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Note 4 - Accounts Receivable

9 Months Ended

Aug. 30, 2025

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

4. Accounts Receivable

Accounts receivable consists of the following:

		August 30, 2025				November 30, 2024
Gross accounts receivable		$	13,575			$	14,278
Allowance for credit losses			(440	)			(1,097	)
Accounts receivable, net		$	13,135			$	13,181

We maintain an allowance for credit losses for estimated losses resulting from the inability of our customers to make required payments. The allowance for credit losses is based on a review of specifically identified accounts in addition to an overall aging analysis which is applied to accounts pooled on the basis of similar risk characteristics. Judgments are made with respect to the collectability of accounts receivable within each pool based on historical experience, current payment practices and current economic conditions. Actual credit losses could differ from those estimates. We have elected to use the practical expedient under ASC Topic 326 which allows us to assume that current conditions as of the balance sheet date do not change over the expected life of the receivables, which is generally ninety days or less (see Note 16 regarding the early adoption of ASU 2025-05).

Activity in the allowance for credit losses for the nine months ended August 30, 2025 was as follows:

Balance at November 30, 2024		$	1,097
Net recoveries credited to expense			(67	)
Write-offs against allowance			(590	)
Balance at August 30, 2025		$	440

Substantially all of the accounts receivable written off against the reserve during the three and nine months ended August 30, 2025 originated during fiscal 2024.

We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures.