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OTHER ASSETS | 12 Months Ended
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May 01, 2016
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OTHER ASSETS |
7. | OTHER ASSETS
A summary of other assets follows:
|  | May 1, |  |  | May 3, |
(dollars in thousands) |  | 2016 |  |  | 2015 |
cash surrender value – life insurance |  | $ | 357 |  |  |  | 339 |
non-compete agreement, net |  |  | 903 |  |  |  | 979 |
customer relationships, net |  |  | 715 |  |  |  | 766 |
other |  |  | 598 |  |  |  | 461 |
|  | $ | 2,573 |  |  |  | 2,545 |
Non-Compete Agreement In connection with the asset purchase and consulting agreement with Bodet & Horst on May 8, 2013 (see note 2), we restructured our prior 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, with a non-compete agreement 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 and 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 May 1, 2016 and May 3, 2015, respectively. Accumulated amortization for this non-compete agreement was $1.1 million at May 1, 2016 and May 3, 2015, respectively. Amortization expense for this non-compete agreement was $75,000 in fiscal years 2016, 2015, and 2014, respectively. The remaining amortization expense for the next five years and thereafter follows: FY 2017 - $75,000; FY 2018 - $75,000; FY 2019 - $75,000; FY 2020 - $75,000; FY 2021 - $75,000, and Thereafter - $528,000. The weighted average amortization period for the non-compete agreement is 12 years as of May 1, 2016. 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 May 1, 2016 and May 3, 2015, respectively. Accumulated amortization for these customer relationships was $153,000 and $102,000 at May 1, 2016 and May 3, 2015, respectively. The customer relationships are amortized on a straight-line basis over their seventeen year useful life. Amortization expense for the customer relationships was $51,000 for fiscal years 2016, 2015, and 2014, respectively. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2017 - $51,000; FY 2018 - $51,000; FY 2019 - $51,000; FY 2020 - $51,000; FY 2021 - $51,000; and Thereafter - $460,000. The weighted average amortization period for our customer relationships is 14 years as of May 1, 2016. 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 and received cash proceeds in the amount of the cash surrender value policy totaling $320,000 during the second quarter of fiscal 2015. We had one life insurance contract with a death benefit of $1.4 million at May 1, 2016 and May 3, 2015, respectively. Our cash surrender value - life insurance balance of $357,000 and $339,000 at May 1, 2016 and May 3, 2015, respectively, are collectible upon death of the respective insured.

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