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Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Jul. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

We have goodwill on our consolidated balance sheet as follows:

Reportable Segment/Unit

Reporting Unit

Related Acquisition

Wholesale Segment

United Kingdom

Wholesale business in the United Kingdom and Ireland

Wholesale Segment

United Kingdom

La-Z-Boy United Kingdom Manufacturing (Furnico)

Retail Segment

Retail

La-Z-Boy Furniture Galleries® stores

Corporate and Other

Joybird

Joybird

The following table summarizes changes in the carrying amount of our goodwill by reportable segment:

(Unaudited, amounts in thousands)						Wholesale Segment						Retail Segment						Corporate and Other						Total Goodwill
Balance at April 27, 2024 (1)						$	20,085					$	138,922					$	55,446					$	214,453
Acquisitions						—						5,099						—						5,099
Translation adjustment						599						(42)						—						557
Balance at July 27, 2024 (1)						$	20,684					$	143,979					$	55,446					$	220,109

(1)Includes $26.9 million of accumulated impairment losses in Corporate and Other.

Schedule of Other Intangible Assets - Indefinite-Lived

We have intangible assets on our consolidated balance sheet as follows:

Reportable Segment

Intangible Asset

Useful Life

Wholesale Segment

Customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland

Amortizable over 15 year useful life

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 and Other

Joybird® trade name

Amortizable over eight-year useful life

The following summarizes changes in our intangible assets:

(Unaudited, 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, 2024						$	1,155					$	1,796					$	42,640					$	1,660					$	47,251
Acquisitions						—						—						1,671						—						1,671
Amortization						—						(200)						—						(55)						(255)
Translation adjustment						—						—						(32)						49						17
Balance at July 27, 2024						$	1,155					$	1,596					$	44,279					$	1,654					$	48,684

Schedule of Other Intangible Assets - Finite-Lived

We have intangible assets on our consolidated balance sheet as follows:

Reportable Segment

Intangible Asset

Useful Life

Wholesale Segment

Customer relationships from our acquisition of the wholesale business in the United Kingdom and Ireland

Amortizable over 15 year useful life

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 and Other

Joybird® trade name

Amortizable over eight-year useful life

The following summarizes changes in our intangible assets:

(Unaudited, 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, 2024						$	1,155					$	1,796					$	42,640					$	1,660					$	47,251
Acquisitions						—						—						1,671						—						1,671
Amortization						—						(200)						—						(55)						(255)
Translation adjustment						—						—						(32)						49						17
Balance at July 27, 2024						$	1,155					$	1,596					$	44,279					$	1,654					$	48,684

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Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.

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Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance and exist in perpetuity, by either major class or business segment.

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-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

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