0001564590-21-036807 | 10-K | XBRL Viewer

gross profit from continuing operations

$ 299,720,000

$ 256,166,000

$ 281,325,000

cost of sales

(249,888,000)

(215,668,000)

(235,556,000)

49,832,000

40,498,000

45,769,000

selling, general and administrative expenses

(37,756,000)

(34,424,000)

(33,243,000)

income (loss) from continuing operations

^[1]

(13,712,000)

restructuring credit

70,000

825,000

12,076,000

(7,568,000)

13,351,000

interest expense

(51,000)

(106,000)

(35,000)

interest income

244,000

897,000

789,000

gain on bargain purchase

^[2]

819,000

other expense

(2,208,000)

(902,000)

(1,383,000)

income (loss) before income taxes from continuing operations

10,880,000

(7,679,000)

12,722,000

income tax expense

(7,693,000)

(3,354,000)

(6,537,000)

income (loss) from investment in unconsolidated joint venture

31,000

(125,000)

(114,000)

net income (loss) from continuing operations

3,218,000

(11,158,000)

6,071,000

loss before income taxes from discontinued operation

(17,577,000)

(726,000)

income tax benefit

68,000

113,000

net loss from discontinued operation

(17,509,000)

(613,000)

net income (loss)

$ 3,218,000

$ (28,667,000)

$ 5,458,000

net income (loss) from continuing operations per share-basic

$ 0.26

$ (0.90)

$ 0.49

net income (loss) from continuing operations per share-diluted

0.26

(0.90)

0.48

net loss from discontinued operation per share-basic

(1.41)

(0.05)

net loss from discontinued operation per share-diluted

(1.41)

(0.05)

net income (loss) from per share-basic

0.26

(2.32)

0.44

net income (loss) per share-diluted

$ 0.26

$ (2.32)

$ 0.43

[1]	During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill associated with our mattress and upholstery fabric segments and a tradename associated Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.
[2]	Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti. Pursuant to this transaction, we are now the sole owner with full control over this operation. The gain on bargain purchase represents the net assets acquired from this transaction that were more than the $954,000 total purchase price.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Statement Of Income And Comprehensive Income [Abstract]
net income (loss)	$ 3,218	$ (28,667)	$ 5,458
unrealized gain on foreign currency cash flow hedge, net of tax
unrealized holding loss on foreign currency cash flow hedge			(9)
reclassification adjustment for realized loss on foreign currency cash flow hedge			64
total unrealized gain on foreign currency cash flow hedge			55
unrealized gain (loss) on investments, net of tax
unrealized holding gain (loss) on investments	162	(60)	(24)
reclassification adjustment for realized (gain) loss included in net income (loss)	(6)	10	94
total unrealized gain (loss) on investments	156	(50)	70
total other comprehensive income (loss)	156	(50)	125
comprehensive income (loss)	3,374	(28,717)	5,583
Plus: comprehensive loss attributable to non-controlling interest associated with discontinued operation		4,674	218
comprehensive income (loss) attributable to Culp Inc. common shareholders	$ 3,374	$ (24,043)	$ 5,801

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.	Non-Controlling Interest Discontinued Operation
Balance at Apr. 29, 2018	$ 163,376	$ 623	$ 48,203	$ 114,635	$ (85)	$ 163,376
Balance (in shares) at Apr. 29, 2018		12,450,276
net income (loss)	5,458			5,676		5,676	$ (218)
acquisition of subsidiary with non-controlling interest - discontinued operation	4,532						4,532
stock-based compensation	130		130			130
unrealized gain (loss) on foreign currency cash flow hedge instrument	55				55	55
unrealized gain (loss) on investments	70				70	70
common stock issued in connection with vesting of performance-based restricted stock units		$ 7	(7)
common stock issued in connection with vesting of performance based restricted stock units (in shares)		136,996
immediately vested common stock awards (shares)		6,548
common stock issued in connection with vesting of time-based restricted stock units (in shares)		1,200
common stock surrendered in connection with payroll withholding taxes	(1,319)	$ (2)	(1,317)			(1,319)
common stock surrendered in connection with payroll withholding taxes, in shares		(43,037)
common stock repurchased	(3,323)	$ (8)	(3,315)			(3,323)
common stock repurchased (in shares)		(160,823)
dividends paid	(4,732)			(4,732)		(4,732)
Balance at Apr. 28, 2019	164,247	$ 620	43,694	115,579	40	159,933	4,314
Balance (in shares) at Apr. 28, 2019		12,391,160
net income (loss)	(28,667)			(23,993)		(23,993)	(4,674)
capital contribution from non-controlling interest - discontinued operation	360						$ 360
stock-based compensation	614		614			614
unrealized gain (loss) on investments	(50)				(50)	(50)
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)		15,638
immediately vested common stock awards		$ 1	(1)
immediately vested common stock awards (shares)		23,664
common stock surrendered in connection with payroll withholding taxes	(51)		(51)			(51)
common stock surrendered in connection with payroll withholding taxes, in shares		(3,020)
common stock repurchased	(1,680)	$ (7)	(1,673)			(1,680)
common stock repurchased (in shares)		(142,496)
dividends paid	(5,075)			(5,075)		(5,075)
Balance at May. 03, 2020	129,698	$ 615	42,582	86,511	(10)	129,698
Balance (in shares) at May. 03, 2020		12,284,946
net income (loss)	3,218			3,218		3,218
stock-based compensation	1,251		1,251			1,251
unrealized gain (loss) on investments	156				156	156
common stock issued in connection with vesting of performance based restricted stock units (in shares)		8,843
immediately vested common stock awards		$ 1	(1)
immediately vested common stock awards (shares)		21,220
common stock surrendered in connection with payroll withholding taxes	(25)		(25)			(25)
common stock surrendered in connection with payroll withholding taxes, in shares		(2,187)
dividends paid	(5,292)			(5,292)		(5,292)
Balance at May. 02, 2021	$ 129,006	$ 616	$ 43,807	$ 84,437	$ 146	$ 129,006
Balance (in shares) at May. 02, 2021		12,312,822

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)

12 Months Ended

May 02, 2021

May 03, 2020

Apr. 28, 2019

cash flows from operating activities:

net income (loss)

$ 3,218,000

$ (28,667,000)

$ 5,458,000

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

6,846,000

7,827,000

8,117,000

amortization

466,000

647,000

780,000

reversal of contingent consideration associated with discontinued operation

33,914,000

(6,081,000)

loss on disposal of discontinued operation

1,606,000

stock-based compensation

1,251,000

614,000

130,000

deferred income taxes

3,760,000

(1,694,000)

2,027,000

gain on bargain purchase

^[1]

(819,000)

gain on sale of property, plant, and equipment

(57,000)

(238,000)

(1,452,000)

(income) loss from investment in unconsolidated joint venture

(31,000)

125,000

114,000

realized (gain) loss on sale of short-term investments (available for sale)

(6,000)

10,000

94,000

foreign currency exchange loss (gain)

1,520,000

109,000

(17,000)

changes in assets and liabilities, net of effects of acquisition and disposal of businesses:

accrued expenses and deferred compensation

(12,117,000)

(1,994,000)

2,339,000

inventories

(7,225,000)

(837,000)

3,841,000

other current assets

(1,442,000)

342,000

41,000

other assets

(1,452,000)

(48,000)

(65,000)

accounts payable-trade

17,228,000

499,000

(3,427,000)

9,457,000

(1,017,000)

(1,492,000)

deferred revenue

38,000

103,000

(410,000)

accrued restructuring costs

(124,000)

124,000

income taxes

843,000

(126,000)

(2,329,000)

net cash provided by operating activities

21,478,000

4,970,000

13,873,000

cash flows from investing activities:

cash paid for acquisition of assets, net of cash acquired

892,000

12,096,000

proceeds from the sale of property, plant, and equipment

(6,664,000)

(4,585,000)

(3,261,000)

12,000

672,000

1,894,000

proceeds from long-term note receivable associated with discontinued operation

1,523,000

investment in unconsolidated joint venture

(90,000)

(220,000)

(120,000)

proceeds from the sale of short-term investments (available for sale)

468,000

6,606,000

2,458,000

proceeds from the sale of short-term investments (held to maturity)

10,165,000

6,100,000

25,680,000

purchase of short-term investments (available for sale)

(5,044,000)

(7,555,000)

(10,000)

purchase of short-term and long-term investments (held-to-maturity)

(8,173,000)

(7,465,000)

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

157,000

1,233,000

purchase of long-term investments (rabbi trust)

(619,000)

(788,000)

(1,011,000)

proceeds from life insurance policy

394,000

net cash (used in) provided by investing activities

(10,680,000)

(5,712,000)

15,161,000

cash flows from financing activities:

proceeds from lines of credit

30,765,000

12,000,000

payments associated with lines of credit

(30,772,000)

(12,000,000)

proceeds from Paycheck Protection Program loan

7,606,000

payments associated with Paycheck Protection Program loan

(7,606,000)

payments on vendor-financed capital expenditures

(1,412,000)

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

250,000

675,000

cash paid for acquisition of businesses

(1,532,000)

dividends paid

(5,292,000)

(5,075,000)

(4,732,000)

repurchases of common stock

(1,680,000)

(3,323,000)

common stock surrendered for payroll withholding taxes

(25,000)

(51,000)

(1,319,000)

capital contribution associated with the noncontrolling interest of discontinued operation

360,000

payments for debt issuance costs

(15,000)

(50,000)

net cash (used in) provided by financing activities

(43,710,000)

30,643,000

(10,161,000)

effect of exchange rate changes on cash and cash equivalents

131,000

(119,000)

(93,000)

(decrease) increase in cash and cash equivalents

(32,781,000)

29,782,000

18,780,000

cash and cash equivalents at beginning of year

69,790,000

40,008,000

21,228,000

cash and cash equivalents at end of year

$ 37,009,000

$ 69,790,000

$ 40,008,000

[1]

Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti. Pursuant to this transaction, we are now the sole owner with full control over this operation. The gain on bargain purchase represents the net assets acquired from this transaction that were more than the $954,000 total purchase price.

General and Summary of Significant Accounting Policies

12 Months Ended

May 02, 2021

Accounting Policies [Abstract]

General and Summary of Significant Accounting Policies

1.	GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

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. We have wholly-owned mattress fabric operations located in Stokesdale, NC, High Point, NC, and Quebec, Canada, as well as a wholly-owned cut and sew mattress cover operation located in Ouanaminthe, Haiti (see Note 2 of the consolidated financial statements for further details regarding this business combination).

The upholstery fabrics segment develops, manufactures, sources, and sells fabrics primarily to residential and commercial furniture manufacturers. We have wholly-owned upholstery fabric operations located in Shanghai, China and Burlington, NC. We also commenced construction on a new facility in Haiti during the fourth quarter of fiscal 2021. This new wholly-owned operation will be dedicated to the production of cut and sewn upholstery kits and is expected to begin operating during the second quarter of fiscal 2022. Additionally, Read Window Products, LLC (“Read”), a wholly-owned subsidiary with operations located in Knoxville, TN, provides window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation of Read’s own products, to customers in 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

Effective June 22, 2018, we acquired an 80% ownership interest in eLuxury, LLC (“eLuxury”), a company that offers bedding accessories and home goods directly to consumers and businesses through its e-commerce platform. eLuxury’s financial information was included in our home accessories segment.

Effective March 31, 2020, we sold our entire ownership interest in eLuxury to its noncontrolling interest holder as part of our comprehensive response to the challenging conditions arising from the COVID-19 global pandemic. As a result of this sale, our home accessories segment was eliminated at such time, and therefore its results of operations and assets and liabilities were excluded from our continuing operations and presented as a discontinued operation in our consolidated financial statements. See Note 3 of the consolidated financial statements for further details.

Basis of Presentation

The consolidated financial statements of the company have been prepared in accordance with U.S. generally accepted accounting principles.

Principles of Consolidation

Overall

The consolidated financial statements include the accounts of the company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accounts of our subsidiaries located in Shanghai, China and Poznan, Poland are consolidated as of April 30, a calendar month end, which are required by the Chinese and Polish governments, respectively. No events occurred related to the difference between our fiscal year end on the Sunday closest to April 30 and our China and Polish subsidiaries, year end of April 30 that materially affected the company’s financial position, results of operations, or cash flows for fiscal years 2021, 2020, and 2019.

Class International Holdings, Ltd. (CIH)

Equity Method of Accounting and Consolidation

Effective January 1, 2017, Culp International Holdings, Ltd. (Culp International), a wholly-owned subsidiary of Culp, Inc. (“Culp”), entered into a joint venture agreement pursuant to which Culp International owned 50% of CIH.

As a result of our initial 50% ownership interest, Culp’s investment in CIH was accounted for under the equity method of accounting in accordance with ASC Topic 823 – Investments – Equity Method and Joint Ventures. The equity method of accounting is required for an investee entity (i.e., CIH) that is not consolidated but over which the reporting entity (i.e., Culp.) exercises significant influence.

Whether or not a reporting entity exercises significant influence with respect to an investee depends on an evaluation of several factors, including representation on the investee’s board of directors, voting rights, and ownership level. In accordance with the equity method of accounting, our 50% proportionate share of earnings and losses from CIH were reflected in the caption “Income (loss) from investment in unconsolidated joint venture” in the Consolidated Statements of Net Income (Loss) for the first nine months of fiscal 2021, the full fiscal 2020 year, and the full fiscal 2019 year. Our carrying value in CIH was reflected in the caption “Investment in unconsolidated joint venture” in our Consolidated Balance Sheets.

Effective February 1, 2021, Culp International entered into a Share Purchase Agreement in which it acquired the remaining 50% ownership interest in CIH. Pursuant to this transaction, Culp International is now the sole owner with full control over CIH. As a result, effective February 1, 2021, our consolidated financial statements now include all of the accounts of CIH, and any significant intercompany balances and transactions have been eliminated in consolidation. Furthermore, the equity method of accounting will no longer be used and the former investment in unconsolidated joint venture is now included in the net assets of our now 100% interest in CIH. (see Note 2 of the consolidated financial statements for further details regarding this business combination).

Discontinued Operation – Home Accessories Segment

Consolidation

As a result of the fiscal 2019 acquisition of our 80% ownership interest in eLuxury, we previously included all the accounts of eLuxury in our consolidated financial statements and eliminated all significant intercompany balances and transactions. Net income (loss) attributable to the noncontrolling interest in eLuxury was excluded from net income (loss) attributable to Culp Inc. common shareholders.

Substantive Profit-Sharing Provisions

In connection with the fiscal 2019 acquisition of our 80% ownership in interest in eLuxury, we entered into an Equity Purchase Agreement (Equity Agreement) that contained substantive profit-sharing provisions which explicitly stated the ownership interests as of the acquisition date of June 22, 2018, and the allocation of net income or loss between us, as the controlling interest holder, and the noncontrolling interest holder. The Equity Agreement stated as of the acquisition date, we acquired an 80% ownership interest in eLuxury, with the seller retaining a 20% noncontrolling interest. Additionally, eLuxury’s net income or loss, future capital contributions and equity distributions were allocated at a percentage of 70% to or from us and 30% to or from the noncontrolling interest holder. Also, the Equity Agreement included certain loss limitations pursuant to which net losses allocated pursuant to the Equity Agreement would not exceed the maximum amount of net loss that could be allocated without causing any owners to have a capital account deficit as defined in the agreement

The carrying value of our controlling interest and the noncontrolling interest was recorded based on the terms of the substantive profit-sharing provisions of the Equity Agreement. As a result, eLuxury’s total net asset balance of $1.9 million as of March 31, 2020, (the disposal date) represented the carrying value of our controlling interest.

Deconsolidation

In accordance with ASC Topic 810-10-40, a parent company must deconsolidate a subsidiary as of the date the parent ceases to have a controlling interest in that subsidiary and recognize a gain or loss in net income at that time. As a result, we deconsolidated eLuxury from our consolidated financial statements on March 31, 2020, the effective date of the sale agreement, and recognized a loss on disposal of discontinued operation totaling $1.9 million, which is included in net loss from discontinued operation in the fiscal 2020 Consolidated Statement of Net Loss. The $1.9 million loss on disposal of discontinued operation represented the entire carrying amount of eLuxury’s assets less liabilities as of the disposal date of March 31, 2020. 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 interest in eLuxury or retain a noncontrolling interest in eLuxury. Additionally, based on the terms of the substantive profit-sharing provisions stated in the Equity Agreement, the noncontrolling interest did not have a carrying amount for their interest in eLuxury. See Note 3 “Disposal - Overview” section of the consolidated financial statements for description of consideration.

Fiscal Year

Our fiscal year is the 52 or 53-week period ending on the Sunday closest to April 30. Fiscal 2021, 2020, and 2019 included 52 weeks, 53 weeks, and 52 weeks, respectively.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents include demand deposit and money market accounts. We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents.

A summary of our cash and cash equivalents by geographic area follows:

	May 2,		May 3,
(dollars in thousands)	2021		2020
United States	$	24,621	$	58,057
China		10,635		10,531
Canada		1,525		1,160
Haiti		220		—
Cayman Islands		8		42
	$	37,009	$	69,790

Throughout the year, we have cash balances regarding our U.S. operations of more than the federally insured amounts on deposit with a financial institution. We have not experienced any losses in such accounts. Management believes we are not exposed to any significant credit risk related to cash and cash equivalents.

Short-Term Investments (Available-for-Sale)

Our short-term investments classified as available-for-sale were recorded at their fair values of $5.5 million and $923,000 as of May 2, 2021, and May 3, 2020, respectively. These investments had an accumulated unrealized gain of $24,000 and $9,000 as of May 2, 2021, and May 3, 2020, respectively. The fair value of our short-term investments approximated their cost basis.

All our short-term investments classified as available-for-sale reside with our U.S. operations.

Long-Term Investments (Rabbi Trust)

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

Our long-term investments classified as available-for-sale were recorded at their fair value of $8.4 million and $7.8 million as of May 2, 2021, and May 3, 2020, respectively. These investments had an accumulated unrealized gain totaling $122,000 as of May 2, 2021, and an accumulated unrealized loss of $19,000 as of May 3, 2020. The fair value of our long-term investments associated with our rabbi trust approximates their cost basis.

All our long-term investments classified as available-for-sale that pertain to our rabbi trust reside with our U.S. operations.

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 remaining maturities of less than 2 years as of May 2, 2021. 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 in our Consolidated Balance Sheets, based on the maturity date in relation to the respective reporting period and recorded at amortized cost.

The amortized cost of our held-to-maturity investments was $4.3 million and $6.3 million as of May 2, 2021, and May 3, 2020, respectively. The fair value these investments was $4.3 million and $6.4 million as of May 2, 2021, and May 3, 2020, respectively.

Our bond investments were classified as level 2 in accordance with the fair value hierarchy defined in Note 15 of the consolidated financial statements. Our bond investments 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 investments.

All our investments classified as held-to-maturity reside with our U.S. operations.

Accounts Receivable

Substantially all our accounts receivable were due from manufacturers in the bedding and furniture industries. We grant credit to customers and generally do not require collateral. We record an allowance for doubtful accounts that reflects estimates of probable credit losses. As of the end of each reporting period, we assess 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) any other ongoing economic conditions (i.e., COVID-19). After our risk assessment is completed, we assign credit grades to our customers, which in turn, are used to determine our allowance for doubtful accounts. We do not have any off-balance sheet credit exposure related to our customers.

Inventories

We account for inventories at the lower of first-in, first-out (FIFO) cost or net realizable value. Management continually examines inventory to determine if there are indicators that the carrying value exceeds its net realizable value. Experience has shown that the most significant indicators of the need for inventory markdowns are the age of the inventory and the planned discontinuance of certain patterns. As a result, we provide inventory valuation write-downs based upon established percentages based on the age of the inventory that are continually evaluated as events and market conditions require. Our inventory aging categories are six, nine, twelve, and fifteen months. We also provide inventory valuation write-downs based on the planned discontinuance of certain products based on the current market values at that time as compared to their current carrying values.

Property, Plant and Equipment

Property, plant, and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Major renewals and betterments are capitalized. Maintenance, repairs, and minor renewals are expensed as incurred. When properties or equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts. Amounts received on disposal less the book value of assets sold are charged or credited to income from operations.

Management reviews long-lived assets, which consist principally of property, plant, and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recovered. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to future net undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the excess of the carrying amount over the fair value of the asset. After the impairment loss is recognized, the adjusted carrying amount is the new accounting basis. Assets to be disposed of by sale are reported at the lower of the carrying value or fair value less cost to sell when the company has committed to a disposal plan and would be reported separately as assets held for sale in the Consolidated Balance Sheets.

Advertising Costs

Advertising costs are expensed as incurred. There were no advertising costs presented in continuing operations during fiscal year 2021, 2020, or 2019. We presented advertising costs totaling $1.7 million and $2.2 million in discontinued operations during fiscal 2020 and 2019, respectively.

Interest Costs

Total interest costs incurred were $51,000, $190,000, and $65,000 during fiscal 2021, 2020, and 2019, respectively. All of the total interest costs incurred during fiscal 2021 were presented in continuing operations. Of the $190,000 in total interest costs incurred during fiscal 2020, $106,000 and $84,000 were presented in continuing operations and discontinued operations, respectively. Of the $65,000 in total interest costs incurred during fiscal 2019, $35,000 and $30,000 were presented in continuing operations and discontinued operations, respectively.

We capitalize interest costs incurred on funds used to construct property, plant, and equipment. The capitalized interest is recorded as part of the asset to which it relates and is depreciated over the asset’s estimated useful life. No interest costs for the construction of qualifying fixed assets were capitalized during fiscal 2021, 2020, or 2019.

Foreign Currency Adjustments

The United States dollar is the functional currency for the company’s Canadian and Chinese subsidiaries. All monetary foreign currency asset and liability accounts are remeasured into U.S. dollars at year-end exchange rates. Non-monetary assets and liabilities such as property, plant, and equipment and right of use assets are recorded at historical exchange rates. Foreign currency revenues and expenses are remeasured at average exchange rates in effect during the year, except for certain expenses related to balance sheet amounts remeasured at historical exchange rates, such as depreciation expense. Exchange gains and losses from remeasurement of foreign currency denominated monetary assets and liabilities are recorded in the other expense line item in the Consolidated Statements of Net Income (Loss) in the period in which they occur.

A summary of our foreign currency exchange (losses) gains by geographic area follows:

(dollars in thousands)	2021			2020			2019
China	$	(1,389	)	$	42		$	—
Canada		(22	)		(138	)		2
Euro foreign exchange contract		—			—			(64	)
	$	(1,411	)	$	(96	)	$	(62	)

Goodwill and Intangible Assets

Fiscal 2020

In accordance with ASC Topic 350, Intangibles – Goodwill and Other, our business was classified into our four reporting units during fiscal 2020 and 2019: mattress fabrics, upholstery fabrics, Read Window Products, LLC, and home accessories. Effective March 31, 2020, we sold our entire ownership interest in eLuxury to its noncontrolling interest holder, and our home accessories reporting unit was eliminated at such time. As a result of this sale, we met the criteria outlined in ASC Topic 205-20 for our goodwill to be classified as held for sale and the results of operations and assets and liabilities for our home accessories segment were excluded from our continuing operations and presented as a discontinued operation in our consolidated financial statements (see Note 3 to the consolidated financial statements for further details).

ASC Topic 350 requires us to assess goodwill for impairment annually (the last day of our fiscal year) or between annual tests if we believe certain indicators of impairment exist. Such indicators could include but are not limited to (1) deterioration in the environment of the industry and markets in which we operate, (2) unanticipated competition, (3) a deterioration in general economic conditions, (4) overall decline in financial performance such as negative and declining cash flows, or a decline in actual or planned revenue or earnings compared with actual and projected results or relevant prior periods, and (5) a decrease in the price per share of our common stock. As a result, we first assess qualitative factors, such as the indicators outlined above, to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we conduct a quantitative goodwill impairment test. The quantitative impairment test involves comparing the fair value of the applicable reporting unit with its carrying value. We estimate the fair values of our reporting units using a combination of the income, discounted cash flows, and market approach, which utilizes comparable companies’ data. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

As a result of our third quarter and annual impairment assessments during the fourth quarter, we recorded asset impairment charges associated with our goodwill and tradenames totaling $33.9 million during fiscal 2020. Of the total $33.9 million, $20.2 million and $13.7 million were reported in discontinued operations and continuing operations, respectively. Also, of the total $33.9 million asset impairment charges, $27.2 million and $6.7 pertained to goodwill and tradenames, respectively. Due to the asset impairment charges of $27.2 million associated with our goodwill, no goodwill was reported on our Consolidated Balance Sheet as of May 2, 2021, and May 3, 2020.

See Notes 8 and 9 to the consolidated financial statements for further details of our assessments of impairment, conclusions reached, and the performance of our quantitative test.

Fiscal 2021and Fiscal 2019

No asset impairment charges were recorded during fiscal 2021 or fiscal 2019.

Income Taxes

Deferred Income Taxes – Overall

Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for temporary differences between the financial statement carrying amounts and the tax basis of our assets, liabilities, and our U.S. loss carryforwards and foreign income tax credits at income tax rates expected to be in effect when such amounts are realized or settled. The effect on deferred income taxes of a change in tax rates is recognized in income tax (expense) benefit in the period that includes the enactment date.

Deferred Income Taxes – Valuation Allowance

We evaluate our deferred income taxes to determine if a valuation allowance is required. We 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 we operate in multiple jurisdictions, we assess the need for a valuation allowance on a jurisdiction-by-jurisdiction basis, considering the effects of local tax law.

Deferred Income Taxes – Undistributed Earnings from Foreign Subsidiaries

We assess whether the undistributed earnings from our foreign subsidiaries will be reinvested indefinitely or eventually distributed to our U.S. parent company. We are required to record a deferred tax liability for undistributed earnings from foreign subsidiaries that will not be reinvested indefinitely. 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.

For fiscal 2019 and beyond, the 2017 Tax Cuts and Jobs Act allows a U.S. corporation a 100% dividend received deduction for earnings and profits received from a 10% owned foreign corporation. Therefore, a deferred tax liability will only be required for unremitted withholding taxes associated with earnings and profits generated by our foreign subsidiaries that will ultimately be repatriated to the U.S. parent company.

Uncertainty in Income Taxes

We recognize the income tax effect from an uncertain income tax position only if it is more likely than not that the income tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The income tax effect recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. Penalties and interest related to uncertain income tax positions are recorded as income tax expense. Significant judgment is required in the identification of uncertain income tax positions and in the estimation of penalties and interest on uncertain income tax positions.

Revenue from Contracts with Customers

Adoption of New Standard

On April 30, 2018 (the beginning of fiscal 2019), we adopted ASU 2014-09 “Revenue from Contracts with Customers” (ASC Topic 606 or the “new standard”). ASC Topic 606 requires us to disclose significant judgments and changes in judgments in applying the new standard that significantly affect the determination of the amount and timing of revenue from contracts with customers.

The application of the new standard did not have a material affect on our results of operations or financial condition. However, as required by ASC Topic 606, we recorded a reclassification adjustment from a contra account applied to accounts receivable to accrued expenses for estimated sales returns and allowances totaling $1.2 million.

Significant Judgements and Accounting Policies

See below for disclosure of our significant judgements and accounting policies or determining the amount and timing of revenue from contracts with customers.

Revenue Recognition

Revenue is recognized upon the transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We determined that our customer purchase orders represent contracts. In addition to purchase orders, we also have supply contracts with certain customers that define standard terms and conditions. Our contracts generally include promises to sell upholstery fabrics, mattress fabrics, or home goods products. In addition, we provide fabrication and installation services of our own products associated with customized window treatments.

Revenue associated with sales of our products is recognized at the point in time when control of the promised goods has been transferred to the customer. The point in time when control transfers to the customer depends on the contractually agreed upon shipping terms, but typically occurs once the product has been shipped or once it has been delivered to a location specified by the customer. For certain warehousing arrangements, transfer of control to the customer is deemed to have occurred when the customer pulls the inventory for use in their production.

Revenue associated with our customized fabrication services, which are performed on various types of window treatments, is recognized over time once the customized products are deemed to have no alternative use and for which we have an enforceable right to payment for the services performed. Revenue for our customized fabrication services is recognized over time using the output method based on units produced. Revenue associated with our installation services of our own products is also recognized over time as the customer receives and consumes the benefits of the promised installation services. Revenue associated with our installation services is recognized over time using the output method based on units installed.

Transaction Price

The transaction price is typically allocated to performance obligations based upon stand-alone selling prices. We did not disclose the value of unsatisfied performance obligations as substantially all of any unsatisfied performance obligations as of May 2, 2021, will be satisfied within one year or less.

Revenue Measurement

Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of the promised products and services. The amount of consideration we expect to receive changes due to variable consideration is associated with allowances for sales returns, early payment discounts, and volume rebates that we offer to customers. The amount of variable consideration which is included in the transaction price is only included in net sales to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur in a future period.

Our mattress fabrics and upholstery fabrics business segments only allow product returns to the extent that the products or services did not meet the contractually agreed upon specifications at the time of sale. Customers must receive authorization prior to returning products. Our former home accessories business segment allowed returns for any reason provided the product was returned within the stated time frame, generally 30 days, unless the product was customized in which case a defect must be present in order to return the product. Estimates of allowances for sales returns are based on historical data, current potential product return issues, and known sales returns for which customers have been granted return authorization. Known sales returns for which customers have been granted permission to return products for a refund or credit, continue to be recorded as a contra account receivable. Estimates for potential future sales returns and related customer accommodations are recorded within accrued expenses. We record estimates for sales returns on a gross basis rather than a net basis and an estimate for a right of return asset is recorded in other current assets and cost of goods sold. Variable consideration associated with early payment cash discounts are estimated using current payment trends and historical data on a customer-by-customer basis. The variable consideration associated with volume rebates is based on the portion of the rebate earned relative to the total amount of rebates the customer is expected to earn over the rebate period, as determined using historical data and projections.

We evaluated the nature of our warranties related to our contracts with customers and determined that any such warranties are assurance-type warranties that cover only compliance with agreed upon specifications, and therefore are not considered separate performance obligations.

Shipping and Handling Costs

Revenue received for shipping and handling costs, which is immaterial for all periods presented, is included in net sales. Shipping costs, principally freight, that comprise payments to third-party shippers are classified as cost of sales. Handling costs represent finished goods warehousing costs incurred to store, move, and prepare products for shipment in the company’s various distribution facilities. Handling costs were $3.9 million, $4.0 million, and $4.2 million fiscal 2021, 2020, and 2019, respectively, and are included in selling, general and administrative expenses.

Sales and Other Taxes

Sales and other taxes collected from customers and remitted to governmental authorities are presented on a net basis and, as such, are excluded from revenues.

Leases

Adoption of New Standard

On April 29, 2019 (the beginning of fiscal 2020), we adopted ASU No. 2016-02, Leases (Topic 842 or the “new standard’), which requires lessees to recognize leases on the balance sheet and disclose certain key information about their leasing arrangements. The new standard establishes a right of use (“ROU”) model that requires a lessee to recognize a ROU asset and lease liability for certain lease contracts. Topic 842 allows the election of several practical expedients as part of adopting this new standard. We elected the “package of practical expedients” which permits us not to reassess our previous conclusions regarding lease identification and classification. We did not elect the use of hindsight with respect to determining the lease term. Topic 842 provides practical expedients after adoption of the new standard. We elected the short-term lease exemption, and therefore, we will not recognize ROU assets or lease liabilities for leases shorter than twelve months. We did not elect the practical expedient to combine lease and non-lease components for any class of assets and will account for lease components separately from non-lease components.

We adopted Topic 842 electing to use the modified retrospective transition method, which requires us to recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, financial information and disclosures is not provided for periods prior to April 29, 2019.

Topic 842 had a material effect on our Consolidated Balance Sheet and increased the required disclosures in our notes to the consolidated financial statements (see Note 13 for further details). On April 29, 2019, our Consolidated Balance Sheet was significantly affected by the recognition of ROU assets totaling $7.2 million that were mostly offset by the recognition of lease liabilities totaling $7.1 million. The adoption of Topic 842 did not have a material effect on our Consolidated Statements of Net Income (Loss) or our Consolidated Statements of Cash Flows.

Significant Judgements and Accounting Policies

See below for disclosure of our significant judgements and accounting policies for determining the lease term of our leases and the incremental borrowing rates used to calculate the present value of lease payments to measure our ROU assets and lease liabilities on the date a lease arrangement is commenced.

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 12 months or less are not recognized in our Consolidated Balance Sheets. We recognize a ROU asset and lease liability on the commencement date of a lease arrangement based on the present value of lease payments over the lease term.

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 Topic 842, to exercise the renewal option on the date a lease arrangement is commenced.

For our leases, an estimated incremental borrowing rate (“IBR”) is utilized, based on information available at the inception of the lease. The IBR represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease.

Stock-Based Compensation

Our equity incentive plans are described more fully in Note 14 to the notes to the consolidated financial statements. ASC Topic 718, “Compensation – Stock Compensation”, requires that all stock-based compensation be recognized as compensation expense in the financial statements and that such cost be measured at the grant date for awards issued to employees and the company’s board of directors. Equity awards issued to non-employees are measured at the earlier date of when the performance criteria are met or at the end of each reporting period. Compensation expense for time-vested restricted stock awards is amortized on a straight-line basis over the respective vesting period. Compensation expense for performance-based restricted stock units is recorded based on an assessment each reporting period of the probability that certain performance goals will be met during the contingent vesting period. If performance goals are not probable of occurrence, no compensation expense will be recognized. Previously recognized compensation cost on performance goals that were previously deemed probable and subsequently were not met or not expected to be met is reversed.

Fair Value of Financial Instruments

The accompanying consolidated financial statements include certain financial instruments, and the fair market value of such instruments may differ from amounts reflected on a historical basis. These financial instruments include our short-term and long-term investments classified as available-for-sale. The fair value measurements of our financial instruments are described more fully in Note 15 of the consolidated financial statements.

The carrying amount of cash and cash equivalents, accounts receivable, other current assets, lines of credit (which were repaid in full during the first quarter of fiscal 2021), accounts payable, and accrued expenses approximate their fair value because of the short maturity of these financial instruments.

Recently Adopted Accounting Pronouncements

Current Expected Credit Losses (“CECL”)

Adoption of New Standard

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 (the beginning of fiscal 2021). The adoption of Topic 326 did not affect our financial position, results of operations, or cash flows.

Trade Accounts Receivable

See Note 4 of our consolidated financial statements for further disclosures resulting from the adoption of CECL as it pertains to trade accounts receivable.

Investments

As of May 4, 2020, we did not record an allowance for credit losses related to our short-term available-for-sale and held-to-maturity investments, which are comprised of fixed income securities that are predominantly investment grade U.S. and foreign corporate bonds, U.S. Treasury bonds, and short-term mutual bond funds. We determined that our credit loss exposure was immaterial due to the short-term nature of our mutual bond funds, and we have historically experienced historically low unrealized losses and gains during past reporting periods. In addition, 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.

As of May 2, 2021, we reported an unrealized gain of $24,000 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 recovery of their amortized cost basis. Accordingly, we did not record any credit loss exposure during fiscal 2021.

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.

There are no other recently issued accounting pronouncements that are expected to have a significant effect on our consolidated financial statements.

Business Combination Achieved in Stages

12 Months Ended

May 02, 2021

Business Combinations [Abstract]

Business Combination Achieved in Stages

2.	BUSINESS COMBINATION ACHIEVED IN STAGES

Overview

Effective January 1, 2017, Culp International Holdings, Ltd. (“Culp International”), a wholly-owned subsidiary of the company entered into a joint venture agreement pursuant to which Culp International owned 50% of Class International Holdings, Ltd. (“CIH). Effective February 1, 2021 (sometimes referred to as the “acquisition date”), Culp International entered into a Share Purchase Agreement with its former joint venture partner pursuant to which Culp International acquired the remaining 50% ownership interest in CIH. CIH produces cut and sewn mattress covers housed in two facilities totaling 120,000 square feet, located in a modern industrial park on the northeastern border of Haiti. We believe having sole ownership of this operation increases our flexibility and enhances our capacity by having near-shore capabilities that will help us to meet the needs of our mattress cover customers.

Prior to the acquisition of the remaining 50% ownership interest in CIH, we accounted for our initial 50% ownership interest in CIH as an unconsolidated joint venture under the equity method of accounting. In connection with the acquisition of the remaining 50% ownership interest in CIH, our consolidated financial statements now include all of the accounts of CIH, and any significant intercompany balances and transactions have been eliminated in consolidation.

The consideration transferred for our now-100% ownership interest in connection with this acquisition totaled $2.7 million, of which $1.7 million represents the fair value of our previously held 50% ownership interest in CIH and a $954,000 purchase price that was mostly paid at closing on February 1, 2021, for the remaining 50% ownership interest in CIH. In accordance with ASC Topic 805-10-25-10, we remeasured our previously held 50% ownership interest in CIH at its acquisition date fair value. As of the acquisition date, the fair value of our previously held 50% ownership interest totaling $1.7 million represented its carrying amount, and therefore, no gain or loss was recognized in earnings for the remeasurement of our previously held 50% ownership interest.

Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the consideration transferred to the assets acquired and liabilities assumed based on their fair values.

(dollars in thousands)	Fair Value
Cash and cash equivalents	$	62
Accounts receivable		169
Inventory		31
Right of use assets		2,544
Equipment and leasehold improvements		846
Accounts payable		(155	)
Gain on bargain purchase		(819	)
	$	2,678

Equipment and leasehold improvements will be depreciated on a straight-line basis over their remaining useful lives ranging from 1 to 10 years.

Gain on Bargain Purchase

Concurrent with our acquisition of the remaining 50% ownership interest in CIH, our former joint venture partner sold its mattress related business to a third party. Our acquisition of the remaining 50% ownership interest in CIH was undertaken due to this sale and the terms negotiated therewith. As a result, the $3.5 million fair value of the identifiable assets acquired, and liabilities assumed exceeded the consideration transferred of $2.7 million. Consequently, in accordance with ASC Topic 825-30-25-4, we (i) reassessed the recognition and measurement of the assets acquired, liabilities assumed, and previously held ownership interest; (ii) gained an understanding why there was a bargain purchase; and (iii) reviewed the rebate and supply agreements that were executed concurrent with the Share Purchase Agreement. As part of our review of the rebate and supply agreements, we verified that the terms of these agreements were consistent with fair market value terms and are considered separate transactions and not considered part of the business combination in accordance with ASC Topic 805-20-25-21. Accordingly, this acquisition has been accounted for as a bargain purchase and, as a result, we recognized a gain of $819,000, which is reported in the line-item “gain on bargain purchase” in the fiscal 2021 Consolidated Statement of Net Income.

Separate Transactions

Supply and Rebate Agreements

In connection with the Share Purchase Agreement, we entered into a supply agreement and rebate agreement with an affiliated company of our former joint venture partner to secure plant capacity utilization and preserve sales channels of certain mattress fabric products The supply and rebate agreements are effective as of the acquisition date and are based on future sales orders consistent with current market conditions.

The transactions associated with the supply and rebate agreements will be accounted for in accordance with ASC Topic 606 Revenue from Contract with Customers. For the period from February 1, 2021, through May 2, 2021, shipments pursuant to the supply agreement were $379,000. For the period from February 1, 2021, through May 2, 2021, a charge of $25,000 pursuant to the rebate agreement was included in net sales in the fiscal 2021 Consolidated Statement of Net Income.

Acquisition-Related Costs

Acquisition-related costs totaling $30,000 were included in selling, general, and administrative expenses in the fiscal 2021 Consolidated Statement of Net Income.

Other

Actual revenue and net loss from the acquisition date of February 1, 2021, through May 2, 2021, included in our fiscal 2021 Consolidated Statement of Net Income and totaled $379,000 and $(2,000), respectively.

Pro Forma Financial Information

The following unaudited pro forma consolidated results of operations for the fiscal years ending May 2, 2021, and May 3, 2020, have been prepared as if this acquisition had occurred on April 29, 2019.

(dollars in thousands, except per share data)	May 2, 2021		May 3, 2020
Net Sales	$	300,995	$	256,960
Income (loss) from continuing operations		12,138		(7,820	)
Net income (loss) from continuing operations		2,430		(11,283	)
Net loss from discontinued operation		—		(17,509	)
Net income (loss)	$	2,430	$	(28,792	)
net income (loss) from continuing operations per share-basic	$	0.20	$	(0.91	)
net income (loss) from continuing operations per share-diluted	$	0.20	$	(0.91	)
net loss from discontinued operation per share-basic	$	—	$	(1.41	)
net loss from discontinued operation per share-diluted	$	—	$	(1.41	)
Net income (loss) per share - basic	$	0.20	$	(2.33	)
Net income (loss) per share - diluted	$	0.20	$	(2.33	)

The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future results.

Equity Method of Accounting

In accordance with the equity method of accounting, we reported our previous 50% proportionate share of net income (loss) of CIH as a separate line titled “income (loss) from investment in consolidated joint venture” in the accompanying Consolidated Statements of Net Income (Loss). Our 50% proportionate share of the net income (loss) of the unconsolidated joint venture was $31,000, $(125,000), and $(114,000) during fiscal 2021, 2020, and 2019, respectively.

The following table summarizes assets, liabilities, and members’ equity for our equity method investment in CIH:

(dollars in thousands)	May 3, 2020
total assets	$	3,338
total liabilities	$	133
total members’ equity	$	3,205

As of May 3, 2020, our investment in unconsolidated joint venture totaled $1.6 million, which represents our 50% ownership interest in our investment in CIH.

Home Accessories Segment

12 Months Ended

May 02, 2021

Discontinued Operations And Disposal Groups [Abstract]

Home Accessories Segment

3.	HOME ACCESSORIES SEGMENT

Acquisition

Overview

Effective June 22, 2018, we entered into an Equity Purchase Agreement (the “Equity Agreement”) in which we acquired an 80% ownership interest in eLuxury, LLC (eLuxury) a company that offers bedding accessories and home goods directly to consumers. eLuxury’s primary products include a line of mattress pads manufactured at eLuxury’s facility located in Evansville, Indiana. eLuxury also offers handmade platform beds, cotton bed sheets, as well as other bedding items sourced from other suppliers. Its products are available on eLuxury’s own branded website, eLuxury.com, Amazon, and other leading online retailers for specialty home goods.

This acquisition provided a new sales channel for eLuxury’s bedding accessories and an opportunity for us to participate in the e-commerce direct-to-consumer space.

The estimated consideration given for the 80% ownership interest in eLuxury totaled $18.1 million, of which $12.5 million represented the estimated purchase price and $5.6 million represented the estimated fair value of contingent consideration associated with an earn-out obligation. Of the $12.5 million estimated purchase price, $11.6 million was paid at closing on June 22, 2018, $185,000 was paid in August 2018, and $749,000 was paid in September 2019.

Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values.

(dollars in thousands)	Fair Value
Goodwill	$	13,653
Tradename		6,549
Equipment		2,179
Inventory		1,804
Accounts receivable and other current assets		108
Accounts payable		(1,336	)
Accrued expenses		(295	)
Non-controlling interest in eLuxury		(4,532	)
	$	18,130

As of the acquisition date, we recorded the tradename at fair market value based on the relief from royalty method.

The goodwill related to this acquisition was attributable to eLuxury’s reputation with the products it offered and management’s experience in e-commerce, online brand building, and direct-to-consumer shopping and fulfillment expertise.

Other

Acquisition costs totaling $270,000 were included in selling, general, and administrative expenses in our fiscal 2019 Consolidated Statement of Net Income.

Disposal

Overview

On March 31, 2020, we sold our entire ownership interest in 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 was expected to increase our liquidity and allow us to focus on our core businesses of upholstery and mattress fabrics and was part of our comprehensive response to the challenging business conditions arising from the COVID-19 global pandemic.

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 (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 as a result of our strategic decision to focus on our core products that we believed would increase our liquidity and assist with our comprehensive response to the COVID-19 global pandemic. 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 Operations” on our Consolidated Statements of Net Income (Loss) for the prior year periods.

Consolidated Balance Sheet

The following is a summary of the assets and liabilities that were sold on March 31, 2020:

	March 31,
(dollars in thousands)	2020
ASSETS
current assets:
cash and cash equivalents	$	285
accounts receivable		588
inventories		3,344
other current assets		170
total current assets held for sale - discontinued operation		4,387
property, plant, and equipment		1,694
goodwill		—
intangible asset		—
right of use assets		918
total noncurrent assets held for sale - discontinued operation		2,612
total assets	$	6,999
LIABILITIES AND NET ASSETS
current liabilities:
accounts -payable trade	$	1,394
operating lease liability - current		195
accrued expenses		351
total current liabilities held for sale - discontinued operation		1,940
loan payable - Culp Inc.		1,500
subordinated loan payable - noncontrolling interest		925
operating lease liability - long-term		743
total noncurrent liabilities held for sale - discontinued operation		3,168
total liabilities		5,108
total net assets of discontinued operation	$	1,891

Net Loss from Discontinued Operation

The following is a reconciliation of the major classes of financial statement line items constituting loss before income taxes from discontinued operation that are disclosed in the notes to the financial statements to loss from discontinued operation that are presented in the Consolidated Statements of Net Income (Loss) for fiscal years 2020 and 2019:


(dollars in thousands)	2020			2019
net sales	$	13,763		$	15,956
cost of sales		(10,953	)		(11,527	)
gross profit		2,810			4,429
selling, general and administrative expenses		(4,100	)		(5,162	)
asset impairments (1)		(20,202	)		—
reversal of contingent consideration - earn-out obligation (2)		5,856			—
interest expense (3)		(84	)		(30	)
other income		34			37
loss from discontinued operation related to major classes of loss before income taxes		(15,686	)		(726	)
loss on disposal of discontinued operation (4)		(1,891	)		—
loss before income taxes from discontinued operation		(17,577	)		(726	)
income tax benefit		68			113
net loss from discontinued operation	$	(17,509	)	$	(613	)

(1)

During fiscal 2020, we recorded asset impairment charges totaling $20.2 million, of which $13.6 million and $6.6 million pertained to the goodwill and tradename, respectively. See Notes 8, 9, and 15 of the notes to the consolidated financial statements for further details of our assessments that resulted in the impairment of the goodwill and tradename associated with this discontinued operation.

(2)	See separate section below titled “Contingent Consideration” for further details.

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

(4)	See separate section below titled “Consolidation and Deconsolidation” for further details.

The following is a summary of net income (loss) from continuing operations, loss from discontinued operation, and net income (loss) attributable Culp Inc. common shareholders and the noncontrolling interest for fiscal years 2021, 2020, and 2019:

(dollars in thousands)	2021		2020			2019
net income (loss) from continuing operations	$	3,218	$	(11,158	)	$	6,071
net income (loss) from continuing operations attributable to noncontrolling interest		—		—			—
net income (loss) from continuing operations attributable to Culp Inc. common shareholders	$	3,218	$	(11,158	)	$	6,071
net loss from discontinued operation	$	—	$	(17,509	)	$	(613	)
net loss from discontinued operation attributable to noncontrolling interest		—		4,674			218
net loss from discontinued operation attributable to Culp Inc. common shareholders	$	—	$	(12,835	)	$	(395	)
net income (loss)	$	3,218	$	(28,667	)	$	5,458
net loss from noncontrolling interest		—		4,674			218
net income (loss) attributable to Culp Inc. common shareholders	$	3,218	$	(23,993	)	$	5,676

Cash Flow Disclosures

Our discontinued operation had net cash used in operating activities totaling $(2.3) million and $(1.5) million for fiscal 2020 and 2019, respectively. Our discontinued operation had net cash used in investing activities totaling $(134,000) and $(54,000) for fiscal 2020 and 2019, respectively. Our discontinued operation had net cash provided by financing activities all of which were loan proceeds and capital contributions from Culp Inc. and the noncontrolling interest of eLuxury totaling $2.4 million and $1.5 million during fiscal 2020 and 2019, respectively. We believe our liquidity has been positively affected in the absence of our home accessories segment due to the significant losses that were incurred and the funding of working capital requirements though loans and capital contributions.

We incurred a $1.9 million loss on disposal of discontinued operation that was reported within loss before income taxes from discontinued operation in the fiscal 2020 Consolidated Statement of Net Loss. In addition, we reported a loss on disposal of discontinued operation of $1.6 million in the fiscal 2020 Consolidated Statement of Cash Flows, as the buyer (former noncontrolling interest holder) retained the cash held with eLuxury totaling $285,000.

Contingent Consideration

The Equity Agreement related to the acquisition of our ownership interest in eLuxury contained a contingent consideration arrangement that required us to pay the seller, who was also the owner of the noncontrolling interest, an earn-out payment based on a multiple of adjusted EBITDA, as defined in the Equity Agreement, for the twelve-month period ending August 31, 2021, less $12.0 million. We recorded a contingent liability at the acquisition date for this earn-out obligation at its fair value totaling $5.6 million based on the Black Scholes pricing model.

We were required to assess the fair value of this earn-out obligation each quarterly reporting period. Based on management’s assessment as of the end of our third quarter of fiscal 2020, we determined it was necessary to adjust forecasted EBITDA as it related to this earn-out obligation. This determination was based on the future outlook of our former home accessories segment and its slower than expected business improvement, as well as updated assumptions on economic conditions in the e-commerce space, combined with the upcoming timeframe for determining the amount associated with this contingent consideration arrangement. As a result of these factors, we recorded a reversal of $6.1 million for the full amount of our earn-out obligation at the end of our third quarter of fiscal 2020. In connection with the sale agreement of our entire ownership interest in eLuxury, this contingent consideration arrangement was nullified on March 31, 2020. Since the earn-out obligation was solely based on the financial performance of our home accessories segment and the contingent consideration arrangement was nullified as a result of the disposal, the reversal of this earn-out obligation is directly attributable to our discontinued operation.

Consolidation and Deconsolidation

Consolidation

As a result of the acquisition of our 80% ownership interest and prior to the disposal of eLuxury, we included all of its accounts in our consolidated financial statements and eliminated all significant intercompany balances and transactions.

Substantive Profit-Sharing Provisions

The Equity Agreement related to the acquisition of our ownership interest in eLuxury contained substantive profit-sharing provisions which explicitly stated the ownership interests as of the acquisition date and the allocation of net income or loss between us, as the controlling interest holder, and the noncontrolling interest holder. The Equity Agreement stated as of the acquisition date, we acquired an 80% ownership interest in eLuxury, with the seller retaining a 20% noncontrolling interest. Additionally, eLuxury’s net income or loss, future capital contributions and equity distributions were allocated at a percentage of 70% to or from us and 30% to or from the noncontrolling interest holder. Also, the Equity Agreement included certain loss limitations pursuant to which net losses allocated pursuant to the Equity Agreement would not exceed the maximum amount of net loss that could be allocated without causing any owners to have a capital account deficit as defined in the Equity Agreement.

Deconsolidation

In accordance with ASC Topic 810-10-40, a parent company must deconsolidate a subsidiary as of the date the parent ceases to have a controlling interest in that subsidiary and recognize a gain or loss in net income at that time. As a result, we deconsolidated eLuxury from our consolidated financial statements on March 31, 2020, and recognized a loss on disposal of discontinued operation totaling $1.9 million. The $1.9 million loss on disposal of discontinued operation represented the entire carrying amount of eLuxury’s assets less liabilities as of the disposal date of March 31, 2020. 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 interest in eLuxury, and we did not retain a noncontrolling interest holder in eLuxury. Additionally, based on the terms of the substantive profit-sharing provisions stated in the Equity Agreement, the noncontrolling interest holder did not have a carrying amount for its interest in eLuxury.

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 fabrics products of the type we were supplying to eLuxury at the time of the sale transaction, as well as certain home accessories and soft 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 for which we referred to eLuxury prior to the sale transaction and new customer relationships we develop for eLuxury going forward, as well 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-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 for all periods presented in our Consolidated Statement of Income (Loss). Therefore, we reported both net sales and cost of sales totaling $968,000 during fiscal 2020 and $612,000 during fiscal 2019 that were previously eliminated in consolidation prior to the disposal date of March 31, 2020.

During fiscal 2021, shipments to eLuxury pursuant to the supply agreement were $331,000. After the disposal date of March 31, 2020, and through our fiscal year end date of May 3, 2020, shipments to eLuxury pursuant to the supply agreement totaled $7,000. Shipments for the fiscal month April 2020 were severely affected by the COVID-19 global pandemic.

During fiscal 2021, we received payments pursuant to the royalty agreement totaling $154,000. After the disposal date of March 31, 2020, and through our fiscal year end date of May 3, 2020, no payments were received pursuant to the royalty agreement.

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. Additionally, eLuxury, and its sole owner following the sale have indemnified us from any liabilities and obligations that we would be required to pay regarding this lease agreement.

Accounts Receivable

12 Months Ended

May 02, 2021

Receivables [Abstract]

Accounts Receivable

4.	ACCOUNTS RECEIVABLE

A summary of accounts receivable follows:

	May 2,			May 3,
(dollars in thousands)	2021			2020
customers	$	38,455		$	25,649
allowance for doubtful accounts		(591	)		(472	)
allowance for cash discounts		(124	)		(68	)
reserve for returns and allowances and discounts		(14	)		(16	)
	$	37,726		$	25,093

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

(dollars in thousands)	2021			2020			2019
beginning balance	$	(472	)	$	(393	)	$	(357	)
provision for bad debts		(119	)		(79	)		(84	)
write-offs, net of recoveries		—			—			48
ending balance	$	(591	)	$	(472	)	$	(393	)

As of May 2, 2021, 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; and (iv) historical loss experience; as well as (v) any other ongoing economic conditions (i.e., COVID-19). 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 $591,000 as of May 2, 2021.

A summary of the activity in the allowance for returns and allowances and discounts follows:

(dollars in thousands)	2021			2020			2019
beginning balance	$	(84	)	$	(226	)	$	(1,433	)
adoption of ASC Topic 606		—			—			1,145
provision for returns and allowances and discounts		(1,665	)		(1,603	)		(2,180	)
credits issued and discounts taken		1,611			1,745			2,242
ending balance	$	(138	)	$	(84	)	$	(226	)

Revenue from Contracts with Customers

12 Months Ended

May 02, 2021

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. In addition, the upholstery fabrics segment includes Read, a turn-key provider of window treatments that offers sourcing of upholstery fabrics and other products, as well as measuring and installation services of Read’s own products, to customers in the hospitality and commercial industries. Read also supplies soft goods such as decorative top sheets, coverlets, duvet covers, bed skirts, bolsters, and pillows.

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

Discontinued Operation – Home Accessories Segment

As disclosed in Note 3 of the notes to 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. Additionally, net sales associated with our home accessories segment were excluded from our continuing operations and are presented within discontinued operation in our Consolidated Statements of Net Income (Loss) for fiscal years 2020 and 2019.

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 $13.8 million and $16.0 million during fiscal 2020 and 2019, respectively. Revenue associated with the sales of home accessories products were recognized at the point-in-time when control was transferred to the customer.

Significant Judgments

See Note 1 of the consolidated financial statements for disclosure of our accounting policies regarding our significant judgements associated with revenue recognition, determining our transaction prices, and revenue measurement.

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. Commencing in the fourth quarter of fiscal 2020 and continuing into fiscal 2021, we granted extended terms to certain customers for a limited time 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 May 2, 2021, or May 3, 2020.

A summary of the activity of deferred revenue follows:

(dollars in thousands)	Fiscal 2021			Fiscal 2020
Beginning Balance	$	502		$	399
Revenue recognized on contract liabilities during the period		(2,459	)		(2,356	)
Payments received for services not yet rendered during the period		2,497			2,459
Ending Balance	$	540		$	502

Disaggregation of Revenue

The following table presents our disaggregated revenue related to continuing operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2021:

(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Total
Products transferred at a point in time	$	157,671	$	133,501	$	291,172
Services transferred over time		—		8,548		8,548
Total Net Sales	$	157,671	$	142,049	$	299,720

The following table presents our disaggregated revenue related to continuing operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2020:

(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Total
Products transferred at a point in time	$	131,412	$	114,154	$	245,566
Services transferred over time		—		10,600		10,600
Total Net Sales	$	131,412	$	124,754	$	256,166

The following table presents our disaggregated revenue related to continuing operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2019:

(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Total
Products transferred at a point in time	$	145,671	$	125,294	$	270,965
Services transferred over time		—		10,360		10,360
Total Net Sales	$	145,671	$	135,654	$	281,325

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Property Plant And Equipment [Abstract]

Inventories

12 Months Ended

May 02, 2021

Inventory Disclosure [Abstract]

Inventories

6.	INVENTORIES

A summary of inventories follows:

(dollars in thousands)	May 2, 2021		May 3, 2020
raw materials	$	7,742	$	7,823
work-in-process		3,156		1,958
finished goods		45,019		38,126
	$	55,917	$	47,907

Property, Plant and Equipment

12 Months Ended

May 02, 2021

Property, Plant and Equipment

7.	PROPERTY, PLANT AND EQUIPMENT

A summary of property, plant, and equipment follows:

(dollars in thousands)	depreciable lives (in years)	May 2, 2021			May 3, 2020
land and improvements	0-10	$	937		$	909
buildings and improvements	7-40		31,205			31,047
leasehold improvements	**		2,884			2,288
machinery and equipment	3-12		65,258			60,703
office furniture and equipment	3-10		9,574			8,819
capital projects in progress			3,077			1,958
			112,935			105,724
accumulated depreciation			(68,932	)		(62,577	)
		$	44,003		$	43,147

**	Shorter of life of lease or useful life.

Intangible Assets

12 Months Ended

May 02, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

8.	INTANGIBLE ASSETS

A summary of intangible assets follows:

(dollars in thousands)	May 2, 2021		May 3, 2020
Tradenames	$	540	$	540
Customer relationships, net		1,937		2,238
Non-compete agreement, net		527		602
	$	3,004	$	3,380

Tradename

A summary of the change in the carrying amount of our tradenames follows:

(dollars in thousands)	2021		2020			2019
beginning balance	$	540		7,232			683
acquisition of assets (note 3)		—		—			6,549
loss on impairment - continuing operations		—		(143	)		—
loss on impairment - discontinued operation (note 3)		—		(6,549	)		—
ending balance	$	540		540			7,232

Our tradename as of May 2, 2021 and May 3, 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 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 May 2, 2021, no indicators of impairment existed and therefore, no asset impairment charges associated with our tradename were recorded during fiscal 2021.

Continuing Operations (Fiscal 2020)

As of April 28, 2019, the tradename associated with our continuing operations totaled $683,000 and was associated with Read.

In accordance with ASC Topic 350 Intangibles – Goodwill and Other, we are required to assess our tradenames for impairment annually or between annual tests if we believe indicators of impairment exist. Accordingly, we performed our annual assessment of Read’s tradename as of May 3, 2020. First, 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 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 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 utilizing the relief from royalty method 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 in the fiscal 2020 Consolidated Statement of Net Loss.

Discontinued Operation – Home Accessories Segment (Fiscal 2020)

As of April 28, 2019, the tradename associated with our discontinued operation totaled $6.6 million. During the fiscal 2020 year, we recorded asset impairment charges totaling $6.6 million, of which $2.4 million and $4.2 million were recorded in the third and fourth quarters, respectively.

Third Quarter of Fiscal 2020

As of February 2, 2020 (the end of our third quarter), we believed indicators of impairment existed that pertained to the future outlook of our former home accessories segment and its slower than expected business improvement, as well as economic conditions that existed within the e-commerce bedding space. Since we determined it was more-likely-than-not that the fair value of the tradename associated with our former home accessories segment was less than its carrying amount, we performed a quantitative impairment test. Our quantitative impairment test involved determining the fair value of the tradename associated with our former home accessories segment utilizing a relief from royalty method and comparing the respective fair value with its carrying amount. Consequently, based on our quantitative impairment test, we recorded an asset impairment charge totaling $2.4 million that is presented within the discontinued operation section of our fiscal 2020 Consolidated Statement of Net Loss.

Fourth Quarter of Fiscal 2020

During the fourth quarter of fiscal 2020, management made a strategic decision to sell our entire ownership interest in eLuxury to focus on our core products of mattress and upholstery fabrics, which we believed would increase our liquidity and assist with our comprehensive response to the COVID-19 global pandemic. As a result, we recorded an additional asset impairment charge of $4.2 million based on the expected selling price of our entire ownership in eLuxury in comparison to its carrying amount. As disclosed in Note 3 of the notes to 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 interest in eLuxury. The $4.2 million asset impairment charge recorded during the fourth quarter is presented within the discontinued operation section of our fiscal 2020 Consolidated Statement of Net Loss.

Customer Relationships

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

(dollars in thousands)	2021			2020			2019
beginning balance	$	2,238			2,538			2,839
amortization expense		(301	)		(300	)		(301	)
ending balance	$	1,937			2,238			2,538

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 May 2, 2021, and May 3, 2020. Accumulated amortization for these customer relationships was $1.2 million and $877,000 as of May 2, 2021, and May 3, 2020, respectively.

The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2022 - $301,000; FY 2023 - $301,000; FY 2024 - $301,000; FY 2025 - $301,000; FY 2026 - $301,000; and thereafter - $432,000.

The weighted average amortization period for our customer relationships is 6.7 years as of May 2, 2021.

Non-Compete Agreement

A summary of the change in the carrying amount of our non-compete agreement associated with a prior year acquisition by our mattress fabrics segment follows:

(dollars in thousands)	2021			2020			2019
beginning balance	$	602			678			753
amortization expense		(75	)		(76	)		(75	)
ending balance	$	527			602			678

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

The gross carrying amount of this non-compete agreement was $2.0 million as of May 2, 2021, and May 3, 2020. Accumulated amortization for this non-compete agreement was $1.5 million and $1.4 million as of May 2, 2021, and May 3, 2020, respectively.

The remaining amortization expense for the next five years and thereafter follows: FY 2022 - $75,000; FY 2023 - $76,000; FY 2024 - $76,000; FY 2025 - $76,000; FY 2026 - $76,000, and thereafter - $148,000.

The weighted average amortization period for the non-compete agreement is 7.0 years as of May 2, 2021.

Goodwill

12 Months Ended

May 02, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

A summary of the change in the carrying amount of goodwill follows:

(dollars in thousands)	2021		2020			2019
beginning balance	$	—	$	27,222			13,569
business combination (note 3)		—		—			13,653
loss on impairment - continuing operations		—		(13,569	)		—
loss on impairment - discontinued operation (note 3)		—		(13,653	)		—
ending balance	$	—		—			27,222

As a result of asset impairments incurred during fiscal 2020 described below, we did not report goodwill in the accompanying Consolidated Balance Sheets as of May 2, 2021, and May 3, 2020.

Continuing Operations (Fiscal 2020)

As of April 28, 2019, goodwill associated with our continuing operations totaled $13.6 million, of which $11.5 million was associated with our mattress fabrics reporting unit and $2.1 million was associated with Read, a separate reporting unit within the upholstery fabrics segment.

In accordance with ASC Topic 350 Intangibles – Goodwill and Other, we are required to assess goodwill for impairment annually or between annual tests if we believe indicators of impairment exist. Accordingly, we performed our annual assessment of goodwill as of May 3, 2020. First, we performed a qualitative assessment in which we concluded that it was more likely than not that the fair value of both our mattress fabrics and Read reporting units were less than their carrying amounts, including goodwill. This conclusion was based on impairment indicators that existed, such as our unfavorable financial performance 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 value for both our mattress fabrics and Read reporting units were less than their carrying amounts, we conducted a quantitative goodwill impairment test. Our quantitative goodwill impairment test involved determining the fair value of each of our mattress fabrics and Read reporting units utilizing a discounted cash flows method and comparing the respective fair value of our mattress fabrics and Read reporting units with their respective carrying amounts, including goodwill. Consequently, based on our quantitative goodwill impairment test, we recorded an asset impairment charge totaling $13.6 million in asset impairments in the fiscal 2020 Consolidated Statement of Net Loss.

Discontinued Operation – Home Accessories Segment (Fiscal 2020)

As of April 28, 2019, goodwill associated with our discontinued operation totaled $13.6 million. During fiscal 2020, we recorded asset impairment charges totaling $13.6 million, of which $11.2 million and $2.4 million were recorded in the third and fourth quarters, respectively.

Third Quarter of Fiscal 2020

As of February 2, 2020 (the end of our third quarter), we believed indicators of impairment existed that pertained to the future outlook of our former home accessories segment and its slower than expected business improvement, as well as economic conditions that existed within the e-commerce bedding space. Since we determined it was more likely than not that the fair value of our former home accessories reporting unit was less than its carrying amount, we performed a quantitative goodwill impairment test. Our quantitative goodwill impairment test involved determining the fair value of our former home accessories segment utilizing a discounted cash flows method and comparing the respective fair value of our former home accessories reporting unit with its respective carrying amount, including goodwill. Consequently, based on our quantitative goodwill impairment test, we recorded an asset impairment charge totaling $11.2 million that is presented within the discontinued operation section of our fiscal 2020 Consolidated Statement of Net Loss.

Fourth Quarter of Fiscal 2020

During the fourth quarter of fiscal 2020, management made a strategic decision to sell our entire ownership interest in eLuxury to focus on our core products of mattress and upholstery fabrics, which we believed would increase our liquidity and assist with our comprehensive response to the COVID-19 global pandemic. As a result, we recorded an additional asset impairment charge of $2.4 million based on the expected selling price of our entire ownership in eLuxury in comparison to its carrying amount, including goodwill. 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 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 that were associated with the sale of our entire ownership interest in eLuxury. The $2.4 million asset impairment charge recorded during the fourth quarter is presented within the discontinued operation section of our fiscal 2020 Consolidated Statement of Net Loss.

Accrued Expenses

12 Months Ended

May 02, 2021

Lines of Credit and Paycheck Protection Plan Loan

Accrued Expenses

10.	ACCRUED EXPENSES

(dollars in thousands)	May 2, 2021		May 3, 2020
compensation and related benefits	$	9,816	$	3,038
interest		—		9
other		5,023		2,807
	$	14,839	$	5,854

As of May 2, 2021, the entire amount of accrued expenses totaling $14.8 million was classified as current accrued expenses in the accompanying Consolidated Balance Sheets. As of May 3, 2020, accrued expenses totaled $5.9 million, of which $5.7 million and $167,000 were classified as current accrued expenses and long-term accrued expenses, respectively, in the accompanying Consolidated Balance Sheets.

Lines of Credit and Paycheck Protection Plan Loan

12 Months Ended

May 02, 2021

Debt Disclosure [Abstract]

11.	LINES OF CREDIT AND PAYCHECK PROTECTION PLAN LOAN

Revolving Credit Agreement – United States

Overall

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 was charged under the Credit Agreement at a rate (applicable interest rate of 1.71% and 1.75% as of May 2, 2021, 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. (a 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 fiscal 2021. As a result, there were no borrowing outstanding pursuant to the Credit Agreement as of May 2, 2021.

As of May 2, 2021, and May 3, 2020, there were $275,000 and $250,000, respectively, of outstanding letters of credit provided by the Credit Agreement. As of May 2, 2021, we had $725,000 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 the 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 in 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 RMB with a bank located in China that provides for a line of credit of up to 40 million RMB ($6.2 million USD as of May 2, 2021). This agreement has an interest rate determined by the Chinese government at the time of borrowing and is set to expire on December 1, 2021.

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 fiscal 2021. As a result, there were no borrowings outstanding under this agreement as of May 2, 2021.

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 expired on July 7, 2021. There were no borrowings outstanding under this agreement as of May 2, 2021.

We are currently in the process of renewing this agreement. We expect the renewal will be completed during the second quarter of fiscal 2022.

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 May 2, 2021, we complied with our financial covenants.

Interest paid during fiscal years 2021, 2020, and 2019 was $60,000, $124,000, and $54,000, respectively.

Income Taxes

12 Months Ended

May 02, 2021

Income Tax Disclosure [Abstract]

Income Taxes

12.	INCOME TAXES

Income Tax Expense and Effective Income Tax Rate

Total income tax expense was allocated as follows:

(dollars in thousands)	2021		2020			2019
income (loss) from continuing operations	$	7,693	$	3,354		$	6,537
loss from discontinued operation		—		(68	)		(113	)
	$	7,693	$	3,286		$	6,424

Income tax expense attributable to income from continuing operations consists of:

(dollars in thousands)	2021			2020			2019
current
federal	$	(17	)		—			(1,492	)
state		3			7			27
2017 Tax Cuts and Jobs Act		—			—			(282	)
foreign		4,151			4,248			6,144
uncertain income tax positions		(204	)		725			—
		3,933			4,980			4,397
deferred
federal		(1,933	)		(1,875	)		3,236
state		(80	)		(103	)		(96	)
2017 Tax Cuts and Jobs Act		(3,674	)		—			(268	)
undistributed earnings – foreign subsidiaries		112			(114	)		3,735
U.S. Federal & State carryforwards and credits		451			974			74
uncertain income tax positions		380			(380	)		—
foreign		(22	)		(247	)		(85	)
valuation allowance		8,526			119			(4,456	)
		3,760			(1,626	)		2,140
	$	7,693			3,354			6,537

Income (loss) before income taxes from continuing operations related to our foreign and U.S. operations consists of:

(dollars in thousands)	2021			2020			2019
Foreign
China	$	10,007			8,316			9,899
Canada		4,764			(1,391	)		5,488
Haiti		817			—			—
Cayman Islands		(5	)		(6	)		280
Total Foreign		15,583			6,919			15,667
United States		(4,703	)		(14,598	)		(2,945	)
	$	10,880			(7,679	)		12,722

The following schedule summarizes the principal differences between the income tax expense from continuing operations at the federal income tax rate and the effective income tax rate from continuing operations reflected in the consolidated financial statements:

	2021			2020			2019
U.S. federal income tax rate		21.0	%		21.0	%		21.0	%
valuation allowance		78.4			(1.6	)		(35.0	)
write-off of U.S. foreign income tax credits		—			—			35.1
income tax effects of the 2017 Tax Cuts and Jobs Act		(33.8	)		—			(4.3	)
global intangible low taxed income tax (GILTI)		—			(19.0	)		16.9
foreign tax rate differential		10.9			(5.4	)		4.8
income tax effects of Chinese foreign exchange gains and losses		(8.4	)		(5.0	)		2.2
withholding taxes associated with foreign tax jurisdictions		7.7			(16.0	)		8.1
income tax effects of impairment of nondeductible goodwill		—			(11.3	)		—
other		(5.1	)		(6.4	)		2.6
		70.7	%		(43.7	)%		51.4	%

Deferred Income Taxes - Overall

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities consist of the following:

(dollars in thousands)	2021			2020
deferred tax assets:
accounts receivable	$	362			263
inventories		2,019			2,280
compensation		3,284			1,970
liabilities and other		23			166
intangible assets and goodwill		690			856
property, plant, and equipment (1)		202			185
operating lease liability		836			671
foreign income tax credits - U.S.		783			783
loss carryforwards – U.S.		7,533			4,137
valuation allowance - U.S.		(11,674	)		(3,148	)
total deferred tax assets		4,058			8,163

deferred tax liabilities:
undistributed earnings on foreign subsidiaries		(3,521	)	(3,409	)
unrecognized tax benefits – U.S.		(380	)	—
property, plant and equipment (2)		(3,968	)	(5,008	)
right of use assets		(855	)	(690	)
other		(119	)	(81	)
total deferred tax liabilities		(8,843	)	(9,188	)
Net deferred liabilities	$	(4,785	)	(1,025	)

(1)	Pertains to the company’s operations located in China.

(2)	Pertains to the company’s operations located in the U.S. and Canada.

As of May 2, 2021, our U.S. federal net operating loss carryforwards totaled $19.4 million with related future income tax benefits of $4.1 million. In accordance with the 2017 Tax Cuts and Jobs Act (“TCJA”), U.S. federal net operating loss carryforwards generated in fiscal 2019 and after do not expire. Our U.S. federal net operating loss carryforwards that were generated prior to fiscal 2019 have expiration dates ranging from fiscal years 2027 through 2038. As of May 2, 2021, our U.S. state net operating loss carryforwards totaled $28.9 million with related future income tax benefits of $953,000. Our U.S. state net operating loss carryforwards totaling $28.9 million have expiration dates ranging from fiscal years 2022 through 2040. Our U.S. foreign income tax credits of $783,000 will expire 10 years from when the associated earnings and profits from our foreign subsidiaries are repatriated to the U.S.

2017 Tax Cuts and Jobs Act

On December 22, 2017 (the “Enactment Date”), TCJA was signed into law. TCJA contained significant changes to corporate taxation, including (i) the reduction of the corporate income tax rate to 21%, (ii) the acceleration of expensing certain business assets, (iii) a one-time mandatory repatriation tax (the “Transition Tax”) related to the transition of U.S. international tax from a worldwide tax system to a territorial tax system, (iv) limitations on the use of foreign tax credits to reduce the U.S. income tax liability, (v) the repeal of the domestic production activities deduction, (vi) additional limitations on the deductibility of interest expense and executive compensation, and (vii) the creation of the Global Intangible Low Taxed Income (“GILTI”) tax.

The re-measurement of our U.S. net deferred income tax balances to the new U.S. federal corporate income tax rate and the determination of the income tax effects of the Transition Tax on our accumulated earnings and profits associated with our foreign subsidiaries were components of the TCJA that significantly affected our financial statements during fiscal 2019 and 2018. During fiscal 2018, we were able to determine reasonable estimates for these components of the TCJA, and thus reported provisional amounts for these items under guidance provided by SEC Staff Bulletin No. 118 (“SAB 118”). SAB 118 provided a measurement period not to extend beyond one year from the Enactment Date to revise our provisional estimates that were recorded during fiscal 2018. During the third quarter of fiscal 2019, we completed our assessment of our U.S. net deferred income tax balances and recorded an income tax benefit of $268,000. In addition, we completed our assessment of the income tax effects of the Transition Tax and recorded an income tax benefit of $282,000 during the third quarter of fiscal 2019.

GILTI

Fiscal 2020 and 2019

In addition to the above components of the TJCA, GILTI became effective during fiscal 2019. Our policy to account for GILTI is to expense this tax in the period incurred. As a result, we recorded income tax charges of $1.9 million and $2.1 million during fiscal 2020 and 2019, respectively.

Fiscal 2021

Effective July 20, 2020, the U.S. Treasury Department finalized and enacted previously proposed regulations regarding the GILTI tax provisions of the TCJA. 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 $3.6 million resulting from the re-establishment of certain U.S. federal net operating loss carryforwards. This $3.6 million income tax benefit was recorded as a discrete event in which its full income tax effects were recorded during the first quarter of fiscal 2021.

Deferred Income Taxes – Valuation Allowance

Summary

In accordance with ASC Topic 740, we evaluate the realizability of 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 of the end of the first quarter of fiscal 2021. 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 GILTI 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 expected at the time of this assessment that our history of U.S. pre-tax losses would continue into fiscal 2021. As a result of the significant weight of this negative evidence, we believed it was more likely than not that our U.S. deferred income tax assets would 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 of fiscal 2021.

As of May 2, 2021, we evaluated the realizability our U.S. net deferred income tax assets to determine if a full valuation allowance was required. Based on our assessment, we have a recent history of significant cumulative U.S. taxable losses, and we have experienced U.S. taxable losses during each of the last three fiscal years. As a result of the significant weight of this negative evidence, we believe it is more likely than not that our U.S deferred income tax assets would not be fully realizable, and therefore we provided for a full valuation allowance against our U.S. net deferred income tax assets.

Based on our assessments as of May 2, 2021, and May 3, 2020, valuation allowances against our deferred income taxes pertain to the following jurisdictions:

(dollars in thousands)	May 2, 2021		May 3, 2020
U.S. federal and state net deferred income tax assets	$	9,344		867
U.S. capital loss carryforward		2,330		2,281
	$	11,674		3,148

A summary of the change in the valuation allowances against our deferred income taxes follows:

(dollars in thousands)	2021		2020		2019
beginning balance	$	3,148		748		5,204
change in judgement of beginning of year U.S. valuation allowance (1)		6,964		—		—
change in valuation allowance associated with current year earnings		1,004		—		—
establishment of valuation allowance (2)		—		2,281		—
write-off of deferred income taxes (3)		—		—		(4,544	)
change in estimate during current year (4)		558		119		88
ending balance	$	11,674		3,148		748

(1)	Refer to the above Summary within the section titled Deferred Income Taxes – Valuation Allowance for further details regarding our assessment and conclusions reached for providing a full valuation allowance against our U.S net deferred income tax assets during the first quarter of fiscal 2021.

(2)

In connection with the sale of a discontinued operation that was treated as a partnership for income tax purposes, we generated a capital loss carryforward totaling $10.9 million with a related future income tax benefit of $2.3 million. Since capital losses can only be offset by capital gains, we established a full valuation allowance on this capital loss carryforward as we do not have capital assets that would generate capital gains that would utilize this carryforward.

(3)	During fiscal 2019, we recorded an income tax charge of $4.5 million for the write-off of certain U.S. foreign income tax credits, and in turn, we recorded an income tax benefit of $4.5 million for the reduction in our valuation allowance.

(4)

Amount represents changes in our U.S. net deferred income tax asset balances during the current year that pertain to (i) income tax provision to return adjustments, (ii) changes in estimates of our U.S. effective income tax rate that pertain to U.S. state income tax rates and apportionment percentages, and (iii) other immaterial items.

Deferred Income Taxes – Undistributed Earnings from Foreign Subsidiaries

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. 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. As of May 2, 2021, 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 this assessment has been consistent with prior years.

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 only be required for unremitted withholding taxes associated with earnings and profits generated by our foreign subsidiaries that will ultimately be repatriated to the U.S. parent company. As a result, we recorded a deferred income tax liability for withholding taxes on undistributed earnings and profits from our foreign subsidiaries totaling $3.5 million and $3.4 million as of May 2, 2021, and May 3, 2020, respectively.

Uncertainty in Income Taxes

Overall

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 if 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 benefit will be recorded at that time.

The following table sets forth the change in the company’s unrecognized income tax benefit:

(dollars in thousands)	2021			2020			2019
beginning balance	$	1,269			903			844
increases from prior period tax positions		249			106			135
decreases from prior period tax positions		(74	)		(85	)		(76	)
increases from current period tax positions		—			434			—
decreases from current period tax positions		—			(89	)		—
ending balance	$	1,444			1,269			903

As of May 2, 2021, we had $1.4 million of total gross unrecognized tax benefits, of which $1.1 million would favorably affect the income tax rate in future periods. As of May 3, 2020, we had $1.3 million of total gross unrecognized tax benefits, of which the entire $1.3 million would favorably affect the income tax rate in future periods.

As of May 2, 2021, we had $1.4 million of total gross unrecognized tax benefits, of which $1.1 million and $380,000 were classified as income taxes payable-long-term and noncurrent deferred income taxes, respectively, in the accompanying Consolidated Balance Sheets. As of May 3, 2020, we had $1.3 million of total gross unrecognized tax benefits, of which the entire $1.3 million was classified as income taxes payable-long-term in the accompanying Consolidated Balance Sheets.

We elected to classify interest and penalties as part of income tax expense. As of May 2, 2021, and May 3, 2020, the gross amount of interest and penalties due to unrecognized tax benefits was $165,000 and $103,000, respectively.

Our gross unrecognized income tax benefit of $1.4 million as of May 2, 2021, 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. United States federal income tax returns filed by us remain subject to examination for income tax years 2017 and subsequent. Canadian federal income tax returns filed by us remain subject to examination for income tax years 2017 and subsequent. Canadian provincial (Quebec) income tax returns filed by us remain subject to examination for income tax years 2017 and subsequent. Income tax returns associated with our operations located in China are subject to examination for income tax year 2016 and subsequent.

Income Taxes Paid

The following table sets forth income taxes paid (refunded) by jurisdiction:

(dollars in thousands)	2021			2020		2019
United States Federal - AMT credit refunds (1)	$	(1,510	)	$	—	$	—
United States Federal - transition tax		226			—		600
Unites States state income tax payments		—			—		60
China		2,874			3,397	$	3,543
Canada		1,408			1,598		2,491
	$	2,998		$	4,995	$	6,694

(1)

In accordance with the 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 of 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 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.

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.

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12 Months Ended

May 02, 2021

Commitments and Contingencies

13.	COMMITMENTS AND CONTINGENCIES

Leases

Balance Sheet

The right of use assets and lease liabilities associated with our operating leases as of May 2, 2021, and May 3, 2020, are as follows:

(dollars in thousands)	May 2, 2021		May 3, 2020
Right of use assets	$	11,730	$	3,903
Operating lease liability - current		2,736		1,805
Operating lease liability – noncurrent		6,821		2,016

Supplemental Cash Flow Information

(dollars in thousands)	2021		2020
Operating lease liability payments	$	2,634	$	2,524
Right of use assets exchanged for lease liabilities		8,014		344

Operating lease costs associated with continuing operations were $2.9 million and $2.6 million during fiscal 2021 and 2020, respectively. During fiscal 2020, operating lease costs totaling $204,000 were associated with our former home accessories segment and were presented within loss from discontinued operations in the fiscal 2020 Consolidated Statement of Net Loss. Short-term lease costs were $55,000 and $148,000 during fiscal 2021 and fiscal 2020, respectively. Variable lease costs were immaterial for fiscal 2021 and fiscal 2020.

As of May 2, 2021, the weighted average remaining lease term and discount rate for our operating leases follows:

Weighted average lease term		4.36 years
Weighted average discount rate			2.41	%

As of May 3, 2020, the weighted average remaining lease term and discount rate for our operating leases follows:

Weighted average lease term		2.98 years
Weighted average discount rate			3.60	%

Other Information

Maturity of our operating lease liabilities for the next five fiscal years and thereafter follows:

(dollars in thousands)
2022	$	2,821
2023		2,647
2024		2,341
2025		1,409
2026		158
Thereafter		541
		9,917
Less: interest		(360	)
Present value of lease liabilities	$	9,557

Lease Contracts

Culp Upholstery Fabrics – Haiti, Ltd.

Effective April 9, 2021, we entered into an agreement to lease a 90,000 square foot facility located in a modern industrial park on the northeastern border of Haiti. This facility will be dedicated to the production of cut and sewn upholstery kits and is expected to be operational during the second quarter of fiscal 2022. The lease agreement has an initial non-cancelable lease term of eight years, which will commence after the construction of the facility has been completed, and at such time we will have control of the facility based on the terms of the lease. The rent payments for the initial term of the lease total $2.8 million and will be paid in advance of the commencement of the lease. Of the $2.8 million rent payments, $1.4 million was paid in April 2021, $558,000 is due June 30, 2021, $418,500 is due August 30, 2021, and $418,500 is due October 30, 2021, or 30 days after commencement of the lease as defined in the agreement. As of May 2, 2021, the $1.4 million paid in April 2021 was classified as other assets in the accompanying Consolidated Balance Sheets.

The initial non-cancelable term of the lease can be subsequently renewed and extended for successive eight-year periods by written communication as defined in the lease agreement.

High Point, NC – Design and Innovation Campus

Effective May 7, 2021, we entered into an agreement to lease showroom and office space approximating 21,000 square feet located in downtown High Point, NC. This facility will be used to advance synergies between our upholstery fabrics and mattress fabrics business segments by bringing our creative talent together to collaborate, develop new products through shared innovation and technology, and meet new and existing customers. The lease agreement has an initial non-cancelable lease term of ten years, which will commence once certain lessor-owned leasehold improvements have been completed, and at such time we will have control of the facility based on the terms of the lease. The rent payments for the initial term of the lease total $2.2 million and will be paid in monthly installments beginning at the commencement of the lease, which is expected to occur during the third quarter of fiscal 2022.

The initial non-cancelable term of the lease can be subsequently renewed and extended up to four additional periods of three years each by written communication as defined in the lease agreement.

Related Party Lease – Mattress Fabrics Segment

We have an agreement to lease a plant facility totaling 65,886 square feet from a partnership owned by an immediate family member of an officer of the company. The current non-cancelable lease term for this facility ends September 30, 2023. Effective February 1, 2021, we amended this lease agreement to include options to renew and extend this lease for up to two additional periods of three-years each. In accordance with ASC Topic 842, we determined that these options to renew are reasonably certain to be exercised, and therefore are now included in the lease term of the amended agreement. In addition, the amendment provided us with an allowance for reimbursement associated with certain leasehold improvements we previously paid on behalf of the lessor totaling $92,400. The lease payments during the non-cancelable term and the two optional renewal periods are $13,200 per month and are being partially offset by the $92,400 reimbursement allowance over the period covering the remaining non-cancelable lease term and the two additional three-year renewal periods. Rents paid to the entity owned by an immediate family of an officer totaled $151,000, $157,000, $158,000 in fiscal 2021, 2020, and 2019, respectively. As of May 2, 2021, the remaining amount of the allowance for reimbursement of certain leasehold improvements was $86,000.

Other 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 May 2, 2021, we had total amounts due regarding capital expenditures totaling $348,000 which pertained to outstanding vendor invoices, none of which were financed. As of May 3, 2020, we had total amounts due regarding capital expenditures totaling $107,000, which pertained to outstanding vendor invoices, none of which were financed.

Purchase Commitments - Capital Expenditures

As of May 2, 2021, we had open purchase commitments to acquire equipment for our U.S. and Canadian mattress fabrics operations totaling $1.6 million.

Stock-Based Compensation

12 Months Ended

May 02, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

14.	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 May 2, 2021, there were 661,553 shares available for future equity-based grants under the company’s 2015 Plan.

Time-Based Restricted Stock Awards

The following table summarizes the time-based restricted stock unit activity during fiscal years 2021, 2020, and 2019:

	2021		2020		2019
	Shares		Shares		Shares
outstanding at beginning of year		44,399		10,000		1,200
granted		129,896		34,399		10,000
vested		—		—		(1,200	)
outstanding at end of year		174,295		44,399		10,000

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 during fiscal years 2021, 2020, and 2019:

			(1)
	Restricted		Price		Vesting
Date of Grant	Stock Awarded		Per Share		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 our common stock on the date the respective award was granted.

The following table summarizes information related to our time-based restricted stock units that vested during the fiscal 2021, 2020, and 2019:

	Common		(1)		(2)
	Stock Shares		Weighted Average		Price Per
Fiscal Year	Vested		Fair Value		Share
Fiscal 2021		—	$	—	$	—
Fiscal 2020		—	$	—	$	—
Fiscal 2019		1,200	$	21	$	17.36

(1)	Dollar amounts are in thousands.

(2)	Price per share represents closing price of our common stock on the date the respective award vested.

Overall

We recorded compensation expense of $614,000, $220,000, and $43,000 within selling, general, and administrative expense for time vested restricted stock units in fiscal 2021, 2020, and 2019, respectively.

As of May 2, 2021, the remaining unrecognized compensation cost related to our time vested restricted stock units was $1.4 million, which is expected to be recognized over a weighted average vesting period of 2.1 years. As of May 2, 2021, our time vested restricted stock unit awards that were expected to vest had a fair value totaling $2.5 million.

Performance-Based Restricted Stock Units

Senior Executives

We grant performance-based restricted stock units to 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 the 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 senior executives during fiscal 2021.

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 stock units granted to 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 was 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 was 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 (the 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 fiscal 2021.

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 were unvested as of May 2, 2021:

			(4)
	(3)		Restricted Stock
	Restricted Stock		Units Expected		Price Per			Vesting
Date of Grant	Units Awarded		to Vest		Share			Period
July 18, 2019 (1)		93,653		6,113	$	19.04	(5)	3 years
July 18, 2019 (2)		29,227		3,661	$	18.49	(7)	3 years
August 2, 2018 (1)		86,599		6,734	$	18.51	(6)	3 years
August 2, 2018 (2)		47,800		5,811	$	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 during the vesting period. These amounts represent the number of shares that are expected to vest as of May 2, 2021.

(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 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 ($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 fiscal 2021, 2020, and 2019:

			(3)		(4)
	Common		Weighted		Weighted
	Stock Shares		Average		Average Price
Fiscal Year	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
Fiscal 2019 (1)		128,632	$	3,754	$	29.19
Fiscal 2019 (2)		10,364	$	320	$	30.90

(1)	Senior executives and key employees.

(2)	Non-employee.

(3)	Dollar amounts are in thousands.

(4)	The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance-based restricted stock units vested.

We recorded a charge or a (credit) to compensation expense totaling $357,000, $114,000, and $(53,000) million within selling, general, and administrative expense associated with our performance-based restricted stock units for fiscal years 2021, 2020, and 2019, respectively.

As of May 2, 2021, the remaining unrecognized compensation cost related to the performance-based restricted stock units was $83,000, which is expected to be recognized over a weighted average vesting period of 1.0 years. As of May 2, 2021, our performance-based restricted stock units that are expected to vest had a fair value totaling $316,000.

Common Stock Awards

The following table summarizes information related to our grants of common stock to our outside directors during fiscal 2021, 2020, and 2019:

	Common		(1)
	Stock		Price Per		Vesting
Date of Grant	Awarded		Share		Period
April 1, 2021 - Fiscal 2021		4,467	$	15.67	Immediate
January 4, 2021 - Fiscal 2021		4,563	$	15.34	Immediate
October 1, 2020 - Fiscal 2021		5,193	$	13.48	Immediate
July 1, 2020 - Fiscal 2021		7,000	$	10.00	Immediate
April 1, 2020 - Fiscal 2020		10,511	$	6.66	Immediate
January 2, 2020 - Fiscal 2020		4,972	$	14.08	Immediate
October 1, 2019 - Fiscal 2020		4,519	$	15.49	Immediate
July 1, 2019 - Fiscal 2020		3,659	$	19.21	Immediate
April 1, 2019 - Fiscal 2019		2,948	$	19.18	Immediate
October 1, 2018 - Fiscal 2019		3,600	$	23.45	Immediate

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

We recorded $280,000, $280,000, and $140,000 of compensation expense within selling, general, and administrative expense for these common stock awards for fiscal 2021, 2020, and 2019, respectively.

Fair Value of Financial Instruments

12 Months Ended

May 02, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

15.	Fair Value of Financial Instruments

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, and

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 – Continuing Operations

The following tables present information about assets and liabilities measured at fair value on a recurring basis related to our continuing operations:

Fair value measurements as of May 2, 2021, using:

Quoted

prices in

active markets

for identical

assets

Significant

other

observable

inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

7,879

N/A

7,879

Short Term Bond Mutual Funds

4,101

N/A

4,101

Short Duration Inflation Protected Mutual Fund

722

N/A

722

Mortgage Securities Mutual Fund

719

N/A

719

Growth Allocation Mutual Funds

339

N/A

339

Moderate Allocation Mutual Fund

N/A

Other

111

N/A

111

Fair value measurements as of May 3, 2020, using:

Quoted

prices in

active markets

for identical

assets

Significant

other

observable

inputs

Significant

unobservable

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 Mutual Funds

923

N/A

923

Growth Allocation Mutual Fund

219

N/A

219

Moderate Allocation Mutual Fund

N/A

Other

N/A

Nonrecurring Basis – Continuing Operations

As of May 2, 2021, we had assets and liabilities related to our continuing operations that were required to be measured at fair value on a nonrecurring basis that pertained to the assets acquired and certain liabilities assumed in the connection with the CIH business combination effective February 1, 2021, that were acquired at fair value. See Note 2 of the consolidated financial statements for further details regarding this business combination.

Fair value measurements as of May 2, 2021, using:

Quoted

prices in

active markets

for identical

assets

Significant

other

observable

inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Right of use assets

N/A

2,544

N/A

2,544

Equipment and leasehold improvements

N/A

846

Inventory

N/A

The fair value of our right of use assets was based on our analysis of a recent appraisal of the annual lease rates per square foot for industrial buildings that are similar in nature and within the same locale. We believe the annual lease rates per square foot presented in our recent appraisal represent a significant observable inputs and therefore the right of use assets were classified as level 2.

Additionally, in connection with the CIH business combination effective February 1, 2021, we acquired cash, accounts receivable, and certain other current assets, and we assumed accounts payable. Based on the nature of these items and their short-term maturity, the carrying amount of these items approximated their fair values. See Note 2 of the consolidated financial statements for the final allocation of the acquisition cost to assets acquired and liabilities assumed based on their fair values.

The following table presents information about assets and liabilities measured at fair value on a nonrecurring basis related to our continuing operations as of May 3, 2020:

Fair value measurements as of May 3, 2020, using:

Quoted

prices in

active markets

for identical

assets

Significant

other

observable

inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Goodwill

N/A

—

Tradename

N/A

540

Goodwill was recorded at fair market value using a discounted cash flow method that used significant unobservable inputs and was classified as level 3. See Note 9 of the consolidated financial statements for further details regarding our assessment of impairment, conclusions reached, and the performance of our quantitative impairment tests.

Tradename was recorded at fair market value using the relief from royalty method that used significant unobservable inputs and was classified as level 3. See Note 8 of the consolidated financial statements for further details regarding our assessment of impairment, conclusions reached, and the performance of our quantitative impairment test.

Nonrecurring Basis – Discontinued Operation

During fiscal 2020, the entire carrying value of our goodwill and tradename associated with our discontinued operation was impaired, and therefore, we did not have goodwill or tradename recorded in our Consolidated Balance Sheets as of May 2, 2021 and May 3, 2020. Consequently, we recorded asset impairment charges totaling $20.2 million that were presented in loss before income taxes from discontinued operation of the fiscal 2020 Consolidated Statement of Net Loss. Of the total asset impairment charges totaling $20.2 million, $13.6 million, and $6.6 million pertained to goodwill and tradename, respectively.

At the end of the third quarter of fiscal 2020, we assessed the fair value of our contingent consideration related to the acquisition of our ownership interest in eLuxury. Based on this assessment, we recorded a reversal of $6.1 million for the full amount of this contingent consideration.

See below or fair value techniques used to determine the fair value of goodwill, tradename, and contingent consideration and the level of the fair value hierarchy these fair value techniques were classified based on the lowest level of inputs used.

Goodwill

Goodwill was assessed for impairment at the end of our third quarter and during our fourth quarter of fiscal 2020. At the end of the third quarter of fiscal 2020, goodwill was recorded at fair market value using a discounted cash flow method that used significant unobservable inputs and was classified as level 3.

During the fourth quarter of fiscal 2020, goodwill was recorded at fair market value based on the expected selling price of our entire ownership in eLuxury in comparison to its carrying amount, including goodwill. 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 interest in eLuxury. We believe the selling price represents a significant observable input and was classified as level 2.

See Note 9 of the consolidated financial statements for further details regarding our assessment of impairment, conclusions reached, and the performance of our quantitative impairment tests.

Tradename

Tradename was assessed for impairment at the end of our third quarter and during our fourth quarter of fiscal 2020. At the end of the third quarter of fiscal 2020, tradename was recorded at fair market value using the relief from royalty method that used significant unobservable inputs and was classified as level 3.

During the fourth quarter of fiscal 2020, tradename was recorded at fair market value based on the expected selling price of our entire ownership 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 interest in eLuxury. We believe the selling price represents a significant observable input and was classified as level 2.

See Note 8 of the consolidated financial statements for further details regarding our assessment of impairment, conclusions reached, and the performance of our quantitative impairment test.

Contingent Consideration

At the end of the third quarter of fiscal 2020, the fair value of our contingent consideration was determined using forecasted financial information to calculate EBITDA as it related to the Equity Agreement associated with the acquisition of our ownership interest in eLuxury. Since forecasted financial information utilizes significant unobservable inputs, the fair value of our contingent consideration was classified as level 3.

See Note 3 of the consolidated financial statements for further details regarding the terms of this contingent consideration arrangement.

As of April 28, 2019, we had assets and liabilities related to our discontinued operation that were required to be measured at fair value on a nonrecurring basis in the connection with the eLuxury business combination on June 22, 2018 (during our fiscal 2019), that were acquired at fair value. See Note 3 of the consolidated financial statements for further details regarding the acquisition of eLuxury and subsequent disposal effective March 31, 2020.

Fair value measurements as of April 28, 2019, using:

Quoted

prices in

active markets

for identical

assets

Significant

other

observable

inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Goodwill - discontinued operation

N/A

13,653

Tradename - discontinued operation

N/A

6,549

Equipment - discontinued operation

N/A

2,179

Inventory - discontinued operation

N/A

1,804

Liabilities:

Contingent consideration affiliated with a discontinued operation

N/A

5,856

The tradename was recorded at fair market value using the royalty from relief method that used significant unobservable inputs and was classified as level 3. The contingent consideration – earn-out obligation was recorded at fair market value using Black Scholes pricing model which used significant observable inputs and was classified as level 3.

Additionally, we acquired certain current, assets such as accounts receivable and prepaid expenses, and we assumed certain liabilities such as accounts payable and accrued expenses. Based on the nature of these items and their short-term maturity, the carrying amount

of these items approximated their fair values. See Note 3 of the consolidated financial statements for the final allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values.

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.

Net Income (Loss) from Continuing Operations Per Share

Net Income (Loss) from Continuing Operations Per Share

12 Months Ended

May 02, 2021

Earnings Per Share [Abstract]

16.	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:

(in thousands)	2021		2020		2019
weighted-average common shares outstanding, basic		12,300		12,378		12,462
dilutive effect of stock-based compensation		22		—		86
weighted-average common shares outstanding, diluted		12,322		12,378		12,548

During fiscal 2021, 2,175 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, due to 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 stock-based compensation awards.

During fiscal 2020, 45,731 shares of unvested common stock were not included in the computation of diluted net loss from continuing operations per share, as their effect would be antidilutive. Of the 45,731 shares of unvested common stock, 26,343 shares were not included in the computation as we incurred a net loss for the year, and therefore, their effect would be antidilutive. In addition, 19,388 shares of unvested common stock were not included in the computation as their effect would be antidilutive due to 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 stock-based compensation awards.

During fiscal 2019, all unvested shares of common stock were included in the computation of diluted net income from continuing operations per share.

Benefit Plans

12 Months Ended

May 02, 2021

Postemployment Benefits [Abstract]

Benefit Plans

17.	BENEFIT PLANS

Defined Contribution Plans

We have defined contribution plans which covers substantially all employees and provide for participant contributions on a pre-tax basis and matching contributions by the company for its U.S. and Canadian operations. Our contributions to these plans were $1.2 million during fiscal years 2021, 2020, and 2019, respectively.

Deferred Compensation Plan

We have a nonqualified deferred compensation plan (the “Plan”) covering senior executives and certain key members of management. The Plan provides for participant deferrals on a pre-tax basis that are subject to annual deferral limits by the IRS and non-elective contributions made by the company. Participant deferrals and non-elective contributions made by the company are immediately vested.

Our contributions to the Plan were $143,000, $185,000, and $189,000 in fiscal years 2021, 2020, and 2019, respectively. Our nonqualified deferred compensation plan liability was $8.4 million and $7.7 million as of May 2, 2021, and May 3, 2020, respectively.

We have a rabbi trust (the “Trust”) to set aside funds for the participants of the Plan and that allows the participants to direct their contributions to various investment options in the Plan. The investment options of the Plan consist of a money market fund and various mutual funds. The funds set aside in the Trust are subject to the claims of our general creditors in the event of the company’s insolvency, as defined in the Plan.

The investment assets of the Trust are recorded at their fair value of $8.4 million and $7.8 million as of May 2, 2021, and May 3, 2020, respectively. The investment assets of the Trust are classified as available for sale and accordingly, changes in their fair values are recorded in other comprehensive (loss) income.

Segment Information

12 Months Ended

May 02, 2021

Segment Reporting [Abstract]

Segment Information

18.	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. In addition, this segment includes Read, which provides window treatments and sourcing of upholstery fabrics and other products, as well as measuring and installation services of Read’s own products, to customers in 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. Additionally, 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 for fiscal years 2020 and 2019.

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. A reconciliation is provided in Note 3 that contains detailed income statement information and is reconciled to net loss from discontinued operation presented in the Consolidated Statements of Net Income (Loss) for fiscal years 2020 and 2019.

Net Sales Geographic Concentration

Net sales denominated in U.S. dollars accounted for 91%, 93%, and 90% of total consolidated net sales in fiscal 2021, 2020, and 2019, respectively. International sales accounted for 27%, 26%, and 26% of net sales during fiscal 2021, 2020, and 2019, respectively, and are summarized by geographic area as follows:

(dollars in thousands)	2021		2020		2019
north america (excluding USA) (1)	$	32,925	$	27,637	$	29,247
far east and asia (2)		43,764		36,470		39,277
all other areas		5,558		2,986		3,712
	$	82,247	$	67,093	$	72,236

(1)	Of this amount, $27.2 million, $21.7 million, and $22.5 million are attributable to shipments to Mexico in fiscal 2021, 2020, and 2019, respectively.

(2)	Of this amount $28.1 million, $21.4 million, and $29.8 million are attributable to shipments to China in fiscal 2021, 2020, and 2019, respectively.

Sales attributed to individual countries are based upon the location that the company ships its products to for delivery to customers.

Customer Concentration

One customer within the upholstery fabrics segment represented 13%, 12%, and 11% of consolidated net sales during fiscal 2021, 2020, and 2019, respectively. No customers within the upholstery fabrics segment accounted for greater than 10% of the consolidated net accounts receivable balance as of May 2, 2021, or May 3, 2020.

No customers within the mattress fabrics segment represented greater than 10% of consolidated net sales during fiscal 2021, 2020, or fiscal 2019. One customer within the mattress fabrics segment accounted for 12% of the consolidated net accounts receivable balance as of May 2, 2021. No customers within the mattress fabrics segment accounted for greater than 10% of the consolidated net accounts receivable balance as of May 3, 2020.

Employee Workforce Concentration

The hourly employees associated with our manufacturing facility located in Canada (approximately 12% of our workforce) are represented by a local, unaffiliated union. The collective bargaining agreement for these employees expires on February 1, 2023. We are not aware of any efforts to organize any more of our employees, and we believe our relations with our employees are good.

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 impairment charges, restructuring expense (credit) and related charges, and other non-recurring items. Cost of sales in each of our current business segments include 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 senior executives and their support staff, all costs associated with being a public company, and other miscellaneous expenses. Segment assets include assets used in 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 included in segment assets their investment in an unconsolidated joint venture as of May 3, 2020. During fiscal 2019, we elected to no longer include goodwill and intangible assets in segment assets, as these assets are not used by the Chief Operating Decision Maker to evaluate the respective segment’s operating performance, to allocate resources to the individual segments, or determine executive compensation.

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

(dollars in thousands)	2021			2020			2019
net sales by segment:
upholstery fabrics	$	142,049		$	124,754			135,654
mattress fabrics		157,671			131,412			145,671
total net sales	$	299,720		$	256,166			281,325
gross profit from continuing operations by segment:
upholstery fabrics	$	25,968		$	24,220			25,373
mattress fabrics		23,864			16,278			22,904
total segment gross profit		49,832			40,498			48,277
other non-recurring charges (1)		—			—			(159	)
restructuring related charges (2)		—			—			(2,349	)
total gross profit from continuing operations	$	49,832		$	40,498			45,769
selling, general, and administrative expenses by segment:
upholstery fabrics	$	14,092		$	14,353			14,551
mattress fabrics		12,066			11,354			11,296
unallocated corporate		11,598			8,717			6,838
total segment selling, general, and administrative expenses		37,756			34,424			32,685
other non-recurring charges (3)		—			—			518
restructuring related charges (4)		—			—			40
total selling, general, and administrative expenses	$	37,756		$	34,424			33,243
income (loss) from continuing operations:
upholstery fabrics	$	11,876		$	9,867			10,823
mattress fabrics		11,798			4,924			11,607
unallocated corporate expenses		(11,598	)		(8,717	)		(6,838	)
total segment income from continuing operations		12,076			6,074			15,592
asset impairments (7)		—			(13,712	)		—
other non-recurring charges (1) (3)		—			—			(678	)
restructuring credit and related charges (5) (6)		—			70			(1,563	)
total income (loss) from continuing operations		12,076			(7,568	)		13,351
interest expense		(51	)		(106	)		(35	)
interest income		244			897			789
gain on bargain purchase (8)		819			—			—
other expense		(2,208	)		(902	)		(1,383	)
income (loss) before income taxes from continuing operations	$	10,880		$	(7,679	)		12,722

(1)	The $159,000 represents employee termination benefits and other operational reorganization costs associated with our mattress fabrics segment.

(2)	The $2.3 million represents a restructuring related charge of $1.6 million for inventory markdowns and $784,000 for other operating costs associated with our closed Anderson, SC upholstery fabrics facility.

(3)

The $518,000 represents a non-recurring charge of $429,000 for the accelerated vesting of certain stock-based compensation agreements associated with a senior executive and was recorded in unallocated corporate expenses. Additionally, the $518,000 includes $89,000 for employee termination benefits and operational reorganizational costs associated with our mattress fabrics segment.

(4)	The $40,000 represents a restructuring related charge for the accelerated vesting for certain stock-based compensation agreements associated with an employee that was located at our closed Anderson, SC upholstery fabrics facility.

(5)

The $1.6 million represent charges and credits that were associated our closed Anderson, SC upholstery fabrics facility and include $1.6 million for inventory markdowns, $784,000 for other operating costs, $661,000 for employee termination benefits, and $40,000 for the accelerated vesting of certain stock-based compensation agreements associated an employee, partially offset by a $1.5 million gain on the sale of property, plant, and equipment.

(6)	Of this total net charge of $1.6 million, a charge of $2.3 million, a charge of $40,000 and a credit of $825,000 were recorded in cost of sales, selling, general, and administrative expenses, and restructuring credit, respectively, in the fiscal 2019 Consolidated Statement of Net Income.

(7)

During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill associated with our mattress and upholstery fabric segments and a tradename associated Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.

(8)

Balance sheet information for our current operating segments follow:

(dollars in thousands)	May 2, 2021			May 3, 2020
segment assets
mattress fabrics
accounts receivable	$	20,427		$	12,212
inventory		30,047			26,620
property, plant, and equipment		41,264	(1)		40,682	(2)
right of use assets		4,278	(3)		362	(4)
investment in unconsolidated joint venture		—			1,602
total mattress fabrics assets		96,016			81,478

upholstery fabrics
accounts receivable		17,299			12,881
inventory		25,870			21,287
property, plant, and equipment		1,925	(5)		1,633	(6)
right of use assets		5,945	(7)		1,633	(8)
total upholstery fabrics assets		51,039			37,434
total segment assets		147,055			118,912

non-segment assets
cash and cash equivalents		37,009			69,790
short-term investments – available for sale		5,542			923
short-term investments – held-to-maturity		3,161			4,271
current income taxes receivable		—			1,585
deferred income taxes		545			793
other current assets		3,852			2,116
property, plant, and equipment (9)		814			832
right of use assets (10)		1,507			1,908
intangible assets		3,004			3,380
long-term investments - held-to-maturity		1,141			2,076
long-term investments - rabbi trust		8,415			7,834
other assets		2,035			664
total assets	$	214,080		$	215,084

(dollars in thousands)	2021		2020		2019
capital expenditures (11):
mattress fabrics	$	6,226	$	3,475	$	2,526
upholstery fabrics		347		348		382
discontinued operation		—		135		53
unallocated corporate		332		675		14
total capital expenditures	$	6,905	$	4,633	$	2,975

depreciation expense
mattress fabrics	$	6,014	$	6,712	$	7,008
upholstery fabrics		832		765		787
discontinued operation		—		350		322
total depreciation expense	$	6,846	$	7,827	$	8,117

(1)	The $41.3 million as of May 2, 2021, represents property, plant, and equipment of $28.4 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively.

(2)	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 $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively.

(4)	The $362,000 as of May 3, 2020, represents right of use assets located in the U.S.

(5)	The $1.9 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $850,000 located in the U.S. and China, respectively.

(6)	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.

(7)	The $5.9 million as of May 2, 2021, represents right of use assets of $5.0 million and $952,000 located in China and the U.S., respectively.

(8)	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.

(9)	The $814,000 as of May 2, 2021, and $832,000 as of May 3, 2020, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.

(10)	The $1.5 million as of May 2, 2021, and $1.9 million as of May 3, 2020, represents right of use assets located in the U.S. associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.

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

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.

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Restructuring And Related Activities [Abstract]

2019 Upholstery Fabrics Restructuring Plan

12 Months Ended

May 02, 2021

2019 Upholstery Fabrics Restructuring Plan

19. 2019 UPHOLSTERY FABRICS RESTRUCTURING PLAN

On June 12, 2018, our board of directors announced the closure of our upholstery fabrics manufacturing facility located in Anderson, South Carolina. This closure was completed during the second quarter of fiscal 2019 and was due to a continued decline in demand for the products manufactured at this facility, reflecting a change in consumer style preferences.

The following summarizes our restructuring credit and related charges that were associated with this restructuring plan described above:

(dollars in thousands)	2020			2019
Inventory markdowns	$	—		$	1,564
Other operating costs associated with a closed facility		—			824
Employee termination benefits		(70	)		661
Gain on sale of property, plant, and equipment		—			(1,486	)
Restructuring credit and restructuring related charges (1) (2)	$	(70	)	$	1,563

(1)	The $70,000 credit was recorded to restructuring credit in the accompanying fiscal 2020 Consolidated Statement of Net Loss.

(2)	Of the total net charge of $1.6 million, a $2.3 million charge, a charge of $40,000, and a credit of $825,000 were recorded in cost of sales, selling, general and administrative expenses, and restructuring credit, respectively, in the accompanying fiscal 2019 Consolidated Statement of Net Income.

Statutory Reserves

12 Months Ended

May 02, 2021

Statutory Reserves

20.	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 reached 50% of the company’s registered capital. As of May 2, 2021, the statutory surplus reserve fund represents the 50% registered capital limit, and therefore, our subsidiary located 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 May 2, 2021, the company’s statutory surplus reserve was $4.5 million. The statutory surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any. The statutory 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.

The company’s subsidiary located in China can transfer funds to the parent company, except for the statutory surplus reserve of $4.5 million, to assist with debt repayment, capital expenditures, and other expenses of the company’s business.

Common Stock Repurchase Program

12 Months Ended

May 02, 2021

Common Stock Repurchase Program

21.	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. On March 2, 2021, our board of directors reinstated the share repurchase program.

During fiscal 2021, we did not repurchase any shares of our common stock. As a result, as of May 2, 2021, we had $5.0 million available for additional repurchases of our common stock.

During fiscal 2020, we repurchased 142,496 shares of our common stock at a cost of $1.7 million pursuant to the authorization approved by our board of directors on September 5, 2019.

During fiscal 2019, we repurchased 160,823 shares of our common stock at a cost of $3.3 million pursuant to the authorization approved by our board of directors on June 15, 2016.

Dividend Program

12 Months Ended

May 02, 2021

Quarterly Financial Information Disclosure [Abstract]

Dividend Program

22.	DIVIDEND PROGRAM

On June 15, 2021, our board of directors approved a regular quarterly cash dividend of $0.11 per share. This payment will be made on July 16, 2021, to shareholders of record as of July 9, 2021.

During fiscal 2021, dividend payments totaled $5.3 million, which represented quarterly dividend payments ranging from $0.105 to $0.11 per share.

During fiscal 2020, dividend payments totaled $5.1 million, which represented quarterly dividend payments ranging from $0.10 to $0.105 per share.

During fiscal 2019, dividend payments totaled $4.7 million, which represented quarterly dividend payments ranging from $0.09 to $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.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

May 02, 2021

Selected Quarterly Financial Data (Unaudited)

23.	SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

The selected quarterly data tabular disclosure is no longer required, as we have elected to early adopt the amendment to Item 302 of Regulation S-K contained in SEC Release No. 33-10890, which became effective on February 10, 2021. There were no material retrospective changes to any quarters in the two most recent fiscal years that would require this disclosure.

General and Summary of Significant Accounting Policies (Policies)

12 Months Ended

May 02, 2021

Description of Business

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. We have wholly-owned mattress fabric operations located in Stokesdale, NC, High Point, NC, and Quebec, Canada, as well as a wholly-owned cut and sew mattress cover operation located in Ouanaminthe, Haiti (see Note 2 of the consolidated financial statements for further details regarding this business combination).

Discontinued Operation – Home Accessories Segment

Basis of Presentation

The consolidated financial statements of the company have been prepared in accordance with U.S. generally accepted accounting principles.

Principles of Consolidation

Overall

Class International Holdings, Ltd. (CIH)

Equity Method of Accounting and Consolidation

Discontinued Operation – Home Accessories Segment

Consolidation

Substantive Profit-Sharing Provisions

Deconsolidation

Fiscal Year

Our fiscal year is the 52 or 53-week period ending on the Sunday closest to April 30. Fiscal 2021, 2020, and 2019 included 52 weeks, 53 weeks, and 52 weeks, respectively.

Use of Estimates

Cash and Cash Equivalents

Cash and cash equivalents include demand deposit and money market accounts. We consider all highly liquid instruments with original maturities of three months or less to be cash equivalents.

A summary of our cash and cash equivalents by geographic area follows:

	May 2,		May 3,
(dollars in thousands)	2021		2020
United States	$	24,621	$	58,057
China		10,635		10,531
Canada		1,525		1,160
Haiti		220		—
Cayman Islands		8		42
	$	37,009	$	69,790

Accounts Receivable

Inventories

Property, Plant and Equipment

Advertising Costs

Interest Costs

Foreign Currency Adjustments

A summary of our foreign currency exchange (losses) gains by geographic area follows:

(dollars in thousands)	2021			2020			2019
China	$	(1,389	)	$	42		$	—
Canada		(22	)		(138	)		2
Euro foreign exchange contract		—			—			(64	)
	$	(1,411	)	$	(96	)	$	(62	)

Goodwill and Intangible Assets

Fiscal 2020

See Notes 8 and 9 to the consolidated financial statements for further details of our assessments of impairment, conclusions reached, and the performance of our quantitative test.

Fiscal 2021and Fiscal 2019

No asset impairment charges were recorded during fiscal 2021 or fiscal 2019.

Income Taxes

Deferred Income Taxes – Overall

Deferred Income Taxes – Valuation Allowance

Deferred Income Taxes – Undistributed Earnings from Foreign Subsidiaries

Uncertainty in Income Taxes

Revenue Recognition

Revenue from Contracts with Customers

Adoption of New Standard

Significant Judgements and Accounting Policies

See below for disclosure of our significant judgements and accounting policies or determining the amount and timing of revenue from contracts with customers.

Revenue Recognition

Transaction Price

Revenue Measurement

Shipping and Handling Costs

Sales and Other Taxes

Sales and other taxes collected from customers and remitted to governmental authorities are presented on a net basis and, as such, are excluded from revenues.

Leases

Adoption of New Standard

Significant Judgements and Accounting Policies

Stock-Based Compensation

Fair Value of Financial Instruments

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Current Expected Credit Losses (“CECL”)

Adoption of New Standard

Trade Accounts Receivable

See Note 4 of our consolidated financial statements for further disclosures resulting from the adoption of CECL as it pertains to trade accounts receivable.

Investments

Recently Issued Accounting Pronouncements

Income Taxes

There are no other recently issued accounting pronouncements that are expected to have a significant effect on our consolidated financial statements.

Investments (Held-To-Maturity) [Member]

Investments

Investments (Held-To-Maturity)

All our investments classified as held-to-maturity reside with our U.S. operations.

Short-term Investments (Available-for-Sale) [Member]

Investments

Short-Term Investments (Available-for-Sale)

All our short-term investments classified as available-for-sale reside with our U.S. operations.

Long-term investments (Rabbi Trust) [Member]

Investments

Long-Term Investments (Rabbi Trust)

All our long-term investments classified as available-for-sale that pertain to our rabbi trust reside with our U.S. operations.

General and Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 02, 2021

Accounting Policies [Abstract]

Summary of Cash and Cash Equivalents by Geographic Area

A summary of our cash and cash equivalents by geographic area follows:

	May 2,		May 3,
(dollars in thousands)	2021		2020
United States	$	24,621	$	58,057
China		10,635		10,531
Canada		1,525		1,160
Haiti		220		—
Cayman Islands		8		42
	$	37,009	$	69,790

Summary of Foreign Currency Exchange (Losses) Gains by Geographic Area

A summary of our foreign currency exchange (losses) gains by geographic area follows:

(dollars in thousands)	2021			2020			2019
China	$	(1,389	)	$	42		$	—
Canada		(22	)		(138	)		2
Euro foreign exchange contract		—			—			(64	)
	$	(1,411	)	$	(96	)	$	(62	)

Business Combination Achieved in Stages (Tables)

12 Months Ended

May 02, 2021

Schedule of Unaudited Pro Forma Consolidated Results of Operations

(dollars in thousands, except per share data)	May 2, 2021		May 3, 2020
Net Sales	$	300,995	$	256,960
Income (loss) from continuing operations		12,138		(7,820	)
Net income (loss) from continuing operations		2,430		(11,283	)
Net loss from discontinued operation		—		(17,509	)
Net income (loss)	$	2,430	$	(28,792	)
net income (loss) from continuing operations per share-basic	$	0.20	$	(0.91	)
net income (loss) from continuing operations per share-diluted	$	0.20	$	(0.91	)
net loss from discontinued operation per share-basic	$	—	$	(1.41	)
net loss from discontinued operation per share-diluted	$	—	$	(1.41	)
Net income (loss) per share - basic	$	0.20	$	(2.33	)
Net income (loss) per share - diluted	$	0.20	$	(2.33	)

Summary of Equity Method Investment

The following table summarizes assets, liabilities, and members’ equity for our equity method investment in CIH:

(dollars in thousands)	May 3, 2020
total assets	$	3,338
total liabilities	$	133
total members’ equity	$	3,205

CIH [Member]

Schedule of Allocation of Consideration Transferred to Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the consideration transferred to the assets acquired and liabilities assumed based on their fair values.

(dollars in thousands)	Fair Value
Cash and cash equivalents	$	62
Accounts receivable		169
Inventory		31
Right of use assets		2,544
Equipment and leasehold improvements		846
Accounts payable		(155	)
Gain on bargain purchase		(819	)
	$	2,678

Home Accessories Segment (Tables)

12 Months Ended

May 02, 2021

Summary of Disposal of Discontinued Operation on Consolidated Balance Sheet

The following is a summary of the assets and liabilities that were sold on March 31, 2020:

	March 31,
(dollars in thousands)	2020
ASSETS
current assets:
cash and cash equivalents	$	285
accounts receivable		588
inventories		3,344
other current assets		170
total current assets held for sale - discontinued operation		4,387
property, plant, and equipment		1,694
goodwill		—
intangible asset		—
right of use assets		918
total noncurrent assets held for sale - discontinued operation		2,612
total assets	$	6,999
LIABILITIES AND NET ASSETS
current liabilities:
accounts -payable trade	$	1,394
operating lease liability - current		195
accrued expenses		351
total current liabilities held for sale - discontinued operation		1,940
loan payable - Culp Inc.		1,500
subordinated loan payable - noncontrolling interest		925
operating lease liability - long-term		743
total noncurrent liabilities held for sale - discontinued operation		3,168
total liabilities		5,108
total net assets of discontinued operation	$	1,891

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


(dollars in thousands)	2020			2019
net sales	$	13,763		$	15,956
cost of sales		(10,953	)		(11,527	)
gross profit		2,810			4,429
selling, general and administrative expenses		(4,100	)		(5,162	)
asset impairments (1)		(20,202	)		—
reversal of contingent consideration - earn-out obligation (2)		5,856			—
interest expense (3)		(84	)		(30	)
other income		34			37
loss from discontinued operation related to major classes of loss before income taxes		(15,686	)		(726	)
loss on disposal of discontinued operation (4)		(1,891	)		—
loss before income taxes from discontinued operation		(17,577	)		(726	)
income tax benefit		68			113
net loss from discontinued operation	$	(17,509	)	$	(613	)

(1)

(2)	See separate section below titled “Contingent Consideration” for further details.

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

(4)	See separate section below titled “Consolidation and Deconsolidation” for further details.

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

(dollars in thousands)	2021		2020			2019
net income (loss) from continuing operations	$	3,218	$	(11,158	)	$	6,071
net income (loss) from continuing operations attributable to noncontrolling interest		—		—			—
net income (loss) from continuing operations attributable to Culp Inc. common shareholders	$	3,218	$	(11,158	)	$	6,071
net loss from discontinued operation	$	—	$	(17,509	)	$	(613	)
net loss from discontinued operation attributable to noncontrolling interest		—		4,674			218
net loss from discontinued operation attributable to Culp Inc. common shareholders	$	—	$	(12,835	)	$	(395	)
net income (loss)	$	3,218	$	(28,667	)	$	5,458
net loss from noncontrolling interest		—		4,674			218
net income (loss) attributable to Culp Inc. common shareholders	$	3,218	$	(23,993	)	$	5,676

eLuxury [Member]

Schedule of Allocation of Consideration Transferred to Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the acquisition cost to the assets acquired and liabilities assumed based on their fair values.

(dollars in thousands)	Fair Value
Goodwill	$	13,653
Tradename		6,549
Equipment		2,179
Inventory		1,804
Accounts receivable and other current assets		108
Accounts payable		(1,336	)
Accrued expenses		(295	)
Non-controlling interest in eLuxury		(4,532	)
	$	18,130

Accounts Receivable (Tables)

12 Months Ended

May 02, 2021

Receivables [Abstract]

Summary of Accounts Receivable

A summary of accounts receivable follows:

	May 2,			May 3,
(dollars in thousands)	2021			2020
customers	$	38,455		$	25,649
allowance for doubtful accounts		(591	)		(472	)
allowance for cash discounts		(124	)		(68	)
reserve for returns and allowances and discounts		(14	)		(16	)
	$	37,726		$	25,093

Allowance for Doubtful Accounts

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

(dollars in thousands)	2021			2020			2019
beginning balance	$	(472	)	$	(393	)	$	(357	)
provision for bad debts		(119	)		(79	)		(84	)
write-offs, net of recoveries		—			—			48
ending balance	$	(591	)	$	(472	)	$	(393	)

Summary of the Activity in the Allowance for Returns and Allowances and Discounts

A summary of the activity in the allowance for returns and allowances and discounts follows:

(dollars in thousands)	2021			2020			2019
beginning balance	$	(84	)	$	(226	)	$	(1,433	)
adoption of ASC Topic 606		—			—			1,145
provision for returns and allowances and discounts		(1,665	)		(1,603	)		(2,180	)
credits issued and discounts taken		1,611			1,745			2,242
ending balance	$	(138	)	$	(84	)	$	(226	)

Revenue from Contracts with Customers (Tables)

12 Months Ended

May 02, 2021

Revenue From Contract With Customer [Abstract]

Summary of Activity for Deferred Revenue

A summary of the activity of deferred revenue follows:

(dollars in thousands)	Fiscal 2021			Fiscal 2020
Beginning Balance	$	502		$	399
Revenue recognized on contract liabilities during the period		(2,459	)		(2,356	)
Payments received for services not yet rendered during the period		2,497			2,459
Ending Balance	$	540		$	502

Summary of Disaggregation of Revenue

The following table presents our disaggregated revenue related to continuing operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2021:

(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Total
Products transferred at a point in time	$	157,671	$	133,501	$	291,172
Services transferred over time		—		8,548		8,548
Total Net Sales	$	157,671	$	142,049	$	299,720

The following table presents our disaggregated revenue related to continuing operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2020:

(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Total
Products transferred at a point in time	$	131,412	$	114,154	$	245,566
Services transferred over time		—		10,600		10,600
Total Net Sales	$	131,412	$	124,754	$	256,166

The following table presents our disaggregated revenue related to continuing operations by segment, timing of revenue recognition, and product sales versus services rendered for fiscal 2019:

(dollars in thousands)	Mattress Fabrics		Upholstery Fabrics		Total
Products transferred at a point in time	$	145,671	$	125,294	$	270,965
Services transferred over time		—		10,360		10,360
Total Net Sales	$	145,671	$	135,654	$	281,325

Inventories (Tables)

12 Months Ended

May 02, 2021

Inventory Disclosure [Abstract]

Summary of Inventories

A summary of inventories follows:

(dollars in thousands)	May 2, 2021		May 3, 2020
raw materials	$	7,742	$	7,823
work-in-process		3,156		1,958
finished goods		45,019		38,126
	$	55,917	$	47,907

Property, Plant and Equipment (Tables)

12 Months Ended

May 02, 2021

Property Plant And Equipment [Abstract]

Summary of Property, Plant, and Equipment

A summary of property, plant, and equipment follows:

(dollars in thousands)	depreciable lives (in years)	May 2, 2021			May 3, 2020
land and improvements	0-10	$	937		$	909
buildings and improvements	7-40		31,205			31,047
leasehold improvements	**		2,884			2,288
machinery and equipment	3-12		65,258			60,703
office furniture and equipment	3-10		9,574			8,819
capital projects in progress			3,077			1,958
			112,935			105,724
accumulated depreciation			(68,932	)		(62,577	)
		$	44,003		$	43,147

**	Shorter of life of lease or useful life.

Intangible Assets (Tables)

12 Months Ended

May 02, 2021

Summary of Intangible Assets

A summary of intangible assets follows:

(dollars in thousands)	May 2, 2021		May 3, 2020
Tradenames	$	540	$	540
Customer relationships, net		1,937		2,238
Non-compete agreement, net		527		602
	$	3,004	$	3,380

Summary of Change in Acquired Tradenames

A summary of the change in the carrying amount of our tradenames follows:

(dollars in thousands)	2021		2020			2019
beginning balance	$	540		7,232			683
acquisition of assets (note 3)		—		—			6,549
loss on impairment - continuing operations		—		(143	)		—
loss on impairment - discontinued operation (note 3)		—		(6,549	)		—
ending balance	$	540		540			7,232

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:

(dollars in thousands)	2021			2020			2019
beginning balance	$	2,238			2,538			2,839
amortization expense		(301	)		(300	)		(301	)
ending balance	$	1,937			2,238			2,538

Non-Compete Agreement [Member] | Prior Acquisition [Member] | Mattress Fabrics [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 associated with a prior year acquisition by our mattress fabrics segment follows:

(dollars in thousands)	2021			2020			2019
beginning balance	$	602			678			753
amortization expense		(75	)		(76	)		(75	)
ending balance	$	527			602			678

Goodwill (Tables)

12 Months Ended

May 02, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Change in Carrying Amount of Goodwill

A summary of the change in the carrying amount of goodwill follows:

(dollars in thousands)	2021		2020			2019
beginning balance	$	—	$	27,222			13,569
business combination (note 3)		—		—			13,653
loss on impairment - continuing operations		—		(13,569	)		—
loss on impairment - discontinued operation (note 3)		—		(13,653	)		—
ending balance	$	—		—			27,222

Accrued Expenses (Tables)

12 Months Ended

May 02, 2021

Summary of Accrued Expenses

(dollars in thousands)	May 2, 2021		May 3, 2020
compensation and related benefits	$	9,816	$	3,038
interest		—		9
other		5,023		2,807
	$	14,839	$	5,854

Income Taxes (Tables)

12 Months Ended

May 02, 2021

Income Tax Disclosure [Abstract]

Schedule of Allocation of Income Tax Expense

Total income tax expense was allocated as follows:

(dollars in thousands)	2021		2020			2019
income (loss) from continuing operations	$	7,693	$	3,354		$	6,537
loss from discontinued operation		—		(68	)		(113	)
	$	7,693	$	3,286		$	6,424

Schedule of Income Tax Expense Attributable to Income from Operations

Income tax expense attributable to income from continuing operations consists of:

(dollars in thousands)	2021			2020			2019
current
federal	$	(17	)		—			(1,492	)
state		3			7			27
2017 Tax Cuts and Jobs Act		—			—			(282	)
foreign		4,151			4,248			6,144
uncertain income tax positions		(204	)		725			—
		3,933			4,980			4,397
deferred
federal		(1,933	)		(1,875	)		3,236
state		(80	)		(103	)		(96	)
2017 Tax Cuts and Jobs Act		(3,674	)		—			(268	)
undistributed earnings – foreign subsidiaries		112			(114	)		3,735
U.S. Federal & State carryforwards and credits		451			974			74
uncertain income tax positions		380			(380	)		—
foreign		(22	)		(247	)		(85	)
valuation allowance		8,526			119			(4,456	)
		3,760			(1,626	)		2,140
	$	7,693			3,354			6,537

Schedule of Income (Loss) before Income Taxes Related to Foreign and U.S. Operations

Income (loss) before income taxes from continuing operations related to our foreign and U.S. operations consists of:

(dollars in thousands)	2021			2020			2019
Foreign
China	$	10,007			8,316			9,899
Canada		4,764			(1,391	)		5,488
Haiti		817			—			—
Cayman Islands		(5	)		(6	)		280
Total Foreign		15,583			6,919			15,667
United States		(4,703	)		(14,598	)		(2,945	)
	$	10,880			(7,679	)		12,722

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

	2021			2020			2019
U.S. federal income tax rate		21.0	%		21.0	%		21.0	%
valuation allowance		78.4			(1.6	)		(35.0	)
write-off of U.S. foreign income tax credits		—			—			35.1
income tax effects of the 2017 Tax Cuts and Jobs Act		(33.8	)		—			(4.3	)
global intangible low taxed income tax (GILTI)		—			(19.0	)		16.9
foreign tax rate differential		10.9			(5.4	)		4.8
income tax effects of Chinese foreign exchange gains and losses		(8.4	)		(5.0	)		2.2
withholding taxes associated with foreign tax jurisdictions		7.7			(16.0	)		8.1
income tax effects of impairment of nondeductible goodwill		—			(11.3	)		—
other		(5.1	)		(6.4	)		2.6
		70.7	%		(43.7	)%		51.4	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities consist of the following:

(dollars in thousands)	2021			2020
deferred tax assets:
accounts receivable	$	362			263
inventories		2,019			2,280
compensation		3,284			1,970
liabilities and other		23			166
intangible assets and goodwill		690			856
property, plant, and equipment (1)		202			185
operating lease liability		836			671
foreign income tax credits - U.S.		783			783
loss carryforwards – U.S.		7,533			4,137
valuation allowance - U.S.		(11,674	)		(3,148	)
total deferred tax assets		4,058			8,163

deferred tax liabilities:
undistributed earnings on foreign subsidiaries		(3,521	)	(3,409	)
unrecognized tax benefits – U.S.		(380	)	—
property, plant and equipment (2)		(3,968	)	(5,008	)
right of use assets		(855	)	(690	)
other		(119	)	(81	)
total deferred tax liabilities		(8,843	)	(9,188	)
Net deferred liabilities	$	(4,785	)	(1,025	)

(1)	Pertains to the company’s operations located in China.

(2)	Pertains to the company’s operations located in the U.S. and Canada.

Summary of Valuation Allowances Against Deferred Income Taxes

Based on our assessments as of May 2, 2021, and May 3, 2020, valuation allowances against our deferred income taxes pertain to the following jurisdictions:

(dollars in thousands)	May 2, 2021		May 3, 2020
U.S. federal and state net deferred income tax assets	$	9,344		867
U.S. capital loss carryforward		2,330		2,281
	$	11,674		3,148

Summary of Change in Valuation Allowances Against Deferred Income Taxes

A summary of the change in the valuation allowances against our deferred income taxes follows:

(dollars in thousands)	2021		2020		2019
beginning balance	$	3,148		748		5,204
change in judgement of beginning of year U.S. valuation allowance (1)		6,964		—		—
change in valuation allowance associated with current year earnings		1,004		—		—
establishment of valuation allowance (2)		—		2,281		—
write-off of deferred income taxes (3)		—		—		(4,544	)
change in estimate during current year (4)		558		119		88
ending balance	$	11,674		3,148		748

(1)	Refer to the above Summary within the section titled Deferred Income Taxes – Valuation Allowance for further details regarding our assessment and conclusions reached for providing a full valuation allowance against our U.S net deferred income tax assets during the first quarter of fiscal 2021.

(2)

(3)	During fiscal 2019, we recorded an income tax charge of $4.5 million for the write-off of certain U.S. foreign income tax credits, and in turn, we recorded an income tax benefit of $4.5 million for the reduction in our valuation allowance.

(4)

Schedule of Unrecognized Tax Benefit

The following table sets forth the change in the company’s unrecognized income tax benefit:

(dollars in thousands)	2021			2020			2019
beginning balance	$	1,269			903			844
increases from prior period tax positions		249			106			135
decreases from prior period tax positions		(74	)		(85	)		(76	)
increases from current period tax positions		—			434			—
decreases from current period tax positions		—			(89	)		—
ending balance	$	1,444			1,269			903

Summary of Income Taxes Paid (Refunded)

The following table sets forth income taxes paid (refunded) by jurisdiction:

(dollars in thousands)	2021			2020		2019
United States Federal - AMT credit refunds (1)	$	(1,510	)	$	—	$	—
United States Federal - transition tax		226			—		600
Unites States state income tax payments		—			—		60
China		2,874			3,397	$	3,543
Canada		1,408			1,598		2,491
	$	2,998		$	4,995	$	6,694

(1)

Commitments and Contingencies (Tables)

12 Months Ended

May 02, 2021

Commitments And Contingencies Disclosure [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 May 2, 2021, and May 3, 2020, are as follows:

(dollars in thousands)	May 2, 2021		May 3, 2020
Right of use assets	$	11,730	$	3,903
Operating lease liability - current		2,736		1,805
Operating lease liability – noncurrent		6,821		2,016

Supplemental Cash Flow Information

(dollars in thousands)	2021		2020
Operating lease liability payments	$	2,634	$	2,524
Right of use assets exchanged for lease liabilities		8,014		344

Summary of weighted average remaining lease term and discount rate

As of May 2, 2021, the weighted average remaining lease term and discount rate for our operating leases follows:

Weighted average lease term		4.36 years
Weighted average discount rate			2.41	%

As of May 3, 2020, the weighted average remaining lease term and discount rate for our operating leases follows:

Weighted average lease term		2.98 years
Weighted average discount rate			3.60	%

Leases-Other Information

Other Information

Maturity of our operating lease liabilities for the next five fiscal years and thereafter follows:

(dollars in thousands)
2022	$	2,821
2023		2,647
2024		2,341
2025		1,409
2026		158
Thereafter		541
		9,917
Less: interest		(360	)
Present value of lease liabilities	$	9,557

Stock-Based Compensation (Tables)

12 Months Ended

May 02, 2021

Summary of Time Vested Restricted Stock Unit Activity

The following table summarizes the time-based restricted stock unit activity during fiscal years 2021, 2020, and 2019:

	2021		2020		2019
	Shares		Shares		Shares
outstanding at beginning of year		44,399		10,000		1,200
granted		129,896		34,399		10,000
vested		—		—		(1,200	)
outstanding at end of year		174,295		44,399		10,000

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)

Summary of Grants of Common Stock to Outside Directors

The following table summarizes information related to our grants of common stock to our outside directors during fiscal 2021, 2020, and 2019:

	Common		(1)
	Stock		Price Per		Vesting
Date of Grant	Awarded		Share		Period
April 1, 2021 - Fiscal 2021		4,467	$	15.67	Immediate
January 4, 2021 - Fiscal 2021		4,563	$	15.34	Immediate
October 1, 2020 - Fiscal 2021		5,193	$	13.48	Immediate
July 1, 2020 - Fiscal 2021		7,000	$	10.00	Immediate
April 1, 2020 - Fiscal 2020		10,511	$	6.66	Immediate
January 2, 2020 - Fiscal 2020		4,972	$	14.08	Immediate
October 1, 2019 - Fiscal 2020		4,519	$	15.49	Immediate
July 1, 2019 - Fiscal 2020		3,659	$	19.21	Immediate
April 1, 2019 - Fiscal 2019		2,948	$	19.18	Immediate
October 1, 2018 - Fiscal 2019		3,600	$	23.45	Immediate

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

Time-Based Restricted Stock Units [Member]

Summary of Vested Restricted Stock Units

The following table summarizes information related to our time-based restricted stock units that vested during the fiscal 2021, 2020, and 2019:

	Common		(1)		(2)
	Stock Shares		Weighted Average		Price Per
Fiscal Year	Vested		Fair Value		Share
Fiscal 2021		—	$	—	$	—
Fiscal 2020		—	$	—	$	—
Fiscal 2019		1,200	$	21	$	17.36

(1)	Dollar amounts are in thousands.

(2)	Price per share represents closing price of our common stock on the date the respective award vested.

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 fiscal 2021, 2020, and 2019:

			(3)		(4)
	Common		Weighted		Weighted
	Stock Shares		Average		Average Price
Fiscal Year	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
Fiscal 2019 (1)		128,632	$	3,754	$	29.19
Fiscal 2019 (2)		10,364	$	320	$	30.90

(1)	Senior executives and key employees.

(2)	Non-employee.

(3)	Dollar amounts are in thousands.

(4)	The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance-based restricted stock units vested.

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

Summary of Grants of Time-Based Restricted Stock Unit Awards

			(1)
	Restricted		Price		Vesting
Date of Grant	Stock Awarded		Per Share		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 our common stock on the date the respective award was granted.

Executive officers and key employees [Member]

Summary of Grants of Performance Based Restricted Stock Units

			(4)
	(3)		Restricted Stock
	Restricted Stock		Units Expected		Price Per			Vesting
Date of Grant	Units Awarded		to Vest		Share			Period
July 18, 2019 (1)		93,653		6,113	$	19.04	(5)	3 years
July 18, 2019 (2)		29,227		3,661	$	18.49	(7)	3 years
August 2, 2018 (1)		86,599		6,734	$	18.51	(6)	3 years
August 2, 2018 (2)		47,800		5,811	$	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.

Fair Value of Financial Instruments (Tables)

12 Months Ended

May 02, 2021

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following tables present information about assets and liabilities measured at fair value on a recurring basis related to our continuing operations:

Fair value measurements as of May 2, 2021, using:

Quoted

prices in

active markets

for identical

assets

Significant

other

observable

inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Premier Money Market Fund

7,879

N/A

7,879

Short Term Bond Mutual Funds

4,101

N/A

4,101

Short Duration Inflation Protected Mutual Fund

722

N/A

722

Mortgage Securities Mutual Fund

719

N/A

719

Growth Allocation Mutual Funds

339

N/A

339

Moderate Allocation Mutual Fund

N/A

Other

111

N/A

111

Fair value measurements as of May 3, 2020, using:

Quoted

prices in

active markets

for identical

assets

Significant

other

observable

inputs

Significant

unobservable

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 Mutual Funds

923

N/A

923

Growth Allocation Mutual Fund

219

N/A

219

Moderate Allocation Mutual Fund

N/A

Other

N/A

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

Fair value measurements as of May 2, 2021, using:

Quoted

prices in

active markets

for identical

assets

Significant

other

observable

inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Right of use assets

N/A

2,544

N/A

2,544

Equipment and leasehold improvements

N/A

846

Inventory

N/A

The following table presents information about assets and liabilities measured at fair value on a nonrecurring basis related to our continuing operations as of May 3, 2020:

Fair value measurements as of May 3, 2020, using:

Quoted

prices in

active markets

for identical

assets

Significant

other

observable

inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Goodwill

N/A

—

Tradename

N/A

540

Discontinued Operations [Member]

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

Fair value measurements as of April 28, 2019, using:

Quoted

prices in

active markets

for identical

assets

Significant

other

observable

inputs

Significant

unobservable

inputs

(amounts in thousands)

Level 1

Level 2

Level 3

Total

Assets:

Goodwill - discontinued operation

N/A

13,653

Tradename - discontinued operation

N/A

6,549

Equipment - discontinued operation

N/A

2,179

Inventory - discontinued operation

N/A

1,804

Liabilities:

Contingent consideration affiliated with a discontinued operation

N/A

5,856

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

12 Months Ended

May 02, 2021

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:

(in thousands)	2021		2020		2019
weighted-average common shares outstanding, basic		12,300		12,378		12,462
dilutive effect of stock-based compensation		22		—		86
weighted-average common shares outstanding, diluted		12,322		12,378		12,548

Segment Information (Tables)

12 Months Ended

May 02, 2021

Segment Reporting [Abstract]

Summary of Segment Information by Geographic Area

International sales accounted for 27%, 26%, and 26% of net sales during fiscal 2021, 2020, and 2019, respectively, and are summarized by geographic area as follows:

(dollars in thousands)	2021		2020		2019
north america (excluding USA) (1)	$	32,925	$	27,637	$	29,247
far east and asia (2)		43,764		36,470		39,277
all other areas		5,558		2,986		3,712
	$	82,247	$	67,093	$	72,236

(1)	Of this amount, $27.2 million, $21.7 million, and $22.5 million are attributable to shipments to Mexico in fiscal 2021, 2020, and 2019, respectively.

(2)	Of this amount $28.1 million, $21.4 million, and $29.8 million are attributable to shipments to China in fiscal 2021, 2020, and 2019, respectively.

Schedule of Operating Segments Information

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

(dollars in thousands)	2021			2020			2019
net sales by segment:
upholstery fabrics	$	142,049		$	124,754			135,654
mattress fabrics		157,671			131,412			145,671
total net sales	$	299,720		$	256,166			281,325
gross profit from continuing operations by segment:
upholstery fabrics	$	25,968		$	24,220			25,373
mattress fabrics		23,864			16,278			22,904
total segment gross profit		49,832			40,498			48,277
other non-recurring charges (1)		—			—			(159	)
restructuring related charges (2)		—			—			(2,349	)
total gross profit from continuing operations	$	49,832		$	40,498			45,769
selling, general, and administrative expenses by segment:
upholstery fabrics	$	14,092		$	14,353			14,551
mattress fabrics		12,066			11,354			11,296
unallocated corporate		11,598			8,717			6,838
total segment selling, general, and administrative expenses		37,756			34,424			32,685
other non-recurring charges (3)		—			—			518
restructuring related charges (4)		—			—			40
total selling, general, and administrative expenses	$	37,756		$	34,424			33,243
income (loss) from continuing operations:
upholstery fabrics	$	11,876		$	9,867			10,823
mattress fabrics		11,798			4,924			11,607
unallocated corporate expenses		(11,598	)		(8,717	)		(6,838	)
total segment income from continuing operations		12,076			6,074			15,592
asset impairments (7)		—			(13,712	)		—
other non-recurring charges (1) (3)		—			—			(678	)
restructuring credit and related charges (5) (6)		—			70			(1,563	)
total income (loss) from continuing operations		12,076			(7,568	)		13,351
interest expense		(51	)		(106	)		(35	)
interest income		244			897			789
gain on bargain purchase (8)		819			—			—
other expense		(2,208	)		(902	)		(1,383	)
income (loss) before income taxes from continuing operations	$	10,880		$	(7,679	)		12,722

(1)	The $159,000 represents employee termination benefits and other operational reorganization costs associated with our mattress fabrics segment.

(2)	The $2.3 million represents a restructuring related charge of $1.6 million for inventory markdowns and $784,000 for other operating costs associated with our closed Anderson, SC upholstery fabrics facility.

(3)

(4)	The $40,000 represents a restructuring related charge for the accelerated vesting for certain stock-based compensation agreements associated with an employee that was located at our closed Anderson, SC upholstery fabrics facility.

(5)

(6)	Of this total net charge of $1.6 million, a charge of $2.3 million, a charge of $40,000 and a credit of $825,000 were recorded in cost of sales, selling, general, and administrative expenses, and restructuring credit, respectively, in the fiscal 2019 Consolidated Statement of Net Income.

(7)

(8)

Balance sheet information for our current operating segments follow:

(dollars in thousands)	May 2, 2021			May 3, 2020
segment assets
mattress fabrics
accounts receivable	$	20,427		$	12,212
inventory		30,047			26,620
property, plant, and equipment		41,264	(1)		40,682	(2)
right of use assets		4,278	(3)		362	(4)
investment in unconsolidated joint venture		—			1,602
total mattress fabrics assets		96,016			81,478

upholstery fabrics
accounts receivable		17,299			12,881
inventory		25,870			21,287
property, plant, and equipment		1,925	(5)		1,633	(6)
right of use assets		5,945	(7)		1,633	(8)
total upholstery fabrics assets		51,039			37,434
total segment assets		147,055			118,912

non-segment assets
cash and cash equivalents		37,009			69,790
short-term investments – available for sale		5,542			923
short-term investments – held-to-maturity		3,161			4,271
current income taxes receivable		—			1,585
deferred income taxes		545			793
other current assets		3,852			2,116
property, plant, and equipment (9)		814			832
right of use assets (10)		1,507			1,908
intangible assets		3,004			3,380
long-term investments - held-to-maturity		1,141			2,076
long-term investments - rabbi trust		8,415			7,834
other assets		2,035			664
total assets	$	214,080		$	215,084

(dollars in thousands)	2021		2020		2019
capital expenditures (11):
mattress fabrics	$	6,226	$	3,475	$	2,526
upholstery fabrics		347		348		382
discontinued operation		—		135		53
unallocated corporate		332		675		14
total capital expenditures	$	6,905	$	4,633	$	2,975

depreciation expense
mattress fabrics	$	6,014	$	6,712	$	7,008
upholstery fabrics		832		765		787
discontinued operation		—		350		322
total depreciation expense	$	6,846	$	7,827	$	8,117

(1)	The $41.3 million as of May 2, 2021, represents property, plant, and equipment of $28.4 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively.

(2)	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 $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively.

(4)	The $362,000 as of May 3, 2020, represents right of use assets located in the U.S.

(5)	The $1.9 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $850,000 located in the U.S. and China, respectively.

(6)	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.

(7)	The $5.9 million as of May 2, 2021, represents right of use assets of $5.0 million and $952,000 located in China and the U.S., respectively.

(8)	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.

(9)	The $814,000 as of May 2, 2021, and $832,000 as of May 3, 2020, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.

(10)	The $1.5 million as of May 2, 2021, and $1.9 million as of May 3, 2020, represents right of use assets located in the U.S. associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.

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

2019 Upholstery Fabrics Restructuring Plan (Tables)

12 Months Ended

May 02, 2021

Restructuring And Related Activities [Abstract]

Summary Restructuring Credit and Related Charges Associated With 2019 Upholstery Fabrics Restructuring Plan

The following summarizes our restructuring credit and related charges that were associated with this restructuring plan described above:

(dollars in thousands)	2020			2019
Inventory markdowns	$	—		$	1,564
Other operating costs associated with a closed facility		—			824
Employee termination benefits		(70	)		661
Gain on sale of property, plant, and equipment		—			(1,486	)
Restructuring credit and restructuring related charges (1) (2)	$	(70	)	$	1,563

(1)	The $70,000 credit was recorded to restructuring credit in the accompanying fiscal 2020 Consolidated Statement of Net Loss.

(2)	Of the total net charge of $1.6 million, a $2.3 million charge, a charge of $40,000, and a credit of $825,000 were recorded in cost of sales, selling, general and administrative expenses, and restructuring credit, respectively, in the accompanying fiscal 2019 Consolidated Statement of Net Income.

General and Summary of Significant Accounting Policies - Narrative (Detail)

9 Months Ended

12 Months Ended

Mar. 31, 2020

USD ($)

Apr. 29, 2019

USD ($)

Jun. 22, 2018

Jan. 31, 2021

May 02, 2021

USD ($)

Segment

May 03, 2020

USD ($)

Apr. 28, 2019

USD ($)

Feb. 01, 2021

Apr. 30, 2018

USD ($)

Jan. 01, 2017

Organization And Summary Of Significant Accounting Policies [Line Items]

Number of Operating Segments | Segment

Equity method investment, ownership percentage

50.00%

Unrealized gain (loss) on investments

$ 24,000

Short-term investments (Available-for-Sale)

5,500,000

$ 923,000

Long-term investments (Rabbi Trust)

8,415,000

7,834,000

Amortized cost of held-to-maturity investments

4,300,000

6,300,000

Fair value of held-to-maturity investments

4,300,000

6,400,000

Advertising costs, discontinued operations

1,700,000

$ 2,200,000

Advertising costs, continuing operations

Interest costs incurred on long-term debt and lines of credit

51,000

190,000

65,000

Interest costs incurred, discontinued operations

84,000

30,000

Interest costs incurred, continuing operations

51,000

106,000

35,000

Interest cost capitalized

Asset impairment charges from discontinued operations

33,914,000

20,200,000

Asset impairments - continuing operations

^[1]

13,712,000

Goodwill - continuing operations

$ 0

Dividends received deduction percentage for earnings and profits received from foreign corporation

100.00%

Dividends received deduction, foreign corporation ownership percentage

10.00%

Accounts receivable - continuing operations

$ 37,726,000

25,093,000

Accrued expenses

14,839,000

5,687,000

Operating Lease Liability

37,756,000

34,424,000

33,243,000

Right-of-use assets

11,730,000

3,903,000

9,557,000

Shipping and Handling [Member]

Organization And Summary Of Significant Accounting Policies [Line Items]

Accounting Standards Update 2016-02 [Member]

$ 3,900,000

4,000,000.0

$ 4,200,000

Organization And Summary Of Significant Accounting Policies [Line Items]

Lease, practical expedients, package

true

Lease, practical expedient, use of hindsight

false

Right-of-use assets

$ 7,200,000

Operating Lease Liability

$ 7,100,000

Restatement Adjustment [Member] | Accounting Standards Update 2014-09 [Member] | Allowance For Sales Returns And Allowances [Member]

Organization And Summary Of Significant Accounting Policies [Line Items]

Accounts receivable - continuing operations

$ 1,200,000

Accrued expenses

$ 1,200,000

Goodwill [Member]

Organization And Summary Of Significant Accounting Policies [Line Items]

Organization And Summary Of Significant Accounting Policies [Line Items]

27,200,000

Trade Names [Member]

Asset impairments - continuing operations

6,700,000

143,000

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

Organization And Summary Of Significant Accounting Policies [Line Items]

Investment maturity period

2 years

Short-term Investments (Available-for-Sale) [Member]

Organization And Summary Of Significant Accounting Policies [Line Items]

Unrealized gain (loss) on investments

$ 24,000

9,000

Long-term investments (Rabbi Trust) [Member]

Organization And Summary Of Significant Accounting Policies [Line Items]

Unrealized gain (loss) on investments

$ 122,000

$ (19,000)

CIH [Member]

Organization And Summary Of Significant Accounting Policies [Line Items]

Majority ownership percentage acquired

100.00%

Equity method investment, ownership percentage

50.00%

Percentage of share earnings and losses

50.00%

eLuxury [Member]

Organization And Summary Of Significant Accounting Policies [Line Items]

Majority ownership percentage acquired

80.00%

Noncontrolling interest

20.00%

Total net asset

$ 1,900,000

Loss on disposal of discontinued operation

$ 1,900,000

eLuxury [Member] | Shareholders' equity attributable to Culp Inc.

Organization And Summary Of Significant Accounting Policies [Line Items]

Net income (loss) allocation percentage

70.00%

eLuxury [Member] | Non-Controlling Interest Discontinued Operation

Organization And Summary Of Significant Accounting Policies [Line Items]

Net income (loss) allocation percentage

30.00%

[1]

General and Summary of Significant Accounting Policies - Summary of Cash and Cash Equivalents by Geographic Area (Detail) - USD ($) $ in Thousands	May 02, 2021	May 03, 2020
cash and cash equivalents	$ 37,009	$ 69,790
United States [Member]
cash and cash equivalents	24,621	58,057
China [Member]
cash and cash equivalents	10,635	10,531
Canada [Member]
cash and cash equivalents	1,525	1,160
Haiti [Member]
cash and cash equivalents	220
Cayman Islands [Member]
cash and cash equivalents	$ 8	$ 42

General and Summary of Significant Accounting Policies - Summary of Foreign Currency Exchange (Losses) Gains by Geographic Area (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Foreign Currency Exchange Gain And Loss [Line Items]
Foreign currency exchange gains (losses)	$ (1,411)	$ (96)	$ (62)
China [Member]
Foreign Currency Exchange Gain And Loss [Line Items]
Foreign currency exchange gains (losses)	(1,389)	42
Canada [Member]
Foreign Currency Exchange Gain And Loss [Line Items]
Foreign currency exchange gains (losses)	$ (22)	$ (138)	2
Europe [Member]
Foreign Currency Exchange Gain And Loss [Line Items]
Foreign currency exchange gains (losses)			$ (64)

Business Combination Achieved in Stages - Narrative (Detail)		3 Months Ended	12 Months Ended
	Feb. 01, 2021 USD ($) ft²	May 02, 2021 USD ($)	May 02, 2021 USD ($)	May 03, 2020 USD ($)	Apr. 28, 2019 USD ($)	Jan. 01, 2017
Business Acquisition [Line Items]
Equity method investment, ownership percentage		50.00%	50.00%	50.00%	50.00%
Net sales related to inventory shipments in supply agreement		$ 379,000
Charges related to rebate agreement		$ 25,000
income (loss) from investment in unconsolidated joint venture			$ 31,000	$ (125,000)	$ (114,000)
Proportionate share		50.00%	50.00%	50.00%	50.00%
investment in unconsolidated joint venture				$ 1,602,000
CIH [Member]
Business Acquisition [Line Items]
Equity method investment, ownership percentage						50.00%
Acquisition of additional ownership percentage	50.00%
Area of additional plant facility \| ft²	120,000
Date of acquisition	Feb. 01, 2021
Consideration transferred	$ 2,700,000
Payment for acquisition	954,000
Fair value of previously held ownership interest	$ 1,700,000
Majority ownership percentage acquired	100.00%
Gain loss on remeasurement of previously held ownership interest	$ 0
Fair value of the identifiable assets acquired, and liabilities assumed	2,678,000
Revenue		$ 379,000
Net income (loss)		$ (2,000)
Proportionate share						50.00%
CIH [Member] \| Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Business acquisition related costs			$ 30,000
CIH [Member] \| Mattress Fabrics [Member]
Business Acquisition [Line Items]
Consideration transferred	2,700,000
Fair value of the identifiable assets acquired, and liabilities assumed	$ 3,500,000
CIH [Member] \| Minimum [Member] \| Equipment and Leasehold Improvements [Member]
Business Acquisition [Line Items]
Property, plant and equipment, remaining useful life			1 year
CIH [Member] \| Maximum [Member] \| Equipment and Leasehold Improvements [Member]
Business Acquisition [Line Items]
Property, plant and equipment, remaining useful life			10 years

Business Combination Achieved in Stages - Schedule of Allocation of Consideration Transferred to Assets Acquired And Liabilities Assumed (Detail) - CIH [Member] $ in Thousands	Feb. 01, 2021 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 62
Accounts receivable	169
Inventory	31
Right of use assets	2,544
Equipment and leasehold improvements	846
Accounts payable	(155)
Gain on bargain purchase	(819)
Assets acquired and liabilities assumed, net	$ 2,678

Business Combination Achieved in Stages - Schedule of Unaudited Pro Forma Consolidated Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020
Business Combinations [Abstract]
Net Sales	$ 300,995	$ 256,960
Income (loss) from continuing operations	12,138	(7,820)
Net income (loss) from continuing operations	2,430	(11,283)
Net loss from discontinued operation		(17,509)
Net income (loss)	$ 2,430	$ (28,792)
net income (loss) from continuing operations per share-basic	$ 0.20	$ (0.91)
net income (loss) from continuing operations per share-diluted	0.20	(0.91)
net loss from discontinued operation per share-basic		(1.41)
net loss from discontinued operation per share-diluted		(1.41)
Net income (loss) per share - basic	0.20	(2.33)
Net income (loss) per share - diluted	$ 0.20	$ (2.33)

Business Combination Achieved in Stages - Summary of Equity Method Investment (Detail) - USD ($) $ in Thousands	May 02, 2021	May 03, 2020	Apr. 28, 2019	Apr. 29, 2018
Business Acquisition [Line Items]
total assets	$ 214,080	$ 215,084
total liabilities	85,074	85,386
total members’ equity	$ 129,006	129,698	$ 164,247	$ 163,376
CIH [Member]
Business Acquisition [Line Items]
total assets		3,338
total liabilities		133
total members’ equity		$ 3,205

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.

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

Home Accessories Segment - Narrative (Detail) - USD ($)			1 Months Ended			3 Months Ended	12 Months Ended
Home Accessories Segment - Narrative (Detail) - USD ($)	Mar. 31, 2020	Jun. 22, 2018	May 03, 2020	Sep. 30, 2019	Aug. 31, 2018	Feb. 02, 2020	May 02, 2021	May 03, 2020	Apr. 28, 2019
Discontinued Operations [Line Items]
Loss on disposal of discontinued operation								$ (1,606,000)
Payment received from royalty agreement			$ 0				$ 154,000
Leases, monthly payments							2,634,000	2,524,000
eLuxury [Member]
Discontinued Operations [Line Items]
Noncontrolling interest		20.00%
eLuxury [Member]
Discontinued Operations [Line Items]
Payment associated with loans held for sale	$ 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
Loss on disposal of discontinued operation	$ 1,900,000
Net sales and cost of sales related to inventory shipments			$ 7,000				$ 331,000
eLuxury [Member] \| Discontinued Operations [Member]
Discontinued Operations [Line Items]
Net cash (used in) provided by operating activities discontinued operations								(2,300,000)	$ (1,500,000)
Net cash (used in) provided by investing activities discontinued operation								(134,000)	(54,000)
Net cash (used in) provided by financing activities discontinued operations								2,400,000	1,500,000
Loss on disposal of discontinued operation								1,900,000
Loss on disposal of discontinued operation								1,600,000
Cash held by former noncontrolling interests								285,000
eLuxury [Member]
Discontinued Operations [Line Items]
Majority ownership percentage acquired		80.00%
Consideration for acquisition		$ 18,130,000
Purchase price		12,500,000
Contingent consideration-earn-out obligation		5,600,000
Payment for acquisition		$ 11,600,000		$ 749,000	$ 185,000
Loss on disposal of discontinued operation	$ 1,900,000
Contingent consideration arrangement, description							The Equity Agreement related to the acquisition of our ownership interest in eLuxury contained a contingent consideration arrangement that required us to pay the seller, who was also the owner of the noncontrolling interest, an earn-out payment based on a multiple of adjusted EBITDA, as defined in the Equity Agreement, for the twelve-month period ending August 31, 2021, less $12.0 million.
Contingent consideration arrangement, basis for amount							We recorded a contingent liability at the acquisition date for this earn-out obligation at its fair value totaling $5.6 million based on the Black Scholes pricing model.
Reversal of contingent consideration, earn-out obligation						$ 6,100,000
Disposal date	Mar. 31, 2020
Net sales and cost of sales related to inventory shipments								$ 968,000	612,000
Unpaid lease payments guarantees percentage							70.00%
Lease agreement expiry date							2024-09
Leases, monthly payments							$ 18,865
eLuxury [Member] \| Shareholders' equity attributable to Culp Inc. [Member]
Discontinued Operations [Line Items]
Net income (loss) allocation percentage		70.00%
eLuxury [Member] \| Non-Controlling Interest [Member]
Discontinued Operations [Line Items]
Net income (loss) allocation percentage		30.00%
eLuxury [Member] \| Selling, General and Administrative Expenses [Member]
Discontinued Operations [Line Items]
Business acquisition related costs									$ 270,000

Home Accessories Segment - Schedule of Allocation of Acquisition Cost to Assets Acquired and Liabilities Assumed (Detail) - USD ($)	May 02, 2021	May 03, 2020	Jun. 22, 2018
Business Acquisition [Line Items]
Goodwill	$ 0	$ 0
eLuxury [Member]
Business Acquisition [Line Items]
Goodwill			$ 13,653,000
Inventory			1,804,000
Accounts receivable and other current assets			108,000
Accounts payable			(1,336,000)
Accrued expenses			(295,000)
Non-controlling interest in eLuxury			(4,532,000)
Assets acquired and liabilities assumed, net			18,130,000
eLuxury [Member] \| Equipment [Member]
Business Acquisition [Line Items]
Property, plant & equipment			2,179,000
eLuxury [Member] \| Trade Names [Member]
Business Acquisition [Line Items]
Tradename			$ 6,549,000

Home Accessories Segment - Summary of Disposal of Discontinued Operation on Consolidated Balance Sheet (Detail) - Discontinued Operations [Member] - eLuxury [Member] $ in Thousands	Mar. 31, 2020 USD ($)
current assets:
cash and cash equivalents	$ 285
accounts receivable	588
inventories	3,344
other current assets	170
total current assets held for sale - discontinued operation	4,387
property, plant, and equipment	1,694
right of use assets	918
total noncurrent assets held for sale - discontinued operation	2,612
total assets	6,999
current liabilities:
accounts -payable trade	1,394
operating lease liability - current	195
accrued expenses	351
total current liabilities held for sale - discontinued operation	1,940
loan payable - Culp Inc.	1,500
subordinated loan payable - noncontrolling interest	925
operating lease liability - long-term	743
total noncurrent liabilities held for sale - discontinued operation	3,168
total liabilities	5,108
total net assets of discontinued operation	$ 1,891

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

12 Months Ended

May 03, 2020

Apr. 28, 2019

loss before income taxes from discontinued operation

$ (17,577)

$ (726)

income tax benefit

113

net loss from discontinued operation

(17,509)

(613)

Discontinued Operations [Member] | eLuxury [Member]

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

selling, general and administrative expenses

13,763

15,956

cost of sales

(10,953)

(11,527)

gross profit

2,810

4,429

(4,100)

(5,162)

reversal of contingent consideration - earn-out obligation

^[1]

(20,202)

^[2]

5,856

interest expense

^[3]

(84)

(30)

other income

loss from discontinued operation related to major classes of loss before income taxes

(15,686)

(726)

loss on disposal of discontinued operation

^[4]

(1,891)

loss before income taxes from discontinued operation

(17,577)

(726)

income tax benefit

113

net loss from discontinued operation

$ (17,509)

$ (613)

[1]	During fiscal 2020, we recorded asset impairment charges totaling $20.2 million, of which $13.6 million and $6.6 million pertained to the goodwill and tradename, respectively. See Notes 8, 9, and 15 of the notes to the consolidated financial statements for further details of our assessments that resulted in the impairment of the goodwill and tradename associated with this discontinued operation.
[2]	See separate section below titled “Contingent Consideration” for further details.
[3]	Interest expense is directly attributable to our discontinued operations as it pertains to loans payable assumed by the buyer, (the noncontrolling interest) or required to be paid to Culp Inc. based on the terms of the sale agreement.
[4]	See separate section below titled “Consolidation and Deconsolidation” for further details.

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

12 Months Ended

May 03, 2020

USD ($)

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

Discontinued Operations [Member] | eLuxury [Member]

$ 13,712

^[1]

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

Impairment charges of goodwill

20,200

13,600

Impairment charges of tradename

$ 6,600

[1]

Home Accessories Segment - Summary of Net Income (Loss) from Continuing Operations, Loss from Discontinued Operation, and Net Income (Loss) Attributable to Common Shareholders and Noncontrolling Interest (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
net income (loss) from continuing operations	$ 3,218	$ (11,158)	$ 6,071
net loss from discontinued operation		(17,509)	(613)
net income (loss)	3,218	(28,667)	5,458
Discontinued Operations [Member] \| eLuxury [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
net income (loss) from continuing operations	3,218	(11,158)	6,071
net income (loss) from continuing operations attributable to Culp Inc. common shareholders	3,218	(11,158)	6,071
net loss from discontinued operation		(17,509)	(613)
net loss from discontinued operation attributable to noncontrolling interest		4,674	218
net loss from discontinued operation attributable to Culp Inc. common shareholders		(12,835)	(395)
net income (loss)	3,218	(28,667)	5,458
net loss from noncontrolling interest		4,674	218
net income (loss) attributable to Culp Inc. common shareholders	$ 3,218	$ (23,993)	$ 5,676

Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands	May 02, 2021	May 03, 2020	Apr. 28, 2019	Apr. 29, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
customers	$ 38,455	$ 25,649
Accounts receivable, net	37,726	25,093
Allowance for doubtful accounts [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance, balance	(591)	(472)	$ (393)	$ (357)
Allowance for cash discounts [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance, balance	(124)	(68)
Allowance for sales returns and allowances [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Valuation allowance, balance	$ (14)	$ (16)

Accounts Receivable - Allowance for Doubtful Accounts (Detail) - Allowance for doubtful accounts [Member] - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Valuation and Qualifying Accounts Disclosure [Line Items]
beginning balance	$ (472)	$ (393)	$ (357)
provision for bad debts	(119)	(79)	(84)
write-offs, net of recoveries			48
ending balance	$ (591)	$ (472)	$ (393)

Accounts Receivable - Narrative (Detail) - USD ($) $ in Thousands	May 02, 2021	May 03, 2020	Apr. 28, 2019	Apr. 29, 2018
Allowance for doubtful accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts	$ 591	$ 472	$ 393	$ 357

Accounts Receivable - Allowance for Returns and Allowances and Discounts (Detail) - USD ($)
$ in Thousands

12 Months Ended

May 02, 2021

May 03, 2020

Apr. 28, 2019

Valuation and Qualifying Accounts Disclosure [Line Items]

Change in estimate during the current year

^[1]

$ 558

$ 119

$ 88

Reserve for returns and allowances and discounts [Member]

Valuation and Qualifying Accounts Disclosure [Line Items]

beginning balance

(84)

(226)

(1,433)

provision for returns and allowances and discounts

(1,665)

(1,603)

(2,180)

credits issued and discounts taken

1,611

1,745

2,242

ending balance

$ (138)

$ (84)

(226)

Reserve for returns and allowances and discounts [Member] | Adjustments Due to ASC 606 Adoption [Member]

Valuation and Qualifying Accounts Disclosure [Line Items]

Change in estimate during the current year

$ 1,145

[1]

Revenue from Contracts with Customers - Narrative (Detail)	12 Months Ended
	May 02, 2021 USD ($) Segment	May 03, 2020 USD ($)	Apr. 28, 2019 USD ($)
Contract Assets and Liabilities [Line Items]
Number of operating segments \| Segment	2
net sales	$ 299,720,000	$ 256,166,000	$ 281,325,000
Contract assets recognized	$ 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
Discontinued Operations [Member] \| Home Accessories [Member]
Contract Assets and Liabilities [Line Items]
net sales		$ 13,800,000	$ 16,000,000.0

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.

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Revenue from Contracts with Customers - Summary of the activity for deferred revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020
Revenue From Contract With Customer [Abstract]
Beginning Balance	$ 502	$ 399
Revenue recognized on contract liabilities during the period	(2,459)	(2,356)
Payments received for services not yet rendered during the period	2,497	2,459
Ending Balance	$ 540	$ 502

Revenue from Contracts with Customers - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 299,720	$ 256,166	$ 281,325
Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	291,172	245,566	270,965
Transferred over Time [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	8,548	10,600	10,360
Mattress Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	157,671	131,412	145,671
Mattress Fabrics [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	157,671	131,412	145,671
Upholstery Fabrics [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	142,049	124,754	135,654
Upholstery Fabrics [Member] \| Transferred at Point in Time [Member] \| Product [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	133,501	114,154	125,294
Upholstery Fabrics [Member] \| Transferred over Time [Member] \| Services [Member]
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 8,548	$ 10,600	$ 10,360

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	May 02, 2021	May 03, 2020
Inventory Disclosure [Abstract]
raw materials	$ 7,742	$ 7,823
work-in-process	3,156	1,958
finished goods	45,019	38,126
Inventories	$ 55,917	$ 47,907

Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020
Property, Plant and Equipment [Line Items]
land and improvements	$ 937	$ 909
buildings and improvements	31,205	31,047
leasehold improvements	2,884	2,288
machinery and equipment	65,258	60,703
office furniture and equipment	9,574	8,819
capital projects in progress	3,077	1,958
property, plant and equipment, gross	112,935	105,724
accumulated depreciation	(68,932)	(62,577)
property, plant and equipment, net	$ 44,003	$ 43,147
Land and Land Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	0 years
Land and Land Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	10 years
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	7 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	40 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	Shorter of life of lease or useful life.
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	12 years
Office Furniture and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	3 years
Office Furniture and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
depreciable lives	10 years

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	May 02, 2021	May 03, 2020	Apr. 28, 2019	Apr. 29, 2018
Intangible Assets [Line Items]
Tradenames	$ 540	$ 540	$ 7,232	$ 683
Intangible assets	3,004	3,380
Customer Relationships [Member]
Intangible Assets [Line Items]
Finite-lived intangible assets, net	1,937	2,238	$ 2,538	$ 2,839
Non-Compete Agreement [Member]
Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 527	$ 602

Intangible Asset - Tradenames (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 03, 2020	Apr. 28, 2019
Finite Lived Intangible Assets [Line Items]
Beginning balance	$ 7,232	$ 683
acquisition of assets (note 3)		6,549
Ending balance	540	7,232
Continuing Operations [Member]
Finite Lived Intangible Assets [Line Items]
loss on impairment	(143)
Discontinued Operations [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	6,600
loss on impairment	$ (6,549)
Ending balance		$ 6,600

Intangible Assets - Narrative (Detail) - USD ($)	3 Months Ended		12 Months Ended
Intangible Assets - Narrative (Detail) - USD ($)	May 03, 2020	Feb. 02, 2020	May 02, 2021	May 03, 2020	Apr. 28, 2019	Apr. 29, 2018
Intangible Assets [Line Items]
Asset impairment charges			$ 0	$ 33,914,000	$ 0
Tradenames	$ 540,000		540,000	540,000	7,232,000	$ 683,000
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		1,200,000	877,000
Remaining amortization expense for the 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 fifth fiscal year			301,000
Remaining amortization expense for the fiscal year thereafter			$ 432,000
Weighted average remaining amortization period			6 years 8 months 12 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]
Accumulated amortization	1,400,000		$ 1,500,000	1,400,000
Remaining amortization expense for the fiscal year			75,000
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 fifth fiscal year			76,000
Remaining amortization expense for the fiscal year thereafter			$ 148,000
Weighted average remaining amortization period			7 years
Prior Acquisition [Member] \| Mattress Fabrics [Member] \| Non-Compete Agreement [Member]
Intangible Assets [Line Items]
Useful life			15 years
Continuing Operations [Member]
Intangible Assets [Line Items]
Impairment charge				143,000
Continuing Operations [Member] \| Read Window Products, LLC [Member]
Intangible Assets [Line Items]
Tradenames					683,000
Impairment charge				143,000
Discontinued Operations [Member]
Intangible Assets [Line Items]
Tradenames					$ 6,600,000
Impairment charge				6,549,000
Discontinued Operations [Member] \| eLuxury [Member] \| Home Accessories [Member]
Intangible Assets [Line Items]
Impairment charge	$ 4,200,000	$ 2,400,000		$ 6,600,000

Intangible Assets - Summary of Change in Carrying Amount of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	$ 2,238	$ 2,538	$ 2,839
Amortization expense	(301)	(300)	(301)
Ending balance	1,937	2,238	2,538
Non-Compete Agreement [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	602
Ending balance	527	602
Non-Compete Agreement [Member] \| Prior Acquisition [Member] \| Mattress Fabrics [Member]
Finite Lived Intangible Assets [Line Items]
Beginning balance	602	678	753
Amortization expense	(75)	(76)	(75)
Ending balance	$ 527	$ 602	$ 678

Goodwill - Summary of Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 03, 2020	Apr. 28, 2019
Goodwill [Line Items]
beginning balance	$ 27,222	$ 13,569
business combination (note 3)		13,653
ending balance		$ 27,222
Continuing Operations [Member]
Goodwill [Line Items]
loss on impairment	(13,569)
Discontinued Operations [Member]
Goodwill [Line Items]
loss on impairment	$ (13,653)

Goodwill - Narrative (Detail) - USD ($)

3 Months Ended

12 Months Ended

May 03, 2020

Feb. 02, 2020

May 03, 2020

May 02, 2021

Apr. 28, 2019

$ 0

Continuing Operation [Member]

^[1]

13,712,000

$ 13,600,000

Continuing Operation [Member] | Mattress Fabrics [Member]

13,600,000

Continuing Operation [Member] | Upholstery Fabrics [Member]

11,500,000

Discontinued Operations [Member]

2,100,000

$ 13,600,000

$ 2,400,000

$ 11,200,000

$ 13,600,000

[1]

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	May 02, 2021	May 03, 2020
Payables And Accruals [Abstract]
compensation and related benefits	$ 9,816	$ 3,038
interest		9
other	5,023	2,807
Accrued expenses	$ 14,839	$ 5,854

Accrued Expenses - Narrative (Detail) - USD ($)	May 02, 2021	May 03, 2020
Payables And Accruals [Abstract]
Accrued expenses	$ 14,839,000	$ 5,854,000
Current accrued expenses	$ 14,839,000	5,687,000
Long-term accrued expenses		$ 167,000

Lines of Credit and Paycheck Protection Program Loan - Narrative (Detail)		1 Months Ended	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2020 USD ($)	May 02, 2021 USD ($)	May 03, 2020 USD ($)	Apr. 28, 2019 USD ($)	May 02, 2021 CNY (¥)	Apr. 15, 2020 USD ($)
Line Of Credit Facility [Line Items]
Outstanding amount				$ 29,750,000
Repayments of debt			$ 30,772,000		$ 12,000,000
Paycheck Protection Program (PPP) loan amount				7,606,000
Interest paid during the year			60,000	$ 124,000	$ 54,000
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			1.71%	1.75%		1.71%
Interest rate description			Interest was charged under the Credit Agreement 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
Additional borrowings amount			0
Repayments of debt		$ 29,800,000
Letters of credit, outstanding amount			275,000	$ 250,000
Revolving Credit Facility [Member] \| United States [Member] \| Seventh Amendment to Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Annual capital expenditures			10,000,000
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] \| 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			725,000
Revolving credit agreements [Member] \| China [Member] \| Chinese Yuan Renminbi [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity			$ 6,200,000			¥ 40,000,000
Expiration date			Dec. 01, 2021
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
Outstanding amount			$ 0	$ 1,000,000.0
Additional borrowings amount			0
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
Outstanding amount			$ 0

Income Taxes - Allocation of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Income Tax Disclosure [Abstract]
income (loss) from continuing operations	$ 7,693	$ 3,354	$ 6,537
loss from discontinued operation		(68)	(113)
Total income tax expense	$ 7,693	$ 3,286	$ 6,424

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.

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
current
federal	$ (17)		$ (1,492)
state	3	$ 7	27
2017 Tax Cuts and Jobs Act			(282)
foreign	4,151	4,248	6,144
uncertain income tax positions	(204)	725
current income tax expense	3,933	4,980	4,397
deferred
federal	(1,933)	(1,875)	3,236
state	(80)	(103)	(96)
2017 Tax Cuts and Jobs Act	(3,674)		(268)
undistributed earnings – foreign subsidiaries	112	(114)	3,735
U.S. Federal & State carryforwards and credits	451	974	74
uncertain income tax positions	380	(380)
foreign	(22)	(247)	(85)
valuation allowance	8,526	119	(4,456)
deferred income tax expense	3,760	(1,626)	2,140
income tax expense	$ 7,693	$ 3,354	$ 6,537

Income Taxes - Income (Loss) before Income Taxes Related to Foreign and U.S. Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Income Taxes [Line Items]
income (loss) before income taxes, foreign	$ 15,583	$ 6,919	$ 15,667
income (loss) before income taxes from continuing operations	10,880	(7,679)	12,722
China [Member]
Income Taxes [Line Items]
income (loss) before income taxes, foreign	10,007	8,316	9,899
Canada [Member]
Income Taxes [Line Items]
income (loss) before income taxes, foreign	4,764	(1,391)	5,488
Haiti [Member]
Income Taxes [Line Items]
income (loss) before income taxes, foreign	817
Cayman Islands [Member]
Income Taxes [Line Items]
income (loss) before income taxes, foreign	(5)	(6)	280
United States [Member]
Income Taxes [Line Items]
income (loss) before income taxes, domestic	$ (4,703)	$ (14,598)	$ (2,945)

Income Taxes - Differences Between Income Tax Expense from Continuing Operations at Federal Income Tax Rate and Effective Income Tax Rate (Detail)	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Income Tax Disclosure [Abstract]
U.S. federal income tax rate	21.00%	21.00%	21.00%
valuation allowance	78.40%	(1.60%)	(35.00%)
write-off of U.S. foreign income tax credits			35.10%
income tax effects of the 2017 Tax Cuts and Jobs Act	(33.8)		(4.3)
global intangible low taxed income tax (GILTI)		(19.00%)	16.90%
foreign tax rate differential	10.90%	(5.40%)	4.80%
income tax effects of Chinese foreign exchange gains and losses	(8.40%)	(5.00%)	2.20%
withholding taxes associated with foreign tax jurisdictions	7.70%	(16.00%)	8.10%
income tax effects of impairment of nondeductible goodwill		(11.30%)
other	(5.10%)	(6.40%)	2.60%
Effective income tax rate	70.70%	(43.70%)	51.40%

Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Thousands

May 02, 2021

May 03, 2020

Apr. 28, 2019

Apr. 29, 2018

deferred tax assets:

intangible assets and goodwill

$ 362

$ 263

inventories

2,019

2,280

compensation

3,284

1,970

liabilities and other

166

690

856

operating lease liability

^[1]

202

185

836

671

foreign income tax credits - U.S.

783

loss carryforwards – U.S.

7,533

4,137

valuation allowance - U.S.

(11,674)

(3,148)

$ (748)

$ (5,204)

total deferred tax assets

4,058

8,163

deferred tax liabilities:

undistributed earnings on foreign subsidiaries

(3,521)

(3,409)

unrecognized tax benefits – U.S.

(380)

property, plant and equipment

^[2]

(3,968)

(5,008)

right of use assets

(855)

(690)

other

(119)

(81)

total deferred tax liabilities

(8,843)

(9,188)

Net deferred liabilities

$ (4,785)

$ (1,025)

[1]	Pertains to the company’s operations located in China.
[2]	Pertains to the company’s operations located in the U.S. and Canada.

Income Taxes - Deferred Income Taxes - Narrative (Detail) - USD ($)	12 Months Ended
	May 02, 2021	May 03, 2020
Income Taxes [Line Items]
foreign income tax credits - U.S.	$ 783,000	$ 783,000
U.S. foreign income tax credits, expiration period	10 years
U.S. Federal Tax Authorities [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 19,400,000
Operating loss carryforwards, related future tax benefits	$ 4,100,000
U.S. Federal Tax Authorities [Member] \| Earliest Tax Year [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Year	2027
U.S. Federal Tax Authorities [Member] \| Latest Tax Year [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Year	2038
U.S. State and Local Jurisdiction [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 28,900,000
Operating loss carryforwards, related future tax benefits	$ 953,000
U.S. State and Local Jurisdiction [Member] \| Earliest Tax Year [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Year	2022
U.S. State and Local Jurisdiction [Member] \| Latest Tax Year [Member]
Income Taxes [Line Items]
Operating Loss Carry forwards Expiration Year	2040

Income Taxes - 2017 Tax Cuts and Jobs Act - Narrative (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Aug. 02, 2020	May 02, 2021	May 03, 2020	Apr. 28, 2019
Income Taxes [Line Items]
Federal statutory income tax rate		21.00%	21.00%	21.00%
Provisional income tax (benefit) expense of U.S. net deferred income taxes				$ (268,000)
Provisional income tax (benefit) expense Transition Tax				(282,000)
GILTI [Member]
Income Taxes [Line Items]
Income tax charge of during period			$ 1,900,000	$ 2,100,000
Non-cash income tax benefit	$ 3,600,000	$ 3,600,000

Income Taxes - Deferred Income Taxes - Valuation Allowance - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 02, 2020	May 02, 2021	May 03, 2020	Apr. 28, 2019
Income Taxes [Line Items]
Income expense (benefit)		$ 7,693	$ 3,354	$ 6,537
Valuation Allowance, Net Deferred Tax Assets [Member] \| GILTI [Member]
Income Taxes [Line Items]
Income expense (benefit)	$ 7,000	$ 7,000

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

change in judgement of beginning of year U.S. valuation allowance

Income Taxes - Summary of Valuation Allowances Against Deferred Income Taxes (Detail) - USD ($) $ in Thousands	May 02, 2021	May 03, 2020	Apr. 28, 2019	Apr. 29, 2018
Valuation Allowance [Line Items]
Valuation allowance	$ 11,674	$ 3,148	$ 748	$ 5,204
U.S. Capital Loss Carry Forwards and Credits [Member]
Valuation Allowance [Line Items]
Valuation allowance	2,330	2,281
U.S. Federal and State [Member] \| Deferred Income Tax Assets [Member]
Valuation Allowance [Line Items]
Valuation allowance	$ 9,344	$ 867

Income Taxes - Summary of Change in Valuation Allowances Against Deferred Income Taxes (Detail) - USD ($)
$ in Thousands

12 Months Ended

May 02, 2021

May 03, 2020

Apr. 28, 2019

Income Tax Disclosure [Abstract]

beginning balance

$ 3,148

$ 748

$ 5,204

^[1]

6,964

change in valuation allowance associated with current year earnings

1,004

establishment of valuation allowance

^[2]

2,281

Write-off of deferred income taxes

^[3]

(4,544)

change in estimate during current year

^[4]

558

119

ending balance

$ 11,674

$ 3,148

$ 748

[1]	Refer to the above Summary within the section titled Deferred Income Taxes – Valuation Allowance for further details regarding our assessment and conclusions reached for providing a full valuation allowance against our U.S net deferred income tax assets during the first quarter of fiscal 2021.
[2]	In connection with the sale of a discontinued operation that was treated as a partnership for income tax purposes, we generated a capital loss carryforward totaling $10.9 million with a related future income tax benefit of $2.3 million. Since capital losses can only be offset by capital gains, we established a full valuation allowance on this capital loss carryforward as we do not have capital assets that would generate capital gains that would utilize this carryforward.
[3]	During fiscal 2019, we recorded an income tax charge of $4.5 million for the write-off of certain U.S. foreign income tax credits, and in turn, we recorded an income tax benefit of $4.5 million for the reduction in our valuation allowance.
[4]	Amount represents changes in our U.S. net deferred income tax asset balances during the current year that pertain to (i) income tax provision to return adjustments, (ii) changes in estimates of our U.S. effective income tax rate that pertain to U.S. state income tax rates and apportionment percentages, and (iii) other immaterial items.

Income Taxes - Summary of Change in Valuation Allowances Against Deferred Income Taxes (Parenthetical) (Detail) - USD ($)
$ in Thousands

12 Months Ended

May 02, 2021

May 03, 2020

Apr. 28, 2019

Valuation Allowance [Line Items]

Write-off of deferred income taxes

^[1]

$ (4,544)

income tax expense (benefit)

$ 8,526

$ 119

$ (4,456)

U.S. Federal Tax Authorities [Member]

Valuation Allowance [Line Items]

Capital loss carryforwards

10,900

Capital loss carryforward, related future tax benefits

$ 2,300

[1]	During fiscal 2019, we recorded an income tax charge of $4.5 million for the write-off of certain U.S. foreign income tax credits, and in turn, we recorded an income tax benefit of $4.5 million for the reduction in our valuation allowance.

Income Taxes - Deferred Income Taxes - Undistributed Earnings from Foreign Subsidiaries - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020
Income Tax Disclosure [Abstract]
Dividends received deduction percentage for earnings and profits received from foreign corporation	100.00%
Dividends received deduction, foreign corporation ownership percentage	10.00%
Deferred tax liability, undistributed earnings from foreign subsidiaries	$ 3,521	$ 3,409

Income Taxes - Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Income Tax Disclosure [Abstract]
beginning balance	$ 1,269	$ 903	$ 844
increases from prior period tax positions	249	106	135
decreases from prior period tax positions	(74)	(85)	(76)
increases from current period tax positions		434
decreases from current period tax positions		(89)
ending balance	$ 1,444	$ 1,269	$ 903

Income Taxes - Uncertainty in Income Taxes - Narrative (Detail) - USD ($)	May 02, 2021	May 03, 2020	Apr. 28, 2019	Apr. 29, 2018
Income Taxes [Line Items]
Unrecognized tax benefits	$ 1,444,000	$ 1,269,000	$ 903,000	$ 844,000
Unrecognized tax benefits that would favorably impact effective income tax rate if recognized	1,100,000	1,300,000
Gross amount of interest and penalties due to unrecognized tax benefits	165,000	103,000
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

Income Taxes - Summary of Income Taxes Paid (Refunded) (Detail) - USD ($)
$ in Thousands

12 Months Ended

May 02, 2021

May 03, 2020

Apr. 28, 2019

United States Federal - AMT credit refunds

$ 1,500

Domestic Tax Authority [Member] | United States [Member]

2,998

$ 4,995

$ 6,694

United States Federal - AMT credit refunds

^[1]

(1,510)

United States Federal - transition tax

226

600

U.S. State and Local Jurisdiction [Member] | United States [Member]

Foreign Tax Authority [Member] | China [Member]

Foreign Tax Authority [Member] | Canada [Member]

2,874

3,397

3,543

Time Vested Restricted Stock Units [Member]

$ 1,408

$ 1,598

$ 2,491

[1]

Income Taxes - Summary of Income Taxes Paid (Refunded) (Parenthetical) (Detail) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	May 31, 2020	Nov. 01, 2020	Aug. 02, 2020	May 02, 2021
Income Tax Disclosure [Abstract]
United States Federal - 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 2022				50.00%
Percentage of received alternative minimum tax		50.00%	50.00%
AMT credit carryforward refundable balance amount received			$ 746,000
Percentage of AMT credits refundable under CARES Act				100.00%
Percentage of remaining refundable AMT credit carryforward	50.00%
AMT credit carryforward remaining refundable balance amount received		$ 764,000

Commitments and Contingencies - Lessee Operating Lease Right of Use Assets and Liabilities (Detail) - USD ($) $ in Thousands	May 02, 2021	May 03, 2020
Assets And Liabilities Lessee [Abstract]
Right of use assets	$ 11,730	$ 3,903
Operating lease liability - current	2,736	1,805
Operating lease liability – noncurrent	$ 6,821	$ 2,016

Commitments and Contingencies - Operating Leases of Lessee Disclosure (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020
Lessee Disclosure [Abstract]
Operating lease liability payments	$ 2,634	$ 2,524
Right of use assets exchanged for lease liabilities	$ 8,014	$ 344

Commitments and Contingencies - Narrative (Detail)					1 Months Ended		12 Months Ended
Commitments and Contingencies - Narrative (Detail)	Oct. 30, 2021 USD ($)	Aug. 30, 2021 USD ($)	May 07, 2021 USD ($) ft²	Apr. 09, 2021 USD ($) ft²	Jun. 30, 2021 USD ($)	Apr. 30, 2021 USD ($)	May 02, 2021 USD ($) ft²	May 03, 2020 USD ($)	Apr. 28, 2019 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Accounts payable for capital expenditures							$ 348,000	$ 107,000
Former Home Accessories Segment [Member] \| Loss From Discontinued Operations [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating lease costs								204,000
Upholstery Fabrics [Member]
Commitments and Contingencies Disclosure [Line Items]
Area of facility \| ft²				90,000
Lease term				8 years
Lease rent payment				$ 2,800,000		$ 1,400,000
Lease renewal term				8 years
Lessee, operating Lease, option to extend							The initial non-cancelable term of the lease can be subsequently renewed and extended for successive eight-year
Upholstery Fabrics [Member] \| Other Assets [Member]
Commitments and Contingencies Disclosure [Line Items]
Lease rent payment							$ 1,400,000
Upholstery Fabrics [Member] \| Subsequent Event [Member]
Commitments and Contingencies Disclosure [Line Items]
Lease rent payment					$ 558,000
Upholstery Fabrics [Member] \| Forecast [Member]
Commitments and Contingencies Disclosure [Line Items]
Lease rent payment	$ 418,500	$ 418,500
High Point ,NC [Member]
Commitments and Contingencies Disclosure [Line Items]
Lessee, operating Lease, option to extend							The initial non-cancelable term of the lease can be subsequently renewed and extended up to four additional periods of three years
High Point ,NC [Member] \| Subsequent Event [Member]
Commitments and Contingencies Disclosure [Line Items]
Area of facility \| ft²			21,000
Lease term			10 years
Lease rent payment			$ 2,200,000
Lease renewal term			3 years
Mattress Fabrics [Member]
Commitments and Contingencies Disclosure [Line Items]
Area of facility \| ft²							65,886
Lease rent payment							$ 13,200
Lease renewal term							3 years
Lessee, operating Lease, option to extend							Effective February 1, 2021, we amended this lease agreement to include options to renew and extend this lease for up to two additional periods of three-years each.
Operating lease, existence of option to extend							true
Operating lease reimbursement allowance							$ 92,400
Remaining amount of allowance for reimbursement							86,000
Rental payments							151,000	157,000	$ 158,000
Mattress Fabrics [Member] \| Capital Addition Purchase Commitments [Member]
Commitments and Contingencies Disclosure [Line Items]
Open purchase commitments for equipment							1,600,000
Continuing Operation [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating lease costs							2,900,000	2,600,000
Short-term lease costs							$ 55,000	$ 148,000

Commitments and Contingencies - Weighted Average Lease Term and Discount Rate (Detail)	May 02, 2021	May 03, 2020
Lessee Disclosure [Abstract]
Weighted average lease term	4 years 4 months 9 days	2 years 11 months 23 days
Weighted average discount rate	2.41%	3.60%

Commitments and Contingencies - Lessee Operating Lease Liability Maturity (Detail) $ in Thousands	May 02, 2021 USD ($)
Lessee Disclosure [Abstract]
2022	$ 2,821
2023	2,647
2024	2,341
2025	1,409
2026	158
Thereafter	541
Total	9,917
Less: interest	(360)
Present value of lease liabilities	$ 9,557

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

12 Months Ended

Jul. 18, 2019

^[1]

Aug. 02, 2018

^[1]

May 02, 2021

May 03, 2020

Apr. 28, 2019

Sep. 16, 2015

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

Remaining unrecognized compensation cost

$ 1,400,000

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

2 years 1 month 6 days

Fair value of units expected to vest

$ 2,500,000

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

^[2]

86,599

^[2]

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

^[3]

47,800

^[3]

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

Performance Based Restricted Stock Units [Member]

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

Remaining unrecognized compensation cost

$ 83,000

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

1 year

Fair value of units expected to vest

$ 316,000

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

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

Share-based compensation expense

614,000

$ 220,000

$ 43,000

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

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

Share-based compensation expense

357,000

114,000

(53,000)

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

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

Share-based compensation expense

$ 280,000

$ 140,000

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

661,553

[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]	Performance-based restricted stock units awarded to key employees.

Stock-Based Compensation - Time Vested Restricted Stock Unit Activity (Detail) - Time Vested Restricted Stock Awards [Member] - shares	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
outstanding at beginning of year	44,399	10,000	1,200
granted	129,896	34,399	10,000
vested			(1,200)
outstanding at end of year	174,295	44,399	10,000

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]

Restricted Stock Awarded

129,896

34,399

10,000

Time-Based Restricted Stock Units [Member]

^[1]

$ 11.01

$ 18.49

$ 24.35

Vesting Period

3 years

5 years

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

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

12 Months Ended

May 02, 2021

May 03, 2020

Apr. 28, 2019

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

1,200

^[1]

$ 0

$ 21

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

^[2]

$ 0

$ 17.36

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

^[3]

3,277

^[1],[3]

$ 33

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

^[3],[4]

$ 9.96

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

^[3]

3,710

^[1],[3]

$ 37

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

^[3],[4]

$ 9.96

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

^[3]

11,351

128,632

^[1],[3]

$ 197

$ 3,754

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

^[3],[4]

$ 17.36

$ 29.19

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

^[5]

4,961

10,364

^[1],[5]

$ 86

$ 320

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

^[4],[5]

$ 17.36

$ 30.90

[1]	Dollar amounts are in thousands.
[2]	Price per share represents closing price of our common stock on the date the respective award vested.
[3]	Senior executives and key employees.
[4]	The weighted average price per share is derived from the closing prices of our common stock on the dates the respective performance-based restricted stock units vested.
[5]	Non-employee

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

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

12 Months Ended

Jul. 18, 2019

Aug. 02, 2018

May 02, 2021

Senior Executives [Member]

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

Restricted Stock Units Awarded

93,653

^[1],[2]

86,599

^[1],[2]

Restricted Stock Units Expected to Vest

^[2],[3]

6,113

6,734

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

^[2]

$ 19.04

^[4]

$ 18.51

^[5]

Vesting Period

^[2]

3 years

Key Employees [Member]

Restricted Stock Units Awarded

29,227

^[1],[6]

47,800

^[1],[6]

Restricted Stock Units Expected to Vest

^[3],[6]

3,661

5,811

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

^[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 during the vesting period. These amounts represent the number of shares that are expected to vest as of May 2, 2021.
[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 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 ($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 executive officers 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 Grants of Common Stock to Outside Directors (Detail) - Common Stock Awards [Member] - Outside Directors [Member] - Immediate Vesting [Member] - $ / shares

1 Months Ended

4 Months Ended

7 Months Ended

10 Months Ended

May 02, 2021

May 03, 2020

Apr. 28, 2019

May 02, 2021

May 03, 2020

May 02, 2021

May 03, 2020

Apr. 28, 2019

May 02, 2021

May 03, 2020

Common Stock Awarded

4,467

10,511

2,948

4,563

4,972

5,193

4,519

3,600

7,000

3,659

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

^[1]

$ 15.67

$ 6.66

$ 19.18

$ 15.34

$ 14.08

$ 13.48

$ 15.49

$ 23.45

$ 10.00

$ 19.21

[1]	Price per share represents closing price of our common stock on the date of grant.

Fair Value of Financial Instruments - Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	May 02, 2021	May 03, 2020
Premier Money Market Fund [Member]
Assets:
Investments at fair value	$ 7,879	$ 7,496
Short Term Bond Mutual Funds [Member]
Assets:
Investments at fair value	4,101	923
Short Duration Inflation Protected Mutual Fund [Member]
Assets:
Investments at fair value	722
Mortgage Securities Mutual Fund [Member]
Assets:
Investments at fair value	719
Growth Allocation Mutual Funds [Member]
Assets:
Investments at fair value	339	219
Moderate Allocation Mutual Fund [Member]
Assets:
Investments at fair value	86	63
Other [Member]
Assets:
Investments at fair value	111	56
Quoted prices in active markets for identical assets - Level 1 [Member] \| Premier Money Market Fund [Member]
Assets:
Investments at fair value	7,879	7,496
Quoted prices in active markets for identical assets - Level 1 [Member] \| Short Term Bond Mutual Funds [Member]
Assets:
Investments at fair value	4,101	923
Quoted prices in active markets for identical assets - Level 1 [Member] \| Short Duration Inflation Protected Mutual Fund [Member]
Assets:
Investments at fair value	722
Quoted prices in active markets for identical assets - Level 1 [Member] \| Mortgage Securities Mutual Fund [Member]
Assets:
Investments at fair value	719
Quoted prices in active markets for identical assets - Level 1 [Member] \| Growth Allocation Mutual Funds [Member]
Assets:
Investments at fair value	339	219
Quoted prices in active markets for identical assets - Level 1 [Member] \| Moderate Allocation Mutual Fund [Member]
Assets:
Investments at fair value	86	63
Quoted prices in active markets for identical assets - Level 1 [Member] \| Other [Member]
Assets:
Investments at fair value	$ 111	$ 56

Fair Value of Financial Instruments - Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands	May 02, 2021	May 03, 2020
Trade Names [Member]
Assets:
Tradename		$ 540
Significant Unobservable Inputs - Level 3 [Member] \| Trade Names [Member]
Assets:
Tradename		$ 540
CIH [Member]
Assets:
Right of use assets	$ 2,544
Equipment and leasehold improvements	846
Inventory	31
CIH [Member] \| Significant Other Observable Inputs - Level 2 [Member]
Assets:
Right of use assets	2,544
CIH [Member] \| Significant Unobservable Inputs - Level 3 [Member]
Assets:
Equipment and leasehold improvements	846
Inventory	$ 31

Fair Value of Financial Instruments - Narrative (Detail) - USD ($)

3 Months Ended

12 Months Ended

Feb. 02, 2020

May 03, 2020

May 02, 2021

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

^[1]

$ 13,712,000

eLuxury [Member]

Reversal of contingent consideration, earn-out obligation

$ 6,100,000

Trade Names [Member]

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

Discontinued Operations [Member]

143,000

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

Goodwill

$ 0

Impairment charges of goodwill

20,200,000

13,600,000

Discontinued Operations [Member] | eLuxury [Member]

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

Reversal of contingent consideration, earn-out obligation

$ 6,100,000

Discontinued Operations [Member] | Trade Names [Member]

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

Tradename

$ 0

Impairment charges of tradename

$ 6,600,000

[1]

Fair Value of Financial Instruments - Nonrecurring Basis - Discontinued Operation (Detail) - USD ($)	May 02, 2021	May 03, 2020	Apr. 28, 2019
Assets:
inventories	$ 55,917,000	$ 47,907,000
Discontinued Operations [Member]
Assets:
Goodwill	0	0
Trade Names [Member] \| Discontinued Operations [Member]
Assets:
Tradename	$ 0	0
Fair Value, Measurements, Nonrecurring [Member] \| Discontinued Operations [Member] \| eLuxury [Member]
Assets:
Goodwill			$ 13,653,000
inventories			1,804,000
Liabilities:
Contingent consideration affiliated with a discontinued operation			5,856,000
Fair Value, Measurements, Nonrecurring [Member] \| Discontinued Operations [Member] \| eLuxury [Member] \| Significant Unobservable Inputs - Level 3 [Member]
Assets:
Goodwill			13,653,000
inventories			1,804,000
Liabilities:
Contingent consideration affiliated with a discontinued operation			5,856,000
Fair Value, Measurements, Nonrecurring [Member] \| Discontinued Operations [Member] \| eLuxury [Member] \| Equipment [Member]
Assets:
Equipment			2,179,000
Fair Value, Measurements, Nonrecurring [Member] \| Discontinued Operations [Member] \| eLuxury [Member] \| Equipment [Member] \| Significant Unobservable Inputs - Level 3 [Member]
Assets:
Equipment			2,179,000
Fair Value, Measurements, Nonrecurring [Member] \| Trade Names [Member]
Assets:
Tradename		540,000
Fair Value, Measurements, Nonrecurring [Member] \| Trade Names [Member] \| Significant Unobservable Inputs - Level 3 [Member]
Assets:
Tradename		$ 540,000
Fair Value, Measurements, Nonrecurring [Member] \| Trade Names [Member] \| Discontinued Operations [Member] \| eLuxury [Member]
Assets:
Tradename			6,549,000
Fair Value, Measurements, Nonrecurring [Member] \| Trade Names [Member] \| Discontinued Operations [Member] \| eLuxury [Member] \| Significant Unobservable Inputs - Level 3 [Member]
Assets:
Tradename			$ 6,549,000

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	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Earnings Per Share [Abstract]
weighted-average common shares outstanding, basic	12,300	12,378	12,462
dilutive effect of stock-based compensation	22		86
weighted-average common shares outstanding, diluted	12,322	12,378	12,548

Net Income (Loss) from Continuing Operations Per Share - Narrative (Detail) - Common Stock Awards [Member] - shares	12 Months Ended
	May 02, 2021	May 03, 2020
Antidilutive securities due to decrease in stock price excluded from computation of earnings from continuing operations per share	2,175	19,388
Shares excluded from computation of diluted net loss from continuing operations per share		45,731
Shares excluded from computation of diluted net loss from continuing operations per share		26,343

Benefit Plans (Detail) - USD ($)	12 Months Ended
Benefit Plans (Detail) - USD ($)	May 02, 2021	May 03, 2020	Apr. 28, 2019
Retirement Benefits [Abstract]
Contributions to defined contribution plans	$ 1,200,000	$ 1,200,000	$ 1,200,000
Contributions to nonqualified deferred compensation plan	143,000	185,000	$ 189,000
deferred compensation	8,365,000	7,720,000
long-term investments - rabbi trust	$ 8,415,000	$ 7,834,000

Segment Information - Narrative (Detail)	12 Months Ended
Segment Information - Narrative (Detail)	May 02, 2021 Segment Customer	May 03, 2020 Customer	Apr. 28, 2019 Customer
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	2
Concentration risk, labor subject to collective bargaining arrangements	The hourly employees associated with our manufacturing facility located in Canada (approximately 12% of our workforce) are represented by a local, unaffiliated union. The collective bargaining agreement for these employees expires on February 1, 2023. We are not aware of any efforts to organize any more of our employees, and we believe our relations with our employees are good.
Description of changes in reporting goodwill and intangible assets in segment assets	During fiscal 2019, we elected to no longer include goodwill and intangible assets in segment assets, as these assets are not used by the Chief Operating Decision Maker to evaluate the respective segment’s operating performance, to allocate resources to the individual segments, or determine executive compensation.
Workforce [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	12.00%
Currency Concentration Risk [Member] \| Net Sales [Member] \| USD [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	91.00%	93.00%	90.00%
Geographic Concentration Risk [Member] \| Net Sales [Member] \| International [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	27.00%	26.00%	26.00%
Customer Concentration Risk [Member] \| Net Sales [Member] \| Upholstery Fabrics [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	13.00%	12.00%	11.00%
Number of major customers	1	1	1
Customer Concentration Risk [Member] \| Net Sales [Member] \| Mattress Fabrics [Member] \| Minimum [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%
Number of major customers	0	0	0
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Upholstery Fabrics [Member] \| Minimum [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	10.00%	10.00%
Number of major customers	0	0
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Mattress Fabrics [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	12.00%	10.00%
Number of major customers	1	0

Segment Information - International Net Sales (Detail) - USD ($)
$ in Thousands

12 Months Ended

May 02, 2021

May 03, 2020

Apr. 28, 2019

Revenues from External Customers and Long-Lived Assets [Line Items]

North America (Excluding USA) [Member]

$ 299,720

$ 256,166

$ 281,325

Revenues from External Customers and Long-Lived Assets [Line Items]

Far East and Asia [Member]

^[1]

32,925

27,637

29,247

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenues from External Customers and Long-Lived Assets [Line Items]

^[2]

43,764

36,470

39,277

All Other Areas [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

5,558

2,986

3,712

International [Member]

$ 82,247

$ 67,093

$ 72,236

[1]	Of this amount, $27.2 million, $21.7 million, and $22.5 million are attributable to shipments to Mexico in fiscal 2021, 2020, and 2019, respectively.
[2]	Of this amount $28.1 million, $21.4 million, and $29.8 million are attributable to shipments to China in fiscal 2021, 2020, and 2019, respectively.

Segment Information - International Net Sales (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	May 02, 2021	May 03, 2020	Apr. 28, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales	$ 299,720	$ 256,166	$ 281,325
Mexico [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales	27,200	21,700	22,500
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
net sales	$ 28,100	$ 21,400	$ 29,800

Segment Information - Statement of Operations for Operating Segments (Detail) - USD ($)

12 Months Ended

May 02, 2021

May 03, 2020

Apr. 28, 2019

$ 299,720,000

$ 256,166,000

$ 281,325,000

49,832,000

40,498,000

45,769,000

^[1],[2]

(678,000)

^[3],[4]

70,000

(1,563,000)

37,756,000

34,424,000

33,243,000

12,076,000

(7,568,000)

13,351,000

income (loss) before income taxes from continuing operations

^[5]

(13,712,000)

interest expense

(51,000)

(106,000)

(35,000)

interest income

244,000

897,000

789,000

gain on bargain purchase

^[6]

819,000

other expense

(2,208,000)

(902,000)

(1,383,000)

10,880,000

(7,679,000)

12,722,000

Selling, General and Administrative Expenses [Member]

(518,000)

(40,000)

142,049,000

124,754,000

135,654,000

(1,600,000)

Upholstery Fabrics [Member] | Selling, General and Administrative Expenses [Member]

(2,200,000)

Mattress Fabrics [Member]

(40,000)

157,671,000

131,412,000

145,671,000

Operating Segments [Member]

(11,500,000)

49,832,000

40,498,000

48,277,000

37,756,000

34,424,000

32,685,000

Operating Segments [Member] | Upholstery Fabrics [Member]

12,076,000

6,074,000

15,592,000

142,049,000

124,754,000

135,654,000

25,968,000

24,220,000

25,373,000

^[7]

(2,349,000)

14,092,000

14,353,000

14,551,000

Operating Segments [Member] | Upholstery Fabrics [Member] | Selling, General and Administrative Expenses [Member]

11,876,000

9,867,000

10,823,000

Operating Segments [Member] | Mattress Fabrics [Member]

^[8]

40,000

157,671,000

131,412,000

145,671,000

23,864,000

16,278,000

22,904,000

^[1]

(159,000)

12,066,000

11,354,000

11,296,000

Operating Segments [Member] | Mattress Fabrics [Member] | Selling, General and Administrative Expenses [Member]

11,798,000

4,924,000

11,607,000

Unallocated Corporate [Member]

^[2]

518,000

11,598,000

8,717,000

6,838,000

Unallocated Corporate [Member] | Selling, General and Administrative Expenses [Member]

$ (11,598,000)

$ (8,717,000)

(6,838,000)

$ (429,000)

[1]	The $159,000 represents employee termination benefits and other operational reorganization costs associated with our mattress fabrics segment.
[2]	The $518,000 represents a non-recurring charge of $429,000 for the accelerated vesting of certain stock-based compensation agreements associated with a senior executive and was recorded in unallocated corporate expenses. Additionally, the $518,000 includes $89,000 for employee termination benefits and operational reorganizational costs associated with our mattress fabrics segment.
[3]	Of this total net charge of $1.6 million, a charge of $2.3 million, a charge of $40,000 and a credit of $825,000 were recorded in cost of sales, selling, general, and administrative expenses, and restructuring credit, respectively, in the fiscal 2019 Consolidated Statement of Net Income.
[4]	The $1.6 million represent charges and credits that were associated our closed Anderson, SC upholstery fabrics facility and include $1.6 million for inventory markdowns, $784,000 for other operating costs, $661,000 for employee termination benefits, and $40,000 for the accelerated vesting of certain stock-based compensation agreements associated an employee, partially offset by a $1.5 million gain on the sale of property, plant, and equipment.
[5]	During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill associated with our mattress and upholstery fabric segments and a tradename associated Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.
[6]	Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti. Pursuant to this transaction, we are now the sole owner with full control over this operation. The gain on bargain purchase represents the net assets acquired from this transaction that were more than the $954,000 total purchase price.
[7]	The $2.3 million represents a restructuring related charge of $1.6 million for inventory markdowns and $784,000 for other operating costs associated with our closed Anderson, SC upholstery fabrics facility.
[8]	The $40,000 represents a restructuring related charge for the accelerated vesting for certain stock-based compensation agreements associated with an employee that was located at our closed Anderson, SC upholstery fabrics facility.

Segment Information - Statement of Operations for Operating Segments (Parenthetical) (Detail) - USD ($)

12 Months Ended

Feb. 01, 2021

May 02, 2021

May 03, 2020

Apr. 28, 2019

^[1],[2]

$ (70,000)

$ 1,563,000

Gain on sale of property, plant, and equipment

^[3],[4]

678,000

$ 57,000

238,000

1,452,000

restructuring credit

70,000

825,000

^[5]

13,712,000

CIH [Member]

Acquisition of additional ownership percentage

50.00%

Payments to acquire additional ownership interest

$ 954,000

Continuing Operation [Member]

Goodwill impairment charges

13,600,000

13,569,000

Trade Names [Member]

Mattress Fabrics [Member]

143,000

11,500,000

Employee termination benefits and other operational reorganization costs

(70,000)

661,000

Restructuring related charge for other operating costs

1,600,000

Inventory markdowns

1,564,000

824,000

Gain on sale of property, plant, and equipment

1,486,000

Mattress and Upholstery Fabric [Member] | Continuing Operation [Member]

2,200,000

Goodwill impairment charges

$ 13,600,000

Cost of Sales [Member]

Cost of Sales [Member] | Upholstery Fabrics [Member]

2,300,000

Selling, General and Administrative Expenses [Member]

2,300,000

40,000

Selling, General and Administrative Expenses [Member] | Upholstery Fabrics [Member]

518,000

Operating Segments [Member] | Mattress Fabrics [Member]

40,000

Operating Segments [Member] | Upholstery Fabrics [Member]

^[3]

159,000

Employee termination benefits and other operational reorganization costs

661,000

Operating Segments [Member] | Upholstery Fabrics [Member] | Inventory Mark Downs [Member]

^[6]

2,349,000

Operating Segments [Member] | Cost of Sales [Member] | Mattress Fabrics [Member]

1,600,000

Employee termination benefits and other operational reorganization costs

159,000

Operating Segments [Member] | Cost of Sales [Member] | Upholstery Fabrics [Member]

Restructuring related charge for other operating costs

2,300,000

Inventory markdowns

1,600,000

784,000

Operating Segments [Member] | Selling, General and Administrative Expenses [Member] | Mattress Fabrics [Member]

Employee termination benefits and other operational reorganization costs

89,000

Operating Segments [Member] | Selling, General and Administrative Expenses [Member] | Upholstery Fabrics [Member]

^[4]

(518,000)

Unallocated Corporate [Member] | Selling, General and Administrative Expenses [Member]

^[7]

(40,000)

$ 429,000

[1]	Of this total net charge of $1.6 million, a charge of $2.3 million, a charge of $40,000 and a credit of $825,000 were recorded in cost of sales, selling, general, and administrative expenses, and restructuring credit, respectively, in the fiscal 2019 Consolidated Statement of Net Income.
[2]	The $1.6 million represent charges and credits that were associated our closed Anderson, SC upholstery fabrics facility and include $1.6 million for inventory markdowns, $784,000 for other operating costs, $661,000 for employee termination benefits, and $40,000 for the accelerated vesting of certain stock-based compensation agreements associated an employee, partially offset by a $1.5 million gain on the sale of property, plant, and equipment.
[3]	The $159,000 represents employee termination benefits and other operational reorganization costs associated with our mattress fabrics segment.
[4]	The $518,000 represents a non-recurring charge of $429,000 for the accelerated vesting of certain stock-based compensation agreements associated with a senior executive and was recorded in unallocated corporate expenses. Additionally, the $518,000 includes $89,000 for employee termination benefits and operational reorganizational costs associated with our mattress fabrics segment.
[5]	During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill associated with our mattress and upholstery fabric segments and a tradename associated Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.
[6]	The $2.3 million represents a restructuring related charge of $1.6 million for inventory markdowns and $784,000 for other operating costs associated with our closed Anderson, SC upholstery fabrics facility.
[7]	The $40,000 represents a restructuring related charge for the accelerated vesting for certain stock-based compensation agreements associated with an employee that was located at our closed Anderson, SC upholstery fabrics facility.

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

12 Months Ended

May 02, 2021

May 03, 2020

Apr. 28, 2019

inventory

$ 55,917

$ 47,907

44,003

43,147

investment in unconsolidated joint venture

11,730

3,903

1,602

cash and cash equivalents

214,080

215,084

37,009

69,790

short-term investments - available for sale

5,542

923

short-term investments - held to maturity

3,161

4,271

current income taxes receivable

1,585

deferred income taxes

545

793

other current assets

3,852

2,116

intangible assets

3,004

3,380

long-term investments - held-to-maturity

1,141

2,076

long-term investments - rabbi trust

8,415

7,834

other assets

2,035

664

^[1]

6,905

4,633

$ 2,975

Operating Segments [Member]

6,846

7,827

8,117

147,055

118,912

Operating Segments [Member] | Mattress Fabrics [Member]

6,846

7,827

8,117

20,427

12,212

inventory

30,047

26,620

41,264

^[2]

40,682

^[3]

investment in unconsolidated joint venture

4,278

^[4]

362

^[5]

1,602

96,016

81,478

^[1]

6,226

3,475

2,526

Operating Segments [Member] | Upholstery Fabrics [Member]

6,014

6,712

7,008

17,299

12,881

inventory

25,870

21,287

1,925

^[6]

1,633

^[7]

5,945

^[8]

1,633

^[9]

51,039

37,434

^[1]

347

348

382

Operating Segments [Member] | Discontinued Operation [Member]

832

765

787

^[1]

135

Unallocated Corporate [Member]

350

322

^[10]

814

832

^[11]

1,507

1,908

cash and cash equivalents

214,080

215,084

37,009

69,790

short-term investments - available for sale

5,542

923

short-term investments - held to maturity

3,161

4,271

current income taxes receivable

1,585

deferred income taxes

545

793

other current assets

3,852

2,116

intangible assets

3,004

3,380

long-term investments - held-to-maturity

1,141

2,076

long-term investments - rabbi trust

8,415

7,834

other assets

2,035

664

^[1]

$ 332

$ 675

$ 14

[1]	Capital expenditure amounts are stated on an accrual basis. See the Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis.
[2]	The $41.3 million as of May 2, 2021, represents property, plant, and equipment of $28.4 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively.
[3]	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 $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively.
[5]	The $362,000 as of May 3, 2020, represents right of use assets located in the U.S.
[6]	The $1.9 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $850,000 located in the U.S. and China, respectively.
[7]	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.
[8]	The $5.9 million as of May 2, 2021, represents right of use assets of $5.0 million and $952,000 located in China and the U.S., respectively.
[9]	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.
[10]	The $814,000 as of May 2, 2021, and $832,000 as of May 3, 2020, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.
[11]	The $1.5 million as of May 2, 2021, and $1.9 million as of May 3, 2020, represents right of use assets located in the U.S. associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.

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

May 02, 2021

May 03, 2020

$ 44,003,000

$ 43,147,000

Operating Segments [Member] | Mattress Fabrics [Member]

11,730,000

3,903,000

41,264,000

^[1]

40,682,000

^[2]

Operating Segments [Member] | Upholstery Fabrics [Member]

4,278,000

^[3]

362,000

^[4]

1,925,000

^[5]

1,633,000

^[6]

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

5,945,000

^[7]

1,633,000

^[8]

28,400,000

27,700,000

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

1,400,000

362,000

1,100,000

1,200,000

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

952,000

857,000

12,000,000.0

13,000,000.0

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

400,000

855,000

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

2,400,000

850,000

471,000

Unallocated Corporate [Member]

5,000,000.0

776,000

^[9]

814,000

832,000

Unallocated Corporate [Member] | United States [Member]

^[10]

1,507,000

1,908,000

814,000

832,000

Restructuring Cost and Reserve [Line Items]

$ 1,500,000

$ 1,900,000

[1]	The $41.3 million as of May 2, 2021, represents property, plant, and equipment of $28.4 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively.
[2]	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 $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively.
[4]	The $362,000 as of May 3, 2020, represents right of use assets located in the U.S.
[5]	The $1.9 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $850,000 located in the U.S. and China, respectively.
[6]	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.
[7]	The $5.9 million as of May 2, 2021, represents right of use assets of $5.0 million and $952,000 located in China and the U.S., respectively.
[8]	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.
[9]	The $814,000 as of May 2, 2021, and $832,000 as of May 3, 2020, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.
[10]	The $1.5 million as of May 2, 2021, and $1.9 million as of May 3, 2020, represents right of use assets located in the U.S. associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.

2019 Upholstery Fabrics Restructuring Plan - Summary of Restructuring Credit and Related Charges Associated with 2019 Upholstery Fabrics Restructuring Plan (Detail) - USD ($)
$ in Thousands

12 Months Ended

May 02, 2021

May 03, 2020

Apr. 28, 2019

gain on sale of property, plant, and equipment

$ (57)

$ (238)

$ (1,452)

Restructuring Cost and Reserve [Line Items]

Inventory markdowns

1,564

Other operating costs associated with a closed facility

824

Employee termination benefits

(70)

661

gain on sale of property, plant, and equipment

(1,486)

Restructuring credit and restructuring related charges

^[1],[2]

$ (70)

$ 1,563

[1]	Of the total net charge of $1.6 million, a $2.3 million charge, a charge of $40,000, and a credit of $825,000 were recorded in cost of sales, selling, general and administrative expenses, and restructuring credit, respectively, in the accompanying fiscal 2019 Consolidated Statement of Net Income.
[2]	The $70,000 credit was recorded to restructuring credit in the accompanying fiscal 2020 Consolidated Statement of Net Loss.

2019 Upholstery Fabrics Restructuring Plan - Summary of Restructuring Credit and Related Charges Associated with 2019 Upholstery Fabrics Restructuring Plan (Parenthetical) (Detail) - USD ($)

12 Months Ended

May 03, 2020

Apr. 28, 2019

^[1],[2]

$ (70,000)

$ 1,563,000

Cost of Sales [Member]

Selling, General and Administrative Expenses [Member]

2,300,000

40,000

Restructuring credit

$ 70,000

825,000

Upholstery Fabrics [Member] | Cost of Sales [Member]

1,600,000

Upholstery Fabrics [Member] | Selling, General and Administrative Expenses [Member]

2,300,000