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Note 9 - Post Employment Benefit Obligations | 3 Months Ended
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Feb. 28, 2026
Notes to Financial Statements |
Postemployment Benefits Disclosure [Text Block] | 9. 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 $5,617 and $5,611 as of February 28, 2026 and November 29, 2025, 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, non-qualified 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 current and former 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 $1,393 and $1,379 as of February 28, 2026 and November 29, 2025, respectively. Components of net periodic pension costs for our defined benefit plans for the three months ended February 28, 2026 and March 1, 2025 are as follows:
|  | Quarter Ended |
|  | February 28, 2026 |  |  | March 1, 2025 |
Service cost |  | $ | - |  |  | $ | 4 |
Interest cost |  |  | 74 |  |  |  | 81 |
Amortization of loss |  |  | (14 | ) |  |  | (16 | )
Net periodic pension cost |  | $ | 60 |  |  | $ | 69 |
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 income. 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 $1,580 and $1,562 as of February 28, 2026 and November 29, 2025, 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 $4,181 and $3,968 as of February 28, 2026 and November 29, 2025, respectively. The non-current portion of the obligations under our defined benefit and deferred compensation plans are included in post employment benefit obligations in the accompanying balance sheets as follows:
|  | February 28, 2026 |  |  | November 29, 2025 |
Defined benefit plans: |  |  |  |  |  |  |  |
Supplemental Plan |  | $ | 4,922 |  |  | $ | 4,917 |
LTC Awards |  |  | 1,273 |  |  |  | 1,258 |
Total defined benefit plans |  |  | 6,195 |  |  |  | 6,175 |
Deferred compensation plans: |  |  |  |  |  |  |  |
Management Savings Plan |  |  | 4,181 |  |  |  | 3,968 |
Deferred Compensation Plan |  |  | 1,253 |  |  |  | 1,236 |
Total deferred compensation plans |  |  | 5,434 |  |  |  | 5,204 |
Post employment benefit obligations |  | $ | 11,629 |  |  | $ | 11,379 |
The current portion of these post employment benefit obligations totaled $1,142 at both February 28, 2026 and November 29, 2025 and is included in accrued compensation and benefits in the accompanying condensed consolidated balance sheets. We recognized expense under our deferred compensation arrangements during the three months ended February 28, 2026 and March 1, 2025 of $12 and $34, respectively.

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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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