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Goodwill and Other Intangible Assets | 12 Months Ended
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Apr. 24, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We have goodwill on our consolidated balance sheet as follows:
Reportable Segment/Unit |  | Reporting Unit |  | Related Acquisition
Wholesale Segment |  | La-Z-Boy United Kingdom |  | Wholesale business in the United Kingdom and Ireland
Retail Segment |  | Retail |  | La-Z-Boy Furniture Galleries® stores
Corporate & Other Segment |  | Joybird |  | Joybird
We test 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 it might be impaired. Under US GAAP, we have the option to first assess qualitative factors in order to determine if it is more likely than not that the fair value of one of our reporting units is greater than its carrying value ("Step 0"). If the qualitative assessment leads to a determination that the reporting unit’s fair value is less than its carrying value, or if we elect to bypass the qualitative assessment altogether, we are required to perform a quantitative impairment test ("Step 1") by calculating the fair value of the reporting unit and comparing the fair value with its associated carrying value. During our fiscal 2021 annual impairment test, we first assessed goodwill recoverability qualitatively using the Step 0 approach for each of our reporting units. For our qualitative assessment, we considered the most recent quantitative analysis, which was performed during the fourth quarter of fiscal 2020, including assumptions used, such as discount rates and tax rates, indicated fair values, and the amounts in which those fair values exceeded their carrying amounts. Further, we compared actual performance in fiscal 2021, along with future financial projections to the internal financial projections used in the prior quantitative analysis. Additionally, we considered various other factors including macroeconomic conditions, relevant industry and market trends, and factors specific to the Company that could indicate a potential change in the fair value of our reporting units. Lastly, we evaluated whether any events have occurred or any circumstances have changed since the fourth quarter of fiscal 2020 that would indicate that our goodwill may have become impaired since our last quantitative test. Based on these qualitative assessments, we determined that it is more likely than not that the fair value of each of our reporting units exceeded their respective carrying value and as such, our goodwill was not considered impaired as of April 24, 2021, and the Step 1 quantitative goodwill impairment analysis was not necessary. Fiscal 2020 Goodwill Impairment Charge As a result of our fiscal 2020 annual impairment test, we recorded a non-cash pre-tax impairment charge of $26.9 million to reduce the carrying value of the goodwill for our Joybird reporting unit to its indicated fair value. Factors contributing to the impairment charge included financial projections at that time, largely impacted by uncertainties around COVID-19, integration activities taking longer than anticipated, and a slower than anticipated growth rate due to a shifting focus on profitability. The following table summarizes changes in the carrying amount of our goodwill by reportable segment:
(Amounts in thousands) |  | Wholesale Segment |  | Retail Segment |  | Corporate and Other |  | Total Goodwill |  |
Balance at April 27, 2019 |  | $ | 12,148 |  |  | $ | 94,103 |  |  | $ | 79,616 |  |  | $ | 185,867 |  |  |
Prior period adjustment (1) |  | — |  |  | — |  |  | 2,692 |  |  | 2,692 |  |  |
Impairment charge |  | — |  |  | — |  |  | (26,862) |  |  | (26,862) |  |  |
Translation adjustment |  | (518) |  |  | (162) |  |  | — |  |  | (680) |  |  |
Balance at April 25, 2020 |  | 11,630 |  |  | 93,941 |  |  | 55,446 |  |  | 161,017 |  |  |
Acquisitions |  | — |  |  | 12,936 |  |  | — |  |  | 12,936 |  |  |
Translation adjustment |  | 1,422 |  |  | 439 |  |  | — |  |  | 1,861 |  |  |
Balance at April 24, 2021 |  | $ | 13,052 |  |  | $ | 107,316 |  |  | $ | 55,446 |  |  | $ | 175,814 |  |  |
(1)Includes $3.5 million adjustment made during the fourth quarter of fiscal 2020, as we determined that both goodwill and the customer deposit liability were understated, partially offset by a $0.8 million working capital adjustment made in the first quarter of fiscal 2020. We have intangible assets on our consolidated balance sheet as follows:
Reportable Segment |  | Intangible Asset |  | Useful Life
Wholesale 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
Wholesale 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
We test amortizable intangible assets and indefinite-lived intangibles for impairment on an annual basis in the fourth quarter of our fiscal year, or more frequently if events or changes in circumstances indicate that the carrying value might be impaired. Similar to our goodwill testing, we used the qualitative Step 0 approach to assess if it was more likely than not that the fair values of our intangible assets were greater than their carrying values. Based on the same qualitative factors outlined above, we determined that it is more likely than not that the fair value of each of our intangible assets exceeded their respective carrying value and as such, our intangible assets were not considered impaired as of April 24, 2021, and the Step 1 quantitative impairment analysis was not necessary. The following summarizes changes in our intangible assets:
(Amounts in thousands) |  | Indefinite-Lived Trade Names |  | Finite-Lived Trade Name |  | Indefinite-Lived Reacquired Rights |  | Other Intangible Assets |  | Total Intangible Assets
Balance at April 27, 2019 |  | $ | 1,155 |  |  | $ | 5,801 |  |  | $ | 20,117 |  |  | $ | 2,834 |  |  | $ | 29,907 |
Amortization |  | — |  |  | (798) |  |  | — |  |  | (220) |  |  | (1,018) |
Translation adjustment |  | — |  |  | — |  |  | (121) |  |  | (115) |  |  | (236) |
Balance at April 25, 2020 |  | $ | 1,155 |  |  | $ | 5,003 |  |  | $ | 19,996 |  |  | $ | 2,499 |  |  | $ | 28,653 |
Acquisitions |  | — |  |  | — |  |  | 2,182 |  |  | — |  |  | 2,182 |
Amortization |  | — |  |  | (798) |  |  | — |  |  | (228) |  |  | (1,026) |
Translation adjustment |  | — |  |  | — |  |  | 329 |  |  | 293 |  |  | 622 |
Balance at April 24, 2021 |  | $ | 1,155 |  |  | $ | 4,205 |  |  | $ | 22,507 |  |  | $ | 2,564 |  |  | $ | 30,431 |
For our intangible assets recorded as of April 24, 2021, we estimate annual amortization expense to be $1.0 million for each of the five succeeding fiscal years.

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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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