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OTHER ASSETS | 12 Months Ended
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Apr. 29, 2012
OTHER ASSETS |
8. | OTHER ASSETS
A summary of other assets follows:
|  | April 29, |  |  | May 1, |
(dollars in thousands) |  | 2012 |  |  | 2011 |
cash surrender value – life insurance |  | $ | 1,327 |  |  |  | 1,323 |
non-compete agreements, net |  |  | 333 |  |  |  | 480 |
other |  |  | 247 |  |  |  | 249 |
|  | $ | 1,907 |  |  |  | 2,052 |
We recorded non-compete agreements in connection with the company’s asset purchase agreements with International Textile Group, Inc. (ITG) and Bodet & Horst at their fair values based on valuation techniques. These non-compete agreements pertain to our mattress fabrics segment. The non-compete agreement associated with ITG was amortized on a straight line basis over the four year life of the agreement that expired at the end of the third quarter of fiscal 2011. The non-compete agreement associated with Bodet & Horst is amortized on a straight-line basis over the six year life of the agreement and requires quarterly payments of $12,500 over the life of the agreement. As of April 29, 2012, the total remaining non-compete payments were $112,500. At April 29, 2012 and May 1, 2011, the gross carrying amount of the non-compete agreements were $1.1 million and $1.0 million, respectively. At April 29, 2012 and May 1, 2011, accumulated amortization for these non-compete agreements was $741,000 and $544,000, respectively. Amortization expense for these non-compete agreements was $197,000, $413,000 and $501,000 in fiscal 2012, 2011 and 2010, respectively. The remaining amortization expense (which includes the total remaining Bodet & Horst non-compete payments of $112,500) for the next three fiscal years follows: FY 2013 – $198,000; FY 2014 – $198,000; and FY 2015 - $49,000. The weighted average amortization period for these non-compete agreements is 2.2 years as of April 29, 2012. At April 29, 2012, and May 1, 2011, we had four life insurance contracts with death benefits to the respective insured totaling $12.9 million. Our cash surrender value – life insurance balances of $1.3 million at April 29, 2012, and May 1, 2011, respectively, are collectible upon death of the respective insured.

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- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
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