Company: CULP
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0000950170-25-035191
Chunk: 136

Company: CULP INC
Filing Date: 2025-03-07
Form: 10-Q
Item: Item 8
Chunk 136
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 the nine-month period ended January 26, 2025. There were no interest payments during the nine-month period ended January 28, 2024.

12. Fair ValueASC Topic 820 establishes a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and the company’s assumptions (unobservable inputs). Determining where an asset or liability falls within that hierarchy depends on the lowest level input that is significant to the fair value measurement as a whole. An adjustment to the pricing method used within either Level 1 or Level 2 inputs could generate a fair value measurement that effectively falls in a lower level in the hierarchy. The hierarchy consists of three broad levels as follows:Level 1 – Quoted market prices in active markets for identical assets or liabilities;Level 2 – Inputs other than Level 1 inputs that are either directly or indirectly observable; andLevel 3 – Unobservable inputs developed using the company’s estimates and assumptions, which reflect those that market participants would use.The determination of where an asset or liability falls in the hierarchy requires significant judgment. We evaluate our hierarchy disclosures each quarter based on various factors, and it is possible that an asset or liability may be classified differently from quarter to quarter. However, we expect that changes in classifications between different levels will be rare.

I-19

Recurring BasisThe following tables present information about assets measured at fair value on a recurring basis: 

        Fair value measurements as of January 26, 2025, using:

        Quoted 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
         
        $
        6,606

        N/A
         
        N/A
         
        $
        6,606

        Growth Allocation Mutual Funds

        835

        N/A
         
        N/A

        835

        S&P 500 Index Fund

        275

        N/A
         
        N/A

        275

        Other

        287

        N/A
         
        N/A

        287

        Fair value measurements as of January 28, 2024, using:

        Quoted