Note 9 - Post Employment Benefit Obligations

6 Months Ended

May 27, 2023

Notes to Financial Statements

Postemployment Benefits Disclosure [Text Block]

9. 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 $6,028 and $5,987 as of May 27, 2023 and November 26, 2022, 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 $1,325 and $1,275 as of May 27, 2023 and November 26, 2022, respectively.

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

	May 27, 2023		November 26, 2022
Accrued compensation and benefits	$	698	$	698
Post employment benefit obligations		6,655		6,564
Total pension liability	$	7,353	$	7,262

Components of net periodic pension costs for our defined benefit plans for the three and six months ended May 27, 2023 and May 28, 2022 are as follows:

	Quarter Ended				Six Months Ended
	May 27, 2023		May 28, 2022		May 27, 2023		May 28, 2022
Service cost	$	7	$	9	$	14	$	18
Interest cost		93		58		185		115
Amortization of prior service costs		31		31		63		63
Amortization of loss		-		33		-		67
Net periodic pension cost	$	131	$	131	$	262	$	263

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 $1,636 and $1,616 as of May 27, 2023 and November 26, 2022, 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 $2,457 and $2,070 as of May 27, 2023 and November 26, 2022, 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 27, 2023		November 26, 2022
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		3,797		3,390
Total deferred compensation liability	$	4,093	$	3,686

We recognized expense under our deferred compensation arrangements during the three and six months ended May 27, 2023 and May 28, 2022 as follows:

	Quarter Ended				Six Months Ended
	May 27, 2023		May 28, 2022		May 27, 2023		May 28, 2022
Deferred compensation expense (benefit)	$	119	$	7	$	197	$	61