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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 22, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
COMMISSION FILE NUMBER 1-9656
LA-Z-BOY INCORPORATED
(Exact name of registrant as specified in its charter)
Michigan
38-0751137
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One La-Z-Boy Drive,Monroe,Michigan48162-5138
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code (734) 242-1444
None
(Former name, former address and former fiscal year, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading  Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 Par ValueLZBNew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☒  No  ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes  ☒   No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
                     Yes     No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
ClassOutstanding at February 8, 2022
Common Stock, $1.00 Par Value43,222,357


LA-Z-BOY INCORPORATED
FORM 10-Q THIRD QUARTER OF FISCAL 2022
TABLE OF CONTENTS
Page
Number
2

PART I - FINANCIAL INFORMATION (UNAUDITED)
ITEM 1. FINANCIAL STATEMENTS

LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
Quarter EndedNine Months Ended
(Unaudited, amounts in thousands, except per share data)1/22/20221/23/20211/22/20221/23/2021
Sales$571,573 $470,196 $1,672,245 $1,214,774 
Cost of sales352,208 268,944 1,027,503 696,604 
Gross profit219,365 201,252 644,742 518,170 
Selling, general and administrative expense179,878 166,838 516,771 431,492 
Operating income 39,487 34,414 127,971 86,678 
Interest expense(160)(298)(713)(1,103)
Interest income806 285 1,029 902 
Other income (expense), net(1,460)6,532 (522)7,995 
Income before income taxes38,673 40,933 127,765 94,472 
Income tax expense9,591 11,344 33,059 24,900 
Net income29,082 29,589 94,706 69,572 
Net income attributable to noncontrolling interests(615)(357)(2,157)(607)
Net income attributable to La-Z-Boy Incorporated$28,467 $29,232 $92,549 $68,965 
Basic weighted average common shares43,701 46,261 44,342 46,064 
Basic net income attributable to La-Z-Boy Incorporated per share$0.65 $0.63 $2.09 $1.50 
Diluted weighted average common shares43,968 46,818 44,640 46,407 
Diluted net income attributable to La-Z-Boy Incorporated per share$0.65 $0.62 $2.07 $1.49 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarter EndedNine Months Ended
(Unaudited, amounts in thousands)1/22/20221/23/20211/22/20221/23/2021
Net income$29,082 $29,589 $94,706 $69,572 
Other comprehensive income (loss)
Currency translation adjustment(651)2,286 (1,902)5,751 
Net unrealized loss on marketable securities, net of tax(140)(14)(190)(37)
Net pension amortization, net of tax56 65 175 195 
Total other comprehensive income (loss)(735)2,337 (1,917)5,909 
Total comprehensive income before allocation to noncontrolling interests28,347 31,926 92,789 75,481 
Comprehensive income attributable to noncontrolling interests(716)(719)(1,708)(1,546)
Comprehensive income attributable to La-Z-Boy Incorporated$27,631 $31,207 $91,081 $73,935 
                        
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
(Unaudited, amounts in thousands, except par value)1/22/20224/24/2021
Current assets
Cash and equivalents$236,712 $391,213 
Restricted cash3,266 3,490 
Receivables, net of allowance of $2,996 at 1/22/2022 and $4,011 at 4/24/2021
163,018 139,341 
Inventories, net315,595 226,137 
Other current assets243,713 165,979 
Total current assets962,304 926,160 
Property, plant and equipment, net250,945 219,194 
Goodwill195,010 175,814 
Other intangible assets, net34,469 30,431 
Deferred income taxes – long-term11,685 11,915 
Right of use lease assets388,713 343,800 
Other long-term assets, net86,438 79,008 
Total assets$1,929,564 $1,786,322 
Current liabilities
Accounts payable$117,239 $94,152 
Lease liabilities, current73,222 67,614 
Accrued expenses and other current liabilities523,009 449,904 
Total current liabilities713,470 611,670 
Lease liabilities, long-term338,478 295,023 
Other long-term liabilities93,133 97,483 
Shareholders' equity
Preferred shares – 5,000 authorized; none issued
  
Common shares, $1.00 par value – 150,000 authorized; 43,505 outstanding at 1/22/22 and 45,361 outstanding at 4/24/21
43,505 45,361 
Capital in excess of par value339,294 330,648 
Retained earnings395,577 399,010 
Accumulated other comprehensive loss(2,989)(1,521)
Total La-Z-Boy Incorporated shareholders' equity775,387 773,498 
Noncontrolling interests9,096 8,648 
Total equity784,483 782,146 
Total liabilities and equity$1,929,564 $1,786,322 


The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
Nine Months Ended
(Unaudited, amounts in thousands)1/22/20221/23/2021
Cash flows from operating activities
Net income$94,706 $69,572 
Adjustments to reconcile net income to cash provided by operating activities
(Gain)/loss on disposal of assets(3,149)133 
Gain on sale of investments(340)(438)
Provision for doubtful accounts(1,070)(2,483)
Depreciation and amortization27,146 24,620 
Amortization of right-of-use lease assets53,949 48,864 
Equity-based compensation expense8,887 9,115 
Change in deferred taxes214 5,189 
Change in receivables(20,317)(28,720)
Change in inventories(83,109)(26,419)
Change in other assets(22,486)(1,193)
Change in payables23,690 42,354 
Change in lease liabilities(54,400)(48,963)
Change in other liabilities21,471 158,200 
Net cash provided by operating activities45,192 249,831 
Cash flows from investing activities
Proceeds from disposals of assets3,999 252 
Capital expenditures(58,585)(26,722)
Purchases of investments(28,058)(27,744)
Proceeds from sales of investments30,457 26,317 
Acquisitions(24,849)(2,000)
Net cash used for investing activities(77,036)(29,897)
Cash flows from financing activities
Payments on debt and finance lease liabilities(91)(75,020)
Holdback payments for acquisition purchases(23,000)(5,783)
Stock issued for stock and employee benefit plans, net of shares withheld for taxes(1,670)6,259 
Repurchases of common stock(75,646)(875)
Dividends paid to shareholders(20,621)(9,700)
Dividends paid to minority interest joint venture partners (1)
(1,260)(8,507)
Net cash used for financing activities(122,288)(93,626)
Effect of exchange rate changes on cash and equivalents(593)3,191 
Change in cash, cash equivalents and restricted cash(154,725)129,499 
Cash, cash equivalents and restricted cash at beginning of period394,703 263,528 
Cash, cash equivalents and restricted cash at end of period$239,978 $393,027 
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables$4,564 $1,569 
(1)Includes dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested.

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited, amounts in thousands)Common
Shares
Capital in Excess of
Par Value
Retained
Earnings
Accumulated Other
Comprehensive
Loss
Non-Controlling
Interests
Total
At April 24, 2021$45,361 $330,648 $399,010 $(1,521)$8,648 $782,146 
Net income— — 24,566 — 700 25,266 
Other comprehensive loss— — — (302)(430)(732)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax181 291 (2,700)— — (2,228)
Repurchases of 919 shares of common stock
(919)(530)(34,191)— — (35,640)
Stock option and restricted stock expense— 2,460 — — — 2,460 
Dividends declared and paid ($0.15/share)
— — (6,777)— — (6,777)
Dividends declared not paid ($0.15/share)
— — (46)— — (46)
At July 24, 2021$44,623 $332,869 $379,862 $(1,823)$8,918 $764,449 
Net income— — 39,516 — 842 40,358 
Other comprehensive loss— — — (330)(120)(450)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax11 353 (6)— — 358 
Repurchases of 434 shares of common stock
(434)(196)(14,370)— — (15,000)
Stock option and restricted stock expense— 3,894 — — — 3,894 
Dividends declared and paid ($0.15/share) (1)
— — (6,621)— (1,260)(7,881)
Dividends declared not paid ($0.15/share)
— — (46)— — (46)
At October 23, 2021$44,200 $336,920 $398,335 $(2,153)$8,380 $785,682 
Net income — — 28,467 — 615 29,082 
Other comprehensive income (loss)— — — (836)101 (735)
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax8 204 (12)— — 200 
Repurchases of 703 shares of common stock
(703)(363)(23,940)— — (25,006)
Stock option and restricted stock expense— 2,533 — — 2,533 
Dividends declared and paid ($0.165/share)
— — (7,223)— — (7,223)
Dividends declared not paid ($0.165/share)
— — (50)— — (50)
At January 22, 2022$43,505 $339,294 $395,577 $(2,989)$9,096 $784,483 
                                
(1)Non-controlling interests include dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested.
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(Unaudited, amounts in thousands)Common
Shares
Capital in Excess of
Par Value
Retained
Earnings
Accumulated Other
Comprehensive
Income (Loss)
Non-Controlling
Interests
Total
At April 25, 2020$45,857 $318,215 $343,633 $(6,952)$15,553 $716,306 
Net income (loss)— — 4,798 — (119)4,679 
Other comprehensive income— — — 1,720 498 2,218 
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax132 (195)(1,686)— — (1,749)
Stock option and restricted stock expense— 2,047 — — — 2,047 
Dividends declared and paid (1)— — 5 — (8,507)(8,502)
At July 25, 2020$45,989 $320,067 $346,750 $(5,232)$7,425 $714,999 
Net income— — 34,935 — 369 35,304 
Other comprehensive income— — — 1,275 79 1,354 
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax124 1,995 (6)— — 2,113 
Stock option and restricted stock expense— 4,120 — — — 4,120 
Dividends declared and paid ($0.07/share)
— — (3,221)— — (3,221)
Dividends declared not paid ($0.07/share)
— — (20)— — (20)
At October 24, 2020$46,113 $326,182 $378,438 $(3,957)$7,873 $754,649 
Net income— — 29,232 — 357 29,589 
Other comprehensive income— — — 1,975 362 2,337 
Stock issued for stock and employee benefit plans, net of cancellations and withholding tax225 5,698 (28)— — 5,895 
Purchases of 22 shares of common stock
(22)(853) — — (875)
Stock option and restricted stock expense— 2,948 — — — 2,948 
Dividends declared and paid ($0.14/share)
— — (6,484)— — (6,484)
Dividends declared not paid ($0.14/share)
— — (41)— — (41)
At January 23, 2021$46,316 $333,975 $401,117 $(1,982)$8,592 $788,018 
    
(1)No dividends to shareholders were declared or paid during the first quarter of fiscal 2021; amount includes dividends forfeited from restricted stock awards previously granted. Non-controlling interests include dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested.

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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LA-Z-BOY INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1: Basis of Presentation

The accompanying consolidated financial statements include the consolidated accounts of La-Z-Boy Incorporated and our majority-owned subsidiaries (collectively, the "Company"). We derived the April 24, 2021 balance sheet from our audited financial statements. We prepared the interim financial information in conformity with generally accepted accounting principles, which we applied on a basis consistent with those reflected in our fiscal 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), but the information does not include all of the disclosures required by generally accepted accounting principles. In management’s opinion, the interim financial information includes all adjustments and accruals, consisting only of normal recurring adjustments (except as otherwise disclosed), that are necessary for a fair statement of results for the respective interim periods. The interim results reflected in the accompanying financial statements are not necessarily indicative of the results of operations that will occur for the full fiscal year ending April 30, 2022.

At January 22, 2022, we owned preferred shares and warrants to purchase common shares of two privately-held companies, both of which are variable interest entities. We have not consolidated their results in our financial statements because we do not have the power to direct those activities that most significantly impact their economic performance and, therefore, are not the primary beneficiary.

Accounting pronouncements adopted in fiscal 2022

The following table summarizes Accounting Standards Updates ("ASUs") which were adopted in fiscal 2022, but did not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.

ASUDescription
ASU 2018-14Compensation – Retirement benefits – Defined Benefit Plans – General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans
ASU 2019-12Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
ASU 2020-01Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815
ASU 2021-10Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance

Accounting pronouncements not yet adopted
The following table summarizes additional accounting pronouncements which we have not yet adopted, but we believe will not have a material impact on our accounting policies or our consolidated financial statements and related disclosures.

ASUDescriptionAdoption Date
ASU 2021-08Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With CustomersFiscal 2024

Note 2: Acquisitions

Alabama and Chattanooga, Tennessee acquisition

On December 6, 2021, we completed our acquisition of the Alabama and Chattanooga, Tennessee businesses that operate four independently owned La-Z-Boy Furniture Galleries® stores in Alabama and one in Chattanooga, Tennessee, for $8.3 million, subject to customary purchase price adjustments. In the third quarter of fiscal 2022, we paid $8.0 million of cash for the purchase of the Alabama and Chattanooga, Tennessee stores and assets. This acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries® network.

Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in the Alabama and Chattanooga, Tennessee markets, and we
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reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. 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 $4.1 million related to these reacquired rights. We also recognized $7.4 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years.

The acquisition of the Alabama and Chattanooga, Tennessee businesses was not significant to our consolidated financial statements and, therefore, pro-forma financial information is not presented. All of our provisional purchase accounting estimates for this acquisition are based on the information and data available to us as of the time of the issuance of these financial statements and, in accordance with Accounting Standard Codification Topic 805-10-25-15, are subject to change within the first 12 months following the acquisition as we gain additional data.

Furnico (La-Z-Boy United Kingdom Manufacturing) acquisition

On October 25, 2021, we completed the acquisition of Furnico Furniture Ltd ("Furnico"), an upholstery manufacturing business in the U.K for approximately $11.8 million, subject to customary purchase price adjustments and in the third quarter of fiscal 2022, we paid $12.4 million of cash for the purchase of the Furnico business. Furnico produces La-Z-Boy branded product for the La-Z-Boy U.K. business and also operates a wholesale business, selling white label products to key U.K. retailers. With this acquisition, we expect to realize production synergies, cost savings through materials procurement, and increases in production capacity to support growth in the La-Z-Boy U.K business.

We recognized $7.9 million of goodwill in our Wholesale segment related primarily to synergies we expect from the integration of the acquired business and future benefits of these synergies. The goodwill asset for Furnico is not deductible for federal income tax purposes.

The acquisition of the Furnico business was not significant to our consolidated financial statements and, therefore, pro-forma financial information is not presented. All of our provisional purchase accounting estimates for this acquisition are based on the information and data available to us as of the time of the issuance of these financial statements and, in accordance with Accounting Standard Codification Topic 805-10-25-15, are subject to change within the first 12 months following the acquisition as we gain additional data.

Long Island, New York acquisition

On August 16, 2021, we completed our acquisition of the Long Island, New York business that operates three independently owned La-Z-Boy Furniture Galleries® stores for $4.5 million, subject to customary adjustments. In the second quarter of fiscal 2022, we paid $4.4 million of cash for the purchase of the Long Island, New York stores and assets. This acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries® network.

Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in the Long Island, New York market, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. 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 $0.8 million related to these reacquired rights. We also recognized $4.4 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years.

The acquisition of the Long Island, New York business was not significant to our consolidated financial statements, and, therefore, pro-forma financial information is not presented. All of our provisional purchase accounting estimates for this acquisition are based on the information and data available to us as of the time of the issuance of these financial statements, and in accordance with Accounting Standard Codification Topic 805-10-25-15, are subject to change within the first 12 months following the acquisition as we gain additional data.

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Prior Year Acquisitions

On September 14, 2020, we completed our acquisition of the Seattle, Washington business that operates six independently owned La-Z-Boy Furniture Galleries® stores and one warehouse for $13.5 million, subject to customary purchase price adjustments. In the second quarter of fiscal 2021, a $2.0 million cash payment was made for the purchase with future guaranteed payments of $9.4 million to be paid over 36 months or fewer, with timing of payments dependent upon the achievement of sales thresholds defined in the purchase agreement. This acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Furniture Galleries® network.

Prior to this acquisition, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Furniture Galleries® stores (and to use the associated trademarks and trade name) in the Seattle, Washington market, and we reacquired these rights when we consummated the transaction. The reacquired rights are indefinite-lived because our Retailer Agreements are perpetual agreements that have no specific expiration date and no renewal options. 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 $2.2 million related to these reacquired rights. We also recognized $12.9 million of goodwill in our Retail segment related primarily to synergies we expect from the integration of the acquired stores and future benefits of these synergies. For federal income tax purposes, we will amortize and appropriately deduct all of the indefinite-lived intangible assets and goodwill assets over 15 years.

The acquisition of the Seattle, Washington business was not significant to our consolidated financial statements, and, therefore, pro-forma financial information is not presented.

Comparability

During fiscal 2021, we determined that holdback payments for acquisition purchases of $5.8 million included in net cash used by investing activities should have been included in net cash used by financing activities for the first nine months of fiscal 2021. Although the amount impacting payments for acquisitions was not material to the fiscal 2021 consolidated financial statements, the classification of these amounts has been corrected by revising the consolidated statements of cash flows for the nine months ended January 23, 2021.

Note 3: Cash and Restricted Cash

We have restricted cash on deposit with a bank as collateral for certain letters of credit. All our letters of credit have maturity dates within the next twelve months, but we expect to renew some of these letters of credit when they mature.
(Unaudited, amounts in thousands)1/22/20221/23/2021
Cash and cash equivalents$236,712 $390,324 
Restricted cash3,266 2,703 
Total cash, cash equivalents and restricted cash$239,978 $393,027 

Note 4: Inventories

A summary of inventories is as follows:

(Unaudited, amounts in thousands)1/22/20224/24/2021
Raw materials$175,372 $112,371 
Work in process40,243 24,791 
Finished goods150,186 121,182 
FIFO inventories365,801 258,344 
Excess of FIFO over LIFO(50,206)(32,207)
Total inventories (1)
$315,595 $226,137 
(1)Increased balance to ensure input material availability to support increased sales demand and manufacturing capacity

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Note 5: 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
Wholesale SegmentLa-Z-Boy United Kingdom ManufacturingLa-Z-Boy United Kingdom Manufacturing (Furnico)
Retail SegmentRetail
La-Z-Boy Furniture Galleries® stores
Corporate & Other JoybirdJoybird

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 24, 2021$13,052 $107,316 $55,446 $175,814 
Acquisitions7,926 11,748  19,674 
Translation adjustment(445)(33) (478)
Balance at January 22, 2022$20,533 $119,031 $55,446 $195,010 

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

Reportable Segment/UnitIntangible 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

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
Other
Intangible
Assets
Balance at April 24, 2021$1,155 $4,205 $22,507 $2,564 $30,431 
Acquisitions  4,896  4,896 
Amortization (599) (178)(777)
Translation adjustment  (25)(56)(81)
Balance at January 22, 2022$1,155 $3,606 $27,378 $2,330 $34,469 

We test indefinite-lived intangibles and 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 an asset might be impaired. We test amortizable intangible assets for impairment if events or changes in circumstances indicate that the assets might be impaired.

Note 6: Investments
We have current and long-term investments intended to enhance returns on our cash as well as to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan, and our performance compensation retirement plan. We also hold other investments consisting of cost-basis preferred shares of two privately-held start-up companies (refer to Note 16, Fair Value Measurements). Our short-term investments are included in other current assets and our long-term investments are included in other long-term assets on our consolidated balance sheet.
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The following summarizes our investments:

(Unaudited, amounts in thousands)1/22/20224/24/2021
Short-term investments:
Marketable securities$14,835 $18,037 
Held-to-maturity investments1,391 2,532 
Total short-term investments16,226 20,569 
Long-term investments:
Marketable securities28,864 27,256 
Cost basis investments7,579 7,579 
Total long-term investments36,443 34,835 
Total investments$52,669 $55,404 
Investments to enhance returns on cash$29,754 $32,475 
Investments to fund compensation/retirement plans15,336 15,350 
Other investments7,579 7,579 
Total investments$52,669 $55,404 

The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type:

1/22/20224/24/2021
(Unaudited, amounts in thousands)Gross
Unrealized 
Gains
Gross
Unrealized 
Losses
Fair ValueGross
Unrealized 
Gains
Gross
Unrealized 
Losses
Fair Value
Equity securities$2,004 $(55)$14,535 $