Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 142

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 8
Chunk 142
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.S. and China, respectively.(6)The $612,000, $603,000, and $585,000 as of January 26, 2025, January 28, 2024, and April 28, 2024, respectively, represents property, plant, and equipment associated with unallocated corporate departments and corporate departments shared by our mattress fabrics and upholstery fabrics segments. Property, plant, and equipment associated with our corporate departments are located in the U.S.

I-24

(7)The $3.3 million, $2.8 million, and $2.6 million as of January 26, 2025, January 28, 2024, and April 28, 2024, respectively, represent right of use assets located in the U.S. Information about capital expenditures and depreciation expense for our operating segments follows:  

        Nine months ended

        (dollars in thousands)
         
        January 26, 2025

        January 28, 2024

        Capital expenditures (1):

        Mattress Fabrics
         
        $
        1,469

        $
        2,828

        Upholstery Fabrics

        280

        219

        Unallocated Corporate

        789

        167

        Total capital expenditures
         
        $
        2,538

        $
        3,214

        Depreciation expense:

        Mattress Fabrics (2)
         
        $
        5,166

        $
        4,422

        Upholstery Fabrics

        464

        475

        Total depreciation expense
         
        $
        5,630

        $
        4,897

      (1)Capital expenditure amounts are stated on an accrual basis. See Consolidated Statements of Cash Flows for capital expenditure amounts on a cash basis.(2)During the nine-month period ended January 26, 2025, depreciation expense for the mattress fabrics segment included additional depreciation expense related to the shortening of useful lives of equipment associated with the gradual discontinuation of operations at our manufacturing facility located in Quebec, Canada. The amount of additional depreciation expense was $1.3 million and was classified as restructuring expense in the Consolidated Statements of Net Loss.

15. Income TaxesEffective Income Tax RateWe recorded income tax expense of $635,000, or (3.9%) of loss before income taxes, for the nine-month