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Intangible Assets | 3 Months Ended
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Jul. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract] |
Intangible Assets | 6. Intangible Assets A summary of intangible assets follows:
(dollars in thousands) |  | July 31, 2022 |  |  | August 1, 2021 |  |  | May 1, 2022 |
Tradename |  | $ | 540 |  |  | $ | 540 |  |  | $ | 540 |
Customer relationships, net |  |  | 1,561 |  |  |  | 1,862 |  |  |  | 1,636 |
Non-compete agreement, net |  |  | 433 |  |  |  | 508 |  |  |  | 452 |
|  | $ | 2,534 |  |  | $ | 2,910 |  |  | $ | 2,628 |
Tradename Our tradename as of July 31, 2022, August 1, 2021, and May 1, 2022, pertained to Read, a separate reporting unit within the upholstery fabrics segment. This tradename was determined to have an indefinite useful life at the time of its acquisition, and therefore is not being amortized. However, we are required to assess this tradename annually or between annual tests if we believe indicators of impairment exist. Based on our assessment as of July 31, 2022, no indicators of impairment existed, and therefore we did not record any asset impairment charges associated with our tradename during the first quarter of fiscal 2023. Customer Relationships A summary of the change in the carrying amount of our customer relationships follows:
|  | Three months ended |
(dollars in thousands) |  | July 31, 2022 |  |  | August 1, 2021 |
Beginning balance |  | $ | 1,636 |  |  | $ | 1,937 |
Amortization expense |  |  | (75 | ) |  |  | (75 | )
Ending balance |  | $ | 1,561 |  |  | $ | 1,862 |
Our customer relationships are amortized on a straight-line basis over useful lives ranging from nine to seventeen years. The gross carrying amount of our customer relationships was $3.1 million as of July 31, 2022, August 1, 2021, and May 1, 2022, respectively. Accumulated amortization for these customer relationships was $1.6 million, $1.3 million, and $1.5 million as of July 31, 2022, August 1, 2021, and May 1, 2022, respectively. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2023 - $226,000; FY 2024 - $301,000; FY 2025 - $301,000; FY 2026 - $301,000; FY 2027 - $278,000; and thereafter - $154,000. The weighted average amortization period for our customer relationships was 5.5 years as of July 31, 2022. Non-Compete Agreement A summary of the change in the carrying amount of our non-compete agreement follows:
|  | Three months ended |
(dollars in thousands) |  | July 31, 2022 |  |  | August 1, 2021 |
Beginning balance |  | $ | 452 |  |  | $ | 527 |
Amortization expense |  |  | (19 | ) |  |  | (19 | )
Ending balance |  | $ | 433 |  |  | $ | 508 |
Our non-compete agreement is associated with a prior acquisition by our mattress fabrics segment and is amortized on a straight-line basis over the fifteen-year life of the agreement. The gross carrying amount of our non-compete agreement was $2.0 million as of July 31, 2022, August 1, 2021, and May 1, 2022, respectively. Accumulated amortization for our non-compete agreement was $1.6 million as of July 31, 2022, August 1, 2021, and May 1, 2022. The remaining amortization expense for the next five years and thereafter follows: FY 2023 - $56,000; FY 2024 - $76,000; FY 2025 - $76,000; FY 2026 - $76,000; FY 2027 - $76,000, and thereafter - $73,000. The weighted average amortization period for the non-compete agreement was 5.8 years as of July 31, 2022.

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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