Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 151

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 8
Chunk 151
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 centers, and equipment under operating lease arrangements. Our operating leases have remaining lease terms of one to seven years, with renewal options for additional periods ranging up to twelve years.  Balance SheetThe right of use assets and lease liabilities associated with our operating leases as of January 26, 2025, January 28, 2024, and April 28, 2024, are as follows: 

        (dollars in thousands)
         
        January 26,2025

        January 28,2024

        April 28, 2024

        Right of use assets
         
        $
        6,103

        $
        6,952

        $
        6,203

        Operating lease liability - current

        2,025

        2,524

        2,061

        Operating lease liability – noncurrent

        3,127

        2,656

        2,422

       Supplemental Cash Flow Information 

        Nine MonthsEnded

        Nine MonthsEnded

        (dollars in thousands)
         
        January 26, 2025

        January 28, 2024

        Operating lease liability payments
         
        $
        1,694

        $
        1,992

        Right of use assets exchanged for lease liabilities

        2,660

        978

        Operating lease expense for the three-month periods ended January 26, 2025, and January 28, 2024, was $683,000 and $789,000, respectively. Operating lease expense for the nine-month periods ended  January 26, 2025, and January 28, 2024, was $2.1 million and $2.3 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month and nine-month periods ended January 26, 2025, and January 28, 2024.Other InformationMaturity of our operating lease liabilities for the remainder of fiscal 2025, the subsequent next four fiscal years, and thereafter follows: 

        (dollars in thousands)

        2025

        655

        2026

        2,217

        2027

        1,556

        2028

        388

        2029

        227

        Thereafter

        576

        $
        5,619