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Segment Information | 9 Months Ended
--- | ---
Jan. 28, 2018
Segment Reporting [Abstract] |
Segment Information | 12. Segment Information Our operations are classified into two business segments: mattress fabrics and upholstery fabrics. The mattress fabrics segment manufactures, sources, and sells fabrics and mattress covers to bedding manufacturers. The upholstery fabrics segment manufactures, sources, develops, and sells fabrics primarily to residential and commercial furniture manufacturers. We evaluate the operating performance of our segments based upon income from operations before certain unallocated corporate expenses and other non-recurring items. Cost of sales in both segments include costs to manufacture, develop, or source our products, including costs such as raw material and finished goods purchases, direct and indirect labor, overhead and incoming freight charges. Unallocated corporate expenses primarily represent compensation and benefits for certain executive officers, all costs related to being a public company, and other miscellaneous expenses. Segment assets include assets used in the operations of each segment and primarily consist of accounts receivable, inventories, and property, plant and equipment. The mattress fabrics segment also includes in segment assets, goodwill, investment in an unconsolidated joint venture, a non-compete agreement, and customer relationships associated with an acquisition. Financial information for the company’s operating segments follows:
|  | Three months ended |
|  | January 28, 2018 |  |  | January 29, 2017 |
Net sales: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 49,042 |  |  | $ | 45,920 |
Upholstery Fabrics |  |  | 36,268 |  |  |  | 30,249 |
|  | $ | 85,310 |  |  | $ | 76,169 |
Gross profit: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 10,146 |  |  | $ | 9,758 |
Upholstery Fabrics |  |  | 7,457 |  |  |  | 7,001 |
|  | $ | 17,603 |  |  | $ | 16,759 |
Selling, general, and administrative expenses |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 3,309 |  |  | $ | 3,391 |
Upholstery Fabrics |  |  | 3,947 |  |  |  | 3,901 |
Total segment selling, general, and administrative expenses |  |  | 7,256 |  |  |  | 7,292 |
Unallocated corporate expenses |  |  | 2,703 |  |  |  | 2,532 |
|  | $ | 9,959 |  |  | $ | 9,824 |
Income from operations: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 6,837 |  |  | $ | 6,367 |
Upholstery Fabrics |  |  | 3,510 |  |  |  | 3,100 |
Total segment income from operations |  |  | 10,347 |  |  |  | 9,467 |
Unallocated corporate expenses |  |  | (2,703 | ) |  |  | (2,532 | )
Total income from operations |  |  | 7,644 |  |  |  | 6,935 |
Interest expense |  |  | (31 | ) |  |  | — |
Interest income |  |  | 132 |  |  |  | 124 |
Other expense |  |  | (229 | ) |  |  | (69 | )
Income before income taxes |  | $ | 7,516 |  |  | $ | 6,990 |
|  | Nine months ended |
(dollars in thousands) |  | January 28, 2018 |  |  | January 29, 2017 |
Net sales: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 146,072 |  |  | $ | 141,977 |
Upholstery Fabrics |  |  | 99,469 |  |  |  | 90,217 |
|  | $ | 245,541 |  |  | $ | 232,194 |
Gross profit: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 29,641 |  |  | $ | 32,414 |
Upholstery Fabrics |  |  | 20,232 |  |  |  | 19,665 |
|  | $ | 49,873 |  |  | $ | 52,079 |
Selling, general, and administrative expenses: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 9,868 |  |  | $ | 10,185 |
Upholstery Fabrics |  |  | 11,458 |  |  |  | 11,086 |
Total segment selling, general, and administrative expenses |  |  | 21,326 |  |  |  | 21,271 |
Unallocated corporate expenses |  |  | 7,550 |  |  |  | 7,900 |
|  | $ | 28,876 |  |  | $ | 29,171 |
Income from operations: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 19,774 |  |  | $ | 22,229 |
Upholstery Fabrics |  |  | 8,773 |  |  |  | 8,579 |
Total segment income from operations |  |  | 28,547 |  |  |  | 30,808 |
Unallocated corporate expenses |  |  | (7,550 | ) |  |  | (7,900 | )
Total income from operations |  |  | 20,997 |  |  |  | 22,908 |
Interest expense |  |  | (69 | ) |  |  | — |
Interest income |  |  | 391 |  |  |  | 164 |
Other expense |  |  | (903 | ) |  |  | (376 | )
Income before income taxes |  | $ | 20,416 |  |  | $ | 22,696 |
Balance sheet information for the company’s operating segments follows:
(dollars in thousands) |  | January 28, 2018 |  |  | January 29, 2017 |  |  | April 30, 2017 |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |
Mattress Fabrics |  |  |  |  |  |  |  |  |  |  |  |
Current assets (1) |  | $ | 42,195 |  |  | $ | 41,498 |  |  | $ | 47,038 |
Non-compete agreement |  |  | 772 |  |  |  | 847 |  |  |  | 828 |
Customer relationships |  |  | 625 |  |  |  | 677 |  |  |  | 664 |
Investment in unconsolidated joint venture |  |  | 1,518 |  |  |  | 600 |  |  |  | 1,106 |
Goodwill |  |  | 11,462 |  |  |  | 11,462 |  |  |  | 11,462 |
Property, plant and equipment (2) |  |  | 49,289 |  |  |  | 47,755 |  |  |  | 48,916 |
Total mattress fabrics assets |  |  | 105,861 |  |  |  | 102,839 |  |  |  | 110,014 |
Upholstery Fabrics |  |  |  |  |  |  |  |  |  |  |  |
Current assets (1) |  |  | 39,553 |  |  |  | 27,421 |  |  |  | 29,021 |
Property, plant and equipment (3) |  |  | 2,101 |  |  |  | 1,826 |  |  |  | 1,879 |
Total upholstery fabrics assets |  |  | 41,654 |  |  |  | 29,247 |  |  |  | 30,900 |
Total segment assets |  |  | 147,515 |  |  |  | 132,086 |  |  |  | 140,914 |
Non-segment assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 22,428 |  |  |  | 15,659 |  |  |  | 20,795 |
Short-term investments (Available for Sale) |  |  | 2,472 |  |  |  | 2,410 |  |  |  | 2,443 |
Short-term investments (Held-to-Maturity) |  |  | 17,206 |  |  |  | — |  |  |  | — |
Deferred income taxes |  |  | 1,942 |  |  |  | 422 |  |  |  | 419 |
Other current assets |  |  | 3,114 |  |  |  | 2,514 |  |  |  | 2,894 |
Property, plant and equipment (4) |  |  | 448 |  |  |  | 752 |  |  |  | 856 |
Long-term investments (Held-to-Maturity) |  |  | 13,625 |  |  |  | 30,832 |  |  |  | 30,945 |
Long-term investments (Rabbi Trust) |  |  | 7,176 |  |  |  | 5,488 |  |  |  | 5,466 |
Other assets |  |  | 918 |  |  |  | 893 |  |  |  | 902 |
Total assets |  | $ | 216,844 |  |  | $ | 191,056 |  |  | $ | 205,634 |
|  | Nine months ended |
(dollars in thousands) |  | January 28, 2018 |  |  | January 29, 2017 |
Capital expenditures (5): |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 5,445 |  |  | $ | 14,957 |
Upholstery Fabrics |  |  | 379 |  |  |  | 645 |
Unallocated Corporate |  |  | 47 |  |  |  | 72 |
Total capital expenditures |  | $ | 5,871 |  |  | $ | 15,674 |
Depreciation expense: |  |  |  |  |  |  |  |
Mattress Fabrics |  | $ | 5,068 |  |  | $ | 4,673 |
Upholstery Fabrics |  |  | 611 |  |  |  | 631 |
Total depreciation expense |  | $ | 5,679 |  |  | $ | 5,304 |
(1) | Current assets represent accounts receivable and inventory for the respective segment.
(2) | The $49.3 million at January 28, 2018, represents property, plant, and equipment of $35.6 million and $13.7 million located in the U.S. and Canada, respectively. The $47.8 million at January 29, 2017, represents property, plant, and equipment of $32.6 million and $15.2 million located in the U.S. and Canada, respectively. The $48.9 million at April 30, 2017, represents property, plant, and equipment of $34.0 million and $14.9 million located in the U.S. and Canada, respectively.
(3) | The $2.1 million at January 28, 2018, represents property, plant, and equipment of $1.4 million and $711 located in the U.S. and China, respectively. The $1.8 million at January 29, 2017, represents property, plant, and equipment of $1.1 million and $711 located in the U.S. and China, respectively. The $1.9 million at April 30, 2017, represents property, plant, and equipment of $1.2 million and $655 located in the U.S. and China, respectively.
(4) | The $448, $752, and $856 at January 28, 2018, January 29, 2017 and April 30, 2017, respectively, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress and upholstery fabric segments. Property, plant, and equipment associated with our corporate departments are located in the U.S.
(5) | Capital expenditure amounts are stated on the accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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