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

$11,329

and

$11,337

as of

May 26, 2018

and

November 25, 2017,

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 certain management employees in the amount of

$400

each. The liability for the LTC Awards was

$1,032

and

$985

as of

May 26, 2018

and

November 25, 2017,

respectively.

The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets:

	May 26, 2018		November 25, 2017
Accrued compensation and benefits	$	778	$	778
Post employment benefit obligations		11,583		11,544

Total pension liability	$	12,361	$	12,322

Components of net periodic pension costs for our defined benefit plans for the

three

and

six

months ended

May 26, 2018

and

May 27, 2017

are as follows:

	Quarter Ended				Six Months Ended
	May 26, 2018		May 27, 2017		May 26, 2018		May 27, 2017
Service cost	$	49	$	49	$	98	$	87
Interest cost		105		114		210		222
Amortization of prior service costs		31		24		62		24
Amortization of transition obligation		11		11		22		21
Amortization of loss		65		83		130		166

Net periodic pension cost	$	261	$	281	$	522	$	520

The components of net periodic pension cost other than the service cost component are included in other loss, net in our condensed consolidated statements of income.

Deferred Compensation Plan

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

additional participants or deferrals permitted. Our liability under this plan was

$1,877

and

$1,916

as of

May 26, 2018

and

November 25, 2017,

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 in the

second

quarter of fiscal

2017.

Our liability under this plan, including both accrued Company contributions and participant salary deferrals, was

$485

and

$139

as of

May 26, 2018

and

November 25, 2017,

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 26, 2018		November 25, 2017
Accrued compensation and benefits	$	274	$	274
Post employment benefit obligations		2,088		1,782

Total deferred compensation liability	$	2,362	$	2,056

We recognized expense under our deferred compensation arrangements during the

three

and

six

months ended

May 26, 2018

and

May 27, 2017

as follows:

	Quarter Ended				Six Months Ended
	May 26, 2018		May 27, 2017		May 26, 2018		May 27, 2017
Deferred compensation expense	$	80	$	82	$	159	$	136