Goodwill and Other Intangible Assets

9 Months Ended

Jan. 26, 2019

Goodwill and Other Intangible Assets

Note 5: Goodwill and Other Intangible Assets

We have goodwill in our Retail Segment related to our acquisitions of La-Z-Boy Furniture Galleries® stores. We also have goodwill in our Corporate and Other results related to our acquisition of Joybird. The remainder of our goodwill is related to our previous acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland, which we recorded in our Upholstery reportable segment. The following is a roll-forward of goodwill for the nine months ended January 26, 2019:


	Upholstery		Retail		Corporate		Total
(Unaudited, amounts in thousands)	Segment		Segment		and Other		Goodwill
Balance at April 28, 2018	$	12,967	$	62,287	$	—	$	75,254
Acquisitions		—		31,987		78,134		110,121
Translation adjustment		(549)		(109)		—		(658)
Balance at January 26, 2019	$	12,418	$	94,165	$	78,134	$	184,717

Our intangible assets include the indefinite-lived trade name for American Drew®, a brand in our Casegoods segment, and the finite-lived trade name for Joybird®, a brand within Corporate and Other. Indefinite-lived reacquired rights relate to our acquisition of La-Z-Boy Furniture Galleries® stores, and are recorded in our Retail segment. Other intangible assets are primarily acquired customer relationships from our acquisition of the La-Z-Boy wholesale business in the United Kingdom and Ireland, and are recorded in our Upholstery reportable segment. The following is a roll-forward of our intangible assets for the nine months ended January 26, 2019:


	Indefinite-		Finite-		Indefinite-				Total
	Lived		Lived		Lived		Other		Other
	Trade		Trade		Reacquired		Intangible		Intangible
(Unaudited, amounts in thousands)	Names		Names		Rights		Assets		Assets
Balance at April 28, 2018	$	1,155	$	—	$	13,645	$	3,390	$	18,190
Acquisitions		—		6,400		6,600		—		13,000
Amortization		—		(399)		—		(289)		(688)
Translation adjustment		—		—		(81)		(147)		(228)
Balance at January 26, 2019	$	1,155	$	6,001	$	20,164	$	2,954	$	30,274

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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