La-Z-Boy (LZB) 10-Q 20 Feb 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 27, 2018	Feb. 13, 2018
Document and Entity Information
Entity Registrant Name	LA-Z-BOY INC
Entity Central Index Key	57,131
Current Fiscal Year End Date	--04-28
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		46,993,564
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 27, 2018

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2018	Jan. 28, 2017	Jan. 27, 2018	Jan. 28, 2017
CONSOLIDATED STATEMENT OF INCOME
Sales	$ 413,638	$ 389,992	$ 1,163,922	$ 1,107,354
Cost of sales	251,140	233,185	707,369	666,942
Gross profit	162,498	156,807	456,553	440,412
Selling, general and administrative expense	129,403	123,235	372,891	350,524
Operating income	33,095	33,572	83,662	89,888
Interest expense	113	562	430	794
Interest income	444	241	1,163	679
Income from Continued Dumping and Subsidy Offset Act, net		273		273
Gain on conversion of investment			2,204
Other income (expense), net	(1,094)	(52)	(2,475)	(1,783)
Income before income taxes	32,332	33,472	84,124	88,263
Income tax expense	20,047	9,830	36,889	29,508
Net income	12,285	23,642	47,235	58,755
Net income attributable to noncontrolling interests	(176)	(356)	(579)	(830)
Net income attributable to La-Z-Boy Incorporated	$ 12,109	$ 23,286	$ 46,656	$ 57,925
Basic weighted average common shares (in shares)	47,234	48,914	47,852	49,057
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.26	$ 0.47	$ 0.97	$ 1.17
Diluted weighted average common shares (in shares)	47,757	49,384	48,325	49,532
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	$ 0.25	$ 0.47	$ 0.96	$ 1.16
Dividends declared per share (in dollars per share)	$ 0.12	$ 0.11	$ 0.34	$ 0.31

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2018	Jan. 28, 2017	Jan. 27, 2018	Jan. 28, 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income	$ 12,285	$ 23,642	$ 47,235	$ 58,755
Other comprehensive income (loss)
Currency translation adjustment	3,585	(441)	5,754	(770)
Change in fair value of cash flow hedges, net of tax	445	(404)	182	(740)
Net unrealized gain (loss) on marketable securities, net of tax	109	(17)	46	39
Net pension amortization, net of tax	552	509	1,586	1,527
Total other comprehensive income (loss)	4,691	(353)	7,568	56
Total comprehensive income before allocation to noncontrolling interests	16,976	23,289	54,803	58,811
Comprehensive income attributable to noncontrolling interests	(865)	(298)	(1,773)	(671)
Comprehensive income attributable to La-Z-Boy Incorporated	$ 16,111	$ 22,991	$ 53,030	$ 58,140

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Jan. 27, 2018	Apr. 29, 2017
Current assets
Cash and equivalents	$ 135,266	$ 141,860
Restricted cash	2,354	8,999
Receivables, net of allowance of $2,665 at 1/27/18 and $2,563 at 4/29/17	146,498	150,846
Inventories, net	186,319	175,114
Other current assets	43,242	40,603
Total current assets	513,679	517,422
Property, plant and equipment, net	174,877	169,132
Goodwill	75,765	74,245
Other intangible assets, net	18,510	18,489
Deferred income taxes - long-term	28,823	40,131
Other long-term assets, net	81,848	69,436
Total assets	893,502	888,855
Current liabilities
Current portion of long-term debt	231	219
Accounts payable	66,672	51,282
Accrued expenses and other current liabilities	131,166	147,175
Total current liabilities	198,069	198,676
Long-term debt	249	296
Other long-term liabilities	92,346	88,778
Contingencies and commitments
Shareholders' equity
Preferred shares - 5,000 authorized; none issued
Common shares, $1 par value - 150,000 authorized; 47,068 outstanding at 1/27/18 and 48,472 outstanding at 4/29/17	47,068	48,472
Capital in excess of par value	297,408	289,632
Retained earnings	271,912	284,698
Accumulated other comprehensive loss	(26,509)	(32,883)
Total La-Z-Boy Incorporated shareholders' equity	589,879	589,919
Noncontrolling interests	12,959	11,186
Total equity	602,838	601,105
Total liabilities and equity	$ 893,502	$ 888,855

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jan. 27, 2018	Apr. 29, 2017
Current assets
Receivables, allowance (in dollars)	$ 2,665	$ 2,563
Shareholders' equity
Preferred shares, authorized (in shares)	5,000	5,000
Preferred shares, issued (in shares)	0	0
Common shares, par value (in dollars per share)	$ 1	$ 1
Common shares, authorized (in shares)	150,000	150,000
Common shares, outstanding (in shares)	47,068	48,472

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jan. 27, 2018	Jan. 28, 2017
Cash flows from operating activities
Net income	$ 47,235	$ 58,755
Adjustments to reconcile net income to cash provided by (used for) operating activities
Gain on disposal of assets	(1,849)	(103)
Gain on conversion of investment	(2,204)
Deferred income tax expense	10,543	3,214
Provision for doubtful accounts	198	(64)
Depreciation and amortization	23,671	21,311
Equity-based compensation expense	7,929	7,571
Pension plan contributions	(2,000)	(2,300)
Change in receivables	5,057	(576)
Change in inventories	(9,142)	(5,929)
Change in other assets	(3,304)	(4,415)
Change in payables	12,529	6,359
Change in other liabilities	2,537	9,191
Net cash provided by operating activities	91,200	93,014
Cash flows from investing activities
Proceeds from disposals of assets	620	273
Proceeds from property insurance	1,807
Capital expenditures	(24,138)	(15,529)
Purchases of investments	(24,124)	(20,778)
Proceeds from sales of investments	17,109	13,899
Acquisitions, net of cash acquired	(16,495)	(35,878)
Net cash used for investing activities	(45,221)	(58,013)
Cash flows from financing activities
Payments on debt	(203)	(217)
Payments for debt issuance costs	(220)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes	1,418	1,739
Excess tax benefit on stock option exercises		1,924
Purchases of common stock	(46,074)	(25,062)
Dividends paid	(16,343)	(15,270)
Net cash used for financing activities	(61,422)	(36,886)
Effect of exchange rate changes on cash and equivalents	2,204	(139)
Change in cash, cash equivalents and restricted cash	(13,239)	(2,024)
Cash, cash equivalents and restricted cash at beginning of period	150,859	121,335
Cash, cash equivalents and restricted cash at end of period	137,620	119,311
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables	$ 3,926	$ 1,012

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Shares	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Non-Controlling Interests	Total
Balance at Apr. 30, 2016	$ 49,331	$ 279,339	$ 252,472	$ (34,000)	$ 10,070	$ 557,212
Increase (Decrease) in Stockholders' Equity
Net income			85,922		1,062	86,984
Other comprehensive income				1,117	54	1,171
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	504	2,992	(1,747)			1,749
Purchases of 1,363 shares and 1,643 shares of common stock for the year ended April 29, 2017 and nine months ended January 27, 2018, respectively	(1,363)	(3,300)	(31,294)			(35,957)
Stock option and restricted stock expense		8,864				8,864
Tax benefit from exercise of options		1,737				1,737
Dividends paid			(20,655)			(20,655)
Balance at Apr. 29, 2017	48,472	289,632	284,698	(32,883)	11,186	601,105
Increase (Decrease) in Stockholders' Equity
Net income			46,656		579	47,235
Other comprehensive income				6,374	1,194	7,568
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax	239	2,507	(1,328)			1,418
Purchases of 1,363 shares and 1,643 shares of common stock for the year ended April 29, 2017 and nine months ended January 27, 2018, respectively	(1,643)	(2,660)	(41,771)			(46,074)
Stock option and restricted stock expense		7,929				7,929
Dividends paid			(16,343)			(16,343)
Balance at Jan. 27, 2018	$ 47,068	$ 297,408	$ 271,912	$ (26,509)	$ 12,959	$ 602,838

CONSOLIDATED STATEMENT OF CHAN8

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - shares	9 Months Ended	12 Months Ended
	Jan. 27, 2018	Apr. 29, 2017
Common Shares
Shares purchased	1,643	1,363

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jan. 27, 2018
Basis of Presentation
Basis of Presentation	Note 1: Basis of Presentation The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries. We derived the April 29, 2017, 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 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission, 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 28, 2018. At January 27, 2018, we owned preferred shares of two privately-held companies, and a warrant to purchase common shares of one of the companies, both of which are variable interest entities. We have not consolidated their results in our financial statements because we do not have the power to direct those activities that most significantly impact their economic performance and, therefore, are not the primary beneficiary. During the first nine months of fiscal 2017, we recorded a benefit related to legal settlements as part of cost of sales. The legal settlements increased gross margin by 0.3 percentage points in the first nine months of fiscal 2017, but had no impact on the third quarter of fiscal 2017.

Acquisitions

Acquisitions	9 Months Ended
	Jan. 27, 2018
Acquisitions
Acquisitions	Note 2: Acquisitions Upholstery segment acquisitions As we previously reported in our fiscal 2017 Annual Report on Form 10-K, we acquired the La-Z-Boy wholesale business in the United Kingdom and Ireland in the third quarter of fiscal 2017. Per the terms of the purchase agreement, payment for the business was due 90 business days following the date of acquisition, and accordingly, we paid $15.9 million in the first quarter of fiscal 2018. Retail segment acquisitions During the third quarter of fiscal 2018, we acquired the assets of an independent operator of one La-Z-Boy Furniture Galleries ® store in Grand Rapids, Michigan for $0.6 million of cash. We began including this store in our Retail segment results upon acquisition. The assets that we acquired included the exclusive right that we previously licensed to the operator to own and operate La-Z-Boy Furniture Galleries ® stores (and to use the associated trademarks and trade name) in this market. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $0.3 million related to the reacquired right. We recorded this intangible asset in our Retail segment and will amortize and deduct it for federal income tax purposes over 15 years. We have not presented pro-forma financial information or purchase price allocations for this Retail acquisition as it was not material to our results of operations or our consolidated balance sheet.

Restricted Cash

Restricted Cash	9 Months Ended
	Jan. 27, 2018
Restricted Cash
Restricted Cash	Note 3: Restricted Cash We have cash on deposit with a bank as collateral for certain letters of credit. All of our letters of credit have maturity dates within the next twelve months, but we expect to renew some of these letters of credit when they mature. (Unaudited, amounts in thousands) 1/27/18 1/28/17 Cash and cash equivalents $ $ Restricted cash Total cash, cash equivalents and restricted cash $ $

Inventories

Inventories	9 Months Ended
	Jan. 27, 2018
Inventories
Inventories	Note 4: Inventories A summary of inventories is as follows: (Unaudited, amounts in thousands) 1/27/18 4/29/17 Raw materials $ $ Work in process Finished goods FIFO inventories Excess of FIFO over LIFO ) ) Total Inventories $ $

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Jan. 27, 2018
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	Note 5: Goodwill and Other Intangible Assets Our goodwill, reacquired rights, and other intangible assets on our consolidated balance sheet relate to our acquisitions of La-Z-Boy Furniture Galleries ® stores over the past several fiscal years and our international business acquisition last fiscal year. Our other intangible assets also include a trade name for American Drew. The following is a roll-forward of goodwill for the nine months ended January 27, 2018: (Unaudited, amounts in thousands) Goodwill Balance at April 29, 2017 $ Translation adjustment Balance at January 27, 2018 $ The following is a roll-forward of our other intangible assets for the nine months ended January 27, 2018: (Unaudited, amounts in thousands) Trade Names Reacquired Other Total Other Balance at April 29, 2017 $ $ $ $ Acquisition — — Amortization — ) ) ) Translation adjustment — Balance at January 27, 2018 $ $ $ $

Investments

Investments	9 Months Ended
	Jan. 27, 2018
Investments
Investments	Note 6: Investments We have current and long-term investments intended to enhance returns on our cash as well as to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan, and our performance compensation retirement plan. We also hold other investments, which at January 27, 2018, included cost-basis preferred shares of two privately-held companies, and at April 29, 2017, included an available-for-sale convertible debt security and cost-basis preferred shares of a privately-held company. Our short-term investments are included in other current assets and our long-term investments are included in other long-term assets on our consolidated balance sheet. The following summarizes our investments at January 27, 2018, and April 29, 2017: (Unaudited, amounts in thousands) 1/27/18 4/29/17 Short-term investments: Available-for-sale investments $ $ Trading securities Held-to-maturity investments Total short-term investments Long-term investments: Available-for-sale investments Cost basis investments Total long-term investments Total investments $ $ Investments to enhance returns on cash $ $ Investments to fund compensation/retirement plans $ $ Other investments $ $ The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type at January 27, 2018, and April 29, 2017: At January 27, 2018 (Unaudited, amounts in thousands) Gross Gross Fair Value Equity securities $ $ ) $ Fixed income ) Mutual funds — — Other — Total securities $ $ ) $ At April 29, 2017 (Unaudited, amounts in thousands) Gross Gross Fair Value Equity securities $ $ ) $ Fixed income ) Mutual funds — — Other ) Total securities $ $ ) $ The following table summarizes sales of available-for-sale securities: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Proceeds from sales $ $ $ $ Gross realized gains Gross realized losses ) ) ) ) The fair value of fixed income available-for-sale securities by contractual maturity was $12.8 million within one year, $22.5 million within two to five years, $1.5 million within six to ten years, and $0.7 million thereafter.

Debt

Debt	9 Months Ended
	Jan. 27, 2018
Debt
Debt	Note 7: Debt We maintain a revolving credit facility secured primarily by all of our accounts receivable, inventory, and cash deposit and securities accounts. Availability under the agreement fluctuates according to a borrowing base calculated on eligible accounts receivable and inventory. We amended this agreement on December 19, 2017, extending its maturity date to December 19, 2022. The credit agreement includes affirmative and negative covenants that apply under certain circumstances, including a fixed-charge coverage ratio requirement that applies when excess availability under the line is less than certain thresholds. At January 27, 2018, we were not subject to the fixed-charge coverage ratio requirement, had no borrowings outstanding under the agreement, and had excess availability of $148.1 million of the $150.0 million credit commitment.

Pension Plans

Pension Plans	9 Months Ended
	Jan. 27, 2018
Pension Plans
Pension Plans	Note 8: Pension Plans Net periodic pension costs were as follows: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Service cost $ $ $ $ Interest cost Expected return on plan assets ) ) ) ) Net amortization Net periodic pension cost $ $ $ $ The components of net periodic pension cost other than the service cost are included in other income (expense), net in our consolidated statement of income. Service cost is recorded in cost of sales in our consolidated statement of income.

Product Warranties

Product Warranties	9 Months Ended
	Jan. 27, 2018
Product Warranties
Product Warranties	Note 9: 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 based on our claims experience and any additional anticipated future costs on previously sold products. We incorporate repair costs into our liability estimates, including materials, labor and overhead amounts necessary to perform repairs and any costs associated with delivering repaired product to our customers. Approximately 95% 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 warranties cover labor costs relating to our parts for one year. Our warranty period begins when the consumer receives our product. We use considerable judgment in making our estimates, and we record differences between our actual and estimated costs when the differences are known. A reconciliation of the changes in our product warranty liability is as follows: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Balance as of the beginning of the period $ $ $ $ Accruals during the period Settlements during the period ) ) ) ) Balance as of the end of the period $ $ $ $ As of January 27, 2018, and April 29, 2017, we included $12.7 million and $13.2 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 primarily to reflect charges that relate to warranties issued during the respective periods.

Contingencies and Commitments

Contingencies and Commitments	9 Months Ended
	Jan. 27, 2018
Contingencies and Commitments
Contingencies and Commitments	Note 10: Contingencies and Commitments We have been a party to a civil lawsuit over a contract that the other party claimed required us to make payments in respect of certain power units. Following a verdict in the civil lawsuit during fiscal 2016, we recognized expense of $5.5 million in our consolidated statement of income. Subsequent to that verdict, we accrued $3.9 million of expense for royalties and interest related to this matter in our consolidated statement of income, for sales of certain power units from February 2016 through October 2017. During the third quarter of fiscal 2018, we entered into a settlement agreement and release that settled the legal dispute. Under the terms of the settlement agreement, the parties settled the legal dispute with no admission of liability, wrongdoing or responsibility by any of the parties, released each other from all future and past claims under the contract at issue in the lawsuit, including resolving all associated future royalty obligations, and agreed to dismiss all claims with prejudice, and we agreed to pay the other party $13.5 million. With the announced settlement, we recognized an additional charge of $4.1 million in the third quarter of fiscal 2018. We paid the settlement in the third quarter of fiscal 2018 and recorded the majority of the $13.5 million charge in our consolidated statement of income, in selling, general and administrative expense.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jan. 27, 2018
Stock-Based Compensation
Stock-Based Compensation	Note 11: Stock-Based Compensation The table below summarizes the total stock-based compensation expense we recognized for all outstanding grants in our consolidated statement of income: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Equity-based awards expense $ $ $ $ Liability-based awards expense Total stock-based compensation expense $ $ $ $ Stock Options. We granted 573,591 stock options to employees during the first quarter of fiscal 2018, and we have stock options outstanding from previous grants. We account for stock options as equity-based awards because when they are exercised, they will be settled in common shares. We recognize compensation expense for stock options over the vesting period equal to the fair value on the date our compensation committee approved the awards. The vesting period for our stock options ranges from one to four years, with accelerated vesting upon retirement. We expense options granted to retirement-eligible employees immediately. 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 2018 using the following assumptions: (Unaudited) Fiscal 2018 Risk-free interest rate % Dividend rate % Expected life in years Stock price volatility % Fair value per share $ Stock Appreciation Rights (“SARs”). We did not grant any SARs to employees during the first nine months of fiscal 2018, but we have SARs outstanding from previous grants. SARs will be paid in cash upon exercise and, accordingly, we account for SARs as liability-based awards that we re-measure to reflect the fair value at the end of each reporting period. These awards vest at 25% per year, beginning one year from the grant date for a term of four years, with accelerated vesting upon retirement. We expense SARs granted to retirement-eligible employees immediately. We estimate the fair value of SARs at the end of each reporting period using the Black-Scholes option-pricing model, which requires management to make certain assumptions. We base the average expected life on the contractual term of the SARs and expected employee exercise trends (which is consistent with the expected life of our option awards). We base the risk-free rate on U.S. Treasury issues with a term equal to the expected life assumed at the end of the reporting period. In fiscal 2013, we granted SARs as described in our Annual Report on Form 10-K for the fiscal year ended April 27, 2013. These awards have exceeded their expected life and are re-measured 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 27, 2018, the intrinsic value per share of these awards was $20.18. In fiscal 2014, we granted SARs as described in our Annual Report on Form 10-K for the fiscal year ended April 26, 2014. At January 27, 2018, we measured the fair value of these SARs using the following assumptions: (Unaudited) Fiscal 2014 Risk-free interest rate % Dividend rate % Expected life in years Stock price volatility % Fair value per share $ Restricted Stock . We granted 102,662 shares of restricted stock to employees during the first quarter of fiscal 2018. 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 fair value of the restricted stock awarded in the first quarter of fiscal 2018 was $27.25 per share, the market value of our common shares on the date of grant. We estimate forfeiture rates based on our employees’ forfeiture history and believe they will approximate future results. We recognize compensation expense for restricted stock over the vesting period equal to the fair value on the date our compensation committee approved the awards. Restricted stock awards vest at 25% per year, beginning one year from the grant date for a term of four years. Restricted Stock Units. During the second quarter of fiscal 2018, we granted 29,520 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 grant, which was $23.85. Performance Shares. During the first quarter of fiscal 2018, we granted 177,805 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 2018 that vest based on attaining performance goals was $25.93, 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, and, similar to the way in which we expense awards of stock options, we expense compensation cost over the vesting period regardless of the value that award recipients ultimately receive. Based on the Monte Carlo model, the fair value as of the grant date of the fiscal 2018 grant of shares that vest based on market conditions was $36.24.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Jan. 27, 2018
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	Note 12: Accumulated Other Comprehensive Loss The activity in accumulated other comprehensive loss for the quarter ended January 27, 2018, and January 28, 2017, is as follows: (Unaudited, amounts in thousands) Translation Change in Unrealized Net pension Accumulated other Balance at October 28, 2017 $ $ ) $ $ ) $ ) Changes before reclassifications — Amounts reclassified to net income — ) Tax effect — ) ) ) Other comprehensive income attributable to La-Z-Boy Incorporated Balance at January 27, 2018 $ $ $ $ ) $ ) (Unaudited, amounts in thousands) Translation Change in fair value Unrealized Net pension Accumulated Balance at October 29, 2016 $ ) $ ) $ $ ) $ ) Changes before reclassifications ) ) — ) Amounts reclassified to net income — ) Tax effect — ) ) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated ) ) ) ) Balance at January 28, 2017 $ ) $ ) $ $ ) $ ) The activity in accumulated other comprehensive loss for the nine months ended January 27, 2018, and January 28, 2017, is as follows: (Unaudited, amounts in thousands) Translation Change in fair value Unrealized Net pension Accumulated Balance at April 29, 2017 $ ) $ $ $ ) $ ) Changes before reclassifications — Amounts reclassified to net income — ) ) Tax effect — ) ) Other comprehensive income attributable to La-Z-Boy Incorporated Balance at January 27, 2018 $ $ $ $ ) $ ) (Unaudited, amounts in thousands) Translation Change in fair value Unrealized Net pension Accumulated Balance at April 30, 2016 $ ) $ ) $ $ ) $ ) Changes before reclassifications ) ) — ) Amounts reclassified to net income — ) Tax effect — ) ) ) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated ) ) Balance at January 28, 2017 $ ) $ ) $ $ ) $ ) In our consolidated statement of income, we reclassified the unrealized gain on marketable securities from accumulated other comprehensive loss to net income through other income (expense), net, reclassified the change in fair value of cash flow hedges to net income through cost of sales, and reclassified the net pension amortization to net income through other income (expense), net. The components of non-controlling interest for the quarter and nine months ended January 27, 2018, and January 28, 2017, were as follows: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Balance as of the beginning of the period $ $ $ $ Net income Other comprehensive income (loss) ) ) Balance as of the end of the period $ $ $ $

Segment Information

Segment Information	9 Months Ended
	Jan. 27, 2018
Segment Information
Segment Information	Note 13: 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 units: La-Z-Boy, our largest operating unit, and our England subsidiary. The Upholstery segment also includes our international wholesale businesses. 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 three brands: American Drew, Hammary, and Kincaid. 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. Our 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. Retail Segment . Our Retail segment consists of 147 company-owned La-Z-Boy Furniture Galleries ® stores. The Retail segment primarily sells upholstered furniture, in addition to some casegoods and other accessories, to end consumers through these stores. Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Sales Upholstery segment: Sales to external customers $ $ $ $ Intersegment sales Upholstery segment sales Casegoods segment: Sales to external customers Intersegment sales Casegoods segment sales Retail segment sales Corporate and Other: Sales to external customers Intersegment sales Corporate and Other sales Eliminations ) ) ) ) Consolidated sales $ $ $ $ Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Operating Income (Loss) Upholstery segment $ $ $ $ Casegoods segment Retail segment Corporate and Other ) ) ) ) Consolidated operating income Interest expense Interest income Income from Continued Dumping and Subsidy Offset Act, net — — Gain on conversion of investment — — — Other income (expense), net ) ) ) ) Income before income taxes $ $ $ $

Income Taxes

Income Taxes	9 Months Ended
	Jan. 27, 2018
Income Taxes
Income Taxes	Note 14: Income Taxes We determine our tax provision using an estimated annual effective tax rate and adjusting for discrete taxable events that occur during the quarter. We recognize the effects of tax legislation in the period in which the law is enacted. We re-measure our deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years we estimate the related temporary differences to reverse. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law. Most of its provisions are effective for tax years beginning on or after January 1, 2018. Because we are a fiscal year U.S. taxpayer, the majority of the provisions, such as eliminating the domestic manufacturing deduction, new taxes on certain foreign-sourced income and new limitations on certain business deductions, will begin applying to us in our fiscal 2019. For fiscal 2018, the most significant impacts include: a lower U.S. federal corporate income tax rate, a different calculation of certain net deferred taxes, and a new transition tax on the deemed repatriation of certain foreign earnings. The phasing in of the lower corporate income tax rate resulted in a blended federal rate of 30.4% for our fiscal 2018, compared with the previous 35% rate. The federal tax rate will be reduced to 21% in subsequent fiscal years. We recorded a charge of $9.5 million in the third quarter of fiscal 2018, reflecting the net effect of the Tax Act. This included a $9.8 million charge for the provisional re-measurement of certain deferred taxes and related amounts, a provisional $1.9 million of income tax expense for the estimated effects of the transition tax, and a benefit of $2.2 million primarily related to the lower blended federal tax rate. As described above we made reasonable estimates, based on our current interpretation of the Tax Act, to record provisional adjustments during the third quarter of fiscal 2018. We may alter our estimates during the fourth quarter of fiscal 2018 as we continue to accumulate and process data to finalize the underlying calculations and review further guidance that we expect regulators to issue. We are also analyzing other provisions of the Tax Act to determine if they will impact our effective tax rate in fiscal 2018 or in the future. We will continue to refine our adjustments through the permissible measurement period, which is not to extend beyond one year of the enactment date. Our effective tax rate for the third quarter and first nine months of fiscal 2018, was 62.0% and 43.9%, respectively. For the third quarter and first nine months of fiscal 2017, our effective tax rate was 29.4% and 33.4%, respectively. Our effective tax rate in fiscal 2018 was higher than in the prior year, primarily due to charges related to the Tax Act, as described above. Additionally, our effective tax rate in both years varies from the federal statutory rate in effect for the respective periods primarily due to state taxes, less the benefit of the U.S. manufacturing deduction and foreign earnings in jurisdictions with lower tax rates than the U.S. Our consolidated balance sheet at the end of the third quarter of fiscal 2018 reflected a $1.1 million net liability for uncertain income tax positions. We do not expect this net liability to change significantly in the next 12 months. We will either pay or release the liability for uncertain income tax positions as tax audits are completed or settled, statutes of limitation expire or other new information becomes available.

Earnings per Share

Earnings per Share	9 Months Ended
	Jan. 27, 2018
Earnings per Share
Earnings per Share	Note 15: Earnings per Share Certain share-based compensation awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities. We grant restricted stock awards that contain non-forfeitable rights to dividends on unvested shares, and we are required to include these participating securities in calculating our basic earnings per common share, using the two-class method. The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share: Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Numerator (basic and diluted): Net income attributable to La-Z-Boy Incorporated $ $ $ $ Income allocated to participating securities ) ) ) ) Net income available to common shareholders $ $ $ $ Denominator: Basic weighted average common shares outstanding Add: Contingent common shares Stock option dilution Diluted weighted average common shares outstanding The above values for contingent common shares 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 did not exclude any outstanding options from the diluted share calculation for the quarter and nine months ended January 27, 2018, or for the quarter and nine months ended January 28, 2017.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jan. 27, 2018
Fair Value Measurements
Fair Value Measurements	Note 16: Fair Value Measurements Accounting standards require that we put financial assets and liabilities into one of three categories based on the inputs we use to value them: · Level 1 — Financial assets and liabilities the values of which are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access. · Level 2 — Financial assets and liabilities the values of which are based on quoted prices in markets that are not active or on model inputs that are observable for substantially the full term of the asset or liability. · Level 3 — Financial assets and liabilities the values of which are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Accounting standards require that in making fair value measurements, we use observable market data when available. When inputs used to measure fair value fall within different levels of the hierarchy, we categorize the fair value measurement as being in the lowest level that is significant to the measurement. We recognize transfers between levels of the fair value hierarchy at the end of the reporting period in which they occur. In addition to assets and liabilities that we record at fair value on a recurring basis, we are required to record assets and liabilities at fair value on a non-recurring basis. We measure non-financial assets such as other intangible assets, goodwill, and other long-lived assets at fair value when there is an indicator of impairment, and we record them at fair value only when we recognize an impairment loss. The following table presents the fair value hierarchy for those assets we measured at fair value on a recurring basis at January 27, 2018, and April 29, 2017: At January 27, 2018 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 (a) Level 2 (a) Level 3 (b) Assets Available-for-sale investments $ $ $ — Trading securities — — Held-to-maturity investments — — Cost basis investments — — Total assets $ $ $ Liabilities Contingent consideration liability $ — $ — $ (a) There were no transfers between Level 1 and Level 2 during the first nine months of fiscal 2018. (b) There were no transfers into or out of Level 3 during the first nine months of fiscal 2018. At April 29, 2017 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 (c) Level 2 (c) Level 3 (d) Assets Available-for-sale investments $ $ $ Trading securities — — Held-to-maturity investments — — Cost basis investment — — Total assets $ $ $ Liabilities Contingent consideration liability $ — $ — $ (c) There were no transfers between Level 1 and Level 2 during fiscal 2017. (d) There were no transfers into or out of Level 3 during fiscal 2017. At January 27, 2018, and April 29, 2017, we held available-for-sale 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 trading 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 27, 2018, our Level 3 investments included preferred shares of two privately-held companies, and a warrant to purchase common shares of one of these privately-held companies. We initially valued our Level 3 investments at their cost basis as of the date of purchase, because the cost basis was the best estimate of their fair value on the date of acquisition. During fiscal 2017, we recorded a $0.7 million unrealized gain in other comprehensive income related to a change in the fair value of the available-for-sale convertible debt security. During the first quarter of fiscal 2018, the available-for-sale convertible debt security converted to $3.0 million of cost-basis preferred shares of a privately-held company, and we recorded a gain of $2.2 million in other income (expense), net in our consolidated statement of income related to the conversion. We also invested another $2.5 million in the same privately-held company during the first quarter of fiscal 2018. Our Level 3 liability is a contingent consideration liability, and we estimate the fair value of this liability based on the present value of the probability-weighted future cash flows, which are unobservable inputs that are not supported by market activity. During the first nine months of fiscal 2018, we reversed a portion of the contingent consideration liability, and recorded the benefit as a component of selling, general, and administrative expense in our consolidated statement of income, because we determined it was not probable that a portion of the contingent consideration would be earned. The following table is a reconciliation of our Level 3 assets and liabilities recorded at fair value using significant unobservable inputs: (Unaudited, amounts in thousands) Level 3 Assets Balance at April 29, 2017 $ Purchases Realized gain Unrealized gain reclassified to net income ) Balance at January 27, 2018 $ Liabilities Balance at April 29, 2017 $ Fair value adjustment ) Translation adjustment Balance at January 27, 2018 $ Our asset leveling presented above does not include certain available-for-sale investments that are measured at fair value using net asset value per share under the practical expedient methodology. These investments are still included in the total fair value column of the table in our investment footnote (see Note 6). The fair value of the investments measured using net asset value at January 27, 2018, and April 29, 2017, was $7.3 million and $7.1 million, respectively.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Jan. 27, 2018
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 17: Recent Accounting Pronouncements Accounting pronouncements adopted in fiscal 2018 In March 2016, the FASB issued a new accounting standard focused on simplifying the accounting for share-based payments, including accounting for income taxes, estimating forfeitures, and classifying certain share-based transactions in the consolidated statement of cash flows. We adopted this standard in the first quarter of fiscal 2018. Our adoption of this standard did not have a material impact on our consolidated financial statements. We did not record a cumulative-effect adjustment as we had no unrecognized excess tax benefits as of the end of fiscal 2017. We elected to continue estimating forfeiture rates on our share-based awards. We adjusted the consolidated statement of cash flows for the first nine months of fiscal 2017 to conform to the current fiscal year presentation by reclassifying $1.8 million of cash paid related to shares swapped for taxes from a financing activity to an operating activity. In August 2016, the FASB issued a new accounting standard that provides guidance on the classification of eight cash receipts and cash payments issues on the statement of cash flows. The intent of this standard was to help reduce diversity in practice regarding cash flow presentation. We early adopted this standard in fiscal 2018. Adoption of this standard did not have a material impact on our consolidated statement of cash flows and although the guidance requires retrospective treatment, we did not have any cash receipts or payments during the prior year that needed to be reclassified. In November 2016, the FASB issued a new accounting standard that requires the statement of cash flows to explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We early adopted this standard in fiscal 2018 with retrospective application. For the nine months ended January 28, 2017, this change resulted in a $9.0 million increase in cash, cash equivalents and restricted cash at both the beginning and end of the period on our consolidated statement of cash flows. In addition, removing the change in restricted cash from the consolidated statement of cash flows resulted in a decrease of less than $0.1 million in our net cash used for investing activities for the nine months ended January 28, 2017. In March 2017, the FASB issued a new accounting standard that changed the presentation of pension costs in our consolidated statement of income. We elected to early adopt this standard in fiscal 2018, and it requires retrospective application. All components of pension costs other than service costs will now be presented in other income (expense), net rather than operating income in our consolidated statement of income. Adoption of this standard did not have a material impact on our consolidated statement of income for any periods presented. For the third quarter and first nine months of fiscal 2017, we reclassified pension costs of $0.7 million and $2.1 million, respectively, from operating income to other income (expense), net to conform to the current-year presentation. Accounting pronouncements not yet adopted In May 2014, the FASB issued a new accounting standard that requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard supersedes virtually all existing authoritative accounting guidance on revenue recognition and requires additional disclosures and greater use of estimates and judgments. During July 2015, the FASB deferred the effective date of the revenue recognition standard by one year, thus making the new accounting standard effective beginning with our fiscal 2019. We have reviewed substantially all of our contracts and other revenue streams and determined that the application of the new standard will not have a material change in the amount of or timing for recognizing revenue. We will apply the modified retrospective approach when we implement the new standard in fiscal 2019. We are still assessing the standard’s impact on our financial statement disclosures and the need to expand disclosures, particularly related to the new disaggregated revenue disclosures. In January 2016, the FASB issued a new accounting standard that requires equity investments to be measured at fair value with the fair value changes to be recognized through net income. This standard does not apply to investments that are accounted for using the equity method of accounting, or that result in consolidation of the invested entity. We currently hold equity investments that we measure at fair value at the end of each reporting period, and we recognize changes in fair value through other comprehensive income (loss) as unrealized gains (losses). We are required to adopt this standard for our fiscal 2019 financial statements. Based on the fair value of our net unrealized gain as of January 27, 2018, adopting this standard would be immaterial to our consolidated financial statements. When we adopt this standard, we will reclassify our current net unrealized gains from accumulated other comprehensive income to retained earnings and record a cumulative-effect adjustment, which we expect, based on current fair value, will be immaterial to our consolidated financial statements. In February 2016, the FASB issued a new accounting standard requiring all operating leases that a lessee enters into to be recorded on its 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. This standard will be effective beginning with our fiscal 2020. We are currently reviewing our leases and gathering the necessary information to adopt this standard when it becomes effective. We anticipate that adoption of this standard will have a material impact on our consolidated balance sheet as we have a significant number of operating leases. In June 2016, the FASB issued a new accounting standard that amends current guidance on other-than-temporary impairments of available-for-sale debt securities. This amended standard requires the use of an allowance to record estimated credit losses on these assets when the fair value is below the amortized cost of the asset. This standard also removes the evaluation of the length of time that a security has been in a loss position to avoid recording a credit loss. We are required to adopt this standard for our fiscal 2021 and apply it through a cumulative-effect adjustment to retained earnings. We are still assessing the impact this standard will have on our consolidated financial statements and related disclosures. In October 2016, the FASB issued a new accounting standard that requires entities to recognize the income tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. This standard will be applicable beginning with our fiscal 2019. Our current assessment is that this standard will have no impact on our current practices because intra-entity transfers, as the standard defines them, are unlikely to occur. In January 2017, the FASB issued a new accounting standard clarifying the definition of a business with the objective of adding guidance to entities evaluating whether a transaction should be accounted for as an acquisition. This standard will be applicable for our fiscal 2019. Our current assessment is that this standard will not affect our accounting for past or future acquisitions. In January 2017, the FASB issued a new accounting standard simplifying the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. An entity should now perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This standard will be applicable to us beginning with our fiscal 2021. We are still assessing the impact this standard will have on our consolidated financial statements and related disclosures. In August 2017, the FASB issued a new accounting standard designed to improve and simplify the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This standard is intended to better align the recognition and presentation of the effects of hedging instruments with the hedged item in the financial statements, and requires additional disclosures on hedging instruments. This standard will be effective for our fiscal 2020. Based on our current hedging activity, we do not expect this standard to have a material impact on our consolidated financial statements or disclosures. In February 2018, the FASB issued a new accounting standard that allows entities to reclass stranded income tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings in their consolidated financial statements. Under the Tax Act, deferred taxes were adjusted to reflect the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate which left the tax effects on items within accumulated other comprehensive income stranded at an inappropriate tax rate. This standard may be early adopted in any interim period and should be applied either in the period of adoption or retrospectively to each period that was effected by the change in the federal corporate tax rate under the Tax Act. This standard will be effective for our fiscal 2020. We are still assessing the impact this standard will have on our consolidated financial statements and related disclosures.

Restricted Cash (Tables)

Restricted Cash (Tables)	9 Months Ended
	Jan. 27, 2018
Restricted Cash
Schedule of cash, cash equivalents and restricted cash	(Unaudited, amounts in thousands) 1/27/18 1/28/17 Cash and cash equivalents $ $ Restricted cash Total cash, cash equivalents and restricted cash $ $

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jan. 27, 2018
Inventories
Summary of inventories	(Unaudited, amounts in thousands) 1/27/18 4/29/17 Raw materials $ $ Work in process Finished goods FIFO inventories Excess of FIFO over LIFO ) ) Total Inventories $ $

Goodwill and Other Intangible28

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Jan. 27, 2018
Goodwill and Other Intangible Assets
Roll-forward of goodwill	(Unaudited, amounts in thousands) Goodwill Balance at April 29, 2017 $ Translation adjustment Balance at January 27, 2018 $
Roll-forward of other intangible assets	(Unaudited, amounts in thousands) Trade Names Reacquired Other Total Other Balance at April 29, 2017 $ $ $ $ Acquisition — — Amortization — ) ) ) Translation adjustment — Balance at January 27, 2018 $ $ $ $

Investments (Tables)

Investments (Tables)	9 Months Ended
	Jan. 27, 2018
Investments
Summary of investments	(Unaudited, amounts in thousands) 1/27/18 4/29/17 Short-term investments: Available-for-sale investments $ $ Trading securities Held-to-maturity investments Total short-term investments Long-term investments: Available-for-sale investments Cost basis investments Total long-term investments Total investments $ $ Investments to enhance returns on cash $ $ Investments to fund compensation/retirement plans $ $ Other investments $ $
Summary of unrealized gains, unrealized losses, and fair value by investment type	At January 27, 2018 (Unaudited, amounts in thousands) Gross Gross Fair Value Equity securities $ $ ) $ Fixed income ) Mutual funds — — Other — Total securities $ $ ) $ At April 29, 2017 (Unaudited, amounts in thousands) Gross Gross Fair Value Equity securities $ $ ) $ Fixed income ) Mutual funds — — Other ) Total securities $ $ ) $
Summary of sales of available-for-sale securities	Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Proceeds from sales $ $ $ $ Gross realized gains Gross realized losses ) ) ) )

Pension Plans (Tables)

Pension Plans (Tables)	9 Months Ended
	Jan. 27, 2018
Pension Plans
Schedule of net periodic pension costs	Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Service cost $ $ $ $ Interest cost Expected return on plan assets ) ) ) ) Net amortization Net periodic pension cost $ $ $ $

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Jan. 27, 2018
Product Warranties
Reconciliation of changes in product warranty liability	Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Balance as of the beginning of the period $ $ $ $ Accruals during the period Settlements during the period ) ) ) ) Balance as of the end of the period $ $ $ $

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jan. 27, 2018
Stock-Based Compensation
Summary of total stock-based compensation expense	Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Equity-based awards expense $ $ $ $ Liability-based awards expense Total stock-based compensation expense $ $ $ $
Fair value assumptions for stock options	(Unaudited) Fiscal 2018 Risk-free interest rate % Dividend rate % Expected life in years Stock price volatility % Fair value per share $
Fair value assumptions for SARs	(Unaudited) Fiscal 2014 Risk-free interest rate % Dividend rate % Expected life in years Stock price volatility % Fair value per share $

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Jan. 27, 2018
Accumulated Other Comprehensive Loss
Activity in accumulated other comprehensive loss	(Unaudited, amounts in thousands) Translation Change in Unrealized Net pension Accumulated other Balance at October 28, 2017 $ $ ) $ $ ) $ ) Changes before reclassifications — Amounts reclassified to net income — ) Tax effect — ) ) ) Other comprehensive income attributable to La-Z-Boy Incorporated Balance at January 27, 2018 $ $ $ $ ) $ ) (Unaudited, amounts in thousands) Translation Change in fair value Unrealized Net pension Accumulated Balance at October 29, 2016 $ ) $ ) $ $ ) $ ) Changes before reclassifications ) ) — ) Amounts reclassified to net income — ) Tax effect — ) ) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated ) ) ) ) Balance at January 28, 2017 $ ) $ ) $ $ ) $ ) (Unaudited, amounts in thousands) Translation Change in fair value Unrealized Net pension Accumulated Balance at April 29, 2017 $ ) $ $ $ ) $ ) Changes before reclassifications — Amounts reclassified to net income — ) ) Tax effect — ) ) Other comprehensive income attributable to La-Z-Boy Incorporated Balance at January 27, 2018 $ $ $ $ ) $ ) (Unaudited, amounts in thousands) Translation Change in fair value Unrealized Net pension Accumulated Balance at April 30, 2016 $ ) $ ) $ $ ) $ ) Changes before reclassifications ) ) — ) Amounts reclassified to net income — ) Tax effect — ) ) ) Other comprehensive income (loss) attributable to La-Z-Boy Incorporated ) ) Balance at January 28, 2017 $ ) $ ) $ $ ) $ )
Components of non-controlling interest	Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Balance as of the beginning of the period $ $ $ $ Net income Other comprehensive income (loss) ) ) Balance as of the end of the period $ $ $ $

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Jan. 27, 2018
Segment Information
Schedule of segment information	Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Sales Upholstery segment: Sales to external customers $ $ $ $ Intersegment sales Upholstery segment sales Casegoods segment: Sales to external customers Intersegment sales Casegoods segment sales Retail segment sales Corporate and Other: Sales to external customers Intersegment sales Corporate and Other sales Eliminations ) ) ) ) Consolidated sales $ $ $ $ Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Operating Income (Loss) Upholstery segment $ $ $ $ Casegoods segment Retail segment Corporate and Other ) ) ) ) Consolidated operating income Interest expense Interest income Income from Continued Dumping and Subsidy Offset Act, net — — Gain on conversion of investment — — — Other income (expense), net ) ) ) ) Income before income taxes $ $ $ $

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Jan. 27, 2018
Earnings per Share
Reconciliation of numerators and denominators used in the computation of basic and diluted earnings per share	Quarter Ended Nine Months Ended (Unaudited, amounts in thousands) 1/27/18 1/28/17 1/27/18 1/28/17 Numerator (basic and diluted): Net income attributable to La-Z-Boy Incorporated $ $ $ $ Income allocated to participating securities ) ) ) ) Net income available to common shareholders $ $ $ $ Denominator: Basic weighted average common shares outstanding Add: Contingent common shares Stock option dilution Diluted weighted average common shares outstanding

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jan. 27, 2018
Fair Value Measurements
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis	At January 27, 2018 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 (a) Level 2 (a) Level 3 (b) Assets Available-for-sale investments $ $ $ — Trading securities — — Held-to-maturity investments — — Cost basis investments — — Total assets $ $ $ Liabilities Contingent consideration liability $ — $ — $ (a) There were no transfers between Level 1 and Level 2 during the first nine months of fiscal 2018. (b) There were no transfers into or out of Level 3 during the first nine months of fiscal 2018. At April 29, 2017 Fair Value Measurements (Unaudited, amounts in thousands) Level 1 (c) Level 2 (c) Level 3 (d) Assets Available-for-sale investments $ $ $ Trading securities — — Held-to-maturity investments — — Cost basis investment — — Total assets $ $ $ Liabilities Contingent consideration liability $ — $ — $ (c) There were no transfers between Level 1 and Level 2 during fiscal 2017. (d) There were no transfers into or out of Level 3 during fiscal 2017.
Reconciliation of Level 3 assets recorded at fair value using significant unobservable inputs	(Unaudited, amounts in thousands) Level 3 Assets Balance at April 29, 2017 $ Purchases Realized gain Unrealized gain reclassified to net income ) Balance at January 27, 2018 $
Reconciliation of Level 3 liabilities recorded at fair value using significant unobservable inputs	(Unaudited, amounts in thousands) Level 3 Liabilities Balance at April 29, 2017 $ Fair value adjustment ) Translation adjustment Balance at January 27, 2018 $

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entities (Details) - Variable interest entities, not primary beneficiary	Jan. 27, 2018company
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 - Legal S

Basis of Presentation - Legal Settlements (Details)	3 Months Ended	9 Months Ended
	Jan. 28, 2017	Jan. 28, 2017
Basis of Presentation
Improvement in gross margin due to legal settlement (as a percent)	0.00%	0.30%

Acquisitions (Details)

Acquisitions (Details) $ in Millions	3 Months Ended
	Jan. 27, 2018USD ($)Counterparty	Jul. 29, 2017USD ($)	Jan. 28, 2017
La-Z-Boy Wholesale Business in United Kingdom and Ireland
Acquisitions
Period until payment is due			90 days
Cash paid		$ 15.9
Independent dealer assets acquired in fiscal 2018
Acquisitions
Number of dealers whose assets were acquired | Counterparty	1
Cash paid	$ 0.6
Settlement gain or loss	0
Independent dealer assets acquired in fiscal 2018 | Reacquired Rights
Acquisitions
Indefinite-lived intangible asset	$ 0.3

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 27, 2018	Apr. 29, 2017	Jan. 28, 2017	Apr. 30, 2016
Restricted Cash
Cash and cash equivalents	$ 135,266	$ 141,860	$ 110,320
Restricted cash	2,354	8,999	8,991
Total cash, cash equivalents and restricted cash	$ 137,620	$ 150,859	$ 119,311	$ 121,335

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jan. 27, 2018	Apr. 29, 2017
Inventories
Raw materials	$ 85,226	$ 83,371
Work in process	11,669	11,320
Finished goods	110,445	101,444
FIFO inventories	207,340	196,135
Excess of FIFO over LIFO	(21,021)	(21,021)
Total Inventories	$ 186,319	$ 175,114

Goodwill and Other Intangible42

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	9 Months Ended
	Jan. 27, 2018USD ($)
Roll-forward of goodwill
Balance at beginning of period	$ 74,245
Translation adjustment	1,520
Balance at end of period	$ 75,765

Goodwill and Other Intangible43

Goodwill and Other Intangible Assets - Intangible Assets (Details) $ in Thousands	9 Months Ended
	Jan. 27, 2018USD ($)
Roll-forward of other intangible assets
Balance at beginning of period	$ 18,489
Acquisitions	255
Amortization	(840)
Translation adjustment	606
Balance at end of period	18,510
Trade Names
Roll-forward of other intangible assets
Balance at beginning of period	1,155
Balance at end of period	1,155
Reacquired Rights
Roll-forward of other intangible assets
Balance at beginning of period	13,747
Acquisitions	255
Amortization	(533)
Translation adjustment	293
Balance at end of period	13,762
Other Intangible Assets
Roll-forward of other intangible assets
Balance at beginning of period	3,587
Amortization	(307)
Translation adjustment	313
Balance at end of period	$ 3,593

Investments - Other Investments

Investments - Other Investments (Details)	Jan. 27, 2018company
Cost basis investments
Investments
Preferred share investments, number of privately-held companies	2

Investments - Components (Detai

Investments - Components (Details) - USD ($) $ in Thousands	Jan. 27, 2018	Apr. 29, 2017
Investments
Total investments	$ 61,044	$ 53,677
Investments to enhance returns on cash
Investments
Total investments	35,401	33,087
Investments to fund compensation/retirement plans
Investments
Total investments	14,689	13,690
Other investments
Investments
Total investments	10,954	6,900
Other current assets
Investments
Available-for-sale investments	12,737	15,040
Trading securities	12	6
Held-to-maturity investments	3,358	1,867
Total investments	16,107	16,913
Other long-term assets
Investments
Available-for-sale investments	33,983	31,264
Cost basis investments	10,954	5,500
Total investments	$ 44,937	$ 36,764

Investments - Unrealized Gains

Investments - Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Thousands	Jan. 27, 2018	Apr. 29, 2017
Summary of investments
Gross Unrealized Gains	$ 2,680	$ 2,526
Gross Unrealized Losses	(334)	(163)
Fair Value	61,044	53,677
Equity securities
Summary of investments
Gross Unrealized Gains	2,565	1,796
Gross Unrealized Losses	(25)	(83)
Fair Value	19,094	13,610
Fixed income
Summary of investments
Gross Unrealized Gains	38	729
Gross Unrealized Losses	(309)	(72)
Fair Value	37,479	37,580
Mutual funds
Summary of investments
Fair Value	12	6
Other
Summary of investments
Gross Unrealized Gains	77	1
Gross Unrealized Losses		(8)
Fair Value	$ 4,459	$ 2,481

Investments - Sales and Maturit

Investments - Sales and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2018	Jan. 28, 2017	Jan. 27, 2018	Jan. 28, 2017
Sales of available-for-sale securities
Proceeds from sales	$ 5,580	$ 4,142	$ 17,109	$ 13,899
Gross realized gains	870	866	1,288	913
Gross realized losses	(284)	$ (366)	(512)	$ (404)
Fair value of available-for-sale securities by contractual maturity
Fair value, available-for-sale securities with contractual maturity within one year	12,800		12,800
Fair value, available-for-sale securities with contractual maturity within two to five years	22,500		22,500
Fair value, available-for-sale securities with contractual maturity within six to ten years	1,500		1,500
Fair value, available-for-sale securities with contractual maturity after ten years	$ 700		$ 700

Debt (Details)

Debt (Details) - Revolving credit facility $ in Millions	Jan. 27, 2018USD ($)
Debt
Excess availability	$ 148.1
Credit commitment	150
Borrowings outstanding	$ 0

Pension Plans (Details)

Pension Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2018	Jan. 28, 2017	Jan. 27, 2018	Jan. 28, 2017
Net periodic pension costs
Service cost	$ 328	$ 320	$ 986	$ 958
Interest cost	1,147	1,170	3,441	3,510
Expected return on plan assets	(1,204)	(1,245)	(3,612)	(3,735)
Net amortization	780	764	2,340	2,292
Net periodic pension cost	$ 1,051	$ 1,009	$ 3,155	$ 3,025

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2018	Jan. 28, 2017	Jan. 27, 2018	Jan. 28, 2017	Apr. 29, 2017
Reconciliation of changes in product warranty liability
Balance as of the beginning of the period	$ 21,606	$ 20,902	$ 21,870	$ 20,511
Accruals during the period	4,654	5,168	14,155	15,022
Settlements during the period	(4,954)	(4,846)	(14,719)	(14,309)
Balance as of the end of the period	21,306	$ 21,224	21,306	$ 21,224
Product warranty liability included in accrued expenses and other current liabilities	$ 12,700		$ 12,700		$ 13,200
Upholstery Segment
Product Warranties
Percentage of warranty liability relating to the segment	95.00%
Fabric and leather
Product Warranties
Warranty term	1 year
Cushions and padding | Minimum
Product Warranties
Warranty term	1 year
Cushions and padding | Maximum
Product Warranties
Warranty term	10 years
Labor costs relating to parts
Product Warranties
Warranty term	1 year

Contingencies and Commitments (

Contingencies and Commitments (Details) - Civil lawsuit - USD ($) $ in Millions	3 Months Ended	12 Months Ended	21 Months Ended
	Jan. 27, 2018	Apr. 30, 2016	Oct. 28, 2017
Contingencies and Commitments
Expense recognized		$ 5.5
Accrual of royalties and interest
Contingencies and Commitments
Expense recognized			$ 3.9
Agreement to settle
Contingencies and Commitments
Expense recognized	$ 4.1
Agreed settlement amount	$ 13.5

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2018	Jan. 28, 2017	Jan. 27, 2018	Jan. 28, 2017
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 1,519	$ 1,691	$ 7,929	$ 7,571
Liability-based awards expense	386	1,383	694	1,653
Total stock-based compensation expense	$ 1,905	$ 3,074	$ 8,623	$ 9,224

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - Stock Options - $ / shares	3 Months Ended	9 Months Ended
	Jul. 29, 2017	Jan. 27, 2018
Stock-Based Compensation
Shares granted (in shares)	573,591
Fair value assumptions
Risk-free interest rate (as a percent)	1.84%
Dividend rate (as a percent)	1.61%
Expected life in years	5 years
Stock price volatility (as a percent)	32.12%
Fair value per share (in dollars per share)	$ 7.16
Minimum
Stock-Based Compensation
Vesting period		1 year
Maximum
Stock-Based Compensation
Vesting period		4 years

Stock-Based Compensation - SARs

Stock-Based Compensation - SARs (Details) - Stock Appreciation Rights	9 Months Ended
	Jan. 27, 2018$ / shares
Stock-Based Compensation
Percentage vesting each year from date of grant	25.00%
Period from grant date for first vesting	1 year
Vesting period	4 years
Fiscal 2014 Grant
Fair value assumptions
Risk-free interest rate (as a percent)	1.50%
Dividend rate (as a percent)	1.49%
Expected life in years	4 months 17 days
Stock price volatility (as a percent)	28.09%
Fair value per share (in dollars per share)	$ 13.02
Fiscal 2013 Grant
Fair value assumptions
Fair value per share (in dollars per share)	$ 20.18

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock and RSUs (Details) - $ / shares	3 Months Ended		9 Months Ended
	Oct. 28, 2017	Jul. 29, 2017	Jan. 27, 2018
Restricted Stock
Stock-Based Compensation
Granted (in shares)		102,662
Granted (in dollars per share/unit)		$ 27.25
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 | Non-Employee Directors
Stock-Based Compensation
Granted (in shares)	29,520
Granted (in dollars per share/unit)	$ 23.85

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Awards (Details) - $ / shares	3 Months Ended	9 Months Ended
	Jul. 29, 2017	Jan. 27, 2018
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
Stock-Based Compensation
Number of shares or units granted	177,805
Performance-Based Shares, vesting based on performance goals | Fiscal 2018 Grant
Stock-Based Compensation
Fair value on date of grant (in dollars per share)	$ 25.93
Performance Based Shares, vesting based on market conditions | Fiscal 2018 Grant
Stock-Based Compensation
Fair value on date of grant (in dollars per share)	$ 36.24

Accumulated Other Comprehensi57

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2018	Jan. 28, 2017	Jan. 27, 2018	Jan. 28, 2017
Activity in accumulated other comprehensive loss
Balance			$ 589,919
Balance	$ 589,879		589,879
Components of non-controlling interest
Balance as of the beginning of the period	12,094	$ 10,443	11,186	$ 10,070
Net income	176	356	579	830
Other comprehensive income (loss)	689	(58)	1,194	(159)
Balance as of the end of the period	12,959	10,741	12,959	10,741
Accumulated Other Comprehensive Loss
Activity in accumulated other comprehensive loss
Balance	(30,511)	(33,490)	(32,883)	(34,000)
Changes before reclassifications	4,062	(1,325)	6,225	(2,932)
Amounts reclassified to net income	272	1,084	917	3,656
Tax effect	(332)	(54)	(768)	(509)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	4,002	(295)	6,374	215
Balance	(26,509)	(33,785)	(26,509)	(33,785)
Translation adjustment
Activity in accumulated other comprehensive loss
Balance	737	(673)	(927)	(445)
Changes before reclassifications	2,896	(383)	4,560	(611)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	2,896	(383)	4,560	(611)
Balance	3,633	(1,056)	3,633	(1,056)
Change in fair value of cash flow hedge
Activity in accumulated other comprehensive loss
Balance	(189)	(622)	74	(286)
Changes before reclassifications	495	(1,414)	256	(2,893)
Amounts reclassified to net income	22	762	(164)	1,698
Tax effect	(72)	248	90	455
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	445	(404)	182	(740)
Balance	256	(1,026)	256	(1,026)
Unrealized gain on marketable securities
Activity in accumulated other comprehensive loss
Balance	1,689	1,114	1,752	1,058
Changes before reclassifications	671	472	1,409	572
Amounts reclassified to net income	(585)	(500)	(1,425)	(509)
Tax effect	23	11	62	(24)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	109	(17)	46	39
Balance	1,798	1,097	1,798	1,097
Net pension amortization and net actuarial loss
Activity in accumulated other comprehensive loss
Balance	(32,748)	(33,309)	(33,782)	(34,327)
Amounts reclassified to net income	835	822	2,506	2,467
Tax effect	(283)	(313)	(920)	(940)
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	552	509	1,586	1,527
Balance	$ (32,196)	$ (32,800)	$ (32,196)	$ (32,800)

Segment Information (Details)

Segment Information (Details)	9 Months Ended
	Jan. 27, 2018storesegmentitem
Upholstery Segment
Segment Information
Number of operating units | segment	2
Casegoods Segment
Segment Information
Number of brands | item	3
Retail Segment
Segment Information
Number of stores | store	147

Segment Information - Income St

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2018	Jan. 28, 2017	Jan. 27, 2018	Jan. 28, 2017
Segment Information
Sales	$ 413,638	$ 389,992	$ 1,163,922	$ 1,107,354
Operating income	33,095	33,572	83,662	89,888
Interest expense	113	562	430	794
Interest income	444	241	1,163	679
Income from Continued Dumping and Subsidy Offset Act, net		273		273
Gain on conversion of investment			2,204
Other income (expense), net	(1,094)	(52)	(2,475)	(1,783)
Income before income taxes	32,332	33,472	84,124	88,263
Upholstery Segment
Segment Information
Sales	262,874	246,650	739,429	715,357
Casegoods Segment
Segment Information
Sales	23,887	20,499	68,821	64,651
Retail Segment
Segment Information
Sales	125,815	122,121	353,068	325,206
Corporate and Other, non-segment
Segment Information
Sales	1,062	722	2,604	2,140
Operating Segments | Upholstery Segment
Segment Information
Sales	320,958	302,923	900,126	866,128
Operating income	31,699	35,669	88,422	104,388
Operating Segments | Casegoods Segment
Segment Information
Sales	27,215	23,259	80,790	74,185
Operating income	2,792	1,593	8,833	6,587
Operating Segments | Retail Segment
Segment Information
Operating income	7,076	6,325	12,746	11,515
Corporate and Other
Segment Information
Operating income	(8,472)	(10,015)	(26,339)	(32,602)
Corporate and Other | Corporate and Other, non-segment
Segment Information
Sales	3,880	2,700	9,443	6,891
Eliminations
Segment Information
Sales	(64,230)	(61,011)	(179,505)	(165,056)
Eliminations | Upholstery Segment
Segment Information
Sales	(58,084)	(56,273)	(160,697)	(150,771)
Eliminations | Casegoods Segment
Segment Information
Sales	(3,328)	(2,760)	(11,969)	(9,534)
Eliminations | Corporate and Other, non-segment
Segment Information
Sales	$ (2,818)	$ (1,978)	$ (6,839)	$ (4,751)

Income Taxes - Tax Cuts and Job

Income Taxes - Tax Cuts and Jobs Act (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jan. 27, 2018	Apr. 27, 2019	Apr. 28, 2018	Apr. 29, 2017
Statutory tax rate (as a percent)				35.00%
Charge recorded to reflect net effect of the Tax Act	$ 9.5
Provisional re-measurement of certain deferred taxes and related amounts	9.8
Estimated effects of the transition tax	1.9
Benefit from lower blended federal tax rate	$ 2.2
Forecast
Statutory tax rate (as a percent)		21.00%	30.40%

Income Taxes - Effective Rate a

Income Taxes - Effective Rate and Uncertain Tax Positions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 27, 2018	Jan. 28, 2017	Jan. 27, 2018	Jan. 28, 2017
Income Taxes
Effective tax rate (as a percent)	62.00%	29.40%	43.90%	33.40%
Net liability for uncertain income tax positions	$ 1.1		$ 1.1

Earnings per Share - Reconcilia

Earnings per Share - Reconciliation (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2018	Jan. 28, 2017	Jan. 27, 2018	Jan. 28, 2017
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$ 12,109	$ 23,286	$ 46,656	$ 57,925
Income allocated to participating securities, basic	(62)	(115)	(234)	(287)
Income allocated to participating securities, diluted	(62)	(115)	(234)	(287)
Net income available to common shareholders, basic	12,047	23,171	46,422	57,638
Net income available to common shareholders, diluted	$ 12,047	$ 23,171	$ 46,422	$ 57,638
Denominator
Basic weighted average common shares outstanding (in shares)	47,234	48,914	47,852	49,057
Add:
Contingent common shares (in shares)	178	155	176	155
Stock option dilution (in shares)	345	315	297	320
Diluted weighted average common shares outstanding (in shares)	47,757	49,384	48,325	49,532

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy and Transfers (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Jul. 29, 2017USD ($)	Jan. 27, 2018USD ($)company	Apr. 29, 2017USD ($)
Assets
Total assets		$ 61,044	$ 53,677
Cost basis investments
Liabilities
Preferred share investments, number of privately-held companies | company		2
Recurring basis
Liabilities
Transfers from Level 1 to Level 2 assets		$ 0	0
Transfers from Level 2 to Level 1 assets		0	0
Transfers into Level 3 assets		0	0
Transfers out of Level 3 assets		0	0
Transfers into Level 3 liabilities		0	0
Transfers out of Level 3 liabilities		0	0
Level 1 | Recurring basis
Assets
Total assets		4,581	3,083
Level 1 | Recurring basis | Available-for-sale investments
Assets
Total assets		1,223	1,217
Level 1 | Recurring basis | Held-to-maturity investments
Assets
Total assets		3,358	1,866
Level 2 | Recurring basis
Assets
Total assets		38,183	36,644
Level 2 | Recurring basis | Available-for-sale investments
Assets
Total assets		38,171	36,638
Level 2 | Recurring basis | Trading securities
Assets
Total assets		$ 12	6
Level 3
Liabilities
Preferred share investments, number of privately-held companies | company		2
Preferred share investments with common share warrant, number of privately-held companies | company		1
Available-for-sale securities converted to cost basis investment	$ 3,000
Level 3 | Recurring basis
Assets
Total assets		$ 10,954	6,900
Liabilities
Contingent consideration liability		354	1,248
Level 3 | Recurring basis | Available-for-sale investments
Assets
Total assets			1,400
Level 3 | Recurring basis | Cost basis investments
Assets
Total assets		$ 10,954	$ 5,500

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Reconciliation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 27, 2018	Apr. 29, 2017
Reconciliation of Level 3 assets recorded at fair value using significant unobservable inputs
Balance at beginning of period	$ 6,900
Purchases	2,500
Realized gain	2,204	$ 700
Unrealized gain reclassified to net income	(650)
Balance at end of period	10,954	6,900
Reconciliation of Level 3 liabilities recorded at fair value using significant unobservable inputs
Balance at beginning of period	1,248
Fair value adjustment	(951)
Translation adjustment	57
Balance at end of period	354	1,248
Available-for-sale investments
Investments not included in the fair value hierarchy
Fair value of investments measured using net asset value	$ 7,300	$ 7,100

Recent Accounting Pronounceme65

Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 27, 2018	Jan. 28, 2017	Jan. 27, 2018	Jan. 28, 2017	Apr. 29, 2017	Apr. 30, 2016
Accounting pronouncements adopted in fiscal 2018
Unrecognized excess tax benefits from share-based payments					$ 0
Cash flows from financing activities			$ (61,422)	$ (36,886)
Cash flows from operating activities			91,200	93,014
Cash, cash equivalents and restricted cash	$ 137,620	$ 119,311	137,620	119,311	$ 150,859	$ 121,335
Net cash provided by (used for) investing activities			(45,221)	(58,013)
Operating income	33,095	33,572	83,662	89,888
Other income (expense), net	$ (1,094)	(52)	$ (2,475)	(1,783)
Accounting Standards Update 2016-09 - Stock Compensation
Accounting pronouncements adopted in fiscal 2018
Cash flows from financing activities				1,800
Cash flows from operating activities				(1,800)
Accounting Standards Update 2016-18 - Restricted Cash | Early Adoption, Effect
Accounting pronouncements adopted in fiscal 2018
Cash, cash equivalents and restricted cash		9,000		9,000
Accounting Standards Update 2016-18 - Restricted Cash | Maximum | Early Adoption, Effect
Accounting pronouncements adopted in fiscal 2018
Net cash provided by (used for) investing activities				100
Accounting Standards Update 2017-07 - Pension Costs | Early Adoption, Effect
Accounting pronouncements adopted in fiscal 2018
Operating income		700		2,100
Other income (expense), net		$ (700)		$ (2,100)