La-Z-Boy (LZB) 10-Q 18 Feb 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 25, 2020	Feb. 11, 2020
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 25, 2020
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	242-144
Title of 12(b) Security	Common Stock, $1.00 Par Value
Trading Symbol	LZB
Security Exchange Name	NYSE
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,032,716
Entity Central Index Key	0000057131
Current Fiscal Year End Date	--04-27
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Income Statement [Abstract]
Sales	$ 475,856	$ 467,582	$ 1,336,701	$ 1,291,610
Cost of sales	276,218	277,712	786,962	778,813
Gross profit	199,638	189,870	549,739	512,797
Selling, general and administrative expense	147,325	149,027	444,403	420,294
Operating income	52,313	40,843	105,336	92,503
Interest expense	(265)	(538)	(891)	(1,143)
Interest income	844	540	2,093	1,534
Other expense, net	(5,998)	(941)	(5,390)	(2,046)
Income before income taxes	46,894	39,904	101,148	90,848
Income tax expense	12,178	10,730	25,540	22,374
Net income	34,716	29,174	75,608	68,474
Net income attributable to noncontrolling interests	(204)	(443)	(434)	(1,428)
Net income attributable to La-Z-Boy Incorporated	$ 34,512	$ 28,731	$ 75,174	$ 67,046
Basic weighted average common shares (in shares)	46,262	46,820	46,545	46,808
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.75	$ 0.61	$ 1.61	$ 1.43
Diluted weighted average common shares (in shares)	46,584	47,091	46,867	47,212
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.74	$ 0.61	$ 1.60	$ 1.42

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 34,716	$ 29,174	$ 75,608	$ 68,474
Other comprehensive income (loss)
Currency translation adjustment	(112)	1,469	2,028	(1,552)
Change in fair value of cash flow hedges, net of tax	0		10
Change in fair value of cash flow hedges, net of tax		70		(108)
Net unrealized gain on marketable securities, net of tax	16	90	170	154
Net pension amortization, net of tax	41	515	123	1,548
Total other comprehensive income (loss)	(55)	2,144	2,331	42
Total comprehensive income before allocation to noncontrolling interests	34,661	31,318	77,939	68,516
Comprehensive income attributable to noncontrolling interests	(42)	(1,112)	(1,118)	(1,488)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 34,619	$ 30,206	$ 76,821	$ 67,028

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Current assets
Cash and equivalents	$ 166,272	$ 129,819
Restricted cash	1,973	1,968
Receivables, net of allowance of $2,191 at 1/25/20 and $2,180 at 4/27/19	153,721	143,288
Inventories, net	198,567	196,899
Other current assets	82,765	69,144
Total current assets	603,298	541,118
Property, plant and equipment, net	212,851	200,523
Goodwill	185,328	185,867
Other intangible assets, net	29,235	29,907
Deferred income taxes – long-term	19,928	20,670
Right of use lease asset	318,162	0
Other long-term assets, net	73,831	81,705
Total assets	1,442,633	1,059,790
Current liabilities
Current portion of long-term debt	0	180
Accounts payable	68,045	65,365
Lease liability, short-term	65,128	0
Accrued expenses and other current liabilities	195,349	173,091
Total current liabilities	328,522	238,636
Long-term debt	0	19
Lease liability, long-term	267,955	0
Other long-term liabilities	116,674	124,159
Shareholders' equity
Preferred shares – 5,000 authorized; none issued	0	0
Common shares, $1 par value – 150,000 authorized; 46,075 outstanding at 1/25/20 and 46,955 outstanding at 4/27/19	46,075	46,955
Capital in excess of par value	316,764	313,168
Retained earnings	353,419	325,847
Accumulated other comprehensive loss	(2,361)	(3,462)
Total La-Z-Boy Incorporated shareholders' equity	713,897	682,508
Noncontrolling interests	15,585	14,468
Total equity	729,482	696,976
Total liabilities and equity	$ 1,442,633	$ 1,059,790

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Current assets
Receivables, allowance	$ 2,191	$ 2,180
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)	46,075,000	46,955,000

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019
Cash flows from operating activities
Net income	$ 75,608	$ 68,474
Adjustments to reconcile net income to cash provided by (used for) operating activities
(Gain)/loss on disposal of assets	(10,051)	41
Change in deferred taxes	1,238	2,538
Provision for doubtful accounts	210	477
Depreciation and amortization	23,035	23,182
Equity-based compensation expense	7,235	8,174
Pension plan contributions	0	(7,000)
Change in receivables	(11,178)	1,152
Change in inventories	(62)	(18,950)
Change in other assets	53,620	(10,103)
Change in payables	659	4,954
Change in other liabilities	(20,555)	18,509
Net cash provided by operating activities	119,759	91,448
Cash flows from investing activities
Proceeds from disposals of assets	11,242	447
Proceeds from insurance	1,080	154
Capital expenditures	(35,464)	(35,766)
Purchases of investments	(26,248)	(14,956)
Proceeds from sales of investments	24,688	14,304
Acquisitions	(6,412)	(78,582)
Net cash used for investing activities	(31,114)	(114,399)
Cash flows from financing activities
Net proceeds from credit facility	0	20,000
Payments on debt and finance lease liabilities	(135)	(169)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes	828	4,012
Purchases of common stock	(35,346)	(16,726)
Dividends paid	(18,641)	(17,381)
Net cash used for financing activities	(53,294)	(10,264)
Effect of exchange rate changes on cash and equivalents	1,107	(74)
Change in cash, cash equivalents and restricted cash	36,458	(33,289)
Cash, cash equivalents and restricted cash at beginning of period	131,787	136,871
Cash, cash equivalents and restricted cash at end of period	168,245	103,582
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables	$ 4,026	$ 2,827

CONSOLIDATED STATEMENT OF CHANG

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. 28, 2018		$ 625,216	$ 46,788	$ 298,948	$ 291,644	$ (25,199)	$ 13,035
Increase (Decrease) in Stockholders' Equity
Net income (loss)		18,951			18,303		648
Other comprehensive income (loss)		(3,965)				(2,737)	(1,228)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		(2,009)	160	(42)	(2,127)
Purchases of shares of common stock		(7,944)	(257)	(176)	(7,511)
Stock option and restricted stock expense		2,040		2,040
Cumulative effect adjustment, net of tax | ASU 2016-01 - Investments		0			1,637	(1,637)
Dividends declared and paid		(5,625)			(5,625)
Ending balance at Jul. 28, 2018		626,664	46,691	300,770	296,321	(29,573)	12,455
Beginning balance at Apr. 28, 2018		625,216	46,788	298,948	291,644	(25,199)	13,035
Increase (Decrease) in Stockholders' Equity
Net income (loss)		68,474
Other comprehensive income (loss)		42
Cumulative effect adjustment, net of tax		(1,637)
Ending balance at Jan. 26, 2019		671,786	46,730	306,896	330,491	(26,854)	14,523
Beginning balance at Jul. 28, 2018		626,664	46,691	300,770	296,321	(29,573)	12,455
Increase (Decrease) in Stockholders' Equity
Net income (loss)		20,349			20,012		337
Other comprehensive income (loss)		1,863				1,244	619
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		6,048	335	5,748	(35)
Purchases of shares of common stock		(3,666)	(121)	(2,456)	(1,089)
Stock option and restricted stock expense		3,639		3,639
Dividends declared and paid		(5,653)			(5,653)
Dividends declared not paid		(13)			(13)
Ending balance at Oct. 27, 2018		649,231	46,905	307,701	309,543	(28,329)	13,411
Increase (Decrease) in Stockholders' Equity
Net income (loss)		29,174			28,731		443
Other comprehensive income (loss)		2,144				1,475	669
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		(27)	2	(5)	(24)
Purchases of shares of common stock		(5,116)	(177)	(3,295)	(1,644)
Stock option and restricted stock expense		2,495		2,495
Dividends declared and paid		(6,103)			(6,103)
Dividends declared not paid		(12)			(12)
Ending balance at Jan. 26, 2019		671,786	46,730	306,896	330,491	(26,854)	14,523
Beginning balance at Apr. 27, 2019		696,976	46,955	313,168	325,847	(3,462)	14,468
Increase (Decrease) in Stockholders' Equity
Net income (loss)		17,988			18,069		(81)
Other comprehensive income (loss)		767				281	486
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		(1,417)	126	126	(1,669)
Purchases of shares of common stock		(12,313)	(391)	(3,762)	(8,160)
Stock option and restricted stock expense		1,675		1,675
Cumulative effect adjustment, net of tax | Accounting Standards Update 2016-02	[1]	574			574
Reclassification of certain income tax effects | Accounting Standards Update 2018-02	[2]	0			547	(547)
Dividends declared and paid		(6,112)			(6,112)
Ending balance at Jul. 27, 2019		698,138	46,690	311,207	329,096	(3,728)	14,873
Beginning balance at Apr. 27, 2019		696,976	46,955	313,168	325,847	(3,462)	14,468
Increase (Decrease) in Stockholders' Equity
Net income (loss)		75,608
Other comprehensive income (loss)		2,331
Cumulative effect adjustment, net of tax		(547)
Ending balance at Jan. 25, 2020		729,482	46,075	316,764	353,419	(2,361)	15,585
Beginning balance at Jul. 27, 2019		698,138	46,690	311,207	329,096	(3,728)	14,873
Increase (Decrease) in Stockholders' Equity
Net income (loss)		22,904			22,593		311
Other comprehensive income (loss)		1,619				1,260	359
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		1,988	84	1,908	(4)
Purchases of shares of common stock		(10,854)	(335)	(1,908)	(8,611)
Stock option and restricted stock expense		3,032		3,032
Dividends declared and paid		(6,039)			(6,039)
Dividends declared not paid		(46)			(46)
Ending balance at Oct. 26, 2019		710,742	46,439	314,239	336,989	(2,468)	15,543
Increase (Decrease) in Stockholders' Equity
Net income (loss)		34,716			34,512		204
Other comprehensive income (loss)		(55)				107	(162)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax		258	14	281	(37)
Purchases of shares of common stock		(12,182)	(378)	(284)	(11,520)
Stock option and restricted stock expense		2,528		2,528
Dividends declared and paid		(6,490)			(6,490)
Dividends declared not paid		(35)			(35)
Ending balance at Jan. 25, 2020		$ 729,482	$ 46,075	$ 316,764	$ 353,419	$ (2,361)	$ 15,585
[1]	Cumulative effect adjustment of deferred gains on prior sale/leaseback transactions as a result of adopting ASU 2016-02.
[2]	Income tax effects of the Tax Cuts and Jobs Act are reclassified from Accumulated Other Comprehensive Income ("AOCI") to retained earnings due to the adoption of ASU 2018-02.

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares shares in Thousands	3 Months Ended
	Jan. 25, 2020	Oct. 26, 2019	Jul. 27, 2019	Jan. 26, 2019	Oct. 27, 2018	Jul. 28, 2018
Dividends declared (in dollars per share)	$ 0.14	$ 0.13	$ 0.13	$ 0.13	$ 0.12	$ 0.12
Dividends paid (in dollars per share)	$ 0.14	$ 0.13	$ 0.13	$ 0.13	$ 0.12	$ 0.12
Common Shares
Shares purchased (in shares)	378	335	391	177	121	257

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jan. 25, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries (collectively, the "Company"). We derived the April 27, 2019 , balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles, which we applied on a basis consistent with those reflected in our fiscal 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), but the information does not include all of the disclosures required by generally accepted accounting principles. In management’s opinion, the interim financial information includes all adjustments and accruals, consisting only of normal recurring adjustments (except as otherwise disclosed), that are necessary for a fair statement of results for the respective interim periods. The interim results reflected in the accompanying financial statements are not necessarily indicative of the results of operations that will occur for the full fiscal year ending April 25, 2020 . To further strengthen our supply chain footprint, on August 8, 2019, we announced our plan to close our Redlands, California upholstered furniture manufacturing facility and move production to available capacity at our other North American facilities. The Company’s Redlands upholstered furniture plant employed about 350 people, accounted for approximately 10% of the La-Z-Boy branded business total upholstery production, and manufactured recliners, motion sofas and classics (high-leg recliners). Production ceased at the Redlands plant as of the end of the second quarter of fiscal 2020 and in the third quarter of fiscal 2020, the facility, which is approximately 200,000 square feet, was sold for $10.8 million , net of closing costs. The sale of the Redlands property resulted in a $9.7 million pre-tax gain, recorded in selling, general and administrative expense ("SG&A") in our consolidated statement of income. In addition, we have transitioned the leather cut-and-sew operation from the Newton, Mississippi upholstered furniture manufacturing plant to another North American-based cut-and-sew facility. The move of the Newton leather cut-and-sew operation impacted about 105 of the 525 employees at that location. As a part of our supply chain optimization initiative, we may incur expenses that qualify as exit and disposal costs under ASC 420, Exit or Disposal Cost Obligations. Other expenses that are an integral component of, and directly attributable to, restructuring activities do not qualify as exit and disposal costs, such as accelerated depreciation, asset impairments and other incremental costs. In the first nine months of fiscal 2020, we recognized pre-tax expenses associated with this initiative of $5.3 million within cost of sales. These costs do not qualify as exit and disposal costs under ASC 420. At January 25, 2020 , we owned preferred shares of two privately held start-up companies, both of which are variable interest entities. We also hold a warrant to purchase common shares of one of these companies. We have not consolidated the results of either of these companies in our financial statements because we do not have the power to direct those activities that most significantly impact the economic performance of either of these companies and, therefore, are not the primary beneficiary. Accounting pronouncement adopted in fiscal 2020 The accounting standards update (“ASU”) described in the paragraph below had a significant impact on our accounting policies and our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), requiring lessees to record all operating leases on their balance sheet. Under this standard, the lessee is required to record an asset for the right to use the underlying asset for the lease term and a corresponding liability for the contractual lease payments. We have adopted this standard in the first quarter of fiscal 2020 using the modified retrospective approach. See Note 5 for further information. The following table summarizes additional ASUs which were adopted in fiscal 2020 , but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. ASU Description ASU 2017-06 Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting ASU 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ASU 2018-02 Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ASU 2018-07 Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements ASU 2018-16 Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes Accounting pronouncements not yet adopted The following table summarizes additional accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. ASU Description Adoption Date ASU 2016-13 Financial Instruments – Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments Fiscal 2021 ASU 2018-14 Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans Fiscal 2022 ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Fiscal 2022 ASU 2020-01 Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 325, and Topic 815 Fiscal 2022 Subsequent events Subsequent to the end of the third quarter of fiscal 2020, one of our largest customers made a public statement that they are actively exploring a variety of options with creditors, investors and landlords in order to continue serving their customers. As of the end of the third quarter of fiscal 2020, we had a trade receivable from this customer of approximately $7 million , and have not provided for any potential credit losses. We are monitoring this fast-developing situation, including through direct discussions with this customer, and as of the date of this filing, based on all information available to us, believe that the amounts owed as of January 25, 2020 , are materially collectible.

Acquisitions

Acquisitions	9 Months Ended
	Jan. 25, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions We did not complete any acquisitions during the nine months ended January 25, 2020 . Joybird acquisition On July 30, 2018, we completed our acquisition of Stitch Industries, Inc. ("Joybird"), an e-commerce retailer and manufacturer of upholstered furniture, for guaranteed cash payments of $75 million , which was subject to a working capital adjustment of $2.5 million . We received the working capital adjustment during the third quarter of fiscal 2019 from amounts placed in escrow at the time of the closing of the transaction. We acquired Joybird to better position ourselves for growth in the online selling environment and increase our visibility with millennial and Gen X consumers, while simultaneously leveraging our supply chain assets. The guaranteed payments include a closing date cash payment of $37.5 million in purchase price consideration (net of the working capital adjustment), $7.5 million in prepaid compensation, and the assumption of $5.0 million of liabilities that will be paid within two years following the acquisition. The remaining $25 million will be paid in five annual installments of $5 million on the anniversary date of the acquisition, the first of which was paid in the first quarter of fiscal 2020. The merger agreement also includes two future earn-out opportunities based on Joybird’s financial performance in fiscal 2021 and fiscal 2023. The $7.5 million of prepaid compensation relates to the retention of the four Joybird founders, now our employees, each of whom will forfeit proportional amounts if one or more of them resigns in the two years following the acquisition. We are amortizing the $7.5 million to SG&A expense over the two-year retention period on a straight-line basis. In addition to the guaranteed cash payments of $75 million , we recorded a contingent consideration liability on the date of acquisition of $7.5 million , which reflects the fair value of the earn-out opportunities as of the date of acquisition. We also recorded a finite-lived intangible asset of $6.4 million reflecting the fair value of the acquired Joybird ® trade name, which we are amortizing to SG&A expense on a straight-line basis over its useful life of eight years . The undiscounted range of the contingent consideration is zero to $65 million and is based on sales and profitability of Joybird in fiscal 2021 and fiscal 2023. Subsequent adjustments to the fair value of the contingent consideration will impact SG&A expense in our consolidated statement of income. We recorded $78.8 million of goodwill related to the Joybird acquisition, related primarily to synergies we expect from the integration of the acquisition and the anticipated future benefits of these synergies. The finite-lived intangible asset and goodwill asset for Joybird are not deductible for federal income tax purposes. We included the Joybird operating segment in our other business activities which we report within our Corporate and Other reportable segment. Refer to Note 6. Goodwill and Other Intangible Assets and Note 16. Fair Value Measurements for further information regarding the valuation of the contingent consideration, goodwill and intangible assets related to Joybird. The following table summarizes the purchase price allocation for Joybird at the date of acquisition: (Unaudited, amounts in thousands) Joybird Acquisition Fair value of consideration: Cash (paid at closing) $ 37,482 Guaranteed payment 22,489 Acquisition earn-out 7,500 Assumption of liability 5,000 Working capital adjustment (2,486 ) Total fair value of consideration 69,985 Amounts recognized for assets acquired and liabilities assumed: Inventory 5,258 Other current assets 3,733 Property, plant and equipment 2,057 Finite-lived tradename 6,400 Other long-term assets 3,647 Accounts payable (8,222 ) Customer deposits (13,904 ) Other current liabilities (7,681 ) Other long-term liabilities (150 ) Total identifiable net liabilities acquired (8,862 ) Goodwill $ 78,847

Restricted Cash

Restricted Cash	9 Months Ended
	Jan. 25, 2020
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash We have restricted cash on deposit with a bank as collateral for certain letters of credit. All our letters of credit have maturity dates within the next twelve months, but we expect to renew some of these letters of credit when they mature. (Unaudited, amounts in thousands) 1/25/20 1/26/19 Cash and cash equivalents $ 166,272 $ 101,579 Restricted cash 1,973 2,003 Total cash, cash equivalents and restricted cash $ 168,245 $ 103,582

Inventories

Inventories	9 Months Ended
	Jan. 25, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories A summary of inventories is as follows: (Unaudited, amounts in thousands) 1/25/20 4/27/19 Raw materials $ 96,010 $ 90,359 Work in process 14,055 13,728 Finished goods 110,168 114,478 FIFO inventories 220,233 218,565 Excess of FIFO over LIFO (21,666 ) (21,666 ) Total inventories $ 198,567 $ 196,899

Leases

Leases	9 Months Ended
	Jan. 25, 2020
Leases [Abstract]
Leases	Leases During the first quarter of fiscal 2020, we adopted ASU 2016-02, Leases (Topic 842) and all related amendments. The guidance requires lessees to recognize substantially all leases on their balance sheet as a right-of-use (“ROU”) asset and a lease liability. The Company leases real estate for retail stores, distribution centers, warehouses, plants, showrooms and office space. We also have equipment leases for tractors/trailers, IT and office equipment and vehicles. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all the economic benefits from the use of that identified asset. Most of our real estate leases include options to renew or terminate early. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet these criteria are included in the lease term at lease commencement. Most of our leases do not have an interest rate implicit in the lease. As a result, for purposes of measuring our ROU asset and lease liability, we determine our incremental borrowing rate by applying a spread above the U.S. Treasury borrowing rates. In the case an interest rate is implicit in a lease we will use that rate as the discount rate for that lease. Some of our leases contain variable rent payments based on a Consumer Price Index or percentage of sales. Due to the variable nature of these costs, they are not included in the measurement of the ROU asset and lease liability. The Company has elected to apply the practical expedients permitted under transition guidance to forgo the restatement of comparative periods and to not reassess leases entered into prior to adoption. In addition, we have elected the practical expedient to not separate lease and non-lease components when determining the ROU asset and lease liability. We have also made an accounting policy election to not recognize an ROU asset and lease liability on the balance sheet for those leases with an initial term of one year or less and instead, such liabilities will be expensed on a straight-line basis over the lease term. Supplemental balance sheet information related to leases: (Unaudited, amounts in thousands) 1/25/20 Operating leases ROU assets $ 318,124 Lease liabilities, short-term 65,089 Lease liabilities, long-term 267,955 Finance leases ROU assets $ 38 Lease liabilities, short-term 39 Lease liabilities, long-term — The ROU assets by segment are as follows: (Unaudited, amounts in thousands) 1/25/20 Upholstery $ 57,800 Casegoods 4,214 Retail 242,987 Corporate & Other 13,161 Total ROU assets $ 318,162 The components of lease cost are as follows for the respective periods ended January 25, 2020 : (Unaudited, amounts in thousands) Quarter Ended Nine Months Ended Operating lease cost $ 18,987 $ 57,024 Financing lease cost 40 139 Short-term lease cost 25 76 Variable lease cost 48 142 Less: Sublease income (633 ) (1,893 ) Total lease cost $ 18,467 $ 55,488 The following tables present supplemental lease disclosures: Nine Months Ended January 25, 2020 (Unaudited, amounts in thousands) Operating Leases Financing Leases Cash paid for amounts included in the measurement of lease liabilities $ 57,851 $ 138 Lease liabilities arising from new ROU assets 52,954 — 1/25/20 (Unaudited, amounts in thousands) Operating Leases Financing Leases Weighted-average remaining lease term (years) 6.7 0.5 Weighted-average discount rate 3.8 % 3.9 % The following table presents our undiscounted cash flows as of January 25, 2020 , and our minimum contractual obligations on our leases as of April 27, 2019 : 1/25/20 4/27/19 (Unaudited, amounts in thousands) Operating Leases Financing Leases Operating Leases Financing Leases Within one year $ 76,348 $ 40 $ 76,508 $ 180 After one year and within two years 66,953 — 71,544 19 After two years and within three years 55,988 — 58,763 — After three years and within four years 44,375 — 46,541 — After four years and within five years 37,576 — 36,082 — After five years 95,660 — 102,782 — Total lease payments 376,900 40 $ 392,220 $ 199 Less: Interest 43,856 1 Total lease obligations $ 333,044 $ 39

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Jan. 25, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets We have goodwill on our consolidated balance sheet as follows: Reportable Segment/Unit Related Acquisition Upholstery segment Acquisition of the wholesale business in the United Kingdom and Ireland Retail segment Acquisitions of La-Z-Boy Furniture Galleries ® stores Corporate & Other Acquisition of Joybird The following is a roll-forward of goodwill for the nine months ended January 25, 2020 : (Unaudited, amounts in thousands) Upholstery Segment Retail Segment Corporate and Other Total Goodwill Balance at April 27, 2019 $ 12,148 $ 94,103 $ 79,616 $ 185,867 Acquisition adjustment — — (769 ) (769 ) Translation adjustment 148 82 — 230 Balance at January 25, 2020 $ 12,296 $ 94,185 $ 78,847 $ 185,328 We have intangible assets on our consolidated balance sheet as follows: Reportable Segment/Unit Intangible Asset Useful Life Upholstery segment Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland Amortizable over useful lives that do not exceed 15 years Casegoods segment American Drew ® trade name Indefinite-lived Retail segment Reacquired rights to own and operate La-Z-Boy Furniture Galleries ® stores Indefinite-lived Corporate & Other Joybird ® trade name Amortizable over eight-year useful life The following is a roll-forward of our other intangible assets for the nine months ended January 25, 2020 : (Unaudited, amounts in thousands) Indefinite- Lived Trade Names Finite- Lived Trade Name Indefinite- Lived Reacquired Rights Other Intangible Assets Total Other Intangible Assets Balance at April 27, 2019 $ 1,155 $ 5,801 $ 20,117 $ 2,834 $ 29,907 Amortization — (598 ) — (165 ) (763 ) Translation adjustment — — 62 29 91 Balance at January 25, 2020 $ 1,155 $ 5,203 $ 20,179 $ 2,698 $ 29,235

Investments

Investments	9 Months Ended
	Jan. 25, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	Investments We have current and long-term investments intended to enhance returns on our cash as well as to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan, and our performance compensation retirement plan. Our short-term investments are included in other current assets and our long-term investments are included in other long-term assets on our consolidated balance sheet. We also hold other investments consisting of cost-basis preferred shares of two privately held start-up companies. In the third quarter of fiscal year 2020, we recognized an other-than-temporary impairment of $6.0 million , which represents the full cost-basis value of the investment in one of these privately held start-up companies. The impairment loss is recognized in Other income (expense), net on the consolidated statement of income. Refer to Note 16, Fair Value Measurements for further information. The following summarizes our investments: (Unaudited, amounts in thousands) 1/25/20 4/27/19 Short-term investments: Marketable securities $ 18,891 $ 18,016 Held-to-maturity investments 3,542 3,341 Total short-term investments 22,433 21,357 Long-term investments: Marketable securities 21,902 24,085 Cost basis investments 6,479 11,979 Total long-term investments 28,381 36,064 Total investments $ 50,814 $ 57,421 Investments to enhance returns on cash $ 30,109 $ 31,470 Investments to fund compensation/retirement plans 14,226 13,972 Other investments 6,479 11,979 Total investments $ 50,814 $ 57,421 The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type: 1/25/20 4/27/19 (Unaudited, amounts in thousands) Gross Unrealized Gains Gross Unrealized Losses Fair Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Equity securities $ 1,922 $ (6,000 ) $ 13,600 $ 1,841 $ — $ 19,535 Fixed income 199 (8 ) 31,962 75 (111 ) 33,217 Other 376 — 5,252 258 (13 ) 4,669 Total securities $ 2,497 $ (6,008 ) $ 50,814 $ 2,174 $ (124 ) $ 57,421 The following table summarizes sales of marketable securities: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/25/20 1/26/19 1/25/20 1/26/19 Proceeds from sales $ 11,517 $ 6,550 $ 23,887 $ 14,304 Gross realized gains 431 726 618 811 Gross realized losses (62 ) (261 ) (150 ) (327 ) The following is a summary of the fair value of fixed income marketable securities, classified as available-for-sale securities, by contractual maturity: (Unaudited, amounts in thousands) 1/25/20 Within one year $ 19,041 Within two to five years 10,000 Within six to ten years 1,639 Thereafter 1,282 Total $ 31,962

Employee Benefits

Employee Benefits	9 Months Ended
	Jan. 25, 2020
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits Pension During the fourth quarter of fiscal 2019 , we terminated our defined benefit pension plan for eligible factory hourly employees in our La-Z-Boy operating unit. In connection with the plan termination, we settled all future obligations under the plan through a combination of lump-sum payments to eligible participants who elected to receive them, and the transfer of any remaining benefit obligations under the plan to a highly rated insurance company. During the second quarter of fiscal 2020 , we received a pre-tax refund of $1.9 million from the insurance company, representing an overpayment of the expected benefit obligations that were settled during the fourth quarter of fiscal 2019 . The refund was recorded as a component of other income (expense), net in our consolidated statement of income. There were no net periodic pension costs associated with the terminated pension plan in the quarter and nine months ended January 25, 2020 . For the quarter and nine months ended January 26, 2019 , net periodic pension costs were as follows: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 01/26/19 01/26/19 Service cost $ 223 $ 869 Interest cost 1,116 3,348 Expected return on plan assets (1,136 ) (3,408 ) Net amortization 639 1,917 Net periodic pension cost $ 842 $ 2,726 The components of net periodic pension cost other than the service cost were included in other income (expense), net in our consolidated statement of income. Service cost was recorded in cost of sales in our consolidated statement of income. Employee Vacation Policy Changes

Product Warranties

Product Warranties	9 Months Ended
	Jan. 25, 2020
Product Warranties Disclosures [Abstract]
Product Warranties	Product Warranties We accrue an estimated liability for product warranties when we recognize revenue on the sale of warranted products. We estimate future warranty claims on new sales based on our historical claims experience and also provide for any additional anticipated future costs on previously sold products. We incorporate repair costs into our liability estimates, including materials, labor and overhead amounts necessary to perform repairs and any costs associated with delivering repaired product to our customers. Over 90% of our warranty liability relates to our Upholstery segment as we generally warrant our products against defects for one year on fabric and leather, from one to ten years on cushions and padding, and provide a limited lifetime warranty on certain mechanisms and frames. Our Upholstery segment warranties cover labor costs relating to our parts for one year . We provide a limited lifetime warranty against defects on a majority of the products sold by Joybird, which is 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: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 01/25/20 01/26/19 01/25/20 01/26/19 Balance as of the beginning of the period $ 23,081 $ 25,197 $ 22,736 $ 21,205 Acquisitions — — — 4,100 Accruals during the period 6,321 5,660 17,746 16,270 Settlements during the period (6,057 ) (5,560 ) (17,137 ) (16,278 ) Balance as of the end of the period $ 23,345 $ 25,297 $ 23,345 $ 25,297 As of January 25, 2020 and April 27, 2019 , we included $14.3 million and $13.9 million , respectively, of our product warranty liability in accrued expenses and other current liabilities on our consolidated balance sheet, and included the remainder in other long-term liabilities. We recorded accruals during the periods presented in the table above, primarily to reflect charges that relate to warranties issued during the respective periods.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jan. 25, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants in our consolidated statement of income: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 01/25/20 01/26/19 01/25/20 01/26/19 Equity-based awards expense $ 2,528 $ 2,495 $ 7,235 $ 8,174 Liability-based awards expense (303 ) 144 37 10 Total stock-based compensation expense $ 2,225 $ 2,639 $ 7,272 $ 8,184 Stock Options. We granted 248,662 stock options to employees during the first quarter of fiscal 2020 and we have stock options outstanding from previous grants. In fiscal 2020 , we have changed the grant mix to include fewer stock options and have replaced those awards with restricted shares. We account for stock options as equity-based awards because when they are exercised, they will be settled in common shares. We recognize compensation expense for stock options over the vesting period equal to the fair value on the date our compensation committee approved the awards. The vesting period for our stock options ranges from one to four years , with accelerated vesting upon retirement. The vesting date for retirement-eligible employees is the later of the date they meet the criteria for retirement or the end of the fiscal year in which the grant was made. We accelerate the expense for options granted to retirement-eligible employees over the vesting period, with expense recognized from the grant date through their retirement eligibility date or over the ten months following the grant date, whichever period is longer. We estimate forfeiture rates based on our employees’ forfeiture history and believe they will approximate future results. We estimate the fair value of the employee stock options at the date of grant using the Black-Scholes option-pricing model, which requires management to make certain assumptions. We estimate expected volatility based on the historical volatility of our common shares. We base the average expected life on the contractual term of the stock option and expected employee exercise trends. We base the risk-free rate on U.S. Treasury issues with a term equal to the expected life assumed at the date of the grant. We calculated the fair value of stock options granted during the first quarter of fiscal 2020 using the following assumptions: (Unaudited) Fiscal 2020 grant Risk-free interest rate 2.19 % Dividend rate 1.72 % Expected life in years 5.0 Stock price volatility 34.27 % Fair value per share $ 7.94 Stock Appreciation Rights (“SARs”). We have not granted any SARs to employees since fiscal 2014, but we have SARs outstanding from the fiscal 2013 and fiscal 2014 grants. All outstanding SARs are fully vested and have a term of ten years . SARs will be paid in cash upon exercise and, accordingly, we account for SARs as liability-based awards that we re-measure to fair value at the end of each reporting period. In fiscal 2013 and fiscal 2014, we granted SARs as described in our Annual Report on Form 10-K for the fiscal year ended April 27, 2013 and April 26, 2014, respectively. As of January 25, 2020 , we had 7,149 and 13,869 SARs outstanding for the fiscal 2013 and fiscal 2014 awards, respectively. These awards have exceeded their expected life and will be re-measured to fair value based on their intrinsic value, which is the market value of our common stock on the last day of the reporting period less the exercise price, until the earlier of the exercise date or the contractual term date. At January 25, 2020 , the intrinsic value per share of the fiscal 2013 and fiscal 2014 awards were $20.59 and $13.50 , respectively. Restricted Stock . We granted 166,649 shares of restricted stock to employees during the first nine months of fiscal 2020. We also have shares of restricted stock outstanding from previous grants. We issue restricted stock at no cost to the employees and the shares are held in an escrow account until the vesting period ends. If a recipient’s employment ends during the escrow period (other than through death or disability), the shares are returned at no cost to the Company. We account for restricted stock awards as equity-based awards because when they vest, they will be settled in common shares. The weighted-average fair value of the restricted stock awarded in the first nine months of fiscal 2020 was $30.41 per share, the market value of our common shares on the date of grant. We estimate forfeiture rates based on our employees' forfeiture history and believe they will approximate future results. We recognize compensation expense for restricted stock over the vesting period equal to the fair value on the grant date of the award. Restricted stock awards vest at 25% per year, beginning one year from the grant date over a term of four years . Restricted Stock Units. During the second quarter of fiscal 2020, we granted 28,332 restricted stock units to our non-employee directors. These restricted stock units vest when the director leaves the board. We account for these restricted stock units as equity-based awards because when they vest, they will be settled in shares of our common stock. We measure and recognize compensation expense for these awards based on the market price of our common shares on the date of the grant, which was $31.77 . Performance Shares. During the first quarter of fiscal 2020, we granted 155,605 performance-based shares. We also have performance-based share awards outstanding from previous grants. Payout of these grants depends on our financial performance ( 80% ) and a market-based condition based on the total return our shareholders receive on their investment in our stock relative to returns earned through investments in other public companies ( 20% ). The performance share opportunity ranges from 50% of the employee’s target award if minimum performance requirements are met to a maximum of 200% of the target award based on the attainment of certain financial and shareholder-return goals over a specific performance period, which is generally three fiscal years. We account for performance-based shares as equity-based awards because when they vest, they will be settled in common shares. We estimate forfeiture rates based on our employees' forfeiture history and believe they will approximate future results. For shares that vest based on our results relative to the performance goals, we expense as compensation cost the fair value of the shares as of the day we granted the awards recognized over the performance period, taking into account the probability that we will satisfy the performance goals. The fair value of each share of the awards we granted in fiscal 2020 that vest based on attaining performance goals was $28.68 , the market value of our common shares on the date we granted the awards less the dividends we expect to pay before the shares vest. For shares that vest based on market conditions, we use a Monte Carlo valuation model to estimate each share’s fair value as of the date of grant. The Monte Carlo valuation model uses multiple simulations to evaluate our probability of achieving various stock price levels to determine our expected performance ranking relative to our peer group. For shares that vest based on market conditions, we expense compensation cost, net of estimated forfeitures, over the vesting period regardless of whether the market condition is ultimately satisfied. Based on the Monte Carlo model, the fair value as of the grant date of the fiscal 2020 grant of shares that vest based on market conditions was $38.75 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Jan. 25, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The activity in accumulated other comprehensive income (loss) for the quarters ended January 25, 2020 , and January 26, 2019 , is as follows: (Unaudited, amounts in thousands) Translation adjustment Change in fair value of cash flow hedge Unrealized gain (loss) on marketable securities Net pension amortization and net actuarial loss Accumulated other comprehensive loss Balance at October 26, 2019 $ 1,345 $ — $ 418 $ (4,231 ) $ (2,468 ) Changes before reclassifications 50 — 41 — 91 Amounts reclassified to net income — — (20 ) 55 35 Tax effect — — (5 ) (14 ) (19 ) Other comprehensive income attributable to La-Z-Boy Incorporated 50 — 16 41 107 Balance at January 25, 2020 $ 1,395 $ — $ 434 $ (4,190 ) $ (2,361 ) Balance at October 27, 2018 $ (24 ) $ (24 ) $ (197 ) $ (28,084 ) $ (28,329 ) Changes before reclassifications 800 — 72 — 872 Amounts reclassified to net income — 93 48 687 828 Tax effect — (23 ) (30 ) (172 ) (225 ) Other comprehensive income attributable to La-Z-Boy Incorporated 800 70 90 515 1,475 Balance at January 26, 2019 $ 776 $ 46 $ (107 ) $ (27,569 ) $ (26,854 ) The activity in accumulated other comprehensive income (loss) for the nine months ended January 25, 2020 , and January 26, 2019 , is as follows: (Unaudited, amounts in thousands) Translation adjustment Change in fair value of cash flow hedge Unrealized gain (loss) on marketable securities Net pension amortization and net actuarial loss Accumulated other comprehensive loss Balance at April 27, 2019 $ 50 $ 87 $ 6 $ (3,605 ) $ (3,462 ) Changes before reclassifications 1,345 — 253 — 1,598 Reclassification of certain income tax effects (1) — (97 ) 258 (708 ) (547 ) Amounts reclassified to net income — 14 (28 ) 164 150 Tax effect — (4 ) (55 ) (41 ) (100 ) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 1,345 (87 ) 428 (585 ) 1,101 Balance at January 25, 2020 $ 1,395 $ — $ 434 $ (4,190 ) $ (2,361 ) Balance at April 28, 2018 $ 2,388 $ 154 $ 1,376 $ (29,117 ) $ (25,199 ) Changes before reclassifications (1,612 ) (369 ) 175 — (1,806 ) Cumulative effect adjustment for investments (2) — — (1,637 ) — (1,637 ) Amounts reclassified to net income — 225 29 2,059 2,313 Tax effect — 36 (50 ) (511 ) (525 ) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated (1,612 ) (108 ) (1,483 ) 1,548 (1,655 ) Balance at January 26, 2019 $ 776 $ 46 $ (107 ) $ (27,569 ) $ (26,854 ) (1) Income tax effects of the Tax Cuts and Jobs Act are reclassified from AOCI to retained earnings due to adoption of ASU 2018-02. (2) The cumulative effect adjustment for investments is composed of $2.1 million of unrealized gains on equity investments offset by $0.5 million of tax expense. We reclassified the net $1.6 million of cumulative effect adjustment from accumulated other comprehensive loss to retained earnings as a result of adopting ASU 2016-01. We reclassified the unrealized gain/(loss) on marketable securities from accumulated other comprehensive loss to net income through other income (expense), net in our consolidated statement of income, reclassified the change in fair value of cash flow hedges to net income through cost of sales, and reclassified the net pension amortization to net income through other income (expense), net. The components of non-controlling interest were as follows: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/25/20 1/26/19 1/25/20 1/26/19 Balance as of the beginning of the period $ 15,543 $ 13,411 $ 14,468 $ 13,035 Net income 204 443 434 1,428 Other comprehensive income (loss) (162 ) 669 683 60 Balance as of the end of the period $ 15,585 $ 14,523 $ 15,585 $ 14,523

Revenue Recognition

Revenue Recognition	9 Months Ended
	Jan. 25, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Our revenue is primarily derived from product sales. We report product sales net of discounts and recognize them when control (rights and obligations associated with the product) passes to the customer. For sales to furniture retailers or distributors, control typically transfers when we ship the product. In cases where we sell directly to the end consumer, control of the product is generally transferred upon delivery. For shipping and handling activities, we have elected to apply the accounting policy election permitted in ASC 606-10-25-18B, which allows an entity to account for shipping and handling activities as fulfillment activities (rather than as a promised good or service) when the activities are performed even if those activities are performed after the control of the good has been transferred. We expense shipping and handling costs at the time we recognize revenue in accordance with this election. For sales tax, we elected to apply the accounting policy election permitted in ASC 606-10-32-2A, which allows an entity to exclude from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). This allows us to present revenue net of these certain types of taxes. The following table presents our revenue disaggregated by product category and by segment or unit: Quarter Ended January 25, 2020 (Unaudited, amounts in thousands) Upholstery Casegoods Retail Corporate and Other Total Motion Upholstery Furniture $ 212,079 $ — $ 100,662 $ — $ 312,741 Stationary Upholstery Furniture 96,429 4,131 33,348 29,094 163,002 Bedroom Furniture — 7,772 1,517 1,842 11,131 Dining Room Furniture — 5,981 3,040 596 9,617 Occasional Furniture 383 11,619 6,148 516 18,666 Other (1) 27,805 (1,388 ) 22,779 (6,379 ) 42,817 Total $ 336,696 $ 28,115 $ 167,494 $ 25,669 $ 557,974 Eliminations (82,118 ) Consolidated Net Sales $ 475,856 Quarter Ended January 26, 2019 Upholstery Casegoods Retail Corporate and Other Total Motion Upholstery Furniture $ 212,631 $ — $ 100,232 $ — $ 312,863 Stationary Upholstery Furniture 94,551 3,844 27,652 24,096 150,143 Bedroom Furniture — 7,447 1,586 1,296 10,329 Dining Room Furniture — 5,733 3,097 610 9,440 Occasional Furniture 391 12,292 5,959 338 18,980 Other (1) 26,875 (1,251 ) 20,891 (3,491 ) 43,024 Total $ 334,448 $ 28,065 $ 159,417 $ 22,849 $ 544,779 Eliminations (77,197 ) Consolidated Net Sales $ 467,582 (1) Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, tariff surcharges, discounts & allowances, rebates and other sales incentives. Nine Months Ended January 25, 2020 (Unaudited, amounts in thousands) Upholstery Casegoods Retail Corporate and Other Total Motion Upholstery Furniture $ 588,820 $ — $ 270,301 $ — $ 859,121 Stationary Upholstery Furniture 281,699 12,873 96,306 79,477 470,355 Bedroom Furniture — 24,711 4,513 4,800 34,024 Dining Room Furniture — 17,656 8,036 1,436 27,128 Occasional Furniture 1,083 33,988 16,728 1,374 53,173 Other (1) 79,365 (4,588 ) 63,010 (16,555 ) 121,232 Total $ 950,967 $ 84,640 $ 458,894 $ 70,532 $ 1,565,033 Eliminations (228,332 ) Consolidated Net Sales $ 1,336,701 Nine Months Ended January 26, 2019 Upholstery Casegoods Retail Corporate and Other Total Motion Upholstery Furniture $ 602,458 $ — $ 260,924 $ — $ 863,382 Stationary Upholstery Furniture 272,087 12,215 76,517 47,791 408,610 Bedroom Furniture — 24,045 3,891 3,756 31,692 Dining Room Furniture — 18,068 7,293 1,429 26,790 Occasional Furniture 1,202 38,003 15,000 828 55,033 Other (1) 69,192 (4,503 ) 54,706 (4,712 ) 114,683 Total $ 944,939 $ 87,828 $ 418,331 $ 49,092 $ 1,500,190 Eliminations (208,580 ) Consolidated Net Sales $ 1,291,610 (1) Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, tariff surcharges, discounts & allowances, rebates and other sales incentives. Motion Upholstery Furniture - Includes gross revenue for upholstered furniture, such as recliners, sofas, loveseats, chairs, sectionals and modulars that have a mechanism that allows the back of the product to recline or the product's footrest to extend. This gross revenue includes sales to La-Z-Boy Furniture Galleries ® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio ® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer. Stationary Upholstery Furniture - Includes gross revenue for upholstered furniture, such as sofas, loveseats, chairs, sectionals, modulars, and ottomans that do not have a mechanism. This gross revenue includes sales to La-Z-Boy Furniture Galleries ® stores (including company-owned stores), operators of La-Z-Boy Comfort Studio ® locations, England Custom Comfort Center locations, other major dealers, independent retailers, and the end consumer. Bedroom Furniture - Includes gross revenue for casegoods furniture typically found in a bedroom, such as beds, chests, dressers, nightstands and benches. This gross revenue includes sales to La-Z-Boy Furniture Galleries ® stores (including company-owned stores), independent retailers, and the end consumer. Dining Room Furniture - Includes gross revenue for casegoods furniture typically found in a dining room, such as dining tables, dining chairs, storage units and stools. This gross revenue includes sales to La-Z-Boy Furniture Galleries ® stores (including company-owned stores), independent retailers, and the end consumer. Occasional Furniture - Includes gross revenue for casegoods furniture found throughout the home, such as cocktail tables, chairsides, sofa tables, end tables, and entertainment centers. This gross revenue includes sales to La-Z-Boy Furniture Galleries ® stores (including company-owned stores), independent retailers, and the end consumer. At January 25, 2020 , our consolidated balance sheet includes current assets of $25.3 million that we reported as other receivables. These other receivables represent the remaining consideration to which we are entitled prior to fulfilling our performance obligation. At the beginning of fiscal 2020 , we had $17.0 million of other receivables. We receive customer deposits from end consumers before we recognize revenue and in some cases we have the unconditional right to collect the remaining portion of the order price before we fulfill our performance obligation, resulting in deferred revenue (collectively, the “contract liabilities”). At January 25, 2020 , we included $60.9 million of customer deposits and $25.3 million of deferred revenues in accrued expenses and other current liabilities on our consolidated balance sheet. At the beginning of fiscal 2020, we had $42.8 million of customer deposits and $17.0 million of deferred revenues. During the quarter and nine months ended January 25, 2020 we recognized revenue of $0.5 million and $55.0 million , respectively, related to our contract liability balance at April 27, 2019 . We have elected the practical expedient permitted in ASC 606-10-32-18, which allows an entity to recognize the promised amount of consideration without adjusting for the effects of a significant financing component if the contract has a duration of one year or less. As our contracts typically are less than one year in length and do not have significant financing components, we have not adjusted consideration.

Segment Information

Segment Information	9 Months Ended
	Jan. 25, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information Our reportable operating segments are the Upholstery segment, the Casegoods segment and the Retail segment. Upholstery Segment . Our Upholstery segment is our largest business segment and consists primarily of two operating segments: La-Z-Boy, our largest operating segment, and the operating segment for our England subsidiary. The Upholstery segment also includes our international wholesale businesses. We aggregate these operating segments into one reportable segment because they are economically similar and because they meet the other aggregation criteria for determining reportable segments. Our Upholstery segment manufactures and imports upholstered furniture such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas. The Upholstery segment sells directly to La-Z-Boy Furniture Galleries ® stores, operators of La-Z-Boy Comfort Studio ® locations and England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers. Casegoods Segment . Our Casegoods segment consists of one operating segment that sells furniture under three brands: American Drew ® , Hammary ® , and Kincaid ® . The Casegoods segment is an importer, marketer, and distributor of casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces, and also manufactures some coordinated upholstered furniture. The Casegoods segment sells directly to major dealers, as well as La-Z-Boy Furniture Galleries ® stores, and a wide cross-section of other independent retailers. Retail Segment . Our Retail segment consists of one operating segment comprised of our 155 company-owned La-Z-Boy Furniture Galleries ® stores. The Retail segment sells primarily upholstered furniture, in addition to some casegoods and other accessories, to end consumers through these stores. Corporate & Other . Corporate & Other includes the shared costs for corporate functions, including human resources, information technology, finance and legal, in addition to revenue generated through royalty agreements with companies licensed to use the La-Z-Boy ® brand name on various products. We consider our corporate functions to be other business activities and have aggregated them with our other insignificant operating segments including our global trading company in Hong Kong and Joybird, an e-commerce retailer that manufactures upholstered furniture such as sofas, loveseats, chairs, ottomans, sleeper sofas and beds, and also imports casegoods (wood) furniture such as occasional tables and other accessories. Joybird sells to the end consumer primarily online through its website, www.joybird.com. None of the operating segments included in Corporate & Other meet the requirements of reportable segments. The following table presents sales and operating income (loss) by segment: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/25/20 1/26/19 1/25/20 1/26/19 Sales Upholstery segment: Sales to external customers $ 262,835 $ 265,487 $ 746,851 $ 759,569 Intersegment sales 73,861 68,961 204,116 185,370 Upholstery segment sales 336,696 334,448 950,967 944,939 Casegoods segment: Sales to external customers 22,583 23,129 68,561 73,774 Intersegment sales 5,532 4,936 16,079 14,054 Casegoods segment sales 28,115 28,065 84,640 87,828 Retail segment sales 167,494 159,417 458,894 418,331 Corporate and Other: Sales to external customers 22,944 19,549 62,395 39,936 Intersegment sales 2,725 3,300 8,137 9,156 Corporate and Other sales 25,669 22,849 70,532 49,092 Eliminations (82,118 ) (77,197 ) (228,332 ) (208,580 ) Consolidated sales $ 475,856 $ 467,582 $ 1,336,701 $ 1,291,610 Operating Income (Loss) Upholstery segment $ 46,512 $ 34,566 $ 104,859 $ 90,602 Casegoods segment 2,534 3,332 7,336 10,173 Retail segment 16,383 14,158 33,272 25,179 Corporate and Other (13,116 ) (11,213 ) (40,131 ) (33,451 ) Consolidated operating income 52,313 40,843 105,336 92,503 Interest expense (265 ) (538 ) (891 ) (1,143 ) Interest income 844 540 2,093 1,534 Other income (expense), net (5,998 ) (941 ) (5,390 ) (2,046 ) Income before income taxes $ 46,894 $ 39,904 $ 101,148 $ 90,848

Income Taxes

Income Taxes	9 Months Ended
	Jan. 25, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 26.0% and 25.3% for the third quarter and nine months ended January 25, 2020 , respectively. Our effective tax rate was 26.9% and 24.6% for the third quarter and nine months ended January 26, 2019 , respectively. Our effective tax rate varies from the 21% federal statutory rate primarily due to state taxes. Absent discrete adjustments, our effective tax rate in the third quarter of fiscal 2020 would have been 25.8%

Earnings per Share

Earnings per Share	9 Months Ended
	Jan. 25, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Certain share-based compensation awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities. Prior to fiscal 2020 , we granted restricted stock awards that contained non-forfeitable rights to dividends on unvested shares, and we are required to include these participating securities in calculating our basic earnings per common share, using the two-class method. The restricted stock awards we granted in fiscal 2019 and fiscal 2020 do not have non-forfeitable rights to dividends and therefore are not considered participating securities. The dividends on the restricted stock awards granted in fiscal 2019 and fiscal 2020 are, and will continue to be held in escrow, until the stock awards vest at which time we will pay any accumulated dividends. The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/25/20 1/26/19 1/25/20 1/26/19 Numerator (basic and diluted): Net income attributable to La-Z-Boy Incorporated $ 34,512 $ 28,731 $ 75,174 $ 67,046 Income allocated to participating securities (45 ) (92 ) (121 ) (231 ) Net income available to common Shareholders $ 34,467 $ 28,639 $ 75,053 $ 66,815 Denominator: Basic weighted average common shares outstanding 46,262 46,820 46,545 46,808 Add: Contingent common shares 148 131 147 135 Stock option dilution 174 140 175 269 Diluted weighted average common shares outstanding 46,584 47,091 46,867 47,212 Earnings per Share: Basic $ 0.75 $ 0.61 $ 1.61 $ 1.43 Diluted $ 0.74 $ 0.61 $ 1.60 $ 1.42 The values for contingent common shares set forth above reflect the dilutive effect of common shares that we would have issued to employees under the terms of performance-based share awards if the relevant performance period for the award had been the reporting period. We had outstanding options to purchase 0.3 million shares for the quarter and nine months ended January 25, 2020 , with a weighted average exercise price of $33.15 . We excluded the effect of these options from our diluted share calculation since the weighted average exercise price of the options was higher than the average market price and including the options’ effect would have been anti-dilutive. Similarly, we excluded options to purchase 0.4 million shares from the diluted share calculation for the quarter and nine months ended January 26, 2019

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jan. 25, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 January 25, 2020 and April 27, 2019 . There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented. At January 25, 2020 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ 4 $ 33,417 $ — $ 7,372 $ 40,793 Held-to-maturity investments 3,542 — — — 3,542 Cost basis investments — — 6,479 — 6,479 Total assets $ 3,546 $ 33,417 $ 6,479 $ 7,372 $ 50,814 Liabilities Contingent consideration liability $ — $ — $ 7,900 $ — $ 7,900 At April 27, 2019 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ 5 $ 34,390 $ — $ 7,706 $ 42,101 Held-to-maturity investments 3,341 — — — 3,341 Cost basis investment — — 11,979 — 11,979 Total assets $ 3,346 $ 34,390 $ 11,979 $ 7,706 $ 57,421 Liabilities Contingent consideration liability $ — $ — $ 7,900 $ — $ 7,900 (1) Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology. At January 25, 2020 and April 27, 2019 , we held marketable securities intended to enhance returns on our cash and to fund future obligations of our non-qualified defined benefit retirement plan, as well as marketable securities to fund future obligations of our executive deferred compensation plan and our performance compensation retirement plan. We also held other fixed income and cost basis investments. The fair value measurements for our Level 1 and Level 2 securities are based on quoted prices in active markets, as well as through broker quotes and independent valuation providers, multiplied by the number of shares owned exclusive of any transaction costs. At January 25, 2020 , our Level 3 assets included non-marketable preferred shares of two privately held start-up companies, and a warrant to purchase common shares of one of these privately held start-up companies. The fair value for our Level 3 investments is not readily determinable so we estimate the fair value as costs minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar investments with the same issuer. During the quarter ended October 26, 2019 , we invested an additional $0.5 million in one of these privately held start-up companies. Subsequently and during the quarter ended January 25, 2020 , with respect to the same investee, we recorded an impairment charge of $6.0 million for the full carrying value as it was determined the value of the investment was not recoverable. For non-marketable equity investments, the measurement of fair value requires significant judgment and includes quantitative and qualitative analysis of identified events or circumstances that impact the fair value of the investment. Among other factors, we assessed the investee’s ability to meet business milestones, its financial condition and near-term prospects (including the rate at which the investee was using its cash), the investee’s need for possible additional funding at a lower valuation, and the competitive environment in which the investee operates its business. There were no other changes to the fair value of our Level 3 assets during the quarter and nine months ended January 25, 2020 . Our Level 3 liability includes our contingent consideration liability from the Joybird acquisition. We estimated the contingent consideration liability based on future revenues and earnings in fiscal 2021 and fiscal 2023. The fair value was determined using a variation of the income approach, known as the real options method, whereby revenue and earnings were simulated over the earn-out periods in a risk-neutral framework using Geometric Brownian Motion. For each simulation path, the potential earn-out payments were calculated based on management’s probability estimates for achievement of the revenue and earnings milestones and then were discounted to the valuation date using a discount rate of 4.2% for the fiscal 2021 milestone and 4.7% for the fiscal 2023 milestone. There were no changes to the fair value of our Level 3 liabilities during the first nine months of fiscal 2020. However, our integration efforts related to the acquired Joybird business are taking longer than anticipated. Consistent with our policy of testing of non-financial assets annually in the fourth quarter or more frequently, if an impairment indicator is identified, we will be undertaking a review of the Joybird business next quarter, which will include future revenue and earnings projections, and which could result in an adjustment to the fair value of the contingent consideration liability as well as intangible assets and goodwill related to Joybird.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Policies)	9 Months Ended
	Jan. 25, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent accounting pronouncements	Accounting pronouncement adopted in fiscal 2020 The accounting standards update (“ASU”) described in the paragraph below had a significant impact on our accounting policies and our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), requiring lessees to record all operating leases on their balance sheet. Under this standard, the lessee is required to record an asset for the right to use the underlying asset for the lease term and a corresponding liability for the contractual lease payments. We have adopted this standard in the first quarter of fiscal 2020 using the modified retrospective approach. See Note 5 for further information. The following table summarizes additional ASUs which were adopted in fiscal 2020 , but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. ASU Description ASU 2017-06 Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting ASU 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ASU 2018-02 Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ASU 2018-07 Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements ASU 2018-16 Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes Accounting pronouncements not yet adopted The following table summarizes additional accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. ASU Description Adoption Date ASU 2016-13 Financial Instruments – Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments Fiscal 2021 ASU 2018-14 Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans Fiscal 2022 ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Fiscal 2022 ASU 2020-01 Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 325, and Topic 815 Fiscal 2022

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Jan. 25, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of New Accounting Pronouncements Adopted and Not Yet Adopted	The following table summarizes additional ASUs which were adopted in fiscal 2020 , but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. ASU Description ASU 2017-06 Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting ASU 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ASU 2018-02 Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ASU 2018-07 Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements ASU 2018-16 Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes Accounting pronouncements not yet adopted The following table summarizes additional accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures. ASU Description Adoption Date ASU 2016-13 Financial Instruments – Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments Fiscal 2021 ASU 2018-14 Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans Fiscal 2022 ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Fiscal 2022 ASU 2020-01 Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 325, and Topic 815 Fiscal 2022

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Jan. 25, 2020
Joybird
Business Acquisition [Line Items]
Summary of fair values at the dates of acquisition	The following table summarizes the purchase price allocation for Joybird at the date of acquisition: (Unaudited, amounts in thousands) Joybird Acquisition Fair value of consideration: Cash (paid at closing) $ 37,482 Guaranteed payment 22,489 Acquisition earn-out 7,500 Assumption of liability 5,000 Working capital adjustment (2,486 ) Total fair value of consideration 69,985 Amounts recognized for assets acquired and liabilities assumed: Inventory 5,258 Other current assets 3,733 Property, plant and equipment 2,057 Finite-lived tradename 6,400 Other long-term assets 3,647 Accounts payable (8,222 ) Customer deposits (13,904 ) Other current liabilities (7,681 ) Other long-term liabilities (150 ) Total identifiable net liabilities acquired (8,862 ) Goodwill $ 78,847

Restricted Cash (Tables)

Restricted Cash (Tables)	9 Months Ended
	Jan. 25, 2020
Cash and Cash Equivalents [Abstract]
Schedule of cash, cash equivalents and restricted cash	We have restricted cash on deposit with a bank as collateral for certain letters of credit. All our letters of credit have maturity dates within the next twelve months, but we expect to renew some of these letters of credit when they mature. (Unaudited, amounts in thousands) 1/25/20 1/26/19 Cash and cash equivalents $ 166,272 $ 101,579 Restricted cash 1,973 2,003 Total cash, cash equivalents and restricted cash $ 168,245 $ 103,582

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jan. 25, 2020
Inventory Disclosure [Abstract]
Summary of inventories	A summary of inventories is as follows: (Unaudited, amounts in thousands) 1/25/20 4/27/19 Raw materials $ 96,010 $ 90,359 Work in process 14,055 13,728 Finished goods 110,168 114,478 FIFO inventories 220,233 218,565 Excess of FIFO over LIFO (21,666 ) (21,666 ) Total inventories $ 198,567 $ 196,899

Leases (Tables)

Leases (Tables)	9 Months Ended
	Jan. 25, 2020
Leases [Abstract]
Schedule of supplemental balance sheet information	Supplemental balance sheet information related to leases: (Unaudited, amounts in thousands) 1/25/20 Operating leases ROU assets $ 318,124 Lease liabilities, short-term 65,089 Lease liabilities, long-term 267,955 Finance leases ROU assets $ 38 Lease liabilities, short-term 39 Lease liabilities, long-term —
Schedule of ROU assets by segment	The ROU assets by segment are as follows: (Unaudited, amounts in thousands) 1/25/20 Upholstery $ 57,800 Casegoods 4,214 Retail 242,987 Corporate & Other 13,161 Total ROU assets $ 318,162
Schedule of components of lease cost	The components of lease cost are as follows for the respective periods ended January 25, 2020 : (Unaudited, amounts in thousands) Quarter Ended Nine Months Ended Operating lease cost $ 18,987 $ 57,024 Financing lease cost 40 139 Short-term lease cost 25 76 Variable lease cost 48 142 Less: Sublease income (633 ) (1,893 ) Total lease cost $ 18,467 $ 55,488
Schedule of supplemental lease disclosures	The following tables present supplemental lease disclosures: Nine Months Ended January 25, 2020 (Unaudited, amounts in thousands) Operating Leases Financing Leases Cash paid for amounts included in the measurement of lease liabilities $ 57,851 $ 138 Lease liabilities arising from new ROU assets 52,954 — 1/25/20 (Unaudited, amounts in thousands) Operating Leases Financing Leases Weighted-average remaining lease term (years) 6.7 0.5 Weighted-average discount rate 3.8 % 3.9 %
Schedule of undiscounted cash flows and minimum contractual obligations	The following table presents our undiscounted cash flows as of January 25, 2020 , and our minimum contractual obligations on our leases as of April 27, 2019 : 1/25/20 4/27/19 (Unaudited, amounts in thousands) Operating Leases Financing Leases Operating Leases Financing Leases Within one year $ 76,348 $ 40 $ 76,508 $ 180 After one year and within two years 66,953 — 71,544 19 After two years and within three years 55,988 — 58,763 — After three years and within four years 44,375 — 46,541 — After four years and within five years 37,576 — 36,082 — After five years 95,660 — 102,782 — Total lease payments 376,900 40 $ 392,220 $ 199 Less: Interest 43,856 1 Total lease obligations $ 333,044 $ 39

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Jan. 25, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	We have goodwill on our consolidated balance sheet as follows: Reportable Segment/Unit Related Acquisition Upholstery segment Acquisition of the wholesale business in the United Kingdom and Ireland Retail segment Acquisitions of La-Z-Boy Furniture Galleries ® stores Corporate & Other Acquisition of Joybird The following is a roll-forward of goodwill for the nine months ended January 25, 2020 : (Unaudited, amounts in thousands) Upholstery Segment Retail Segment Corporate and Other Total Goodwill Balance at April 27, 2019 $ 12,148 $ 94,103 $ 79,616 $ 185,867 Acquisition adjustment — — (769 ) (769 ) Translation adjustment 148 82 — 230 Balance at January 25, 2020 $ 12,296 $ 94,185 $ 78,847 $ 185,328
Schedule of other intangible assets - Indefinite-lived	We have intangible assets on our consolidated balance sheet as follows: Reportable Segment/Unit Intangible Asset Useful Life Upholstery segment Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland Amortizable over useful lives that do not exceed 15 years Casegoods segment American Drew ® trade name Indefinite-lived Retail segment Reacquired rights to own and operate La-Z-Boy Furniture Galleries ® stores Indefinite-lived Corporate & Other Joybird ® trade name Amortizable over eight-year useful life The following is a roll-forward of our other intangible assets for the nine months ended January 25, 2020 : (Unaudited, amounts in thousands) Indefinite- Lived Trade Names Finite- Lived Trade Name Indefinite- Lived Reacquired Rights Other Intangible Assets Total Other Intangible Assets Balance at April 27, 2019 $ 1,155 $ 5,801 $ 20,117 $ 2,834 $ 29,907 Amortization — (598 ) — (165 ) (763 ) Translation adjustment — — 62 29 91 Balance at January 25, 2020 $ 1,155 $ 5,203 $ 20,179 $ 2,698 $ 29,235
Schedule of other intangible assets - Amortizable	We have intangible assets on our consolidated balance sheet as follows: Reportable Segment/Unit Intangible Asset Useful Life Upholstery segment Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland Amortizable over useful lives that do not exceed 15 years Casegoods segment American Drew ® trade name Indefinite-lived Retail segment Reacquired rights to own and operate La-Z-Boy Furniture Galleries ® stores Indefinite-lived Corporate & Other Joybird ® trade name Amortizable over eight-year useful life The following is a roll-forward of our other intangible assets for the nine months ended January 25, 2020 : (Unaudited, amounts in thousands) Indefinite- Lived Trade Names Finite- Lived Trade Name Indefinite- Lived Reacquired Rights Other Intangible Assets Total Other Intangible Assets Balance at April 27, 2019 $ 1,155 $ 5,801 $ 20,117 $ 2,834 $ 29,907 Amortization — (598 ) — (165 ) (763 ) Translation adjustment — — 62 29 91 Balance at January 25, 2020 $ 1,155 $ 5,203 $ 20,179 $ 2,698 $ 29,235

Investments (Tables)

Investments (Tables)	9 Months Ended
	Jan. 25, 2020
Investments, Debt and Equity Securities [Abstract]
Summary of investments	The following summarizes our investments: (Unaudited, amounts in thousands) 1/25/20 4/27/19 Short-term investments: Marketable securities $ 18,891 $ 18,016 Held-to-maturity investments 3,542 3,341 Total short-term investments 22,433 21,357 Long-term investments: Marketable securities 21,902 24,085 Cost basis investments 6,479 11,979 Total long-term investments 28,381 36,064 Total investments $ 50,814 $ 57,421 Investments to enhance returns on cash $ 30,109 $ 31,470 Investments to fund compensation/retirement plans 14,226 13,972 Other investments 6,479 11,979 Total investments $ 50,814 $ 57,421
Summary of unrealized gains, unrealized losses, and fair value by investment type	The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type: 1/25/20 4/27/19 (Unaudited, amounts in thousands) Gross Unrealized Gains Gross Unrealized Losses Fair Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Equity securities $ 1,922 $ (6,000 ) $ 13,600 $ 1,841 $ — $ 19,535 Fixed income 199 (8 ) 31,962 75 (111 ) 33,217 Other 376 — 5,252 258 (13 ) 4,669 Total securities $ 2,497 $ (6,008 ) $ 50,814 $ 2,174 $ (124 ) $ 57,421
Summary of sales of marketable securities	The following table summarizes sales of marketable securities: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/25/20 1/26/19 1/25/20 1/26/19 Proceeds from sales $ 11,517 $ 6,550 $ 23,887 $ 14,304 Gross realized gains 431 726 618 811 Gross realized losses (62 ) (261 ) (150 ) (327 )
Summary of fair value of fixed icome marketable securities	The following is a summary of the fair value of fixed income marketable securities, classified as available-for-sale securities, by contractual maturity: (Unaudited, amounts in thousands) 1/25/20 Within one year $ 19,041 Within two to five years 10,000 Within six to ten years 1,639 Thereafter 1,282 Total $ 31,962

Employee Benefits (Tables)

Employee Benefits (Tables)	9 Months Ended
	Jan. 25, 2020
Retirement Benefits [Abstract]
Schedule of net periodic pension costs	For the quarter and nine months ended January 26, 2019 , net periodic pension costs were as follows: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 01/26/19 01/26/19 Service cost $ 223 $ 869 Interest cost 1,116 3,348 Expected return on plan assets (1,136 ) (3,408 ) Net amortization 639 1,917 Net periodic pension cost $ 842 $ 2,726

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Jan. 25, 2020
Product Warranties Disclosures [Abstract]
Reconciliation of changes in product warranty liability	A reconciliation of the changes in our product warranty liability is as follows: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 01/25/20 01/26/19 01/25/20 01/26/19 Balance as of the beginning of the period $ 23,081 $ 25,197 $ 22,736 $ 21,205 Acquisitions — — — 4,100 Accruals during the period 6,321 5,660 17,746 16,270 Settlements during the period (6,057 ) (5,560 ) (17,137 ) (16,278 ) Balance as of the end of the period $ 23,345 $ 25,297 $ 23,345 $ 25,297

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jan. 25, 2020
Share-based Payment Arrangement [Abstract]
Summary of total stock-based compensation expense	The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants in our consolidated statement of income: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 01/25/20 01/26/19 01/25/20 01/26/19 Equity-based awards expense $ 2,528 $ 2,495 $ 7,235 $ 8,174 Liability-based awards expense (303 ) 144 37 10 Total stock-based compensation expense $ 2,225 $ 2,639 $ 7,272 $ 8,184
Fair value assumptions for stock options	We calculated the fair value of stock options granted during the first quarter of fiscal 2020 using the following assumptions: (Unaudited) Fiscal 2020 grant Risk-free interest rate 2.19 % Dividend rate 1.72 % Expected life in years 5.0 Stock price volatility 34.27 % Fair value per share $ 7.94

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Jan. 25, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedul of activity in accumulated other comprehensive loss	The activity in accumulated other comprehensive income (loss) for the quarters ended January 25, 2020 , and January 26, 2019 , is as follows: (Unaudited, amounts in thousands) Translation adjustment Change in fair value of cash flow hedge Unrealized gain (loss) on marketable securities Net pension amortization and net actuarial loss Accumulated other comprehensive loss Balance at October 26, 2019 $ 1,345 $ — $ 418 $ (4,231 ) $ (2,468 ) Changes before reclassifications 50 — 41 — 91 Amounts reclassified to net income — — (20 ) 55 35 Tax effect — — (5 ) (14 ) (19 ) Other comprehensive income attributable to La-Z-Boy Incorporated 50 — 16 41 107 Balance at January 25, 2020 $ 1,395 $ — $ 434 $ (4,190 ) $ (2,361 ) Balance at October 27, 2018 $ (24 ) $ (24 ) $ (197 ) $ (28,084 ) $ (28,329 ) Changes before reclassifications 800 — 72 — 872 Amounts reclassified to net income — 93 48 687 828 Tax effect — (23 ) (30 ) (172 ) (225 ) Other comprehensive income attributable to La-Z-Boy Incorporated 800 70 90 515 1,475 Balance at January 26, 2019 $ 776 $ 46 $ (107 ) $ (27,569 ) $ (26,854 ) The activity in accumulated other comprehensive income (loss) for the nine months ended January 25, 2020 , and January 26, 2019 , is as follows: (Unaudited, amounts in thousands) Translation adjustment Change in fair value of cash flow hedge Unrealized gain (loss) on marketable securities Net pension amortization and net actuarial loss Accumulated other comprehensive loss Balance at April 27, 2019 $ 50 $ 87 $ 6 $ (3,605 ) $ (3,462 ) Changes before reclassifications 1,345 — 253 — 1,598 Reclassification of certain income tax effects (1) — (97 ) 258 (708 ) (547 ) Amounts reclassified to net income — 14 (28 ) 164 150 Tax effect — (4 ) (55 ) (41 ) (100 ) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated 1,345 (87 ) 428 (585 ) 1,101 Balance at January 25, 2020 $ 1,395 $ — $ 434 $ (4,190 ) $ (2,361 ) Balance at April 28, 2018 $ 2,388 $ 154 $ 1,376 $ (29,117 ) $ (25,199 ) Changes before reclassifications (1,612 ) (369 ) 175 — (1,806 ) Cumulative effect adjustment for investments (2) — — (1,637 ) — (1,637 ) Amounts reclassified to net income — 225 29 2,059 2,313 Tax effect — 36 (50 ) (511 ) (525 ) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated (1,612 ) (108 ) (1,483 ) 1,548 (1,655 ) Balance at January 26, 2019 $ 776 $ 46 $ (107 ) $ (27,569 ) $ (26,854 ) (1) Income tax effects of the Tax Cuts and Jobs Act are reclassified from AOCI to retained earnings due to adoption of ASU 2018-02. (2) The cumulative effect adjustment for investments is composed of $2.1 million of unrealized gains on equity investments offset by $0.5 million of tax expense. We reclassified the net $1.6 million of cumulative effect adjustment from accumulated other comprehensive loss to retained earnings as a result of adopting ASU 2016-01.
Schedule of components of non-controlling interest	The components of non-controlling interest were as follows: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/25/20 1/26/19 1/25/20 1/26/19 Balance as of the beginning of the period $ 15,543 $ 13,411 $ 14,468 $ 13,035 Net income 204 443 434 1,428 Other comprehensive income (loss) (162 ) 669 683 60 Balance as of the end of the period $ 15,585 $ 14,523 $ 15,585 $ 14,523

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Jan. 25, 2020
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue by product category by segment or unit	The following table presents our revenue disaggregated by product category and by segment or unit: Quarter Ended January 25, 2020 (Unaudited, amounts in thousands) Upholstery Casegoods Retail Corporate and Other Total Motion Upholstery Furniture $ 212,079 $ — $ 100,662 $ — $ 312,741 Stationary Upholstery Furniture 96,429 4,131 33,348 29,094 163,002 Bedroom Furniture — 7,772 1,517 1,842 11,131 Dining Room Furniture — 5,981 3,040 596 9,617 Occasional Furniture 383 11,619 6,148 516 18,666 Other (1) 27,805 (1,388 ) 22,779 (6,379 ) 42,817 Total $ 336,696 $ 28,115 $ 167,494 $ 25,669 $ 557,974 Eliminations (82,118 ) Consolidated Net Sales $ 475,856 Quarter Ended January 26, 2019 Upholstery Casegoods Retail Corporate and Other Total Motion Upholstery Furniture $ 212,631 $ — $ 100,232 $ — $ 312,863 Stationary Upholstery Furniture 94,551 3,844 27,652 24,096 150,143 Bedroom Furniture — 7,447 1,586 1,296 10,329 Dining Room Furniture — 5,733 3,097 610 9,440 Occasional Furniture 391 12,292 5,959 338 18,980 Other (1) 26,875 (1,251 ) 20,891 (3,491 ) 43,024 Total $ 334,448 $ 28,065 $ 159,417 $ 22,849 $ 544,779 Eliminations (77,197 ) Consolidated Net Sales $ 467,582 (1) Primarily includes revenue for delivery, advertising, royalties, parts, accessories, after-treatment products, tariff surcharges, discounts & allowances, rebates and other sales incentives. Nine Months Ended January 25, 2020 (Unaudited, amounts in thousands) Upholstery Casegoods Retail Corporate and Other Total Motion Upholstery Furniture $ 588,820 $ — $ 270,301 $ — $ 859,121 Stationary Upholstery Furniture 281,699 12,873 96,306 79,477 470,355 Bedroom Furniture — 24,711 4,513 4,800 34,024 Dining Room Furniture — 17,656 8,036 1,436 27,128 Occasional Furniture 1,083 33,988 16,728 1,374 53,173 Other (1) 79,365 (4,588 ) 63,010 (16,555 ) 121,232 Total $ 950,967 $ 84,640 $ 458,894 $ 70,532 $ 1,565,033 Eliminations (228,332 ) Consolidated Net Sales $ 1,336,701 Nine Months Ended January 26, 2019 Upholstery Casegoods Retail Corporate and Other Total Motion Upholstery Furniture $ 602,458 $ — $ 260,924 $ — $ 863,382 Stationary Upholstery Furniture 272,087 12,215 76,517 47,791 408,610 Bedroom Furniture — 24,045 3,891 3,756 31,692 Dining Room Furniture — 18,068 7,293 1,429 26,790 Occasional Furniture 1,202 38,003 15,000 828 55,033 Other (1) 69,192 (4,503 ) 54,706 (4,712 ) 114,683 Total $ 944,939 $ 87,828 $ 418,331 $ 49,092 $ 1,500,190 Eliminations (208,580 ) Consolidated Net Sales $ 1,291,610 (1)

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Jan. 25, 2020
Segment Reporting [Abstract]
Schedule of segment information	The following table presents sales and operating income (loss) by segment: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/25/20 1/26/19 1/25/20 1/26/19 Sales Upholstery segment: Sales to external customers $ 262,835 $ 265,487 $ 746,851 $ 759,569 Intersegment sales 73,861 68,961 204,116 185,370 Upholstery segment sales 336,696 334,448 950,967 944,939 Casegoods segment: Sales to external customers 22,583 23,129 68,561 73,774 Intersegment sales 5,532 4,936 16,079 14,054 Casegoods segment sales 28,115 28,065 84,640 87,828 Retail segment sales 167,494 159,417 458,894 418,331 Corporate and Other: Sales to external customers 22,944 19,549 62,395 39,936 Intersegment sales 2,725 3,300 8,137 9,156 Corporate and Other sales 25,669 22,849 70,532 49,092 Eliminations (82,118 ) (77,197 ) (228,332 ) (208,580 ) Consolidated sales $ 475,856 $ 467,582 $ 1,336,701 $ 1,291,610 Operating Income (Loss) Upholstery segment $ 46,512 $ 34,566 $ 104,859 $ 90,602 Casegoods segment 2,534 3,332 7,336 10,173 Retail segment 16,383 14,158 33,272 25,179 Corporate and Other (13,116 ) (11,213 ) (40,131 ) (33,451 ) Consolidated operating income 52,313 40,843 105,336 92,503 Interest expense (265 ) (538 ) (891 ) (1,143 ) Interest income 844 540 2,093 1,534 Other income (expense), net (5,998 ) (941 ) (5,390 ) (2,046 ) Income before income taxes $ 46,894 $ 39,904 $ 101,148 $ 90,848

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Jan. 25, 2020
Earnings Per Share [Abstract]
Schedule of reconciliation of numerators and denominators used in the computation of basic and diluted earnings per share	The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/25/20 1/26/19 1/25/20 1/26/19 Numerator (basic and diluted): Net income attributable to La-Z-Boy Incorporated $ 34,512 $ 28,731 $ 75,174 $ 67,046 Income allocated to participating securities (45 ) (92 ) (121 ) (231 ) Net income available to common Shareholders $ 34,467 $ 28,639 $ 75,053 $ 66,815 Denominator: Basic weighted average common shares outstanding 46,262 46,820 46,545 46,808 Add: Contingent common shares 148 131 147 135 Stock option dilution 174 140 175 269 Diluted weighted average common shares outstanding 46,584 47,091 46,867 47,212 Earnings per Share: Basic $ 0.75 $ 0.61 $ 1.61 $ 1.43 Diluted $ 0.74 $ 0.61 $ 1.60 $ 1.42

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jan. 25, 2020
Fair Value Disclosures [Abstract]
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis	The following table presents the fair value hierarchy for those assets and liabilities we measured at fair value on a recurring basis at January 25, 2020 and April 27, 2019 . There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented. At January 25, 2020 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ 4 $ 33,417 $ — $ 7,372 $ 40,793 Held-to-maturity investments 3,542 — — — 3,542 Cost basis investments — — 6,479 — 6,479 Total assets $ 3,546 $ 33,417 $ 6,479 $ 7,372 $ 50,814 Liabilities Contingent consideration liability $ — $ — $ 7,900 $ — $ 7,900 At April 27, 2019 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 Level 2 Level 3 NAV(1) Total Assets Marketable securities $ 5 $ 34,390 $ — $ 7,706 $ 42,101 Held-to-maturity investments 3,341 — — — 3,341 Cost basis investment — — 11,979 — 11,979 Total assets $ 3,346 $ 34,390 $ 11,979 $ 7,706 $ 57,421 Liabilities Contingent consideration liability $ — $ — $ 7,900 $ — $ 7,900 (1) Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology.

Basis of Presentation - Plant C

Basis of Presentation - Plant Closing (Details) $ in Thousands	Aug. 08, 2019USD ($)ft²employee	Jan. 25, 2020USD ($)employee	Jan. 26, 2019USD ($)
Plant Closing
Aggregate selling price		$ 11,242	$ 447
Cost of Sales
Plant Closing
Severance costs		$ 5,300
Redlands, California
Plant Closing
Number of employees | employee	350
Area of land | ft²	200,000
Aggregate selling price	$ 10,800
Gain on sale of the property	$ 9,700
Redlands, California | Product Concentration Risk | La-Z-Boy branded business total upholstery production and manufactures recliners, motion sofas and classics (high-leg recliners)
Plant Closing
Percentage of production	10.00%
Newton, Mississippi
Plant Closing
Number of employees | employee		525
Number of employees impacted by transition of Newton Leather Cut-and-sew operation | employee		105

Basis of Presentation - VIE (De

Basis of Presentation - VIE (Details) - Variable interest entities, not primary beneficiary	Jan. 25, 2020company
Investments
Preferred share investments, number of privately-held companies	2
Preferred share investments with common share warrant, number of privately-held companies	1

Basis of Presentation Basis o_2

Basis of Presentation Basis of Presentation - Subsequent Events (Details) $ in Thousands	Feb. 18, 2020customer	Jan. 25, 2020USD ($)	Apr. 27, 2019USD ($)
Subsequent Event [Line Items]
Trade receivable before potential credit losses		$ 153,721	$ 143,288
Customer Exploring Options With Creditors
Subsequent Event [Line Items]
Trade receivable before potential credit losses		$ 7,000
Customer Exploring Options With Creditors | Subsequent Event
Subsequent Event [Line Items]
Number of customers | customer	1

Acquisitions - Corporate and Ot

Acquisitions - Corporate and Other (Details) $ in Thousands	Jul. 30, 2018USD ($)founderinstallmentopportunity	Jan. 25, 2020USD ($)	Apr. 27, 2019USD ($)
Amounts recognized for assets acquired and liabilities assumed:
Goodwill		$ 185,328	$ 185,867
Joybird
Business Acquisition [Line Items]
Total guaranteed payments	$ 75,000
Prepaid compensation included in guaranteed payments	$ 7,500
Period for payment of liabilities assumed as consideration	2 years
Remaining guaranteed payments	$ 25,000
Number of annual installments | installment	5
Annual installments of remaining guaranteed payments	$ 5,000
Number of future earnout opportunities | opportunity	2
Number of co-founders covered by forfeitable initial payment | founder	4
Number of years for early resign	2 years
Period for amortization of prepaid compensation	2 years
Finite-lived intangible asset, useful life	8 years
Contingent consideration, low end of range	$ 0
Contingent consideration, high end of range	65,000
Fair value of consideration:
Cash (paid at closing)	37,482
Guaranteed payment	22,489
Acquisition earn-out	7,500
Assumption of liability	5,000
Working capital adjustment	(2,486)
Total fair value of consideration	69,985
Amounts recognized for assets acquired and liabilities assumed:
Inventory	5,258
Other current assets	3,733
Property, plant and equipment	2,057
Finite-lived tradename	6,400
Other long-term assets	3,647
Accounts payable	(8,222)
Customer deposits	(13,904)
Other current liabilities	(7,681)
Other long-term liabilities	(150)
Total identifiable net liabilities acquired	(8,862)
Goodwill	$ 78,847

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019	Jan. 26, 2019	Apr. 28, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 166,272	$ 129,819	$ 101,579
Restricted cash	1,973	1,968	2,003
Total cash, cash equivalents and restricted cash	$ 168,245	$ 131,787	$ 103,582	$ 136,871

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 96,010	$ 90,359
Work in process	14,055	13,728
Finished goods	110,168	114,478
FIFO inventories	220,233	218,565
Excess of FIFO over LIFO	(21,666)	(21,666)
Total inventories	$ 198,567	$ 196,899

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Operating leases
Operating leases, ROU assets	$ 318,124
Operating lease liabilities, short-term	65,089
Operating lease liabilities, long-term	267,955	$ 0
Finance leases
Finance lease, ROU assets	38
Finance lease liabilities, short-term	39
Finance lease, liabilities, long-term	$ 0

Leases - ROU Assets by Segment

Leases - ROU Assets by Segment (Details) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Leases
Total ROU assets	$ 318,162	$ 0
Upholstery
Leases
Total ROU assets	57,800
Casegoods
Leases
Total ROU assets	4,214
Retail
Leases
Total ROU assets	242,987
Corporate & Other
Leases
Total ROU assets	$ 13,161

Leases - Lease cost (Details)

Leases - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 25, 2020	Jan. 25, 2020
Lease cost
Operating lease cost	$ 18,987	$ 57,024
Financing lease cost	40	139
Short-term lease cost	25	76
Variable lease cost	48	142
Less: Sublease income	(633)	(1,893)
Total lease cost	$ 18,467	$ 55,488

Leases - Supplemental Lease Dis

Leases - Supplemental Lease Disclosures (Details) $ in Thousands	9 Months Ended
	Jan. 25, 2020USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities, operating	$ 57,851
Cash paid for amounts included in the measurement of lease liabilities, financing	138
Lease liabilities arising from new ROU assets, operating	$ 52,954
Lease term and discount rate
Operating lease, Weighted-average remaining lease term (years)	6 years 8 months 12 days
Finance lease, Weighted-average remaining lease term (years)	15 days
Operating Lease, Weighted-average discount rate	3.80%
Finance lease, Weighted-average discount rate	3.90%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Operating Leases
Within one year	$ 76,348
After one year and within two years	66,953
After two years and within three years	55,988
After three years and within four years	44,375
After four years and within five years	37,576
After five years	95,660
Total lease payments	376,900
Less: Interest	43,856
Total lease obligations	333,044
Within one year		$ 76,508
After one year and within two years		71,544
After two years and within three years		58,763
After three years and within four years		46,541
After four years and within five years		36,082
After five years		102,782
Total lease payments		392,220
Financing Leases
Within one year	40
After one year and within two years	0
After two years and within three years	0
After three years and within four years	0
After four years and within five years	0
After five years	0
Total lease payments	40
Less: Interest	1
Total lease obligations	$ 39
Within one year		180
After one year and within two years		19
After two years and within three years		0
After three years and within four years		0
After four years and within five years		0
After five years		0
Total lease payments		$ 199

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Jan. 25, 2020USD ($)
Roll-forward of goodwill
Balance at beginning of period	$ 185,867
Acquisition adjustment	(769)
Translation adjustment	230
Balance at end of period	185,328
Upholstery Segment
Roll-forward of goodwill
Balance at beginning of period	12,148
Acquisition adjustment	0
Translation adjustment	148
Balance at end of period	12,296
Retail Segment
Roll-forward of goodwill
Balance at beginning of period	94,103
Acquisition adjustment	0
Translation adjustment	82
Balance at end of period	94,185
Corporate and Other
Roll-forward of goodwill
Balance at beginning of period	79,616
Acquisition adjustment	(769)
Translation adjustment	0
Balance at end of period	$ 78,847

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Intangible Assets (Details) $ in Thousands	9 Months Ended
	Jan. 25, 2020USD ($)
Roll-forward of other intangible assets
Balance at beginning of period	$ 29,907
Amortization	(763)
Translation adjustment	91
Balance at end of period	29,235
Finite- Lived Trade Name
Roll-forward of other intangible assets
Balance at beginning of period	5,801
Amortization	(598)
Balance at end of period	5,203
Other Intangible Assets
Roll-forward of other intangible assets
Balance at beginning of period	2,834
Amortization	(165)
Translation adjustment	29
Balance at end of period	2,698
Finite- Lived Trade Name
Roll-forward of other intangible assets
Balance at beginning of period	1,155
Balance at end of period	1,155
Indefinite- Lived Reacquired Rights
Roll-forward of other intangible assets
Balance at beginning of period	20,117
Translation adjustment	62
Balance at end of period	$ 20,179
Upholstery Segment | Maximum
Other intangible assets
Useful life	15 years
Corporate and Other
Other intangible assets
Useful life	8 years

Investments - Other Investments

Investments - Other Investments (Details) $ in Millions	3 Months Ended
	Jan. 25, 2020USD ($)company
Investments
Other-than-temporary impairment recognized | $	$ 6
Level 3
Investments
Preferred share investments, number of privately-held companies	2
Number of privately-held companies impaired	1

Investments - Components (Detai

Investments - Components (Details) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Investments
Total investments	$ 50,814	$ 57,421
Investments to enhance returns on cash
Investments
Total investments	30,109	31,470
Investments to fund compensation/retirement plans
Investments
Total investments	14,226	13,972
Other investments
Investments
Total investments	6,479	11,979
Short-term investments
Investments
Marketable securities	18,891	18,016
Held-to-maturity investments	3,542	3,341
Total investments	22,433	21,357
Long-term investments
Investments
Marketable securities	21,902	24,085
Cost basis investments	6,479	11,979
Total investments	$ 28,381	$ 36,064

Investments - Unrealized Gains

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Summary of investments
Gross Unrealized Gains	$ 2,497	$ 2,174
Gross Unrealized Losses	(6,008)	(124)
Fair Value	50,814	57,421
Equity securities
Summary of investments
Gross Unrealized Gains	1,922	1,841
Fair Value	13,600	19,535
Fixed income
Summary of investments
Gross Unrealized Gains	199	75
Gross Unrealized Losses	(8)	(111)
Fair Value	31,962	33,217
Other
Summary of investments
Gross Unrealized Gains	376	258
Gross Unrealized Losses	0	(13)
Fair Value	$ 5,252	$ 4,669

Investments - Sales and Maturit

Investments - Sales and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Sales of marketable securities
Proceeds from sales	$ 11,517	$ 6,550	$ 23,887	$ 14,304
Gross realized gains	431	726	618	811
Gross realized losses	(62)	$ (261)	(150)	$ (327)
Fair value of available-for-sale securities by contractual maturity
Within one year	19,041		19,041
Within two to five years	10,000		10,000
Within six to ten years	1,639		1,639
Thereafter	1,282		1,282
Total	$ 31,962		$ 31,962

Employee Benefits - Pension (De

Employee Benefits - Pension (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 26, 2019	Jan. 26, 2019
Net periodic pension costs
Service cost	$ 223	$ 869
Interest cost	1,116	3,348
Expected return on plan assets	(1,136)	(3,408)
Net amortization	639	1,917
Net periodic pension cost	$ 842	$ 2,726

Employee Benefits Employee Bene

Employee Benefits Employee Benefits - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 25, 2020	Oct. 26, 2019
Schedule of Compensation Related Costs [Line Items]
Refund for overpaid benefit obligations		$ 1.9
Non-cash gain due to change in employee vacation policy	$ 5.1
Cost of Sales
Schedule of Compensation Related Costs [Line Items]
Non-cash gain due to change in employee vacation policy	1.3
Incremental expense due to change in employee vacation policy	$ 0.3

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019	Apr. 27, 2019
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 23,081	$ 25,197	$ 22,736	$ 21,205
Acquisitions	0	0	0	4,100
Accruals during the period	6,321	5,660	17,746	16,270
Settlements during the period	(6,057)	(5,560)	(17,137)	(16,278)
Balance as of the end of the period	23,345	$ 25,297	23,345	$ 25,297
Product warranty liability accrued	$ 14,300		$ 14,300		$ 13,900
Minimum | Upholstery
Product Warranties
Percentage of warranty liability relating to the segment			90.00%
Fabric and leather | Upholstery
Product Warranties
Warranty term (in years)			1 year
Cushions and padding | Minimum | Upholstery
Product Warranties
Warranty term (in years)			1 year
Cushions and padding | Maximum | Upholstery
Product Warranties
Warranty term (in years)			10 years
Labor costs relating to parts | Upholstery
Product Warranties
Warranty term (in years)			1 year

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 2,528	$ 2,495	$ 7,235	$ 8,174
Liability-based awards expense	(303)	144	37	10
Total stock-based compensation expense	$ 2,225	$ 2,639	$ 7,272	$ 8,184

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - Stock Options - $ / shares	3 Months Ended	9 Months Ended
	Jul. 27, 2019	Jan. 25, 2020
Stock-Based Compensation
Shares granted (in shares)	248,662
Fair value assumptions
Risk-free interest rate		2.19%
Dividend rate		1.72%
Expected life in years		5 years
Stock price volatility		34.27%
Fair value per share (in dollars per share)		$ 7.94
Minimum
Stock-Based Compensation
Vesting period		1 year
Period of recognition of expenses for retirement-eligible employees from the grant date		10 months
Maximum
Stock-Based Compensation
Vesting period		4 years

Stock-Based Compensation - SARs

Stock-Based Compensation - SARs (Details) - Stock Appreciation Rights	9 Months Ended
	Jan. 25, 2020$ / sharesshares
Stock-Based Compensation
Term of award	10 years
Fiscal 2013 Grant
Stock-Based Compensation
Number of awards outstanding (in shares) | shares	7,149
Fair value per share (in dollars per share) | $ / shares	$ 20.59
Fiscal 2014 Grant
Stock-Based Compensation
Number of awards outstanding (in shares) | shares	13,869
Fair value per share (in dollars per share) | $ / shares	$ 13.50

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock and RSUs (Details) - $ / shares	3 Months Ended	9 Months Ended
	Oct. 26, 2019	Jan. 25, 2020
Restricted Stock
Stock-Based Compensation
Number of shares or units granted (in shares)		166,649
Fair value per share (in dollars per share)		$ 30.41
Percentage vesting each year from date of grant		25.00%
Period from grant date for first vesting		1 year
Vesting period		4 years
Restricted Stock Units (RSUs)
Stock-Based Compensation
Number of shares or units granted (in shares)	28,332
Fair value per share (in dollars per share)	$ 31.77

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Awards (Details) - $ / shares	3 Months Ended	9 Months Ended
	Jul. 27, 2019	Jan. 25, 2020
Performance-Based Shares
Stock-Based Compensation
Number of shares or units granted (in shares)	155,605
Performance Awards
Stock-Based Compensation
Percentage of payout dependent on financial performance		80.00%
Percentage of payout dependent on total shareholder return		20.00%
Performance awards, performance period		3 years
Performance Awards | Minimum
Stock-Based Compensation
Performance award opportunity as a percentage of target award		50.00%
Performance Awards | Maximum
Stock-Based Compensation
Performance award opportunity as a percentage of target award		200.00%
Performance-Based Shares, vesting based on performance goals | Fiscal 2019 Grant
Stock-Based Compensation
Granted (in dollars per share)		$ 28.68
Performance Based Shares, vesting based on market conditions | Fiscal 2019 Grant
Stock-Based Compensation
Granted (in dollars per share)		$ 38.75

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Jan. 25, 2020	Jul. 27, 2019	Jan. 26, 2019	Jul. 28, 2018	Jan. 25, 2020	Jan. 26, 2019
Activity in accumulated other comprehensive loss
Beginning balance	$ 710,742	$ 696,976	$ 649,231	$ 625,216	$ 696,976	$ 625,216
Changes before reclassifications	91		872		1,598	(1,806)
Reclassification of certain income tax effects/Cumulative effect adjustment for investments					(547)	(1,637)
Amounts reclassified to net income	35		828		150	2,313
Tax effect	(19)		(225)		(100)	(525)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	107		1,475		1,101	(1,655)
Ending balance	729,482	698,138	671,786	626,664	729,482	671,786
Components of non-controlling interest
Balance as of the beginning of the period	15,543	14,468	13,411	13,035	14,468	13,035
Net income	204		443		434	1,428
Other comprehensive income (loss)	(162)		669		683	60
Balance as of the end of the period	15,585		14,523		15,585	14,523
ASU 2016-01 - Investments
Activity in accumulated other comprehensive loss
Reclassification of certain income tax effects/Cumulative effect adjustment for investments				0
Translation adjustment
Activity in accumulated other comprehensive loss
Beginning balance	1,345	50	(24)	2,388	50	2,388
Changes before reclassifications	50		800		1,345	(1,612)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	50		800		1,345	(1,612)
Ending balance	1,395		776		1,395	776
Change in fair value of cash flow hedge
Activity in accumulated other comprehensive loss
Beginning balance	0	87	(24)	154	87	154
Changes before reclassifications			0			(369)
Reclassification of certain income tax effects/Cumulative effect adjustment for investments					(97)
Amounts reclassified to net income	0		93		14	225
Tax effect	0		(23)		(4)	36
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	0		70		(87)	(108)
Ending balance	0		46		0	46
Unrealized gain (loss) on marketable securities
Activity in accumulated other comprehensive loss
Beginning balance	418	6	(197)	1,376	6	1,376
Changes before reclassifications	41		72		253	175
Reclassification of certain income tax effects/Cumulative effect adjustment for investments					258	(1,637)
Amounts reclassified to net income	(20)		48		(28)	29
Tax effect	(5)		(30)		(55)	(50)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	16		90		428	(1,483)
Ending balance	434		(107)		434	(107)
Unrealized gain (loss) on marketable securities | ASU 2016-01 - Investments
Activity in accumulated other comprehensive loss
Reclassification of certain income tax effects/Cumulative effect adjustment for investments						1,600
Cumulative effect on retained earnings, tax						500
Cumulative effect on retained earnings, before tax						2,100
Net pension amortization and net actuarial loss
Activity in accumulated other comprehensive loss
Beginning balance	(4,231)	(3,605)	(28,084)	(29,117)	(3,605)	(29,117)
Reclassification of certain income tax effects/Cumulative effect adjustment for investments					(708)
Amounts reclassified to net income	55		687		164	2,059
Tax effect	(14)		(172)		(41)	(511)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	41		515		(585)	1,548
Ending balance	(4,190)		(27,569)		(4,190)	(27,569)
Accumulated other comprehensive loss
Activity in accumulated other comprehensive loss
Beginning balance	(2,468)	(3,462)	(28,329)	(25,199)	(3,462)	(25,199)
Ending balance	$ (2,361)	$ (3,728)	$ (26,854)	(29,573)	$ (2,361)	$ (26,854)
Accumulated other comprehensive loss | ASU 2016-01 - Investments
Activity in accumulated other comprehensive loss
Reclassification of certain income tax effects/Cumulative effect adjustment for investments				$ (1,637)

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Revenue Recognition
Consolidated net sales	$ 475,856	$ 467,582	$ 1,336,701	$ 1,291,610
Upholstery
Revenue Recognition
Consolidated net sales	262,835	265,487	746,851	759,569
Casegoods
Revenue Recognition
Consolidated net sales	22,583	23,129	68,561	73,774
Retail
Revenue Recognition
Consolidated net sales	167,494	159,417	458,894	418,331
Corporate & Other
Revenue Recognition
Consolidated net sales	22,944	19,549	62,395	39,936
Operating Segments
Revenue Recognition
Consolidated net sales	557,974	544,779	1,565,033	1,500,190
Operating Segments | Motion Upholstery Furniture
Revenue Recognition
Consolidated net sales	312,741	312,863	859,121	863,382
Operating Segments | Stationary Upholstery Furniture
Revenue Recognition
Consolidated net sales	163,002	150,143	470,355	408,610
Operating Segments | Bedroom Furniture
Revenue Recognition
Consolidated net sales	11,131	10,329	34,024	31,692
Operating Segments | Dining Room Furniture
Revenue Recognition
Consolidated net sales	9,617	9,440	27,128	26,790
Operating Segments | Occasional Furniture
Revenue Recognition
Consolidated net sales	18,666	18,980	53,173	55,033
Operating Segments | Other
Revenue Recognition
Consolidated net sales	42,817	43,024	121,232	114,683
Operating Segments | Upholstery
Revenue Recognition
Consolidated net sales	336,696	334,448	950,967	944,939
Operating Segments | Upholstery | Motion Upholstery Furniture
Revenue Recognition
Consolidated net sales	212,079	212,631	588,820	602,458
Operating Segments | Upholstery | Stationary Upholstery Furniture
Revenue Recognition
Consolidated net sales	96,429	94,551	281,699	272,087
Operating Segments | Upholstery | Occasional Furniture
Revenue Recognition
Consolidated net sales	383	391	1,083	1,202
Operating Segments | Upholstery | Other
Revenue Recognition
Consolidated net sales	27,805	26,875	79,365	69,192
Operating Segments | Casegoods
Revenue Recognition
Consolidated net sales	28,115	28,065	84,640	87,828
Operating Segments | Casegoods | Stationary Upholstery Furniture
Revenue Recognition
Consolidated net sales	4,131	3,844	12,873	12,215
Operating Segments | Casegoods | Bedroom Furniture
Revenue Recognition
Consolidated net sales	7,772	7,447	24,711	24,045
Operating Segments | Casegoods | Dining Room Furniture
Revenue Recognition
Consolidated net sales	5,981	5,733	17,656	18,068
Operating Segments | Casegoods | Occasional Furniture
Revenue Recognition
Consolidated net sales	11,619	12,292	33,988	38,003
Operating Segments | Casegoods | Other
Revenue Recognition
Consolidated net sales	(1,388)	(1,251)	(4,588)	(4,503)
Operating Segments | Retail
Revenue Recognition
Consolidated net sales	167,494	159,417	458,894	418,331
Operating Segments | Retail | Motion Upholstery Furniture
Revenue Recognition
Consolidated net sales	100,662	100,232	270,301	260,924
Operating Segments | Retail | Stationary Upholstery Furniture
Revenue Recognition
Consolidated net sales	33,348	27,652	96,306	76,517
Operating Segments | Retail | Bedroom Furniture
Revenue Recognition
Consolidated net sales	1,517	1,586	4,513	3,891
Operating Segments | Retail | Dining Room Furniture
Revenue Recognition
Consolidated net sales	3,040	3,097	8,036	7,293
Operating Segments | Retail | Occasional Furniture
Revenue Recognition
Consolidated net sales	6,148	5,959	16,728	15,000
Operating Segments | Retail | Other
Revenue Recognition
Consolidated net sales	22,779	20,891	63,010	54,706
Corporate and Other | Corporate & Other
Revenue Recognition
Consolidated net sales	25,669	22,849	70,532	49,092
Corporate and Other | Corporate & Other | Stationary Upholstery Furniture
Revenue Recognition
Consolidated net sales	29,094	24,096	79,477	47,791
Corporate and Other | Corporate & Other | Bedroom Furniture
Revenue Recognition
Consolidated net sales	1,842	1,296	4,800	3,756
Corporate and Other | Corporate & Other | Dining Room Furniture
Revenue Recognition
Consolidated net sales	596	610	1,436	1,429
Corporate and Other | Corporate & Other | Occasional Furniture
Revenue Recognition
Consolidated net sales	516	338	1,374	828
Corporate and Other | Corporate & Other | Other
Revenue Recognition
Consolidated net sales	(6,379)	(3,491)	(16,555)	(4,712)
Eliminations
Revenue Recognition
Consolidated net sales	(82,118)	(77,197)	(228,332)	(208,580)
Eliminations | Upholstery
Revenue Recognition
Consolidated net sales	73,861	68,961	204,116	185,370
Eliminations | Casegoods
Revenue Recognition
Consolidated net sales	5,532	4,936	16,079	14,054
Eliminations | Corporate & Other
Revenue Recognition
Consolidated net sales	$ 2,725	$ 3,300	$ 8,137	$ 9,156

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jan. 25, 2020	Jan. 25, 2020	Apr. 28, 2019
Revenue from Contract with Customer [Abstract]
Other receivables, included in other current assets	$ 25.3	$ 25.3	$ 17
Customer deposits, included in accrued expenses and other current liabilities	60.9	60.9	42.8
Deferred revenues, included in accrued expenses and other current liabilities	25.3	25.3	$ 17
Revenue recognized related to contract liabilities	$ 0.5	$ 55

Segment Information - Reportabl

Segment Information - Reportable and Operating Segments (Details)	9 Months Ended
	Jan. 25, 2020storebrandsegment
Upholstery Segment
Segment Information
Number of operating segments	2
Number of reportable segments	1
Casegoods Segment
Segment Information
Number of operating segments	1
Number of brands | brand	3
Retail Segment
Segment Information
Number of operating segments	1
Number of Stores | store	155

Segment Information - Income St

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Segment Information
Sales	$ 475,856	$ 467,582	$ 1,336,701	$ 1,291,610
Operating Income (Loss)	52,313	40,843	105,336	92,503
Interest expense	(265)	(538)	(891)	(1,143)
Interest income	844	540	2,093	1,534
Other expense, net	(5,998)	(941)	(5,390)	(2,046)
Income before income taxes	46,894	39,904	101,148	90,848
Upholstery Segment
Segment Information
Sales	262,835	265,487	746,851	759,569
Casegoods Segment
Segment Information
Sales	22,583	23,129	68,561	73,774
Retail Segment
Segment Information
Sales	167,494	159,417	458,894	418,331
Corporate & Other
Segment Information
Sales	22,944	19,549	62,395	39,936
Operating Segments
Segment Information
Sales	557,974	544,779	1,565,033	1,500,190
Operating Segments | Upholstery Segment
Segment Information
Sales	336,696	334,448	950,967	944,939
Operating Income (Loss)	46,512	34,566	104,859	90,602
Operating Segments | Casegoods Segment
Segment Information
Sales	28,115	28,065	84,640	87,828
Operating Income (Loss)	2,534	3,332	7,336	10,173
Operating Segments | Retail Segment
Segment Information
Sales	167,494	159,417	458,894	418,331
Operating Income (Loss)	16,383	14,158	33,272	25,179
Corporate and Other
Segment Information
Operating Income (Loss)	(13,116)	(11,213)	(40,131)	(33,451)
Corporate and Other | Corporate & Other
Segment Information
Sales	25,669	22,849	70,532	49,092
Eliminations
Segment Information
Sales	(82,118)	(77,197)	(228,332)	(208,580)
Eliminations | Upholstery Segment
Segment Information
Sales	73,861	68,961	204,116	185,370
Eliminations | Casegoods Segment
Segment Information
Sales	5,532	4,936	16,079	14,054
Eliminations | Corporate & Other
Segment Information
Sales	$ 2,725	$ 3,300	$ 8,137	$ 9,156

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	26.00%	26.90%	25.30%	24.60%
Statutory tax rate (as a percent)			21.00%
Effective tax rate absent discrete adjustments (as a percent)	25.80%

Earnings per Share - Reconcilia

Earnings per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 25, 2020	Jan. 26, 2019	Jan. 25, 2020	Jan. 26, 2019
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$ 34,512	$ 28,731	$ 75,174	$ 67,046
Income allocated to participating securities	(45)	(92)	(121)	(231)
Net income available to common Shareholders	$ 34,467	$ 28,639	$ 75,053	$ 66,815
Denominator:
Basic weighted average common shares outstanding (in shares)	46,262	46,820	46,545	46,808
Add:
Contingent common shares (in shares)	148	131	147	135
Stock option dilution (in shares)	174	140	175	269
Diluted weighted average common shares outstanding (in shares)	46,584	47,091	46,867	47,212
Basic (in dollars per share)	$ 0.75	$ 0.61	$ 1.61	$ 1.43
Diluted (in dollars per share)	$ 0.74	$ 0.61	$ 1.60	$ 1.42

Earnings per Share - Antidiluti

Earnings per Share - Antidilutive Securities (Details) - $ / shares shares in Millions	3 Months Ended	9 Months Ended
	Jan. 25, 2020	Jan. 25, 2020	Jan. 26, 2019
Anti-dilutive options
Outstanding options excluded from diluted share calculation (in shares)	0.4		0.4
Outstanding options
Anti-dilutive options
Outstanding options excluded from diluted share calculation (in shares)	0.3	0.3
Antidilutive options excluded from diluted share calculation, weighted average exercise price (in dollars per share)	$ 33.15	$ 33.15

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy and Transfers (Details) - USD ($) $ in Thousands	Jan. 25, 2020	Apr. 27, 2019
Assets
Total assets	$ 50,814	$ 57,421
Recurring basis
Assets
Marketable securities	40,793	42,101
Held-to-maturity investments	3,542	3,341
Cost basis investments	6,479	11,979
Total assets	50,814	57,421
Liabilities
Contingent consideration liability	7,900	7,900
Recurring basis | Level 1
Assets
Marketable securities	4	5
Held-to-maturity investments	3,542	3,341
Total assets	3,546	3,346
Recurring basis | Level 2
Assets
Marketable securities	33,417	34,390
Total assets	33,417	34,390
Recurring basis | Level 3
Assets
Cost basis investments	6,479	11,979
Total assets	6,479	11,979
Liabilities
Contingent consideration liability	7,900	7,900
Recurring basis | NAV
Assets
Marketable securities	7,372	7,706
Total assets	$ 7,372	$ 7,706

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Investments (Details) - Level 3 $ in Millions	3 Months Ended		9 Months Ended
	Jan. 25, 2020USD ($)company	Oct. 26, 2019USD ($)	Jan. 25, 2020company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Preferred share investments, number of privately-held companies | company	2		2
Preferred share investments with common share warrant, number of privately-held companies | company	1		1
Increase in fair value of investment | $		$ 0.5
Impairment charge for carrying value | $	$ 6
Joybird
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Discount rate for fiscal 2021 milestone contingent consideration			4.20%
Discount rate for fiscal 2023 milestone contingent consideration			4.70%