0000057131-22-000031 | 10-K | XBRL Viewer

Adjustments to reconcile net income to cash provided by operating activities

$ 152,328

$ 107,529

$ 78,984

(Gain)/loss on disposal of assets

(13,657)

(37)

(10,068)

Gain on sale of investments

(478)

(954)

(693)

Provision for doubtful accounts

(617)

(3,169)

13,383

Depreciation and amortization

39,771

33,021

31,192

Amortization of right-of-use lease assets

72,942

65,571

67,673

Equity-based compensation expense

11,858

12,671

8,371

Goodwill impairment

26,862

Pension termination refund

(1,900)

Change in deferred taxes

1,022

8,790

719

Change in receivables

(41,829)

(38,288)

29,686

Change in inventories

(72,022)

(40,727)

14,900

Change in other assets

(16,232)

2,926

7,039

Change in payables

6,326

37,068

(9,913)

Change in lease liabilities

(73,805)

(65,881)

(66,238)

Change in other liabilities

13,397

191,397

(25,755)

Net cash provided by operating activities

79,004

309,917

164,242

Cash flows from investing activities

Proceeds from disposals of assets

22,588

2,770

11,273

Proceeds from insurance

1,080

Capital expenditures

(76,580)

(37,960)

(46,035)

Purchases of investments

(34,152)

(39,584)

(37,477)

Proceeds from sales of investments

36,096

36,071

37,244

Acquisitions

(26,323)

(2,000)

Net cash used for investing activities

(78,371)

(40,703)

(33,915)

Cash flows from financing activities

Net proceeds from credit facility

75,000

Payments on debt and finance lease liabilities

(121)

(75,050)

(161)

Holdback payments for acquisition purchases

(23,000)

(5,783)

(6,850)

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

(1,818)

9,030

3,029

Repurchases of common stock

(90,645)

(44,202)

(43,369)

Dividends paid to shareholders

(27,717)

(16,542)

(25,091)

Dividends paid to minority interest joint venture partners

^[1]

(1,260)

(8,507)

Net cash used for financing activities

(144,561)

(141,054)

2,558

Effect of exchange rate changes on cash and equivalents

(1,919)

3,015

(1,144)

Change in cash, cash equivalents and restricted cash

(145,847)

131,175

131,741

Cash, cash equivalents and restricted cash at beginning of period

394,703

263,528

131,787

Cash, cash equivalents and restricted cash at end of period

248,856

394,703

263,528

Supplemental disclosure of non-cash investing activities

Capital expenditures included in accounts payable

$ 9,234

$ 4,638

$ 3,528

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

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

Total

Cumulative Effect, Period of Adoption, Adjustment

Common Shares

Capital in Excess of Par Value

Retained Earnings

Cumulative Effect, Period of Adoption, Adjustment

Accumulated Other Comprehensive Income (Loss)

Non-Controlling Interests

Beginning balance at Apr. 27, 2019

$ 696,976

$ 46,955

$ 313,168

$ 325,847

$ (3,462)

$ 14,468

Beginning balance (ASU 2016-02) at Apr. 27, 2019

^[1]

$ 574

Increase (Decrease) in Stockholders' Equity

Other comprehensive income (loss)

78,984

77,469

1,515

(3,209)

(2,943)

(266)

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

3,029

311

4,453

(1,735)

Purchases of common stock

(43,369)

(1,409)

(8,097)

(33,863)

Stock option and restricted stock expense

8,371

Dividends Declared and Paid

25,091

Dividends

115

Reclassification of certain income tax effects

(547)

Reclassification of certain income tax effects | ASU 2018-02

^[2]

547

(547)

Change in noncontrolling interests

156

320

(164)

Ending balance at Apr. 25, 2020

716,306

45,857

318,215

343,633

(6,952)

15,553

Increase (Decrease) in Stockholders' Equity

Other comprehensive income (loss)

107,529

106,461

1,068

5,965

5,431

534

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

9,030

583

10,188

(1,741)

Purchases of common stock

(44,202)

(1,079)

(10,426)

(32,697)

Stock option and restricted stock expense

12,671

Dividends Declared and Paid

^[3]

25,049

16,542

8,507

Dividends declared not paid

(104)

Change in noncontrolling interests

Ending balance at Apr. 24, 2021

782,146

45,361

330,648

399,010

(1,521)

8,648

Increase (Decrease) in Stockholders' Equity

Other comprehensive income (loss)

152,328

150,017

2,311

(5,078)

(4,276)

(802)

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

(1,818)

208

834

(2,860)

Purchases of common stock

(90,645)

(2,480)

(1,088)

(87,077)

Stock option and restricted stock expense

11,858

Dividends Declared and Paid

^[3]

28,977

27,717

1,260

Dividends

192

Change in noncontrolling interests

Ending balance at Apr. 30, 2022

$ 819,622

$ 43,089

$ 342,252

$ 431,181

$ (5,797)

$ 8,897

[1]	Cumulative effect adjustment of deferred gains on prior sale/leaseback transactions as a result of adopting ASU 2016-02, Leases (Topic 842).
[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, Income Statement-Reporting Comprehensive Income (Topic 220).
[3]	Non-controlling interests include dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares shares in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Dividends declared and paid (in dollars per share)	$ 0.63	$ 0.36	$ 0.54
Dividends declared not paid (in dollars per share)	$ 0.63	$ 0.36	$ 0.54
ASU 2016-02
Accounting Standards Update [Extensible List]		ASU 2016-02
ASU 2018-02
Accounting Standards Update [Extensible List]		ASU 2018-02
Common Shares
Purchases of common stock (in shares)	2,480	1,079	1,409

Indicates amendment to accounting standards.

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Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
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-Section 65
-Paragraph 2
-Subparagraph (f)(1)
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Reference 59: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 60: http://www.xbrl.org/2003/role/disclosureRef
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Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
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-Subparagraph (a)(1)

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
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-Paragraph 2
-Publisher FASB
-Subparagraph (a)(2)

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
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Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(03)

Cash and Cash Equivalents [Abstract]

Accounting Policies

12 Months Ended

Apr. 30, 2022

Accounting Policies [Abstract]

Accounting Policies

The following is a summary of significant accounting policies followed in the preparation of La-Z-Boy Incorporated and its subsidiaries' (individually and collectively, "we," "our," "us," "La-Z-Boy" or the "Company") consolidated financial statements. Our fiscal year ends on the last Saturday of April. Our 2022 fiscal year included 53 weeks, whereas our 2021 and 2020 fiscal years included 52 weeks. The additional week in fiscal 2022 was included in the fourth quarter.

Principles of Consolidation

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

At April 30, 2022, we owned investments in two privately-held companies consisting of non-marketable preferred shares, warrants to purchase common shares, and convertible notes. Each of these companies is a variable interest entity and we have not consolidated their results in our financial statements because we do not have the power to direct those activities that most significantly impact their economic performance and, therefore, are not the primary beneficiary.

Use of Estimates

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

Cash and Equivalents

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

Restricted Cash

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

Inventories

Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ("LIFO") basis for approximately 60% and 61% of our inventories at April 30, 2022, and April 24, 2021, respectively. Cost is determined for all other inventories on a first-in, first-out ("FIFO") basis. The majority of our La-Z-Boy Wholesale segment inventory uses the LIFO method of accounting, while the FIFO method is used primarily in our Retail segment and Joybird business.

Property, Plant and Equipment

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

Disposal and Impairment of Long-Lived Assets

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

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

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

Indefinite-Lived Intangible Assets and Goodwill

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

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

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

Amortizable Intangible Assets

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

Investments

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

gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income, consistent with our other available-for-sale debt securities.

Realized gains and losses for all investments, charges for other-than-temporary impairments of debt securities, and charges for impairment on our equity investments without readily determinable values are included in determining net income, with related purchase costs based on the first-in, first-out method. We evaluate our available-for-sale debt investments for possible other-than-temporary impairments by reviewing factors such as the extent to which an investment's fair value is below our cost basis, the issuer's financial condition, and our ability and intent to hold the investment for sufficient time for its market value to recover. For impairments that are other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment's cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment and it is not adjusted for subsequent recoveries in fair value. There were no impairments recorded in the fiscal years ended April 30, 2022, or April 24, 2021, and there was an impairment charge for one of the investments of $6.0 million in fiscal 2020 that was recorded as a component of other income (expense), net.

Life Insurance

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

Customer Deposits

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

Revenue Recognition and Related Allowances

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

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

We recognize revenue for retail sales and online sales to the end consumer through our company-owned retail stores, www.la-z-boy.com or www.joybird.com once the end consumer has taken control of the furniture, at which point legal title has passed to them. This takes place when the product is delivered to the end consumer's home. Home delivery is not a promised service to our customer, and is not a separate performance obligation, because home delivery is a fulfillment activity as the costs are incurred as part of transferring our product to the end consumer. At the time the customer places an order through our company-owned retail stores or www.la-z-boy.com, we collect a deposit on a portion of the total merchandise price. We record this as a customer deposit, which is included in accrued expenses and other current liabilities on our consolidated balance sheet. The balance of the order is paid in full prior to delivery of the product. Once the order is taken through our company-owned retail stores or www.la-z-boy.com we recognize a contract asset and a corresponding deferred revenue liability for the difference

between the total order and the deposit collected. The contract asset is included in other current assets on our consolidated balance sheet and the deferred revenue is included in accrued expenses and other current liabilities on our consolidated balance sheet. At the time the customer places an order through www.joybird.com, we collect the entire amount owed and record this as a customer deposit. Because the entire amount owed is collected at the time of the order, there is no contract asset recorded for Joybird sales.

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

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

Allowance for Credit Losses

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

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

Cost of Sales

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

Selling, General and Administrative Expenses

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

Other Income (Expense), Net

Other income (expense), net is made up primarily of foreign currency exchange net gain/(loss), gain/(loss) on the sale of investments, and unrealized gain/(loss) on equity securities. Other income (expense), net for fiscal 2021 also includes the benefit of $5.2 million of payroll tax credits resulting from the CARES Act and other income (expense), net for fiscal 2020

includes a $1.9 million refund related to the fiscal 2019 termination of our defined benefit pension plan for eligible hourly employees in our La-Z-Boy operating unit.

Research and Development Costs

Research and development costs are charged to expense in the periods incurred. Expenditures for research and development costs were $9.0 million, $7.6 million, and $10.8 million for the fiscal years ended April 30, 2022, April 24, 2021, and April 25, 2020, respectively, and are included as a component of SG&A.

Advertising Expenses

Production costs of commercials, programming and costs of other advertising, promotion and marketing programs are charged to expense in the period in which the commercial or advertisement is first aired or released. Gross advertising expenses were $126.8 million, $94.6 million, and $108.3 million for the fiscal years ended April 30, 2022, April 24, 2021, and April 25, 2020, respectively.

A portion of our advertising program is a national advertising campaign. This campaign is a shared advertising program with our dealers' La-Z-Boy Furniture Galleries® stores, which reimburse us for about 25% of the cost of the program (excluding company-owned stores). Because of this shared cost arrangement, the advertising expense is reported as a component of SG&A, while the dealers' reimbursement portion is reported as a component of sales.

Income Taxes

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

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

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

Foreign Currency Translation

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

Accounting for Stock-Based Compensation

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

based awards that vest based on performance conditions ratably over the vesting periods when the vesting of such awards become probable.

Commitments and Contingencies

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

Insurance/Self-Insurance

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

Recent Accounting Pronouncements

Accounting pronouncement adopted in fiscal 2022

The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2022, but did not have a

material impact on our accounting policies or our consolidated financial statements and related disclosures.


ASU						Description
ASU 2018-14						Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans
ASU 2019-12						Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
ASU 2020-01						Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815
ASU 2021-10						Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance

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 2021-08

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

Fiscal 2024

Acquisitions	12 Months Ended
Acquisitions	Apr. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	AcquisitionsEach of the acquisitions completed in fiscal 2022 noted below were not significant to our consolidated financial statements, and, therefore, pro-forma financial information is not presented. All of our provisional purchase accounting estimates for these acquisitions are based on the information and data available to us as of the time of the issuance of these financial statements, and in accordance with Accounting Standard Codification Topic 805-10-25-15, are subject to change within the first 12 months following the acquisition as we gain additional data. Alabama and Chattanooga, Tennessee acquisition On December 6, 2021, we completed our acquisition of the Alabama and Chattanooga, Tennessee businesses that operate four independently owned La-Z-Boy Furniture Galleries® stores in Alabama and one in Chattanooga, Tennessee, for $8.3 million, subject to customary purchase price adjustments. In the third quarter of fiscal 2022, we paid $8.0 million of cash for the purchase of the Alabama and Chattanooga, Tennessee stores and assets. This acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries® network. Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in the Alabama and Chattanooga, Tennessee markets, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $4.1 million related to these reacquired rights. We also recognized $7.4 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years. Furnico (La-Z-Boy United Kingdom Manufacturing) acquisition On October 25, 2021, we completed the acquisition of Furnico Furniture Ltd ("Furnico"), an upholstery manufacturing business in the U.K for approximately $13.3 million, subject to customary purchase price adjustments and in the third and fourth quarters of fiscal 2022, we paid total cash of $13.9 million for the purchase of the Furnico business. Furnico produces La-Z-Boy branded product for the La-Z-Boy U.K. business and also operates a wholesale business, selling white label products to key U.K. retailers. With this acquisition, we expect to realize production synergies, cost savings through materials procurement, and increases in production capacity to support growth in the La-Z-Boy U.K business. We recognized $9.2 million of goodwill in our Wholesale segment related primarily to synergies we expect from the integration of the acquired business and future benefits of these synergies. The goodwill asset for Furnico is not deductible for federal income tax purposes. Long Island, New York acquisition On August 16, 2021, we completed our acquisition of the Long Island, New York business that operates three independently owned La-Z-Boy Furniture Galleries® stores for $4.5 million, subject to customary adjustments. In the second quarter of fiscal 2022, we paid $4.4 million of cash for the purchase of the Long Island, New York stores and assets. This acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries® network. Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in the Long Island, New York market, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $0.8 million related to these reacquired rights. We also recognized $4.4 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years. Prior Year Acquisitions We completed the following acquisition in fiscal 2021. We did not complete any acquisitions during fiscal 2020. Seattle, Washington acquisition On September 14, 2020, we completed our asset acquisition of the Seattle, Washington business that operated six independently owned La-Z-Boy Furniture Galleries® stores and one warehouse for $13.5 million, subject to customary purchase price adjustments. In the second quarter of fiscal 2021, a $2.0 million cash payment was made for the purchase with future guaranteed payments of $9.4 million to be paid over 36 months or fewer, with timing of payments dependent upon the achievement of sales thresholds defined in the purchase agreement. This acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries® network. Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in the Seattle, Washington market, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $2.2 million related to these reacquired rights. We also recognized $12.9 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years. The acquisition of the Seattle, Washington business was not significant to our consolidated financial statements, and, therefore, pro-forma financial information is not presented

Restricted Cash

12 Months Ended

Apr. 30, 2022

Restricted Cash

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


(Amounts in thousands)	4/30/2022		4/24/2021
Cash and cash equivalents	$	245,589	$	391,213
Restricted cash	3,267		3,490
Total cash, cash equivalents and restricted cash	$	248,856	$	394,703

Inventories

12 Months Ended

Apr. 30, 2022

Inventory Disclosure [Abstract]

Inventories


(Amounts in thousands)	4/30/2022		4/24/2021
Raw materials	$	146,896	$	112,371
Work in process	36,834		24,791
Finished goods	185,870		121,182
FIFO inventories	369,600		258,344
Excess of FIFO over LIFO	(66,409)		(32,207)
Total inventories (1)	$	303,191	$	226,137

(1)Increased balance due to rising costs and higher volume to support increased sales demand and manufacturing capacity.

Property, Plant and Equipment

12 Months Ended

Apr. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


(Amounts in thousands)	Estimated Useful Lives	4/30/2022		4/24/2021
Buildings and building fixtures	3 - 30 years	$	250,758	$	234,375
Machinery and equipment	3 - 20 years	184,223		167,577
Information systems, hardware and software	3 - 15 years	102,861		93,174
Furniture and fixtures	3 - 10 years	23,665		23,441
Land improvements	3 - 30 years	23,541		23,855
Transportation equipment	3 - 6 years	16,499		15,372
Land	N/A	8,587		12,405
Construction in progress	N/A	38,712		24,848
		648,846		595,047
Accumulated depreciation		(395,702)		(375,853)
Net property, plant and equipment		$	253,144	$	219,194

Depreciation expense for the fiscal years ended April 30, 2022, April 24, 2021, and April 25, 2020, was $38.3 million, $31.7 million, and $30.0 million, respectively.

Leases

12 Months Ended

Apr. 30, 2022

Leases [Abstract]

Leases

In February 2016, the Financial Accounting Standards Board issued ASU 2016-02, Leases (Topic 842), requiring lessees to record substantially all operating leases on their balance sheet. Under this standard, the lessee is required to record an asset for the right to use the underlying asset for the lease term and a corresponding liability for the contractual lease payments. We adopted this standard in the first quarter of fiscal 2020 using a modified retrospective approach.

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

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

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


(Amounts in thousands)	4/30/2022		4/24/2021
Operating leases
ROU lease assets	$	405,287	$	343,207
Lease liabilities, short-term	75,148		67,493
Lease liabilities, long-term	354,493		294,550
Finance leases
ROU lease assets	$	468	$	593
Lease liabilities, short-term	123		121
Lease liabilities, long-term	350		473

The ROU lease assets by segment are as follows:


(Amounts in thousands)	4/30/2022		4/24/2021
Wholesale	$	90,741	$	76,899
Retail	296,908		253,910
Corporate & Other	18,106		12,991
Total ROU lease assets	$	405,755	$	343,800

The components of lease cost are as follows:


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Operating lease cost	$	83,520	$	79,072	$	76,223
Finance lease cost	130		53		166
Short-term lease cost	2,097		545		248
Variable lease cost	159		(245)		(40)
Less: Sublease income	(550)		(1,546)		(2,504)
Total lease cost	$	85,356	$	77,879	$	74,093

The following tables present supplemental lease disclosures:


	Fiscal Year Ended
	(53 weeks)				(52 weeks)
	4/30/2022				4/24/2021
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities	$	84,492	$	130	$	79,707	$	53
Lease liabilities arising from new ROU lease assets	140,376		—		93,399		631


	4/30/2022				4/24/2021
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term (years)	7.2		3.8		6.8		4.8
Weighted-average discount rate	3.0	%	1.7	%	3.3	%	1.7	%

The following table presents our maturity of lease liabilities:


	4/30/2022
(Amounts in thousands)	Operating Leases (1)		Finance Leases
Within one year	$	86,634	$	130
After one year and within two years	78,802		130
After two years and within three years	66,837		130
After three years and within four years	54,262		98
After four years and within five years	44,027		—
After five years	146,570		—
Total lease payments	477,132		488
Less: Interest	47,491		15
Total lease obligations	$	429,641	$	473

(1)Excludes approximately $54.3 million in future lease payments for various operating leases commencing in a future period

Leases

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


(Amounts in thousands)	4/30/2022		4/24/2021
Operating leases
ROU lease assets	$	405,287	$	343,207
Lease liabilities, short-term	75,148		67,493
Lease liabilities, long-term	354,493		294,550
Finance leases
ROU lease assets	$	468	$	593
Lease liabilities, short-term	123		121
Lease liabilities, long-term	350		473

The ROU lease assets by segment are as follows:


(Amounts in thousands)	4/30/2022		4/24/2021
Wholesale	$	90,741	$	76,899
Retail	296,908		253,910
Corporate & Other	18,106		12,991
Total ROU lease assets	$	405,755	$	343,800

The components of lease cost are as follows:


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Operating lease cost	$	83,520	$	79,072	$	76,223
Finance lease cost	130		53		166
Short-term lease cost	2,097		545		248
Variable lease cost	159		(245)		(40)
Less: Sublease income	(550)		(1,546)		(2,504)
Total lease cost	$	85,356	$	77,879	$	74,093

The following tables present supplemental lease disclosures:


	Fiscal Year Ended
	(53 weeks)				(52 weeks)
	4/30/2022				4/24/2021
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities	$	84,492	$	130	$	79,707	$	53
Lease liabilities arising from new ROU lease assets	140,376		—		93,399		631


	4/30/2022				4/24/2021
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term (years)	7.2		3.8		6.8		4.8
Weighted-average discount rate	3.0	%	1.7	%	3.3	%	1.7	%

The following table presents our maturity of lease liabilities:


	4/30/2022
(Amounts in thousands)	Operating Leases (1)		Finance Leases
Within one year	$	86,634	$	130
After one year and within two years	78,802		130
After two years and within three years	66,837		130
After three years and within four years	54,262		98
After four years and within five years	44,027		—
After five years	146,570		—
Total lease payments	477,132		488
Less: Interest	47,491		15
Total lease obligations	$	429,641	$	473

(1)Excludes approximately $54.3 million in future lease payments for various operating leases commencing in a future period

Goodwill and Other Intangible Assets

12 Months Ended

Apr. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

We have goodwill on our consolidated balance sheet as follows:

Reportable Segment/Unit

Reporting Unit

Related Acquisition

Wholesale Segment

La-Z-Boy United Kingdom

Wholesale business in the United Kingdom and Ireland

Wholesale Segment

La-Z-Boy United Kingdom Manufacturing

La-Z-Boy United Kingdom Manufacturing (Furnico)

Retail Segment

Retail

La-Z-Boy Furniture Galleries® stores

Corporate & Other

Joybird

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

During our fiscal 2022 annual impairment test, we first assessed goodwill recoverability qualitatively using the Step 0 approach for each of our reporting units. For our qualitative assessment, we considered the most recent quantitative analysis, which was performed during the fourth quarter of fiscal 2020, including assumptions used, such as discount rates and tax rates, indicated fair values, and the amounts in which those fair values exceeded their carrying amounts. Further, we compared actual performance in fiscal 2022, along with future financial projections to the internal financial projections used in the prior quantitative analysis. Additionally, we considered various other factors including macroeconomic conditions, relevant industry and market trends, and factors specific to the Company that could indicate a potential change in the fair value of our reporting units. Lastly, we evaluated whether any events have occurred or any circumstances have changed since the fourth quarter of fiscal 2020 that would indicate that our goodwill may have become impaired since our last quantitative test. Based on these qualitative assessments, we determined that it is more likely than not that the fair value of each of our reporting units exceeded their respective carrying value and as such, our goodwill was not considered impaired as of April 30, 2022, and the Step 1 quantitative goodwill impairment analysis was not necessary.

Fiscal 2020 Goodwill Impairment Charge

As a result of our fiscal 2020 annual impairment test, we recorded a non-cash pre-tax impairment charge of $26.9 million to reduce the carrying value of the goodwill for our Joybird reporting unit to its indicated fair value. Factors contributing to the impairment charge included financial projections at that time, largely impacted by uncertainties around COVID-19, integration activities taking longer than anticipated, and a slower than anticipated growth rate due to a shifting focus on profitability.

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


(Amounts in thousands)	Wholesale Segment		Retail Segment		Corporate and Other		Total Goodwill
Balance at April 25, 2020 (1)	$	11,630	$	93,941	$	55,446	$	161,017
Acquisitions	—		12,936		—		12,936

Translation adjustment	1,422		439		—		1,861
Balance at April 24, 2021 (1)	13,052		107,316		55,446		175,814
Acquisitions	9,207		11,748		—		20,955

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

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

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

Reportable Segment

Intangible Asset

Useful Life

Wholesale Segment

Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland

Amortizable over useful lives that do not exceed 15 years

Wholesale Segment

American Drew® trade name

Indefinite-lived

Retail Segment

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

Indefinite-lived

Corporate & Other

Joybird® trade name

Amortizable over eight-year useful life

We test amortizable intangible assets and indefinite-lived intangible assets for impairment on an annual basis in the fourth quarter of our fiscal year, or more frequently if events or changes in circumstances indicate that the assets might be impaired. Similar to our goodwill testing, we used the qualitative Step 0 approach to assess if it was more likely than not that the fair values of our indefinite-lived intangible assets were greater than their carrying values. Based on the same qualitative factors outlined above, we determined that it is more likely than not that the fair value of each of our indefinite-lived intangible assets exceeded their respective carrying value and as such, our indefinite-lived intangible assets were not considered impaired as of April 30, 2022, and the Step 1 quantitative impairment analysis was not necessary.

The following summarizes changes in our intangible assets:


(Amounts in thousands)	Indefinite-Lived Trade Names		Finite-Lived Trade Name		Indefinite-Lived Reacquired Rights		Other Intangible Assets		Total Intangible Assets
Balance at April 25, 2020	$	1,155	$	5,003	$	19,996	$	2,499	$	28,653
Acquisitions	—		—		2,182		—		2,182
Amortization	—		(798)		—		(228)		(1,026)
Translation adjustment	—		—		329		293		622
Balance at April 24, 2021	$	1,155	$	4,205	$	22,507	$	2,564	$	30,431
Acquisitions	—		—		4,896		—		4,896
Amortization	—		(813)		—		(236)		(1,049)
Translation adjustment	—		—		(84)		(223)		(307)
Balance at April 30, 2022	$	1,155	$	3,392	$	27,319	$	2,105	$	33,971

For our intangible assets recorded as of April 30, 2022, we estimate annual amortization expense to be $1.0 million for each of the four succeeding fiscal years and $0.4 million in the fifth succeeding fiscal year.

Investments

12 Months Ended

Apr. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

We have current and long-term investments intended to enhance returns on our cash as well as to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan, and our performance compensation retirement plan. We also hold investments of two privately-held companies consisting of non-marketable preferred shares, warrants to purchase common shares, and convertible notes (refer to Note 20, Fair Value Measurement). Our short-term investments are included in other current assets and our long-term investments are included in other long-term assets on our consolidated balance sheet.

The following summarizes our investments:


(Amounts in thousands)	4/30/2022		4/24/2021
Short-term investments:
Marketable securities	$	16,022	$	18,037
Held-to-maturity investments	1,337		2,532
Total short-term investments	17,359		20,569
Long-term investments:
Marketable securities	26,599		27,256
Cost basis investments	7,579		7,579
Total long-term investments	34,178		34,835
Total investments	$	51,537	$	55,404

Investments to enhance returns on cash	$	27,239	$	32,475
Investments to fund compensation/retirement plans	14,219		15,350
Other investments	10,079		7,579
Total investments	$	51,537	$	55,404

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


	4/30/2022						4/24/2021
(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity securities	$	1,448	$	(86)	$	13,905	$	2,798	$	(5)	$	14,954
Fixed income	28		(809)		33,521		136		(29)		35,631
Other	1,250		—		4,111		559		—		4,819
Total securities	$	2,726	$	(895)	$	51,537	$	3,493	$	(34)	$	55,404

The following table summarizes sales of marketable securities:


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Proceeds from sales	$	35,116	$	33,631	$	36,443
Gross realized gains	879		1,026		852
Gross realized losses	(402)		(71)		(159)

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


(Amounts in thousands)	4/30/2022
Within one year	$	16,018
Within two to five years	14,737
Within six to ten years	868
Thereafter	1,898
Total	$	33,521

Accrued Expenses and Other Current Liabilities

12 Months Ended

Apr. 30, 2022

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities


(Amounts in thousands)	4/30/2022		4/24/2021
Payroll and other compensation	$	62,373	$	62,546
Accrued product warranty, current portion	16,436		14,447
Customer deposits	183,233		180,766
Deferred revenue	139,006		108,460
Other current liabilities	95,345		83,685
Accrued expenses and other current liabilities	$	496,393	$	449,904

Debt	12 Months Ended
Debt	Apr. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt On October 15, 2021, we entered into a new five-year $200.0 million unsecured revolving credit facility (the “Credit Facility”). Borrowings under the Credit Facility may be used by the Company for general corporate purposes. We may increase the size of the facility, either in the form of additional revolving commitments or new term loans, subject to the discretion of each lender to participate in such increase, up to an additional amount of $100.0 million. The Credit Facility will mature on October 15, 2026 and provides us the ability to extend the maturity date for two additional one-year periods, subject to the satisfaction of customary conditions. As of April 30, 2022, we have no borrowings outstanding under the Credit Facility. The Credit Facility contains certain restrictive loan covenants, including, among others, financial covenants requiring a maximum consolidated net lease adjusted leverage ratio and a minimum consolidated fixed charge coverage ratio, as well as customary covenants limiting our ability to incur indebtedness, grant liens, make acquisitions, merge or consolidate, and dispose of certain assets. As of April 30, 2022, we were in compliance with our financial covenants under the Credit Facility. The Credit Facility replaced our previous $150.0 million revolving credit facility, which had been secured primarily by all of our accounts receivable, inventory, cash deposits, and securities accounts. The previous revolving credit facility was terminated on October 15, 2021, and is no longer in effect. Cash paid for interest during fiscal years 2022, 2021, and 2020 was $0.5 million, $0.8 million and $0.6 million, respectively.

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

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Employee Benefits

12 Months Ended

Apr. 30, 2022

Retirement Benefits [Abstract]

Employee Benefits

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
401(k) Retirement Plan (1)	$	11,763	$	7,313	$	9,380
Performance Compensation Retirement Plan	1,654		3,810		1,115
Deferred Compensation Plan	242		24		719
Non-Qualified Defined Benefit Retirement Plan (2)	763		803		796

(1)Increase in fiscal 2022 compared with fiscal 2021 is primarily due to the temporary freeze on matching contributions started during the fourth quarter of fiscal 2020 as part of our COVID-19 action plan. Matching contributions were reinstated during the second quarter of fiscal 2021.

(2)Primarily related to interest cost.

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

Performance Compensation Retirement Plan. A performance compensation retirement plan ("PCRP") is maintained for eligible highly compensated employees. The Company contributions to the plan are based on achievement of performance targets. Employees vest in these contributions if they achieve certain age and years of service with the Company, and can elect to receive benefit payments over a period ranging between five to twenty years after they leave the Company. Further information related to the plan is as follows:


(Amounts in thousands)	4/30/2022		4/24/2021
Short-term obligation included in other current liabilities	$	1,922	$	716
Long-term obligation included in other long-term liabilities	13,898		15,194

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


(Amounts in thousands)	4/30/2022		4/24/2021
Plan obligation included in other long-term liabilities	$	24,595	$	26,548
Cash surrender value on life insurance contracts included in other long-term assets (1)	42,699		41,133

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

Non-Qualified Defined Benefit Retirement Plan. We maintain a non-qualified defined benefit retirement plan for certain former salaried employees. We hold available-for-sale marketable securities to fund future obligations of this plan in a Rabbi trust (refer to Note 8, Investments, and Note 20, Fair Value Measurements, for additional information on these investments). We are not required to fund the non-qualified defined benefit retirement plan in fiscal 2023; however, we have the discretion to make contributions to the Rabbi trust. Further information related to the plan is as follows:


(Amounts in thousands)	4/30/2022			4/24/2021
Short-term plan obligation included in other current liabilities	$	1,059		$	1,066
Long-term plan obligation included in other long-term liabilities	12,461			14,717
Discount rate used to determine obligation	4.3		%	3.0		%


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Actuarial loss recognized in AOCI	$	306	$	347	$	218
Benefit payments (1)	1,182		1,091		1,091

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

The entire disclosure for retirement benefits.

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Product Warranties Disclosures [Abstract]

Product Warranties

12 Months Ended

Apr. 30, 2022

Product Warranties

Product WarrantiesWe accrue an estimated liability for product warranties when we recognize revenue on the sale of warrantied products. We estimate future warranty claims on product sales based on our historical claims experience and periodically adjust the provision to reflect changes in actual experience. We incorporate repair costs into our liability estimates, including materials, labor and overhead amounts necessary to perform repairs, and any costs associated with delivering repaired product to our customers. Over 90% of our warranty liability relates to our Wholesale reportable segment as we generally warrant our products against defects for one year on fabric and leather, from one to ten years on cushions and padding, and provide a limited lifetime warranty on certain mechanisms and frames. Our Wholesale segment warranties cover labor costs relating to our parts for one year. We provide a limited lifetime warranty against defects on a majority of the Joybird products, which are a part of our Corporate and Other results. For all our manufacturer warranties, the warranty period begins when the consumer receives our product. We use considerable judgment in making our estimates, and we record differences between our actual and estimated costs when the differences are known.

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


(Amounts in thousands)	4/30/2022		4/24/2021
Balance as of the beginning of the year	$	23,636	$	23,255
Acquisitions	548		—
Accruals during the year	30,146		21,956
Settlements during the year	(27,294)		(21,575)
Balance as of the end of the year (1)	$	27,036	$	23,636

(1)$16.4 million and $14.4 million is recorded in accrued expenses and other current liabilities as of April 30, 2022, and April 24, 2021, respectively, while the remainder is included in other long-term liabilities.

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

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We have been named as a defendant in various lawsuits arising in the ordinary course of business and as a potentially responsible party at certain environmental clean-up sites, the effect of which are not considered significant. Based on a review of all currently known facts and our experience with previous legal and environmental matters, we have recorded expense in respect of probable and reasonably estimable losses arising from legal matters, and we currently do not believe it is probable that we will have any additional loss for legal or environmental matters that would be material to our consolidated financial statements. In view of the inherent difficulty of predicting the outcome of litigation, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories, we generally cannot predict the eventual outcome, timing, or related loss, if any, of pending matters.

Stock-Based Compensation

12 Months Ended

Apr. 30, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

In fiscal 2018, our shareholders approved the La-Z-Boy Incorporated 2017 Omnibus Incentive Plan which provides for the grant of stock options, stock appreciation rights, restricted stock, stock units (including deferred stock units), unrestricted stock, dividend equivalent rights, and short-term cash incentive awards. Under this plan, as amended, the aggregate number of common shares that may be issued through awards of any form is 5.9 million shares.

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Equity-based awards expense
Stock options	$	1,973	$	2,959	$	2,000
Restricted stock awards	3,720		3,367		2,913
Restricted stock units issued to Directors	1,194		840		900
Performance-based shares	4,971		5,505		2,558
Total equity-based awards expense	11,858		12,671		8,371
Liability-based awards expense
Stock appreciation rights	(102)		375		(240)


Deferred stock units issued to Directors	(1,058)		1,437		(768)
Other (1)	29		66		26
Total liability-based awards expense (2)	(1,131)		1,878		(982)
Total stock-based compensation expense	$	10,727	$	14,549	$	7,389

(1)Includes restricted stock units and performance-based units.

(2)Compensation expense for these awards is based on the market price of our common stock on the grant date and is remeasured each reporting period based on the market value of our common shares on the last day of the reported period.

Stock Options. The La-Z-Boy Incorporated 2017 Omnibus Incentive Plan authorized grants to certain employees and directors to purchase common shares at a specified price, which may not be less than 100% of the current market price of the stock at the date of grant. We granted 252,996 stock options to employees during the first quarter of fiscal 2022, and we also have stock options outstanding from previous grants. We account for stock options as equity-based awards because when they are exercised, they will be settled in common shares. We recognize compensation expense for stock options over the vesting period equal to the fair value on the date our Compensation Committee approved the awards. The vesting period for our stock options ranges from one to four years, with accelerated vesting upon retirement. The vesting date for retirement-eligible employees is the later of the date they meet the criteria for retirement or the end of the fiscal year in which the grant was made. We accelerate the expense for options granted to retirement eligible employees over the vesting period, with expense recognized from the grant date through their retirement eligibility date or over the ten months following the grant date, whichever period is longer. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. Granted options outstanding under the former long-term equity award plan remain in effect and have a term of 10 years.

We estimate the fair value of the employee stock options at the date of grant using the Black-Scholes option-pricing model, which requires management to make certain assumptions. The fair value of stock options granted during fiscal years 2022, 2021, and 2020 were calculated using the following assumptions:


	Grant Year
	Fiscal 2022		Fiscal 2021		Fiscal 2020		Assumption
Risk-free interest rate	0.82%		0.34%		2.19%		U.S. Treasury issues with term equal to expected life at grant date
Dividend rate	1.58%		—%		1.72%		Estimated future dividend rate and common share price at grant date
Expected life	5.0 years		5.0 years		5.0 years		Contractual term of stock option and expected employee exercise trends
Stock price volatility	42.16%		41.79%		34.27%		Historical volatility of our common shares
Fair value per option	$	12.29	$	10.06	$	7.94

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


	Number of Shares (In Thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at April 24, 2021	1,342	$	29.05	7.2	$	19,008
Granted	253	37.93		N/A	N/A
Canceled	(41)	29.92		N/A	N/A

Exercised	(38)	29.32		N/A	252
Outstanding at April 30, 2022	1,516	30.51		6.6	24

Exercisable at April 30, 2022	1,042	$	28.97	5.8	$	24

The aggregate intrinsic value of options exercised was $5.1 million and $1.7 million in fiscal 2021 and fiscal 2020, respectively. As of April 30, 2022, our total unrecognized compensation cost related to non-vested stock option awards was $2.3 million, which we expect to recognize over a weighted-average remaining vesting term of all unvested awards of 1.8 years. During the year ended April 30, 2022, stock options with respect to 0.4 million shares vested.

We received $1.1 million, $10.8 million, and $4.8 million in cash during fiscal 2022, 2021, and 2020, respectively, for exercises of stock options.

Restricted Stock. We awarded 121,963 shares of restricted stock to employees during fiscal 2022. We issue restricted stock at no cost to the employees, and the shares are held in an escrow account until the vesting period ends. If a recipient's employment ends during the escrow period (other than through death or disability), the shares are returned at no cost to the Company. We account for restricted stock awards as equity-based awards because when they vest, they will be settled in common shares. The weighted average fair value of the restricted stock that was awarded in fiscal 2022 was $38.27 per share, the market value of our common shares on the date of grant. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. We recognize compensation expense for restricted stock over the vesting period equal to the fair value on the date our Compensation Committee approved the awards. Restricted stock awards vest at 25% per year, beginning one year from the grant date for a term of four years.

The following table summarizes information about non-vested share awards as of and for the year ended April 30, 2022:


	Shares (In Thousands)	Weighted Average Grant Date Fair Value
Non-vested shares at April 24, 2021	320	$	30.14
Granted	122	38.27
Vested	(120)	30.37
Canceled	(35)	30.48
Non-vested shares at April 30, 2022	287	33.45

Unrecognized compensation cost related to non-vested restricted shares was $6.8 million and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 1.7 years.

Restricted Stock Units Issued to Directors. Restricted stock units granted to our non-employee directors are offered at no cost to the directors and vest when a director leaves the board. During fiscal 2022, fiscal 2021, and fiscal 2020 we granted less than 0.1 million restricted stock units each year to our non-employee directors. We account for these restricted stock units as equity-based awards because when they vest, they will be settled in shares of our common stock. We measure and recognize compensation expense for these awards based on the market price of our common shares on the date of grant. The weighted-average fair value of the restricted stock units that were granted during fiscal 2022, fiscal 2021, and fiscal 2020 was $35.34, $32.08, and $31.77, respectively.

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

During the first quarter of fiscal 2022, we granted 125,021 performance-based shares. We also have performance-based share awards outstanding from previous grants. Payout of the fiscal 2022 grant depends on our financial performance (50%) and a market-based condition based on the total return our shareholders receive on their investment in our stock relative to returns earned through investments in other public companies (50%). The performance share opportunity ranges from 50% of the employee's target award if minimum performance requirements are met to a maximum of 200% of the target award based on the attainment of certain financial and shareholder-return goals over a specific performance period, which is generally three fiscal years. Grants of performance-based shares during fiscal 2021 were weighted the same as those granted during fiscal 2022, while grants of performance-based shares during fiscal 2020 were weighted (80%) on financial performance and (20%) on market-based conditions.

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

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


	Shares (In Thousands)	Weighted Average Grant Date Fair Value
Outstanding shares at April 24, 2021	669	$	30.32
Granted	250	36.13
Vested	(130)	31.71
Unearned or canceled	(168)	30.65
Outstanding shares at April 30, 2022	621	32.28

We account for performance-based shares as equity-based awards because when they vest, they will be settled in common shares. We have elected to recognize forfeitures as an adjustment to compensation expense in the same period as the forfeitures occur. For shares that vest based on our results relative to the performance goals, we expense as compensation cost the fair value of the shares as of the day we granted the awards recognized over the performance period, taking into account the

probability that we will satisfy the performance goals. The fair value of each share of the awards we granted in fiscal 2022, fiscal 2021, and fiscal 2020 that vest based on attaining performance goals was $36.13, $30.75, and $28.68, respectively, the market value of our common shares on the date we granted the awards less the dividends we expect to pay before the shares vest. For shares that vest based on market conditions, we use a Monte Carlo valuation model to estimate each share's fair value as of the date of grant. The Monte Carlo valuation model uses multiple simulations to evaluate our probability of achieving various stock price levels to determine our expected performance ranking relative to our peer group. Similar to the way in which we expense the awards of stock options, we expense compensation cost over the vesting period regardless of whether the market condition is ultimately satisfied. Based on the Monte Carlo model, the fair value as of the grant date of the fiscal 2022, fiscal 2021, and fiscal 2020 grants of shares that vest based on market conditions was $51.85, $38.14, and $38.75, respectively. Our unrecognized compensation cost at April 30, 2022, related to performance-based shares was $5.6 million based on the current estimates of the number of awards that will vest, and is expected to be recognized over a weighted-average remaining contractual term of all unvested awards of 1.3 years.

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Fiscal 2018 grant	$	—	$	—	$	611
Fiscal 2019 grant	—		1,545		996
Fiscal 2020 grant	1,066		2,051		951
Fiscal 2021 grant	2,195		1,909		—
Fiscal 2022 grant	1,710		—		—
Total expense	$	4,971	$	5,505	$	2,558

Stock Appreciation Rights ("SARs"). We have not granted any SARs to employees since fiscal 2014, but we have SARs outstanding from the fiscal 2014 award. All outstanding SARs are fully vested and have a term of ten years. SARs will be paid in cash upon exercise and, accordingly, we account for SARs as liability-based awards that we remeasure to fair value at the end of each reporting period. We have no remaining unrecognized compensation cost at April 30, 2022, relating to SARs awards as they are all fully vested, but we will continue to remeasure these awards to reflect the fair value at the end of each reporting period until all awards are exercised or forfeited. As of April 30, 2022, we had 6,010 SARs outstanding for the fiscal 2014 award. These awards have exceeded their expected life and are remeasured to fair value based on their intrinsic value, which is the market value of our common stock on the last day of the reporting period less the exercise price, until the earlier of the exercise date or the contractual term date. At April 30, 2022, the intrinsic value per share of the fiscal 2014 award was $7.22.

Deferred Stock Units Issued to Directors. We have not granted any deferred stock units to non-employee directors since fiscal 2010, but we have units outstanding from the fiscal 2009 and fiscal 2010 awards. We account for awards under our deferred stock unit plan for non-employee directors as liability-based awards because upon exercise these awards will be paid in cash. We measure and recognize compensation expense based on the market price of our common stock on the grant date. We remeasure and adjust the liability based on the market value (intrinsic value) of our common shares on the last day of the reporting period until paid with a corresponding adjustment to reflect the cumulative amount of compensation expense. For purposes of dividends and for measuring the liability, each deferred stock unit is the equivalent of one common share. As of April 30, 2022, we had 0.1 million deferred stock units outstanding. Our liability related to these awards was $1.6 million and $2.7 million at April 30, 2022, and April 24, 2021, respectively, and is included as a component of other long-term liabilities on our consolidated balance sheet.

Accumulated Other Comprehensive Loss

12 Months Ended

Apr. 30, 2022

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

Accumulated Other Comprehensive Loss

Activity in accumulated other comprehensive loss was as follows:


(Amounts in thousands)	Translation adjustment		Change in fair value of cash flow hedge		Unrealized gain (loss) on marketable securities		Net pension amortization and net actuarial loss		Accumulated other comprehensive loss
Balance at April 27, 2019	$	50	$	87	$	6	$	(3,605)	$	(3,462)
Changes before reclassifications	(1,941)		—		387		(1,809)		(3,363)
Reclassification of certain income tax effects (1)	—		(97)		258		(708)		(547)

Amounts reclassified to net income	—		14		(141)		218		91
Tax effect	—		(4)		(61)		394		329
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(1,941)		(87)		443		(1,905)		(3,490)
Balance at April 25, 2020	$	(1,891)	$	—	$	449	$	(5,510)	$	(6,952)
Changes before reclassifications	4,932		—		(96)		428		5,264


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


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

(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, Income Statement-Reporting Comprehensive Income (Topic 220).

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

The components of noncontrolling interest were as follows:


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Balance as of the beginning of the year	$	8,648	$	15,553	$	14,468
Net income	2,311		1,068		1,515
Other comprehensive income (loss)	(802)		534		(266)
Dividends distributed to joint venture minority partners	(1,260)		(8,507)		—
Other changes in noncontrolling interests	—		—		(164)
Balance as of the end of the year	$	8,897	$	8,648	$	15,553

Revenue Recognition

12 Months Ended

Apr. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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


	Year Ended April 30, 2022
(Amounts in thousands)	Wholesale		Retail		Corporate and Other		Total
Motion Upholstery Furniture	$	975,624	$	450,438	$	613	$	1,426,675
Stationary Upholstery Furniture	402,953		200,639		219,354		822,946
Bedroom Furniture	38,963		6,937		15,579		61,479
Dining Room Furniture	26,013		12,408		4,677		43,098
Occasional Furniture	45,150		26,940		4,303		76,393
Delivery	190,110		26,915		7,999		225,024
Other (1)	90,025		80,117		(56,566)		113,576
Total	$	1,768,838	$	804,394	$	195,959	$	2,769,191

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

	Year Ended April 24, 2021
(Amounts in thousands)	Wholesale		Retail		Corporate and Other		Total
Motion Upholstery Furniture	$	759,451	$	371,587	$	523	$	1,131,561
Stationary Upholstery Furniture	332,046		118,913		134,296		585,255
Bedroom Furniture	37,351		5,785		9,629		52,765
Dining Room Furniture	25,394		10,931		3,096		39,421
Occasional Furniture	44,897		20,682		3,171		68,750
Delivery	117,415		22,216		5,230		144,861
Other (1)	(15,256)		62,792		(28,575)		18,961
Total	$	1,301,298	$	612,906	$	127,370	$	2,041,574

			Eliminations				(307,330)
	Consolidated Net Sales						$	1,734,244

(1)Primarily includes revenue for advertising, royalties, parts, accessories, after-treatment products, surcharges, discounts & allowances, rebates and other sales incentives. The increase year-over-year is primarily due to an increase in surcharges in response to higher material and input costs.

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.

Contract Assets and Liabilities. We receive customer deposits from end consumers before we recognize revenue and in some

cases we have the unconditional right to collect the remaining portion of the order price before we fulfill our performance

obligation, resulting in a contract asset and a corresponding deferred revenue liability. In our consolidated balance sheet,

customer deposits and deferred revenue (collectively, the "contract liabilities") are reported in accrued expenses and other

current liabilities while contract assets are reported as other current assets. The following table presents our contract assets and

liabilities:


(Unaudited, amounts in thousands)	4/30/2022		4/24/2021
Contract assets	$	139,006	$	108,460

Customer deposits	$	183,233	$	180,766
Deferred revenue	139,006		108,460
Total contract liabilities (1)	$	322,239	$	289,226

(1)During the year ended April 30, 2022, we recognized revenue of $271.9 million related to our contract liability balance at April 24, 2021.

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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Segment Information

12 Months Ended

Apr. 30, 2022

Segment Reporting [Abstract]

Segment Information

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

Wholesale Segment. Our Wholesale segment consists primarily of three operating segments: La-Z-Boy, our largest operating segment, our England subsidiary, and our casegoods operating segment that sells furniture under three brands: American Drew®, Hammary® and Kincaid®. The Wholesale segment also includes our international wholesale and manufacturing businesses. We aggregate these operating segments into one reportable segment because they are economically similar and meet the other aggregation criteria for determining reportable segments. Our Wholesale segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces. The Wholesale segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® locations, England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers.

Retail Segment. Our Retail segment consists of one operating segment comprised of our 161 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells primarily upholstered furniture, in addition to some casegoods and other accessories, to end consumers through these stores.

Corporate & Other. Corporate & Other includes the shared costs for corporate functions, including human resources, information technology, finance and legal, in addition to revenue generated through royalty agreements with companies licensed to use the La-Z-Boy® brand name on various products. We consider our corporate functions to be other business activities and have aggregated them with our other insignificant operating segments, including our global trading company in Hong Kong and Joybird, an e-commerce retailer that manufactures upholstered furniture such as sofas, loveseats, chairs, ottomans, sleeper sofas and beds, and also imports casegoods (wood) furniture such as occasional tables and other accessories. Joybird sells to the end consumer primarily online through its website, www.joybird.com. None of the operating segments included in Corporate & Other meet the requirements of reportable segments.

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

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Sales
Wholesale segment:
Sales to external customers	$	1,371,602	$	1,006,377	$	1,026,630
Intersegment sales	397,236		294,921		283,664
Wholesale segment sales	1,768,838		1,301,298		1,310,294

Retail segment sales	804,394		612,906		598,554

Corporate and Other:
Sales to external customers	180,815		114,961		78,798
Intersegment sales	15,144		12,409		10,294
Corporate and Other sales	195,959		127,370		89,092

Eliminations	(412,380)		(307,330)		(293,958)
Consolidated sales	$	2,356,811	$	1,734,244	$	1,703,982

Operating Income (Loss)
Wholesale segment	$	134,013	$	134,312	$	142,440
Retail segment	109,546		46,724		48,256
Corporate and Other	(36,803)		(44,300)		(71,934)
Consolidated operating income	206,756		136,736		118,762
Interest expense	(895)		(1,390)		(1,291)
Interest income	1,338		1,101		2,785

Other income (expense), net	(1,708)		9,466		(5,083)
Income before income taxes	$	205,491	$	145,913	$	115,173

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Depreciation and Amortization
Wholesale segment	$	24,520	$	19,029	$	17,612
Retail segment	6,320		4,894		4,271
Corporate and Other	8,931		9,098		9,309
Consolidated depreciation and amortization	$	39,771	$	33,021	$	31,192

Capital Expenditures
Wholesale segment	$	49,373	$	27,303	$	36,602
Retail segment	19,426		8,958		7,597
Corporate and Other	7,781		1,699		1,836
Consolidated capital expenditures	$	76,580	$	37,960	$	46,035

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


(Amounts in thousands)	4/30/2022		4/24/2021
Assets
Wholesale segment	$	741,150	$	720,721
Retail segment	587,083		546,299
Unallocated assets	603,856		519,302
Consolidated assets	$	1,932,089	$	1,786,322

Long-Lived Assets by Geographic Location
Domestic	$	798,089	$	713,525
International	89,385		55,714
Consolidated long-lived assets	$	887,474	$	769,239

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

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Income Taxes

12 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income before income taxes consists of the following:


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
United States	$	164,432	$	124,547	$	102,125
Foreign	41,059		21,366		13,048
Total	$	205,491	$	145,913	$	115,173

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Federal
Current	$	30,793	$	18,327	$	25,026
Deferred	2,303		6,771		1,440
State
Current	9,191		6,475		7,901
Deferred	1,060		2,339		(1,409)
Foreign
Current	11,632		4,451		3,025
Deferred	(1,816)		21		206
Total income tax expense	$	53,163	$	38,384	$	36,189

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(% of income before income taxes)	4/30/2022		4/24/2021		4/25/2020
Statutory tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) in income taxes resulting from:

State income taxes, net of federal benefit	3.9	%	4.3	%	4.2	%

Losses/(gains) on corporate owned life insurance	—	%	(1.2)	%	0.5	%
Change in valuation allowance	0.1	%	0.7	%	0.7	%
U.S. research tax credits	(0.2)	%	(0.5)	%	(0.6)	%
Non-deductible asset impairment	—	%	—	%	4.9	%
Fair value adjustment of contingent consideration liability	(0.3)	%	2.0	%	(1.4)	%
Tax on undistributed foreign earnings	0.2	%	—	%	1.1	%
Miscellaneous items	1.2	%	—	%	1.0	%
Effective tax rate	25.9	%	26.3	%	31.4	%

For our Canada, Mexico, and United Kingdom foreign operating units, we permanently reinvest the earnings and consequently do not record a deferred tax liability relative to the undistributed earnings. We have reinvested approximately $69.3 million of the earnings. After enactment of the Tax Cuts and Jobs Act in 2017, the potential deferred tax attributable to these earnings would be approximately $2.5 million, primarily related to foreign withholding taxes and state income taxes. The Company is not permanently reinvested on undistributed earnings for its Thailand foreign operating units and has provided for deferred tax attributable to those earnings of approximately $1.1 million in fiscal 2022.

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


(Amounts in thousands)	4/30/2022		4/24/2021
Assets
Leases	$	108,108	$	88,536
Deferred and other compensation	21,309		21,361
State income tax—net operating losses, credits and other	5,795		6,222
Warranty	6,402		5,709
Inventory	2,274		530
Workers' compensation	2,292		2,559
Bad debt	1,216		1,326
Employee benefits	2,170		1,904
Federal net operating losses, credits	908		1,286

Other	81		—
Valuation allowance	(3,517)		(3,495)
Total deferred tax assets	147,038		125,938
Liabilities
Right of use lease assets	(102,978)		(84,440)
Property, plant and equipment	(20,412)		(17,837)

Goodwill and other intangibles	(11,914)		(10,084)
Tax on undistributed foreign earnings	(1,102)		(752)

Other	—		(910)
Net deferred tax assets	$	10,632	$	11,915

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

(Amounts in thousands)

Amount

Expiration

Federal net operating losses

908

Fiscal 2037 - 2039

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

2,297

Fiscal 2023 - 2037

Foreign capital losses

147

Indefinite

Foreign net operating losses

Indefinite

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

The evaluation of the amount of net deferred tax assets expected to be realized necessarily involves forecasting the amount of taxable income that will be generated in future years. We have forecasted future results using estimates management believes to be reasonable. We based these estimates on objective evidence such as expected trends resulting from certain leading economic indicators. Based upon our net deferred tax asset position at April 30, 2022, we estimate that approximately $30.5 million of future taxable income would need to be generated to fully recover our net deferred tax assets. The realization of deferred income tax assets is dependent on future events and actual results may vary from management's forecasts due to economic volatility and uncertainty along with unpredictable complexities in the global supply chain. Such variances could result in adjustments to the valuation allowance on deferred tax assets in future periods, and such adjustments could be material to the financial statements.

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


(Amounts in thousands)	4/30/2022		4/24/2021		Change
U.S. Federal	$	1,460	$	1,391	$	69
U.S. State	1,907		2,087		(180)
Foreign	150		17		133
Total	$	3,517	$	3,495	$	22

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

As of April 30, 2022, we had a gross unrecognized tax benefit of $1.0 million related to uncertain tax positions in various jurisdictions. A reconciliation of the beginning and ending balance of these unrecognized tax benefits is as follows:


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Balance at the beginning of the period	$	1,069	$	1,030	$	1,069
Additions:
Positions taken during the current year	121		176		174
Positions taken during the prior year	10		35		106
Reductions:
Positions taken during the prior year	(23)		(19)		—
Decreases related to settlements with taxing authorities	—		—		(211)
Reductions resulting from the lapse of the statute of limitations	(140)		(153)		(108)
Balance at the end of the period	$	1,037	$	1,069	$	1,030

We recognize interest and penalties associated with uncertain tax positions in income tax expense. We had approximately $0.4 million accrued for interest and penalties as of April 30, 2022 and April 24, 2021.

If recognized, $0.9 million of the total $1.0 million of unrecognized tax benefits would decrease our effective tax rate. We do not expect that the net liability for uncertain income tax positions will significantly change within the next 12 months. The remaining balance will be settled or released as tax audits are effectively settled, statutes of limitation expire, or other new information becomes available.

Our U.S. federal income tax returns for fiscal years 2019 and subsequent are still subject to audit. In addition, we conduct business in various states. The major states in which we conduct business are subject to audit for fiscal years 2018 and subsequent. Our foreign operations are subject to audit for fiscal years 2012 and subsequent.

Cash paid for taxes (net of refunds received) during the fiscal years ended April 30, 2022, April 24, 2021, and April 25, 2020, was $38.6 million, $40.5 million, and $24.7 million, respectively.

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

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Earnings per Share

12 Months Ended

Apr. 30, 2022

Earnings Per Share [Abstract]

Earnings per Share

Earnings per ShareCertain share-based compensation awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities. Prior to fiscal 2019, we granted restricted stock awards that contained non-forfeitable rights to dividends on unvested shares, and we are required to include these participating securities in calculating our basic earnings per common share, using the two-class method. Beginning in fiscal 2019 and going forward, the restricted stock awards we granted do not have non-forfeitable rights to dividends and therefore are not considered participating securities. The dividends on these restricted stock awards are, and will continue to be, held in escrow until the stock awards vest at which time we will pay any accumulated dividends.

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	150,017	$	106,461	$	77,469
Income allocated to participating securities	(7)		(46)		(117)
Net income available to common Shareholders	$	150,010	$	106,415	$	77,352

Denominator:
Basic weighted average common shares outstanding	44,023		45,983		46,399
Contingent common shares	79		171		211
Stock option dilution	192		213		126
Diluted weighted average common shares outstanding	44,294		46,367		46,736

Earnings per Share:
Basic	$	3.41	$	2.31	$	1.67
Diluted	$	3.39	$	2.30	$	1.66

The values for contingent common shares set forth above reflect the dilutive effect of common shares that we would have issued to employees under the terms of performance-based share awards if the relevant performance period for the award had been the reporting period.

We exclude the effect of options from our diluted share calculation when the weighted average exercise price of the options are higher than the average market price, since including the options' effect would be anti-dilutive. We excluded options to purchase 0.2 million and 0.3 million shares from the diluted share calculation for the years ended April 30, 2022 and April 25, 2020, respectively. We did not exclude any outstanding options from the diluted share calculation for the fiscal year ended April 24, 2021.

Fair Value Measurements

12 Months Ended

Apr. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Accounting standards require that we put financial assets and liabilities into one of three categories based on the inputs we use to value them:

•Level 1 — Financial assets and liabilities, the values of which are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access.

•Level 2 — Financial assets and liabilities, the values of which are based on quoted prices in markets that are not active or on model inputs that are observable for substantially the full term of the asset or liability.

•Level 3 — Financial assets and liabilities, the values of which are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

Accounting standards require that in making fair value measurements, we use observable market data when available. When inputs used to measure fair value fall within different levels of the hierarchy, we categorize the fair value measurement as being in the lowest level that is significant to the measurement. We recognize transfers between levels of the fair value hierarchy at the end of the reporting period in which they occur.

In addition to assets and liabilities that we record at fair value on a recurring basis, we are required to record assets and liabilities at fair value on a non-recurring basis. We measure non-financial assets such as other intangible assets, goodwill, and other long-lived assets at fair value when there is an indicator of impairment, and we record them at fair value only when we recognize an impairment loss.

The following table presents the fair value hierarchy for those assets and liabilities we measured at fair value on a recurring basis at April 30, 2022 and April 24, 2021. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented.


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

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


At April 24, 2021
	Fair Value Measurements
(Amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	119	$	37,572	$	—	$	7,602	$	45,293
Held-to-maturity investments	2,532		—		—		—		2,532
Cost basis investment	—		—		7,579		—		7,579
Total assets	$	2,651	$	37,572	$	7,579	$	7,602	$	55,404

Liabilities
Contingent consideration liability	$	—	$	—	$	14,100	$	—	$	14,100

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

At April 30, 2022 and April 24, 2021, we held marketable securities intended to enhance returns on our cash and to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan and our performance compensation retirement plan. We also held other fixed income and cost basis investments.

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

At April 30, 2022, our Level 3 assets included investments in two privately-held companies consisting of non-marketable preferred shares, warrants to purchase common shares, and convertible notes The fair value for our Level 3 equity investments is not readily determinable so we estimate the fair value as costs minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar investments with the same issuer. During fiscal 2022, we invested $2.5 million in a convertible note from one of these privately-held start-up companies. The convertible note is considered a fixed income marketable security, classified as available-for-sale. There were no other changes to the fair value of our Level 3 assets during fiscal 2022.

Our Level 3 liability includes our contingent consideration liability resulting from the Joybird acquisition. Based on the achievement of fiscal 2021 performance metrics, we paid $10.0 million of contingent consideration during the second quarter of fiscal 2022. The fair value of our contingent consideration liability as of April 30, 2022, reflects our expectation that consideration will be owed under the terms of the earn out agreement based on fiscal 2023 projections of Joybird revenue and earnings. The fair value is determined using a variation of the income approach, known as the real options method, whereby revenue and earnings are simulated over the earnout periods in a risk-neutral framework using Geometric Brownian Motion. For each simulation path, the potential earnout payments were calculated based on management’s probability estimates for achievement of the revenue and earnings milestones and then were discounted to the valuation date using a discount rate of 4.5%. During fiscal 2022, we recognized a decrease in the fair value of our contingent consideration liability of $3.3 million

based on an updated valuation reflecting our most recent financial projections. There were no other changes to the fair value of our Level 3 liabilities during the year ended April 30, 2022.

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


(Amounts in thousands)	Assets		Liabilities
Balance at April 25, 2020	$	6,479	$	—
Purchases	1,100		—
Fair value adjustment	—		14,100

Balance at April 24, 2021	7,579		14,100
Purchases	2,500		—
Settlements	—		(10,000)

Fair value adjustment	—		(3,300)
Balance at April 30, 2022	$	10,079	$	800

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

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

+ References + Details

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Apr. 30, 2022

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

LA-Z-BOY INCORPORATED

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

(Amounts in thousands)


					Additions
Description	Balance at Beginning of Year		Acquisitions		Charged/ (Credited) to Costs and Expenses			Charged/ (Credited) to Other Accounts			Deductions			Balance at End of Year
Allowance for doubtful accounts, deducted from accounts receivable:
April 30, 2022	$	4,011	$	51	$	(629)	(1)	$	—		$	(27)	(2)	$	3,406
April 24, 2021	7,541		—		(3,319)		(1)	—			(211)		(2)	4,011
April 25, 2020	2,180		—		13,263		(1)	—			(7,902)		(2)	7,541
Allowance for deferred tax assets:
April 30, 2022	$	3,495	$	133	$	851		$	(962)	(3)	$	—		$	3,517
April 24, 2021	2,137		—		2,308			(950)		(3)	—			3,495
April 25, 2020	2,312		—		687			2		(3)	(864)		(4)	2,137

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

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

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

(4)Valuation allowance release.

Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Cash and Equivalents

Restricted Cash

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

Inventories

Property, Plant and Equipment

Disposal and Impairment of Long-Lived Assets

Indefinite-Lived Intangible Assets and Goodwill

Amortizable Intangible Assets

Investments

gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income, consistent with our other available-for-sale debt securities.

Life Insurance

Customer Deposits

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

Revenue Recognition and Related Allowances

Allowance for Credit Losses

Cost of Sales

Selling, General and Administrative Expenses

Other Income (Expense), Net

includes a $1.9 million refund related to the fiscal 2019 termination of our defined benefit pension plan for eligible hourly employees in our La-Z-Boy operating unit.

Research and Development Costs

Advertising Expenses

Income Taxes

Foreign Currency Translation

Accounting for Stock-Based Compensation

based awards that vest based on performance conditions ratably over the vesting periods when the vesting of such awards become probable.

Commitments and Contingencies

Insurance/Self-Insurance

Recent Accounting Pronouncements

Accounting pronouncement adopted in fiscal 2022

The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2022, but did not have a

material impact on our accounting policies or our consolidated financial statements and related disclosures.


ASU						Description
ASU 2018-14						Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans
ASU 2019-12						Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
ASU 2020-01						Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815
ASU 2021-10						Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance

Accounting pronouncements not yet adopted

ASU

Description

Adoption Date

ASU 2021-08

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

Fiscal 2024

Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2022

Accounting Policies [Abstract]

Schedule of Recent Accounting Pronouncements

The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2022, but did not have a

material impact on our accounting policies or our consolidated financial statements and related disclosures.


ASU						Description
ASU 2018-14						Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans
ASU 2019-12						Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
ASU 2020-01						Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815
ASU 2021-10						Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance

ASU

Description

Adoption Date

ASU 2021-08

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

Fiscal 2024

Restricted Cash (Tables)

12 Months Ended

Apr. 30, 2022

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash


(Amounts in thousands)	4/30/2022		4/24/2021
Cash and cash equivalents	$	245,589	$	391,213
Restricted cash	3,267		3,490
Total cash, cash equivalents and restricted cash	$	248,856	$	394,703

Inventories (Tables)

12 Months Ended

Apr. 30, 2022

Inventory Disclosure [Abstract]

Summary of Inventories


(Amounts in thousands)	4/30/2022		4/24/2021
Raw materials	$	146,896	$	112,371
Work in process	36,834		24,791
Finished goods	185,870		121,182
FIFO inventories	369,600		258,344
Excess of FIFO over LIFO	(66,409)		(32,207)
Total inventories (1)	$	303,191	$	226,137

(1)Increased balance due to rising costs and higher volume to support increased sales demand and manufacturing capacity.

Property, Plant and Equipment (Tables)

12 Months Ended

Apr. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


(Amounts in thousands)	Estimated Useful Lives	4/30/2022		4/24/2021
Buildings and building fixtures	3 - 30 years	$	250,758	$	234,375
Machinery and equipment	3 - 20 years	184,223		167,577
Information systems, hardware and software	3 - 15 years	102,861		93,174
Furniture and fixtures	3 - 10 years	23,665		23,441
Land improvements	3 - 30 years	23,541		23,855
Transportation equipment	3 - 6 years	16,499		15,372
Land	N/A	8,587		12,405
Construction in progress	N/A	38,712		24,848
		648,846		595,047
Accumulated depreciation		(395,702)		(375,853)
Net property, plant and equipment		$	253,144	$	219,194

Leases (Tables)

12 Months Ended

Apr. 30, 2022

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

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


(Amounts in thousands)	4/30/2022		4/24/2021
Operating leases
ROU lease assets	$	405,287	$	343,207
Lease liabilities, short-term	75,148		67,493
Lease liabilities, long-term	354,493		294,550
Finance leases
ROU lease assets	$	468	$	593
Lease liabilities, short-term	123		121
Lease liabilities, long-term	350		473

Schedule of ROU Assets by Segment

The ROU lease assets by segment are as follows:


(Amounts in thousands)	4/30/2022		4/24/2021
Wholesale	$	90,741	$	76,899
Retail	296,908		253,910
Corporate & Other	18,106		12,991
Total ROU lease assets	$	405,755	$	343,800

Schedule of Components of Lease Cost

The components of lease cost are as follows:


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Operating lease cost	$	83,520	$	79,072	$	76,223
Finance lease cost	130		53		166
Short-term lease cost	2,097		545		248
Variable lease cost	159		(245)		(40)
Less: Sublease income	(550)		(1,546)		(2,504)
Total lease cost	$	85,356	$	77,879	$	74,093

Schedule of Supplemental Lease Disclosures

The following tables present supplemental lease disclosures:


	Fiscal Year Ended
	(53 weeks)				(52 weeks)
	4/30/2022				4/24/2021
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities	$	84,492	$	130	$	79,707	$	53
Lease liabilities arising from new ROU lease assets	140,376		—		93,399		631


	4/30/2022				4/24/2021
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term (years)	7.2		3.8		6.8		4.8
Weighted-average discount rate	3.0	%	1.7	%	3.3	%	1.7	%

Lessee, Operating Lease, Liability, Maturity

The following table presents our maturity of lease liabilities:


	4/30/2022
(Amounts in thousands)	Operating Leases (1)		Finance Leases
Within one year	$	86,634	$	130
After one year and within two years	78,802		130
After two years and within three years	66,837		130
After three years and within four years	54,262		98
After four years and within five years	44,027		—
After five years	146,570		—
Total lease payments	477,132		488
Less: Interest	47,491		15
Total lease obligations	$	429,641	$	473

(1)Excludes approximately $54.3 million in future lease payments for various operating leases commencing in a future period

Finance Lease, Liability, Fiscal Year Maturity

The following table presents our maturity of lease liabilities:


	4/30/2022
(Amounts in thousands)	Operating Leases (1)		Finance Leases
Within one year	$	86,634	$	130
After one year and within two years	78,802		130
After two years and within three years	66,837		130
After three years and within four years	54,262		98
After four years and within five years	44,027		—
After five years	146,570		—
Total lease payments	477,132		488
Less: Interest	47,491		15
Total lease obligations	$	429,641	$	473

(1)Excludes approximately $54.3 million in future lease payments for various operating leases commencing in a future period

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Apr. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

We have goodwill on our consolidated balance sheet as follows:

Reportable Segment/Unit

Reporting Unit

Related Acquisition

Wholesale Segment

La-Z-Boy United Kingdom

Wholesale business in the United Kingdom and Ireland

Wholesale Segment

La-Z-Boy United Kingdom Manufacturing

La-Z-Boy United Kingdom Manufacturing (Furnico)

Retail Segment

Retail

La-Z-Boy Furniture Galleries® stores

Corporate & Other

Joybird

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


(Amounts in thousands)	Wholesale Segment		Retail Segment		Corporate and Other		Total Goodwill
Balance at April 25, 2020 (1)	$	11,630	$	93,941	$	55,446	$	161,017
Acquisitions	—		12,936		—		12,936

Translation adjustment	1,422		439		—		1,861
Balance at April 24, 2021 (1)	13,052		107,316		55,446		175,814
Acquisitions	9,207		11,748		—		20,955

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

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

Schedule of Indefinite-Lived Intangible Assets

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

Reportable Segment

Intangible Asset

Useful Life

Wholesale Segment

Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland

Amortizable over useful lives that do not exceed 15 years

Wholesale Segment

American Drew® trade name

Indefinite-lived

Retail Segment

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

Indefinite-lived

Corporate & Other

Joybird® trade name

Amortizable over eight-year useful life

The following summarizes changes in our intangible assets:


(Amounts in thousands)	Indefinite-Lived Trade Names		Finite-Lived Trade Name		Indefinite-Lived Reacquired Rights		Other Intangible Assets		Total Intangible Assets
Balance at April 25, 2020	$	1,155	$	5,003	$	19,996	$	2,499	$	28,653
Acquisitions	—		—		2,182		—		2,182
Amortization	—		(798)		—		(228)		(1,026)
Translation adjustment	—		—		329		293		622
Balance at April 24, 2021	$	1,155	$	4,205	$	22,507	$	2,564	$	30,431
Acquisitions	—		—		4,896		—		4,896
Amortization	—		(813)		—		(236)		(1,049)
Translation adjustment	—		—		(84)		(223)		(307)
Balance at April 30, 2022	$	1,155	$	3,392	$	27,319	$	2,105	$	33,971

Schedule of Finite-Lived Intangible Assets

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

Reportable Segment

Intangible Asset

Useful Life

Wholesale Segment

Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland

Amortizable over useful lives that do not exceed 15 years

Wholesale Segment

American Drew® trade name

Indefinite-lived

Retail Segment

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

Indefinite-lived

Corporate & Other

Joybird® trade name

Amortizable over eight-year useful life

The following summarizes changes in our intangible assets:


(Amounts in thousands)	Indefinite-Lived Trade Names		Finite-Lived Trade Name		Indefinite-Lived Reacquired Rights		Other Intangible Assets		Total Intangible Assets
Balance at April 25, 2020	$	1,155	$	5,003	$	19,996	$	2,499	$	28,653
Acquisitions	—		—		2,182		—		2,182
Amortization	—		(798)		—		(228)		(1,026)
Translation adjustment	—		—		329		293		622
Balance at April 24, 2021	$	1,155	$	4,205	$	22,507	$	2,564	$	30,431
Acquisitions	—		—		4,896		—		4,896
Amortization	—		(813)		—		(236)		(1,049)
Translation adjustment	—		—		(84)		(223)		(307)
Balance at April 30, 2022	$	1,155	$	3,392	$	27,319	$	2,105	$	33,971

Investments (Tables)

12 Months Ended

Apr. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

The following summarizes our investments:


(Amounts in thousands)	4/30/2022		4/24/2021
Short-term investments:
Marketable securities	$	16,022	$	18,037
Held-to-maturity investments	1,337		2,532
Total short-term investments	17,359		20,569
Long-term investments:
Marketable securities	26,599		27,256
Cost basis investments	7,579		7,579
Total long-term investments	34,178		34,835
Total investments	$	51,537	$	55,404

Investments to enhance returns on cash	$	27,239	$	32,475
Investments to fund compensation/retirement plans	14,219		15,350
Other investments	10,079		7,579
Total investments	$	51,537	$	55,404

Summary of Unrealized Gains, Unrealized Losses and Fair Value

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


	4/30/2022						4/24/2021
(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity securities	$	1,448	$	(86)	$	13,905	$	2,798	$	(5)	$	14,954
Fixed income	28		(809)		33,521		136		(29)		35,631
Other	1,250		—		4,111		559		—		4,819
Total securities	$	2,726	$	(895)	$	51,537	$	3,493	$	(34)	$	55,404

Summary of Sales of Marketable Securities

The following table summarizes sales of marketable securities:


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Proceeds from sales	$	35,116	$	33,631	$	36,443
Gross realized gains	879		1,026		852
Gross realized losses	(402)		(71)		(159)

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


(Amounts in thousands)	4/30/2022
Within one year	$	16,018
Within two to five years	14,737
Within six to ten years	868
Thereafter	1,898
Total	$	33,521

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Apr. 30, 2022

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


(Amounts in thousands)	4/30/2022		4/24/2021
Payroll and other compensation	$	62,373	$	62,546
Accrued product warranty, current portion	16,436		14,447
Customer deposits	183,233		180,766
Deferred revenue	139,006		108,460
Other current liabilities	95,345		83,685
Accrued expenses and other current liabilities	$	496,393	$	449,904

Employee Benefits (Tables)

12 Months Ended

Apr. 30, 2022

Retirement Benefits [Abstract]

Schedule of Total Costs Associated with Plans

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
401(k) Retirement Plan (1)	$	11,763	$	7,313	$	9,380
Performance Compensation Retirement Plan	1,654		3,810		1,115
Deferred Compensation Plan	242		24		719
Non-Qualified Defined Benefit Retirement Plan (2)	763		803		796

(2)Primarily related to interest cost.

Schedule of Further Information Related to Plans

Further information related to the plan is as follows:


(Amounts in thousands)	4/30/2022		4/24/2021
Short-term obligation included in other current liabilities	$	1,922	$	716
Long-term obligation included in other long-term liabilities	13,898		15,194

Further information related to the plan is as follows:


(Amounts in thousands)	4/30/2022		4/24/2021
Plan obligation included in other long-term liabilities	$	24,595	$	26,548
Cash surrender value on life insurance contracts included in other long-term assets (1)	42,699		41,133

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

Further information related to the plan is as follows:


(Amounts in thousands)	4/30/2022			4/24/2021
Short-term plan obligation included in other current liabilities	$	1,059		$	1,066
Long-term plan obligation included in other long-term liabilities	12,461			14,717
Discount rate used to determine obligation	4.3		%	3.0		%


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Actuarial loss recognized in AOCI	$	306	$	347	$	218
Benefit payments (1)	1,182		1,091		1,091

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

Product Warranties (Tables)

12 Months Ended

Apr. 30, 2022

Product Warranties Disclosures [Abstract]

Reconciliation of Changes in Product Warranty Liability

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


(Amounts in thousands)	4/30/2022		4/24/2021
Balance as of the beginning of the year	$	23,636	$	23,255
Acquisitions	548		—
Accruals during the year	30,146		21,956
Settlements during the year	(27,294)		(21,575)
Balance as of the end of the year (1)	$	27,036	$	23,636

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Total Stock-Based Compensation Expense


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Equity-based awards expense
Stock options	$	1,973	$	2,959	$	2,000
Restricted stock awards	3,720		3,367		2,913
Restricted stock units issued to Directors	1,194		840		900
Performance-based shares	4,971		5,505		2,558
Total equity-based awards expense	11,858		12,671		8,371
Liability-based awards expense
Stock appreciation rights	(102)		375		(240)


Deferred stock units issued to Directors	(1,058)		1,437		(768)
Other (1)	29		66		26
Total liability-based awards expense (2)	(1,131)		1,878		(982)
Total stock-based compensation expense	$	10,727	$	14,549	$	7,389

(1)Includes restricted stock units and performance-based units.

Fair Value Assumptions for Stock Options

The fair value of stock options granted during fiscal years 2022, 2021, and 2020 were calculated using the following assumptions:


	Grant Year
	Fiscal 2022		Fiscal 2021		Fiscal 2020		Assumption
Risk-free interest rate	0.82%		0.34%		2.19%		U.S. Treasury issues with term equal to expected life at grant date
Dividend rate	1.58%		—%		1.72%		Estimated future dividend rate and common share price at grant date
Expected life	5.0 years		5.0 years		5.0 years		Contractual term of stock option and expected employee exercise trends
Stock price volatility	42.16%		41.79%		34.27%		Historical volatility of our common shares
Fair value per option	$	12.29	$	10.06	$	7.94

Schedule of Plan Activity for Stock Options

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


	Number of Shares (In Thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at April 24, 2021	1,342	$	29.05	7.2	$	19,008
Granted	253	37.93		N/A	N/A
Canceled	(41)	29.92		N/A	N/A

Exercised	(38)	29.32		N/A	252
Outstanding at April 30, 2022	1,516	30.51		6.6	24

Exercisable at April 30, 2022	1,042	$	28.97	5.8	$	24

Summary of Information about Non-Vested Share Awards

The following table summarizes information about non-vested share awards as of and for the year ended April 30, 2022:


	Shares (In Thousands)	Weighted Average Grant Date Fair Value
Non-vested shares at April 24, 2021	320	$	30.14
Granted	122	38.27
Vested	(120)	30.37
Canceled	(35)	30.48
Non-vested shares at April 30, 2022	287	33.45

Summary of Information about Performance-Based Shares Outstanding

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


	Shares (In Thousands)	Weighted Average Grant Date Fair Value
Outstanding shares at April 24, 2021	669	$	30.32
Granted	250	36.13
Vested	(130)	31.71
Unearned or canceled	(168)	30.65
Outstanding shares at April 30, 2022	621	32.28

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

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Fiscal 2018 grant	$	—	$	—	$	611
Fiscal 2019 grant	—		1,545		996
Fiscal 2020 grant	1,066		2,051		951
Fiscal 2021 grant	2,195		1,909		—
Fiscal 2022 grant	1,710		—		—
Total expense	$	4,971	$	5,505	$	2,558

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Apr. 30, 2022

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

Schedule of Activity in Accumulated Other Comprehensive Loss

Activity in accumulated other comprehensive loss was as follows:


(Amounts in thousands)	Translation adjustment		Change in fair value of cash flow hedge		Unrealized gain (loss) on marketable securities		Net pension amortization and net actuarial loss		Accumulated other comprehensive loss
Balance at April 27, 2019	$	50	$	87	$	6	$	(3,605)	$	(3,462)
Changes before reclassifications	(1,941)		—		387		(1,809)		(3,363)
Reclassification of certain income tax effects (1)	—		(97)		258		(708)		(547)

Amounts reclassified to net income	—		14		(141)		218		91
Tax effect	—		(4)		(61)		394		329
Other comprehensive income (loss) attributable to La-Z-Boy Incorporated	(1,941)		(87)		443		(1,905)		(3,490)
Balance at April 25, 2020	$	(1,891)	$	—	$	449	$	(5,510)	$	(6,952)
Changes before reclassifications	4,932		—		(96)		428		5,264


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


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

(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, Income Statement-Reporting Comprehensive Income (Topic 220).

Components of Noncontrolling Interest

The components of noncontrolling interest were as follows:


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Balance as of the beginning of the year	$	8,648	$	15,553	$	14,468
Net income	2,311		1,068		1,515
Other comprehensive income (loss)	(802)		534		(266)
Dividends distributed to joint venture minority partners	(1,260)		(8,507)		—
Other changes in noncontrolling interests	—		—		(164)
Balance as of the end of the year	$	8,897	$	8,648	$	15,553

Revenue Recognition (Tables)

12 Months Ended

Apr. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Year Ended April 30, 2022
(Amounts in thousands)	Wholesale		Retail		Corporate and Other		Total
Motion Upholstery Furniture	$	975,624	$	450,438	$	613	$	1,426,675
Stationary Upholstery Furniture	402,953		200,639		219,354		822,946
Bedroom Furniture	38,963		6,937		15,579		61,479
Dining Room Furniture	26,013		12,408		4,677		43,098
Occasional Furniture	45,150		26,940		4,303		76,393
Delivery	190,110		26,915		7,999		225,024
Other (1)	90,025		80,117		(56,566)		113,576
Total	$	1,768,838	$	804,394	$	195,959	$	2,769,191

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

	Year Ended April 24, 2021
(Amounts in thousands)	Wholesale		Retail		Corporate and Other		Total
Motion Upholstery Furniture	$	759,451	$	371,587	$	523	$	1,131,561
Stationary Upholstery Furniture	332,046		118,913		134,296		585,255
Bedroom Furniture	37,351		5,785		9,629		52,765
Dining Room Furniture	25,394		10,931		3,096		39,421
Occasional Furniture	44,897		20,682		3,171		68,750
Delivery	117,415		22,216		5,230		144,861
Other (1)	(15,256)		62,792		(28,575)		18,961
Total	$	1,301,298	$	612,906	$	127,370	$	2,041,574

			Eliminations				(307,330)
	Consolidated Net Sales						$	1,734,244

Contract with Customer, Contract Assets and Contract Liabilities

The following table presents our contract assets and

liabilities:


(Unaudited, amounts in thousands)	4/30/2022		4/24/2021
Contract assets	$	139,006	$	108,460

Customer deposits	$	183,233	$	180,766
Deferred revenue	139,006		108,460
Total contract liabilities (1)	$	322,239	$	289,226

(1)During the year ended April 30, 2022, we recognized revenue of $271.9 million related to our contract liability balance at April 24, 2021.

Segment Information (Tables)

12 Months Ended

Apr. 30, 2022

Segment Reporting [Abstract]

Schedule of Operating Income (Loss) by Segment

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Sales
Wholesale segment:
Sales to external customers	$	1,371,602	$	1,006,377	$	1,026,630
Intersegment sales	397,236		294,921		283,664
Wholesale segment sales	1,768,838		1,301,298		1,310,294

Retail segment sales	804,394		612,906		598,554

Corporate and Other:
Sales to external customers	180,815		114,961		78,798
Intersegment sales	15,144		12,409		10,294
Corporate and Other sales	195,959		127,370		89,092

Eliminations	(412,380)		(307,330)		(293,958)
Consolidated sales	$	2,356,811	$	1,734,244	$	1,703,982

Operating Income (Loss)
Wholesale segment	$	134,013	$	134,312	$	142,440
Retail segment	109,546		46,724		48,256
Corporate and Other	(36,803)		(44,300)		(71,934)
Consolidated operating income	206,756		136,736		118,762
Interest expense	(895)		(1,390)		(1,291)
Interest income	1,338		1,101		2,785

Other income (expense), net	(1,708)		9,466		(5,083)
Income before income taxes	$	205,491	$	145,913	$	115,173

Schedule of Additional Financial Information by Segment

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Depreciation and Amortization
Wholesale segment	$	24,520	$	19,029	$	17,612
Retail segment	6,320		4,894		4,271
Corporate and Other	8,931		9,098		9,309
Consolidated depreciation and amortization	$	39,771	$	33,021	$	31,192

Capital Expenditures
Wholesale segment	$	49,373	$	27,303	$	36,602
Retail segment	19,426		8,958		7,597
Corporate and Other	7,781		1,699		1,836
Consolidated capital expenditures	$	76,580	$	37,960	$	46,035

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


(Amounts in thousands)	4/30/2022		4/24/2021
Assets
Wholesale segment	$	741,150	$	720,721
Retail segment	587,083		546,299
Unallocated assets	603,856		519,302
Consolidated assets	$	1,932,089	$	1,786,322

Long-Lived Assets by Geographic Location
Domestic	$	798,089	$	713,525
International	89,385		55,714
Consolidated long-lived assets	$	887,474	$	769,239

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes for Continuing Operations

Income before income taxes consists of the following:


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
United States	$	164,432	$	124,547	$	102,125
Foreign	41,059		21,366		13,048
Total	$	205,491	$	145,913	$	115,173

Components of Income Tax Expense (Benefit)

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Federal
Current	$	30,793	$	18,327	$	25,026
Deferred	2,303		6,771		1,440
State
Current	9,191		6,475		7,901
Deferred	1,060		2,339		(1,409)
Foreign
Current	11,632		4,451		3,025
Deferred	(1,816)		21		206
Total income tax expense	$	53,163	$	38,384	$	36,189

Reconciliation of Effective Tax Rate

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(% of income before income taxes)	4/30/2022		4/24/2021		4/25/2020
Statutory tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) in income taxes resulting from:

State income taxes, net of federal benefit	3.9	%	4.3	%	4.2	%

Losses/(gains) on corporate owned life insurance	—	%	(1.2)	%	0.5	%
Change in valuation allowance	0.1	%	0.7	%	0.7	%
U.S. research tax credits	(0.2)	%	(0.5)	%	(0.6)	%
Non-deductible asset impairment	—	%	—	%	4.9	%
Fair value adjustment of contingent consideration liability	(0.3)	%	2.0	%	(1.4)	%
Tax on undistributed foreign earnings	0.2	%	—	%	1.1	%
Miscellaneous items	1.2	%	—	%	1.0	%
Effective tax rate	25.9	%	26.3	%	31.4	%

Components of Deferred Tax Assets and Liabilities

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


(Amounts in thousands)	4/30/2022		4/24/2021
Assets
Leases	$	108,108	$	88,536
Deferred and other compensation	21,309		21,361
State income tax—net operating losses, credits and other	5,795		6,222
Warranty	6,402		5,709
Inventory	2,274		530
Workers' compensation	2,292		2,559
Bad debt	1,216		1,326
Employee benefits	2,170		1,904
Federal net operating losses, credits	908		1,286

Other	81		—
Valuation allowance	(3,517)		(3,495)
Total deferred tax assets	147,038		125,938
Liabilities
Right of use lease assets	(102,978)		(84,440)
Property, plant and equipment	(20,412)		(17,837)

Goodwill and other intangibles	(11,914)		(10,084)
Tax on undistributed foreign earnings	(1,102)		(752)

Other	—		(910)
Net deferred tax assets	$	10,632	$	11,915

Summary of Deferred Tax Assets Associated with Loss Carryforwards

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

(Amounts in thousands)

Amount

Expiration

Federal net operating losses

908

Fiscal 2037 - 2039

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

2,297

Fiscal 2023 - 2037

Foreign capital losses

147

Indefinite

Foreign net operating losses

Indefinite

Summary of Valuation Allowance by Jurisdiction

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


(Amounts in thousands)	4/30/2022		4/24/2021		Change
U.S. Federal	$	1,460	$	1,391	$	69
U.S. State	1,907		2,087		(180)
Foreign	150		17		133
Total	$	3,517	$	3,495	$	22

Reconciliation of Unrecognized Tax Benefits

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Balance at the beginning of the period	$	1,069	$	1,030	$	1,069
Additions:
Positions taken during the current year	121		176		174
Positions taken during the prior year	10		35		106
Reductions:
Positions taken during the prior year	(23)		(19)		—
Decreases related to settlements with taxing authorities	—		—		(211)
Reductions resulting from the lapse of the statute of limitations	(140)		(153)		(108)
Balance at the end of the period	$	1,037	$	1,069	$	1,030

Earnings per Share (Tables)

12 Months Ended

Apr. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Share

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


	Fiscal Year Ended
	(53 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/30/2022		4/24/2021		4/25/2020
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	150,017	$	106,461	$	77,469
Income allocated to participating securities	(7)		(46)		(117)
Net income available to common Shareholders	$	150,010	$	106,415	$	77,352

Denominator:
Basic weighted average common shares outstanding	44,023		45,983		46,399
Contingent common shares	79		171		211
Stock option dilution	192		213		126
Diluted weighted average common shares outstanding	44,294		46,367		46,736

Earnings per Share:
Basic	$	3.41	$	2.31	$	1.67
Diluted	$	3.39	$	2.30	$	1.66

Fair Value Measurements (Tables)

12 Months Ended

Apr. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy


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

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


At April 24, 2021
	Fair Value Measurements
(Amounts in thousands)	Level 1		Level 2		Level 3		NAV(1)		Total
Assets
Marketable securities	$	119	$	37,572	$	—	$	7,602	$	45,293
Held-to-maturity investments	2,532		—		—		—		2,532
Cost basis investment	—		—		7,579		—		7,579
Total assets	$	2,651	$	37,572	$	7,579	$	7,602	$	55,404

Liabilities
Contingent consideration liability	$	—	$	—	$	14,100	$	—	$	14,100

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

Reconciliation of Level 3 Assets

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


(Amounts in thousands)	Assets		Liabilities
Balance at April 25, 2020	$	6,479	$	—
Purchases	1,100		—
Fair value adjustment	—		14,100

Balance at April 24, 2021	7,579		14,100
Purchases	2,500		—
Settlements	—		(10,000)

Fair value adjustment	—		(3,300)
Balance at April 30, 2022	$	10,079	$	800

Reconciliation of Level 3 Liabilities

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


(Amounts in thousands)	Assets		Liabilities
Balance at April 25, 2020	$	6,479	$	—
Purchases	1,100		—
Fair value adjustment	—		14,100

Balance at April 24, 2021	7,579		14,100
Purchases	2,500		—
Settlements	—		(10,000)

Fair value adjustment	—		(3,300)
Balance at April 30, 2022	$	10,079	$	800

Accounting Policies (Details)	12 Months Ended
Accounting Policies (Details)	Apr. 30, 2022 USD ($) company geographic_region reporting_unit	Apr. 24, 2021 USD ($)	Apr. 25, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
LIFO inventories (as a percent)	60.00%	61.00%
Other-than-temporary impairment	$ 0	$ 0	$ 6,000,000
Payroll tax credits, CARES Act		(5,200,000)	(1,900,000)
Research and development costs	9,000,000	7,600,000	10,800,000
Advertising expenses	$ 126,800,000	$ 94,600,000	$ 108,300,000
Reimbursement for cost of program (as a percent)	25.00%
Deductibles for employee-related health care benefits, vehicle liability, product liability, and workers' compensation liabilities	$ 2,500,000
Variable Interest Entity, Not Primary Beneficiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Preferred share investments, number of privately-held companies \| company	2
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Depreciable life	3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Depreciable life	5 years
Retail
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of geographic regions \| geographic_region	3
Number of reporting units \| reporting_unit	1
La-Z-Boy Wholesale Business in United Kingdom and Ireland \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible asset, useful life	15 years
Joybird
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible asset, useful life	8 years

Acquisitions (Details) $ in Thousands					3 Months Ended	6 Months Ended	12 Months Ended
Acquisitions (Details) $ in Thousands	Dec. 06, 2021 USD ($) store	Oct. 25, 2021 USD ($)	Aug. 16, 2021 USD ($) store	Sep. 14, 2020 USD ($) store warehouse	Jan. 22, 2022 USD ($)	Apr. 30, 2022 USD ($)	Apr. 30, 2022 USD ($)	Apr. 24, 2021 USD ($)	Apr. 25, 2020 USD ($)
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired							$ 4,896	$ 2,182
Goodwill						$ 194,604	194,604	175,814	$ 161,017
Independently-owned Business
Business Acquisition [Line Items]
Payments for asset acquisitions					$ 8,000
Independently-owned Business
Business Acquisition [Line Items]
Consideration transferred	$ 8,300
Retail
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired	$ 4,100
Goodwill						118,951	118,951	$ 107,316	$ 93,941
Retail \| Independently-owned Business
Business Acquisition [Line Items]
Goodwill		$ 9,200				7,400	$ 7,400
Indefinite-lived intangible assets and goodwill assets, useful life	15 years
ALABAMA \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store	4
Chattanooga Tennessee \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store	1
UNITED KINGDOM \| Furnico
Business Acquisition [Line Items]
Total fair value of consideration		$ 13,300
Payments for asset acquisitions						$ 13,900
Long Island \| Independently-owned Business
Business Acquisition [Line Items]
Payments for asset acquisitions			$ 4,400
Long Island \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store			3
Consideration transferred			$ 4,500
Indefinite-lived intangible assets acquired			$ 800
Amortization period for tax purposes			15 years
Long Island \| Retail \| Independently-owned Business
Business Acquisition [Line Items]
Goodwill			$ 4,400
Seattle, Washington \| Independently-owned Business
Business Acquisition [Line Items]
Number of stores acquired \| store				6
Consideration transferred				$ 13,500
Indefinite-lived intangible assets acquired				2,200
Payments for asset acquisitions				$ 2,000
Amortization period for tax purposes				15 years
Number of warehouses acquired \| warehouse				1
Guaranteed future payments for asset acquisitions				$ 9,400
Seattle, Washington \| Retail \| Independently-owned Business
Business Acquisition [Line Items]
Goodwill				$ 12,900

Restricted Cash (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020	Apr. 27, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 245,589	$ 391,213
Restricted cash	3,267	3,490
Total cash, cash equivalents and restricted cash	$ 248,856	$ 394,703	$ 263,528	$ 131,787

Inventories (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 24, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 146,896	$ 112,371
Work in process	36,834	24,791
Finished goods	185,870	121,182
FIFO inventories	369,600	258,344
Excess of FIFO over LIFO	(66,409)	(32,207)
Total inventories	$ 303,191	$ 226,137

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Property, Plant and Equipment
Gross property, plant and equipment	$ 648,846	$ 595,047
Accumulated depreciation	(395,702)	(375,853)
Net property, plant and equipment	253,144	219,194
Depreciation expense	$ 38,300	31,700	$ 30,000
Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Maximum
Property, Plant and Equipment
Estimated Useful Lives	5 years
Buildings and building fixtures
Property, Plant and Equipment
Gross property, plant and equipment	$ 250,758	234,375
Buildings and building fixtures \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Buildings and building fixtures \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	30 years
Machinery and equipment
Property, Plant and Equipment
Gross property, plant and equipment	$ 184,223	167,577
Machinery and equipment \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	20 years
Information systems, hardware and software
Property, Plant and Equipment
Gross property, plant and equipment	$ 102,861	93,174
Information systems, hardware and software \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Information systems, hardware and software \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	15 years
Furniture and fixtures
Property, Plant and Equipment
Gross property, plant and equipment	$ 23,665	23,441
Furniture and fixtures \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	10 years
Land improvements
Property, Plant and Equipment
Gross property, plant and equipment	$ 23,541	23,855
Land improvements \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Land improvements \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	30 years
Transportation equipment
Property, Plant and Equipment
Gross property, plant and equipment	$ 16,499	15,372
Transportation equipment \| Minimum
Property, Plant and Equipment
Estimated Useful Lives	3 years
Transportation equipment \| Maximum
Property, Plant and Equipment
Estimated Useful Lives	6 years
Land
Property, Plant and Equipment
Gross property, plant and equipment	$ 8,587	12,405
Construction in progress
Property, Plant and Equipment
Gross property, plant and equipment	$ 38,712	$ 24,848

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 24, 2021
Operating leases
ROU lease assets	$ 405,287	$ 343,207
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use lease assets	Right of use lease assets
Lease liabilities, short-term	$ 75,148	$ 67,493
Short-term operating lease liability, statement of financial position [Extensible List]	Lease liabilities, short-term	Lease liabilities, short-term
Lease liabilities, long-term	$ 354,493	$ 294,550
Long-term operating lease liability, statement of financial position [Extensible List]	Lease liabilities, long-term	Lease liabilities, long-term
Finance leases
ROU lease assets	$ 468	$ 593
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use lease assets	Right of use lease assets
Lease liabilities, short-term	$ 123	$ 121
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, short-term	Lease liabilities, short-term
Lease liabilities, long-term	$ 350	$ 473
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, long-term	Lease liabilities, long-term

Leases - ROU Assets by Segment (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 24, 2021
Leases
Total ROU lease assets	$ 405,755	$ 343,800
Wholesale
Leases
Total ROU lease assets	90,741	76,899
Retail
Leases
Total ROU lease assets	296,908	253,910
Corporate & Other
Leases
Total ROU lease assets	$ 18,106	$ 12,991

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Leases [Abstract]
Operating lease cost	$ 83,520	$ 79,072	$ 76,223
Finance lease cost	130	53	166
Short-term lease cost	2,097	545	248
Variable lease cost	159	(245)	(40)
Less: Sublease income	(550)	(1,546)	(2,504)
Total lease cost	$ 85,356	$ 77,879	$ 74,093

Leases - Supplemental Lease Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities, operating	$ 84,492	$ 79,707
Cash paid for amounts included in the measurement of lease liabilities, financing	130	53
Lease liabilities arising from new ROU assets, operating	140,376	93,399
Lease liabilities arising from new ROU assets, financing	$ 0	$ 631
Lease term and discount rate
Operating lease, Weighted-average remaining lease term (years)	7 years 2 months 12 days	6 years 9 months 18 days
Finance lease, Weighted-average remaining lease term (years)	3 years 9 months 18 days	4 years 9 months 18 days
Operating Lease, Weighted-average discount rate	3.00%	3.30%
Finance lease, Weighted-average discount rate	1.70%	1.70%

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Apr. 30, 2022 USD ($)
Operating Leases
Within one year	$ 86,634
After one year and within two years	78,802
After two years and within three years	66,837
After three years and within four years	54,262
After four years and within five years	44,027
After five years	146,570
Total lease payments	477,132
Less: Interest	47,491
Total lease obligations	429,641
Finance Leases
Within one year	130
After one year and within two years	130
After two years and within three years	130
After three years and within four years	98
After four years and within five years	0
After five years	0
Total lease payments	488
Less: Interest	15
Total lease obligations	473
Lease not yet commenced, undiscounted amount	$ 54,300

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0	$ 26,862
Annual amortization expense for next twelve months	1,000
Annual amortization expense for year two	1,000
Annual amortization expense for year three	1,000
Annual amortization expense for year four	1,000
Annual amortization expense for year five	$ 400

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Goodwill [Line Items]
Goodwill impairment	$ 0	$ 0	$ 26,862
Goodwill [Roll Forward]
Balance at beginning of period	175,814	161,017
Acquisitions	20,955	12,936
Translation adjustment	(2,165)	1,861
Balance at end of period	194,604	175,814	161,017
Wholesale Segment
Goodwill [Roll Forward]
Balance at beginning of period	13,052	11,630
Acquisitions	9,207	0
Translation adjustment	(2,052)	1,422
Balance at end of period	20,207	13,052	11,630
Retail Segment
Goodwill [Roll Forward]
Balance at beginning of period	107,316	93,941
Acquisitions	11,748	12,936
Translation adjustment	(113)	439
Balance at end of period	118,951	107,316	93,941
Corporate and Other
Goodwill [Roll Forward]
Balance at beginning of period	55,446	55,446
Acquisitions	0	0
Translation adjustment	0	0
Balance at end of period	$ 55,446	$ 55,446	$ 55,446

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	$ 30,431	$ 28,653
Indefinite-lived intangible assets acquired	4,896	2,182
Amortization	(1,049)	(1,026)
Translation adjustment	(307)	622
Balance at end of period	33,971	30,431
Finite-Lived Trade Name
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	4,205	5,003
Acquisitions, Finite-Lived	0	0
Amortization	(813)	(798)
Translation adjustment	0	0
Balance at end of period	3,392	4,205
Other Intangible Assets
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	2,564	2,499
Acquisitions, Other	0	0
Amortization	(236)	(228)
Translation adjustment	(223)	293
Balance at end of period	2,105	2,564
Finite-Lived Trade Name
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	1,155	1,155
Indefinite-lived intangible assets acquired	0	0
Amortization	0	0
Translation adjustment	0	0
Balance at end of period	1,155	1,155
Indefinite-Lived Reacquired Rights
Indefinite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	22,507	19,996
Indefinite-lived intangible assets acquired	4,896	2,182
Amortization	0	0
Translation adjustment	(84)	329
Balance at end of period	$ 27,319	$ 22,507
Wholesale \| Maximum
Other intangible assets
Useful life	15 years
Corporate and Other
Other intangible assets
Useful life	8 years

Investments - Summary of Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 24, 2021
Investments
Total investments	$ 51,537	$ 55,404
Investments to enhance returns on cash
Investments
Total investments	27,239	32,475
Investments to fund compensation/retirement plans
Investments
Total investments	14,219	15,350
Other investments
Investments
Total investments	10,079	7,579
Short-term investments
Investments
Marketable securities	16,022	18,037
Held-to-maturity investments	1,337	2,532
Total investments	17,359	20,569
Long-term investments
Investments
Marketable securities	26,599	27,256
Cost basis investments	7,579	7,579
Total investments	$ 34,178	$ 34,835

Investments - Summary of Unrealized Gains, Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 24, 2021
Investments
Gross Unrealized Gains	$ 2,726	$ 3,493
Gross Unrealized Losses	(895)	(34)
Fair Value	51,537	55,404
Equity securities
Investments
Gross Unrealized Gains	1,448	2,798
Gross Unrealized Losses	(86)	(5)
Fair Value	13,905	14,954
Fixed income
Investments
Gross Unrealized Gains	28	136
Gross Unrealized Losses	(809)	(29)
Fair Value	33,521	35,631
Other
Investments
Gross Unrealized Gains	1,250	559
Gross Unrealized Losses	0	0
Fair Value	$ 4,111	$ 4,819

Investments - Summary of Sales of Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Sales of marketable securities
Proceeds from sales	$ 35,116	$ 33,631	$ 36,443
Gross realized gains	879	1,026	852
Gross realized losses	(402)	$ (71)	$ (159)
Fair value of available-for-sale securities by contractual maturity
Within one year	16,018
Within two to five years	14,737
Within six to ten years	868
Thereafter	1,898
Total	$ 33,521

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 24, 2021
Accrued Liabilities and Other Liabilities [Abstract]
Payroll and other compensation	$ 62,373	$ 62,546
Accrued product warranty, current portion	16,436	14,447
Customer deposits	183,233	180,766
Deferred revenue	139,006	108,460
Other current liabilities	95,345	83,685
Accrued expenses and other current liabilities	$ 496,393	$ 449,904

Debt (Details) - USD ($)		12 Months Ended
Debt (Details) - USD ($)	Oct. 15, 2021	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Debt
Cash paid for interest		$ 500,000	$ 800,000	$ 600,000
Revolving credit facility
Debt
Credit commitment		150,000,000
Unsecured Revolving Credit Facility \| Revolving credit facility
Debt
Debt instrument term	5 years
Credit commitment	$ 200,000,000
Accordion feature, increase limit	$ 100,000,000
Line of credit facility, outstanding		$ 0

Employee Benefits - Total Costs Associated with Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
401(k) Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Labor and related expense	$ 11,763	$ 7,313	$ 9,380
Performance Compensation Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Labor and related expense	1,654	3,810	1,115
Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Labor and related expense	242	24	719
Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Labor and related expense	$ 763	$ 803	$ 796

Employee Benefits - Additional Information (Details) - Performance Compensation Retirement Plan	12 Months Ended
	Apr. 30, 2022
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Period to elect to receive benefit payments	5 years
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Period to elect to receive benefit payments	20 years

Employee Benefits - Further Information Related to Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate used to determine obligation	4.30%	3.00%
Actuarial loss recognized in AOCI	$ 306	$ 347	$ 218
Benefit payments	1,182	1,091	$ 1,091
Other current liabilities \| Performance Compensation Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in liabilities	1,922	716
Other current liabilities \| Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in liabilities	1,059	1,066
Other long-term liabilities \| Performance Compensation Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in liabilities	13,898	15,194
Other long-term liabilities \| Executive Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in other long-term liabilities	24,595	26,548
Other long-term liabilities \| Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan obligation included in liabilities	12,461	14,717
Other long-term assets \| Executive Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cash surrender value on life insurance contracts included in other long-term assets	42,699	$ 41,133
Minimum \| Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Annual benefit payments for the next 10 years	1,000
Maximum \| Non-Qualified Defined Benefit Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Annual benefit payments for the next 10 years	$ 1,100

Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 24, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance as of the beginning of the year	$ 23,636	$ 23,255
Acquisitions	548	0
Accruals during the year	30,146	21,956
Settlements during the year	(27,294)	(21,575)
Balance as of the end of the year	27,036	23,636
Product warranty liability included in accrued expenses and other current liabilities	$ 16,400	$ 14,400
Minimum \| Wholesale
Product Warranties
Percentage of warranty liability relating to the segment	90.00%
Fabric and leather
Product Warranties
Warranty term	1 year
Cushions and padding \| Minimum
Product Warranties
Warranty term	1 year
Cushions and padding \| Maximum
Product Warranties
Warranty term	10 years
Labor Costs Relating To Parts \| Wholesale Segment
Product Warranties
Warranty term	1 year

Stock-Based Compensation - Plans and Expense (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020	Apr. 28, 2018
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	$ 11,858	$ 12,671	$ 8,371
Liability-based awards expense	(1,131)	1,878	(982)
Total stock-based compensation expense	10,727	14,549	7,389
Stock options
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	1,973	2,959	2,000
Restricted stock awards
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	3,720	3,367	2,913
Stock appreciation rights
Stock-based compensation expense recognized for outstanding grants
Liability-based awards expense	(102)	375	(240)
Restricted stock units
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	1,194	840	900
Performance-based units
Stock-based compensation expense recognized for outstanding grants
Equity-based awards expense	4,971	5,505	2,558
Deferred stock units issued to Directors
Stock-based compensation expense recognized for outstanding grants
Liability-based awards expense	(1,058)	1,437	(768)
Other
Stock-based compensation expense recognized for outstanding grants
Liability-based awards expense	$ 29	$ 66	$ 26
2017 Omnibus Incentive Plan
Stock-Based Compensation
Aggregate number of common shares that may be issued through awards (in shares)				5.9

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 24, 2021	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Minimum
Stock-Based Compensation
Vesting period		1 year
Maximum
Stock-Based Compensation
Vesting period		4 years
Stock options
Stock-Based Compensation
Vesting period		10 months
Number of Shares
Outstanding at beginning of period (in shares)	1,342,000	1,342,000
Granted (in shares)	252,996	253,000
Canceled (in shares)		(41,000)
Exercised (in shares)		(38,000)
Outstanding at end of period (in shares)		1,516,000	1,342,000
Exercisable (in shares)		1,042,000
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 29.05	$ 29.05
Granted (in dollars per share)		37.93
Canceled (in dollars per share)		29.92
Exercised (in dollars per share)		29.32
Outstanding at end of period (in dollars per share)		30.51	$ 29.05
Exercisable (in dollars per share)		$ 28.97
Additional information
Weighted Average Remaining Contractual Term, Outstanding		6 years 7 months 6 days	7 years 2 months 12 days
Weighted Average Remaining Contractual Term, Exercisable		5 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding		$ 24	$ 19,008
Aggregate Intrinsic Value, Exercised		252	5,100	$ 1,700
Aggregate Intrinsic Value, Exercisable		24
Unrecognized compensation cost		$ 2,300
Period for recognition of unrecognized compensation costs		1 year 9 months 18 days
Vested during the period (in shares)		400,000
Cash received for exercises of stock options		$ 1,100	$ 10,800	$ 4,800
Fair value assumptions
Risk-free interest rate		0.82%	0.34%	2.19%
Dividend rate		1.58%	0.00%	1.72%
Expected life		5 years	5 years	5 years
Stock price volatility (as a percent)		42.16%	41.79%	34.27%
Fair value per share (in dollars per share)		$ 12.29	$ 10.06	$ 7.94
Stock options \| Former Long-Term Equity Award Plan
Stock-Based Compensation
Award expiration term		10 years
Stock options \| Minimum
Stock-Based Compensation
Purchase price of common stock at date of grant (less than) (as a percent)		100.00%

Stock-Based Compensation - Restricted Stock and RSUs (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Maximum
Stock-Based Compensation
Vesting period	4 years
Restricted Stock
Shares
Granted (in shares)	121,963
Restricted Stock \| Employees
Stock-Based Compensation
Percentage vesting each year from date of grant	25.00%
Period from grant date for first vesting	1 year
Vesting period	4 years
Unrecognized compensation cost	$ 6.8
Period for recognition of unrecognized compensation costs	1 year 8 months 12 days
Shares
Non-vested at beginning of period (in shares)	320,000
Granted (in shares)	122,000
Vested (in shares)	(120,000)
Canceled (in shares)	(35,000)
Non-vested at end of period (in shares)	287,000	320,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 30.14
Granted (in dollars per share)	38.27
Vested (in dollars per share)	30.37
Canceled (in dollars per share)	30.48
Non-vested at end of period (in dollars per share)	33.45	$ 30.14
Restricted Stock \| Non-Employee Directors
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 35.34	$ 32.08	$ 31.77
Restricted Stock \| Non-Employee Directors \| Maximum
Shares
Granted (in shares)	100,000	100,000	100,000

Stock-Based Compensation - Performance Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 24, 2021	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Weighted Average Grant Date Fair Value
Equity based compensation expenses		$ 10,727	$ 14,549	$ 7,389
Performance-Based Shares
Number of Shares
Non-vested at beginning of period (in shares)	669,000	669,000
Granted (in shares)	125,021	250,000
Vested (in shares)		(130,000)
Canceled (in shares)		(168,000)
Non-vested at end of period (in shares)		621,000	669,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 30.32	$ 30.32
Granted (in dollars per share)		36.13
Vested (in dollars per share)		31.71
Canceled (in dollars per share)		30.65
Non-vested at end of period (in dollars per share)		$ 32.28	$ 30.32
Unrecognized compensation cost		$ 5,600
Period for recognition of unrecognized compensation costs		1 year 3 months 18 days
Equity based compensation expenses		$ 4,971	$ 5,505	2,558
Performance-Based Shares \| Fiscal 2018 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses		0	0	611
Performance-Based Shares \| Fiscal 2019 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses		0	1,545	996
Performance-Based Shares \| Fiscal 2020 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses		1,066	2,051	951
Performance-Based Shares \| Fiscal 2021 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses		2,195	1,909	0
Performance-Based Shares \| Fiscal 2022 Grant
Weighted Average Grant Date Fair Value
Equity based compensation expenses		$ 1,710	$ 0	$ 0
Performance-based units
Stock-Based Compensation
Percentage of payout dependent on financial performance		50.00%
Percentage of payout dependent on total shareholder return		50.00%
Performance-based units \| Awards Granted During Fiscal 2020
Stock-Based Compensation
Percentage of payout dependent on financial performance		80.00%
Percentage of payout dependent on total shareholder return		20.00%
Performance-based units \| Awards Granted During Fiscal 2019
Stock-Based Compensation
Percentage of payout dependent on financial performance		80.00%
Percentage of payout dependent on total shareholder return		20.00%
Performance-based units \| Minimum
Stock-Based Compensation
Performance award opportunity as a percentage of target award		50.00%
Performance-based units \| Maximum
Stock-Based Compensation
Performance award opportunity as a percentage of target award		200.00%
Performance awards, performance period		3 years
Performance-Based Shares, vesting based on performance goals \| Fiscal 2022 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 36.13	$ 30.75	$ 28.68
Performance Based Shares, vesting based on market conditions \| Fiscal 2022 Grant
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 51.85	$ 38.14	$ 38.75

Stock-Based Compensation - SARs (Details) - SARs	12 Months Ended
Stock-Based Compensation - SARs (Details) - SARs	Apr. 30, 2022 USD ($) $ / shares shares
Stock-Based Compensation
Term of award	10 years
Unrecognized compensation cost \| $	$ 0
Fiscal 2014 Grant
Stock-Based Compensation
SARs outstanding (in shares) \| shares	6,010
Intrinsic value per share (in dollars per share) \| $ / shares	$ 7.22

Stock-Based Compensation - Previously Granted Deferred Stock (Details) - Non-Employee Directors - Deferred Stock Units - USD ($) $ in Millions	Apr. 30, 2022	Apr. 24, 2021
Previously Granted Deferred Stock Units
Award common share equivalent (in shares)	1
Deferred stock units outstanding (in shares)	100,000
Other long-term liabilities
Previously Granted Deferred Stock Units
Plan obligation included in other long-term liabilities	$ 1.6	$ 2.7

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 782,146	$ 716,306	$ 696,976
Changes before reclassifications	(4,410)	5,264	(3,363)
Reclassification of certain income tax effects			(547)
Amounts reclassified to net income	365	338	91
Tax effect	(231)	(171)	329
Total other comprehensive income	(4,276)	5,431	(3,490)
Ending balance	819,622	782,146	716,306
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	782,146	716,306	696,976
Net income	152,328	107,529	78,984
Other comprehensive income (loss)	(5,078)	5,965	(3,209)
Other changes in noncontrolling interests			156
Ending balance	819,622	782,146	716,306
Translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3,041	(1,891)	50
Changes before reclassifications	(5,002)	4,932	(1,941)
Reclassification of certain income tax effects			0
Amounts reclassified to net income	0	0	0
Tax effect	0	0	0
Total other comprehensive income	(5,002)	4,932	(1,941)
Ending balance	(1,961)	3,041	(1,891)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	3,041	(1,891)	50
Ending balance	(1,961)	3,041	(1,891)
Change in fair value of cash flow hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	0	87
Changes before reclassifications	0	0	0
Reclassification of certain income tax effects			(97)
Amounts reclassified to net income	0	0	14
Tax effect	0	0	(4)
Total other comprehensive income	0	0	(87)
Ending balance	0	0	0
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	0	0	87
Ending balance	0	0	0
Unrealized gain (loss) on marketable securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	370	449	6
Changes before reclassifications	(947)	(96)	387
Reclassification of certain income tax effects			258
Amounts reclassified to net income	59	(9)	(141)
Tax effect	220	26	(61)
Total other comprehensive income	(668)	(79)	443
Ending balance	(298)	370	449
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	370	449	6
Ending balance	(298)	370	449
Net pension amortization and net actuarial loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(4,932)	(5,510)	(3,605)
Changes before reclassifications	1,539	428	(1,809)
Reclassification of certain income tax effects			(708)
Amounts reclassified to net income	306	347	218
Tax effect	(451)	(197)	394
Total other comprehensive income	1,394	578	(1,905)
Ending balance	(3,538)	(4,932)	(5,510)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	(4,932)	(5,510)	(3,605)
Ending balance	(3,538)	(4,932)	(5,510)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,521)	(6,952)	(3,462)
Ending balance	(5,797)	(1,521)	(6,952)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	(1,521)	(6,952)	(3,462)
Ending balance	(5,797)	(1,521)	(6,952)
Non-Controlling Interests
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	8,648	15,553	14,468
Ending balance	8,897	8,648	15,553
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	8,648	15,553	14,468
Net income	2,311	1,068	1,515
Other comprehensive income (loss)	(802)	534	(266)
Dividends distributed to joint venture minority partners	(1,260)	(8,507)	0
Other changes in noncontrolling interests	0	0	(164)
Ending balance	$ 8,897	$ 8,648	$ 15,553

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Revenue Recognition
Consolidated net sales	$ 2,356,811	$ 1,734,244	$ 1,703,982
Operating Segments
Revenue Recognition
Consolidated net sales	2,769,191	2,041,574
Operating Segments \| Motion Upholstery Furniture
Revenue Recognition
Consolidated net sales	1,426,675	1,131,561
Operating Segments \| Stationary Upholstery Furniture
Revenue Recognition
Consolidated net sales	822,946	585,255
Operating Segments \| Bedroom Furniture
Revenue Recognition
Consolidated net sales	61,479	52,765
Operating Segments \| Dining Room Furniture
Revenue Recognition
Consolidated net sales	43,098	39,421
Operating Segments \| Occasional Furniture
Revenue Recognition
Consolidated net sales	76,393	68,750
Operating Segments \| Delivery
Revenue Recognition
Consolidated net sales	225,024	144,861
Operating Segments \| Other
Revenue Recognition
Consolidated net sales	113,576	18,961
Operating Segments \| Wholesale
Revenue Recognition
Consolidated net sales	1,768,838	1,301,298
Operating Segments \| Wholesale \| Motion Upholstery Furniture
Revenue Recognition
Consolidated net sales	975,624	759,451
Operating Segments \| Wholesale \| Stationary Upholstery Furniture
Revenue Recognition
Consolidated net sales	402,953	332,046
Operating Segments \| Wholesale \| Bedroom Furniture
Revenue Recognition
Consolidated net sales	38,963	37,351
Operating Segments \| Wholesale \| Dining Room Furniture
Revenue Recognition
Consolidated net sales	26,013	25,394
Operating Segments \| Wholesale \| Occasional Furniture
Revenue Recognition
Consolidated net sales	45,150	44,897
Operating Segments \| Wholesale \| Delivery
Revenue Recognition
Consolidated net sales	190,110	117,415
Operating Segments \| Wholesale \| Other
Revenue Recognition
Consolidated net sales	90,025	(15,256)
Operating Segments \| Retail
Revenue Recognition
Consolidated net sales	804,394	612,906	598,554
Operating Segments \| Retail \| Motion Upholstery Furniture
Revenue Recognition
Consolidated net sales	450,438	371,587
Operating Segments \| Retail \| Stationary Upholstery Furniture
Revenue Recognition
Consolidated net sales	200,639	118,913
Operating Segments \| Retail \| Bedroom Furniture
Revenue Recognition
Consolidated net sales	6,937	5,785
Operating Segments \| Retail \| Dining Room Furniture
Revenue Recognition
Consolidated net sales	12,408	10,931
Operating Segments \| Retail \| Occasional Furniture
Revenue Recognition
Consolidated net sales	26,940	20,682
Operating Segments \| Retail \| Delivery
Revenue Recognition
Consolidated net sales	26,915	22,216
Operating Segments \| Retail \| Other
Revenue Recognition
Consolidated net sales	80,117	62,792
Corporate and Other
Revenue Recognition
Consolidated net sales	195,959	127,370	89,092
Corporate and Other \| Motion Upholstery Furniture
Revenue Recognition
Consolidated net sales	613	523
Corporate and Other \| Stationary Upholstery Furniture
Revenue Recognition
Consolidated net sales	219,354	134,296
Corporate and Other \| Bedroom Furniture
Revenue Recognition
Consolidated net sales	15,579	9,629
Corporate and Other \| Dining Room Furniture
Revenue Recognition
Consolidated net sales	4,677	3,096
Corporate and Other \| Occasional Furniture
Revenue Recognition
Consolidated net sales	4,303	3,171
Corporate and Other \| Delivery
Revenue Recognition
Consolidated net sales	7,999	5,230
Corporate and Other \| Other
Revenue Recognition
Consolidated net sales	(56,566)	(28,575)
Eliminations
Revenue Recognition
Consolidated net sales	$ (412,380)	$ (307,330)	$ (293,958)

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 139,006	$ 108,460
Customer deposits	183,233	180,766
Deferred revenue	139,006	108,460
Deferred revenue	322,239	$ 289,226
Revenue recognized related to contract liabilities	$ 271,900

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Apr. 30, 2022 store segment brand
Wholesale Segment
Segment Information
Number of operating segments	3
Number of reportable segments	1
Wholesale Segment \| Casegoods Segment
Segment Information
Number of brands \| brand	3
Retail
Segment Information
Number of operating segments	1
Number of stores \| store	161

Segment Information - Income Statement Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Segment Information
Sales	$ 2,356,811	$ 1,734,244	$ 1,703,982
Operating Income (Loss)	206,756	136,736	118,762
Interest expense	(895)	(1,390)	(1,291)
Interest income	1,338	1,101	2,785
Other income (expense), net	(1,708)	9,466	(5,083)
Income before income taxes	205,491	145,913	115,173
Depreciation and Amortization	39,771	33,021	31,192
Capital Expenditures	76,580	37,960	46,035
Wholesale Segment
Segment Information
Sales	1,371,602	1,006,377	1,026,630
Operating Segments
Segment Information
Sales	2,769,191	2,041,574
Operating Segments \| Wholesale Segment
Segment Information
Sales	1,768,838	1,301,298	1,310,294
Operating Income (Loss)	134,013	134,312	142,440
Depreciation and Amortization	24,520	19,029	17,612
Capital Expenditures	49,373	27,303	36,602
Operating Segments \| Retail
Segment Information
Sales	804,394	612,906	598,554
Operating Income (Loss)	109,546	46,724	48,256
Depreciation and Amortization	6,320	4,894	4,271
Capital Expenditures	19,426	8,958	7,597
Corporate and Other
Segment Information
Sales	195,959	127,370	89,092
Operating Income (Loss)	(36,803)	(44,300)	(71,934)
Depreciation and Amortization	8,931	9,098	9,309
Capital Expenditures	7,781	1,699	1,836
Sales to external customers
Segment Information
Sales	180,815	114,961	78,798
Intersegment sales
Segment Information
Sales	(15,144)	(12,409)	(10,294)
Intersegment sales \| Wholesale Segment
Segment Information
Sales	(397,236)	(294,921)	(283,664)
Eliminations
Segment Information
Sales	$ (412,380)	$ (307,330)	$ (293,958)
Geographic Concentration Risk \| Sales
Segment Information
Sales by Country	100.00%	100.00%	100.00%
Geographic Concentration Risk \| United States \| Sales
Segment Information
Sales by Country	89.00%	91.00%	89.00%
Geographic Concentration Risk \| Canada \| Sales
Segment Information
Sales by Country	6.00%	5.00%	6.00%
Geographic Concentration Risk \| Other \| Sales
Segment Information
Sales by Country	5.00%	4.00%	5.00%

Segment Information - Geographic Information (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Apr. 24, 2021
Geographic Information
Assets	$ 1,932,089	$ 1,786,322
Long-Lived Assets by Geographic Location	887,474	769,239
United States
Geographic Information
Long-Lived Assets by Geographic Location	798,089	713,525
International
Geographic Information
Long-Lived Assets by Geographic Location	89,385	55,714
Segment Reconciling Items
Geographic Information
Assets	603,856	519,302
Wholesale Segment \| Operating Segments
Geographic Information
Assets	741,150	720,721
Retail segment \| Operating Segments
Geographic Information
Assets	$ 587,083	$ 546,299

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

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Income Taxes - Income Before Income Taxes for Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	Apr. 24, 2021	Apr. 25, 2020
Income Tax Disclosure [Abstract]
United States	$ 164,432	$ 124,547	$ 102,125
Foreign	41,059	21,366	13,048
Income before income taxes	$ 205,491	$ 145,913	$ 115,173

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

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