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OTHER ASSETS | 12 Months Ended
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Apr. 29, 2018
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OTHER ASSETS |
8. | OTHER ASSETS
A summary of other assets follows:
(dollars in thousands) |  | April 29, 2018 |  |  | April 30, 2017 |
customer relationships, net |  | $ | 2,839 |  |  |  | 664 |
tradename |  |  | 683 |  |  |  | — |
non-compete agreement, net |  |  | 753 |  |  |  | 828 |
cash surrender value – life |  |  | 393 |  |  |  | 376 |
other |  |  | 564 |  |  |  | 526 |
|  | $ | 5,232 |  |  |  | 2,394 |
Customer Relationships A summary of the change in the carrying amount of our customer relationships follows:
(dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
beginning balance |  | $ | 664 |  |  |  | 715 |  |  |  | 766 |
acquisition of assets (note 2) |  |  | 2,247 |  |  |  |  |  |  |  | — |
amortization expense |  |  | (72 | ) |  |  | (51 | ) |  |  | (51 | )
loss on impairment |  |  | — |  |  |  | — |  |  |  | — |
ending balance |  | $ | 2,839 |  |  |  | 664 |  |  |  | 715 |
In connection with our asset purchase agreement with Read (see note 2) on April 1, 2018, we purchased certain customer relationships. We recorded these customer relationships at fair market value totaling $2.2 million based on a multi-period excess earnings valuation model. These customer relationships will be amortized on a straight-line basis over their nine-year useful life. Additionally, we have customer relationships from a prior acquisition with a carrying amount of $613,000 at April 29, 2018. These customer relationships are being amortized on a straight-line basis over their seventeen-year useful life. The gross carrying amount of our customer relationships was $3.1 million and $868,000 at April 29, 2018 and April 30, 2017, respectively. Accumulated amortization for these customer relationships was $276,000 and $204,000 at April 29, 2018 and April 30, 2017, respectively. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2019 - $301,000; FY 2020 - $301,000; FY 2021 - $301,000; FY 2022 - $301,000; FY 2023 - $301,000; and Thereafter - $1,334,000. The weighted average amortization period for our customer relationships is 9.6 years as of April 29, 2018. Tradename In connection with the asset purchase agreement noted above, we purchased the tradename associated with Read. We recorded this Tradename at fair market value totaling $683,000 based on the relief from royalty method. This tradename was determined to have an indefinite useful life and, therefore, is not being amortized. Non-Compete Agreement A summary of the change in the carrying amount of our non-compete agreement follows:
(dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
beginning balance |  | $ | 828 |  |  |  | 903 |  |  |  | 978 |
amortization expense |  |  | (75 | ) |  |  | (75 | ) |  |  | (75 | )
loss on impairment |  |  | — |  |  |  | — |  |  |  | — |
ending balance |  | $ | 753 |  |  |  | 828 |  |  |  | 903 |
We have a non-compete agreement from a prior acquisition that is being 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 29, 2018 and April 30, 2017, respectively. Accumulated amortization for this non-compete agreement was $1.3 million and $1.2 million at April 29, 2018 and April 30, 2017, respectively. The remaining amortization expense for the next five years and thereafter follows: FY 2019 - $75,000; FY 2020 - $75,000; FY 2021 - $75,000; FY 2022 - $75,000; FY 2023 - $75,000, and Thereafter - $378,000. The weighted average amortization period for the non-compete agreement is 10 years as of April 29, 2018. Cash Surrender Value—Life Insurance We had one life insurance contract with a death benefit of $1.4 million at April 29, 2018 and April 30, 2017, respectively. Our cash surrender value—life insurance balance of $393,000 and $376,000 at April 29, 2018 and April 30, 2017, respectively, are collectible upon death of the respective insured.

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