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Segment Information (Tables) | 12 Months Ended
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May 02, 2021
Segment Reporting [Abstract] |
Summary of Segment Information by Geographic Area | International sales accounted for 27%, 26%, and 26% of net sales during fiscal 2021, 2020, and 2019, respectively, and are summarized by geographic area as follows:
(dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
north america (excluding USA) (1) |  | $ | 32,925 |  |  | $ | 27,637 |  |  | $ | 29,247 |
far east and asia (2) |  |  | 43,764 |  |  |  | 36,470 |  |  |  | 39,277 |
all other areas |  |  | 5,558 |  |  |  | 2,986 |  |  |  | 3,712 |
|  | $ | 82,247 |  |  | $ | 67,093 |  |  | $ | 72,236 |
(1) | Of this amount, $27.2 million, $21.7 million, and $22.5 million are attributable to shipments to Mexico in fiscal 2021, 2020, and 2019, respectively.
(2) | Of this amount $28.1 million, $21.4 million, and $29.8 million are attributable to shipments to China in fiscal 2021, 2020, and 2019, respectively.
Schedule of Operating Segments Information | Statements of operations for our current operating segments are as follows:
(dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
net sales by segment: |  |  |  |  |  |  |  |  |  |  |  |
upholstery fabrics |  | $ | 142,049 |  |  | $ | 124,754 |  |  |  | 135,654 |
mattress fabrics |  |  | 157,671 |  |  |  | 131,412 |  |  |  | 145,671 |
total net sales |  | $ | 299,720 |  |  | $ | 256,166 |  |  |  | 281,325 |
gross profit from continuing operations by segment: |  |  |  |  |  |  |  |  |  |  |  |
upholstery fabrics |  | $ | 25,968 |  |  | $ | 24,220 |  |  |  | 25,373 |
mattress fabrics |  |  | 23,864 |  |  |  | 16,278 |  |  |  | 22,904 |
total segment gross profit |  |  | 49,832 |  |  |  | 40,498 |  |  |  | 48,277 |
other non-recurring charges (1) |  |  | — |  |  |  | — |  |  |  | (159 | )
restructuring related charges (2) |  |  | — |  |  |  | — |  |  |  | (2,349 | )
total gross profit from continuing operations |  | $ | 49,832 |  |  | $ | 40,498 |  |  |  | 45,769 |
selling, general, and administrative expenses by segment: |  |  |  |  |  |  |  |  |  |  |  |
upholstery fabrics |  | $ | 14,092 |  |  | $ | 14,353 |  |  |  | 14,551 |
mattress fabrics |  |  | 12,066 |  |  |  | 11,354 |  |  |  | 11,296 |
unallocated corporate |  |  | 11,598 |  |  |  | 8,717 |  |  |  | 6,838 |
total segment selling, general, and administrative expenses |  |  | 37,756 |  |  |  | 34,424 |  |  |  | 32,685 |
other non-recurring charges (3) |  |  | — |  |  |  | — |  |  |  | 518 |
restructuring related charges (4) |  |  | — |  |  |  | — |  |  |  | 40 |
total selling, general, and administrative expenses |  | $ | 37,756 |  |  | $ | 34,424 |  |  |  | 33,243 |
income (loss) from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
upholstery fabrics |  | $ | 11,876 |  |  | $ | 9,867 |  |  |  | 10,823 |
mattress fabrics |  |  | 11,798 |  |  |  | 4,924 |  |  |  | 11,607 |
unallocated corporate expenses |  |  | (11,598 | ) |  |  | (8,717 | ) |  |  | (6,838 | )
total segment income from continuing operations |  |  | 12,076 |  |  |  | 6,074 |  |  |  | 15,592 |
asset impairments (7) |  |  | — |  |  |  | (13,712 | ) |  |  | — |
other non-recurring charges (1) (3) |  |  | — |  |  |  | — |  |  |  | (678 | )
restructuring credit and related charges (5) (6) |  |  | — |  |  |  | 70 |  |  |  | (1,563 | )
total income (loss) from continuing operations |  |  | 12,076 |  |  |  | (7,568 | ) |  |  | 13,351 |
interest expense |  |  | (51 | ) |  |  | (106 | ) |  |  | (35 | )
interest income |  |  | 244 |  |  |  | 897 |  |  |  | 789 |
gain on bargain purchase (8) |  |  | 819 |  |  |  | — |  |  |  | — |
other expense |  |  | (2,208 | ) |  |  | (902 | ) |  |  | (1,383 | )
income (loss) before income taxes from continuing operations |  | $ | 10,880 |  |  | $ | (7,679 | ) |  |  | 12,722 |
(1) | The $159,000 represents employee termination benefits and other operational reorganization costs associated with our mattress fabrics segment.
(2) | The $2.3 million represents a restructuring related charge of $1.6 million for inventory markdowns and $784,000 for other operating costs associated with our closed Anderson, SC upholstery fabrics facility.
(3) | The $518,000 represents a non-recurring charge of $429,000 for the accelerated vesting of certain stock-based compensation agreements associated with a senior executive and was recorded in unallocated corporate expenses. Additionally, the $518,000 includes $89,000 for employee termination benefits and operational reorganizational costs associated with our mattress fabrics segment.
(4) | The $40,000 represents a restructuring related charge for the accelerated vesting for certain stock-based compensation agreements associated with an employee that was located at our closed Anderson, SC upholstery fabrics facility.
(5) | The $1.6 million represent charges and credits that were associated our closed Anderson, SC upholstery fabrics facility and include $1.6 million for inventory markdowns, $784,000 for other operating costs, $661,000 for employee termination benefits, and $40,000 for the accelerated vesting of certain stock-based compensation agreements associated an employee, partially offset by a $1.5 million gain on the sale of property, plant, and equipment.
(6) | Of this total net charge of $1.6 million, a charge of $2.3 million, a charge of $40,000 and a credit of $825,000 were recorded in cost of sales, selling, general, and administrative expenses, and restructuring credit, respectively, in the fiscal 2019 Consolidated Statement of Net Income.
(7) | During fiscal 2020, we incurred asset impairment charges totaling $13.7 million, of which $13.6 million and $143,000 pertained to goodwill associated with our mattress and upholstery fabric segments and a tradename associated Read, respectively. Of this $13.7 million, $11.5 million and $2.2 million pertained to the mattress fabrics segment and upholstery fabrics segment, respectively.
(8) | Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti. Pursuant to this transaction, we are now the sole owner with full control over this operation. The gain on bargain purchase represents the net assets acquired from this transaction that were more than the $954,000 total purchase price.
Balance sheet information for our current operating segments follow:
(dollars in thousands) |  | May 2, 2021 |  |  |  | May 3, 2020 |  |
segment assets |  |  |  |  |  |  |  |  |  |
mattress fabrics |  |  |  |  |  |  |  |  |  |
accounts receivable |  | $ | 20,427 |  |  |  | $ | 12,212 |  |
inventory |  |  | 30,047 |  |  |  |  | 26,620 |  |
property, plant, and equipment |  |  | 41,264 |  | (1) |  |  | 40,682 |  | (2)
right of use assets |  |  | 4,278 |  | (3) |  |  | 362 |  | (4)
investment in unconsolidated joint venture |  |  | — |  |  |  |  | 1,602 |  |
total mattress fabrics assets |  |  | 96,016 |  |  |  |  | 81,478 |  |
upholstery fabrics |  |  |  |  |  |  |  |  |  |
accounts receivable |  |  | 17,299 |  |  |  |  | 12,881 |  |
inventory |  |  | 25,870 |  |  |  |  | 21,287 |  |
property, plant, and equipment |  |  | 1,925 |  | (5) |  |  | 1,633 |  | (6)
right of use assets |  |  | 5,945 |  | (7) |  |  | 1,633 |  | (8)
total upholstery fabrics assets |  |  | 51,039 |  |  |  |  | 37,434 |  |
total segment assets |  |  | 147,055 |  |  |  |  | 118,912 |  |
non-segment assets |  |  |  |  |  |  |  |  |  |
cash and cash equivalents |  |  | 37,009 |  |  |  |  | 69,790 |  |
short-term investments – available for sale |  |  | 5,542 |  |  |  |  | 923 |  |
short-term investments – held-to-maturity |  |  | 3,161 |  |  |  |  | 4,271 |  |
current income taxes receivable |  |  | — |  |  |  |  | 1,585 |  |
deferred income taxes |  |  | 545 |  |  |  |  | 793 |  |
other current assets |  |  | 3,852 |  |  |  |  | 2,116 |  |
property, plant, and equipment (9) |  |  | 814 |  |  |  |  | 832 |  |
right of use assets (10) |  |  | 1,507 |  |  |  |  | 1,908 |  |
intangible assets |  |  | 3,004 |  |  |  |  | 3,380 |  |
long-term investments - held-to-maturity |  |  | 1,141 |  |  |  |  | 2,076 |  |
long-term investments - rabbi trust |  |  | 8,415 |  |  |  |  | 7,834 |  |
other assets |  |  | 2,035 |  |  |  |  | 664 |  |
total assets |  | $ | 214,080 |  |  |  | $ | 215,084 |  |
(dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
capital expenditures (11): |  |  |  |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 6,226 |  |  | $ | 3,475 |  |  | $ | 2,526 |
upholstery fabrics |  |  | 347 |  |  |  | 348 |  |  |  | 382 |
discontinued operation |  |  | — |  |  |  | 135 |  |  |  | 53 |
unallocated corporate |  |  | 332 |  |  |  | 675 |  |  |  | 14 |
total capital expenditures |  | $ | 6,905 |  |  | $ | 4,633 |  |  | $ | 2,975 |
depreciation expense |  |  |  |  |  |  |  |  |  |  |  |
mattress fabrics |  | $ | 6,014 |  |  | $ | 6,712 |  |  | $ | 7,008 |
upholstery fabrics |  |  | 832 |  |  |  | 765 |  |  |  | 787 |
discontinued operation |  |  | — |  |  |  | 350 |  |  |  | 322 |
total depreciation expense |  | $ | 6,846 |  |  | $ | 7,827 |  |  | $ | 8,117 |
(1) | The $41.3 million as of May 2, 2021, represents property, plant, and equipment of $28.4 million, $12.0 million, and $855,000 located in the U.S., Canada, and Haiti, respectively.
(2) | The $40.7 million as of May 3, 2020, represents property, plant, and equipment of $27.7 million and $13.0 million located in the U.S. and Canada, respectively.
(3) | The $4.3 million as of May 2, 2021, represents right of use assets of $2.4 million, $1.4 million, and $400,000 located in Haiti, the U.S., and Canada, respectively.
(4) | The $362,000 as of May 3, 2020, represents right of use assets located in the U.S.
(5) | The $1.9 million as of May 2, 2021, represents property, plant, and equipment of $1.1 million and $850,000 located in the U.S. and China, respectively.
(6) | The $1.6 million as of May 3, 2020, represents property, plant, and equipment of $1.2 million and $471,000 located in the U.S. and China, respectively.
(7) | The $5.9 million as of May 2, 2021, represents right of use assets of $5.0 million and $952,000 located in China and the U.S., respectively.
(8) | The $1.6 million as of May 3, 2020, represents right of use assets of $857,000 and $776,000 located in the U.S. and China, respectively.
(9) | The $814,000 as of May 2, 2021, and $832,000 as of May 3, 2020, represent property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.
(10) | The $1.5 million as of May 2, 2021, and $1.9 million as of May 3, 2020, represents right of use assets located in the U.S. associated with unallocated corporate departments and corporate departments shared by both the mattress fabrics and upholstery fabrics segments located in the U.S.
(11) | Capital expenditure amounts are stated on an accrual basis. See the Consolidated Statement of Cash Flows for capital expenditure amounts on a cash basis.

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