XML 63 R13.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Other Assets | 6 Months Ended
--- | ---
Oct. 27, 2013
Other Assets | 7. Other Assets A summary of other assets follows:
(dollars in thousands) |  | October 27, 2013 |  | October 28, 2012 |  | April 28, 2013
Cash surrender value – life insurance |  | $ | 649 |  |  | $ | 1,327 |  |  | $ | 625 |
Non-compete agreement |  |  | 1,054 |  |  |  | 259 |  |  |  | 185 |
Customer relationships |  |  | 842 |  |  |  | - |  |  |  | - |
Other |  |  | 414 |  |  |  | 282 |  |  |  | 341 |
|  | $ | 2,959 |  |  | $ | 1,868 |  |  | $ | 1,151 |
Non-Compete Agreement In connection with the asset purchase and consulting agreement with Bodet & Horst on May 8, 2013 (see note 3), we restructured our existing non-compete agreement pursuant to our asset purchase and consulting agreement dated August 11, 2008. We agreed with Bodet & Horst to replace the prior non-compete agreement that prevented us from selling certain mattress fabrics and products to a leading manufacturer that now allows us to make such sales. In addition, the prior consulting and non-compete agreement, under which Bodet & Horst agreed not to sell mattress fabrics in North America, was replaced, expanded, and extended pursuant to the new asset purchase consulting agreement. We recorded this non-compete agreement at its fair value based on a discounted cash flow valuation model. This non-compete agreement is amortized on a straight-line basis over the fifteen year life of the agreement and requires quarterly payments of $12,500 through May 2014. As of October 27, 2013, the total remaining non-compete payments were $37,500. The gross carrying amount of this non-compete agreement was $2.0 million, $1.1 million, and $1.1 million at October 27, 2013, October 28, 2012, and April 28, 2013, respectively. At October 27, 2013, October 28, 2012, and April 28, 2013, accumulated amortization for the non-compete agreement was $977,000, $840,000 and $940,000, respectively. Of the $1.1 million non-compete agreement carrying amount at October 27, 2013, $201,000 pertains to the non-compete agreement that was in place as part of the asset purchase agreement dated August 11, 2008, and $853,000 pertains to the non-compete agreement pursuant to the asset purchase agreement dated May 8, 2013 that restructured and expanded the non-compete agreement that was in place effective August 11, 2008. Amortization expense for the non-compete agreement was $38,000 and $99,000 for the six month periods ended October 27, 2013 and October 28, 2012, respectively. The remaining amortization expense (which includes the total remaining Bodet & Horst non-compete payments of $37,500) for the next five fiscal years and thereafter follows: FY 2014 - $37,000; FY 2015 - $75,000; FY 2016 - $75,000; FY 2017 - $75,000; FY 2018 - $75,000; and Thereafter - $755,000. The weighted average amortization period for the non-compete agreement is 14.5 years as of October 27, 2013. Customer Relationships In connection with the asset purchase and consulting agreement with Bodet & Horst noted above, we purchased certain customer relationships. We recorded the customer relationships at their fair value based on a multi-period excess earnings valuation model. The gross carrying amount of these customer relationships was $868,000 at October 27, 2013. Accumulated amortization for these customer relationships was $26,000 at October 27, 2013. The customer relationships are amortized on a straight-line basis over their seventeen year useful life. Amortization expense for the customer relationships was $26,000 for the six months ending October 27, 2013. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2014 - $26,000; FY 2015 - $51,000; FY 2016 - $51,000; FY 2017 - $51,000; FY 2018 - $51,000; and Thereafter - $612,000. The weighted average amortization period for the non-compete agreement is 16.5 years as of October 27, 2013. Cash Surrender Value – Life Insurance We had two life insurance contracts with death benefits to the respective insured totaling $4.4 million at October 27, 2013, and April 28, 2013, respectively. At October 28, 2012, 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 $649,000, $1.3 million, and $625,000 at October 27, 2013, October 28, 2012, and April 28, 2013, respectively, are collectible upon death of the respective insured.

X
- Definition The entire disclosure for other noncurrent assets. + References No definition available. + Details
Name: | cfi_OtherNonCurrentAssetsTextBlock
Namespace Prefix: | cfi_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration