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Basis of Presentation | 6 Months Ended
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Oct. 26, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries (collectively, the "Company"). We derived the April 27, 2024 balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles ("US GAAP"), which we applied on a basis consistent with those reflected in our fiscal 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), but the information does not include all of the disclosures required by US GAAP. 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 26, 2025. Accounting Pronouncements Adopted in Fiscal 2025 The following table summarizes Accounting Standards Updates ("ASUs"), which were adopted in fiscal 2025, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.
ASU |  | Description |  | Adoption Date
ASU 2023-07 |  | Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures |  | Fiscal 2025
ASU 2023-05 |  | Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement |  | Fiscal 2025
ASU 2023-02 |  | Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method |  | Fiscal 2025
Accounting Pronouncements not yet Adopted The following table summarizes additional accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.
ASU |  | Description |  | Adoption Date
ASU 2023-09 |  | Income Taxes (Topic 740): Improvements to Income Tax Disclosures |  | Fiscal 2026
ASU 2024-03 |  | Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses |  | Fiscal 2028

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