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Note 8 - Post Employment Benefit Obligations | 6 Months Ended
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May 31, 2025
Notes to Financial Statements |
Postemployment Benefits Disclosure [Text Block] | 8. Post Employment Benefit Obligations Defined Benefit Plans We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. The liability for the Supplemental Plan was $5,578 and $5,557 as of May 31, 2025 and November 30, 2024, respectively. We also have the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Management Savings Plan”) which was established in the second quarter of fiscal 2017. The Management Savings Plan is an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees. As part of the Management Savings Plan, we have made Long Term Cash Awards (“LTC Awards”) totaling $2,000 to five management employees in the amount of $400 each. We are accounting for the LTC Awards as a defined benefit pension plan. Currently, two of those employees have retired and are receiving benefits. The liability for the LTC Awards was $1,401 and $1,360 as of May 31, 2025 and November 30, 2024, respectively. The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets:
|  | May 31, 2025 |  |  | November 30, 2024 |
Accrued compensation and benefits |  | $ | 792 |  |  | $ | 792 |
Post employment benefit obligations |  |  | 6,187 |  |  |  | 6,125 |
Total pension liability |  | $ | 6,979 |  |  | $ | 6,917 |
Components of net periodic pension costs for our defined benefit plans for the three and six months ended May 31, 2025 and June 1, 2024 are as follows:
|  | Quarter Ended |  |  | Six Months Ended |
|  | May 31, 2025 |  |  | June 1, 2024 |  |  | May 31, 2025 |  |  | June 1, 2024 |
Service cost |  | $ | 4 |  |  | $ | 3 |  |  | $ | 8 |  |  | $ | 7 |
Interest cost |  |  | 81 |  |  |  | 98 |  |  |  | 163 |  |  |  | 195 |
Amortization of prior service costs |  |  | - |  |  |  | 25 |  |  |  | - |  |  |  | 51 |
Amortization of loss |  |  | (16 | ) |  |  | (16 | ) |  |  | (32 | ) |  |  | (32 | )
Net periodic pension cost |  | $ | 69 |  |  | $ | 110 |  |  | $ | 139 |  |  | $ | 221 |
The components of net periodic pension cost other than the service cost component, which is included in selling, general and administrative expenses, are included in other loss, net in our condensed consolidated statements of operations. Deferred Compensation Plans We have an unfunded deferred compensation plan that covers one current executive and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or deferrals permitted. Our liability under this plan was $1,584 and $1,601 as of May 31, 2025 and November 30, 2024, respectively. We also have an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees which was established under the Management Savings Plan. Our liability under this plan, including both accrued Company contributions and participant salary deferrals, was $3,373 and $3,486 as of May 31, 2025 and November 30, 2024, respectively. Our combined liability for all deferred compensation arrangements, including Company contributions and participant deferrals under the Management Savings Plan, is recorded as follows in the condensed consolidated balance sheets:
|  | May 31, 2025 |  |  | November 30, 2024 |
Accrued compensation and benefits |  | $ | 330 |  |  | $ | 330 |
Post employment benefit obligations |  |  | 4,627 |  |  |  | 4,757 |
Total deferred compensation liability |  | $ | 4,957 |  |  | $ | 5,087 |
We recognized expense under our deferred compensation arrangements during the three and six months ended May 31, 2025 and June 1, 2024 as follows:
|  | Quarter Ended |  |  | Six Months Ended |
|  | May 31, 2025 |  |  | June 1, 2024 |  |  | May 31, 2025 |  |  | June 1, 2024 |
Deferred compensation expense |  | $ | 82 |  |  | $ | 171 |  |  | $ | 116 |  |  | $ | 626 |

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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 712 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481565/712-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent + Details
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