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Goodwill and Other Intangible Assets | 12 Months Ended
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Apr. 27, 2019
Goodwill and Other Intangible Assets |
Goodwill and Other Intangible Assets | Note 6: Goodwill and Other Intangible Assets We test goodwill annually for impairment. We have goodwill on our consolidated balance sheet as follows:
Reportable Segment |  | Related Acquisition |  | Fiscal 2019 impairment testing approach
Upholstery Segment |  | Acquisition of the wholesale business in the United Kingdom and Ireland |  | Qualitative
Retail Segment |  | Acquisitions of La-Z-Boy Furniture Galleries® stores |  | Quantitative
Corporate & Other |  | Acquisition of Joybird |  | Quantitative
We used a qualitative approach for our Upholstery segment goodwill impairment test in fiscal 2019 due to the relative fair value of our reporting unit significantly exceeding the carrying value of the goodwill, as well as the operating performance of that respective reporting unit. We used a quantitative simplified one-step approach for our Retail segment goodwill impairment test in fiscal 2019, primarily due to the acquisitions of additional La-Z-Boy Furniture Galleries® stores and the resulting $32.0 million increase in goodwill recorded in that segment during the year. We applied the income approach using discounted future cash flows to estimate the fair value of this reporting unit. The key assumptions used in the quantitative assessment of our Retail segment goodwill at April 27, 2019, were a discount rate of 8.4%, a tax rate of 24.0% and a terminal growth rate of 2.0%. The relative fair value of our Retail reporting unit significantly exceeded the carrying value of our goodwill as of April 27, 2019. We used a quantitative simplified one-step approach for our Corporate & Other goodwill impairment test in fiscal 2019, primarily because the acquisition of Joybird occurred during the year. We applied the income approach using discounted future cash flows to estimate the fair value of our Joybird reporting unit. Estimating future cash flows requires management to make significant assumptions and to apply judgment to project future sales based on estimated short and long-term growth rates and estimates of future operating margins. Significant judgment is also involved in selecting the appropriate discount rate to be applied to the projected future cash flows. The discount rate used in the quantitative assessment of our Corporate & Other goodwill in fiscal 2019 was the calculated weighted-average cost of capital for the Joybird reporting unit, which we estimated to be 25.0%. Changes in these assumptions may affect our fair value estimates and the result of impairment tests in future periods. Additional assumptions used in estimating the fair value were a tax rate of 24.9% and a terminal growth rate of 2.0%. There was no significant difference between the relative fair value of our Joybird reporting unit and the carrying value of our goodwill as of April 27, 2019, which is to be expected given the short duration of time between the goodwill impairment testing date and the Joybird acquisition date. We did not have any goodwill impairment in fiscal 2019, fiscal 2018, or fiscal 2017. The following is a roll-forward of goodwill for the fiscal years ended April 27, 2019, and April 28, 2018:
|  | Upholstery |  | Retail |  | Corporate |  | Total
(Amounts in thousands) |  | Segment |  | Segment |  | and Other |  | Goodwill
Balance at April 29, 2017 |  | $ | 12,181 |  | $ | 62,064 |  | $ | — |  | $ | 74,245
Translation adjustment |  |  | 786 |  |  | 223 |  |  | — |  |  | 1,009
Balance at April 28, 2018 |  |  | 12,967 |  |  | 62,287 |  |  | — |  |  | 75,254
Acquisitions |  |  | — |  |  | 31,987 |  |  | 79,616 |  |  | 111,603
Translation adjustment |  |  | (819) |  |  | (171) |  |  | — |  |  | (990)
Balance at April 27, 2019 |  | $ | 12,148 |  | $ | 94,103 |  | $ | 79,616 |  | $ | 185,867
We have intangible assets on our consolidated balance sheet as follows:
Reportable Segment |  | 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 fiscal years ended April 27, 2019, and April 28, 2018:
|  | Indefinite- |  | Finite- |  | Indefinite- |  |  |  |  |  |  |  |  |
|  | Lived |  | Lived |  | Lived |  | Amortizable |  | Other |  | Total Other
|  | Trade |  | Trade |  | Reacquired |  | Reacquired |  | Intangible |  | Intangible
(Amounts in thousands) |  | Names |  | Names |  | Rights |  | Rights |  | Assets |  | Assets
Balance at April 29, 2017 |  | $ | 1,155 |  | $ | — |  | $ | 13,223 |  | $ | 524 |  | $ | 3,587 |  | $ | 18,489
Acquisitions |  |  | — |  |  | — |  |  | 255 |  |  | — |  |  | — |  |  | 255
Amortization |  |  | — |  |  | — |  |  | — |  |  | (542) |  |  | (417) |  |  | (959)
Translation adjustment |  |  | — |  |  | — |  |  | 167 |  |  | 18 |  |  | 220 |  |  | 405
Balance at April 28, 2018 |  |  | 1,155 |  |  | — |  |  | 13,645 |  |  | — |  |  | 3,390 |  |  | 18,190
Acquisitions |  |  | — |  |  | 6,400 |  |  | 6,600 |  |  | — |  |  | — |  |  | 13,000
Amortization |  |  | — |  |  | (599) |  |  | — |  |  | — |  |  | (346) |  |  | (945)
Translation adjustment |  |  | — |  |  | — |  |  | (128) |  |  | — |  |  | (210) |  |  | (338)
Balance at April 27, 2019 |  | $ | 1,155 |  | $ | 5,801 |  | $ | 20,117 |  | $ | — |  | $ | 2,834 |  | $ | 29,907

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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