Note 13 - Post-Employment Benefit Obligations

12 Months Ended

Nov. 29, 2014

Postemployment Benefits [Abstract]

Postemployment Benefits Disclosure [Text Block]

13. Post-Employment Benefit Obligations   

Supplemental Retirement Income Plan

We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. Upon retirement, the Supplemental Plan provides for lifetime monthly payments in an amount equal to 65% of the participant’s final average compensation as defined in the Supplemental Plan, which is reduced by certain social security benefits to be received and other benefits provided by us. The Supplemental Plan also provides a death benefit that is calculated as (a) prior to retirement death, which pays the beneficiary 50% of final average annual compensation for a period of 120 months, or (b) post-retirement death, which pays the beneficiary 200% of final average compensation in a single payment. We own life insurance policies on these executives with a current net death benefit of $3,148 at November 29, 2014 and we expect to substantially fund this death benefit through the proceeds received upon the death of the executive. Funding for the remaining cash flows is expected to be provided through operations. There are no benefits payable as a result of a termination of employment for any reason other than death or retirement, other than a change of control provision which provides for the immediate vesting and payment of the retirement benefit under the Supplemental Plan in the event of an employment termination resulting from a change of control.

Summarized information for the plan measured as of the end of each year presented, is as follows:

	2014			2013
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	9,775		$	9,805
Service cost		78			71
Interest cost		373			350
Actuarial losses		1,084			434
Benefits paid		(934	)		(885	)
Projected benefit obligation at end of year	$	10,376		$	9,775
Accumulated Benefit Obligation	$	9,748		$	9,215
Discount rate used to value the ending benefit obligations:		3.75	%		4.00	%
Amounts recognized in the consolidated balance sheet:
Current liabilities	$	724		$	810
Noncurrent liabilities		9,652			8,965
	$	10,376		$	9,775
Amounts recognized in accumulated other comprehensive income:
Transition obligation	$	170		$	212
Actuarial loss		3,046			2,085
Net amount recognized	$	3,216		$	2,297
Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	1,535		$	855

	2014		2013		2012
Components of Net Periodic Pension Cost:
Service cost	$	78	$	71	$	54
Interest cost		373		350		376
Amortization of transition obligation		42		42		42
Amortization of other loss		123		81		11
Net periodic pension cost	$	616	$	544	$	483

Assumptions used to determine net periodic pension cost:
Discount rate	4.00	%	3.75	%	4.25	%
Increase in future compensation levels	3.00	%	3.00	%	3.00	%

Estimated Future Benefit Payments (with mortality):
Fiscal 2015	$	724
Fiscal 2016		695
Fiscal 2017		667
Fiscal 2018		639
Fiscal 2019		610
Fiscal 2020 through 2024		3,432

Of the $3,216 recognized in accumulated other comprehensive income at November 29, 2014, $42 of net transition obligation and $194 of net loss are expected to be recognized as components of net periodic pension cost during fiscal 2015.

Deferred Compensation Plan

We have an unfunded Deferred Compensation Plan that covers one current and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or benefits permitted. We recognized expense of $134, $288, and $312 in fiscal 2014, 2013, and 2012, respectively, associated with the plan. The expense for fiscal 2014 is net of a credit to income of $124 due to a change in our estimate of the future obligation of a former employee. Our liability under this plan was $2,174 and $2,555 as of November 29, 2014 and November 30, 2013, respectively. The non-current portion of this obligation is included in post-employment benefit obligations in our consolidated balance sheets, with the current portion included in accrued compensation and benefits.

Defined Contribution Plan

We have a qualified defined contribution plan (Employee Savings/Retirement Plan) that covers substantially all employees who elect to participate and have fulfilled the necessary service requirements. Employee contributions to the Plan are matched at the rate of 15% of up to 8% of gross pay, regardless of years of service. Expense for employer matching contributions was $397, $340 and $175 during fiscal 2014, 2013 and 2012, respectively.