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Other Assets | 3 Months Ended
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Aug. 03, 2014
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Other Assets | 7. Other Assets A summary of other assets follows:
(dollars in thousands) |  | August 3, 2014 |  |  | July 28, 2013 |  |  | April 27, 2014 |
Cash surrender value – life insurance |  | $ | 320 |  |  | $ | 622 |  |  | $ | 644 |
Non-compete agreement |  |  | 1,035 |  |  |  | 1,061 |  |  |  | 1,041 |
Customer relationships |  |  | 804 |  |  |  | 855 |  |  |  | 817 |
Other |  |  | 428 |  |  |  | 335 |  |  |  | 415 |
|  | $ | 2,587 |  |  | $ | 2,873 |  |  | $ | 2,917 |
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 prior non-compete agreement pursuant to our asset purchase and consulting agreement dated August 11, 2008. We have 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 will now allow 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. The gross carrying amount of this non-compete agreement was $2.0 million at August 3, 2014, July 28, 2013 and April 27, 2014, respectively. At August 3, 2014 and April 27, 2014, accumulated amortization for the non-compete agreement was $1.0 million. At July 28, 2013, accumulated amortization for this non-compete agreement was $958,000. Of the $1.0 million non-compete agreement carrying amount at August 3, 2014, $227,000 pertains to the non-compete agreement that was in place as part of the asset purchase agreement dated August 11, 2008, and $808,000 pertains to the non-compete agreement pursuant to the asset purchase agreement dated May 8, 2013 that was restructured to expand the non-compete agreement in place effective August 11, 2008. Amortization expense for the non-compete agreement was $19,000 for the three month periods ended August 3, 2014 and July 28, 2013. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2015 - $56,000; FY 2016 - $75,000; FY 2017 - $75,000; FY 2018- $75,000; FY 2019 - $75,000; and Thereafter - $679,000. The weighted average amortization period for the non-compete agreement is 13.8 years as of August 3, 2014. 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 its fair value based on a multi-period excess earnings valuation model. The gross carrying amount of these customer relationships was $868,000 at August 3, 2014, July 28, 2013, and April 27, 2014, respectively. Accumulated amortization for these customer relationships was $64,000, $13,000, and $51,000 at August 3, 2014, July 28, 2013, and April 27, 2014, respectively. The customer relationships are amortized on a straight-line basis over its seventeen year useful life. Amortization expense for the customer relationships was $13,000 for the three months ending August 3, 2014 and July 28, 2013. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2015 - $38,000; FY 2016 - $51,000; FY 2017 - $51,000; FY 2018 - $51,000; FY 2019 - $51,000; and Thereafter - $562,000. The weighted average amortization period for the non-compete agreement is 15.8 years as of August 3, 2014. Cash Surrender Value – Life Insurance On May 16, 2014, we entered into an agreement with a former employee and his irrevocable trust (the “Trust”) dated September 7, 1995. As a result of this agreement, a previous split dollar life insurance agreement in which we purchased a policy on the life of this former employee and his spouse, in which we retained ownership of the policy, paid premiums to support the policy, had the right to receive cash surrender value of the policy upon the second to die of the former employee and his spouse, with the Trust receiving the remainder of the policy’s death benefit ($2.5 million), was terminated. In connection with the termination of the previous split dollar life insurance agreement, we transferred the life insurance policy to the Trust. Also, we received cash proceeds in the amount of the cash surrender value policy totaling $320,000 during the second quarter of fiscal 2015. This amount was recorded in other current assets on our Consolidated Balance Sheet dated August 3, 2014. After the settlement of the above life insurance agreement, we currently have one life insurance contract with a death benefit of $1.4 million and a cash surrender value balance of $320,000. This amount was recorded in other non-current assets on our Consolidated Balance Sheet dated August 3, 2014. At August 3, 2014, July 28, 2013, and April 27, 2014, we had two life insurance contracts with death benefits to the respective insured totaling $3.9 million. Our cash surrender value – life insurance balances totaling $640,000, $622,000 and $644,000 at August 3, 2014, July 28, 2013 and April 27, 2014, respectively, are collectible upon death of the respective insured.

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