Note 9 - Unconsolidated Affiliated Companies

12 Months Ended

Nov. 26, 2016

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

9.

Unconsolidated Affiliated Companies

Zenith Freight Lines, LLC

Prior to

February

2,

2015

we owned

49%

of Zenith and accounted for our investment under the equity method. Our investment in Zenith at

November

29,

2014

was

$7,915

and is included in other assets in our condensed consolidated balance sheet. The balance of our investment in Zenith was adjusted for our equity in the earnings of Zenith through

February

2,

2015

of

$220,

and increased by

$1,345

representing our

49%

share of a

$2,745

capital contribution made to Zenith, a portion of which was used for retirement of certain of Zenith’s debt prior to the acquisition. This activity resulted in a carrying value for our investment in Zenith of

$9,480

on the date of acquisition. See Note

3

regarding the remeasurement of this carrying value to fair value in connection with the acquisition and the resulting gain.

Prior to the acquisition on

February

2,

2015,

we recorded the following income from Zenith in our consolidated statements of income:

	2015		2014		2013
Earnings recognized	$	220	$	661	$	770

Prior to the acquisition, we paid Zenith approximately

$6,863

and

$31,308

for freight expense and logistical services in fiscal

2015

and

2014,

respectively.

International Home Furnishings Center

In connection with the sale of our interest in International Home Furnishings Center, Inc. (“IHFC”) on

May

2,

2011,

to International Market Centers, L.P. (“IMC”),

$6,106

of the sales proceeds were placed in escrow at the time of the sale to cover various contingencies. At various times during fiscal

2012,

2013

and

2014,

the contingencies were satisfied without loss to the Company and the funds were released to us. During fiscal

2014

we received the final payment of sales proceeds in the amount of

$2,348

which is included in cash flows from investing activities in our consolidated statements of cash flows.

In addition to the proceeds described above, at the time of the sale we acquired a minority interest in IMC in exchange for

$1,000.

IMC is majority owned by funds managed by Bain Capital Partners and a subsidiary of certain investment funds managed by Oaktree Capital Management, L.P. Our investment in IMC is included in other long - term assets in the accompanying consolidated balance sheets and is accounted for using the cost method as we do not have significant influence over IMC.