Note 14 - Recent Accounting Pronouncements	9 Months Ended
Aug. 25, 2018
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	1 4 . Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014 - 09 (ASU 2014 - 09 ), which creates ASC Topic 606, Revenue from Contracts with Customers , and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU 2014 - 09 supersedes the cost guidance in Subtopic 605 - 35, Revenue Recognition—Construction-Type and Production-Type Contracts, and creates new Subtopic 340 - 40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: ( 1 ) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or ( 2 ) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. In addition, during 2016 the FASB has issued ASU 2016 - 08, ASU 2016 - 10 and ASU 2016 - 12, all of which clarify certain implementation guidance within ASU 2014 - 09, and ASU 2016 - 11, which rescinds certain SEC guidance within the ASC effective upon an entity’s adoption of ASU 2014 - 09. The amendments in ASU 2014 - 09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is not permitted. Therefore the amendments in ASU 2014 - 09 will become effective for us as of the beginning of our 2019 fiscal year. In order to evaluate the impact that the adoption of ASU 2014 - 09 will have on our consolidated financial statements, we have conducted a comprehensive review of the significant revenue streams across our wholesale, retail and logistical services reportable segments. The focus of this review included, among other things, the identification of the significant contracts and other arrangements we have with our customers to identify significant performance obligations, factors affecting the determination of transaction price, such as variable consideration, and factors affecting the classification of receipts as revenue, such as principal versus agent considerations. Our findings from the review were then analyzed based on the five -step model described in the new standard. We are currently finalizing our assessment of the impact that adoption will have on our consolidated financial statements. While we have not yet made a final determination as to the impact on our financial position or results of operations, we do anticipate incorporating additional disclosures, primarily related to disaggregation of revenue. We are also in the process of implementing the necessary changes to our accounting policies, procedures and controls with respect to these contracts and arrangements as required by the adoption of ASU 2014 - 09. We currently anticipate adopting this standard as of the beginning of our 2019 fiscal year using the modified retrospective method of adoption. We do not believe that the adoption of this standard will have a material impact on our financial position or results of operations. In January 2016, the FASB issued Accounting Standards Update No. 2016 - 01, Financial Instruments - Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016 - 01 requires that equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Furthermore, equity investments without readily determinable fair values are to be assessed for impairment using a quantitative approach. The amendments in ASU 2016 - 01 should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, with other amendments related specifically to equity securities without readily determinable fair values applied prospectively. The amendments in ASU 2016 - 01 will become effective for us as of the beginning of our 2019 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In February 2016, the FASB issued Accounting Standards Update No. 2016 - 02, Leases (Topic 842 ) . The guidance in ASU 2016 - 02 (as subsequently amended by ASU 2018 - 01, ASU 2018 - 10 and ASU 2018 - 11 ) requires that a lessee recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. As with previous guidance, there continues to be a differentiation between finance leases and operating leases, however this distinction now primarily relates to differences in the manner of expense recognition over time and in the classification of lease payments in the statement of cash flows. Lease assets and liabilities arising from both finance and operating leases will be recognized in the statement of financial position. ASU 2016 - 02 leaves the accounting for leases by lessors largely unchanged from previous GAAP. The transitional guidance for adopting the requirements of ASU 2016 - 02 calls for a modified retrospective approach that includes a number of optional practical expedients that entities may elect to apply. In addition, ASU 2018 - 11 provides for an additional (and optional) transition method by which entities may elect to initially apply the transition requirements in Topic 842 at that Topic’s effective date with the effects of initially applying Topic 842 recognized as a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption and without retrospective application to any comparative prior periods presented. The guidance in ASU 2016 - 02 will become effective for us as of the beginning of our 2020 fiscal year. We are currently evaluating the impact that the adoption of ASU 2016 - 02 will have on our consolidated financial statements, which we expect will have a material effect on our statement of financial position, and have not made any decision as to the method of adoption or with respect to the optional practical expedients. In August 2016, the FASB issued Accounting Standards Update No. 2016 - 15, Statement of Cash Flows (Topic 230 ): Classification of Certain Cash Receipts and Cash Payments . ASU 2016 - 15 addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. Among the types of cash flows addressed are payments for costs related to debt prepayments or extinguishments, payments representing accreted interest on discounted debt, payments of contingent consideration after a business combination, proceeds from insurance claims and company-owned life insurance, and distributions from equity method investees, among others. The amendments in ASU 2016 - 15 are to be adopted retrospectively and will become effective for as at the beginning of our 2019 fiscal year. Early adoption, including adoption in an interim period, is permitted. The adoption of this guidance is not expected to have a material impact upon our presentation of cash flows. In January 2017, the FASB issued Accounting Standards Update No. 2017 - 01, Business Combinations (Topic 805 ): Clarifying the Definition of a Business . ASU 2017 - 01 provides a screen to determine when an integrated set of assets and activities (collectively referred to as a “set”) does not constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in ASU 2017 - 01 ( 1 ) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and ( 2 ) remove the evaluation of whether a market participant could replace missing elements. The amendments in ASU 2017 - 01 shall apply prospectively and will become effective for us at the beginning of our 2019 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In January 2017, the FASB issued Accounting Standards Update No. 2017 - 04, Intangibles – Goodwill and Other (Topic 350 ): Simplifying the Test for Goodwill Impairment . ASU 2017 - 04 eliminates Step 2 from the goodwill impairment test. Under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in ASU 2017 - 04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments in ASU 2017 - 04 will become effective for us as of the beginning of our 2021 fiscal year. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In May 2017, the FASB issued Accounting Standards Update No. 2017 - 09, Compensation – Stock Compensation (Topic 718 ): Scope of Modification Accounting . ASU 2017 - 09 was issued to provide clarity and reduce both ( 1 ) diversity in practice and ( 2 ) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation , to a change to the terms or conditions of a share-based payment award. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Essentially, an entity will not have to account for the effects of a modification if: ( 1 ) The fair value of the modified award is the same immediately before and after the modification; ( 2 ) the vesting conditions of the modified award are the same immediately before and after the modification; and ( 3 ) the classification of the modified award as either an equity instrument or liability instrument is the same immediately before and after the modification. The amendments in ASU 2017 - 09 will become effective for us as of the beginning of our 2019 fiscal year. Early adoption is permitted, including adoption in any interim period. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In February 2018, the FASB issued Accounting Standards Update No. 2018 - 02, Income Statement—Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . ASU 2018 - 02 was issued to provide narrow-scope guidance for entities that are required to apply the provisions of Topic 220, Income Statement—Reporting Comprehensive Income , and have items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in ASU 2018 - 02 allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Act and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the Tax Cuts and Jobs Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The amendments in ASU 2018 - 02 are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, ( 1 ) for public business entities for reporting periods for which financial statements have not yet been issued and ( 2 ) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. Because the Act has had a significant impact upon the tax effects of pension costs included in our accumulated other comprehensive loss, we have adopted the guidance in ASU 2018 - 02 effective as of the beginning of the first quarter of fiscal 2018, resulting in the reclassification of $545 of tax benefits from accumulated other comprehensive loss to retained earnings (see Note 2 ). In August 2018, the FASB issued Accounting Standards Update No. 2018 - 15, Accounting Standards Update No. 2018 - 15 – Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 - 40 ): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in ASU 2018 - 15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in ASU 2018 - 15. The amendments in ASU 2018 - 15 will become effective for us as of the beginning of our 2021 fiscal year. Early adoption is permitted, including adoption in any interim period. We are currently evaluating the impact that this guidance will have upon our financial position and results of operations, if any.

Recent Accounting Pronouncements

May 2014,

the FASB issued Accounting Standards Update

No.

2014

(ASU

2014

), which creates ASC Topic

606,

Revenue from Contracts with Customers

, and supersedes the revenue recognition requirements in Topic

605,

Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU

2014

supersedes the cost guidance in Subtopic

605

35,

Revenue Recognition—Construction-Type and Production-Type Contracts, and creates new Subtopic

340

40,

Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic

606

is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between

two

transition methods: (

) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (

) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. In addition, during

2016

the FASB has issued ASU

2016

08,

ASU

2016

and ASU

2016

12,

all of which clarify certain implementation guidance within ASU

2014

09,

and ASU

2016

11,

which rescinds certain SEC guidance within the ASC effective upon an entity’s adoption of ASU

2014

09.

The amendments in ASU

2014

are effective for annual reporting periods beginning after

December 15, 2017,

including interim periods within that reporting period, and early application is

not

permitted. Therefore the amendments in ASU

2014

will become effective for us as of the beginning of our

2019

fiscal year. In order to evaluate the impact that the adoption of ASU

2014

will have on our consolidated financial statements, we have conducted a comprehensive review of the significant revenue streams across our wholesale, retail and logistical services reportable segments. The focus of this review included, among other things, the identification of the significant contracts and other arrangements we have with our customers to identify significant performance obligations, factors affecting the determination of transaction price, such as variable consideration, and factors affecting the classification of receipts as revenue, such as principal versus agent considerations. Our findings from the review were then analyzed based on the

five

-step model described in the new standard. We are currently finalizing our assessment of the impact that adoption will have on our consolidated financial statements. While we have

not

yet made a final determination as to the impact on our financial position or results of operations, we do anticipate incorporating additional disclosures, primarily related to disaggregation of revenue. We are also in the process of implementing the necessary changes to our accounting policies, procedures and controls with respect to these contracts and arrangements as required by the adoption of ASU

2014

09.

We currently anticipate adopting this standard as of the beginning of our

2019

fiscal year using the modified retrospective method of adoption. We do

not

believe that the adoption of this standard will have a material impact on our financial position or results of operations.

January 2016,

the FASB issued Accounting Standards Update

No.

2016

01,

Financial Instruments - Overall (Subtopic

825

): Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

requires that equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are to be measured at fair value with changes in fair value recognized in net income. However, an entity

may

choose to measure equity investments that do

not

have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Furthermore, equity investments without readily determinable fair values are to be assessed for impairment using a quantitative approach. The amendments in ASU

2016

should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, with other amendments related specifically to equity securities without readily determinable fair values applied prospectively. The amendments in ASU

2016

will become effective for us as of the beginning of our

2019

fiscal year. The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

February 2016,

the FASB issued Accounting Standards Update

No.

2016

02,

Leases (Topic

842

)

. The guidance in ASU

2016

(as subsequently amended by ASU

2018

01,

ASU

2018

and ASU

2018

) requires that a lessee recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of

months or less, a lessee is permitted to make an accounting policy election by class of underlying asset

not

to recognize lease assets and lease liabilities. As with previous guidance, there continues to be a differentiation between finance leases and operating leases, however this distinction now primarily relates to differences in the manner of expense recognition over time and in the classification of lease payments in the statement of cash flows. Lease assets and liabilities arising from both finance and operating leases will be recognized in the statement of financial position. ASU

2016

leaves the accounting for leases by lessors largely unchanged from previous GAAP. The transitional guidance for adopting the requirements of ASU

2016

calls for a modified retrospective approach that includes a number of optional practical expedients that entities

may

elect to apply. In addition, ASU

2018

provides for an additional (and optional) transition method by which entities

may

elect to initially apply the transition requirements in Topic

842

at that Topic’s effective date with the effects of initially applying Topic

842

recognized as a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption and without retrospective application to any comparative prior periods presented. The guidance in ASU

2016

will become effective for us as of the beginning of our

2020

fiscal year. We are currently evaluating the impact that the adoption of ASU

2016

will have on our consolidated financial statements, which we expect will have a material effect on our statement of financial position, and have

not

made any decision as to the method of adoption or with respect to the optional practical expedients.

August 2016,

the FASB issued Accounting Standards Update

No.

2016

15,

Statement of Cash Flows (Topic

230

): Classification of Certain Cash Receipts and Cash Payments

. ASU

2016

addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. Among the types of cash flows addressed are payments for costs related to debt prepayments or extinguishments, payments representing accreted interest on discounted debt, payments of contingent consideration after a business combination, proceeds from insurance claims and company-owned life insurance, and distributions from equity method investees, among others. The amendments in ASU

2016

are to be adopted retrospectively and will become effective for as at the beginning of our

2019

fiscal year. Early adoption, including adoption in an interim period, is permitted. The adoption of this guidance is

not

expected to have a material impact upon our presentation of cash flows.

January 2017,

the FASB issued Accounting Standards Update

No.

2017

01,

Business Combinations

(Topic

805

Clarifying the Definition of a Business

. ASU

2017

provides a screen to determine when an integrated set of assets and activities (collectively referred to as a “set”) does

not

constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is

not

a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is

not

met, the amendments in ASU

2017

(

) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (

) remove the evaluation of whether a market participant could replace missing elements. The amendments in ASU

2017

shall apply prospectively and will become effective for us at the beginning of our

2019

fiscal year. The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

January 2017,

the FASB issued Accounting Standards Update

No.

2017

04,

Intangibles – Goodwill and Other

(Topic

350

Simplifying the Test for Goodwill Impairment

. ASU

2017

eliminates Step

from the goodwill impairment test. Under Step

an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in ASU

2017

04,

an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should

not

exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments in ASU

2017

will become effective for us as of the beginning of our

2021

fiscal year. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after

January 1, 2017.

The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

May 2017,

the FASB issued Accounting Standards Update

No.

2017

09,

Compensation – Stock Compensation

(Topic

718

Scope of Modification Accounting

. ASU

2017

was issued to provide clarity and reduce both (

) diversity in practice and (

) cost and complexity when applying the guidance in Topic

718,

Compensation—Stock Compensation

, to a change to the terms or conditions of a share-based payment award. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic

718.

Essentially, an entity will

not

have to account for the effects of a modification if: (

) The fair value of the modified award is the same immediately before and after the modification; (

) the vesting conditions of the modified award are the same immediately before and after the modification; and (

) the classification of the modified award as either an equity instrument or liability instrument is the same immediately before and after the modification. The amendments in ASU

2017

will become effective for us as of the beginning of our

2019

fiscal year. Early adoption is permitted, including adoption in any interim period. The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

February 2018,

the FASB issued Accounting Standards Update

No.

2018

02,

Income Statement—Reporting Comprehensive Income (Topic

220

): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

. ASU

2018

was issued to provide narrow-scope guidance for entities that are required to apply the provisions of Topic

220,

Income Statement—Reporting Comprehensive Income

, and have items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in ASU

2018

allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Act and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the Tax Cuts and Jobs Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is

not

affected. The amendments in ASU

2018

are effective for all entities for fiscal years beginning after

December 15, 2018,

and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (

) for public business entities for reporting periods for which financial statements have

not

yet been issued and (

) for all other entities for reporting periods for which financial statements have

not

yet been made available for issuance. Because the Act has had a significant impact upon the tax effects of pension costs included in our accumulated other comprehensive loss, we have adopted the guidance in ASU

2018

effective as of the beginning of the

first

quarter of fiscal

2018,

resulting in the reclassification of

$545

of tax benefits from accumulated other comprehensive loss to retained earnings (see Note

August 2018,

the FASB issued Accounting Standards Update

No.

2018

15,

Accounting Standards Update

No.

2018

–

Intangibles

Goodwill and Other

Internal-Use Software (Subtopic

350

): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in ASU

2018

align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is

not

affected by the amendments in ASU

2018

15.

The amendments in ASU

2018

will become effective for us as of the beginning of our

2021

fiscal year. Early adoption is permitted, including adoption in any interim period. We are currently evaluating the impact that this guidance will have upon our financial position and results of operations, if any.