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Commitments and Contingencies | 3 Months Ended
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Jul. 30, 2017
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 15. Commitments and Contingencies Litigation The company is involved in legal proceedings and claims which have arisen in the ordinary course of business. Management has determined that it is not reasonably possible that these actions, when ultimately concluded and settled, will have a material adverse effect upon the financial position, results of operations, or cash flows of the company. Accounts Payable – Capital Expenditures At July 30, 2017 and April 30, 2017, we had total amounts due regarding capital expenditures totaling $5.6 million and $6.1 million, respectively, of which $3.9 million and $5.1 million was financed and pertained to completed work for the construction of a new building (see below). Of the total $3.9 million due at July 30, 2017, $2.5 million is required to be paid during the remainder of fiscal 2018, with a remaining amount of $1.4 million due in fiscal 2019 (May 2018). At July 31, 2016, we had total amounts due regarding capital expenditures totaling $627,000, which pertained to outstanding vendor invoices, none of which were financed. Purchase Commitments – Capital Expenditures At July 30, 2017 we had open purchase commitments to acquire a building and equipment for our mattress fabrics segment totaling $6.4 million. The $6.4 million includes $3.9 million (all of which represents completed work) associated with the construction of a new building below. Effective May 16, 2016, we entered into an agreement with a contractor to construct a new building located in North Carolina to expand our distribution capabilities and office space at a cost of $11.3 million. This agreement required an installment payment of $1.9 million in April 2016 with additional installment payments to be made in the following fiscal years: Fiscal 2017- $4.3 million; Fiscal 2018- $3.7 million; and Fiscal 2019 - $1.4 million. Interest is charged on the required outstanding installment payments for services that were previously rendered at a rate of $2.25% plus the current 30 day LIBOR rate. Also, we were required to issue a letter of a credit totaling $5.0 million with the contractor’s bank being the beneficiary. In addition to the interest charged on the outstanding installment payments noted above, there is a 0.1% unused fee calculated on the balance of the $5.0 million letter of credit less the amount outstanding per month (see Note 8 for further details). This new building was placed into service in July 2017.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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