Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 24

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 1
Chunk 24
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 prices

        Significant

        in active

        other
         
        Significant

        markets for

        observable
         
        unobservable

        identical assets

        inputs
         
        inputs

        (amounts in thousands)
         
        Level 1

        Level 2
         
        Level 3
         
        Total

        Assets:

        U.S. Government Money Market Fund
         
        $
        6,910

        N/A
         
        N/A
         
        $
        6,910

        Growth Allocation Mutual Funds

        691

        N/A
         
        N/A

        691

        S&P 500 Index Fund

        176

        N/A
         
        N/A

        176

        Other

        228

        N/A
         
        N/A

        228

      Investments - Rabbi TrustWe have a rabbi trust (the “Trust”) for the participants in our deferred compensation plan (the “Plan”), that enables participants to direct their contributions to various investment options under the Plan. The investments associated with the Trust consist of a money market fund and various mutual funds that are classified as available-for-sale.As of January 26, 2025, our investments associated with the Trust totaled $8.0 million, of which $1.8 million, and $6.2 million were classified as short-term and long-term, respectively. As of January 28, 2024, our investments associated with the Trust totaled $8.0 million, of which $937,000 and $7.1 million were classified as short-term and long-term, respectively. As of April 28, 2024, our investments associated with the Trust totaled $8.0 million, of which $903,000 and $7.1 million were classified as short-term and long-term, respectively. The investments associated with the Trust had an accumulated unrealized gain (loss) of $216,000, $88,000, and $118,000 as of January 26, 2025, January 28, 2024, and April 28, 2024, respectively.  The fair value of our long-term investments associated with the Trust approximates their cost basis.OtherThe carrying amount of our cash and cash equivalents, accounts receivable, other current assets, lines of credit, accounts payable, and accrued expenses approximated their fair value because of the short maturity of these