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Acquisitions | 9 Months Ended
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Jan. 23, 2016
Acquisitions |
Acquisitions | Note 2: Acquisitions In the second quarter of fiscal 2016, we acquired the assets of three independent operators of ten La-Z-Boy Furniture Galleries® stores in Wisconsin, North and South Carolina, and Ohio for $21.6 million, composed of $19.2 million of cash and $2.4 million of prepaid expenses and forgiveness of these dealers’ accounts receivable. We began including the ten stores in our Retail segment results upon acquisition. Prior to the acquisitions, we licensed the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in those markets to the dealers whose assets we acquired, and we reacquired these rights when we purchased the dealers’ other assets. The effective settlement of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. We recorded an indefinite-lived intangible asset of $2.5 million related to these reacquired rights. We also recognized $18.3 million of goodwill, which primarily relates to the expected synergies resulting from the integration of the acquired stores and the anticipated future benefits. We recorded the goodwill and other intangible assets in our Retail segment and will amortize and deduct them for federal income tax purposes over 15 years. We based the purchase price allocations on fair values at the dates of acquisition and summarize them in the following table:
(Unaudited, amounts in thousands) |  | 10/24/15 |
Current assets |  | $ | 3,302 |
Goodwill and other intangible assets |  | 20,758 |
Net property, plant, and equipment |  | 162 |
Total assets acquired |  | 24,222 |
Current liabilities |  | (2,600 | )
Net assets acquired |  | $ | 21,622 |
Since the impact of these acquisitions on our results of operations was not material pro forma financial information is not required.

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