Note 8 - Post Employment Benefit Obligations

9 Months Ended

Aug. 27, 2022

Notes to Financial Statements

Postemployment Benefits Disclosure [Text Block]

8. 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 $9,062 and $9,192 as of August 27, 2022 and November 27, 2021, 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 $1,560 and $1,548 as of August 27, 2022 and November 27, 2021, respectively.

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

	August 27, 2022		November 27, 2021
Accrued compensation and benefits	$	913	$	913
Post employment benefit obligations		9,709		9,827
Total pension liability	$	10,622	$	10,740

Components of net periodic pension costs for our defined benefit plans for the three and nine months ended August 27, 2022 and August 28, 2021 are as follows:

	Quarter Ended				Nine Months Ended
	August 27, 2022		August 28, 2021		August 27, 2022		August 28, 2021
Service cost	$	9	$	31	$	27	$	91
Interest cost		58		48		173		146
Amortization of prior service costs		31		31		94		94
Amortization of loss		33		15		100		45
Net periodic pension cost	$	131	$	125	$	394	$	376

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 operations.

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 $1,657 and $1,648 as of August 27, 2022 and November 27, 2021, 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 $1,946 and $1,789 as of August 27, 2022 and November 27, 2021, 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:

	August 27, 2022		November 27, 2021
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		3,307		3,142
Total deferred compensation liability	$	3,603	$	3,438

We recognized expense under our deferred compensation arrangements during the three and nine months ended August 27, 2022 and August 28, 2021 as follows:

	Quarter Ended					Nine Months Ended
	August 27, 2022			August 28, 2021		August 27, 2022		August 28, 2021
Deferred compensation expense (benefit)	$	(7	)	$	96	$	54	$	451