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Discontinued Operations | 12 Months Ended
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Apr. 26, 2014
Discontinued Operations [Abstract] |
Discontinued Operations | Note 4: Discontinued Operations During the fourth quarter of fiscal 2014, we sold substantially all of the assets of our Bauhaus U.S.A. business unit to a group of investors and also classified Lea Industries, a division of La-Z-Boy Greensboro, Inc., as business held for sale as part of a larger restructuring initiative (see Note 3 for additional information). As a result of the sale of Bauhaus, we recorded an impairment to the value of the assets to be sold of $1.1 million, because the consideration paid was less than the recorded amount of the net assets to be sold. The operating results of our Bauhaus business unit are reported as discontinued operations for all periods presented. We had historically reported the results of our Bauhaus business unit as a component of our Upholstery segment. The transaction closed in the fourth quarter of fiscal 2014, and continuing cash flows from the end of the third quarter of fiscal 2014 through the closing date of the sale were not significant. The results of the discontinued operations for Bauhaus for the fiscal years ended April 26, 2014, April 27, 2013, and April 28, 2012, were as follows:
|  | Year Ended |
(Amounts in thousands) |  | 4/26/14 |  |  | 4/27/13 |  |  | 4/28/12 |
Net sales |  | $ | 33,608 |  |  | $ | 37,282 |  |  | $ | 37,043 |
Income (loss) from discontinued operations (including impairment of $1.1 million in fiscal 2014) |  | $ | (1,560 | ) |  | $ | 1,088 |  |  |  | 791 |
Income tax benefit/(expense) |  |  | 541 |  |  |  | (412 | ) |  |  | (303 | )
Income (loss) from discontinued operations, net of tax |  | $ | (1,019 | ) |  | $ | 676 |  |  | $ | 488 |
The final working capital adjustment for the sale of Bauhaus of $0.2 million will be paid to the purchaser in the first quarter of fiscal 2015. The assets and liabilities of Bauhaus that were disposed of as part of the sale were as follows:
(Amounts in thousands) |  | 4/26/14 |
Assets |  |  |
Receivables, net |  | $ | 3,780 |
Inventories, net |  |  | 4,231 |
Other current assets |  |  | 85 |
Property, plant, and equipment, net |  |  | 518 |
Total assets |  | $ | 8,614 |
Liabilities |  |  |  |
Accounts payable |  | $ | 1,290 |
Accrued expenses and other current liabilities |  |  | 633 |
Total liabilities |  | $ | 1,923 |
The results of the discontinued operations for Lea Industries for the fiscal years ended April 26, 2014, April 27, 2013, and April 28, 2012, were as follows:
|  | Year Ended |
(Amounts in thousands) |  | 4/26/14 |  |  | 4/27/13 |  |  | 4/28/12 |
Net sales |  | $ | 16,979 |  |  | $ | 21,366 |  |  | $ | 27,928 |
Income (loss) from discontinued operations (including restructuring of $3.3 million in fiscal 2014) |  | $ | (4,472 | ) |  | $ | (1,063 | ) |  | $ | 7,116 |
Income tax benefit/(expense) |  |  | 1,695 |  |  |  | 404 |  |  |  | (2,698 | )
Income (loss) from discontinued operations, net of tax |  | $ | (2,777 | ) |  | $ | (659 | ) |  | $ | 4,418 |
The assets and liabilities of Lea Industries that were classified as held for sale are as follows:
(Amounts in thousands) |  | 4/26/14 |
Assets |  |  |
Receivables, net |  | $ | 1,190 |
Inventories, net |  |  | 3,013 |
Other current assets |  |  | 87 |
Total assets |  | $ | 4,290 |
Liabilities |  |  |  |
Accounts payable |  | $ | 234 |
Accrued expenses and other current liabilities |  |  | 576 |
Other long-term liabilities |  |  | 22 |
Total liabilities |  | $ | 832 |
In the Consolidated Statement of Cash Flows, the activity of these operating units was included along with our activity from continuing operations.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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