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Basis of Presentation | 6 Months Ended
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Oct. 28, 2017
Basis of Presentation |
Basis of Presentation | Note 1: Basis of Presentation The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries. We derived the April 29, 2017, balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles, which we applied on a basis consistent with those reflected in our fiscal 2017 Annual Report on Form 10-K filed with the Securities and Exchange Commission, but the information does not include all of the disclosures required by generally accepted accounting principles. In management’s opinion, the interim financial information includes all adjustments and accruals, consisting only of normal recurring adjustments (except as otherwise disclosed), that are necessary for a fair statement of results for the respective interim periods. The interim results reflected in the accompanying financial statements are not necessarily indicative of the results of operations that will occur for the full fiscal year ending April 28, 2018. At October 28, 2017, we owned preferred shares of two privately-held companies, and a warrant to purchase common shares of one of the companies, both of which are variable interest entities. We have not consolidated their results in our financial statements because we do not have the power to direct those activities that most significantly impact their economic performance and, therefore, are not the primary beneficiary. During the first six months of fiscal 2017, we recorded a benefit related to legal settlements as part of cost of sales. The legal settlements increased gross margin by 0.1 percentage points and 0.4 percentage points in the second quarter and first six months of fiscal 2017, respectively. In fiscal 2017, following a trial, a judgment was entered against us in a civil lawsuit over a contract that the other party claimed required us to pay royalties on certain powered motion furniture units. While we continue to appeal this judgment, we have fully reserved for all amounts currently due under the judgment. Under the judgment, we will continue to incur royalty charges against certain future sales. In addition to actively pursuing our appeal in this case, we continue to hold settlement discussions with the counter-party but to date have not reached a settlement.

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