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Investment in Unconsolidated Joint Venture | 6 Months Ended
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Oct. 28, 2018
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Joint Venture |
9. | Investment in Unconsolidated Joint Venture
Culp International Holdings, Ltd., a wholly-owned subsidiary of Culp, Inc. (collectively known as CULP), 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 complements our mattress fabric operations with a mirrored platform that enhances our ability to meet customer demand while adding a lower cost operation to our platform. CLIH incurred a net loss totaling $263,000 and $386,000 for the six-month periods ending October 28, 2018 and October 29, 2017, respectively. CLIH’s net loss through the second quarter of fiscal 2018 pertained to initial start-up operating expenses incurred. Our equity interests in these net losses were $132,000 and $193,000 for the six-month periods ending October 28, 2018 and October 29, 2017, respectively. The following table summarizes information on assets, liabilities and members’ equity of our equity method investment in CLIH:
(dollars in thousands) |  | October 28, 2018 |  |  | October 29, 2017 |  |  | April 29, 2018 |
Total assets |  | $ | 3,063 |  |  | $ | 3,180 |  |  | $ | 3,130 |
Total liabilities |  | $ | 124 |  |  | $ | 136 |  |  | $ | 128 |
Total members’ equity |  | $ | 2,939 |  |  | $ | 3,044 |  |  | $ | 3,002 |
At October 28, 2018, October 29, 2017, and April 29, 2018, our investment in CLIH totaled $1.5 million, 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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