Non-vested at beginning of period (in shares)	621,000	621,000
Granted (in shares)	240,833	482,000
Vested (in shares)		(122,000)
Canceled (in shares)		(218,000)
Non-vested at end of period (in shares)		763,000	621,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 32.28	$ 32.28
Granted (in dollars per share)		24.41
Vested (in dollars per share)		28.68
Canceled (in dollars per share)		30.21
Non-vested at end of period (in dollars per share)		$ 28.47	$ 32.28
Unrecognized compensation cost		$ 6,700
Period for recognition of unrecognized compensation costs		1 year 4 months 24 days
Equity based compensation expenses		$ 4,293	$ 4,971	5,505
Performance-Based Shares \| Fiscal 2019 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses		0	0	1,545
Performance-Based Shares \| Fiscal 2020 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses		0	1,066	2,051
Performance-Based Shares \| Fiscal 2021 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses		548	2,195	1,909
Performance-Based Shares \| Fiscal 2022 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses		1,649	1,710	0
Performance-Based Shares \| Fiscal 2023 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses		$ 2,096	$ 0	$ 0
Performance-based units
Stock-Based Compensation
Percentage of payout dependent on financial performance		50.00%
Percentage of payout dependent on total shareholder return		50.00%
Performance-based units \| Minimum
Stock-Based Compensation
Performance award opportunity as a percentage of target award		50.00%
Performance-based units \| Maximum
Stock-Based Compensation
Performance award opportunity as a percentage of target award		200.00%
Performance awards, performance period		3 years
Performance-Based Shares, vesting based on performance goals \| Fiscal 2023 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 22.43	$ 36.13	$ 30.75
Performance Based Shares, vesting based on market conditions \| Fiscal 2023 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 36.63	$ 51.85	$ 38.14

Inventories (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 116,440	$ 146,896
Work in process	24,328	36,834
Finished goods	181,401	185,870
FIFO inventories	322,169	369,600
Excess of FIFO over LIFO	(45,912)	(66,409)
Total inventories	$ 276,257	$ 303,191

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Current assets
Cash and equivalents	$ 343,374	$ 245,589
Restricted cash	3,304	3,267
Receivables, net of allowance of $4,776 at 4/29/2023 and $3,406 at 4/30/2022	125,536	183,747
Inventories, net	276,257	303,191
Other current assets	106,129	215,982
Total current assets	854,600	951,776
Property, plant and equipment, net	278,578	253,144
Goodwill	205,008	194,604
Other intangible assets, net	39,375	33,971
Deferred income taxes – long-term	8,918	10,632
Right of use lease assets	416,269	405,755
Other long-term assets, net	63,515	82,207
Total assets	1,866,263	1,932,089
Current liabilities
Accounts payable	107,460	104,025
Lease liabilities, short-term	77,751	75,271
Accrued expenses and other current liabilities	290,650	496,393
Total current liabilities	475,861	675,689
Lease liabilities, long-term	368,163	354,843
Other long-term liabilities	70,142	81,935
Shareholders' equity
Preferred shares – 5,000 authorized; none issued	0	0
Common shares, $1 par value – 150,000 authorized; 43,318 outstanding at 4/29/2023 and 43,089 outstanding at 4/30/2022	43,318	43,089
Capital in excess of par value	358,891	342,252
Retained earnings	545,155	431,181
Accumulated other comprehensive loss	(5,528)	(5,797)
Total La-Z-Boy Incorporated shareholders' equity	941,836	810,725
Noncontrolling interests	10,261	8,897
Total equity	952,097	819,622
Total liabilities and equity	$ 1,866,263	$ 1,932,089

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Apr. 29, 2023	Jun. 13, 2023	Oct. 28, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Apr. 29, 2023
Current Fiscal Year End Date	--04-29
Document Transition Report	false
Entity File Number	1-9656
Entity Registrant Name	LA-Z-BOY INCORPORATED
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-0751137
Entity Address, Address Line One	One La-Z-Boy Drive,
Entity Address, City or Town	Monroe,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48162-5138
City Area Code	734
Local Phone Number	242-1444
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	LZB
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,088
Entity Common Stock, Shares Outstanding		43,317,622
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A for its 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000057131
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Accrued Expenses and Other Current Liabilities

12 Months Ended

Apr. 29, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities


(Amounts in thousands)	4/29/2023		4/30/2022
Payroll and other compensation	$	63,342	$	62,373
Accrued product warranty, current portion	19,893		16,436
Customer deposits	105,766		183,233
Deferred revenue	44,939		139,006
Other current liabilities	56,710		95,345
Accrued expenses and other current liabilities	$	290,650	$	496,393

Customer deposits and deferred revenue decreased during fiscal 2023 as we continue to work down the backlog built up in prior periods back to pre-pandemic levels

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)
$ in Thousands

Total

Common Shares

Capital in Excess of Par Value

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Non-Controlling Interests

Beginning balance at Apr. 25, 2020

$ 716,306

$ 45,857

$ 318,215

$ 343,633

$ (6,952)

$ 15,553

Increase (Decrease) in Stockholders' Equity

Net income

107,529

106,461

1,068

Other comprehensive income (loss)

5,965

5,431

534

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

9,030

583

10,188

(1,741)

Purchases of common stock

(44,202)

(1,079)

(10,426)

(32,697)

Stock option and restricted stock expense

12,671

Dividends declared and paid

(25,049)

(16,542)

(8,507)

Dividends declared not paid

(104)

Ending balance at Apr. 24, 2021

782,146

45,361

330,648

399,010

(1,521)

8,648

Increase (Decrease) in Stockholders' Equity

Net income

152,328

150,017

2,311

Other comprehensive income (loss)

(5,078)

(4,276)

(802)

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

(1,818)

208

834

(2,860)

Purchases of common stock

(90,645)

(2,480)

(1,088)

(87,077)

Stock option and restricted stock expense

11,858

Dividends declared and paid

^[1]

(28,977)

(27,717)

(1,260)

Dividends declared not paid

(192)

Ending balance at Apr. 30, 2022

819,622

43,089

342,252

431,181

(5,797)

8,897

Increase (Decrease) in Stockholders' Equity

Net income

151,941

150,664

1,277

Other comprehensive income (loss)

356

269

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

2,857

433

4,181

(1,757)

Purchases of common stock

(5,004)

(204)

(4,800)

Stock option and restricted stock expense

12,458

Dividends declared and paid

(29,869)

Dividends declared not paid

(264)

Ending balance at Apr. 29, 2023

$ 952,097

$ 43,318

$ 358,891

$ 545,155

$ (5,528)

$ 10,261

[1]	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.

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Inventories (Tables)

12 Months Ended

Apr. 29, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories


(Amounts in thousands)	4/29/2023		4/30/2022
Raw materials	$	116,440	$	146,896
Work in process	24,328		36,834
Finished goods	181,401		185,870
FIFO inventories	322,169		369,600
Excess of FIFO over LIFO	(45,912)		(66,409)
Total inventories	$	276,257	$	303,191

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 151,941	$ 152,328	$ 107,529
Other comprehensive income (loss)
Currency translation adjustment	(604)	(5,804)	5,466
Net unrealized gain (loss) on marketable securities, net of tax	153	(668)	(79)
Net pension amortization, net of tax	807	1,394	578
Total other comprehensive income (loss)	356	(5,078)	5,965
Total comprehensive income before noncontrolling interests	152,297	147,250	113,494
Comprehensive income attributable to noncontrolling interests	(1,364)	(1,509)	(1,602)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 150,933	$ 145,741	$ 111,892

Earnings per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Apr. 24, 2021
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$ 150,664	$ 150,017	$ 106,461
Income allocated to participating securities	0	(7)	(46)
Net income available to common Shareholders	$ 150,664	$ 150,010	$ 106,415
Denominator:
Basic weighted average common shares outstanding (in shares)	43,148	44,023	45,983
Contingent common shares (in shares)	91	79	171
Stock option dilution (in shares)	1	192	213
Diluted weighted average common shares outstanding (in shares)	43,240	44,294	46,367
Earnings per Share:
Basic (in dollars per share)	$ 3.49	$ 3.41	$ 2.31
Diluted (in dollars per share)	$ 3.48	$ 3.39	$ 2.30

Restricted Cash

12 Months Ended

Apr. 29, 2023

Cash and Cash Equivalents [Abstract]

Restricted Cash

We have restricted cash on deposit with a bank as collateral for certain letters of credit. All of our letters of credit have maturity dates within the next 12 months, and we expect to renew some of these letters of credit when they mature.


(Amounts in thousands)	4/29/2023		4/30/2022
Cash and cash equivalents	$	343,374	$	245,589
Restricted cash	3,304		3,267
Total cash, cash equivalents and restricted cash	$	346,678	$	248,856

Accounting Policies (Tables)

12 Months Ended

Apr. 29, 2023

Accounting Policies [Abstract]

Schedule of Recent Accounting Pronouncements

ASU

Description

Adoption Date

ASU 2023-02

Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.

Fiscal 2025

ASU 2021-08

Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers

Fiscal 2024

Income Taxes - Summary of Deferred Tax Assets Associated with Loss Carryforwards (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Federal net operating losses	$ 530	$ 908
Various U.S. state net operating losses (excluding federal tax effect)	2,074
Foreign capital losses	147
Foreign net operating losses	$ 131

Employee Benefits

12 Months Ended

Apr. 29, 2023

Retirement Benefits [Abstract]

Employee Benefits

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
401(k) Retirement Plan	$	12,877	$	11,763	$	7,313
Performance Compensation Retirement Plan	160		1,654		3,810
Deferred Compensation Plan	202		242		24
Non-Qualified Defined Benefit Retirement Plan (1)	748		763		803

(1)Primarily related to interest cost

401(k) Retirement Plan. Voluntary 401(k) retirement plans are offered to eligible employees within certain U.S. operating units. For most operating units, we make matching contributions based on specific formulas.

Performance Compensation Retirement Plan. A performance compensation retirement plan ("PCRP") is maintained for eligible highly compensated employees. Beginning in fiscal 2023, contributions into the plan are no longer being made. Prior year contributions were based on achievement of performance targets. Employees vest in these prior period contributions if they achieve certain age and years of service with the Company and can elect to receive benefit payments over a period ranging between five to twenty years after they leave the Company. While the Company no longer makes contributions, the outstanding liability balance related to the plan is as follows:


(Amounts in thousands)	4/29/2023		4/30/2022
Short-term obligation included in other current liabilities	$	2,103	$	1,922
Long-term obligation included in other long-term liabilities	11,895		13,898

Executive Deferred Compensation Plan. We maintain an executive deferred compensation plan for eligible highly compensated employees, an element of which may include Company contributions. Further information related to the plan is as follows:


(Amounts in thousands)	4/29/2023		4/30/2022
Plan obligation included in other long-term liabilities	$	21,689	$	24,595
Cash surrender value on life insurance contracts included in other long-term assets (1)	40,723		42,699

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

Non-Qualified Defined Benefit Retirement Plan. We maintain a non-qualified defined benefit retirement plan for certain former salaried employees. We hold available-for-sale marketable securities to fund future obligations of this plan in a Rabbi trust (refer to Note 8, Investments, and Note 20, Fair Value Measurements, for additional information on these investments). We are not required to fund the non-qualified defined benefit retirement plan in fiscal 2024; however, we have the discretion to make contributions to the Rabbi trust. Further information related to the plan is as follows:


(Amounts in thousands)	4/29/2023			4/30/2022
Short-term plan obligation included in other current liabilities	$	1,053		$	1,059
Long-term plan obligation included in other long-term liabilities	11,053			12,461
Discount rate used to determine obligation	5.3		%	4.3		%


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Actuarial loss recognized in AOCI	$	193	$	306	$	347
Benefit payments (1)	1,091		1,182		1,091

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

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Assets
Leases	$ 110,993	$ 108,108
Deferred and other compensation	19,475	21,309
State income tax—net operating losses, credits and other	5,126	5,795
Warranty	7,213	6,402
Inventory	0	2,274
Workers' compensation	1,817	2,292
Bad debt	1,475	1,216
Employee benefits	2,159	2,170
Federal net operating losses, credits	530	908
Other	2,198	81
Valuation allowance	(3,468)	(3,517)
Total deferred tax assets	147,518	147,038
Liabilities
Right of use lease assets	(104,067)	(102,978)
Property, plant and equipment	(19,936)	(20,412)
Inventory	(1,802)	0
Goodwill and other intangibles	(14,128)	(11,914)
Tax on undistributed foreign earnings	(1,152)	(1,102)
Net deferred tax assets	$ 6,433	$ 10,632

Property, Plant and Equipment

12 Months Ended

Apr. 29, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


(Amounts in thousands)	Estimated Useful Lives	4/29/2023		4/30/2022
Buildings and building fixtures	3 - 30 years	$	301,546	$	250,758
Machinery and equipment	3 - 20 years	193,890		184,223
Information systems, hardware and software	3 - 15 years	99,703		102,861
Furniture and fixtures	3 - 10 years	27,049		23,665
Land improvements	3 - 30 years	24,617		23,541
Transportation equipment	3 - 6 years	16,800		16,499
Land	N/A	8,554		8,587
Construction in progress	N/A	32,427		38,712
		704,586		648,846
Accumulated depreciation		(426,008)		(395,702)
Net property, plant and equipment		$	278,578	$	253,144

Depreciation expense for the fiscal years ended April 29, 2023, April 30, 2022, and April 24, 2021, was $39.0 million, $38.3 million, and $31.7 million, respectively.

Investments - Additional Information (Details)	3 Months Ended	12 Months Ended
Investments - Additional Information (Details)	Apr. 29, 2023 USD ($) company	Apr. 29, 2023 USD ($) company	Apr. 30, 2022 USD ($)	Apr. 24, 2021 USD ($)
Summary of Investment Holdings [Line Items]
Impairment charge	$ (10,300,000)	$ (10,300,000)	$ 0	$ 0
Cost Basis Investment
Summary of Investment Holdings [Line Items]
Impairment charge	$ 7,600,000
Variable Interest Entity, Not Primary Beneficiary
Summary of Investment Holdings [Line Items]
Preferred share investments, number of privately-held companies \| company	2	2
Convertible Notes \| Convertible Notes
Summary of Investment Holdings [Line Items]
Impairment charge	$ 2,700,000

Income Taxes

12 Months Ended

Apr. 29, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income before income taxes consists of the following:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
United States	$	177,940	$	164,432	$	124,547
Foreign	27,849		41,059		21,366
Total	$	205,789	$	205,491	$	145,913

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Federal
Current	$	31,945	$	30,793	$	18,327
Deferred	4,960		2,303		6,771
State
Current	10,345		9,191		6,475
Deferred	1,537		1,060		2,339
Foreign
Current	7,237		11,632		4,451
Deferred	(2,176)		(1,816)		21
Total income tax expense	$	53,848	$	53,163	$	38,384

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


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(% of income before income taxes)	4/29/2023		4/30/2022		4/24/2021
Statutory tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) in income taxes resulting from:

State income taxes, net of federal benefit	4.5	%	3.9	%	4.3	%

Losses/(gains) on corporate owned life insurance	0.2	%	—	%	(1.2)	%



Fair value adjustment of contingent consideration liability	(0.1)	%	(0.3)	%	2.0	%

Miscellaneous items	0.6	%	1.3	%	0.2	%
Effective tax rate	26.2	%	25.9	%	26.3	%

For our Canada and Mexico foreign operating units, we permanently reinvest the earnings and consequently do not record a deferred tax liability relative to the undistributed earnings. We have reinvested approximately $61.0 million of the earnings. After enactment of the Tax Cuts and Jobs Act in 2017, the potential deferred tax attributable to these earnings would be approximately $2.6 million, primarily related to foreign withholding taxes and state income taxes. The Company is not permanently reinvested on undistributed earnings for its Thailand and United Kingdom foreign operating units and has provided for deferred tax attributable to those earnings of approximately $1.2 million in fiscal 2023.

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


(Amounts in thousands)	4/29/2023		4/30/2022
Assets
Leases	$	110,993	$	108,108
Deferred and other compensation	19,475		21,309
State income tax—net operating losses, credits and other	5,126		5,795
Warranty	7,213		6,402
Inventory	—		2,274
Workers' compensation	1,817		2,292
Bad debt	1,475		1,216
Employee benefits	2,159		2,170
Federal net operating losses, credits	530		908

Other	2,198		81
Valuation allowance	(3,468)		(3,517)
Total deferred tax assets	147,518		147,038
Liabilities
Right of use lease assets	(104,067)		(102,978)
Property, plant and equipment	(19,936)		(20,412)
Inventory	(1,802)		—
Goodwill and other intangibles	(14,128)		(11,914)
Tax on undistributed foreign earnings	(1,152)		(1,102)


Net deferred tax assets	$	6,433	$	10,632

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

(Amounts in thousands)

Amount

Expiration

Federal net operating losses

530

Fiscal 2039

Various U.S. state net operating losses (excluding federal tax effect)

2,074

Fiscal 2024 - 2038

Foreign capital losses

147

Indefinite

Foreign net operating losses

131

Indefinite

We evaluate our deferred taxes to determine if a valuation allowance is required. Accounting standards require that we assess whether a valuation allowance should be established based on the consideration of all available evidence using a "more likely than not" standard with significant weight being given to evidence that can be objectively verified.

The evaluation of the amount of net deferred tax assets expected to be realized necessarily involves forecasting the amount of taxable income that will be generated in future years. We have forecasted future results using estimates management believes to be reasonable. We based these estimates on objective evidence such as expected trends resulting from certain leading economic indicators. Based upon our net deferred tax asset position at April 29, 2023, we estimate that approximately $13.6 million of future taxable income would need to be generated to fully recover our net deferred tax assets. The realization of deferred income tax assets is dependent on future events and actual results may vary from management's forecasts due to economic volatility and uncertainty along with unpredictable complexities in the global supply chain. Such variances could result in adjustments to the valuation allowance on deferred tax assets in future periods, and such adjustments could be material to the financial statements.

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


(Amounts in thousands)	4/29/2023		4/30/2022		Change
U.S. Federal	$	1,822	$	1,460	$	362
U.S. State	1,496		1,907		(411)
Foreign	150		150		—
Total	$	3,468	$	3,517	$	(49)

The remaining valuation allowance of $3.5 million is primarily related to certain U.S. federal, state and foreign deferred tax assets. The U.S. federal deferred taxes are primarily due to limitations on the realization of deferred taxes related to executive compensation. The U.S. state deferred taxes are primarily related to state net operating losses.

As of April 29, 2023, we had a gross unrecognized tax benefit of $1.1 million related to uncertain tax positions in various jurisdictions. A reconciliation of the beginning and ending balance of these unrecognized tax benefits is as follows:


	Fiscal Year Ended
	(52 weeks)		(53 weeks)		(52 weeks)
(Amounts in thousands)	4/29/2023		4/30/2022		4/24/2021
Balance at the beginning of the period	$	1,037	$	1,069	$	1,030
Additions:
Positions taken during the current year	109		121		176
Positions taken during the prior year	83		10		35
Reductions:
Positions taken during the prior year	—		(23)		(19)
Decreases related to settlements with taxing authorities	—		—		—
Reductions resulting from the lapse of the statute of limitations	(145)		(140)		(153)
Balance at the end of the period	$	1,084	$	1,037	$	1,069

We recognize interest and penalties associated with uncertain tax positions in income tax expense. We had approximately $0.4 million accrued for interest and penalties as of April 29, 2023 and April 30, 2022.

If recognized, $0.9 million of the total $1.1 million of unrecognized tax benefits would decrease our effective tax rate. We do not expect that the net liability for uncertain income tax positions will significantly change within the next 12 months. The remaining balance will be settled or released as tax audits are effectively settled, statutes of limitation expire, or other new information becomes available.

Our U.S. federal income tax returns for fiscal years 2020 and subsequent are still subject to audit. In addition, we conduct business in various states. The major states in which we conduct business are subject to audit for fiscal years 2019 and subsequent. Our foreign operations are subject to audit for fiscal years 2013 and subsequent.

Cash paid for taxes (net of refunds received) during the fiscal years ended April 29, 2023, April 30, 2022, and April 24, 2021, was $69.9 million, $38.6 million, and $40.5 million, respectively.

- Definition

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

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+ Details