LA-Z-BOY INCLZB

LA-Z-BOY INC Fair Value Disclosure

10-KFiled Jun 16, 20263 min read
Note 20: 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 25, 2026 and April 26, 2025. There were no transfers into or out of Level 1, Level 2, or Level 3 for any of the periods presented.

At April 25, 2026
Fair Value Measurements
(Amounts in thousands)Level 1Level 2Level 3NAV (1)Total
Assets
Marketable securities$— $2,573 $— $9,950 $12,523 
Held-to-maturity investments5,510 — — — 5,510 
Total assets$5,510 $2,573 $— $9,950 $18,033 

At April 26, 2025
Fair Value Measurements
(Amounts in thousands)Level 1Level 2Level 3NAV (1)Total
Assets
Marketable securities$— $2,470 $— $9,824 $12,294 
Held-to-maturity investments2,607 — — — 2,607 
Total assets$2,607 $2,470 $— $9,824 $14,901 
(1)Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology.

At April 25, 2026 and April 26, 2025, we held marketable securities to fund future obligations of certain retirement plans.

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.
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Historical Timeline

Fiscal YearFiled
2026Jun 16, 2026Showing above
2025Jun 17, 2025
2024Jun 17, 2024
2023Jun 20, 2023
2022Jun 21, 2022
2021Jun 15, 2021
2020Jun 23, 2020
2019Jun 18, 2019
2018Jun 19, 2018
2017Jun 20, 2017
2016Jun 21, 2016

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

Other Available Disclosures

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