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Goodwill and Other Intangible Assets
 12 Months Ended
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/UnitReporting UnitRelated Acquisition
Wholesale SegmentLa-Z-Boy United KingdomWholesale business in the United Kingdom and Ireland
Retail SegmentRetail
La-Z-Boy Furniture Galleries® stores
Corporate & Other SegmentJoybirdJoybird
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, 202011,630 93,941 55,446 161,017 
Acquisitions— 12,936 — 12,936 
Translation adjustment1,422 439 — 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 SegmentIntangible AssetUseful Life
Wholesale SegmentPrimarily 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 NamesFinite-Lived Trade NameIndefinite-Lived Reacquired RightsOther Intangible AssetsTotal 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.