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Other Assets | 9 Months Ended
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Jan. 31, 2016
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Other Assets | 6. Other Assets A summary of other assets follows:
(dollars in thousands) |  | January 31, 2016 |  |  | February 1, 2015 |  |  | May 3, 2015 |
Cash surrender value – life insurance |  | $ | 357 |  |  | $ | 338 |  |  | $ | 339 |
Non-compete agreement, net |  |  | 922 |  |  |  | 998 |  |  |  | 979 |
Customer relationships, net |  |  | 728 |  |  |  | 779 |  |  |  | 766 |
Other |  |  | 428 |  |  |  | 390 |  |  |  | 461 |
|  | $ | 2,435 |  |  | $ | 2,505 |  |  | $ | 2,545 |
Non-Compete Agreement We recorded our non-compete agreement at its fair value based on a discounted cash flow valuation model. Our non-compete agreement is amortized on a straight-line basis over the fifteen year life of the respective agreement. The gross carrying amount of our non-compete agreement was $2.0 million at January 31, 2016, February 1, 2015 and May 3, 2015, respectively. At January 31, 2016 and May 3, 2015, accumulated amortization for our non-compete agreement was $1.1 million. At February 1, 2015 accumulated amortization for our non-compete agreement was $1.0 million. Amortization expense for our non-compete agreement was $56,000 for the nine month periods ended January 31, 2016 and February 1, 2015. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2016 - $18,000; FY 2017 - $75,000; FY 2018- $75,000; FY 2019 - $75,000; FY 2020 - $75,000 and Thereafter - $604,000. The weighted average amortization period for our non-compete agreement is 12.3 years as of January 31, 2016. Customer Relationships We recorded our customer relationships at their fair value based on a multi-period excess earnings valuation model. Our customer relationships are amortized on a straight-line basis over its seventeen year useful life. The gross carrying amount of our customer relationships was $868,000 at January 31, 2016, February 1, 2015, and May 3, 2015, respectively. Accumulated amortization for our customer relationships was $140,000, $89,000, and $102,000 at January 31, 2016, February 1, 2015, and May 3, 2015, respectively. Amortization expense for our customer relationships was $38,000 for the nine months ending January 31, 2016 and February 1, 2015. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2016 - $13,000; FY 2017 - $51,000; FY 2018 - $51,000; FY 2019 - $51,000; FY 2020 - $51,000; and Thereafter - $511,000. The weighted average amortization period for our customer relationships is 14.3 years as of January 31, 2016. Cash Surrender Value – Life Insurance At January 31, 2016, February 1, 2015, and May 3, 2015 we had one life insurance contract with a death benefit of $1.4 million. Our cash surrender value – life insurance balances totaling $357,000, $338,000 and $339,000 at January 31, 2016, February 1, 2015, and May 3, 2015, respectively, are collectible upon death of the respective insured. 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.

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