0001564590-20-056795 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Nov. 01, 2020	Dec. 10, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 01, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	CULP INC
Entity Central Index Key	0000723603
Current Fiscal Year End Date	--05-02
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Trading Symbol	CULP
Entity Common Stock, Shares Outstanding		12,303,795
Entity File Number	1-12597
Entity Tax Identification Number	56-1001967
Entity Address, Address Line One	1823 Eastchester Drive
Entity Address, City or Town	High Point
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27265-1402
City Area Code	336
Local Phone Number	889-5161
Entity Incorporation, State or Country Code	NC
Title of 12(b) Security	Common Stock, par value $.05/ Share
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED STATEMENTS OF NET INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Income Statement [Abstract]
Net sales	$ 76,851	$ 69,550	$ 141,315	$ 140,269
Cost of sales	(62,590)	(56,024)	(117,153)	(114,331)
Gross profit from continuing operations	14,261	13,526	24,162	25,938
Selling, general and administrative expenses	(9,743)	(9,117)	(17,761)	(18,266)
Restructuring credit				35
Income from continuing operations	4,518	4,409	6,401	7,707
Interest expense		(21)	(51)	(21)
Interest income	59	258	117	518
Other expense	(680)	(99)	(1,046)	(194)
Income before income taxes from continuing operations	3,897	4,547	5,421	8,010
Income tax expense	(1,613)	(2,279)	(5,937)	(3,971)
Income (loss) from investment in unconsolidated joint venture	100	(16)	167	(3)
Net (loss) income from continuing operations	2,384	2,252	(349)	4,036
Loss before income taxes from discontinued operation		(441)		(1,062)
Income tax benefit		381		392
Net loss from discontinued operation		(60)		(670)
Net (loss) income	$ 2,384	$ 2,192	$ (349)	$ 3,366
Net (loss) income from continuing operations per share - basic	$ 0.19	$ 0.18	$ (0.03)	$ 0.33
Net (loss) income from continuing operations per share - diluted	0.19	0.18	(0.03)	0.33
Net loss from discontinued operation per share - basic		0.00		(0.05)
Net loss from discontinued operation per share - diluted		0.00		(0.05)
Net (loss) income per share - basic	0.19	0.18	(0.03)	0.27
Net (loss) income per share - diluted	$ 0.19	$ 0.18	$ (0.03)	$ 0.27
Average shares outstanding, basic	12,298	12,408	12,293	12,403
Average shares outstanding, diluted	12,324	12,408	12,293	12,413

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Consolidated Statements of Comprehensive Income (Loss)
Net (loss) income	$ 2,384	$ 2,192	$ (349)	$ 3,366
Unrealized holding (losses) gains on investments, net of tax	(39)	9	30	15
Reclassification adjustment for realized loss on investments	6		6
Comprehensive (loss) income	2,351	2,201	(313)	3,381
Plus: Comprehensive loss attributable to noncontrolling interest associated with discontinued operation		108		272
Comprehensive (loss) income attributable to Culp, Inc. common shareholders	$ 2,351	$ 2,309	$ (313)	$ 3,653

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($)

Nov. 01, 2020

May 03, 2020

Nov. 03, 2019

Current assets:

Cash and cash equivalents

$ 45,288,000

$ 69,790,000

^[1]

$ 46,955,000

Short-term investments - held-to-maturity

5,005,000

4,271,000

^[1]

Short-term investments - available for sale

5,462,000

923,000

^[1]

Accounts receivable, net

32,960,000

25,093,000

^[1]

23,890,000

Inventories

47,726,000

47,907,000

^[1]

51,443,000

Current income taxes receivable

1,585,000

^[1]

776,000

Current assets - discontinued operation

4,760,000

Other current assets

3,509,000

2,116,000

^[1]

2,745,000

Total current assets

139,950,000

151,685,000

^[1]

130,569,000

Property, plant and equipment, net

41,599,000

43,147,000

^[1]

45,221,000

Goodwill

13,569,000

Intangible assets

3,192,000

3,380,000

^[1]

3,711,000

Long-term investments - rabbi trust

8,060,000

7,834,000

^[1]

7,575,000

Long-term investments - held-to-maturity

759,000

2,076,000

^[1]

Right of use assets

6,165,000

3,903,000

^[1]

4,883,000

Noncurrent income taxes receivable

733,000

Deferred income taxes

645,000

793,000

^[1]

511,000

Investment in unconsolidated joint venture

1,859,000

1,602,000

^[1]

1,504,000

Long-term note receivable affiliated with discontinued operation

1,800,000

Noncurrent assets - discontinued operation

22,950,000

Other assets

547,000

664,000

^[1]

496,000

Total assets

202,776,000

215,084,000

^[1]

233,522,000

Current liabilities:

Line of credit - China operations

^[1]

1,015,000

Paycheck Protection Program Loan

^[1]

7,606,000

Accounts payable - trade

38,247,000

23,002,000

^[1]

26,336,000

Accounts payable - capital expenditures

68,000

107,000

^[1]

398,000

Operating lease liability - current

2,316,000

1,805,000

^[1]

2,090,000

Deferred revenue

375,000

502,000

^[1]

375,000

Accrued expenses

11,684,000

5,687,000

^[1]

8,263,000

Accrued restructuring costs

35,000

Current liabilities - Discontinued operation

1,907,000

Income taxes payable - current

1,413,000

395,000

^[1]

1,539,000

Total current liabilities

54,103,000

40,119,000

^[1]

40,943,000

Line of credit - U.S. operations

^[1]

29,750,000

Accrued expenses - long-term

167,000

^[1]

333,000

Operating lease liability - noncurrent

4,008,000

2,016,000

^[1]

2,614,000

Income taxes payable - long-term

3,325,000

3,796,000

^[1]

3,442,000

Deferred income taxes

6,089,000

1,818,000

^[1]

3,283,000

Deferred compensation

8,000,000

7,720,000

^[1]

7,429,000

Contingent consideration affiliated with discontinued operation

6,006,000

Noncurrent liabilities - discontinued operation

3,550,000

Total liabilities

75,525,000

85,386,000

^[1]

67,600,000

Commitments and Contingencies (Notes 10, 17 and 18)

^[1]

Shareholders' equity

Preferred stock, $0.05 par value, authorized 10,000,000

^[1]

Common stock, $0.05 par value, authorized 40,000,000 shares, issued and outstanding 12,303,023 at November 1, 2020; 12,411,957 at November 3, 2019; and 12,284,946 at May 3, 2020

615,000

^[1]

621,000

Capital contributed in excess of par value

43,031,000

42,582,000

^[1]

44,109,000

Accumulated earnings

83,579,000

86,511,000

^[1]

116,735,000

Accumulated other comprehensive income (loss)

26,000

(10,000)

^[1]

55,000

Total shareholders' equity attributable to Culp, Inc.

127,251,000

129,698,000

^[1]

161,520,000

Noncontrolling interest - discontinued operation

4,402,000

Total equity

127,251,000

129,698,000

^[1]

165,922,000

Total liabilities and shareholders' equity

$ 202,776,000

$ 215,084,000

^[1]

$ 233,522,000

[1]	Derived from audited financial statements.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 01, 2020	May 03, 2020	Nov. 03, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.05	$ 0.05	$ 0.05
Preferred stock, authorized shares	10,000,000	10,000,000	10,000,000
Common stock, par value	$ 0.05	$ 0.05	$ 0.05
Common stock, authorized shares	40,000,000	40,000,000	40,000,000
Common stock, issued	12,303,023	12,284,946	12,411,957
Common stock, outstanding	12,303,023	12,284,946	12,411,957

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Nov. 01, 2020

Nov. 03, 2019

Cash flows from operating activities:

Net (loss) income

$ (349)

$ 3,366

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation

3,538

3,893

Amortization

235

353

Stock-based compensation

474

467

Deferred income taxes

4,419

Gain on disposal of equipment

(93)

Realized loss on short-term investments available for sale

(Income) loss from investment in unconsolidated joint venture

(167)

Foreign currency exchange loss (gain)

723

(106)

Changes in assets and liabilities:

Accounts receivable

(7,663)

(835)

Inventories

602

(4,797)

Other current assets

(1,175)

(31)

Other assets

(40)

133

Accounts payable – trade

14,156

3,564

Deferred revenue

(127)

(24)

Accrued expenses and deferred compensation

6,019

1,620

Accrued restructuring costs

(89)

Income taxes

2,052

770

Net cash provided by operating activities

22,703

8,247

Cash flows from investing activities:

Capital expenditures

(2,041)

(2,410)

Proceeds from the sale of equipment

363

Investment in unconsolidated joint venture

(90)

Proceeds from the maturity of short-term investments (Held to Maturity)

1,800

5,000

Purchase of short-term and long-term investments (Held to Maturity)

(1,245)

Purchase of short-term investments (Available for Sale)

(5,010)

Proceeds from the sale of short-term investments (Available for Sale)

455

Proceeds from the sale of long-term investments (rabbi trust)

Purchase of long-term investments (rabbi trust)

(257)

(479)

Net cash (used in) provided by investing activities

(6,299)

2,474

Cash flows from financing activities:

Payments associated with lines of credit

(30,772)

Payments associated with Paycheck Protection Program Loan

(7,606)

Dividends paid

(2,583)

(2,482)

Cash paid for acquisition of business

(1,532)

Proceeds from subordinated loan payable associated with the noncontrolling interest of discontinued operation

250

Capital contribution from noncontrolling interest associated with discontinued operation

360

Common stock surrendered for withholding taxes payable

(25)

(51)

Payments of debt issuance costs

(15)

Net cash used in financing activities

(41,001)

(3,455)

Effect of exchange rate changes on cash and cash equivalents

(91)

(Decrease) increase in cash and cash equivalents

(24,502)

7,175

Cash and cash equivalents at beginning of period

69,790

40,008

Cash and cash equivalents at end of period

^[1]

$ 45,288

$ 47,183

[1]	As of November 3, 2019, cash and cash equivalents totaled $47.2 million, of which $47.0 million and $228,000 were classified as (i) cash and cash equivalents and (ii) within current assets – discontinued operation, respectively, in the accompanying Consolidated Balance Sheets.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	Nov. 03, 2019 USD ($)
Cash and cash equivalents	$ 47,200
Cash and Cash Equivalents [Member]
Cash and cash equivalents	47,000
Current Assets Discontinued Operation [Member]
Cash and cash equivalents	$ 228,000

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common Stock

Capital Contributed in Excess of Par Value

Accumulated Earnings

Accumulated Other Comprehensive (Loss) Income

Shareholders' equity attributable to Culp Inc.

Noncontrolling Interest Discontinued Operation

Balance at Apr. 28, 2019

^[1]

$ 164,247

$ 620

$ 43,694

$ 115,579

$ 40

$ 159,933

$ 4,314

Balance (in shares) at Apr. 28, 2019

^[1]

12,391,160

Net income (loss)

1,174

1,338

(164)

Stock-based compensation

154

Unrealized gain (loss) on investments

Common stock issued in connection with vesting of performance based restricted stock units

$ 1

(1)

Common stock issued in connection with vesting of performance based restricted stock units (in shares)

12,776

Fully vested common stock award, (in shares)

3,659

Common stock surrendered for withholding taxes payable

(44)

Common stock surrendered for withholding taxes payable (in shares)

(2,581)

Dividends paid

(1,241)

Capital contribution from non-controlling interest associated with discontinued operation

Balance at Aug. 04, 2019

164,336

$ 621

43,803

115,676

160,146

4,190

Balance (in shares) at Aug. 04, 2019

12,405,014

Balance at Apr. 28, 2019

^[1]

164,247

$ 620

43,694

115,579

159,933

4,314

Balance (in shares) at Apr. 28, 2019

^[1]

12,391,160

Net income (loss)

3,366

Balance at Nov. 03, 2019

165,922

$ 621

44,109

116,735

161,520

4,402

Balance (in shares) at Nov. 03, 2019

12,411,957

Balance at Aug. 04, 2019

164,336

$ 621

43,803

115,676

160,146

4,190

Balance (in shares) at Aug. 04, 2019

12,405,014

Net income (loss)

2,192

2,300

(108)

Stock-based compensation

313

Unrealized gain (loss) on investments

Common stock issued in connection with vesting of performance based restricted stock units (in shares)

2,862

Fully vested common stock award, (in shares)

4,520

Common stock surrendered for withholding taxes payable

(7)

Common stock surrendered for withholding taxes payable (in shares)

(439)

Dividends paid

(1,241)

Capital contribution from non-controlling interest associated with discontinued operation

320

Balance at Nov. 03, 2019

165,922

$ 621

44,109

116,735

$ 161,520

$ 4,402

Balance (in shares) at Nov. 03, 2019

12,411,957

Balance at May. 03, 2020

^[1]

129,698

$ 615

42,582

86,511

(10)

Balance (in shares) at May. 03, 2020

^[1]

12,284,946

Net income (loss)

(2,733)

Stock-based compensation

126

Unrealized gain (loss) on investments

Fully vested common stock award, (in shares)

7,000

Dividends paid

(1,291)

Balance at Aug. 02, 2020

125,869

$ 615

42,708

82,487

Balance (in shares) at Aug. 02, 2020

12,291,946

Balance at May. 03, 2020

^[1]

129,698

$ 615

42,582

86,511

(10)

Balance (in shares) at May. 03, 2020

^[1]

12,284,946

Net income (loss)

(349)

Balance at Nov. 01, 2020

127,251

$ 615

43,031

83,579

Balance (in shares) at Nov. 01, 2020

12,303,023

Balance at Aug. 02, 2020

125,869

$ 615

42,708

82,487

Balance (in shares) at Aug. 02, 2020

12,291,946

Net income (loss)

2,384

Stock-based compensation

348

Unrealized gain (loss) on investments

(33)

Common stock issued in connection with vesting of performance based restricted stock units (in shares)

8,019

Fully vested common stock award, (in shares)

5,193

Common stock surrendered for withholding taxes payable

(25)

Common stock surrendered for withholding taxes payable (in shares)

(2,135)

Dividends paid

(1,292)

Balance at Nov. 01, 2020

$ 127,251

$ 615

$ 43,031

$ 83,579

$ 26

Balance (in shares) at Nov. 01, 2020

12,303,023

[1]	Derived from audited financial statements.

Basis of Presentation

6 Months Ended

Nov. 01, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Culp, Inc. and its majority-owned subsidiaries (the “company”) include all adjustments, which are, in the opinion of management, necessary for fair presentation of the results of operations and financial position. All of these adjustments are of a normal recurring nature. Results of operations for interim periods may not be indicative of future results. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, which are included in the company’s annual report on Form 10-K filed with the Securities and Exchange Commission on July 17, 2020, for the fiscal year ended May 3, 2020.

The company’s six-months ended November 1, 2020, and November 3, 2019, represent 26-week and 27-week periods, respectively.

Significant Accounting Policies

6 Months Ended

Nov. 01, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

As of November 1, 2020, there were no changes in the nature of our significant accounting policies or the application of those policies from those reported in our annual report on Form 10-K for the year then ended May 3, 2020.

Recently Adopted Accounting Pronouncements

Current Expected Credit Losses (“CECL”)

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires entities to use a forward looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The FASB has subsequently issued updates to the standard to provide additional clarification on specific topics. Topic 326 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. As a result, we adopted the provisions of Topic 326 on May 4, 2020 and applied this guidance through the second quarter of fiscal 2021. The adoption of Topic 326 did not have an impact on our financial position, results of operations, or cash flows. See Notes 4 and 11 of our consolidated financial statements for further details of the adoption of CECL as of May 4, 2020 and our assessments and conclusions as of November 1, 2020.

Recently Issued Accounting Pronouncements

Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We are required to apply this guidance in our fiscal 2022 interim and annual financial statements. Currently we do not expect this standard to affect our consolidated financial statements and related disclosures.

There are no other new recent accounting pronouncements that are expected to have a material impact on our consolidated financial statements.

Home Accessories Segment – Discontinued Operation

6 Months Ended

Nov. 01, 2020

Discontinued Operations And Disposal Groups [Abstract]

Home Accessories Segment – Discontinued Operation

3.	HOME ACCESSORIES SEGMENT – DISCONTINUED OPERATION

Overview

On March 31, 2020, we sold our entire ownership interest in eLuxury, LLC (“eLuxury”) to eLuxury’s noncontrolling interest holder in consideration of an accelerated settlement of certain financial obligations due and payable by eLuxury to us and the entry into supply and royalty arrangements designed to preserve an additional sales channel for our core products. Also, this sale, which was part of our comprehensive response to the challenging business conditions arising from the COVID-19 global pandemic, has allowed us to focus on our core businesses of upholstery and mattress fabrics and has been a factor in the increase of our liquidity through the first half of fiscal 2021.

In connection with the sale of our entire ownership interest in eLuxury, (i) we received $509,500 at closing as an accelerated repayment of principal amounts previously loaned to eLuxury, together with outstanding interest, under a loan agreement between us and eLuxury; (ii) we forgave $300,000 of borrowings payable by eLuxury to us under this loan agreement; (iii) we

entered into an amended and restated credit and security agreement with eLuxury and the buyer (the former noncontrolling interest holder) (together, the “Borrowers”), pursuant to which the Borrowers agreed to repay an additional $1 million previously loaned to eLuxury within thirty days of the closing of the sale transaction (and which amount was secured by the assets of both Borrowers); and (iv) eLuxury agreed to pay $613,000 within sixty days of the sale transaction in satisfaction of certain trade accounts payable due from eLuxury to us.

The remaining $1 million we previously loaned to eLuxury and the outstanding trade accounts payable balance of $613,000 due from eLuxury to us has been paid in full in accordance with the terms of the sale agreement outlined above.

Discontinued Operation Financial Statement Presentation and Disclosures

Financial Statement Presentation

Due to the sale of our entire ownership interest in eLuxury, our home accessories segment was eliminated. Consequently, we determined that the results from operations and assets and liabilities associated with our home accessories segment were to be excluded from our continuing operations and presented as a discontinued operation in our consolidated financial statements in accordance with ASC Topic 205-20-45. As a result, we classified the results from operations of our home accessories segment separately in captions titled “Discontinued Operation” on our Consolidated Statement of Net Income for the three-month and six-month periods ending November 3, 2019. Additionally, assets and liabilities associated with our home accessories segment as of November 3, 2019, were reclassified from certain amounts reported in the prior period to present separately in captions titled “current assets – discontinued operation”, “noncurrent assets – discontinued operation”, “current liabilities - discontinued operation”, and “noncurrent liabilities – discontinued operation” to conform to current year financial statement presentation.

Consolidated Balance Sheet

The following is a summary of the assets and liabilities of the disposal group that are presented separately as a discontinued operation on the Consolidated Balance Sheet as of November 3, 2019.

	November 3
(dollars in thousands)	2019
ASSETS
current assets:
cash and cash equivalents	$	228
accounts receivable		632
inventories		3,785
other current assets		115
total current assets - discontinued operation		4,760
property, plant, and equipment		1,752
goodwill		13,653
intangible asset		6,549
right of use asset		996
total noncurrent assets - discontinued operation		22,950
total assets	$	27,710
LIABILITIES AND NET ASSETS
current liabilities:
accounts payable	$	1,063
operating lease liability - current		192
accrued expenses		652
total current liabilities - discontinued operation		1,907
loan payable - Culp Inc.		1,800
subordinated loan payable - noncontrolling interest		925
operating lease liability - long-term		825
total noncurrent liabilities - discontinued operation		3,550
total liabilities		5,457
total net assets of discontinued operation	$	22,253

Net Loss from Discontinued Operation

The following is a summary of the major classes of financial statement line items constituting loss before income taxes from discontinued operation that are presented in the Consolidated Statements of Net Income for the three-month and six-month periods ending November 3, 2019:

	Three Months Ended
	November 3,
(dollars in thousands)	2019
net sales	$	3,276
cost of sales		(2,699	)
gross profit		577
selling, general and administrative expenses		(1,003	)
interest expense (1)		(27	)
other income		12
loss before income taxes from discontinued operation		(441	)
income tax benefit		381
net loss from discontinued operation	$	(60	)

	Six Months Ended
	November 3,
(dollars in thousands)	2019
net sales	$	7,578
cost of sales		(6,048	)
gross profit		1,530
selling, general and administrative expenses		(2,565	)
interest expense (1)		(47	)
other income		20
loss before income taxes from discontinued operation		(1,062	)
income tax benefit		392
net loss from discontinued operation	$	(670	)

(1)	Interest expense is directly attributable to our discontinued operation as it pertains to the loans payable assumed by the buyer (the former noncontrolling interest holder) or required to be paid to Culp, Inc. based on the terms of the sale agreement.

The following is a summary of net income (loss) from continuing operations, net loss from discontinued operation, and net income (loss) attributable to Culp, Inc. common shareholders and the noncontrolling interest associated with our discontinued operation for the three-month and six-month periods ending November 1, 2020, and November 3, 2019:

	Three Months Ended
	November 1,		November 3,
(dollars in thousands)	2020		2019
net income from continuing operations	$	2,384	$	2,252
net loss from continuing operations attributable to noncontrolling interest		—		—
net income from continuing operations attributable to Culp, Inc. common shareholders	$	2,384	$	2,252
net loss from discontinued operation	$	—	$	(60	)
net loss from discontinued operation attributable to noncontrolling interest		—		108
net income from discontinued operation attributable to Culp, Inc. common shareholders	$	—	$	48
net income	$	2,384	$	2,192
net loss from noncontrolling interest associated with a discontinued operation		—		108
net income attributable to Culp, Inc. common shareholders	$	2,384	$	2,300

	Six Months Ended
	November 1,			November 3,
(dollars in thousands)	2020			2019
net (loss) income from continuing operations	$	(349	)	$	4,036
net loss from continuing operations attributable to noncontrolling interest		—			—
net (loss) income from continuing operations attributable to Culp, Inc. common shareholders	$	(349	)	$	4,036
net loss from discontinued operation	$	—		$	(670	)
net loss from discontinued operation attributable to noncontrolling interest		—			272
net loss from discontinued operation attributable to Culp, Inc. common shareholders	$	—		$	(398	)
net (loss) income	$	(349	)	$	3,366
net loss from noncontrolling interest associated with a discontinued operation		—			272
net (loss) income attributable to Culp, Inc. common shareholders	$	(349	)	$	3,638

Cash Flow Disclosures

Our discontinued operation had net cash used in operating activities totaling $2.2 million during the six-months ending November 3, 2019. Our discontinued operation had net cash used in investing activities totaling $32,000 during the six-months ending November 3, 2019. Our discontinued operation had net cash provided by financing activities, all of which were loan proceeds and capital contributions from Culp, Inc. and the former noncontrolling interest holder of eLuxury, totaling $2.4 million during the six-months ending November 3, 2019. We believe our liquidity has improved during the first half of fiscal 2021 in the absence of our former home accessories segment due to the significant losses that were incurred by that segment and the funding of its working capital requirements primarily by us through loans and capital contributions that are no longer required.

Continuing Obligations, Financial Commitments, and Continuing Relationships with the Discontinued Operation

Supply and Royalty Agreements

In connection with the sale of our entire ownership interest in eLuxury, we entered into supply and royalty agreements with eLuxury to preserve an additional sales channel for our core products – upholstery and mattress fabrics. The supply agreement requires eLuxury to purchase all its requirements at fair market prices for mattress and upholstery fabric products of the type we were supplying to eLuxury at the time of the sale transaction, as well as certain home accessories and soft good products, subject to our ability to provide competitive pricing and delivery terms for such products. The royalty agreement requires eLuxury to pay us a royalty fee based on a percentage of sales, as defined in the royalty agreement, for sales of eLuxury’s products to certain business-to-business customers, including customers which we referred to eLuxury prior to the sale transaction and new customer relationships we develop for eLuxury going forward, as well as sales of eLuxury products generated by sales representatives that we develop or introduce to eLuxury.

There are no guarantees or provisions under either the supply or royalty agreements that require eLuxury to purchase a minimum amount of our products or sell a certain amount of eLuxury products to customers or through sales representatives developed or introduced by us. As a result, the success of these agreements and the period of time in which our involvement with eLuxury is expected to continue are based on eLuxury’s ability to sell products that require mattress and upholstery fabrics and our ability to provide an additional sales channel for eLuxury to grow its business-to-business sales platform.

As a result of our continuing involvement with eLuxury, we reported net sales and the related cost of sales associated with our inventory shipments to eLuxury in accordance with Topic 205-20-50-4B, which requires us to report these transactions in continuing operations in our Consolidated Statement of Net Income for the three-month and six-month periods ending November 3, 2019. Therefore, we reported both net sales and cost of sales from continuing operations totaling $207,000 and $381,000 during the three-month and six-month periods ending November 3, 2019, respectively, that were previously eliminated in consolidation.

During the three-month and six-month periods ending November 1, 2020, shipments to eLuxury under the supply agreement totaled $41,000 and $285,000, respectively. During the three-month and six-month periods ending November 1, 2020, we received payments pursuant to the royalty agreement totaling $28,000 and $80,000, respectively.

Financial Guarantee

Currently, we have an agreement that guarantees 70% of any unpaid lease payments associated with eLuxury’s facility located in Evansville, Indiana. The lease agreement expires in September 2024 and requires monthly payments of $18,865. Under the terms of the sale of our controlling interest in eLuxury, the buyer (the former noncontrolling interest holder) must use commercially reasonable efforts to cause the lessor to release us from this financial guarantee of eLuxury’s lease agreement. Following the sale transaction, eLuxury and its sole owner have indemnified us from any liabilities and obligations that we would be required to pay regarding this lease agreement.

Allowance for Doubtful Accounts

6 Months Ended

Nov. 01, 2020

Receivables [Abstract]

Allowance for Doubtful Accounts

4. Allowance for Doubtful Accounts

A summary of the activity in the allowance for doubtful accounts follows:

	Six Months Ended
(dollars in thousands)	November 1, 2020		November 3, 2019
Beginning balance	$	472	$	393
Provision for bad debts		123		(27	)
Net write-offs, net of recoveries		—		—
Ending balance	$	595	$	366

During the six-month period ended November 1, 2020, we assessed the credit risk of our customers within our accounts receivable portfolio. Our risk assessment includes the respective customer’s (i) financial position; (ii) past payment history; (iii) management’s general ability; (iv) historical loss experience; and (v) the ongoing economic uncertainty associated with the COVID-19 global pandemic. After our risk assessment was completed, we assigned credit grades to our customers, which in turn, were used to determine our allowance for doubtful accounts totaling $595,000 as of November 1, 2020.

Revenue from Contracts with Customers

6 Months Ended

Nov. 01, 2020

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

5. Revenue from Contracts with Customers

Nature of Performance Obligations

Continuing Operations

Our continuing operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers primarily to bedding manufacturers. The upholstery fabrics segment develops, manufactures, sources, and sells fabrics primarily to residential and commercial furniture manufacturers. Additionally, Read Window Products LLC (“Read”), a wholly-owned subsidiary, is a turn-key provider of window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation services of Read’s products for the hospitality and commercial industries. Read also supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters, and pillows. Read is included in the upholstery fabrics segment.

Our primary performance obligations include the sale of mattress fabrics and upholstery fabrics, as well as the performance of customized fabrication and installation services of Read’s own products associated with window treatments.

Discontinued Operation – Home Accessories Segment

As disclosed in Note 3 of the consolidated financial statements, we sold our entire ownership interest in eLuxury on March 31, 2020, and consequently our home accessories segment was eliminated at such time. Thus, the results of operations associated with our home accessories segment were excluded from our continuing operations and are presented as a discontinued operation in our consolidated financial statements.

The home accessories segment was our finished products business that manufactured, sourced, and sold bedding accessories and home goods directly to consumers and businesses through global e-commerce, business-to-business, and other sales channels.

Prior to its disposal, our former home accessories segment reported net sales totaling $3.3 million and $7.6 million for the three-month and six-month periods ended November 3, 2019, respectively. Revenue associated with the sales of home accessories products was recognized at the point-in-time when control was transferred to the customer.

Contract Assets & Liabilities

Certain contracts, primarily those for customized fabrication and installation services associated with Read, require upfront customer deposits that result in a contract liability which is recorded on the Consolidated Balance Sheets as deferred revenue. If upfront deposits or prepayments are not required, customers may be granted credit terms which generally range from 15 – 60 days. For a limited time, extended terms were granted to certain customers in response to the challenging business conditions resulting from the COVID-19 global pandemic. Our customary terms, as well as the limited extended terms, are common within the industries in which we operate and are not considered financing arrangements. There were no contract assets recognized as of November 1, 2020, November 3, 2019, and May 3, 2020.

A summary of the activity associated with deferred revenue for the six-month periods ended November 1, 2020, and November 3, 2019, follows:

	Six months ended
(dollars in thousands)	November 1, 2020			November 3, 2019
Beginning balance	$	502		$	399
Revenue recognized on contract liabilities		(1,197	)		(1,536	)
Payments received for services not yet rendered		1,070			1,512
Ending balance	$	375		$	375

Disaggregation of Revenue

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending November 1, 2020:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	40,030	$	34,666	$	74,696
Services transferred over time		—		2,155		2,155
Total Net Sales	$	40,030	$	36,821	$	76,851

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the six-month period ending November 1, 2020:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	76,133	$	60,727	$	136,860
Services transferred over time		—		4,455		4,455
Total Net Sales	$	76,133	$	65,182	$	141,315

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending November 3, 2019:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	35,666	$	30,964	$	66,630
Services transferred over time		—		2,920		2,920
Total Net Sales	$	35,666	$	33,884	$	69,550

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the six-month period ending November 3, 2019:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	74,525	$	60,792	$	135,317
Services transferred over time		—		4,952		4,952
Total Net Sales	$	74,525	$	65,744	$	140,269

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Inventories

6 Months Ended

Nov. 01, 2020

Inventory Disclosure [Abstract]

Inventories

6. Inventories

Inventories are carried at the lower of cost or net realizable value. Cost is determined using the FIFO (first-in, first-out) method.

A summary of inventories follows:

(dollars in thousands)	November 1, 2020		November 3, 2019			May 3, 2020
Raw materials	$	8,594	$	6,872		$	7,823
Work-in-process		3,056		2,973			1,958
Finished goods		36,076		45,383			38,126
	$	47,726	$	55,228	(1)	$	47,907

(1)	As of November 3, 2019, inventory totaled $55.2 million, of which $51.4 million and $3.8 million were classified as (i) inventory and (ii) within current assets – discontinued operation, respectively, in the accompanying Consolidated Balance Sheet.

Intangible Assets

6 Months Ended

Nov. 01, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

7. Intangible Assets

A summary of intangible assets follows:

(dollars in thousands)	November 1, 2020		November 3, 2019			May 3, 2020
Tradenames	$	540	$	7,232		$	540
Customer relationships, net		2,087		2,388			2,238
Non-compete agreement, net		565		640			602
	$	3,192	$	10,260	(1)	$	3,380

(1)	As of November 3, 2019, intangible assets totaled $10.3 million, of which $3.7 million and $6.6 million were classified as (i) intangible assets and (ii) within noncurrent assets – discontinued operation, respectively, in the accompanying Consolidated Balance Sheets.

Tradenames

Our tradename totaling $540,000 as of November 1, 2020, pertained to Read, a separate reporting unit within the upholstery fabrics segment. This tradename was determined to have an indefinite useful life at the time of its acquisition, and therefore, is not being amortized. However, we are required to assess this tradename annually or between annual tests if we believe indicators of impairment exist. Based on our assessment as of November 1, 2020, no indicators of impairment existed.

However, during our annual assessment as of May 3, 2020, we performed a qualitative assessment in which we concluded that it was more-likely-than-not that the fair value of Read’s tradename was less than its carrying amount. This conclusion was based on impairment indicators that existed, such as our unfavorable financial performance during the fourth quarter of fiscal 2020 and the significant decline in the price per share of our common stock and market capitalization stemming from the COVID-19 global pandemic. Since we determined it was more-likely-than-not that the fair market value of Read’s tradename was less than its carrying amount, we performed a quantitative impairment test. Our quantitative impairment test involved determining the fair value of Read’s tradename and comparing the respective fair value of Read’s tradename with its carrying amount. Consequently, based on our quantitative impairment test, we recorded an asset impairment charge totaling $143,000 during the fourth quarter of fiscal 2020.

As a result of our quantitative impairment test, we determined the fair value of our tradename was $540,000 using the relief from royalty method. This method used significant unobservable inputs and therefore, the fair value of our tradename was classified as level 3 within the fair value hierarchy. Refer to Note 11 of the consolidated financial statements for further information about our determination to classify this tradename as level 3 within the fair value hierarchy in accordance with Topic 820.

Customer Relationships

A summary of the change in the carrying amount of our customer relationships follows:

	Six months ended
(dollars in thousands)	November 1, 2020			November 3, 2019
Beginning balance	$	2,238		$	2,538
Amortization expense		(151	)		(150	)
Ending balance	$	2,087		$	2,388

Our customer relationships are amortized on a straight-line basis over useful lives ranging from nine to seventeen years.

The gross carrying amount of our customer relationships was $3.1 million as of November 1, 2020, November 3, 2019, and May 3, 2020, respectively. Accumulated amortization for these customer relationships was $1.0 million, $727,000, and $877,000 as of November 1, 2020, November 3, 2019, and May 3, 2020, respectively.

The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2021 - $151,000; FY 2022 - $301,000; FY 2023 - $301,000; FY 2024 - $301,000; FY 2025 - $301,000; and thereafter - $732,000.

The weighted average amortization period for our customer relationships is 7.1 years as of November 1, 2020.

Non-Compete Agreement

A summary of the change in the carrying amount of our non-compete agreement follows:

	Six months ended
(dollars in thousands)	November 1, 2020			November 3, 2019
Beginning balance	$	602		$	678
Amortization expense		(37	)		(38	)
Ending balance	$	565		$	640

Our non-compete agreement is amortized on a straight-line basis over the fifteen-year life of the agreement.

The gross carrying amount of our non-compete agreement was $2.0 million as of November 1, 2020, November 3, 2019, and May 3, 2020, respectively. Accumulated amortization for our non-compete agreement was $1.5 million as of November 1, 2020, $1.4 million as of November 3, 2019, and $1.4 million as of May 3, 2020.

The remaining amortization expense for the next five years and thereafter follows: FY 2021 - $37,000; FY 2022 - $76,000; FY 2023 - $76,000; FY 2024 - $76,000; FY 2025 - $76,000, and thereafter - $224,000.

The weighted average amortization period for the non-compete agreement is 7.5 years as of November 1, 2020.

Investment in Unconsolidated Joint Venture

6 Months Ended

Nov. 01, 2020

Equity Method Investments And Joint Ventures [Abstract]

Investment in Unconsolidated Joint Venture

8. Investment in Unconsolidated Joint Venture

Culp International Holdings, Ltd. (“Culp International”), a wholly-owned subsidiary of the company, entered into a joint venture agreement pursuant to which Culp International owns fifty percent of Class International Holdings, Ltd. (“CLIH”). CLIH produces cut and sewn mattress covers in an 80,000 square foot facility located in a modern industrial park on the northeastern border of Haiti, which borders the Dominican Republic. CLIH complements our mattress fabric operations with a reactive platform that enhances our ability to meet customer demand while adding a lower cost operation to our platform.

On December 20, 2019, CLIH entered into an agreement to construct an additional plant facility totaling 40,000 square feet, which was completed during September 2020. This new plant facility is near our existing operations and provides additional capacity that enhances our ability to produce sewn covers. This agreement requires payments totaling $1.2 million, of which $600,000 was paid in February 2020, $180,000 was paid in May 2020, and $420,000 was paid in September 2020.

CLIH reported net income totaling $334,000 for the six-month period ending November 1, 2020, and a net loss of $6,000 for the six-month period ending November 3, 2019. Our equity interest in CLIH’s net income was $167,000 for the six-month period ending November 1, 2020. Our equity interest in CLIH’s net loss was $3,000 for the six-month period ending November 3, 2019.

The following table summarizes information on assets, liabilities, and members’ equity of our equity method investment in CLIH:

(dollars in thousands)	November 1, 2020		November 3, 2019		May 3, 2020
Total assets	$	3,951	$	3,190	$	3,338
Total liabilities	$	232	$	182	$	133
Total members’ equity	$	3,719	$	3,008	$	3,205

As of November 1, 2020, November 3, 2019, and May 3, 2020, our investment in CLIH totaled $1.9 million, $1.5 million, and $1.6 million, respectively, which represents the company’s fifty percent ownership interest in CLIH.

Accrued Expenses

6 Months Ended

Nov. 01, 2020

Text Block [Abstract]

Accrued Expenses

9. Accrued Expenses

A summary of accrued expenses follows:

(dollars in thousands)	November 1, 2020		November 3, 2019		May 3, 2020
Compensation, commissions and related benefits	$	7,144	$	4,489	$	3,038
Interest		—		3		9
Other accrued expenses		4,540		4,756		2,807
	$	11,684	$	9,248	$	5,854

As of November 1, 2020, our entire accrued expenses totaling $11.7 million were classified as current accrued expenses in the accompanying Consolidated Balance Sheets. As of November 3, 2019, we had accrued expenses totaling $9.2 million, of which $8.3 million, $333,000, and $652,000 were classified as (i) current accrued expenses, (ii) long-term accrued expenses, and (iii) within current liabilities – discontinued operation, respectively, in the accompanying Consolidated Balance Sheets. As of May 3, 2020, we had accrued expenses totaling $5.9 million, of which $5.7 million and $167,000 were classified as (i) current accrued expenses and (ii) long-term accrued expenses, respectively, in the accompanying Consolidated Balance Sheets.

Lines of Credit and Paycheck Protection Program Loan

6 Months Ended

Nov. 01, 2020

Debt Disclosure [Abstract]

Lines of Credit and Paycheck Protection Program Loan

10. Lines of Credit and Paycheck Protection Program Loan

Revolving Credit Agreement – United States

Our Credit Agreement (“Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”) provides a revolving loan commitment of $30 million, is set to expire on August 15, 2022, and allows us to issue letters of credit not to exceed $1 million.

Interest is charged at a rate (applicable interest rate of 1.74%, 3.22%, and 1.75% as of November 1, 2020, November 3, 2019, and May 3, 2020, respectively) as a variable spread over LIBOR based on our ratio of debt to EBITDA. Outstanding borrowings are secured by a pledge of 65% of the common stock of Culp International Holdings Ltd. (our subsidiary located in the Cayman Islands).

As a result of the COVID-19 global pandemic and the uncertainty relating to the unknown duration and overall effect on the company, we proactively took a precautionary measure and borrowed the maximum amount available from this line of credit during the fourth quarter of fiscal 2020. Consequently, we had outstanding borrowings of $29.8 million under the Credit Agreement as of May 3, 2020. During June 2020, we repaid the entire $29.8 million outstanding balance and there were no additional borrowings made during the first half of fiscal 2021. As a result, there were no borrowings outstanding under the Credit Agreement as of November 1, 2020. Additionally, there were no borrowings outstanding under the Credit Agreement as of November 3, 2019.

As of November 1, 2020, November 3, 2019, and May 3, 2020, there were $250,000 in outstanding letters of credit (all of which related to workers compensation) provided by the Credit Agreement. As of November 1, 2020, we had $750,000 remaining for the issuance of additional letters of credit.

Seventh Amendment to the Credit Agreement

Effective June 30, 2020, we entered into a Seventh Amendment to our Credit Agreement (the “Seventh Amendment”) which includes provisions that (i) modify the method for calculating the company’s debt to EBITDA covenant under the Credit Agreement solely during the temporary period beginning on the date of the Seventh Amendment and ending on the Rate Determination Date (as defined in the Credit Agreement), following the end of the company’s fiscal 2021 fourth quarter (such temporary period, the “Modification Period,”), and (ii) amend the pricing matrix used to determine the interest rate payable on loans made under the Credit Agreement solely during the Modification Period.

Specifically, the Seventh Amendment provides that during Modification Period, the company’s ratio of debt to EBITDA shall be determined by excluding the fourth quarter of fiscal 2020 from the calculation thereof, such that the ratio shall be determined using the four most recent quarterly periods other than (i.e. excluding) the fourth quarter of fiscal 2020, rather than calculating on a rolling four-quarter basis. It further provides that during the Modification Period, the Applicable Margin (as defined in the Credit Agreement) set forth the pricing matrix is increased to 1.6% for price level I, 2.05% for price level II, 2.5% for price level III, and 3.0% for price level IV.

Additionally, the Seventh Amendment (i) changes the capital expenditure covenant by reducing permitted annual capital expenditures to $10 million during fiscal year 2021, (ii) changes the liens and other indebtedness covenant to reduce the permitted amount of allowable liens and other indebtedness to 5% of consolidated net worth, and (iii) adds a new covenant that prohibits the company, solely during the Modification Period, from paying dividends or repurchasing stock in excess of $10 million in the aggregate during the Modification Period.

Revolving Credit Agreements – China Operations

Denominated in Chinese Yuan Renminbi (“RMB”)

We have an unsecured credit agreement denominated in Chinese Renminbi with a bank located in China that provides for a line of credit up to 40 million RMB’s ($6.0 million USD as of November 1, 2020). This agreement has an interest rate determined by the Chinese government at the time of borrowing and was set to expire on December 4, 2020. As of May 3, 2020, there were outstanding borrowings under this agreement totaling $1.0 million at an applicable interest rate of 2.41%. During June 2020, we repaid the entire $1.0 million and there were no additional borrowings made during the first half of fiscal 2021. As a result, there were no borrowing outstanding under this agreement as of November 1, 2020. Additionally, there were no borrowing outstanding under this agreement as of November 3, 2019.

On December 1, 2020, we renewed this agreement to extend the expiration date to December 1, 2021, and maintain our borrowing capacity of 40 million RMB’s.

Denominated in United States Dollar (“USD”)

We have an unsecured credit agreement denominated in USD with another bank located in China that provides for a line of credit up to $2 million USD. This agreement has an interest rate determined by the Chinese government at the time of borrowing and is set to expire on July 7, 2021. As of November 1, 2020, there are no borrowings outstanding under this agreement.

Small Business Administration - Paycheck Protection Program

On April 15, 2020, we received a loan of $7.6 million (the “Loan”) pursuant to the U.S. Small Business Administration (the “SBA”) Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”). We planned to use the proceeds from the Loan for covered payroll costs, rent, and utilities in accordance with the applicable terms and conditions of the CARES Act. We believed the Loan would enable us to retain more of our employees, maintain payroll and benefits, and make lease and utility payments while producing and supplying critical products for essential businesses during the COVID-19 global pandemic.

Following our application and receipt of the Loan, the SBA and U.S. Treasury Department issued new guidance regarding eligibility requirements under the PPP, raising questions regarding the eligibility of publicly traded companies to receive loans under the program. As a result, out of an abundance of caution, we voluntarily repaid the Loan in full on May 13, 2020.

Overall

Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. As of November 1, 2020, we were in compliance with these financial covenants.

Fair Value

6 Months Ended

Nov. 01, 2020

Fair Value Disclosures [Abstract]

Fair Value

11. Fair Value

ASC Topic 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the company’s assumptions (unobservable inputs). Determining where an asset or liability falls within that hierarchy depends on the lowest level input that is significant to the fair value measurement as a whole. An adjustment to the pricing method used within either level 1 or level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy.

The hierarchy consists of three broad levels as follows:

Level 1 – Quoted market prices in active markets for identical assets or liabilities.

Level 2 – Inputs other than level 1 inputs that are either directly or indirectly observable.

Level 3 – Unobservable inputs developed using the company’s estimates and assumptions, which reflect those that market participants would use.

The determination of where an asset or liability falls in the hierarchy requires significant judgment. We evaluate our hierarchy disclosures each quarter based on various factors and it is possible that an asset or liability may be classified differently from quarter to quarter. However, we expect that changes in classifications between different levels will be rare.

Recurring Basis

The following table presents information about assets measured at fair value on a recurring basis:

Fair value measurements as of November 1, 2020 using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

7,665

N/A

7,665

Short Term Bond Funds

5,462

N/A

5,462

Growth Allocation Fund

255

N/A

255

Moderate Allocation Fund

N/A

Other

N/A

Fair value measurements as of November 3, 2019 using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

7,133

N/A

7,133

Growth Allocation Fund

222

N/A

222

Moderate Allocation Fund

132

N/A

132

Other

N/A

Fair value measurements as of May 3, 2020 using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

7,496

N/A

7,496

Short Term Bond Funds

923

N/A

923

Growth Allocation Fund

219

N/A

219

Moderate Allocation Fund

N/A

Other

N/A

Short-Term Investments – Available for Sale

Our short-term investments classified as available for sale consisted of short-term bond mutual funds and had an accumulated unrealized loss totaling $29,000 as of November 1, 2020, and $9,000 as of May 3, 2020. Our short-term investments classified as available for sale were recorded at their fair values of $5.5 million and $923,000 as of November 1, 2020, and May 3, 2020, respectively. As of November 1, 2020, and May 3, 2020, the fair value of our short-term investments approximated their cost basis. There were no short-term investments classified as available for sale as of November 3, 2019.

Short-Term and Long-Term Investments - Held-To-Maturity

Our investments classified as held-to-maturity consisted of investment grade U.S. corporate bonds, foreign bonds, and government bonds with original maturities that range from 2 to 10 years, all of which have remaining maturities of less than 2 years as of November 1, 2020. These investments were classified as held-to-maturity as we have the positive intent and ability to hold these investments until maturity. Our held-to-maturity investments were recorded as either current or noncurrent on our Consolidated Balance Sheets, based on the maturity date in relation to the respective reporting period, and were recorded at amortized cost.

As of November 1, 2020, and May 3, 2020, our held-to-maturity investments recorded at amortized cost totaled $5.8 million and $6.3 million, respectively. The fair value of our held-to-maturity investments as of November 1, 2020, and May 3, 2020, totaled $5.8 million and $6.4 million, respectively. There were no investments classified as held-to-maturity on November 3, 2019.

Our bond investments were classified as level 2 as they were traded over the counter within a broker network and not on an active market. The fair value of our bond investments was determined based on a published source that provided an average bid price. The average bid price was based on various broker prices that were determined based on market conditions, interest rates, and the rating of the respective bond investment.

Current Expected Credit Loses (“CECL”)- Available for Sale and Held-To-Maturity Investments

As of May 4, 2020, we did not have an allowance for credit losses related to our short-term available for sale and held-to-maturity investments, which are comprised mostly of fixed income securities that are predominantly high-grade U.S. and foreign corporate bonds, U.S. Treasury bonds, and short-term mutual bond funds.

As a result of our adoption of Topic 326 effective May 4, 2020, we determined that our credit loss exposure was immaterial due to the short-term nature of our mutual bond funds, and we have experienced historically low unrealized losses and gains during past reporting periods. In addition, it is not our intention to sell, and it is not likely that we will be required to sell, our held-to-maturity investments before the recovery of their amortized cost basis.

As of November 1, 2020, we reported an accumulated unrealized loss of $29,000 associated with our short-term investments classified as available for sale. As mentioned above, it is not our intention to sell nor is it likely that we will be required to sell, our held-to-maturity investments before the recovery of their amortized cost basis. Accordingly, we did not record any credit loss expense during the six-month period ending November 1, 2020.

Long-Term Investments - Rabbi Trust

We have a rabbi trust to set aside funds for participants of our deferred compensation plan (the “Plan”), which enables its participants to credit their contributions to various investment options of the Plan. The investments associated with the rabbi trust consist of a money market fund and various mutual funds that are classified as available for sale.

The long-term investments associated with our rabbi trust were recorded at their fair values of $8.1 million, $7.6 million, and $7.8 million as of November 1, 2020, November 3, 2019, and May 3, 2020, respectively. The long-term investments associated with our rabbi trust had an accumulated unrealized gain of $55,000, $55,000, and $19,000 as of November 1, 2020, and November 3, 2019, and May 3, 2020, respectively. The fair value of our long-term investments associated with our rabbi trust approximates their cost basis.

Other

The carrying amount of our cash and cash equivalents, accounts receivable, other current assets, accounts payable, and accrued expenses approximates fair value because of the short maturity of these financial instruments.

Nonrecurring Basis – Fourth Quarter Fiscal 2020

Continuing Operations

In accordance with ASC Topic 350 Intangibles – Goodwill and Other, we are required to assess our goodwill and tradename for impairment annually or between annual tests if we believe indicators of impairment exist. Accordingly, we performed our annual assessment of goodwill associated with our mattress fabrics segment and goodwill and tradename affiliated with Read as of May 3, 2020. Based on our qualitative assessment we concluded that impairment indicators existed, such as our unfavorable financial performance during the fourth quarter of fiscal 2020 and the significant decline in the price per share of our common stock and market capitalization stemming from the COVID-19 global pandemic. As a result, we determined it was more-likely-than-not that the goodwill associated with our mattress fabrics segment and the goodwill and tradename affiliated with Read were impaired, and therefore, we conducted quantitative asset impairment tests. Consequently, based on the results of our quantitative asset impairment tests as of May 3, 2020, we recorded an asset impairment charge totaling $13.6 million during our fourth quarter of fiscal 2020 for the entire carrying amount of our goodwill associated with our mattress fabrics segment and Read. Additionally, we recorded an asset impairment charge of $143,000 during the fourth quarter of fiscal 2020 which reduced the carrying amount of Read’s tradename to its fair value of $540,000.

Our fair values associated with our goodwill and tradename were determined using a discounted cash flow and the relief from royalty methods, respectively. These methods used significant unobservable inputs, and therefore, the fair values of our goodwill and tradename were classified within level 3 of the fair value hierarchy.

Discontinued Operation – Home Accessories Segment

During the fourth quarter of fiscal 2020, we recorded asset impairment charges totaling $6.6 million, of which $4.2 million and $2.4 million were for the entire remaining carrying value associated with our former home accessories segment’s tradename and goodwill. These impairment charges were based on the expected selling price of our entire ownership interest in eLuxury in comparison to its carrying amount. As disclosed in Note 3 of the consolidated financial statements, effective March 31, 2020, we sold our entire ownership interest in eLuxury to its noncontrolling interest holder resulting in the elimination of the home accessories segment at such time. Based on the terms of the sale agreement, we did not receive any consideration for eLuxury’s net assets associated with the sale of our entire ownership in eLuxury. We believe the expected selling price represents a significant observable input and therefore, the fair values of our former home accessories segment’s tradename and goodwill were classified within level 2 of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Cash Flow Information

6 Months Ended

Nov. 01, 2020

Supplemental Cash Flow Elements [Abstract]

Cash Flow Information

12. Cash Flow Information

Interest and income taxes paid (refunded) are as follows:

	Six months ended
(dollars in thousands)	November 1, 2020			November 3, 2019
Interest	$	60		$	40
Income taxes (1) (2)		(556	)		2,782

(1)

In accordance with the provisions of the 2017 Tax Cuts and Jobs Act (“TCJA”), corporate taxpayers were eligible to treat prior AMT credit carryforwards as refundable. Accordingly, we elected to treat our prior AMT credit carryforward balance of $1.5 million as refundable, and as a result, 50% of the $1.5 million refundable balance was expected to be received in each our fiscal years 2021 and 2022, respectively. We received our first 50% installment totaling $746,000 during the first quarter of fiscal 2021.

In accordance with the provisions of the CARES Act, 100% of AMT credit carryforwards for tax years beginning in the 2019 tax year were immediately refundable. Accordingly, we claimed credit for the remaining 50% installment of our refundable AMT credit carryforward in May 2020. We received our remaining 50% installment plus interest totaling $764,000 during the second quarter of fiscal 2021.

(2)

The net income tax refund totaling $556,000 during the first six months of fiscal 2021 represented AMT refunds totaling $1.5 million as referenced in note (1) above that were partially offset by a U.S. federal transition tax payment of $227,000 as required by the TCJA, and income tax payments associated with our foreign jurisdictions totaling $726,000. The income tax payments totaling $2.8 million during the first half of fiscal 2020 represented income tax payments associated with our foreign jurisdictions totaling $1.9 million and a withholding tax payment of $838,000 paid to the Chinese government for earnings and profits repatriated to the U.S. parent company.

Net Income (Loss) from Continuing Operations Per Share

6 Months Ended

Nov. 01, 2020

Earnings Per Share [Abstract]

Net Income (Loss) from Continuing Operations Per Share

13. Net Income (Loss) from Continuing Operations Per Share

Basic net income (loss) from continuing operations per share is computed using the weighted-average number of shares outstanding during the period. Diluted net income (loss) from continuing operations per share uses the weighted-average number of shares outstanding during the period plus the dilutive effect of stock-based compensation calculated using the treasury stock method.

Weighted average shares used in the computation of basic and diluted net income (loss) from continuing operations per share are as follows:

	Three months ended
(amounts in thousands)	November 1, 2020		November 3, 2019
Weighted average common shares outstanding, basic		12,298		12,408
Dilutive effect of stock-based compensation		26		—
Weighted average common shares outstanding, diluted		12,324		12,408

During the second quarter of fiscal 2021, 1,101 shares of unvested common stock were not included in the computation of diluted net income from continuing operations per share, as their effect would be antidilutive resulting from the decrease in the price per share of our common stock during the reporting period in relation to the price per share of our common stock as of the respective grant dates of our outstanding stock-based compensation awards.

During the second quarter of fiscal 2020, 6,938 shares of unvested common stock were not included in the computation of diluted net income from continuing operations per share, as their effect would be antidilutive as result of the decrease in the price

per share of our common stock during the reporting period in relation to the price per share of our common stock as of the respective grant dates of our outstanding stock-based compensation awards.

	Six months ended
(amounts in thousands)	November 1, 2020		November 3, 2019
Weighted average common shares outstanding, basic		12,293		12,403
Dilutive effect of stock-based compensation		—		10
Weighted average common shares outstanding, diluted		12,293		12,413

During the first half of fiscal 2021, we did not include a total of 38,313 shares of unvested common stock in the computation of diluted net loss from continuing operations per share. Of the total 38,313 shares of unvested common stock, (i) 26,099 shares were antidilutive resulting from the decrease in the price per share of our common stock during the reporting period in relation to the price per share of our common stock as of the respective grant dates of our outstanding stock-based compensation awards and (ii) 12,214 shares were antidilutive as we incurred a net loss during the reporting period.

During the first half of fiscal 2020, 1,407 shares of unvested common stock were not included in the computation of diluted net income from continuing operations per share, as their effect would be antidilutive, as result of the decrease in the price per share of our common stock during the reporting period in relation to the price per share of our common stock as of the respective grant dates of our outstanding stock-based compensation awards.

Segment Information

6 Months Ended

Nov. 01, 2020

Segment Reporting [Abstract]

Segment Information

14. Segment Information

Overall

Continuing Operations

Our continuing operations are classified into two business segments: mattress fabrics and upholstery fabrics.

Mattress Fabrics

The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers primarily to bedding manufacturers.

Upholstery Fabrics

The upholstery fabrics segment develops, manufactures, sources, and sells fabrics primarily to residential and commercial furniture manufacturers. Additionally, the segment includes Read, a wholly-owned subsidiary, which is a turn-key provider of window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation services of Read’s products for the hospitality and commercial industries. Read also supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters, and pillows.

Discontinued Operation – Home Accessories Segment

As disclosed in Note 3 of the consolidated financial statements, we sold our entire ownership interest in eLuxury on March 31, 2020, and consequently our home accessories segment was eliminated at such time. Thus, the results of operations associated with our home accessories segment were excluded from our continuing operations and presented as a discontinued operation in our consolidated financial statements.

Our former home accessories segment was our finished products business that manufactured, sourced, and sold bedding accessories and home goods directly to consumers and businesses through global e-commerce, business-to-business, and other sales channels.

See Note 3 of the consolidated financial statements for detailed financial information of our former home accessories segment. As disclosed in Note 3, a reconciliation is provided that has detailed balance sheet information as of November 3, 2019, that is reconciled to captions titled “current assets – discontinued operation”, “noncurrent assets – discontinued operation”, current liabilities – discontinued operation”, and “noncurrent liabilities – discontinued operation” presented in the Consolidated Balance Sheet as of November 3, 2019. Also, a reconciliation is provided that pertains to detailed income statement information disclosed in Note 3 and is reconciled to net loss from discontinued operation presented in the Consolidated Statements of Net Income for the three-month and six-month periods ending November 3, 2019.

Financial Information

We evaluate the operating performance of our current business segments based upon income (loss) from continuing operations before certain unallocated corporate expenses, asset impairments, restructuring credit (expense) and restructuring related charges, and other non-recurring items. Cost of sales for each segment includes costs to develop, manufacture, or source our products, including costs such as raw material and finished goods purchases, direct and indirect labor, overhead, and incoming freight charges. Unallocated corporate expenses primarily represent compensation and benefits for certain executive officers and their staff, all costs associated with being a public company, and other miscellaneous expenses. Segment assets include assets used in the operations of each segment and primarily consist of accounts receivable, inventories, property, plant, and equipment, and right of use assets. The mattress fabrics segment also includes in segment assets its investment in an unconsolidated joint venture. Goodwill and intangible assets are not included in segment assets as these assets are not used by the Chief Operating Decision Maker to evaluate the respective segment’s operating performance, allocate resources to individual segments, or determine executive compensation.

Statements of operations for our current operating segments are as follows:

	Three months ended
	November 1, 2020			November 3, 2019
net sales by segment:
mattress fabrics	$	40,030		$	35,666
upholstery fabrics		36,821			33,884
net sales	$	76,851		$	69,550
gross profit from continuing operations by segment:
mattress fabrics	$	7,584		$	6,247
upholstery fabrics		6,677			7,279
gross profit from continuing operations	$	14,261		$	13,526
selling, general, and administrative expenses by segment:
mattress fabrics	$	3,202		$	2,953
upholstery fabrics		3,390			3,806
unallocated corporate expenses		3,151			2,358
selling, general, and administrative expenses	$	9,743		$	9,117
income (loss) from continuing operations by segment:
mattress fabrics	$	4,382		$	3,294
upholstery fabrics		3,287			3,473
unallocated corporate expenses		(3,151	)		(2,358	)
total income from continuing operations		4,518			4,409
interest expense		—			(21	)
interest income		59			258
other expense		(680	)		(99	)
income before income taxes from continuing operations	$	3,897		$	4,547

	Six months ended
	November 1, 2020			November 3, 2019
net sales by segment:
mattress fabrics	$	76,133		$	74,525
upholstery fabrics		65,182			65,744
net sales	$	141,315		$	140,269
gross profit from continuing operations by segment:
mattress fabrics	$	12,191		$	11,938
upholstery fabrics		11,971			14,000
gross profit from continuing operations	$	24,162		$	25,938
selling, general, and administrative expenses by segment:
mattress fabrics	$	5,964		$	6,025
upholstery fabrics		6,570			7,652
unallocated corporate expenses		5,227			4,589
selling, general, and administrative expenses	$	17,761		$	18,266
income (loss) from continuing operations by segment:
mattress fabrics	$	6,227		$	5,913
upholstery fabrics		5,401			6,348
unallocated corporate expenses		(5,227	)		(4,589	)
subtotal		6,401			7,672
restructuring credit		—			35
total income from continuing operations		6,401			7,707
interest expense		(51	)		(21	)
interest income		117			518
other expense		(1,046	)		(194	)
income before income taxes from continuing operations	$	5,421		$	8,010

Balance sheet information for our current operating segments follows:

(dollars in thousands)	November 1, 2020		November 3, 2019		May 3, 2020
Segment assets:
Mattress Fabrics
Accounts receivable	$	15,914	$	11,224	$	12,212
Inventory		24,200		27,751		26,620
Property, plant and equipment (1)		38,818		42,899		40,682
Right of use assets (2)		1,186		170		362
Investment in unconsolidated joint venture		1,859		1,504		1,602
Total mattress fabrics assets		81,977		83,548		81,478
Upholstery Fabrics
Accounts receivable		17,046		12,666		12,881
Inventory		23,526		23,692		21,287
Property, plant and equipment (3)		2,014		1,774		1,633
Right of use assets (4)		3,269		2,610		1,633
Total upholstery fabrics assets		45,855		40,742		37,434
Total segment assets		127,832		124,290		118,912
Non-segment assets:
Cash and cash equivalents		45,288		46,955		69,790
Short-term investments - available for sale		5,462		—		923
Short-term investments - held-to-maturity		5,005		—		4,271
Current income taxes receivable		—		776		1,585
Current assets - discontinued operation		—		4,760		—
Other current assets		3,509		2,745		2,116
Deferred income taxes		645		511		793
Property, plant and equipment (5)		767		548		832
Right of use assets (6)		1,710		2,103		1,908
Goodwill		—		13,569		—
Intangible assets		3,192		3,711		3,380
Long-term investments - rabbi trust		8,060		7,575		7,834
Long-term investments - held-to-maturity		759		—		2,076
Noncurrent income taxes receivable		—		733		—
Other assets		547		496		664
Long-term note receivable affiliated with discontinued operation		—		1,800		—
Noncurrent assets - discontinued operation		—		22,950		—
Total assets	$	202,776	$	233,522	$	215,084

	Six months ended
(dollars in thousands)	November 1, 2020		November 3, 2019
Capital expenditures (7):
Mattress Fabrics	$	1,710	$	2,212
Upholstery Fabrics		181		229
Unallocated Corporate		111		266
Discontinued Operation		—		33
Total capital expenditures	$	2,002	$	2,740
Depreciation expense:
Mattress Fabrics	$	3,132	$	3,321
Upholstery Fabrics		406		382
Discontinued Operation		—		190
Total depreciation expense	$	3,538	$	3,893

(1)

The $38.8 million as of November 1, 2020, represents property, plant, and equipment of $26.5 million and $12.3 million located in the U.S. and Canada, respectively. The $42.9 million as of November 3, 2019, represents property, plant, and equipment of $30.5 million and $12.4 million located in the U.S. and Canada, respectively. The $40.7 million as of May 3, 2020, represents property, plant, and equipment of $27.7 million and $13.0 million located in the U.S. and Canada, respectively.

(2)	The $1.2 million as of November 1, 2020, represents right of use assets of $696,000 and $490,000 located in the U.S. and Canada, respectively. The $170,000 as of November 3, 2019, and the $362,000 as of May 3, 2020, represents right of use assets located in the U.S.

(3)

The $2.0 million as of November 1, 2020, represents property, plant, and equipment of $1.1 million and $904,000 located in the U.S. and China, respectively. The $1.8 million as of November 3, 2019, represents property, plant, and equipment of $1.3 million and $500,000 located in the U.S. and China, respectively. The $1.6 million as of May 3, 2020, represents property, plant, and equipment of $1.2 million and $471,000 located in the U.S. and China, respectively.

(4)

The $3.3 million as of November 1, 2020, represents right of use assets of $2.7 million and $561,000 located in China and the U.S., respectively. The $2.6 million as of November 3, 2019, represents right of use assets of $1.5 million and $1.1 million located in China and the U.S., respectively. The $1.6 million as of May 3, 2020, represents right of use assets of $857,000 and $776,000 located in the U.S. and China, respectively.

(5)

The $767,000, $548,000, and $832,000 as of November 1, 2020, November 3, 2019, and May 3, 2020, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics and upholstery fabrics segments. Property, plant, and equipment associated with our corporate departments reside in the U.S.

(6)	The $1.7 million, $2.1 million, and $1.9 million as of November 1, 2020, November 3, 2019, and May 3, 2020, respectively, represents right of use assets located in the U.S.

(7)	Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

6 Months Ended

Nov. 01, 2020

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

Income Tax Expense

Total income tax expense (benefit) for the six-month periods ending November 1, 2020, and November 3, 2019, were allocated as follows:

	November 1,		November 3,
(dollars in thousands)	2020		2019
Income from continuing operations	$	5,937	$	3,971
Loss from discontinued operations		—		(392	)
Total income tax expense	$	5,937	$	3,579

Effective Income Tax Rate

We recorded income tax expense of $5.9 million, or 109.5% of income before income taxes from continuing operations, for the six-month period ended November 1, 2020, compared with income tax expense of $4.0 million, or 49.6% of income before income taxes from continuing operations, for the six-month period ended November 3, 2019.

Our effective income tax rates associated with our continuing operations for the six-month periods ended November 1, 2020, and November 3, 2019, were based upon the estimated effective income tax rate applicable for the full year after giving effect to any significant items related specifically to interim periods. When calculating the annual estimated effective income tax rate for the six-months ended November 1, 2020, we were subject to a loss limitation rule in accordance with ASC Topic 740-270-30-36(a). This loss limitation rule required the taxable loss associated with our U.S. operations to be excluded from the annual estimated effective income tax rate calculation as it was determined that no tax benefit could be recognized resulting from the full valuation allowance against our U.S. income tax loss carryforward that is expected to originate during the current fiscal year. The effective income tax rate can be affected over the fiscal year by the mix and timing of actual earnings from our U.S. operations and foreign subsidiaries located in China and Canada versus annual projections, as well as changes in foreign currency exchange rates in relation to the U.S. dollar.

The following schedule summarizes the principal differences between income tax expense from continuing operations at the U.S. federal income tax rate and the effective income tax rate from continuing operations reflected in the consolidated financial statements for the six-month periods ending November 1, 2020 and November 3, 2019:

	November 1,			November 3,
	2020			2019
U.S. federal income tax rate		21.0	%		21.0	%
U.S. valuation allowance	141.6				—
U.S. income tax law change		(65.1	)		—
Global Intangible Low Taxed Income Tax ("GILTI")		—			12.7
Withholding taxes associated with foreign jurisdictions		8.4			6.1
Foreign income tax rate differential		6.6			3.5
Tax effects of foreign exchange rate (losses) gains		(4.0	)		2.3
Other		1.0			4.0
		109.5	%		49.6	%

U.S. Tax Law Change

Effective July 20, 2020, the U.S Treasury Department finalized and enacted previously proposed regulations regarding the GILTI tax provisions of the TCJA. Prior to this enactment, GILTI represented a significant U.S. income tax on our foreign earnings during fiscal 2019 ($2.1 million) and fiscal 2020 ($1.9 million). With the enactment of these final regulations, we are now eligible for an exclusion from GILTI since we meet the provisions for the GILTI High-Tax exception included in the final regulations. In addition, the enactment of the new regulations and our eligibility for the GILTI High-Tax exception are retroactive to the original enactment of the GILTI tax provision, which includes our 2019 and 2020 fiscal years.

As a result of the newly enacted regulations, we recorded a non-cash income tax benefit of $3.5 million resulting from the re-establishment of certain U.S. federal net operating loss carryforwards. This $3.5 million income tax benefit was recorded as a discrete event in which its full income tax effects were recorded in the first quarter and the six-month year-to-date period of fiscal 2021.

Valuation Allowance

In accordance with ASC Topic 740, we evaluate our deferred income taxes to determine if a valuation allowance is required. ASC Topic 740 requires that companies assess whether a valuation allowance should be established based on the consideration of all available evidence using a “more-likely-than-not” standard, with significant weight being given to evidence that can be objectively verified. Since the company operates in multiple jurisdictions, we assess the need for a valuation allowance on a jurisdiction-by-jurisdiction basis, considering the effects of local tax law.

As a result of the U.S. tax law change relating to the GILTI tax provisions of the TCJA, we assessed the need for an additional valuation allowance against our U.S. net deferred income taxes, as GILTI represented a significant source of our U.S. taxable income during fiscal 2019 and 2020 that offset our U.S. pre-tax losses during such years, and which offset is now reversed as a result of the retroactivity of the new regulations. Consequently, due to the retroactivity of the new regulations, we experienced a recent history of cumulative U.S. taxable losses during our last two fiscal years and we currently expect our history of U.S. pre-tax losses to continue into fiscal 2021, as a result of the continuing economic uncertainty associated with the COVID-19 global pandemic. As a result of the significant weight of this negative evidence, we believe it is more-likely-than-not that our U.S. net

deferred income tax assets will not be fully realizable. Accordingly, we recorded a non-cash income tax charge of $7.0 million to provide for a full valuation allowance against our U.S. net deferred income tax assets. This $7.0 million income tax charge was recorded as a discrete event in which its full income tax effects were recorded during the first quarter and the six-month year-to-date period of fiscal 2021.

Additionally, we recorded a $713,000 income tax charge to provide for a full valuation allowance against a U.S. income tax loss carryforward that originated during the first half of fiscal 2021.

Based on our assessments as of November 1, 2020, November 1, 2019, and May 3, 2020, valuation allowances against our net deferred income taxes pertain to the following:

(dollars in thousands)	November 1, 2020		November 3, 2019		May 3, 2020
U.S. federal and state net deferred income tax assets	$	8,543		711		867
U.S. capital loss carryforward		2,281		—		2,281
	$	10,824		711		3,148

Undistributed Earnings

In accordance with ASC Topic 740, we assess whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company. As of November 1, 2020, we assessed the liquidity requirements of our U.S. parent company and determined that our undistributed earnings from our foreign subsidiaries would not be reinvested indefinitely and would be eventually distributed to our U.S. parent company. The conclusion reached from our assessment has been consistent with prior years. ASC Topic 740 requires that a deferred income tax liability should be recorded for undistributed earnings from foreign subsidiaries that will not be reinvested indefinitely, and as a result we recorded a deferred income tax liability associated with undistributed earnings from our foreign subsidiaries. Also, we assess the recognition of U.S. foreign income tax credits associated with foreign withholding and income tax payments and whether it is more-likely-than-not that our foreign income tax credits will not be realized. If it is determined that any foreign income tax credits need to be recognized or it is more-likely-than-not our foreign income tax credits will not be realized, an adjustment to our provision for income taxes will be recognized at that time.

As a result of the TCJA, a U.S. corporation is allowed a 100% dividend received deduction for earnings and profits received from a 10% owned foreign corporation. Therefore, a deferred income tax liability will be required only for withholding taxes that are incurred by our foreign subsidiaries. As a result, as of November 1, 2020, November 3, 2019, and May 3, 2020, we recorded a deferred income tax liability of $3.9 million, $3.2 million, and $3.4 million, respectively, for withholding taxes on undistributed earnings and profits from our foreign subsidiaries.

Uncertain Income Tax Positions

In accordance with ASC Topic 740, an unrecognized income tax benefit for an uncertain income tax position can be recognized in the first interim period during which the more-likely-than-not recognition threshold is met by the reporting period, or is effectively settled through examination, negotiation, or litigation, or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. If it is determined that any of the above conditions occur regarding our uncertain income tax positions, an adjustment to our unrecognized income tax benefits will be recorded at that time.

As of November 1, 2020, we had a $1.4 million total gross unrecognized income tax benefit, of which $1.1 million and $380,000 were recorded to income taxes payable-long-term and noncurrent deferred income taxes, respectively, in the accompanying Consolidated Balance Sheets. As of November 3, 2019, we had a $914,000 total gross unrecognized income tax benefit of which the entire amount was recorded to income taxes payable-long-term in the accompanying Consolidated Balance Sheets. As of May 3, 2020, we had a $1.3 million total gross income tax benefit of which the entire amount was recorded to income taxes payable-long term in the accompanying Consolidated Balance Sheets.

As of November 1, 2020, we had a $1.4 million total gross unrecognized income tax benefit, of which $1.1 million would favorably affect the income tax rate in future periods. As of November 3, 2019, the entire $914,000 total gross unrecognized income tax benefit would have favorably affected the income tax rate in future periods. As of May 3, 2020, the entire $1.3 million total gross unrecognized income would have favorably affected the income tax rate in future periods.

Our gross unrecognized income tax benefit of $1.4 million relates to income tax positions for which significant change is currently not expected within the next year. This amount primarily relates to double taxation under applicable income tax treaties with foreign tax jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Stock-Based Compensation

6 Months Ended

Nov. 01, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

16. Stock-Based Compensation

Equity Incentive Plan Description

On September 16, 2015, our shareholders approved an equity incentive plan titled the Culp, Inc. 2015 Equity Incentive Plan (the “2015 Plan”). The 2015 Plan authorizes the grant of stock options intended to qualify as incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, and other equity and cash related awards as determined by our Compensation Committee. An aggregate of 1,200,000 shares of common stock were authorized for issuance under the 2015 Plan, with certain sub-limits that would apply with respect to specific types of awards that may be issued as defined in the 2015 Plan.

As of November 1, 2020, there were 548,729 shares available for future equity-based grants under our 2015 plan.

Performance-Based Restricted Stock Units

Senior Executives

We grant performance-based restricted stock units to certain senior executives which could earn up to a certain number of shares of common stock if certain performance targets are met over a three-fiscal year performance period as defined in the related restricted stock unit agreements. The number of shares of common stock that are earned based on the performance targets that have been achieved may be adjusted based on a market-based total shareholder return component as defined in the related restricted stock unit agreements.

Compensation cost for share-based awards is measured based on their fair market value on the date of grant. The fair market value per share was determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock for the performance-based component.

There were no performance-based restricted stock units granted to certain senior executives during the six-months ended November 1, 2020.

The following table provides assumptions used to determine the fair market value of the market-based total shareholder return component using the Monte Carlo simulation model on our outstanding performance-based restricted units granted to certain senior executives on July 18, 2019 and August 2, 2018:

	July 18,			August 2,
	2019			2018
Closing price of our common stock	$	18.49		$	24.35
Expected volatility of our common stock		30.0	%		33.5	%
Expected volatility of peer companies (1) (2)	29.9% - 82.3%				16.0	%
Risk-free interest rate		1.73	%		2.74	%
Dividend yield		2.10	%		1.35	%
Correlation coefficient of peer companies (1) (2)	0.00 - 0.43				0.47

(1)

The expected volatility and correlation coefficient of our peer companies for the July 18, 2019 grant date were based on peer companies that were approved by the Compensation Committee of our board of directors as an aggregate benchmark for determining the market-based total shareholder return component. Therefore, we disclosed ranges of the expected volatility and correlation coefficient for the companies that represented this peer group.

(2)

The expected volatility and correlation coefficient of our peer companies for the August 2, 2018 grant date were based on the Russell 2000 Index, which was approved by the Compensation Committee of our board of directors as the benchmark for determining the market-based total shareholder return component. Since the Russell 2000 Index was the only benchmark for determining the market-based total shareholder return component, no ranges were disclosed for these assumptions.

Key Employees and a Non-Employee

We grant performance-based restricted stock units which could earn up to a certain number of shares of common stock if certain performance targets are met over a three-fiscal year performance period as defined in the related restricted stock unit agreements.

Our performance-based restricted stock units granted to key employees were measured based on the fair market value (the closing price of our common stock) on the date of grant. No market-based total shareholder return component was included in these awards. Our performance-based restricted stock units granted to a non-employee, which vested during the first quarter of fiscal 2020, were measured based on the fair market value (closing price of our common stock) on the date when the performance criteria were met.

There were no performance-based restricted stock units granted to our key employees or any non-employees during the six-months ended November 1, 2020.

Overall

The following table summarizes information related to our grants of performance-based restricted stock units associated with certain senior executives and key employees that are currently unvested as of November 1, 2020:

	(3)		(4)
	Performance-Based		Restricted Stock
	Restricted Stock		Units Expected
Date of Grant	Units Awarded		to Vest		Price Per Share			Vesting Period
July 18, 2019 (1)		93,653		1,725	$	19.04	(5)	3 years
July 18, 2019 (2)		29,227		1,489	$	18.49	(7)	3 years
August 2, 2018 (1)		86,599		3,509	$	18.51	(6)	3 years
August 2, 2018 (2)		47,800		2,101	$	24.35	(7)	3 years

(1)	Performance-based restricted stock units awarded to certain senior executives.

(2)	Performance-based restricted stock units awarded to key employees.

(3)	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(4)

Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance goals will be met as of the end of the vesting period, and in turn the number of shares that are expected to be awarded at the end vesting period. These amounts represent the number of shares that were expected to vest as of November 1, 2020.

(5)

Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($18.49) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on July 18, 2019.

(6)

Price per share represents the fair market value per share ($0.76 per $1, or a reduction of $5.84 to the closing price of the common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($24.35) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on August 2, 2018.

(7)	Price per share represents the closing price of our common stock on the date of grant.

The following table summarizes information related to our performance-based restricted stock units that vested during the six-month periods ending November 1, 2020 and November 3, 2019:

	Performance-Based				(4)
	Restricted Stock		(3)		Price
Fiscal Year	Units Vested		Fair Value		Per Share
Fiscal 2021 (1)		3,277	$	33	$	9.96
Fiscal 2021 (1)		3,710	$	37	$	9.96
Fiscal 2020 (1)		11,351	$	197	$	17.36
Fiscal 2020 (2)		4,961	$	86	$	17.36

(1)	Certain senior executives and key employees.

(2)	Non-employee

(3)	Dollar amounts are in thousands.

(4)	Price per share is derived from the closing price of our common stock on the date the respective performance-based restricted stock units vested.

We recorded compensation expense of $89,000 and $275,000 within selling, general, and administrative expenses for the six-month periods ending November 1, 2020, and November 3, 2019, respectively. Compensation cost is recorded based on an

assessment each reporting period to determine the probability of whether or not certain performance targets will be met as of the end of the vesting period. If certain performance goals are not expected to be achieved, compensation cost would not be recorded, and any previously recognized compensation cost would be reversed.

As of November 1, 2020, the remaining unrecognized compensation cost related to our performance-based restricted stock units was $73,698, which is expected to be recognized over a weighted average vesting period of 1.5 years. As of November 1, 2020, the performance-based restricted stock units that were expected to vest had a fair value totaling $110,000.

Time-Based Restricted Stock Units

The following table summarizes information related to our grants of time-based restricted stock unit awards associated with certain senior executives and key members of management that are unvested as of November 1, 2020:

	Time-Based
	Restricted Stock		(1)
Date of Grant	Units Awarded		Price Per Share		Vesting Period
August 6, 2020		129,896	$	11.01	3 years
July 18, 2019		34,399	$	18.49	3 years
August 2, 2018		10,000	$	24.35	5 years

(1)	Price per share represents closing price of common stock on the date the respective award was granted.

Overall

We recorded compensation expense of $245,000 and $52,000 within selling, general, and administrative expenses associated with our time-based restricted stock unit awards for the six-month periods ending November 1, 2020, and November 3, 2019, respectively.

As of November 1, 2020, the remaining unrecognized compensation cost related to our time-based restricted stock units was $1.8 million, which is expected to be recognized over a weighted average vesting period of 2.5 years. As of November 1, 2020, the time-based restricted stock units that are expected to vest had a fair value totaling $2.2 million.

Common Stock Award

We granted a total of 5,193 and 7,000 shares of common stock to our outside directors on October 1, 2020 and July 1, 2020, respectively. These shares of common stock vested immediately and were measured at their fair value on the date of grant. The fair value of these awards was $13.48 and $10.00 per share on October 1, 2020 and July 1, 2020, respectively, which represents the closing price of our common stock on the date of grant.

We granted a total of 4,519 and 3,659 shares of common stock to our outside directors on October 1, 2019 and July 1, 2019, respectively. These shares of common stock vested immediately and were measured at their fair value on the date of grant. The fair value of these awards was $15.49 and $19.21 per share on October 1, 2019 and July 1, 2019, respectively, which represents the closing price of our common stock on the date of grant.

We recorded $140,000 of compensation expense within selling, general, and administrative expenses for common stock awards to our outside directors for each of the six-month periods ending November 1, 2020, and November 3, 2019.

Leases

6 Months Ended

Nov. 01, 2020

Assets And Liabilities Lessee [Abstract]

Leases

17. Leases

Overview

We lease manufacturing facilities, office space, distribution centers, and equipment under operating lease arrangements. We determine if an arrangement is a lease at its inception if it conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Operating leases with an initial term of twelve months or less are not recognized in our Consolidated Balance Sheets. For leases of more than twelve months, we recognize a right of use asset and lease liability on the commencement date of a lease arrangement based on the present value of lease payments over the lease term.

Our operating leases have remaining lease terms of one to six years, with renewal options for additional periods ranging up to ten years. A lease term may include renewal options if it is reasonably certain that the option to renew a lease period will be exercised. A renewal option is considered reasonably certain to be exercised if there is a significant economic incentive, as defined in ASC Topic 842, to exercise the renewal option on the date a lease arrangement is commenced. Currently, renewal

options are not included in the lease terms for any of our leases, as there is not a significant economic incentive for us to exercise any of our renewal options.

Most of our leases do not provide an implicit interest rate, and as a result, we use our incremental borrowing rate, which approximates a collateralized rate, based on information available on the commencement date of a lease arrangement in determining the present value of lease our payments.

Balance Sheet

The right of use assets and lease liabilities associated with our operating leases as of November 1, 2020, November 3, 2019, and May 3, 2020, are as follows:

			(1)
(dollars in thousands)	November 1, 2020		November 3, 2019		May 3, 2020
Right of use assets	$	6,165	$	5,879	$	3,903
Operating lease liability - current		2,316		2,282		1,805
Operating lease liability – noncurrent		4,008		3,439		2,016

(1)

As of November 3, 2019, right of use assets totaled $5.9 million, of which $4.9 million and $1.0 million were classified as (i) right of use asset and (ii) within noncurrent assets – discontinued operation, respectively, in the accompanying Consolidated Balance Sheets. At November 3, 2019, operating lease liabilities totaled $5.7 million, of which $2.1 million, $192,000, $2.6 million, and $825,000 were classified as (i) operating lease liability – current, (ii) within current liabilities – discontinued operation, (iii) operating lease liability – long-term, and (iv) within noncurrent liabilities – discontinued operation, respectively, in the accompanying Consolidated Balance Sheets.

Supplemental Cash Flow Information

	Six Months Ended		Six Months Ended
(dollars in thousands)	November 1, 2020		November 3, 2019
Operating lease liability payments	$	1,232	$	1,408
Right of use assets exchanged for lease liabilities		3,618		22

Operating lease expense for the three-months ended November 1, 2020, and November 3, 2019, was $696,000 and $706,000, respectively. Operating lease expense for each of the six-month periods ended November 1, 2020, and November 3, 2019, was $1.4 million. Short-term lease and variable lease expenses were immaterial for the three-months and six-months ended November 1, 2020, and November 3, 2019.

Other Information

Maturity of our operating lease liabilities for the remainder of fiscal 2021, the subsequent next four fiscal years, and thereafter follows:

(dollars in thousands)
2021	$	1,244
2022		1,955
2023		1,536
2024		1,172
2025		679
Thereafter		—
	$	6,586
Less: interest		(262	)
Present value of lease liabilities	$	6,324

As of November 1, 2020, the weighted average remaining lease term and discount rate for our operating leases follows:

	November 1, 2020
Weighted average lease term	3.3 years
Weighted average discount rate		2.51	%

As of November 3, 2019, the weighted average remaining lease term and discount rate for our operating leases follows:

	November 3, 2019
Weighted average lease term	3.4 years
Weighted average discount rate		3.82	%

Commitments and Contingencies

6 Months Ended

Nov. 01, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

18. Commitments and Contingencies

Litigation

The company is involved in legal proceedings and claims which have arisen in the ordinary course of business. Management has determined that it is not reasonably possible that these actions, when ultimately concluded and settled, will have a material adverse effect upon the financial position, results of operations, or cash flows of the company.

Accounts Payable – Capital Expenditures

As of November 1, 2020, November 3, 2019, and May 3, 2020, we had total amounts due regarding capital expenditures totaling $68,000, $402,000, and $107,000, respectively, which pertained to outstanding vendor invoices, none of which were financed. As of November 3, 2019, the total amount due of $402,000 consisted of $398,000 and $4,000 that were classified as (i) accounts payable – capital expenditures and (ii) within current liabilities – discontinued operation, respectively. These total outstanding amounts were required to be paid based on normal credit terms.

Purchase Commitments – Capital Expenditures

As of November 1, 2020, we had open purchase commitments to acquire equipment for our mattress fabrics segment totaling $5.0 million.

Statutory Reserves

6 Months Ended

Nov. 01, 2020

Text Block [Abstract]

Statutory Reserves

19. Statutory Reserves

Our subsidiary located in China was required to transfer 10% of its net income, as determined in accordance with the People’s Republic of China (PRC) accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reaches 50% of the company’s registered capital. As of November 1, 2020, the statutory surplus reserve fund represents the 50% registered capital limit, and therefore, our subsidiary in China is not required to transfer 10% of its net income in accordance with PRC accounting rules and regulations.

The transfer to this reserve must be made before distributions of any dividend to shareholders. As of November 1, 2020, the company’s statutory surplus reserve was $4.3 million. The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any. The surplus reserve fund may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them provided that the remaining reserve balance after such issue is not less than 25% of the registered capital.

Our subsidiaries located in China can transfer funds to the parent company except for the statutory surplus reserve of $4.3 million to assist with debt repayment, capital expenditures, and other expenses of the company’s business.

Common Stock Repurchase Program

6 Months Ended

Nov. 01, 2020

Text Block [Abstract]

Common Stock Repurchase Program

20. Common Stock Repurchase Program

In March 2020, our board of directors approved an authorization for us to acquire up to $5.0 million of our common stock. Under the common stock repurchase program, shares may be purchased from time to time in open market transactions, block trades, through plans established under the Securities Exchange Act Rule 10b5-1, or otherwise. The number of shares purchased, and the timing of such purchases will be based on working capital requirements, market and general business conditions, and other factors, including alternative investment opportunities.

As part of our comprehensive response to the COVID-19 pandemic, we announced on April 3, 2020, that our board of directors temporarily suspended the share repurchase program given the ongoing economic disruption and uncertainty. Accordingly, we did not purchase any shares of our common stock during the six-month period ending November 1, 2020. Additionally, we did not purchase any shares of our common stock during the six-month period ending November 3, 2019.

As of November 1, 2020, we had $5.0 million available for repurchases of our common stock.

Dividend Program

6 Months Ended

Nov. 01, 2020

Text Block [Abstract]

Dividend Program

21. Dividend Program

On December 3, 2020, we announced that our board of directors approved a quarterly cash dividend of $0.11 per share. This payment will be made on January 18, 2021, to shareholders of record as of January 8, 2021.

During the six-months ended November 1, 2020, dividend payments totaled $2.6 million, which represented quarterly dividend payments of $0.105 per share. During the six-months ended November 3, 2019, dividend payments totaled $2.5 million, which represented quarterly dividend payments of $0.10 per share.

Our board of directors has sole authority to determine if and when we will declare future dividends and on what terms. Future dividend payments are subject to final determination by our board of directors and will depend on our earnings, capital requirements, financial condition, excess availability under our lines of credit, market and economic conditions, and other factors we consider relevant.

Significant Accounting Policies (Policies)

6 Months Ended

Nov. 01, 2020

Accounting Policies [Abstract]

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Current Expected Credit Losses (“CECL”)

Recently Issued Accounting Pronouncements

Income Taxes

There are no other new recent accounting pronouncements that are expected to have a material impact on our consolidated financial statements.

Home Accessories Segment – Discontinued Operation (Tables)

6 Months Ended

Nov. 01, 2020

Discontinued Operations And Disposal Groups [Abstract]

Summary of Disposal of Discontinued Operation on Consolidated Balance Sheet

The following is a summary of the assets and liabilities of the disposal group that are presented separately as a discontinued operation on the Consolidated Balance Sheet as of November 3, 2019.

	November 3
(dollars in thousands)	2019
ASSETS
current assets:
cash and cash equivalents	$	228
accounts receivable		632
inventories		3,785
other current assets		115
total current assets - discontinued operation		4,760
property, plant, and equipment		1,752
goodwill		13,653
intangible asset		6,549
right of use asset		996
total noncurrent assets - discontinued operation		22,950
total assets	$	27,710
LIABILITIES AND NET ASSETS
current liabilities:
accounts payable	$	1,063
operating lease liability - current		192
accrued expenses		652
total current liabilities - discontinued operation		1,907
loan payable - Culp Inc.		1,800
subordinated loan payable - noncontrolling interest		925
operating lease liability - long-term		825
total noncurrent liabilities - discontinued operation		3,550
total liabilities		5,457
total net assets of discontinued operation	$	22,253

Summary of Net Loss from Discontinued Operation on Consolidated Consolidated Statements of Net Income

	Three Months Ended
	November 3,
(dollars in thousands)	2019
net sales	$	3,276
cost of sales		(2,699	)
gross profit		577
selling, general and administrative expenses		(1,003	)
interest expense (1)		(27	)
other income		12
loss before income taxes from discontinued operation		(441	)
income tax benefit		381
net loss from discontinued operation	$	(60	)

	Six Months Ended
	November 3,
(dollars in thousands)	2019
net sales	$	7,578
cost of sales		(6,048	)
gross profit		1,530
selling, general and administrative expenses		(2,565	)
interest expense (1)		(47	)
other income		20
loss before income taxes from discontinued operation		(1,062	)
income tax benefit		392
net loss from discontinued operation	$	(670	)

(1)	Interest expense is directly attributable to our discontinued operation as it pertains to the loans payable assumed by the buyer (the former noncontrolling interest holder) or required to be paid to Culp, Inc. based on the terms of the sale agreement.

Summary of Net Income (Loss) from Continuing Operations, Net Loss from Discontinued Operation, and Net Income (Loss) Attributable to Common Shareholders and Noncontrolling Interest

	Three Months Ended
	November 1,		November 3,
(dollars in thousands)	2020		2019
net income from continuing operations	$	2,384	$	2,252
net loss from continuing operations attributable to noncontrolling interest		—		—
net income from continuing operations attributable to Culp, Inc. common shareholders	$	2,384	$	2,252
net loss from discontinued operation	$	—	$	(60	)
net loss from discontinued operation attributable to noncontrolling interest		—		108
net income from discontinued operation attributable to Culp, Inc. common shareholders	$	—	$	48
net income	$	2,384	$	2,192
net loss from noncontrolling interest associated with a discontinued operation		—		108
net income attributable to Culp, Inc. common shareholders	$	2,384	$	2,300

	Six Months Ended
	November 1,			November 3,
(dollars in thousands)	2020			2019
net (loss) income from continuing operations	$	(349	)	$	4,036
net loss from continuing operations attributable to noncontrolling interest		—			—
net (loss) income from continuing operations attributable to Culp, Inc. common shareholders	$	(349	)	$	4,036
net loss from discontinued operation	$	—		$	(670	)
net loss from discontinued operation attributable to noncontrolling interest		—			272
net loss from discontinued operation attributable to Culp, Inc. common shareholders	$	—		$	(398	)
net (loss) income	$	(349	)	$	3,366
net loss from noncontrolling interest associated with a discontinued operation		—			272
net (loss) income attributable to Culp, Inc. common shareholders	$	(349	)	$	3,638

Allowance for Doubtful Accounts (Tables)

6 Months Ended

Nov. 01, 2020

Receivables [Abstract]

Summary of the Activity in the Allowance for Doubtful Accounts

A summary of the activity in the allowance for doubtful accounts follows:

	Six Months Ended
(dollars in thousands)	November 1, 2020		November 3, 2019
Beginning balance	$	472	$	393
Provision for bad debts		123		(27	)
Net write-offs, net of recoveries		—		—
Ending balance	$	595	$	366

Revenue from Contracts with Customers (Tables)

6 Months Ended

Nov. 01, 2020

Revenue From Contract With Customer [Abstract]

Summary of Activity Associated with Deferred Revenue

A summary of the activity associated with deferred revenue for the six-month periods ended November 1, 2020, and November 3, 2019, follows:

	Six months ended
(dollars in thousands)	November 1, 2020			November 3, 2019
Beginning balance	$	502		$	399
Revenue recognized on contract liabilities		(1,197	)		(1,536	)
Payments received for services not yet rendered		1,070			1,512
Ending balance	$	375		$	375

Summary of Disaggregation of Revenue

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending November 1, 2020:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	40,030	$	34,666	$	74,696
Services transferred over time		—		2,155		2,155
Total Net Sales	$	40,030	$	36,821	$	76,851

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the six-month period ending November 1, 2020:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	76,133	$	60,727	$	136,860
Services transferred over time		—		4,455		4,455
Total Net Sales	$	76,133	$	65,182	$	141,315

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending November 3, 2019:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	35,666	$	30,964	$	66,630
Services transferred over time		—		2,920		2,920
Total Net Sales	$	35,666	$	33,884	$	69,550

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the six-month period ending November 3, 2019:

	Mattress		Upholstery
(dollars in thousands)	Fabrics		Fabrics		Total
Products transferred at a point in time	$	74,525	$	60,792	$	135,317
Services transferred over time		—		4,952		4,952
Total Net Sales	$	74,525	$	65,744	$	140,269

Inventories (Tables)

6 Months Ended

Nov. 01, 2020

Inventory Disclosure [Abstract]

Summary of Inventories

A summary of inventories follows:

(dollars in thousands)	November 1, 2020		November 3, 2019			May 3, 2020
Raw materials	$	8,594	$	6,872		$	7,823
Work-in-process		3,056		2,973			1,958
Finished goods		36,076		45,383			38,126
	$	47,726	$	55,228	(1)	$	47,907

(1)	As of November 3, 2019, inventory totaled $55.2 million, of which $51.4 million and $3.8 million were classified as (i) inventory and (ii) within current assets – discontinued operation, respectively, in the accompanying Consolidated Balance Sheet.

Intangible Assets (Tables)

6 Months Ended

Nov. 01, 2020

Summary of Intangible Assets

A summary of intangible assets follows:

(dollars in thousands)	November 1, 2020		November 3, 2019			May 3, 2020
Tradenames	$	540	$	7,232		$	540
Customer relationships, net		2,087		2,388			2,238
Non-compete agreement, net		565		640			602
	$	3,192	$	10,260	(1)	$	3,380

(1)	As of November 3, 2019, intangible assets totaled $10.3 million, of which $3.7 million and $6.6 million were classified as (i) intangible assets and (ii) within noncurrent assets – discontinued operation, respectively, in the accompanying Consolidated Balance Sheets.

Customer Relationships [Member]

Summary of Change in Carrying Amount of Finite-Lived Intangible Assets

A summary of the change in the carrying amount of our customer relationships follows:

	Six months ended
(dollars in thousands)	November 1, 2020			November 3, 2019
Beginning balance	$	2,238		$	2,538
Amortization expense		(151	)		(150	)
Ending balance	$	2,087		$	2,388

Non-Compete Agreement [Member]

Summary of Change in Carrying Amount of Finite-Lived Intangible Assets

A summary of the change in the carrying amount of our non-compete agreement follows:

	Six months ended
(dollars in thousands)	November 1, 2020			November 3, 2019
Beginning balance	$	602		$	678
Amortization expense		(37	)		(38	)
Ending balance	$	565		$	640

Investment in Unconsolidated Joint Venture (Tables)

6 Months Ended

Nov. 01, 2020

Equity Method Investments And Joint Ventures [Abstract]

Summary of Equity Method Investment

The following table summarizes information on assets, liabilities, and members’ equity of our equity method investment in CLIH:

(dollars in thousands)	November 1, 2020		November 3, 2019		May 3, 2020
Total assets	$	3,951	$	3,190	$	3,338
Total liabilities	$	232	$	182	$	133
Total members’ equity	$	3,719	$	3,008	$	3,205

Accrued Expenses (Tables)

6 Months Ended

Nov. 01, 2020

Text Block [Abstract]

Summary of Accrued Expenses

A summary of accrued expenses follows:

(dollars in thousands)	November 1, 2020		November 3, 2019		May 3, 2020
Compensation, commissions and related benefits	$	7,144	$	4,489	$	3,038
Interest		—		3		9
Other accrued expenses		4,540		4,756		2,807
	$	11,684	$	9,248	$	5,854

Fair Value (Tables)

6 Months Ended

Nov. 01, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following table presents information about assets measured at fair value on a recurring basis:

Fair value measurements as of November 1, 2020 using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

7,665

N/A

7,665

Short Term Bond Funds

5,462

N/A

5,462

Growth Allocation Fund

255

N/A

255

Moderate Allocation Fund

N/A

Other

N/A

Fair value measurements as of November 3, 2019 using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

7,133

N/A

7,133

Growth Allocation Fund

222

N/A

222

Moderate Allocation Fund

132

N/A

132

Other

N/A

Fair value measurements as of May 3, 2020 using:

Quoted prices

Significant

in active

other

Significant

markets for

observable

unobservable

identical assets

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

7,496

N/A

7,496

Short Term Bond Funds

923

N/A

923

Growth Allocation Fund

219

N/A

219

Moderate Allocation Fund

N/A

Other

N/A

Cash Flow Information (Tables)

6 Months Ended

Nov. 01, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of Interest and Income Taxes Paid (Refunded)

Interest and income taxes paid (refunded) are as follows:

	Six months ended
(dollars in thousands)	November 1, 2020			November 3, 2019
Interest	$	60		$	40
Income taxes (1) (2)		(556	)		2,782

(1)

(2)

Net Income (Loss) from Continuing Operations Per Share (Tables)

6 Months Ended

Nov. 01, 2020

Earnings Per Share [Abstract]

Schedule of Weighted Average Shares Used in the Computation of Basic and Diluted Net Income (Loss) from Continuing Operations Per Share

Weighted average shares used in the computation of basic and diluted net income (loss) from continuing operations per share are as follows:

	Three months ended
(amounts in thousands)	November 1, 2020		November 3, 2019
Weighted average common shares outstanding, basic		12,298		12,408
Dilutive effect of stock-based compensation		26		—
Weighted average common shares outstanding, diluted		12,324		12,408

	Six months ended
(amounts in thousands)	November 1, 2020		November 3, 2019
Weighted average common shares outstanding, basic		12,293		12,403
Dilutive effect of stock-based compensation		—		10
Weighted average common shares outstanding, diluted		12,293		12,413

Segment Information (Tables)

6 Months Ended

Nov. 01, 2020

Segment Reporting [Abstract]

Schedule of Operating Segments Information

Statements of operations for our current operating segments are as follows:

	Three months ended
	November 1, 2020			November 3, 2019
net sales by segment:
mattress fabrics	$	40,030		$	35,666
upholstery fabrics		36,821			33,884
net sales	$	76,851		$	69,550
gross profit from continuing operations by segment:
mattress fabrics	$	7,584		$	6,247
upholstery fabrics		6,677			7,279
gross profit from continuing operations	$	14,261		$	13,526
selling, general, and administrative expenses by segment:
mattress fabrics	$	3,202		$	2,953
upholstery fabrics		3,390			3,806
unallocated corporate expenses		3,151			2,358
selling, general, and administrative expenses	$	9,743		$	9,117
income (loss) from continuing operations by segment:
mattress fabrics	$	4,382		$	3,294
upholstery fabrics		3,287			3,473
unallocated corporate expenses		(3,151	)		(2,358	)
total income from continuing operations		4,518			4,409
interest expense		—			(21	)
interest income		59			258
other expense		(680	)		(99	)
income before income taxes from continuing operations	$	3,897		$	4,547

	Six months ended
	November 1, 2020			November 3, 2019
net sales by segment:
mattress fabrics	$	76,133		$	74,525
upholstery fabrics		65,182			65,744
net sales	$	141,315		$	140,269
gross profit from continuing operations by segment:
mattress fabrics	$	12,191		$	11,938
upholstery fabrics		11,971			14,000
gross profit from continuing operations	$	24,162		$	25,938
selling, general, and administrative expenses by segment:
mattress fabrics	$	5,964		$	6,025
upholstery fabrics		6,570			7,652
unallocated corporate expenses		5,227			4,589
selling, general, and administrative expenses	$	17,761		$	18,266
income (loss) from continuing operations by segment:
mattress fabrics	$	6,227		$	5,913
upholstery fabrics		5,401			6,348
unallocated corporate expenses		(5,227	)		(4,589	)
subtotal		6,401			7,672
restructuring credit		—			35
total income from continuing operations		6,401			7,707
interest expense		(51	)		(21	)
interest income		117			518
other expense		(1,046	)		(194	)
income before income taxes from continuing operations	$	5,421		$	8,010

Balance sheet information for our current operating segments follows:

(dollars in thousands)	November 1, 2020		November 3, 2019		May 3, 2020
Segment assets:
Mattress Fabrics
Accounts receivable	$	15,914	$	11,224	$	12,212
Inventory		24,200		27,751		26,620
Property, plant and equipment (1)		38,818		42,899		40,682
Right of use assets (2)		1,186		170		362
Investment in unconsolidated joint venture		1,859		1,504		1,602
Total mattress fabrics assets		81,977		83,548		81,478
Upholstery Fabrics
Accounts receivable		17,046		12,666		12,881
Inventory		23,526		23,692		21,287
Property, plant and equipment (3)		2,014		1,774		1,633
Right of use assets (4)		3,269		2,610		1,633
Total upholstery fabrics assets		45,855		40,742		37,434
Total segment assets		127,832		124,290		118,912
Non-segment assets:
Cash and cash equivalents		45,288		46,955		69,790
Short-term investments - available for sale		5,462		—		923
Short-term investments - held-to-maturity		5,005		—		4,271
Current income taxes receivable		—		776		1,585
Current assets - discontinued operation		—		4,760		—
Other current assets		3,509		2,745		2,116
Deferred income taxes		645		511		793
Property, plant and equipment (5)		767		548		832
Right of use assets (6)		1,710		2,103		1,908
Goodwill		—		13,569		—
Intangible assets		3,192		3,711		3,380
Long-term investments - rabbi trust		8,060		7,575		7,834
Long-term investments - held-to-maturity		759		—		2,076
Noncurrent income taxes receivable		—		733		—
Other assets		547		496		664
Long-term note receivable affiliated with discontinued operation		—		1,800		—
Noncurrent assets - discontinued operation		—		22,950		—
Total assets	$	202,776	$	233,522	$	215,084

	Six months ended
(dollars in thousands)	November 1, 2020		November 3, 2019
Capital expenditures (7):
Mattress Fabrics	$	1,710	$	2,212
Upholstery Fabrics		181		229
Unallocated Corporate		111		266
Discontinued Operation		—		33
Total capital expenditures	$	2,002	$	2,740
Depreciation expense:
Mattress Fabrics	$	3,132	$	3,321
Upholstery Fabrics		406		382
Discontinued Operation		—		190
Total depreciation expense	$	3,538	$	3,893

(1)

(2)	The $1.2 million as of November 1, 2020, represents right of use assets of $696,000 and $490,000 located in the U.S. and Canada, respectively. The $170,000 as of November 3, 2019, and the $362,000 as of May 3, 2020, represents right of use assets located in the U.S.

(3)

(4)

(5)

(6)	The $1.7 million, $2.1 million, and $1.9 million as of November 1, 2020, November 3, 2019, and May 3, 2020, respectively, represents right of use assets located in the U.S.

(7)	Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.

Income Taxes (Tables)

6 Months Ended

Nov. 01, 2020

Income Tax Disclosure [Abstract]

Schedule of Allocation of Income Tax Expense

Total income tax expense (benefit) for the six-month periods ending November 1, 2020, and November 3, 2019, were allocated as follows:

	November 1,		November 3,
(dollars in thousands)	2020		2019
Income from continuing operations	$	5,937	$	3,971
Loss from discontinued operations		—		(392	)
Total income tax expense	$	5,937	$	3,579

Summary of Differences in Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate

	November 1,			November 3,
	2020			2019
U.S. federal income tax rate		21.0	%		21.0	%
U.S. valuation allowance	141.6				—
U.S. income tax law change		(65.1	)		—
Global Intangible Low Taxed Income Tax ("GILTI")		—			12.7
Withholding taxes associated with foreign jurisdictions		8.4			6.1
Foreign income tax rate differential		6.6			3.5
Tax effects of foreign exchange rate (losses) gains		(4.0	)		2.3
Other		1.0			4.0
		109.5	%		49.6	%

Summary of Valuation Allowances Against Net Deferred Income Taxes

Based on our assessments as of November 1, 2020, November 1, 2019, and May 3, 2020, valuation allowances against our net deferred income taxes pertain to the following:

(dollars in thousands)	November 1, 2020		November 3, 2019		May 3, 2020
U.S. federal and state net deferred income tax assets	$	8,543		711		867
U.S. capital loss carryforward		2,281		—		2,281
	$	10,824		711		3,148

Stock-Based Compensation (Tables)

6 Months Ended

Nov. 01, 2020

Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units

	July 18,			August 2,
	2019			2018
Closing price of our common stock	$	18.49		$	24.35
Expected volatility of our common stock		30.0	%		33.5	%
Expected volatility of peer companies (1) (2)	29.9% - 82.3%				16.0	%
Risk-free interest rate		1.73	%		2.74	%
Dividend yield		2.10	%		1.35	%
Correlation coefficient of peer companies (1) (2)	0.00 - 0.43				0.47

(1)

(2)

Performance-Based Restricted Stock Units [Member]

Summary of Vested Restricted Stock Units

The following table summarizes information related to our performance-based restricted stock units that vested during the six-month periods ending November 1, 2020 and November 3, 2019:

	Performance-Based				(4)
	Restricted Stock		(3)		Price
Fiscal Year	Units Vested		Fair Value		Per Share
Fiscal 2021 (1)		3,277	$	33	$	9.96
Fiscal 2021 (1)		3,710	$	37	$	9.96
Fiscal 2020 (1)		11,351	$	197	$	17.36
Fiscal 2020 (2)		4,961	$	86	$	17.36

(1)	Certain senior executives and key employees.

(2)	Non-employee

(3)	Dollar amounts are in thousands.

(4)	Price per share is derived from the closing price of our common stock on the date the respective performance-based restricted stock units vested.

Executive officers and key employees [Member]

Summary of Grants of Performance-Based Restricted Stock Units

	(3)		(4)
	Performance-Based		Restricted Stock
	Restricted Stock		Units Expected
Date of Grant	Units Awarded		to Vest		Price Per Share			Vesting Period
July 18, 2019 (1)		93,653		1,725	$	19.04	(5)	3 years
July 18, 2019 (2)		29,227		1,489	$	18.49	(7)	3 years
August 2, 2018 (1)		86,599		3,509	$	18.51	(6)	3 years
August 2, 2018 (2)		47,800		2,101	$	24.35	(7)	3 years

(1)	Performance-based restricted stock units awarded to certain senior executives.

(2)	Performance-based restricted stock units awarded to key employees.

(3)	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.

(4)

(5)

(6)

(7)	Price per share represents the closing price of our common stock on the date of grant.

Senior Executives and Management [Member] | Time-Based Restricted Stock Units [Member]

Summary of Grants of Time-Based Restricted Stock Unit Awards

	Time-Based
	Restricted Stock		(1)
Date of Grant	Units Awarded		Price Per Share		Vesting Period
August 6, 2020		129,896	$	11.01	3 years
July 18, 2019		34,399	$	18.49	3 years
August 2, 2018		10,000	$	24.35	5 years

(1)	Price per share represents closing price of common stock on the date the respective award was granted.

Leases (Tables)

6 Months Ended

Nov. 01, 2020

Assets And Liabilities Lessee [Abstract]

Summary of right of use assets and lease liabilities

The right of use assets and lease liabilities associated with our operating leases as of November 1, 2020, November 3, 2019, and May 3, 2020, are as follows:

			(1)
(dollars in thousands)	November 1, 2020		November 3, 2019		May 3, 2020
Right of use assets	$	6,165	$	5,879	$	3,903
Operating lease liability - current		2,316		2,282		1,805
Operating lease liability – noncurrent		4,008		3,439		2,016

(1)

Supplemental Cash Flow Information

	Six Months Ended		Six Months Ended
(dollars in thousands)	November 1, 2020		November 3, 2019
Operating lease liability payments	$	1,232	$	1,408
Right of use assets exchanged for lease liabilities		3,618		22

Leases-Other Information

Other Information

Maturity of our operating lease liabilities for the remainder of fiscal 2021, the subsequent next four fiscal years, and thereafter follows:

(dollars in thousands)
2021	$	1,244
2022		1,955
2023		1,536
2024		1,172
2025		679
Thereafter		—
	$	6,586
Less: interest		(262	)
Present value of lease liabilities	$	6,324

Summary of weighted average remaining lease term and discount rate

As of November 1, 2020, the weighted average remaining lease term and discount rate for our operating leases follows:

	November 1, 2020
Weighted average lease term	3.3 years
Weighted average discount rate		2.51	%

As of November 3, 2019, the weighted average remaining lease term and discount rate for our operating leases follows:

	November 3, 2019
Weighted average lease term	3.4 years
Weighted average discount rate		3.82	%

Home Accessories Segment - Discontinued Operation - Narrative (Detail) - USD ($)		3 Months Ended		6 Months Ended
	Mar. 31, 2020	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Discontinued Operations [Line Items]
Payment received from royalty agreement		$ 28,000		$ 80,000
Leases, monthly payments				$ 1,232,000	$ 1,408,000
eLuxury [Member]
Discontinued Operations [Line Items]
Net sales and cost of sales from continuing operations related to inventory shipments			$ 207,000		381,000
Unpaid lease payments guarantees percentage				70.00%
Lease agreement expiry date				2024-09
Leases, monthly payments				$ 18,865
eLuxury [Member]
Discontinued Operations [Line Items]
Amount of consideration received in sale of ownership at closing	$ 509,500
Amount of settlement of borrowings payable by eLuxury under the agreement	300,000
Amount of loan, borrowers agreed to repay after closing of sale transaction	$ 1,000,000
Disposal group loan amount closing period after sale transaction	30 days
Outstanding trade accounts payable due from disposal group	$ 613,000
Trade accounts payable, repayment period	60 days
Net sales related to inventory shipments in supply agreement		$ 41,000		$ 285,000
eLuxury [Member] \| Discontinued Operations [Member]
Discontinued Operations [Line Items]
Net cash (used in) provided by operating activities discontinued operations					(2,200,000)
Net cash used in investing activities discontinued operation					(32,000)
Net cash (used in) provided by financing activities discontinued operations					$ 2,400,000

Home Accessories Segment - Discontinued Operation - Summary of Disposal of Discontinued Operation on Consolidated Balance Sheet (Detail) $ in Thousands	Nov. 03, 2019 USD ($)
ASSETS
total current assets - discontinued operation	$ 4,760
total noncurrent assets - discontinued operation	22,950
LIABILITIES AND NET ASSETS
total current liabilities - discontinued operation	1,907
total noncurrent liabilities - discontinued operation	3,550
eLuxury [Member]
ASSETS
cash and cash equivalents	228
accounts receivable	632
inventories	3,785
other current assets	115
total current assets - discontinued operation	4,760
property, plant, and equipment	1,752
goodwill	13,653
intangible asset	6,549
right of use asset	996
total noncurrent assets - discontinued operation	22,950
total assets	27,710
LIABILITIES AND NET ASSETS
accounts payable	1,063
operating lease liability - current	192
accrued expenses	652
total current liabilities - discontinued operation	1,907
loan payable - Culp Inc.	1,800
subordinated loan payable - noncontrolling interest	925
operating lease liability - long-term	825
total noncurrent liabilities - discontinued operation	3,550
total liabilities	5,457
total net assets of discontinued operation	$ 22,253

Home Accessories Segment - Discontinued Operation - Summary of Net Loss from Discontinued Operation on Consolidated Consolidated Statements of Net Income (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Nov. 03, 2019

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

loss before income taxes from discontinued operation

$ (441)

$ (1,062)

income tax benefit

381

392

Net loss from discontinued operation

(60)

(670)

Discontinued Operations [Member] | eLuxury [Member]

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

net sales

3,276

7,578

cost of sales

(2,699)

(6,048)

gross profit

577

1,530

selling, general and administrative expenses

(1,003)

(2,565)

interest expense

^[1]

(27)

(47)

other income

loss before income taxes from discontinued operation

(441)

(1,062)

income tax benefit

381

392

Net loss from discontinued operation

$ (60)

$ (670)

[1]	Interest expense is directly attributable to our discontinued operation as it pertains to the loans payable assumed by the buyer (the former noncontrolling interest holder) or required to be paid to Culp, Inc. based on the terms of the sale agreement.

Home Accessories Segment - Discontinued Operation - Summary of Net Income (Loss) from Continuing Operations, Net Loss from Discontinued Operation, and Net Income (Loss) Attributable to Common Shareholders and Noncontrolling Interest (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Nov. 01, 2020	Aug. 02, 2020	Nov. 03, 2019	Aug. 04, 2019	Nov. 01, 2020	Nov. 01, 2020	Nov. 03, 2019
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
net (loss) income from continuing operations	$ 2,384		$ 2,252			$ (349)	$ 4,036
net loss from discontinued operation			(60)				(670)
Net (loss) income	2,384	$ (2,733)	2,192	$ 1,174		$ (349)	3,366
Discontinued Operations [Member] \| eLuxury [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
net (loss) income from continuing operations	2,384		2,252		$ (349)		4,036
net (loss) income from continuing operations attributable to Culp, Inc. common shareholders	2,384		2,252		(349)		4,036
net loss from discontinued operation			(60)				(670)
net loss from discontinued operation attributable to noncontrolling interest			108				272
net (loss) income from continuing operations attributable to Culp, Inc. common shareholders			48				(398)
Net (loss) income	2,384		2,192		(349)		3,366
net loss from noncontrolling interest associated with a discontinued operation			108				272
net (loss) income attributable to Culp, Inc. common shareholders	$ 2,384		$ 2,300		$ (349)		$ 3,638

Allowance for Doubtful Accounts - Summary of the Activity in the Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($) $ in Thousands	6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ 472	$ 393
Provision for bad debts	123	(27)
Ending balance	$ 595	$ 366

Allowance for Doubtful Accounts - Narrative (Detail) - USD ($) $ in Thousands	Nov. 01, 2020	May 03, 2020	Nov. 03, 2019	Apr. 28, 2019
Allowance for doubtful accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts	$ 595	$ 472	$ 366	$ 393

Revenue from Contracts with Customers - Narrative (Detail)	3 Months Ended		6 Months Ended
	Nov. 01, 2020 USD ($)	Nov. 03, 2019 USD ($)	Nov. 01, 2020 USD ($) Segment	Nov. 03, 2019 USD ($)	May 03, 2020 USD ($)
Contract Assets and Liabilities [Line Items]
Number of operating segments \| Segment			2
Net sales	$ 76,851,000	$ 69,550,000	$ 141,315,000	$ 140,269,000
Contract assets recognized	$ 0	0	$ 0	0	$ 0
Minimum [Member]
Contract Assets and Liabilities [Line Items]
Contract with customers credit period			15 days
Maximum [Member]
Contract Assets and Liabilities [Line Items]
Contract with customers credit period			60 days
Home Accessories [Member] \| Discontinued Operations [Member]
Contract Assets and Liabilities [Line Items]
Net sales		$ 3,300,000		$ 7,600,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue from Contracts with Customers - Summary of the activity associated with deferred revenue (Detail) - USD ($)
$ in Thousands

6 Months Ended

Nov. 01, 2020

Nov. 03, 2019

Revenue From Contract With Customer [Abstract]

Beginning balance

$ 502

^[1]

$ 399

Revenue recognized on contract liabilities

(1,197)

(1,536)

Payments received for services not yet rendered

1,070

1,512

Ending balance

$ 375

[1]	Derived from audited financial statements.

Revenue from Contracts with Customers - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 76,851	$ 69,550	$ 141,315	$ 140,269
Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	74,696	66,630	136,860	135,317
Transferred over Time [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	2,155	2,920	4,455	4,952
Mattress Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	40,030	35,666	76,133	74,525
Mattress Fabrics [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	40,030	35,666	76,133	74,525
Upholstery Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	36,821	33,884	65,182	65,744
Upholstery Fabrics [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	34,666	30,964	60,727	60,792
Upholstery Fabrics [Member] \| Transferred over Time [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 2,155	$ 2,920	$ 4,455	$ 4,952

- Definition

+ References

+ Details

Inventories - Summary of Inventories (Detail) - USD ($)
$ in Thousands

Nov. 01, 2020

May 03, 2020

Nov. 03, 2019

Inventory Disclosure [Abstract]

Raw materials

$ 8,594

$ 7,823

$ 6,872

Work-in-process

3,056

1,958

2,973

Finished goods

36,076

38,126

45,383

Inventories

$ 47,726

$ 47,907

$ 55,228

^[1]

[1]	As of November 3, 2019, inventory totaled $55.2 million, of which $51.4 million and $3.8 million were classified as (i) inventory and (ii) within current assets – discontinued operation, respectively, in the accompanying Consolidated Balance Sheet.

Inventories - Summary of Inventories (Parenthetical) (Detail) - USD ($)
$ in Thousands

Nov. 01, 2020

May 03, 2020

Nov. 03, 2019

Inventory [Line Items]

Inventories

$ 47,726

$ 47,907

$ 55,228

^[1]

Inventories

$ 47,726

$ 47,907

^[2]

51,443

Inventories [Member]

Inventory [Line Items]

Inventories

51,400

Current Assets - Discontinued Operation [Member]

Inventory [Line Items]

Inventories

$ 3,800

[1]	As of November 3, 2019, inventory totaled $55.2 million, of which $51.4 million and $3.8 million were classified as (i) inventory and (ii) within current assets – discontinued operation, respectively, in the accompanying Consolidated Balance Sheet.
[2]	Derived from audited financial statements.

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($)	Nov. 01, 2020	May 03, 2020	Nov. 03, 2019	Apr. 28, 2019
Intangible Assets [Line Items]
Tradenames	$ 540,000	$ 540,000	$ 7,232,000
Intangible assets	3,192,000	3,380,000	10,260,000
Customer Relationships [Member]
Intangible Assets [Line Items]
Finite-lived intangible assets, net	2,087,000	2,238,000	2,388,000	$ 2,538,000
Non-Compete Agreement [Member]
Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 565,000	$ 602,000	$ 640,000	$ 678,000

Intangible Assets - Summary of Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	Nov. 01, 2020	May 03, 2020	Nov. 03, 2019
Intangible Assets [Line Items]
Intangible assets	$ 3,192	$ 3,380	$ 10,260
Continuing Operation [Member]
Intangible Assets [Line Items]
Intangible assets			3,700
Discontinued Operation [Member]
Intangible Assets [Line Items]
Intangible assets			$ 6,600

Intangible Assets - Narrative (Detail) - USD ($)	3 Months Ended	6 Months Ended
Intangible Assets - Narrative (Detail) - USD ($)	May 03, 2020	Nov. 01, 2020	Nov. 03, 2019
Intangible Assets [Line Items]
Tradenames	$ 540,000	$ 540,000	$ 7,232,000
Gross carrying amount of customer relationships	3,100,000	3,100,000	3,100,000
Gross carrying amount of non-compete agreement	2,000,000.0	2,000,000.0	2,000,000.0
Customer Relationships [Member]
Intangible Assets [Line Items]
Accumulated amortization	877,000	1,000,000.0	727,000
Remaining amortization expense for the fiscal year		151,000
Remaining amortization expense for the first fiscal year		301,000
Remaining amortization expense for the second fiscal year		301,000
Remaining amortization expense for the third fiscal year		301,000
Remaining amortization expense for the fourth fiscal year		301,000
Remaining amortization expense for the fiscal year thereafter		$ 732,000
Weighted average remaining amortization period		7 years 1 month 6 days
Customer Relationships [Member] \| Minimum [Member]
Intangible Assets [Line Items]
Useful life		9 years
Customer Relationships [Member] \| Maximum [Member]
Intangible Assets [Line Items]
Useful life		17 years
Non-Compete Agreement [Member]
Intangible Assets [Line Items]
Useful life		15 years
Accumulated amortization	1,400,000	$ 1,500,000	$ 1,400,000
Remaining amortization expense for the fiscal year		37,000
Remaining amortization expense for the first fiscal year		76,000
Remaining amortization expense for the second fiscal year		76,000
Remaining amortization expense for the third fiscal year		76,000
Remaining amortization expense for the fourth fiscal year		76,000
Remaining amortization expense for the fiscal year thereafter		$ 224,000
Weighted average remaining amortization period		7 years 6 months
Read Window Products, LLC [Member]
Intangible Assets [Line Items]
Impairment charge	$ 143,000

Intangible Assets - Summary of Change in Carrying Amount of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	$ 2,238	$ 2,538
Amortization expense	(151)	(150)
Ending balance	2,087	2,388
Non-Compete Agreement [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	602	678
Amortization expense	(37)	(38)
Ending balance	$ 565	$ 640

Investment in Unconsolidated Joint Venture - Narrative (Detail)

1 Months Ended

3 Months Ended

6 Months Ended

May 31, 2020

USD ($)

Feb. 29, 2020

USD ($)

Nov. 01, 2020

USD ($)

ft²

Aug. 02, 2020

USD ($)

Nov. 03, 2019

USD ($)

Aug. 04, 2019

USD ($)

Nov. 01, 2020

USD ($)

ft²

Nov. 03, 2019

USD ($)

May 03, 2020

USD ($)

Dec. 20, 2019

USD ($)

ft²

Schedule of Equity Method Investments [Line Items]

Net income (loss)

$ 2,384,000

$ (2,733,000)

$ 2,192,000

$ 1,174,000

$ (349,000)

$ 3,366,000

Income (loss) from investment in unconsolidated joint venture

100,000

(16,000)

167,000

(3,000)

Investment in unconsolidated joint venture

$ 1,859,000

1,504,000

$ 1,859,000

1,504,000

$ 1,602,000

^[1]

CLIH [Member]

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

50.00%

Area of additional plant facility | ft²

80,000

40,000

Contractual obligation

$ 1,200,000

Payments to acquire additional plant facility

$ 180,000

$ 600,000

$ 420,000

Income (loss) from investment in unconsolidated joint venture

167,000

(3,000)

Investment in unconsolidated joint venture

$ 1,900,000

$ 1,500,000

1,900,000

1,500,000

$ 1,600,000

CLIH [Member] | Equity Method Investment Nonconsolidated Investee Or Group of Investees [Member]

Schedule of Equity Method Investments [Line Items]

Net income (loss)

$ 334,000

$ (6,000)

[1]	Derived from audited financial statements.

Investment in Unconsolidated Joint Venture - Summary of Equity Method Investment (Detail) - USD ($)
$ in Thousands

Nov. 01, 2020

Aug. 02, 2020

May 03, 2020

Nov. 03, 2019

Aug. 04, 2019

Apr. 28, 2019

^[1]

Schedule of Equity Method Investments [Line Items]

Total assets

$ 202,776

$ 215,084

^[1]

$ 233,522

Total liabilities

75,525

85,386

^[1]

67,600

Total members’ equity

127,251

$ 125,869

129,698

^[1]

165,922

$ 164,336

$ 164,247

CLIH [Member] | Equity Method Investment Nonconsolidated Investee Or Group of Investees [Member]

Schedule of Equity Method Investments [Line Items]

Total assets

3,951

3,338

3,190

Total liabilities

232

133

182

Total members’ equity

$ 3,719

$ 3,205

$ 3,008

[1]	Derived from audited financial statements.

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
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-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 3
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-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Nov. 01, 2020	May 03, 2020	Nov. 03, 2019
Payables And Accruals [Abstract]
Compensation, commissions and related benefits	$ 7,144	$ 3,038	$ 4,489
Interest		9	3
Other accrued expenses	4,540	2,807	4,756
Accrued expenses	$ 11,684	$ 5,854	$ 9,248

Accrued Expenses - Narrative (Detail) - USD ($)

Nov. 01, 2020

May 03, 2020

Nov. 03, 2019

Payables and Accruals [Line Items]

Accrued expenses

$ 11,684,000

$ 5,854,000

$ 9,248,000

Current accrued expenses

$ 11,684,000

5,687,000

^[1]

8,263,000

Long-term accrued expenses

$ 167,000

^[1]

333,000

Current Liabilities - Discontinued Operation [Member]

Payables and Accruals [Line Items]

Accrued expenses

$ 652,000

[1]	Derived from audited financial statements.

Lines of Credit and Paycheck Protection Program Loan - Narrative (Detail)

1 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2020

USD ($)

Nov. 01, 2020

USD ($)

May 02, 2021

USD ($)

Nov. 01, 2020

CNY (¥)

May 03, 2020

USD ($)

Apr. 15, 2020

USD ($)

Nov. 03, 2019

USD ($)

Line Of Credit Facility [Line Items]

Outstanding amount

^[1]

$ 29,750,000

Repayments of debt

$ 30,772,000

Paycheck Protection Program (PPP) loan amount

^[1]

$ 7,606,000

Paycheck Protection Program, CARES Act [Member]

Line Of Credit Facility [Line Items]

Paycheck Protection Program (PPP) loan amount

$ 7,600,000

Revolving Credit Facility [Member] | United States [Member]

Line Of Credit Facility [Line Items]

Maximum borrowing capacity

$ 30,000,000

Expiration date

Aug. 15, 2022

Maximum amount of letters of credit

$ 1,000,000

Applicable interest rate at end of period

1.74%

1.75%

3.22%

Interest rate description

Interest is charged at a rate as a variable spread over LIBOR based on our ratio of debt to EBITDA.

Reference rate on which the interest rate is based

LIBOR

Percentage of common stock in subsidiary pledge as collateral

65.00%

Outstanding amount

$ 0

$ 29,800,000

$ 0

Additional borrowings amount

Repayments of debt

$ 29,800,000

Letters of credit, outstanding amount

250,000

$ 250,000

250,000

Revolving Credit Facility [Member] | United States [Member] | Seventh Amendment to Credit Agreement [Member]

Line Of Credit Facility [Line Items]

Reduced percentage of allowable liens and other indebtedness

5.00%

Revolving Credit Facility [Member] | United States [Member] | Seventh Amendment to Credit Agreement [Member] | Maximum [Member]

Line Of Credit Facility [Line Items]

Maximum allowable payment of dividends or stock repurchase

$ 10,000,000

Revolving Credit Facility [Member] | United States [Member] | Seventh Amendment to Credit Agreement [Member] | Scenario Forecast [Member]

Line Of Credit Facility [Line Items]

Annual capital expenditures

$ 10,000,000

Revolving Credit Facility [Member] | United States [Member] | Seventh Amendment to Credit Agreement [Member] | Price Level I [Member]

Line Of Credit Facility [Line Items]

Percentage of pricing matrix increased

1.60%

Revolving Credit Facility [Member] | United States [Member] | Seventh Amendment to Credit Agreement [Member] | Price Level II [Member]

Line Of Credit Facility [Line Items]

Percentage of pricing matrix increased

2.05%

Revolving Credit Facility [Member] | United States [Member] | Seventh Amendment to Credit Agreement [Member] | Price Level III [Member]

Line Of Credit Facility [Line Items]

Percentage of pricing matrix increased

2.50%

Revolving Credit Facility [Member] | United States [Member] | Seventh Amendment to Credit Agreement [Member] | Price Level IV [Member]

Line Of Credit Facility [Line Items]

Percentage of pricing matrix increased

3.00%

Revolving Credit Facility [Member] | United States [Member] | Letters of Credit [Member]

Line Of Credit Facility [Line Items]

Remaining letters of credit

750,000

Revolving credit agreements [Member] | China [Member] | Chinese Yuan Renminbi [Member]

Line Of Credit Facility [Line Items]

Maximum borrowing capacity

$ 6,000,000.0

¥ 40,000,000

Expiration date

Dec. 04, 2020

Applicable interest rate at end of period

2.41%

Interest rate description

This agreement has an interest rate determined by the Chinese government at the time of borrowing and was set to expire on December 4, 2020. As of May 3, 2020, there were outstanding borrowings under this agreement totaling $1.0 million at an applicable interest rate of 2.41%.

Outstanding amount

$ 0

$ 1,000,000.0

$ 0

Additional borrowings amount

Repayments of debt

$ 1,000,000.0

Revolving credit agreements [Member] | China [Member] | United States Dollar [Member]

Line Of Credit Facility [Line Items]

Maximum borrowing capacity

$ 2,000,000

Expiration date

Jul. 07, 2021

Interest rate description

This agreement has an interest rate determined by the Chinese government at the time of borrowing and is set to expire on July 7, 2021. As of November 1, 2020, there are no borrowings outstanding under this agreement.

Outstanding amount

$ 0

[1]	Derived from audited financial statements.

Fair Value - Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Nov. 01, 2020	May 03, 2020	Nov. 03, 2019
Premier Money Market Fund [Member]
Assets:
Investments at fair value	$ 7,665	$ 7,496	$ 7,133
Other [Member]
Assets:
Investments at fair value	67	56	88
Short Term Bond Funds [Member]
Assets:
Investments at fair value	5,462	923
Growth Allocation Fund [Member]
Assets:
Investments at fair value	255	219	222
Moderate Allocation Fund [Member]
Assets:
Investments at fair value	73	63	132
Quoted prices in active markets for identical assets - Level 1 [Member] \| Premier Money Market Fund [Member]
Assets:
Investments at fair value	7,665	7,496	7,133
Quoted prices in active markets for identical assets - Level 1 [Member] \| Other [Member]
Assets:
Investments at fair value	67	56	88
Quoted prices in active markets for identical assets - Level 1 [Member] \| Short Term Bond Funds [Member]
Assets:
Investments at fair value	5,462	923
Quoted prices in active markets for identical assets - Level 1 [Member] \| Growth Allocation Fund [Member]
Assets:
Investments at fair value	255	219	222
Quoted prices in active markets for identical assets - Level 1 [Member] \| Moderate Allocation Fund [Member]
Assets:
Investments at fair value	$ 73	$ 63	$ 132

Fair Value - Narrative (Detail) - USD ($)

3 Months Ended

6 Months Ended

May 03, 2020

Nov. 01, 2020

Nov. 03, 2019

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Short-term investments - available for sale

$ 923,000

$ 5,500,000

$ 0

Amortized cost of held-to-maturity investments

6,300,000

5,800,000

Fair value of held-to-maturity investments

6,400,000

5,800,000

Long-term investments (Rabbi Trust)

7,834,000

^[1]

8,060,000

7,575,000

Tradenames

540,000

$ 540,000

7,232,000

Read Window Products, LLC [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Impairment charge

143,000

Continuing Operation [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Asset impairments - continuing operations

13,600,000

Continuing Operation [Member] | Read Window Products, LLC [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Impairment charge

143,000

Tradenames

540,000

Discontinued Operations [Member] | eLuxury [Member] | Home Accessories [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Impairment charge

6,600,000

Discontinued Operations [Member] | eLuxury [Member] | Home Accessories [Member] | Trade Names [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Impairment charge

4,200,000

Discontinued Operations [Member] | eLuxury [Member] | Home Accessories [Member] | Goodwill [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Impairment charge

2,400,000

Minimum [Member] | Investments (Held-To-Maturity) [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Investment maturity period

2 years

Maximum [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Investment remaining maturity period

2 years

Maximum [Member] | Investments (Held-To-Maturity) [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Investment maturity period

10 years

Short-term Investments [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Accumulated unrealized gain (loss) on investments

(9,000)

$ (29,000)

Current Expected Credit Loses [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Accumulated unrealized gain (loss) on investments

(29,000)

Long-term Investments (Rabbi Trust) [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Accumulated unrealized gain (loss) on investments

$ 19,000

$ 55,000

[1]	Derived from audited financial statements.

Cash Flow Information - Interest and Income Taxes Paid (Refunded) (Detail) - USD ($)
$ in Thousands

6 Months Ended

Nov. 01, 2020

Nov. 03, 2019

Supplemental Cash Flow Elements [Abstract]

Interest

$ 60

$ 40

Income taxes

^[1],[2]

$ (556)

$ 2,782

[1]

[2]

Cash Flow Information - Interest and Income Taxes Paid (Refunded) (Parenthetical) (Detail) - USD ($)

3 Months Ended

6 Months Ended

Nov. 01, 2020

Nov. 03, 2019

Supplemental Cash Flow Elements [Line Items]

AMT credit refunds

$ 1,500,000

Percentage of expected alternative minimum tax amount refundable in fiscal year 2021

50.00%

Percentage of expected alternative minimum tax amount refundable in fiscal year 2021

50.00%

AMT credit carryforward refundable balance amount received

$ 746,000

Percentage of AMT credits refundable under CARES Act

100.00%

AMT credit carryforward remaining refundable balance amount received

$ 764,000

Net income tax refund

$ 556,000

Income taxes

^[1],[2]

(556,000)

$ 2,782,000

Income tax payment with foreign jurisdictions

726,000

1,900,000

Withholding tax payment

$ 838,000

U.S. Federal Transition Tax Payment [Member]

Supplemental Cash Flow Elements [Line Items]

Income taxes

$ 227,000

[1]

[2]

Net Income (Loss) from Continuing Operations Per Share - Schedule of Weighted Average Shares Used in the Computation of Basic and Diluted Net Income (Loss) from Continuing Operations Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Earnings Per Share [Abstract]
Weighted average common shares outstanding, basic	12,298	12,408	12,293	12,403
Dilutive effect of stock-based compensation	26			10
Weighted average common shares outstanding, diluted	12,324	12,408	12,293	12,413

Net Income (Loss) from Continuing Operations Per Share - Narrative (Detail) - Common Stock Awards [Member] - shares	3 Months Ended		6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Antidilutive securities due to decrease in stock price excluded from computation of earnings from continuing operations per share	1,101	6,938	26,099	1,407
Unvested common stock excluded from the computation of dilutive net loss			38,313
Shares excluded from computation of diluted net loss from continuing operations per share			12,214

Segment Information - Narrative (Detail)	6 Months Ended
Segment Information - Narrative (Detail)	Nov. 01, 2020 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Description of changes in reporting goodwill and intangible assets in segment assets	Goodwill and intangible assets are not included in segment assets as these assets are not used by the Chief Operating Decision Maker to evaluate the respective segment’s operating performance, allocate resources to individual segments, or determine executive compensation.

Segment Information - Statement of Operations for Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Segment Reporting Information [Line Items]
net sales	$ 76,851	$ 69,550	$ 141,315	$ 140,269
gross profit from continuing operations	14,261	13,526	24,162	25,938
selling, general, and administrative expenses	9,743	9,117	17,761	18,266
total income from continuing operations	4,518	4,409	6,401	7,707
restructuring credit				35
interest expense		(21)	(51)	(21)
interest income	59	258	117	518
other expense	(680)	(99)	(1,046)	(194)
income before income taxes from continuing operations	3,897	4,547	5,421	8,010
Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
net sales	40,030	35,666	76,133	74,525
Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
net sales	36,821	33,884	65,182	65,744
Operating Segments [Member]
Segment Reporting Information [Line Items]
net sales	76,851	69,550	141,315	140,269
gross profit from continuing operations	14,261	13,526	24,162	25,938
selling, general, and administrative expenses	9,743	9,117	17,761	18,266
total income from continuing operations			6,401	7,672
Operating Segments [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
net sales	40,030	35,666	76,133	74,525
gross profit from continuing operations	7,584	6,247	12,191	11,938
selling, general, and administrative expenses	3,202	2,953	5,964	6,025
total income from continuing operations	4,382	3,294	6,227	5,913
Operating Segments [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
net sales	36,821	33,884	65,182	65,744
gross profit from continuing operations	6,677	7,279	11,971	14,000
selling, general, and administrative expenses	3,390	3,806	6,570	7,652
total income from continuing operations	3,287	3,473	5,401	6,348
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
selling, general, and administrative expenses	3,151	2,358	5,227	4,589
total income from continuing operations	$ (3,151)	$ (2,358)	$ (5,227)	$ (4,589)

Segment Information - Balance Sheet Information by Operating Segments (Detail) - USD ($)
$ in Thousands

6 Months Ended

Nov. 01, 2020

Nov. 03, 2019

May 03, 2020

Segment Reporting Information [Line Items]

Inventory

$ 47,726

$ 51,443

$ 47,907

^[1]

Cash and cash equivalents

45,288

46,955

69,790

^[1]

Short-term investments - available for sale

5,462

923

^[1]

Short-term investments - held-to-maturity

5,005

4,271

^[1]

Current income taxes receivable

776

1,585

^[1]

Current assets - discontinued operation

4,760

Other current assets

3,509

2,745

2,116

^[1]

Deferred income taxes

645

511

793

^[1]

Property, plant and equipment

41,599

45,221

43,147

^[1]

Right of use assets

6,165

4,883

3,903

^[1]

Goodwill

13,569

Intangible assets

3,192

3,711

3,380

^[1]

Long-term investments - rabbi trust

8,060

7,575

7,834

^[1]

Long-term investments - held-to-maturity

759

2,076

^[1]

Noncurrent income taxes receivable

733

Other assets

547

496

664

^[1]

Noncurrent assets - discontinued operation

22,950

Investment in unconsolidated joint venture

1,859

1,504

1,602

^[1]

Total assets

202,776

233,522

215,084

^[1]

Capital expenditures

^[2]

2,002

2,740

Depreciation expense

3,538

3,893

Operating Segments [Member]

Segment Reporting Information [Line Items]

Total assets

127,832

124,290

118,912

Depreciation expense

3,538

3,893

Operating Segments [Member] | Mattress Fabrics [Member]

Segment Reporting Information [Line Items]

Accounts receivable

15,914

11,224

12,212

Inventory

24,200

27,751

26,620

Property, plant and equipment

^[3]

38,818

42,899

40,682

Right of use assets

^[4]

1,186

170

362

Investment in unconsolidated joint venture

1,859

1,504

1,602

Total assets

81,977

83,548

81,478

Capital expenditures

^[2]

1,710

2,212

Depreciation expense

3,132

3,321

Operating Segments [Member] | Upholstery Fabrics [Member]

Segment Reporting Information [Line Items]

Accounts receivable

17,046

12,666

12,881

Inventory

23,526

23,692

21,287

Property, plant and equipment

^[5]

2,014

1,774

1,633

Right of use assets

^[6]

3,269

2,610

1,633

Total assets

45,855

40,742

37,434

Capital expenditures

^[2]

181

229

Depreciation expense

406

382

Operating Segments [Member] | Discontinued Operation [Member]

Segment Reporting Information [Line Items]

Capital expenditures

^[2]

Depreciation expense

190

Unallocated Corporate [Member]

Segment Reporting Information [Line Items]

Cash and cash equivalents

45,288

46,955

69,790

Short-term investments - available for sale

5,462

923

Short-term investments - held-to-maturity

5,005

4,271

Current income taxes receivable

776

1,585

Current assets - discontinued operation

4,760

Other current assets

3,509

2,745

2,116

Deferred income taxes

645

511

793

Property, plant and equipment

^[7]

767

548

832

Right of use assets

^[8]

1,710

2,103

1,908

Goodwill

13,569

Intangible assets

3,192

3,711

3,380

Long-term investments - rabbi trust

8,060

7,575

7,834

Long-term investments - held-to-maturity

759

2,076

Noncurrent income taxes receivable

733

Other assets

547

496

664

Long-term note receivable affiliated with discontinued operation

1,800

Noncurrent assets - discontinued operation

22,950

Total assets

202,776

233,522

$ 215,084

Capital expenditures

^[2]

$ 111

$ 266

[1]	Derived from audited financial statements.
[2]	Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.
[3]	The $38.8 million as of November 1, 2020, represents property, plant, and equipment of $26.5 million and $12.3 million located in the U.S. and Canada, respectively. The $42.9 million as of November 3, 2019, represents property, plant, and equipment of $30.5 million and $12.4 million located in the U.S. and Canada, respectively. The $40.7 million as of May 3, 2020, represents property, plant, and equipment of $27.7 million and $13.0 million located in the U.S. and Canada, respectively.
[4]	The $1.2 million as of November 1, 2020, represents right of use assets of $696,000 and $490,000 located in the U.S. and Canada, respectively. The $170,000 as of November 3, 2019, and the $362,000 as of May 3, 2020, represents right of use assets located in the U.S.
[5]	The $2.0 million as of November 1, 2020, represents property, plant, and equipment of $1.1 million and $904,000 located in the U.S. and China, respectively. The $1.8 million as of November 3, 2019, represents property, plant, and equipment of $1.3 million and $500,000 located in the U.S. and China, respectively. The $1.6 million as of May 3, 2020, represents property, plant, and equipment of $1.2 million and $471,000 located in the U.S. and China, respectively.
[6]	The $3.3 million as of November 1, 2020, represents right of use assets of $2.7 million and $561,000 located in China and the U.S., respectively. The $2.6 million as of November 3, 2019, represents right of use assets of $1.5 million and $1.1 million located in China and the U.S., respectively. The $1.6 million as of May 3, 2020, represents right of use assets of $857,000 and $776,000 located in the U.S. and China, respectively.
[7]	The $767,000, $548,000, and $832,000 as of November 1, 2020, November 3, 2019, and May 3, 2020, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics and upholstery fabrics segments. Property, plant, and equipment associated with our corporate departments reside in the U.S.
[8]	The $1.7 million, $2.1 million, and $1.9 million as of November 1, 2020, November 3, 2019, and May 3, 2020, respectively, represents right of use assets located in the U.S.

Segment Information - Balance Sheet Information by Operating Segments (Parenthetical) (Detail) - USD ($)

Nov. 01, 2020

May 03, 2020

Nov. 03, 2019

Segment Reporting Information [Line Items]

property, plant, and equipment

$ 41,599,000

$ 43,147,000

^[1]

$ 45,221,000

Right of use assets

6,165,000

3,903,000

^[1]

4,883,000

Operating Segments [Member] | Mattress Fabrics [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

^[2]

38,818,000

40,682,000

42,899,000

Right of use assets

^[3]

1,186,000

362,000

170,000

Operating Segments [Member] | Upholstery Fabrics [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

^[4]

2,014,000

1,633,000

1,774,000

Right of use assets

^[5]

3,269,000

1,633,000

2,610,000

Operating Segments [Member] | United States [Member] | Mattress Fabrics [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

26,500,000

27,700,000

30,500,000

Right of use assets

696,000

362,000

170,000

Operating Segments [Member] | United States [Member] | Upholstery Fabrics [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

1,100,000

1,200,000

1,300,000

Right of use assets

561,000

857,000

1,100,000

Operating Segments [Member] | Canada [Member] | Mattress Fabrics [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

12,300,000

13,000,000.0

12,400,000

Right of use assets

490,000

Operating Segments [Member] | China [Member] | Upholstery Fabrics [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

904,000

471,000

500,000

Right of use assets

2,700,000

776,000

1,500,000

Unallocated Corporate [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

^[6]

767,000

832,000

548,000

Right of use assets

^[7]

1,710,000

1,908,000

2,103,000

Unallocated Corporate [Member] | United States [Member]

Segment Reporting Information [Line Items]

property, plant, and equipment

767,000

832,000

548,000

Right of use assets

$ 1,700,000

$ 1,900,000

$ 2,100,000

[1]	Derived from audited financial statements.
[2]	The $38.8 million as of November 1, 2020, represents property, plant, and equipment of $26.5 million and $12.3 million located in the U.S. and Canada, respectively. The $42.9 million as of November 3, 2019, represents property, plant, and equipment of $30.5 million and $12.4 million located in the U.S. and Canada, respectively. The $40.7 million as of May 3, 2020, represents property, plant, and equipment of $27.7 million and $13.0 million located in the U.S. and Canada, respectively.
[3]	The $1.2 million as of November 1, 2020, represents right of use assets of $696,000 and $490,000 located in the U.S. and Canada, respectively. The $170,000 as of November 3, 2019, and the $362,000 as of May 3, 2020, represents right of use assets located in the U.S.
[4]	The $2.0 million as of November 1, 2020, represents property, plant, and equipment of $1.1 million and $904,000 located in the U.S. and China, respectively. The $1.8 million as of November 3, 2019, represents property, plant, and equipment of $1.3 million and $500,000 located in the U.S. and China, respectively. The $1.6 million as of May 3, 2020, represents property, plant, and equipment of $1.2 million and $471,000 located in the U.S. and China, respectively.
[5]	The $3.3 million as of November 1, 2020, represents right of use assets of $2.7 million and $561,000 located in China and the U.S., respectively. The $2.6 million as of November 3, 2019, represents right of use assets of $1.5 million and $1.1 million located in China and the U.S., respectively. The $1.6 million as of May 3, 2020, represents right of use assets of $857,000 and $776,000 located in the U.S. and China, respectively.
[6]	The $767,000, $548,000, and $832,000 as of November 1, 2020, November 3, 2019, and May 3, 2020, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics and upholstery fabrics segments. Property, plant, and equipment associated with our corporate departments reside in the U.S.
[7]	The $1.7 million, $2.1 million, and $1.9 million as of November 1, 2020, November 3, 2019, and May 3, 2020, respectively, represents right of use assets located in the U.S.

Income Taxes - Allocation of Income Tax Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Income Tax Disclosure [Abstract]
Income from continuing operations	$ 1,613	$ 2,279	$ 5,937	$ 3,971
Loss from discontinued operations		$ (381)		(392)
Total income tax expense			$ 5,937	$ 3,579

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721525-107759

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120385591&loc=d3e38679-109324

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109222160&loc=d3e1012-107759

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721523-107759

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32672-109319

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Effective Income Tax Rate - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Income Tax Disclosure [Abstract]
Income taxes	$ 1,613	$ 2,279	$ 5,937	$ 3,971
Effective income tax rate			109.50%	49.60%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Differences Between Income Tax Expense from Continuing Operations at Federal Income Tax Rate and Effective Income Tax Rate (Detail)	6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019
Income Tax Disclosure [Abstract]
U.S. federal income tax rate	21.00%	21.00%
U.S. valuation allowance	141.60%
U.S. income tax law change	(65.10%)
Global Intangible Low Taxed Income Tax ("GILTI")		12.70%
Withholding taxes associated with foreign jurisdictions	8.40%	6.10%
Foreign income tax rate differential	6.60%	3.50%
Tax effects of foreign exchange rate (losses) gains	(4.00%)	2.30%
Other	1.00%	4.00%
Effective income tax rate	109.50%	49.60%

Income Taxes - U.S. Tax Law Change - Narrative (Detail) - GILTI [Member] - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Aug. 02, 2020	Nov. 01, 2020	May 03, 2020	Apr. 28, 2019
Income Taxes [Line Items]
Income tax charge of during period			$ 1.9	$ 2.1
Non-cash income tax benefit	$ 3.5	$ 3.5

Income Taxes - Valuation Allowance - Narrative (Detail) - USD ($)	3 Months Ended			6 Months Ended
	Nov. 01, 2020	Aug. 02, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Income Taxes [Line Items]
Income tax charge	$ 1,613,000		$ 2,279,000	$ 5,937,000	$ 3,971,000
Valuation Allowance, Tax Credit Carryforward [Member]
Income Taxes [Line Items]
Income tax charge				713,000
COVID-19 [Member] \| GILTI [Member]
Income Taxes [Line Items]
Non-cash income tax charges		$ 7,000,000.0		$ 7,000,000.0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Summary of Valuation Allowances Against Net Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Nov. 01, 2020	May 03, 2020	Nov. 03, 2019
Valuation Allowance [Line Items]
Valuation allowance	$ 10,824	$ 3,148	$ 711
Capital Loss Carry Forwards and Credits [Member]
Valuation Allowance [Line Items]
Valuation allowance	2,281	2,281
Federal and State [Member] \| Deferred Income Tax Assets [Member]
Valuation Allowance [Line Items]
Valuation allowance	$ 8,543	$ 867	$ 711

Income Taxes - Undistributed Earnings - Narrative (Detail) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	May 03, 2020
Income Tax Disclosure [Abstract]
Dividends received deduction percentage for earnings and profits received from foreign corporation	100.00%	100.00%	100.00%
Dividends received deduction, foreign corporation ownership percentage	10.00%	10.00%	10.00%
Deferred tax liability, undistributed earnings from foreign subsidiaries	$ 3.9	$ 3.2	$ 3.4

Income Taxes - Uncertain Income Tax Positions - Narrative (Detail) - USD ($)	Nov. 01, 2020	May 03, 2020	Nov. 03, 2019
Income Taxes [Line Items]
Unrecognized tax benefits	$ 1,400,000
Unrecognized tax benefits that would favorably impact effective income tax rate if recognized	1,100,000	$ 1,300,000	$ 914,000
Non-current Deferred Income Taxes [Member]
Income Taxes [Line Items]
Unrecognized tax benefits	380,000
Income Taxes Payable - Long-Term [Member]
Income Taxes [Line Items]
Unrecognized tax benefits	$ 1,100,000	$ 1,300,000	$ 914,000

Stock-Based Compensation - Narrative (Detail) - USD ($)

6 Months Ended

Oct. 01, 2020

Jul. 01, 2020

Oct. 01, 2019

Jul. 18, 2019

Jul. 01, 2019

Aug. 02, 2018

Nov. 01, 2020

Nov. 03, 2019

Sep. 16, 2015

Performance-Based Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value of units expected to vest

$ 110,000

Remaining unrecognized compensation cost

$ 73,698

Weighted average period over which unrecognized compensation cost is expected to be recognized

1 year 6 months

Performance-Based Restricted Stock Units [Member] | Selling, General and Administrative Expenses [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

$ 89,000

$ 275,000

Performance-Based Restricted Stock Units [Member] | Senior Executives [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares/units granted

93,653

^[1],[2]

86,599

^[1],[2]

Price Per Share

^[2]

$ 19.04

^[3]

$ 18.51

^[4]

Performance-Based Restricted Stock Units [Member] | Key Employees [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares/units granted

29,227

^[1],[5]

47,800

^[1],[5]

Price Per Share

^[5],[6]

$ 18.49

$ 24.35

Performance-Based Restricted Stock Units [Member] | Non-employee [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares/units granted

Time-Based Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value of units expected to vest

$ 2,200,000

Remaining unrecognized compensation cost

$ 1,800,000

Weighted average period over which unrecognized compensation cost is expected to be recognized

2 years 6 months

Time-Based Restricted Stock Units [Member] | Selling, General and Administrative Expenses [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

$ 245,000

52,000

Common Stock Awards [Member] | Selling, General and Administrative Expenses [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

$ 140,000

Common Stock Awards [Member] | Outside Directors [Member] | Immediate Vesting [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares/units granted

5,193

7,000

4,519

3,659

Price Per Share

$ 13.48

$ 10.00

$ 15.49

$ 19.21

2015 Equity Incentive Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of common stock authorized for issuance

1,200,000

Number of shares available for future equity based grants

548,729

[1]	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.
[2]	Performance-based restricted stock units awarded to certain senior executives.
[3]	Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($18.49) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on July 18, 2019.
[4]	Price per share represents the fair market value per share ($0.76 per $1, or a reduction of $5.84 to the closing price of the common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($24.35) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on August 2, 2018.
[5]	Performance-based restricted stock units awarded to key employees.
[6]	Price per share represents the closing price of our common stock on the date of grant.

Stock-Based Compensation - Summary of Assumptions Used to Determine Fair Value of Performance Based Restricted Stock Units (Detail) - Performance-Based Restricted Stock Units [Member] - Senior Executives [Member] - $ / shares

Jul. 18, 2019

Aug. 02, 2018

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Closing price of our common stock

$ 18.49

$ 24.35

Expected volatility of our common stock

30.00%

33.50%

Expected volatility of peer companies

^[1],[2]

16.00%

Risk-free interest rate

1.73%

2.74%

Dividend yield

2.10%

1.35%

Correlation coefficient of peer companies

^[1],[2]

0.47%

Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expected volatility of peer companies

^[1],[2]

29.90%

Correlation coefficient of peer companies

^[1],[2]

0.00%

Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expected volatility of peer companies

^[1],[2]

82.30%

Correlation coefficient of peer companies

^[1],[2]

0.43%

[1]

[2]

Stock-Based Compensation - Summary of Grants of Performance-Based Restricted Stock Units Associated with Senior Executives and Key Employees (Detail) - Performance-Based Restricted Stock Units [Member] - $ / shares

6 Months Ended

Jul. 18, 2019

Aug. 02, 2018

Nov. 01, 2020

Senior Executives [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Performance-Based Restricted Stock Units Awarded

93,653

^[1],[2]

86,599

^[1],[2]

Restricted Stock Units Expected to Vest

^[2],[3]

1,725

3,509

Price Per Share

^[2]

$ 19.04

^[4]

$ 18.51

^[5]

Vesting Period

^[2]

3 years

Key Employees [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Performance-Based Restricted Stock Units Awarded

29,227

^[1],[6]

47,800

^[1],[6]

Restricted Stock Units Expected to Vest

^[3],[6]

1,489

2,101

Price Per Share

^[6],[7]

$ 18.49

$ 24.35

Vesting Period

^[6]

3 years

[1]	Amounts represent the maximum number of common stock shares that could be earned if certain performance targets are met as defined in the related restricted stock unit agreements.
[2]	Performance-based restricted stock units awarded to certain senior executives.
[3]	Compensation cost is based on an assessment each reporting period to determine the probability of whether or not certain performance goals will be met as of the end of the vesting period, and in turn the number of shares that are expected to be awarded at the end vesting period. These amounts represent the number of shares that were expected to vest as of November 1, 2020.
[4]	Price per share represents the fair market value per share ($1.03 per $1, or an increase of $0.55 to the closing price of our common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($18.49) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on July 18, 2019.
[5]	Price per share represents the fair market value per share ($0.76 per $1, or a reduction of $5.84 to the closing price of the common stock on the date of grant) determined using the Monte Carlo simulation model for the market-based total shareholder return component and the closing price of our common stock ($24.35) for the performance-based component of the performance-based restricted stock units granted to certain senior executives on August 2, 2018.
[6]	Performance-based restricted stock units awarded to key employees.
[7]	Price per share represents the closing price of our common stock on the date of grant.

Stock-Based Compensation - Summary of Grants of Performance-Based Restricted Stock Units Associated with Senior Executives and Key Employees (Parenthetical) (Detail) - Performance-Based Restricted Stock Units [Member] - Senior Executives [Member] - $ / shares	Jul. 18, 2019	Aug. 02, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value adjustment to closing price of common stock, percentage	1.03%	0.76%
Fair value adjustment to closing price of common stock, per share	$ 0.55	$ (5.84)
Closing price of common stock	$ 18.49	$ 24.35

Stock-Based Compensation - Summary of Performance-Based Restricted Stock Units Vested (Detail) - Performance-Based Restricted Stock Units [Member] - USD ($)
$ / shares in Units, $ in Thousands

6 Months Ended

Nov. 01, 2020

Nov. 03, 2019

Senior Executives and Key Employees [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Performance-Based Restricted Stock Units Vested

^[1]

3,277

Fair Value

^[1],[2]

$ 33

Price Per Share

^[1],[3]

$ 9.96

Senior Executives and Key Employees [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Performance-Based Restricted Stock Units Vested

^[1]

3,710

Fair Value

^[1],[2]

$ 37

Price Per Share

^[1],[3]

$ 9.96

Key Employees and Senior Executives [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Performance-Based Restricted Stock Units Vested

^[1]

11,351

Fair Value

^[1],[2]

$ 197

Price Per Share

^[1],[3]

$ 17.36

Non-employee [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Performance-Based Restricted Stock Units Vested

^[4]

4,961

Fair Value

^[2],[4]

$ 86

Price Per Share

^[3],[4]

$ 17.36

[1]	Certain senior executives and key employees.
[2]	Dollar amounts are in thousands.
[3]	Price per share is derived from the closing price of our common stock on the date the respective performance-based restricted stock units vested.
[4]	Non-employee

Stock-Based Compensation - Summary of Grants of Time-Based Restricted Stock Unit Awards Associated with Key Member of Management (Detail) - Time-Based Restricted Stock Units [Member] - Senior Executives and Management [Member] - $ / shares

Aug. 06, 2020

Jul. 18, 2019

Aug. 02, 2018

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Time-Based Restricted Stock Units Awarded

129,896

34,399

10,000

Price Per Share

^[1]

$ 11.01

$ 18.49

$ 24.35

Vesting Period

3 years

5 years

[1]	Price per share represents closing price of common stock on the date the respective award was granted.

Leases - Narrative (Detail) - USD ($)	3 Months Ended		6 Months Ended
Leases - Narrative (Detail) - USD ($)	Nov. 01, 2020	Nov. 03, 2019	Nov. 01, 2020	Nov. 03, 2019
Lessee, Operating Lease, Option to Extend			renewal options for additional periods ranging up to ten years
Operating Lease Expenses	$ 696,000	$ 706,000	$ 1,400,000	$ 1,400,000
Minimum [Member]
Operating Lease Remaining Lease Terms			1 year
Maximum [Member]
Operating Lease Remaining Lease Terms			6 years

Leases - Lessee Operating Lease Right of Use Assets and Liabilities (Detail) - USD ($)
$ in Thousands

Nov. 01, 2020

May 03, 2020

Nov. 03, 2019

^[1]

Assets And Liabilities Lessee [Abstract]

Right of use assets

$ 6,165

$ 3,903

$ 5,879

Operating lease liability - current

2,316

1,805

2,282

Operating lease liability – noncurrent

$ 4,008

$ 2,016

$ 3,439

[1]

Leases - Lessee Operating Lease Right of Use Assets and Liabilities (Parenthetical) (Detail) - USD ($)

Nov. 01, 2020

May 03, 2020

Nov. 03, 2019

Lessee Lease Description [Line Items]

Right of use assets

$ 6,165,000

$ 3,903,000

$ 5,879,000

^[1]

Right of use asset

6,165,000

3,903,000

^[2]

4,883,000

Noncurrent assets - discontinued operation

22,950,000

Operating lease liabilities

6,324,000

5,700,000

Operating lease liability - current

2,316,000

1,805,000

^[2]

2,090,000

Current liabilities - Discontinued operation

1,907,000

Operating lease liability - noncurrent

$ 4,008,000

$ 2,016,000

^[2]

2,614,000

Noncurrent liabilities - discontinued operation

3,550,000

Right of Use Assets [Member]

Lessee Lease Description [Line Items]

Right of use asset

4,900,000

Noncurrent Assets Discontinued Operation [Member]

Lessee Lease Description [Line Items]

Noncurrent assets - discontinued operation

1,000,000.0

Operating Lease Liability Current [Member]

Lessee Lease Description [Line Items]

Operating lease liability - current

2,100,000

Current Liabilities - Discontinued Operation [Member]

Lessee Lease Description [Line Items]

Current liabilities - Discontinued operation

192,000

Operating Lease Liability Noncurrent [Member]

Lessee Lease Description [Line Items]

Operating lease liability - noncurrent

2,600,000

Noncurrent Liabilities Discontinued Operation [Member]

Lessee Lease Description [Line Items]

Noncurrent liabilities - discontinued operation

$ 825,000

[1]

[2]

Derived from audited financial statements.

Leases - Operating Leases of Lessee Disclosure (Details) - USD ($) $ in Thousands	6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019
Lessee Disclosure [Abstract]
Operating lease liability payments	$ 1,232	$ 1,408
Right of use assets exchanged for lease liabilities	$ 3,618	$ 22

Leases - Lessee Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Nov. 01, 2020	Nov. 03, 2019
Lessee Disclosure [Abstract]
2021	$ 1,244
2022	1,955
2023	1,536
2024	1,172
2025	679
Total	6,586
Less: interest	(262)
Present value of lease liabilities	$ 6,324	$ 5,700

Leases - Weighted Average Lease Term and Discount Rate (Detail)	Nov. 01, 2020	Nov. 03, 2019
Lessee Disclosure [Abstract]
Weighted average lease term	3 years 3 months 18 days	3 years 4 months 24 days
Weighted average discount rate	2.51%	3.82%

Commitments and Contingencies - Narrative (Detail) - USD ($)

Nov. 01, 2020

May 03, 2020

Nov. 03, 2019

Commitments and Contingencies Disclosure [Line Items]

Accounts payable for capital expenditures, net

$ 68,000

$ 107,000

$ 402,000

Accounts payable for capital expenditures

68,000

$ 107,000

^[1]

398,000

Mattress Fabrics [Member] | Capital Addition Purchase Commitments [Member]

Commitments and Contingencies Disclosure [Line Items]

Open purchase commitments for equipment

$ 5,000,000.0

Accounts Payable – Capital Expenditures [Member]

Commitments and Contingencies Disclosure [Line Items]

Accounts payable for capital expenditures

398,000

Current Liabilities - Discontinued Operation [Member]

Commitments and Contingencies Disclosure [Line Items]

Accounts payable for capital expenditures

$ 4,000

[1]	Derived from audited financial statements.

Statutory Reserves - Narrative (Detail) - Subsidiaries [Member] - China [Member] $ in Millions	6 Months Ended
	Nov. 01, 2020 USD ($)
Statutory Reserves [Line Items]
Percentage of net income required to be transferred to a statutory surplus reserve fund	10.00%
Maximum required percentage of statutory surplus reserve fund to registered capital	50.00%
Percentage of statutory surplus reserve fund to registered capital	50.00%
Statutory surplus reserve fund balance	$ 4.3
Minimum threshold percentage for statutory surplus reserve fund as percentage of registered capital, below which certain capital transactions are prohibited	25.00%

Common Stock Repurchase Program (Detail) - Common Stock [Member] - USD ($)	6 Months Ended
	Nov. 01, 2020	Nov. 03, 2019	Mar. 31, 2020
Stockholders Equity Note [Line Items]
Common stock repurchased	0	0
Remaining authorized repurchase amount	$ 5,000,000.0
Stock Repurchase Program March 2020 [Member]
Stockholders Equity Note [Line Items]
Authorization amount for repurchase of common stock			$ 5,000,000.0

Dividend Program - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Dec. 03, 2020	Nov. 01, 2020	Nov. 03, 2019
Dividends [Line Items]
Cash dividends paid		$ 2,583	$ 2,482
Quarterly Dividend [Member]
Dividends [Line Items]
Cash dividends paid		$ 2,600	$ 2,500
Cash dividend payment, per share		$ 0.105	$ 0.10
Subsequent Event [Member] \| Quarterly Dividend [Member]
Dividends [Line Items]
Cash dividend declared, per share	$ 0.11
Date of payment to shareholders entitled to dividends	Jan. 18, 2021
Date of record of shareholders entitled to dividends	Jan. 08, 2021