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Lines of Credit | 9 Months Ended
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Feb. 02, 2020
Debt Disclosure [Abstract] |
Lines of Credit | 12. Lines of Credit Revolving Credit Agreement – United States Our Credit Agreement with Wells Fargo Bank, N.A. (“Wells Fargo”) provides a revolving loan commitment of $25 million, is set to expire on August 15, 2020, and allows us to issue letters of credit not to exceed $1 million. Interest is charged at a rate (applicable interest rate of 3.11%, 3.95%, and 3.93% at February 2, 2020, January 27, 2019, and April 28, 2019, respectively) as a variable spread over LIBOR based on our ratio of debt to EBITDA. Outstanding borrowings are secured by a pledge of 65% of the common stock of Culp International Holdings Ltd. (our subsidiary located in the Cayman Islands), as required by the Credit Agreement. There were no borrowings outstanding under the Credit Agreement at February 2, 2020, January 27, 2019, and April 28, 2019, respectively. At February 2, 2020, January 27, 2019, and April 28, 2019, there were $250,000 in outstanding letters of credit provided by the Credit Agreement. Revolving Credit Agreement – China We have an unsecured credit agreement associated with our operations in China that provides for a line of credit up to 40 million RMB ($5.8 million USD at February 2, 2020). This agreement has an interest rate determined by the Chinese government and is set to expire on December 4, 2020. There were no outstanding borrowings as of February 2, 2020, January 27, 2019, and April 28, 2019. Subordinated Loan Payable On February 7, 2019, eLuxury entered into a subordinated credit agreement with the owner of its noncontrolling interest which provides a revolving loan commitment of $1.0 million that expires on June 22, 2023. Interest is charged at a rate (applicable interest rate of 3.36% at February 2, 2020) as a variable spread over LIBOR based on Culp’s ratio of debt to EBITDA plus 25 basis points. There were outstanding borrowings under this agreement totaling $925,000 and $675,000 at February 2, 2020 and April 28, 2019, respectively. Overall Our loan agreements require, among other things, that we maintain compliance with certain financial covenants. We were in compliance with these financial covenants as of February 2, 2020.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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