Goodwill and Other Intangible Assets

9 Months Ended

Jan. 25, 2014

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Note 5: Goodwill and Other Intangible Assets

During the second quarter of fiscal 2014, we acquired the assets of one independent La-Z-Boy Furniture Galleries® dealer in exchange for that dealer’s net notes and accounts receivable, valued at $1.6 million.  As a result of the acquisition we reacquired the right to own and operate La-Z-Boy Furniture Galleries® stores in that market.  We recorded an indefinite-lived intangible asset of $0.6 million in our Retail segment related to this reacquired right.

During the third quarter of fiscal 2014, we acquired the assets of one independent La-Z-Boy Furniture Galleries® dealer in exchange for that dealer’s net notes and accounts receivable, valued at $1.4 million, and a cash payment to the dealer of $0.8 million.  As a result of the acquisition we reacquired the right to own and operate La-Z-Boy Furniture Galleries® stores in that market.  We recorded an indefinite-lived intangible asset of $0.5 million in our Retail segment related to this reacquired right, and goodwill of $1.1 million.

The following is a roll-forward of goodwill for the nine months ended January 25, 2014:

Goodwill (Unaudited, amounts in thousands)	Goodwill
Balance at April 27, 2013	$	12,837
Acquisitions during fiscal 2014		1,086
Balance at January 25, 2014	$	13,923

The following is a roll-forward of other intangible assets for the nine months ended January 25, 2014:

Other Intangible Assets (Unaudited, amounts in thousands)	Tradenames		Reacquired Rights		Total Other Intangible Assets
Balance at April 27, 2013	$	2,693	$	2,145	$	4,838
Acquisitions during fiscal 2014		—		1,093		1,093
Balance at January 25, 2014	$	2,693	$	3,238	$	5,931