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Other Assets | 3 Months Ended
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Jul. 31, 2016
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Other Assets | 6. Other Assets A summary of other assets follows:
(dollars in thousands) |  | July 31, 2016 |  |  | August 2, 2015 |  |  | May 1, 2016 |
Cash surrender value – life insurance |  | $ | 358 |  |  | $ | 339 |  |  | $ | 357 |
Non-compete agreement, net |  |  | 885 |  |  |  | 960 |  |  |  | 903 |
Customer relationships, net |  |  | 702 |  |  |  | 753 |  |  |  | 715 |
Other |  |  | 557 |  |  |  | 423 |  |  |  | 598 |
|  | $ | 2,502 |  |  | $ | 2,475 |  |  | $ | 2,573 |
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 July 31, 2016, August 2, 2015 and May 1, 2016, respectively. At July 31, 2016 and May 1, 2016, accumulated amortization for our non-compete agreement was $1.1 million. At August 2, 2015 accumulated amortization for our non-compete agreement was $1.0 million. Amortization expense for our non-compete agreement was $19,000 for the three month periods ended July 31, 2016 and August 2, 2015. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2017 - $56,000; FY 2018 - $75,000; FY 2019- $75,000; FY 2020 - $75,000; FY 2021 - $75,000 and Thereafter - $529,000. The weighted average amortization period for our non-compete agreement is 11.8 years as of July 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 July 31, 2016, August 2, 2015, and May 1, 2016, respectively. Accumulated amortization for our customer relationships was $166,000, $115,000, and $153,000 at July 31, 2016, August 2, 2015, and May 1, 2016, respectively. Amortization expense for our customer relationships was $13,000 for the three months ending July 31, 2016 and August 2, 2015. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2017 - $38,000; 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 13.8 years as of July 31, 2016. Cash Surrender Value – Life Insurance At July 31, 2016, August 2, 2015, and May 1, 2016 we had one life insurance contract with a death benefit of $1.4 million. Our cash surrender value – life insurance balances totaling $358,000, $339,000 and $357,000 at July 31, 2016, August 2, 2015, and May 1, 2016, respectively, are collectible upon death of the respective insured.

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