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Investment in Unconsolidated Joint Venture | 6 Months Ended
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Oct. 29, 2017
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Joint Venture | 16. Investment in Unconsolidated Joint Venture Effective January 1, 2017, Culp International Holdings, Ltd. (Culp), a wholly-owned subsidiary of Culp, Inc., entered into a joint venture agreement, pursuant to which Culp owns fifty percent of CLASS International Holdings, Ltd (CLIH). CLIH produces cut and sewn mattress covers, and its operations are located in a modern industrial park in northeastern Haiti, which borders the Dominican Republic. CLIH commenced production during the second quarter of fiscal 2018 (October 2017) and is expected to complement our existing U.S. mattress fabric operations with a mirrored platform that will enhance our ability to meet customer demand while adding a lower cost operation to our platform. During the six month period ended October 29, 2017, CLIH incurred a $386,000 net loss that primarily pertained to start-up operating expenses. Our equity interest in this net loss was $193,000, which represents the company’s fifty percent ownership in CLIH. The following table summarizes information on assets, liabilities and members’ equity of our equity method investment in CLIH:
|  | October 29, |  | April 30,
(dollars in thousands) |  | 2017 |  | 2017
Total assets |  | $ | 3,180 |  |  | $ | 2,258 |
Total liabilities |  | $ | 136 |  |  | $ | 46 |
Total members’ equity |  | $ | 3,044 |  |  | $ | 2,212 |
At October 29, 2017 and April 30, 2017, our investment in CLIH totaled $1.5 million and $1.1 million, respectively, which represents the company’s fifty percent ownership interest in CLIH.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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