Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Jan. 25, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

We have goodwill on our consolidated balance sheet as follows:

Reportable Segment/Unit	Related Acquisition
Upholstery segment	Acquisition of the wholesale business in the United Kingdom and Ireland
Retail segment	Acquisitions of La-Z-Boy Furniture Galleries® stores
Corporate & Other	Acquisition of Joybird

The following is a roll-forward of goodwill for the nine months ended January 25, 2020:

(Unaudited, amounts in thousands)	Upholstery Segment		Retail Segment		Corporate and Other			Total Goodwill
Balance at April 27, 2019	$	12,148	$	94,103	$	79,616		$	185,867
Acquisition adjustment	—		—		(769		)	(769		)
Translation adjustment	148		82		—			230
Balance at January 25, 2020	$	12,296	$	94,185	$	78,847		$	185,328

Schedule of other intangible assets - Indefinite-lived

We have intangible assets on our consolidated balance sheet as follows:

Reportable Segment/Unit	Intangible Asset	Useful Life
Upholstery segment	Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland	Amortizable over useful lives that do not exceed 15 years
Casegoods segment	American Drew® trade name	Indefinite-lived
Retail segment	Reacquired rights to own and operate La-Z-Boy Furniture Galleries® stores	Indefinite-lived
Corporate & Other	Joybird® trade name	Amortizable over eight-year useful life

The following is a roll-forward of our other intangible assets for the nine months ended January 25, 2020:

(Unaudited, amounts in thousands)	Indefinite- Lived Trade Names		Finite- Lived Trade Name			Indefinite- Lived Reacquired Rights		Other Intangible Assets			Total Other Intangible Assets
Balance at April 27, 2019	$	1,155	$	5,801		$	20,117	$	2,834		$	29,907
Amortization	—		(598		)	—		(165		)	(763		)
Translation adjustment	—		—			62		29			91
Balance at January 25, 2020	$	1,155	$	5,203		$	20,179	$	2,698		$	29,235

Schedule of other intangible assets - Amortizable

We have intangible assets on our consolidated balance sheet as follows:

Reportable Segment/Unit	Intangible Asset	Useful Life
Upholstery segment	Primarily acquired customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland	Amortizable over useful lives that do not exceed 15 years
Casegoods segment	American Drew® trade name	Indefinite-lived
Retail segment	Reacquired rights to own and operate La-Z-Boy Furniture Galleries® stores	Indefinite-lived
Corporate & Other	Joybird® trade name	Amortizable over eight-year useful life

The following is a roll-forward of our other intangible assets for the nine months ended January 25, 2020:

(Unaudited, amounts in thousands)	Indefinite- Lived Trade Names		Finite- Lived Trade Name			Indefinite- Lived Reacquired Rights		Other Intangible Assets			Total Other Intangible Assets
Balance at April 27, 2019	$	1,155	$	5,801		$	20,117	$	2,834		$	29,907
Amortization	—		(598		)	—		(165		)	(763		)
Translation adjustment	—		—			62		29			91
Balance at January 25, 2020	$	1,155	$	5,203		$	20,179	$	2,698		$	29,235

We test intangibles and goodwill for impairment on an annual basis in the fourth quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that an asset might be impaired. Per the annual test performed in the fourth quarter of fiscal year 2019, the relative fair value of the Joybird reporting unit and the carrying value of our goodwill were not significantly different, which is to be expected given the short duration of time between the testing date and the Joybird acquisition date. Joybird, an e-commerce retailer, is an early stage business with an expectation of high growth. With all business acquisitions, primarily those in the early stage, the timing on fully leveraging synergies comes with uncertainty and as a result, valuation volatility may occur. Absent any impairment indicators, aligned with our annual testing during the fourth quarter of fiscal 2020, we will undertake a review of the Joybird business, which could result in an adjustment to the fair value of the intangible assets and goodwill related to Joybird.