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Home Accessories Segment (Tables) | 12 Months Ended
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May 01, 2022
Discontinued Operations And Disposal Groups [Abstract] |
Summary of Disposal of Discontinued Operation on Consolidated Balance Sheet | The following is a summary of the assets and liabilities that were sold on March 31, 2020:
|  |  | March 31, |
(dollars in thousands) |  |  | 2020 |
ASSETS |  |  |  |  |
current assets: |  |  |  |  |
cash and cash equivalents |  |  | $ | 285 |
accounts receivable |  |  |  | 588 |
inventories |  |  |  | 3,344 |
other current assets |  |  |  | 170 |
total current assets held for sale - discontinued operation |  |  |  | 4,387 |
property, plant, and equipment |  |  |  | 1,694 |
goodwill |  |  |  | — |
intangible asset |  |  |  | — |
right of use assets |  |  |  | 918 |
total noncurrent assets held for sale - discontinued operation |  |  |  | 2,612 |
total assets |  |  | $ | 6,999 |
LIABILITIES AND NET ASSETS |  |  |  |  |
current liabilities: |  |  |  |  |
accounts -payable trade |  |  | $ | 1,394 |
operating lease liability - current |  |  |  | 195 |
accrued expenses |  |  |  | 351 |
total current liabilities held for sale - discontinued operation |  |  |  | 1,940 |
loan payable - Culp Inc. |  |  |  | 1,500 |
subordinated loan payable - noncontrolling interest |  |  |  | 925 |
operating lease liability - long-term |  |  |  | 743 |
total noncurrent liabilities held for sale - discontinued operation |  |  |  | 3,168 |
total liabilities |  |  |  | 5,108 |
total net assets of discontinued operation |  |  | $ | 1,891 |
Summary of Loss from Discontinued Operation on Consolidated Statements of Net Income (Loss) | The following is a reconciliation of the major classes of financial statement line items constituting loss before income taxes from discontinued operation that are disclosed in the notes to the financial statements to loss from discontinued operation that are presented in the fiscal 2020 Consolidated Statements of Net Loss:
(dollars in thousands) |  |  | 2020 |
net sales |  |  | $ | 13,763 |
cost of sales |  |  |  | (10,953 | )
gross profit |  |  |  | 2,810 |
selling, general and administrative expenses |  |  |  | (4,100 | )
asset impairments (1) |  |  |  | (20,202 | )
reversal of contingent consideration - earn-out obligation (2) |  |  |  | 5,856 |
interest expense (3) |  |  |  | (84 | )
other income |  |  |  | 34 |
loss from discontinued operation related to major classes of loss before income taxes |  |  |  | (15,686 | )
loss on disposal of discontinued operation (4) |  |  |  | (1,891 | )
loss before income taxes from discontinued operation |  |  |  | (17,577 | )
income tax benefit |  |  |  | 68 |
net loss from discontinued operation |  |  | $ | (17,509 | )
(1) | During fiscal 2020, we recorded asset impairment charges totaling $20.2 million, of which $13.6 million and $6.6 million pertained to the goodwill and tradename, respectively. See Notes 8, 9, and 15 of the notes to the consolidated financial statements for further details of our assessments that resulted in the impairment of the goodwill and tradename associated with this discontinued operation.
(2) | See separate section below titled “Contingent Consideration” for further details.
(3) | Interest expense is directly attributable to our discontinued operation as it pertains to loans payable assumed by the buyer, (the noncontrolling interest) or required to be paid to Culp Inc. based on the terms of the sale agreement.
(4) | See separate section below titled “Consolidation and Deconsolidation” for further details.
Summary of Net Loss from Continuing Operations, Net Loss from Discontinued Operation, and Net Loss Attributable to Common Shareholders and Noncontrolling Interest | The following is a summary of net loss from continuing operations, net loss from discontinued operation, and net loss attributable Culp Inc. common shareholders and the noncontrolling interest for fiscal year 2020:
(dollars in thousands) |  | 2020 |
net loss from continuing operations |  | $ | (11,158 | )
net loss from continuing operations attributable to noncontrolling interest |  |  | — |
net loss from continuing operations attributable to Culp Inc. common shareholders |  | $ | (11,158 | )
net loss from discontinued operation |  | $ | (17,509 | )
net loss from discontinued operation attributable to noncontrolling interest |  |  | 4,674 |
net loss from discontinued operation attributable to Culp Inc. common shareholders |  | $ | (12,835 | )
net loss |  | $ | (28,667 | )
net loss from noncontrolling interest |  |  | 4,674 |
net loss attributable to Culp Inc. common shareholders |  | $ | (23,993 | )

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