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OTHER ASSETS | 12 Months Ended
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Apr. 30, 2017
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OTHER ASSETS |
7. | OTHER ASSETS
A summary of other assets follows:
|  | April 30, |  |  | May 1, |
(dollars in thousands) |  | 2017 |  |  | 2016 |
cash surrender value – life insurance |  | $ | 376 |  |  |  | 357 |
non-compete agreement, net |  |  | 828 |  |  |  | 903 |
customer relationships, net |  |  | 664 |  |  |  | 715 |
other |  |  | 526 |  |  |  | 598 |
|  | $ | 2,394 |  |  |  | 2,573 |
Non-Compete Agreement We recorded our 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 April 30, 2017 and May 1, 2016, respectively. Accumulated amortization for this non-compete agreement was $1.2 million and $1.1 million at April 30, 2017 and May 1, 2016, respectively. Amortization expense for this non-compete agreement was $75,000 in fiscal years 2017, 2016, and 2015, respectively. The remaining amortization expense for the next five years and thereafter follows: FY 2018 - $75,000; FY 2019 - $75,000; FY 2020 - $75,000; FY 2021 - $75,000; FY 2022 - $75,000, and Thereafter - $453,000. The weighted average amortization period for the non-compete agreement is 11 years as of April 30, 2017. 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 April 30, 2017 and May 1, 2016, respectively. Accumulated amortization for these customer relationships was $204,000 and $153,000 at April 30, 2017 and May 1, 2016, 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 2017, 2016, and 2015, respectively. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2018 - $51,000; FY 2019 - $51,000; FY 2020 - $51,000; FY 2021 - $51,000; FY 2022 - $51,000; and Thereafter - $409,000. The weighted average amortization period for our customer relationships is 13 years as of April 30, 2017. Cash Surrender Value - Life Insurance We had one life insurance contract with a death benefit of $1.4 million at April 30, 2017 and May 1, 2016, respectively. Our cash surrender value - life insurance balances of $376,000 and $357,000 at April 30, 2017 and May 1, 2016, respectively, are collectible upon death of the respective insured.

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- Definition The entire disclosure for other noncurrent assets. + References No definition available. + Details
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