0001437749-19-019553 | 10-Q | XBRL Viewer | Bassett Furniture Industries INC

Business Combination Disclosure [Text Block]

3. Business Combinations

Acquisition of Lane Venture

On December 21, 2017, we purchased certain assets and assumed certain liabilities of Lane Venture from Heritage Home Group, LLC for $15,556 in cash. Lane Venture is a manufacturer and distributor of premium outdoor furniture, and is now being operated as a component of our wholesale segment.

Under the acquisition method of accounting, the fair value of the consideration transferred was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date with the remaining unallocated amount recorded as goodwill.

The allocation of the $15,556 all-cash purchase price to the acquired assets and liabilities of the Lane Venture business, was as follows:

Allocation of the fair value of consideration transferred:
Identifiable assets acquired:
Accounts receivable, net of reserve	$	1,507
Inventory, net of reserve		3,718
Prepaid expenses and other current assets		37
Intangible assets		7,360
Total identifiable assets acquired		12,622
Liabilities assumed:
Accounts payable		(357	)
Other accrued liabilities		(852	)
Total liabilities assumed		(1,209	)
Net identifiable assets acquired		11,413
Goodwill		4,143
Total net assets acquired	$	15,556

Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to the tangible and intangible assets and liabilities recognized in connection with the acquisition and is deductible for tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill are the expected synergies arising from combining the Company’s manufacturing and distribution capabilities with Lane Venture’s position in the outdoor furnishings market, a segment of the market not previously served by Bassett.

A portion of the fair value of the consideration transferred was assigned to identifiable intangible assets as follows:

	Useful Life
Description	In Years		Fair Value

Trade name		Indefinite	$	6,848
Customer relationships		9		512
Total acquired intangible assets			$	7,360

The finite-lived intangible asset is being amortized on a straight-line basis over its estimated useful life. The indefinite-lived intangible asset and goodwill are not amortized but will be tested for impairment annually or between annual tests if an indicator of impairment exists.

The fair values of consideration transferred and net assets acquired were determined using a combination of Level 2 and Level 3 inputs as specified in the fair value hierarchy in ASC 820, Fair Value Measurements and Disclosures. See Note 4.

Acquisition costs related to the Lane Venture acquisition totaled $256 during the nine months ended August 25, 2018, and are included in selling, general and administrative expenses in the condensed consolidated statements of income. The acquisition costs are primarily related to legal, accounting and valuation services.

The pro forma results of operations for the acquisition of Lane Venture have not been presented because they are not material to our consolidated results of operations for the nine months ended August 25, 2018.

Note 9 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2017	Aug. 31, 2019	Nov. 24, 2018
Unfunded Deferred Compensation Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		$ 1,782	$ 1,837
Deferred Compensation, Management Savings Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		786	611
Management Savings Plan [member]
Deferred Compensation Arrangement with Individual, Contributions by Employer	$ 2,000
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants	$ 400
Deferred Compensation Arrangement with Individual, Recorded Liability		1,147	1,078
Supplemental Employee Retirement Plan [Member]
Liability, Other Postretirement Defined Benefit Plan		$ 10,065	$ 10,574

Note 10 - Other Operating Gains and Losses

9 Months Ended

Aug. 31, 2019

Other Operating Income and Expense [Text Block]

10. Other Operating Gains and Losses

Fiscal 2019

Early Retirement Program

During the first quarter of fiscal 2019, we offered a voluntary early retirement package to certain eligible employees of the Company. Twenty-three employees accepted the offer, which expired on February 28, 2019. These employees are to receive pay equal to one-half their current salary plus benefits over a period of one year from the final day of each individual’s active employment. Accordingly, we recognized a charge of $835 during the nine months ended August 31, 2019. The unpaid obligation of $564 is included in other current liabilities and accrued expenses in our condensed consolidated balance sheet as of August 31, 2019.

Fiscal 2018

Sale of Retail Location

In May 2018 we sold the land and building occupied by our Spring, Texas retail store in connection with the eventual relocation of the store to another site in the Houston market. We received net cash proceeds of $2,463 from the sale, resulting in a gain of $165 recognized during the nine months ended August 25, 2018 which is included in income from operations in our accompanying condensed consolidated statements of income.

Note 9 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 31, 2019	Aug. 25, 2018
Deferred compensation expense	$ 84	$ 161	$ 267	$ 320

Note 6 - Inventories (Tables)

9 Months Ended

Aug. 31, 2019

Schedule of Inventory, Current [Table Text Block]

	August 31, 2019			November 24, 2018
Wholesale finished goods	$	25,756		$	30,750
Work in process		458			432
Raw materials and supplies		17,504			15,503
Retail merchandise		32,848			27,599
Total inventories on first-in, first-out method		76,566			74,284
LIFO adjustment		(8,545	)		(8,326	)
Reserve for excess and obsolete inventory		(2,556	)		(1,766	)
	$	65,465		$	64,192

Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block]

	Wholesale Segment			Retail Segment			Total

Balance at November 24, 2018	$	1,500		$	266		$	1,766
Additions charged to expense		1,481			272			1,753
Write-offs		(741	)		(222	)		(963	)
Balance at August 31, 2019	$	2,240		$	316		$	2,556

Note 7 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands	Aug. 31, 2019 USD ($)
Carrying amounts of goodwill	$ 16,043
Wholesale Segment [Member]
Carrying amounts of goodwill	9,188
Retail Segment [Member]
Carrying amounts of goodwill	1,926
Logistical Services [Member]
Carrying amounts of goodwill	$ 4,929

Note 5 - Accounts Receivable (Tables)

9 Months Ended

Aug. 31, 2019

Schedule Of Accounts Receivable [Table Text Block]

	August 31, 2019			November 24, 2018
Gross accounts receivable	$	21,429		$	19,809
Allowance for doubtful accounts		(789	)		(754	)
Accounts receivable, net	$	20,640		$	19,055

Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]

Balance at November 24, 2018	$	754
Additions to allowance, net		35
Balance at August 31, 2019	$	789

Note 9 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Aug. 31, 2019	Nov. 24, 2018
Combined pension liability	$ 11,212	$ 11,652
Accrued Compensation and Benefits [Member]
Combined pension liability	798	798
Post Employment Benefit Obligations [Member]
Combined pension liability	$ 10,414	$ 10,854

Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2019	Nov. 24, 2018
Operating Lease, Lease and Rental Expense, Unamortized Balance	$ 8,016	$ 6,716
Operating Lease, Lease and Rental Expense, Unamortized Balance, Noncurrent	6,793	5,715
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	1,818	2,021
Other Current Assets [Member]
Prepaid Rent	$ 3,079	$ 245
Minimum [Member]
Lease Guarantees Term	1 year
Minimum [Member] \| Retail Stores [Member]
Lessee, Operating Lease, Term of Contract	1 year
Lessee, Operating Lease, Renewal Term	5 years
Minimum [Member] \| Transportation Equipment [Member]
Lessee, Operating Lease, Term of Contract	2 years
Maximum [Member]
Lease Guarantees Term	10 years
Maximum [Member] \| Retail Stores [Member]
Lessee, Operating Lease, Term of Contract	15 years
Lessee, Operating Lease, Renewal Term	15 years
Maximum [Member] \| Transportation Equipment [Member]
Lessee, Operating Lease, Term of Contract	7 years

Note 11 - Commitments and Contingencies - Future Minimum Lease Payments Under the Non-cancellable Operating Leases (Details) $ in Thousands	Aug. 31, 2019 USD ($)
Remainder of fiscal 2019	$ 9,392
Fiscal 2020	36,302
Fiscal 2021	31,230
Fiscal 2022	26,875
Fiscal 2023	21,781
Fiscal 2024	15,738
Thereafter	42,024
Total future minimum lease payments	183,342
Retail Stores [Member]
Remainder of fiscal 2019	6,243
Fiscal 2020	24,305
Fiscal 2021	21,734
Fiscal 2022	19,242
Fiscal 2023	17,419
Fiscal 2024	13,445
Thereafter	41,008
Total future minimum lease payments	143,396
Distribution Centers [Member]
Remainder of fiscal 2019	1,413
Fiscal 2020	5,378
Fiscal 2021	4,748
Fiscal 2022	4,551
Fiscal 2023	3,100
Fiscal 2024	1,299
Thereafter	676
Total future minimum lease payments	21,165
Transportation Equipment Leases [Member]
Remainder of fiscal 2019	1,271
Fiscal 2020	4,878
Fiscal 2021	3,700
Fiscal 2022	2,557
Fiscal 2023	1,251
Fiscal 2024	989
Thereafter	340
Total future minimum lease payments	14,986
All Other Lease Payment [Member]
Remainder of fiscal 2019	465
Fiscal 2020	1,741
Fiscal 2021	1,048
Fiscal 2022	525
Fiscal 2023	11
Fiscal 2024	5
Thereafter	0
Total future minimum lease payments	$ 3,795

Note 7 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Nov. 24, 2018
Remainder of fiscal 2019	$ 95
Fiscal 2020	379
Fiscal 2021	379
Fiscal 2022	279
Fiscal 2023	259
Fiscal 2024	259
Thereafter	1,165
Total	$ 2,815	$ 3,099

Note 14 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2019	Nov. 25, 2018	Nov. 24, 2018
Contract with Customer, Liability, Total	$ 22,484		$ 27,157
Contract with Customer, Asset, after Allowance for Credit Loss, Total	466	$ 512
Sales Commissions [Member] \| Other Current Assets [Member]
Capitalized Contract Cost, Net, Total	$ 2,184		$ 2,739
Logistical Services [Member]
Invoice Payment Term	30 days
Minimum [Member]
Payment Terms For Wholesale Customers	30 days
Maximum [Member]
Payment Terms For Wholesale Customers	60 days
Contract with Customer, Timing of Payment	1 year
Revenue, Performance Obligation,Timing	1 year

Note 13 - Segment Information

9 Months Ended

Aug. 31, 2019

Segment Reporting Disclosure [Text Block]

13. Segment Information

We have strategically aligned our business into three reportable segments as defined in ASC 280, Segment Reporting, and as described below:

●

Wholesale. The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company-owned and licensee-owned retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations, which now include Lane Venture (see Note 3, Business Combinations), as well as all corporate selling, general and administrative expenses, including those corporate expenses related to both Company- and licensee-owned stores. Our wholesale segment also includes our holdings of short-term investments and retail real estate previously leased as licensee stores. The earnings and costs associated with these assets are included in other loss, net, in our condensed consolidated statements of income.

●

Retail – Company-owned stores. Our retail segment consists of Company-owned stores and includes the revenues, expenses, assets and liabilities and capital expenditures directly related to these stores and the Company-owned distribution network utilized to deliver products to our retail customers.

●

Logistical services. Our logistical services segment reflects the operations of Zenith. In addition to providing shipping and warehousing services for the Company, Zenith also provides similar services to other customers, primarily in the furniture industry. Revenue from the performance of these services to other customers is included in logistical services revenue in our condensed consolidated statements of income. Zenith’s total operating costs, including those associated with providing logistical services to the Company as well as to third-party customers, are included in selling, general and administrative expenses and were $18,289 and $59,298 for the three and nine months ended August 31, 2019, and $19,979 and $62,011 for the three and nine months ended August 25, 2018, respectively.

During the fourth quarter of fiscal 2018, we substantially completed transferring operational control of home delivery services for BHF stores from Zenith to our retail segment, including the transfer of the assets and many of the employees used in providing that service. Accordingly, the results for the retail and logistical services segments for all periods presented have been restated to present the depreciation and amortization, capital expenditures and identifiable assets associated with home delivery services formerly provided by Zenith to the Bassett retail segment as though they had been incurred within the retail segment, and intercompany revenues for those services are no longer included in the logistical services segment. The impact of the restatement upon the income (loss) from operations for both the logistical services and retail segments was not material. Concurrently with the transfer of home delivery operations to retail, Zenith also ceased providing such services to third party customers. Revenues from Zenith’s home delivery services formerly provided to third party customers and the associated costs thereof continue to be reported in the logistical services segment. Zenith continues to provide other intercompany shipping and warehousing services to Bassett which are eliminated in consolidation.

Inter-company net sales elimination represents the elimination of wholesale sales to our Company-owned stores and the elimination of Zenith logistics revenue from our wholesale and retail segments. Inter-company income elimination includes the embedded wholesale profit in the Company-owned store inventory that has not been realized. These profits will be recorded when merchandise is delivered to the retail consumer. The inter-company income elimination also includes rent paid by our retail stores occupying Company-owned real estate, and the elimination of shipping and handling charges from Zenith for services provided to our wholesale and retail operations.

The following table presents our segment information:

	Quarter Ended						Nine Months Ended
	August 31, 2019			August 25, 2018			August 31, 2019			August 25, 2018
Sales Revenue
Wholesale	$	62,690		$	63,847		$	198,602		$	190,735
Retail - Company-owned stores		66,539			65,430			198,736			198,773
Logistical services		18,899			20,119			60,743			62,770
Inter-company eliminations:
Furniture and accessories		(30,860	)		(29,470	)		(95,789	)		(90,903	)
Logistical services		(7,849	)		(6,970	)		(23,842	)		(21,167	)
Consolidated	$	109,419		$	112,956		$	338,450		$	340,208

Income from Operations
Wholesale	$	3,044		$	3,298		$	10,399		$	9,401
Retail - Company-owned stores		(431	)		858			(6,430	)		971
Logistical services		610			139			1,574			758
Inter-company elimination		177			29			342			907
Early retirement program		-			-			(835	)		-
Consolidated	$	3,400		$	4,324		$	5,050		$	12,037

Depreciation and Amortization
Wholesale	$	752		$	793		$	2,397		$	2,253
Retail - Company-owned stores		1,612			1,333			4,661			4,602
Logistical services		993			1,106			3,034			3,065
Consolidated	$	3,357		$	3,232		$	10,092		$	9,920

Capital Expenditures
Wholesale	$	670		$	1,154		$	2,810		$	3,484
Retail - Company-owned stores		1,482			3,519			6,872			8,002
Logistical services		186			297			969			1,146
Consolidated	$	2,338		$	4,970		$	10,651		$	12,632

	As of		As of
Identifiable Assets	August 31, 2019		November 24, 2018
Wholesale	$	129,639	$	144,209
Retail - Company-owned stores		105,124		96,241
Logistical services		40,653		51,191
Consolidated	$	275,416	$	291,641

Wholesale shipments by type

	Quarter Ended								Nine Months Ended
	August 31, 2019				August 25, 2018				August 31, 2019				August 25, 2018

Bassett Custom Upholstery	$	36,809	58.7	%	$	35,186	55.1	%	$	115,200	58.0	%	$	105,259	55.2	%
Bassett Leather		4,480	7.1	%		4,748	7.4	%		14,714	7.4	%		16,356	8.6	%
Bassett Custom Wood		11,757	18.8	%		11,273	17.7	%		33,958	17.1	%		33,443	17.5	%
Bassett Casegoods		9,644	15.4	%		11,710	18.3	%		32,263	16.2	%		32,455	17.0	%
Accessories (1)		-	0.0	%		930	1.5	%		2,467	1.2	%		3,222	1.7	%
Total	$	62,690	100.0	%	$	63,847	100.0	%	$	198,602	100.0	%	$	190,735	100.0	%

(1)

Beginning with the third quarter of fiscal 2019, our wholesale segment no longer purchases accessory items for resale to our retail segment or to third party customers such as licensees or independent furniture retailers. Our retail segment and third party customers now source their accessory items directly from the accessory vendors.

Note 8 - Notes Payable and Bank Credit Facility (Details Textual) - USD ($) $ in Thousands	Aug. 31, 2019	Nov. 24, 2018
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000
Letters of Credit Outstanding, Amount	2,798
Line of Credit Facility, Remaining Borrowing Capacity	22,202
Bank Two [Member]
Letters of Credit Outstanding, Amount	$ 325
Real Estate Notes Payable Operated in Retail Segment [Member]
Long-term Debt, Total		$ 292

Note 8 - Notes Payable and Bank Credit Facility

9 Months Ended

Aug. 31, 2019

Debt Disclosure [Text Block]

8. Notes Payable and Bank Credit Facility

Real Estate Notes Payable

Certain of our retail real estate properties were financed through commercial mortgages with outstanding principal totaling $292 at November 24, 2018, which was included in other current liabilities and accrued expenses in the accompanying condensed consolidated balance sheet. These obligations were paid in full during the third quarter of fiscal 2019.

Fair Value

We believe that the carrying amount of our notes payable approximated fair value at November 24, 2018. In estimating the fair value, we utilize current market interest rates for similar instruments. The inputs into these fair value calculations reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 4.

Bank Credit Facility

Our credit facility with our bank provides for a line of credit of up to $25,000. This credit facility is unsecured and contains covenants requiring us to maintain certain key financial ratios. We are in compliance with all covenants under the agreement and expect to remain in compliance for the foreseeable future. The credit facility will mature in December 2021.

At August 31, 2019, we had $2,798 outstanding under standby letters of credit against our line, leaving availability under our credit line of $22,202. In addition, we have outstanding standby letters of credit with another bank totaling $325.

Note 16 - Recent Accounting Pronouncements

9 Months Ended

Aug. 31, 2019

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

16. Recent Accounting Pronouncements

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, ASU 2018-11, ASU 2018-20 and ASU 2019-01) 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. Also, ASU 2018-20 provides certain narrow-scope improvements to Topic 842 as it relates to lessors. 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 (refer to Note 11 for information regarding our leases currently classified as operating leases under ASC Topic 840). We have acquired a lease accounting software package and are currently in the process of entering lease data into the system and testing outputs against the requirements of Topic 842. We currently anticipate that we will adopt the guidance of ASU 2016-02 as of the beginning of our 2020 fiscal year using the optional transition method as provided by ASU 2018-11.

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 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.

Note 9 - Post Employment Benefit Obligations

9 Months Ended

Aug. 31, 2019

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 $10,065 and $10,574 as of August 31, 2019 and November 24, 2018, 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 $1,147 and $1,078 as of August 31, 2019 and November 24, 2018, respectively.

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

	August 31, 2019		November 24, 2018
Accrued compensation and benefits	$	798	$	798
Post employment benefit obligations		10,414		10,854

Total pension liability	$	11,212	$	11,652

Components of net periodic pension costs for our defined benefit plans for the three and nine months ended August 31, 2019 and August 25, 2018 are as follows:

	Quarter Ended				Nine Months Ended
	August 31, 2019		August 25, 2018		August 31, 2019		August 25, 2018
Service cost	$	47	$	49	$	141	$	147
Interest cost		110		105		331		315
Amortization of prior service costs		31		31		94		93
Amortization of transition obligation		-		11		-		33
Amortization of loss		46		65		138		195

Net periodic pension cost	$	234	$	261	$	704	$	783

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 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 $1,782 and $1,837 as of August 31, 2019 and November 24, 2018, 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 $786 and $611 as of August 31, 2019 and November 24, 2018, 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 31, 2019		November 24, 2018
Accrued compensation and benefits	$	266	$	266
Post employment benefit obligations		2,302		2,053

Total deferred compensation liability	$	2,568	$	2,319

We recognized expense under our deferred compensation arrangements during the three and nine months ended August 31, 2019 and August 25, 2018 as follows:

Quarter Ended

Nine Months Ended

August 31,

2019

August 25,

2018

August 31,

2019

August 25,

2018

Deferred compensation expense

161

267

320

Note 10 - Other Operating Gains and Losses (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 31, 2019	Aug. 31, 2018	Aug. 25, 2018
Early Retirement Program, Benefits Payment Period			1 year
Early Retirement Program Expense	$ 0	$ 0	$ 835		$ 0
Proceeds from Sale of Property, Plant, and Equipment, Total			119		$ 2,488
Land and Building occupied by Spring, Texas Retail Store [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total				$ 2,463
Gain (Loss) on Disposition of Property Plant Equipment, Total				$ 165
Other Current Liabilities [Member]
Liability, Other Retirement Benefits	$ 564		$ 564

Note 6 - Inventories (Details Textual) $ in Thousands	9 Months Ended
Note 6 - Inventories (Details Textual) $ in Thousands	Aug. 31, 2019 USD ($)
Inventory Write-down	$ 1,753
Wholesale Segment [Member] \| Juvenile Furniture Line of Business [Member]
Inventory Write-down	$ 390

Note 3 - Business Combinations - Acquisitions (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Dec. 21, 2017
Goodwill	$ 16,043
Acquisition of Lane Venture [Member]
Accounts receivable, net of reserve		$ 1,507
Inventory, net of reserve		3,718
Prepaid expenses and other current assets		37
Intangible assets		7,360
Total identifiable assets acquired		12,622
Accounts payable		(357)
Other accrued liabilities		(852)
Total liabilities assumed		(1,209)
Net identifiable assets acquired		11,413
Goodwill		4,143
Total net assets acquired		$ 15,556

Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2019 USD ($)
Balance, beginning	$ 1,766
Inventory Write-down	1,753
Write-offs	(963)
Balance, ending	2,556
Operating Segments [Member] \| Wholesale Segment [Member]
Balance, beginning	1,500
Inventory Write-down	1,481
Write-offs	(741)
Balance, ending	2,240
Operating Segments [Member] \| Retail Segment [Member]
Balance, beginning	266
Inventory Write-down	272
Write-offs	(222)
Balance, ending	$ 316

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Aug. 31, 2019	Sep. 26, 2019
Document Information [Line Items]
Entity Central Index Key	0000010329
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2019
Document Transition Report	false
Entity File Number	000-00209
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-0135270
Entity Address, Address Line One	3525 Fairystone Park Highway
Entity Address, City or Town	Bassett
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24055
City Area Code	276
Local Phone Number	629-6000
Title of 12(b) Security	Common Stock ($5.00 par value)
Trading Symbol	BSET
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,110,196

Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2019	Aug. 25, 2018
Net Cash Provided by (Used in) Operating Activities, Total	$ (2,059)	$ 11,630
Net Cash Provided by (Used in) Investing Activities, Total	(6,038)	(25,890)
Net Cash Provided by (Used in) Financing Activities, Total	$ (10,733)	(13,926)
Reclassification Of Investments in Company-owned Life Insurance Due to ASU 2016-15 [Member]
Net Cash Provided by (Used in) Operating Activities, Total		(672)
Net Cash Provided by (Used in) Investing Activities, Total		672
Reclassification Representing Portion of Debt Payment Attributable to Discount Accretion Due to ASU 2016-15 [Member]
Net Cash Provided by (Used in) Operating Activities, Total		78
Net Cash Provided by (Used in) Financing Activities, Total		$ (78)

Note 15 - Changes to Stockholders' Equity

9 Months Ended

Aug. 31, 2019

Stockholders' Equity Note Disclosure [Text Block]

15. Changes to Stockholders’ Equity

The following changes in our stockholders’ equity occurred during the three and nine months ended August 31, 2019 and August 25, 2018:

	Quarter Ended						Nine Months Ended

	August 31, 2019			August 25, 2018			August 31, 2019			August 25, 2018
Common Stock:

Beginning of period	$	52,262		$	53,736		$	52,638		$	53,690
Issuance of common stock		58			19			339			273
Purchase and retirement of common stock		(1,742	)		(429	)		(2,399	)		(637	)
End of period	$	50,578		$	53,326		$	50,578		$	53,326

Common Shares Issued and Outstanding:

Beginning of period		10,452,345			10,747,122			10,527,636			10,737,950
Issuance of common stock		11,734			3,838			67,935			54,644
Purchase and retirement of common stock		(348,383	)		(85,683	)		(479,875	)		(127,317	)
End of period		10,115,696			10,665,277			10,115,696			10,665,277

Additional Paid-in Capital:

Beginning of period	$	-		$	382		$	-		$	962
Issuance of common stock		28			71			(69	)		18
Purchase and retirement of common stock		(270	)		(713	)		(649	)		(1,849	)
Stock based compensation		242			260			718			869
End of period	$	-		$	-		$	-		$	-

Retained Earnings:

Beginning of period	$	137,127		$	140,934		$	140,009		$	139,378
Cumulative effect of a change in accounting principal		-			-			(21	)		-
Reclassification of certain tax effects from accumulated other comprehensive loss		-			-			-			545
Net income for the period		2,157			2,945			3,210			6,321
Purchase and retirement of common stock		(2,487	)		(1,036	)		(3,798	)		(1,036	)
Cash dividends		(1,264	)		(1,338	)		(3,867	)		(3,703	)
End of period	$	135,533		$	141,505		$	135,533		$	141,505

Accumulated Other Comprehensive Loss:

Beginning of period	$	(2,223	)	$	(2,956	)	$	(2,338	)	$	(2,570	)
Reclassification of certain tax effects from accumulated other comprehensive loss		-			-			-			(545	)
Amortization of pension costs, net of tax		58			80			173			239
End of period	$	(2,165	)	$	(2,876	)	$	(2,165	)	$	(2,876	)

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 31, 2019	Aug. 25, 2018
Net income	$ 2,157	$ 2,945	$ 3,210	$ 6,321
Other comprehensive income:
Other comprehensive income, net of tax	58	80	172	240
Total comprehensive income	2,215	3,025	3,382	6,561
Pension Plan [Member]
Other comprehensive income:
Amortization associated with Retirement Plan	31	31	93	93
Income taxes related to Retirement Plan	(8)	(8)	(24)	(24)
Supplemental Employee Retirement Plan [Member]
Other comprehensive income:
Amortization associated with Retirement Plan	47	76	139	228
Income taxes related to Retirement Plan	$ (12)	$ (19)	$ (36)	$ (57)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Note 2 - Interim Financial Presentation

9 Months Ended

Aug. 31, 2019

Condensed Financial Statements [Text Block]

2. Interim Financial Presentation

All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three and nine months ended August 31, 2019 are not necessarily indicative of results for the full fiscal year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended November 24, 2018.

Income Taxes and Impact of the Tax Cuts and Jobs Act

We calculate an anticipated effective tax rate for the year based on our annual estimates of pretax income and use that effective tax rate to record our year-to-date income tax provision. Any change in annual projections of pretax income could have a significant impact on our effective tax rate for the respective quarter.

On December 22, 2017, The Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act reduced the federal statutory corporate income tax rate from 35% to 21% effective January 1, 2018 for all corporate taxpayers. Our effective tax rates of 30.5% and 28.4% for the three and nine months ended August 31, 2019, respectively, differ from the federal statutory rate of 21% primarily due to the effects of state income taxes and various permanent differences.

Because the Act specified the new 21% tax rate beginning on January 1, 2018, we were only subject to the reduced rate for 11 months of fiscal 2018. Therefore, we computed our income tax expense for fiscal 2018 using a blended federal statutory rate of 22.2%. Our effective tax rates for the three and nine months ended August 25, 2018 were 23.1% and 40.8%, respectively. The effective tax rate for the nine months ended August 25, 2018 differs from the blended statutory rate primarily due to a discrete charge of $2,032 arising from the re-measurement of our deferred tax assets at the lower statutory rate. Other items impacting our effective tax rate for the three and nine months ended August 25, 2018 included the effects of state income taxes and various permanent differences including the favorable impacts of excess tax benefits on stock-based compensation of $26 and $223, respectively, non-taxable life insurance proceeds of $266 during the nine months ended August 25, 2018, and the Section 199: Domestic Production Activities Deduction, which was eliminated by the Act for our fiscal 2019 tax return.

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2019 USD ($)
Balance, beginning	$ 754
Additions to allowance, net	35
Balance, ending	$ 789

Note 7 - Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Aug. 31, 2019

Schedule of Intangible Assets and Goodwill [Table Text Block]

	August 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(1,023	)	$	2,527
Technology - customized applications		834		(546	)		288
Total intangible assets subject to amortization		4,384		(1,569	)		2,815

Intangibles not subject to amortization:
Trade names		9,338		-			9,338
Goodwill		16,043		-			16,043

Total goodwill and other intangible assets	$	29,765	$	(1,569	)	$	28,196

	November 24, 2018
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(829	)	$	2,721
Technology - customized applications		834		(456	)		378

Total intangible assets subject to amortization		4,384		(1,285	)		3,099

Intangibles not subject to amortization:
Trade names		9,338		-			9,338
Goodwill		16,043		-			16,043

Total goodwill and other intangible assets	$	29,765	$	(1,285	)	$	28,480

Schedule of Goodwill [Table Text Block]

Wholesale	$	9,188
Retail		1,926
Logistical services		4,929

Total goodwill	$	16,043

Finite-lived Intangible Assets Amortization Expense [Table Text Block]

	Quarter Ended				Nine Months Ended
	August 31, 2019		August 25, 2018		August 31, 2019		August 25, 2018

Intangible asset amortization expense	$	95	$	95	$	285	$	280

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Remainder of fiscal 2019	$	95
Fiscal 2020		379
Fiscal 2021		379
Fiscal 2022		279
Fiscal 2023		259
Fiscal 2024		259
Thereafter		1,165

Total	$	2,815

Note 3 - Business Combinations (Details Textual) - Acquisition of Lane Venture [Member] - USD ($) $ in Thousands		9 Months Ended
	Dec. 21, 2017	Aug. 25, 2018
Payments to Acquire Businesses, Gross	$ 15,556
Business Combination, Acquisition Related Costs		$ 256

Note 12 - Earnings Per Share

9 Months Ended

Aug. 31, 2019

Earnings Per Share [Text Block]

12. Earnings Per Share

The following reconciles basic and diluted earnings per share:

	Net Income		Weighted Average Shares		Net Income Per Share
For the quarter ended August 31, 2019:

Basic earnings per share	$	2,157		10,212,259	$	0.21
Add effect of dilutive securities:
Options and restricted shares		-		28,276		-
Diluted earnings per share	$	2,157		10,240,535	$	0.21

For the quarter ended August 25, 2018:

Basic earnings per share	$	2,945		10,666,529	$	0.28
Add effect of dilutive securities:
Options and restricted shares		-		33,188		-
Diluted earnings per share	$	2,945		10,699,717	$	0.28


For the nine months ended August 31, 2019:

Basic earnings per share	$	3,210		10,368,891	$	0.31
Add effect of dilutive securities:
Options and restricted shares		-		26,914		-
Diluted earnings per share	$	3,210		10,395,805	$	0.31

For the nine months ended August 25, 2018:

Basic earnings per share	$	6,321		10,684,720	$	0.59
Add effect of dilutive securities:
Options and restricted shares		-		46,632		-
Diluted earnings per share	$	6,321		10,731,352	$	0.59

For the three and nine months ended August 31, 2019 and August 25, 2018, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

Quarter Ended

Nine Months Ended

August 31,

2019

August 25,

2018

August 31,

2019

August 25,

2018

Unvested shares

45,653

5,292

Note 9 - Post Employment Benefit Obligations (Tables)

9 Months Ended

Aug. 31, 2019

Schedule of Pension Liability [Table Text Block]

	August 31, 2019		November 24, 2018
Accrued compensation and benefits	$	798	$	798
Post employment benefit obligations		10,414		10,854

Total pension liability	$	11,212	$	11,652

Schedule of Net Benefit Costs [Table Text Block]

	Quarter Ended				Nine Months Ended
	August 31, 2019		August 25, 2018		August 31, 2019		August 25, 2018
Service cost	$	47	$	49	$	141	$	147
Interest cost		110		105		331		315
Amortization of prior service costs		31		31		94		93
Amortization of transition obligation		-		11		-		33
Amortization of loss		46		65		138		195

Net periodic pension cost	$	234	$	261	$	704	$	783

Schedule of Deferred Compensation Liability [Table Text Block]

	August 31, 2019		November 24, 2018
Accrued compensation and benefits	$	266	$	266
Post employment benefit obligations		2,302		2,053

Total deferred compensation liability	$	2,568	$	2,319

Recognized Deferred Compensation Expense [Table Text Block]

Quarter Ended

Nine Months Ended

August 31,

2019

August 25,

2018

August 31,

2019

August 25,

2018

Deferred compensation expense

161

267

320

Note 11 - Commitments and Contingencies

9 Months Ended

Aug. 31, 2019

Legal Matters and Contingencies [Text Block]

11. Commitments and Contingencies

We are involved in various legal and environmental matters, which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, we believe that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations.

We lease land and buildings that are used in the operation of our Company-owned retail stores as well as in the operation of certain of our licensee-owned stores, and we lease land and buildings at various locations throughout the continental United States for warehousing and distribution hubs used in our retail and logistical services segments. We also lease tractors and trailers used in our logistical services segment, and local delivery trucks used in our retail segment. Our real estate lease terms range from one to 15 years and generally have renewal options of between five and 15 years. Some store leases contain contingent rental provisions based upon sales volume. Our transportation equipment leases have terms ranging from two to seven years with fixed monthly rental payments plus variable charges based upon mileage. The following schedule shows future minimum lease payments under non-cancellable operating leases with terms in excess of one year as of August 31, 2019:

Retail Stores

Warehousing

& Distribution

Centers

Transportation

Equipment

All Other

Total

Remainder of fiscal 2019
$ 6,243 $ 1,413 $ 1,271 $ 465 $ 9,392

Fiscal 2020
24,305 5,378 4,878 1,741 36,302

Fiscal 2021
21,734 4,748 3,700 1,048 31,230

Fiscal 2022
19,242 4,551 2,557 525 26,875

Fiscal 2023
17,419 3,100 1,251 11 21,781

Fiscal 2024
13,445 1,299 989 5 15,738

Thereafter
41,008 676 340 - 42,024

Total future minimum lease payments
$ 143,396 $ 21,165 $ 14,986 $ 3,795 $ 183,342

Improvement allowances received from lessors at the inception of a lease are deferred and amortized over the term of the lease. The unamortized balance of such amounts was $8,016 and $6,716 at August 31, 2019 and November 24, 2018, respectively, with the non-current portion of $6,793 and $5,715, respectively, included in other long term liabilities in our condensed consolidated balance sheets and the remaining current portion included in other current liabilities and accrued expenses. At August 31, 2019 and November 24, 2018 prepaid rent of $3,079 and $245, respectively, was included in other current assets in our condensed consolidated balance sheets.

We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one to ten years. We were contingently liable under licensee lease obligation guarantees in the amount of $1,818 and $2,021 at August 31, 2019 and November 24, 2018, respectively.

In the event of default by an independent dealer under the guaranteed lease, we believe that the risk of loss is mitigated through a combination of options that include, but are not limited to, arranging for a replacement dealer or liquidating the collateral (primarily inventory). The proceeds of the above options are expected to cover the estimated amount of our future payments under the guarantee obligations, net of recorded reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at August 31, 2019 and November 24, 2018 was not material.

Note 3 - Business Combinations (Tables)

9 Months Ended

Aug. 31, 2019

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Allocation of the fair value of consideration transferred:
Identifiable assets acquired:
Accounts receivable, net of reserve	$	1,507
Inventory, net of reserve		3,718
Prepaid expenses and other current assets		37
Intangible assets		7,360
Total identifiable assets acquired		12,622
Liabilities assumed:
Accounts payable		(357	)
Other accrued liabilities		(852	)
Total liabilities assumed		(1,209	)
Net identifiable assets acquired		11,413
Goodwill		4,143
Total net assets acquired	$	15,556

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Useful Life
Description	In Years		Fair Value

Trade name		Indefinite	$	6,848
Customer relationships		9		512
Total acquired intangible assets			$	7,360

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Aug. 31, 2019	Nov. 24, 2018
Current assets
Cash and cash equivalents	$ 14,638	$ 33,468
Short-term investments	17,643	22,643
Accounts receivable, net	20,640	19,055
Inventories	65,465	64,192
Other current assets	13,417	9,189
Total current assets	131,803	148,547
Property and equipment, net	104,908	104,863
Deferred income taxes	3,251	3,266
Goodwill and other intangible assets	28,196	28,480
Other	7,258	6,485
Total long-term assets	38,705	38,231
Total assets	275,416	291,641
Current liabilities
Accounts payable	20,363	27,407
Accrued compensation and benefits	11,046	12,994
Customer deposits	22,484	27,157
Other current liabilites and accrued expenses	11,821	14,261
Total current liabilities	65,714	81,819
Long-term liabilities
Post employment benefit obligations	12,716	13,173
Other long-term liabilities	13,040	6,340
Total long-term liabilities	25,756	19,513
Stockholders’ equity
Common stock	50,578	52,638
Retained earnings	135,533	140,009
Accumulated other comprehensive loss	(2,165)	(2,338)
Total stockholders' equity	183,946	190,309
Total liabilities and stockholders’ equity	$ 275,416	$ 291,641

Note 12 - Earnings Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 31, 2019	Aug. 25, 2018
Unvested Shares [Member]
Anti-dilutive securities (in shares)	45,653	0	45,653	5,292

Note 14 - Revenue Recognition

9 Months Ended

Aug. 31, 2019

Revenue from Contract with Customer [Text Block]

14. Revenue Recognition

We adopted ASU 2014-09, Revenue - Revenue from Contracts with Customers (ASC Topic 606 or "ASC 606") effective as of November 25, 2018, the beginning of our 2019 fiscal year. ASC 606 requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. For our wholesale and retail segments, revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer.

At wholesale, transfer occurs and revenue is recognized upon the shipment of goods to independent dealers and licensee-owned BHF stores. We offer payment terms varying from 30 to 60 days for wholesale customers. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. The contracts with our licensee store owners do not provide for any royalty or license fee to be paid to us.

At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. We typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $22,484 and $27,157 as of August 31, 2019 and November 24, 2018, respectively. Substantially all of the customer deposits held at November 24, 2018 related to performance obligations satisfied during the current period and have therefore been recognized in revenue for the nine months ended August 31, 2019. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. We also sell furniture protection plans to our retail customers on behalf of a third party which is responsible for the performance obligations under the plans. Revenue from the sale of these plans is recognized upon delivery of the goods net of amounts payable to the third party service provider.

For our logistical services segment, line-haul freight revenue is recognized as services are performed and are billed to the customer upon the completion of delivery to the destination. Because the customer receives the benefits of these services as the freight is in transit from point of origin to destination, we recognize revenue using a percentage of completion method based on our estimate the amount of time freight has been in transit as of the reporting date compared with our estimate total required time for the deliveries. We recognize an asset for the amount of line-haul revenue earned but not yet billed which is included in other current assets. The balance of this asset was $466 at August 31, 2019 and $512 at the beginning of the first quarter of fiscal 2019. Warehousing services revenue is based upon warehouse space occupied by a customer’s goods and inventory movements in and out of a warehouse and is recognized as such services are provided and billed to the customer concurrently in the same period. All invoices for logistical services are due 30 days from invoice date.

Sales commissions are expensed as part of selling, general and administrative expenses at the time revenue is recognized because the amortization period would have been one year or less. Sales commissions at wholesale are accrued upon the shipment of goods. Sales commissions at retail are accrued at the time a sale is written (i.e. – when the customer’s order is placed) and are carried as prepaid commissions in other current assets until the goods are delivered and revenue is recognized. At August 31, 2019 and November 24, 2018, our balance of prepaid commissions included in other current assets was $2,184 and $2,739, respectively. We do not incur sales commissions in our logistical services segment.

We adopted ASC 606 using the modified retrospective method and applied the standard only to contracts that were not completed as of initial application. Results for reporting periods beginning after November 24, 2018 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting. Our adoption of ASC 606 did not have a material impact on our consolidated financial statements except for our enhanced presentation and disclosures. We also expect the impact of the adoption of ASC 606 to be immaterial to our net income and financial position on an ongoing basis.

Upon adoption of ASC 606, we have adopted the following policy elections and practical expedients:

●

We exclude from revenue amounts collected from customers for sales tax, which is consistent with our policy prior to the adoption of ASC 606.

●

We do not adjust the promised amount of consideration for the effects of a significant financing component since the period of time between transfer of our goods or services and the collection of consideration from the customer is less than one year.

●

We do not disclose the value of unsatisfied performance obligations because the transfer of goods or services is made within one year of the placement of customer orders.

See Note 13, Segment Information, for disaggregated revenue information.

Note 13 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 31, 2019	Aug. 25, 2018	Nov. 24, 2018
Sales revenue	$ 109,419	$ 112,956	$ 338,450	$ 340,208
Inter-company eliminations:
Sales revenue	109,419	112,956	338,450	340,208
Income from Operations
Income (loss) from Operations	3,400	4,324	5,050	12,037
Early retirement program	0	0	(835)	0
Depreciation and Amortization
Depreciation and amortization	3,357	3,232	10,092	9,920
Capital Expenditures
Capital expenditures	2,338	4,970	10,651	12,632
Identifiable Assets	275,416		275,416		$ 291,641
Wholesale Segment [Member]
Sales revenue	62,690	63,847	198,602	190,735
Inter-company eliminations:
Sales revenue	62,690	63,847	198,602	190,735
Operating Segments [Member] \| Wholesale Segment [Member]
Sales revenue	62,690	63,847	198,602	190,735
Inter-company eliminations:
Sales revenue	62,690	63,847	198,602	190,735
Income from Operations
Income (loss) from Operations	3,044	3,298	10,399	9,401
Depreciation and Amortization
Depreciation and amortization	752	793	2,397	2,253
Capital Expenditures
Identifiable Assets	129,639		129,639		144,209
Operating Segments [Member] \| Wholesale Segment [Member] \| Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital Expenditures
Capital expenditures	670	1,154	2,810	3,484
Operating Segments [Member] \| Company-owned Retail Stores [Member]
Sales revenue	66,539	65,430	198,736	198,773
Inter-company eliminations:
Sales revenue	66,539	65,430	198,736	198,773
Income from Operations
Income (loss) from Operations	(431)	858	(6,430)	971
Depreciation and Amortization
Depreciation and amortization	1,612	1,333	4,661	4,602
Capital Expenditures
Identifiable Assets	105,124		105,124		96,241
Operating Segments [Member] \| Company-owned Retail Stores [Member] \| Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital Expenditures
Capital expenditures	1,482	3,519	6,872	8,002
Operating Segments [Member] \| Logistical Services [Member]
Sales revenue	18,899	20,119	60,743	62,770
Inter-company eliminations:
Sales revenue	18,899	20,119	60,743	62,770
Income from Operations
Income (loss) from Operations	610	139	1,574	758
Depreciation and Amortization
Depreciation and amortization	993	1,106	3,034	3,065
Capital Expenditures
Identifiable Assets	40,653		40,653		$ 51,191
Operating Segments [Member] \| Logistical Services [Member] \| Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital Expenditures
Capital expenditures	186	297	969	1,146
Intersegment Eliminations [Member]
Income from Operations
Income (loss) from Operations	177	29	342	907
Intersegment Eliminations [Member] \| Logistical Services [Member]
Sales revenue	(7,849)	(6,970)	(23,842)	(21,167)
Inter-company eliminations:
Sales revenue	(7,849)	(6,970)	(23,842)	(21,167)
Intersegment Eliminations [Member] \| Furniture and Accessories [Member]
Sales revenue	(30,860)	(29,470)	(95,789)	(90,903)
Inter-company eliminations:
Sales revenue	$ (30,860)	$ (29,470)	$ (95,789)	$ (90,903)

Note 12 - Earnings Per Share (Tables)

9 Months Ended

Aug. 31, 2019

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Net Income		Weighted Average Shares		Net Income Per Share
For the quarter ended August 31, 2019:

Basic earnings per share	$	2,157		10,212,259	$	0.21
Add effect of dilutive securities:
Options and restricted shares		-		28,276		-
Diluted earnings per share	$	2,157		10,240,535	$	0.21

For the quarter ended August 25, 2018:

Basic earnings per share	$	2,945		10,666,529	$	0.28
Add effect of dilutive securities:
Options and restricted shares		-		33,188		-
Diluted earnings per share	$	2,945		10,699,717	$	0.28


For the nine months ended August 31, 2019:

Basic earnings per share	$	3,210		10,368,891	$	0.31
Add effect of dilutive securities:
Options and restricted shares		-		26,914		-
Diluted earnings per share	$	3,210		10,395,805	$	0.31

For the nine months ended August 25, 2018:

Basic earnings per share	$	6,321		10,684,720	$	0.59
Add effect of dilutive securities:
Options and restricted shares		-		46,632		-
Diluted earnings per share	$	6,321		10,731,352	$	0.59

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

Quarter Ended

Nine Months Ended

August 31,

2019

August 25,

2018

August 31,

2019

August 25,

2018

Unvested shares

45,653

5,292

Note 4 - Financial Instruments and Fair Value Measurements

9 Months Ended

Aug. 31, 2019

Fair Value Disclosures [Text Block]

4. Financial Instruments and Fair Value Measurements

Financial Instruments

Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, cost method investments, accounts payable and notes payable. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, and accounts payable approximate fair value.

Investments

Our short-term investments of $17,643 at August 31, 2019 and $22,643 at November 24, 2018 consisted of certificates of deposit (CDs). At August 31, 2019, the CDs had original terms averaging nine months, bearing interest at rates ranging from 0.85% to 2.70%. At August 31, 2019, the weighted average remaining time to maturity of the CDs was approximately four months and the weighted average yield of the CDs was approximately 2.31%. Each CD is placed with a federally insured financial institution and all deposits are within federal deposit insurance limits. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at August 31, 2019 and November 24, 2018 approximates their fair value. During the three and nine months ended August 31, 2019 and August 25, 2018, CDs totaling $5,000 and $482, respectively, matured and the proceeds were not reinvested. These maturities are included in cash flows from investing activities in our condensed consolidated statements of cash flows.

Fair Value Measurement

The Company accounts for items measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures. ASC 820’s valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC 820 classifies these inputs into the following hierarchy:

Level 1 Inputs– Quoted prices for identical instruments in active markets.

Level 2 Inputs– Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 Inputs– Instruments with primarily unobservable value drivers.

We believe that the carrying amounts of our current assets and current liabilities approximate fair value due to the short-term nature of these items. The recurring estimate of the fair value of our notes payable for disclosure purposes (see Note 8) involves Level 3 inputs. Our primary non-recurring fair value estimates typically involve business acquisitions (Note 3) which involve a combination of Level 2 and Level 3 inputs.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 6 - Inventories

9 Months Ended

Aug. 31, 2019

Inventory Disclosure [Text Block]

6. Inventories

Domestic furniture inventories are valued at the lower of cost, which is determined using the last-in, first-out (LIFO) method, or market. Imported inventories and those applicable to Lane Venture are valued at the lower of cost, which is determined using the first-in, first-out (FIFO) method, or net realizable value.

Inventories were comprised of the following:

	August 31, 2019			November 24, 2018
Wholesale finished goods	$	25,756		$	30,750
Work in process		458			432
Raw materials and supplies		17,504			15,503
Retail merchandise		32,848			27,599
Total inventories on first-in, first-out method		76,566			74,284
LIFO adjustment		(8,545	)		(8,326	)
Reserve for excess and obsolete inventory		(2,556	)		(1,766	)
	$	65,465		$	64,192

We estimate an inventory reserve for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand, market conditions and the respective valuations at LIFO. The need for these reserves is primarily driven by the normal product life cycle. As products mature and sales volumes decline, we rationalize our product offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. In determining reserves, we calculate separate reserves on our wholesale and retail inventories. Our wholesale inventories tend to carry the majority of the reserves for excess quantities and obsolete inventory due to the nature of our distribution model. These wholesale reserves primarily represent design and/or style obsolescence. Typically, product is not shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do not typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is not associated with a specific customer order in our retail warehouses.

Activity in the reserves for excess quantities and obsolete inventory by segment are as follows:

	Wholesale Segment			Retail Segment			Total

Balance at November 24, 2018	$	1,500		$	266		$	1,766
Additions charged to expense		1,481			272			1,753
Write-offs		(741	)		(222	)		(963	)
Balance at August 31, 2019	$	2,240		$	316		$	2,556

Additions charged to expense for our wholesale segment during the nine months ended August 31, 2019 includes a $390 inventory valuation charge arising from our decision to exit the juvenile furniture line of business.

Our estimates and assumptions have been reasonably accurate in the past. We have not made any significant changes to our methodology for determining inventory reserves in 2019 and do not anticipate that our methodology is likely to change in the future.

Note 13 - Segment Information (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019 USD ($)	Aug. 25, 2018 USD ($)	Aug. 31, 2019 USD ($)	Aug. 25, 2018 USD ($)
Number of Reportable Segments			3
Zenith Freight Lines [Member]
Operating Expenses, Total	$ 18,289	$ 19,979	$ 59,298	$ 62,011

Note 7 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 31, 2019	Aug. 25, 2018
Intangible asset amortization expense	$ 95	$ 95	$ 285	$ 280

Note 13 - Segment Information (Tables)

9 Months Ended

Aug. 31, 2019

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Quarter Ended						Nine Months Ended
	August 31, 2019			August 25, 2018			August 31, 2019			August 25, 2018
Sales Revenue
Wholesale	$	62,690		$	63,847		$	198,602		$	190,735
Retail - Company-owned stores		66,539			65,430			198,736			198,773
Logistical services		18,899			20,119			60,743			62,770
Inter-company eliminations:
Furniture and accessories		(30,860	)		(29,470	)		(95,789	)		(90,903	)
Logistical services		(7,849	)		(6,970	)		(23,842	)		(21,167	)
Consolidated	$	109,419		$	112,956		$	338,450		$	340,208

Income from Operations
Wholesale	$	3,044		$	3,298		$	10,399		$	9,401
Retail - Company-owned stores		(431	)		858			(6,430	)		971
Logistical services		610			139			1,574			758
Inter-company elimination		177			29			342			907
Early retirement program		-			-			(835	)		-
Consolidated	$	3,400		$	4,324		$	5,050		$	12,037

Depreciation and Amortization
Wholesale	$	752		$	793		$	2,397		$	2,253
Retail - Company-owned stores		1,612			1,333			4,661			4,602
Logistical services		993			1,106			3,034			3,065
Consolidated	$	3,357		$	3,232		$	10,092		$	9,920

Capital Expenditures
Wholesale	$	670		$	1,154		$	2,810		$	3,484
Retail - Company-owned stores		1,482			3,519			6,872			8,002
Logistical services		186			297			969			1,146
Consolidated	$	2,338		$	4,970		$	10,651		$	12,632

	As of		As of
Identifiable Assets	August 31, 2019		November 24, 2018
Wholesale	$	129,639	$	144,209
Retail - Company-owned stores		105,124		96,241
Logistical services		40,653		51,191
Consolidated	$	275,416	$	291,641

Wholesale Revenue by Major Product Category [Table Text Block]

	Quarter Ended								Nine Months Ended
	August 31, 2019				August 25, 2018				August 31, 2019				August 25, 2018

Bassett Custom Upholstery	$	36,809	58.7	%	$	35,186	55.1	%	$	115,200	58.0	%	$	105,259	55.2	%
Bassett Leather		4,480	7.1	%		4,748	7.4	%		14,714	7.4	%		16,356	8.6	%
Bassett Custom Wood		11,757	18.8	%		11,273	17.7	%		33,958	17.1	%		33,443	17.5	%
Bassett Casegoods		9,644	15.4	%		11,710	18.3	%		32,263	16.2	%		32,455	17.0	%
Accessories (1)		-	0.0	%		930	1.5	%		2,467	1.2	%		3,222	1.7	%
Total	$	62,690	100.0	%	$	63,847	100.0	%	$	198,602	100.0	%	$	190,735	100.0	%

Note 12 - Earnings Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 31, 2019	Aug. 25, 2018
Basic earnings (loss) per share, net income (loss)	$ 2,157	$ 2,945	$ 3,210	$ 6,321
Basic earnings (loss) per share, weighted average shares (in shares)	10,212,259	10,666,529	10,368,891	10,684,720
Basic earnings per share (in dollars per share)	$ 0.21	$ 0.28	$ 0.31	$ 0.59
Options and restricted shares	$ 0	$ 0	$ 0	$ 0
Options and restricted shares, weighted average shares (in shares)	28,276	33,188	26,914	46,632
Options and restricted shares, net income per share (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Diluted earnings (loss) per share, net income (loss)	$ 2,157	$ 2,945	$ 3,210	$ 6,321
Diluted earnings (loss) per share, weighted average shares (in shares)	10,240,535	10,699,717	10,395,805	10,731,352
Diluted earnings per share (in dollars per share)	$ 0.21	$ 0.28	$ 0.31	$ 0.59

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Note 11 - Commitments and Contingencies (Tables)

9 Months Ended

Aug. 31, 2019

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

	Retail Stores		Warehousing & Distribution Centers		Transportation Equipment		All Other		Total

Remainder of fiscal 2019	$	6,243	$	1,413	$	1,271	$	465	$	9,392
Fiscal 2020		24,305		5,378		4,878		1,741		36,302
Fiscal 2021		21,734		4,748		3,700		1,048		31,230
Fiscal 2022		19,242		4,551		2,557		525		26,875
Fiscal 2023		17,419		3,100		1,251		11		21,781
Fiscal 2024		13,445		1,299		989		5		15,738
Thereafter		41,008		676		340		-		42,024
Total future minimum lease payments	$	143,396	$	21,165	$	14,986	$	3,795	$	183,342

Note 1 - Basis of Presentation

9 Months Ended

Aug. 31, 2019

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.

References to “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board (“FASB”) as the source of authoritative GAAP.

The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, or the “Company”) and our wholly-owned subsidiaries of which we have a controlling interest. In accordance with ASC Topic 810, we have evaluated our licensees and certain other entities to determine whether they are variable interest entities (“VIEs”) of which we are the primary beneficiary and thus would require consolidation in our financial statements. To date we have concluded that none of our licensees nor any other of our counterparties represent VIEs.

Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of income net of estimates for returns and allowances.

Revenues from logistical services are generated by our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”). Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated in consolidation, and Zenith’s operating costs and expenses are included in selling, general and administrative expenses in our condensed consolidated statements of income.

Our fiscal year, which ends on the last Saturday of November, periodically results in a 53-week year instead of the normal 52 weeks. The current fiscal year ending November 30, 2019 is a 53-week year, with the additional week being included in our first fiscal quarter. Accordingly, the information presented below includes 40 weeks of operations for the nine months ended August 31, 2019 as compared with 39 weeks included in the nine months ended August 25, 2018.

Lane Venture Acquisition

On December 21, 2017, we purchased certain assets and assumed certain liabilities of Lane Venture from Heritage Home Group, LLC. Lane Venture is being operated as a component of our wholesale segment (see Note 3, Business Combinations). Results of operations for the Lane Venture business are included in our condensed consolidated statements of income since the date of acquisition.

Recently Adopted Accounting Pronouncements

Effective as of the beginning of fiscal 2019, we have adopted 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 with comparative amounts in prior period cash flow statements reclassified to conform to the current period presentation. Accordingly, for the nine months ended August 25, 2018 we have reclassified investments in Company-owned life insurance (net of death benefits received) of $672 from cash flows from operating activities to cash flows from investing activities, and we have reclassified $78 representing the portion of a debt payment attributable to discount accretion from cash flows from financing activities to cash flows from operating activities.

As of the beginning of fiscal 2019, we also adopted Accounting Standards Update No. 2014-09, Revenue – Revenue from Contracts with Customers (Topic 606 or “ASC 606”). Refer to Note 14, Revenue Recognition, for more information regarding the impact of ASC 606 on our financial statements.

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Nov. 24, 2018
Wholesale finished goods	$ 25,756	$ 30,750
Work in process	458	432
Raw materials and supplies	17,504	15,503
Retail merchandise	32,848	27,599
Total inventories on first-in, first-out method	76,566	74,284
LIFO adjustment	(8,545)	(8,326)
Reserve for excess and obsolete inventory	(2,556)	(1,766)
Inventory, net	$ 65,465	$ 64,192

Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 31, 2019	Aug. 25, 2018	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	30.50%	23.10%	28.40%	40.80%		22.20%	35.00%
Tax Cuts and Jobs Act of 2017 Provisional Adjustment of Deferred Tax Asset Liability				$ 2,032
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount		$ 26		223
Proceeds from Life Insurance Policy				$ 266
Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					21.00%

Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	Aug. 31, 2019	Nov. 24, 2018
Goodwill, Impaired, Accumulated Impairment Loss	$ 0	$ 0

Note 4 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Nov. 24, 2018
Short-term Investments, Total	$ 17,643		$ 22,643
Certificates of Deposit Terms	9 months
Proceeds from Sale of Short-term Investments	$ 5,000	$ 482
Minimum [Member]
Interest Rate of Certificates of Deposit	0.85%
Maximum [Member]
Interest Rate of Certificates of Deposit	2.70%
Weighted Average [Member]
Certificates of Deposit Terms	4 months
Interest Rate of Certificates of Deposit	2.31%
Certificates of Deposit [Member]
Short-term Investments, Total	$ 17,643		$ 22,643
Proceeds from Sale of Short-term Investments	$ 5,000	$ 482

Note 9 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 31, 2019	Aug. 25, 2018
Service cost	$ 47	$ 49	$ 141	$ 147
Interest cost	110	105	331	315
Amortization of prior service costs	31	31	94	93
Amortization of transition obligation	0	11	0	33
Amortization of loss	46	65	138	195
Net periodic pension cost	$ 234	$ 261	$ 704	$ 783

Note 13 - Segment Information - Wholesale Shipments by Type (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Aug. 31, 2019

Aug. 25, 2018

Aug. 31, 2019

Aug. 25, 2018

Wholesale Segment [Member]

$ 109,419

$ 112,956

$ 338,450

$ 340,208

$ 62,690

$ 63,847

$ 198,602

$ 190,735

Wholesale Segment [Member] | Upholstery [Member]

100.00%

$ 36,809

$ 35,186

$ 115,200

$ 105,259

Wholesale Segment [Member] | Bassett Leather [Member]

58.70%

55.10%

58.00%

55.20%

$ 4,480

$ 4,748

$ 14,714

$ 16,356

Wholesale Segment [Member] | Bassett Custom Wood [Member]

7.10%

7.40%

8.60%

$ 11,757

$ 11,273

$ 33,958

$ 33,443

Wholesale Segment [Member] | Bassett Casegoods [Member]

18.80%

17.70%

17.10%

17.50%

$ 9,644

$ 11,710

$ 32,263

$ 32,455

Wholesale Segment [Member] | Accessories [Member]

15.40%

18.30%

16.20%

17.00%

^[1]

$ 0

$ 930

$ 2,467

$ 3,222

^[1]

0.00%

1.50%

1.20%

1.70%

[1]

Beginning with the third quarter of fiscal 2019, our wholesale segment no longer purchases accessory items for resale to our retail segment or to third party customers such as licensees or independent furniture retailers. Our retail segment and third party customers now source their accessory items directly from the accessory vendors.

Note 5 - Accounts Receivable

9 Months Ended

Aug. 31, 2019

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

5. Accounts Receivable

Accounts receivable consists of the following:

	August 31, 2019			November 24, 2018
Gross accounts receivable	$	21,429		$	19,809
Allowance for doubtful accounts		(789	)		(754	)
Accounts receivable, net	$	20,640		$	19,055

Activity in the allowance for doubtful accounts for the nine months ended August 31, 2019 was as follows:

Balance at November 24, 2018	$	754
Additions to allowance, net		35
Balance at August 31, 2019	$	789

We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 4.

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Nov. 24, 2018
Gross accounts receivable	$ 21,429	$ 19,809
Allowance for doubtful accounts	(789)	(754)
Accounts receivable, net	$ 20,640	$ 19,055

Note 15 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 31, 2019	Aug. 25, 2018
Balance			$ 190,309
Net income for the period	$ 2,157	$ 2,945	3,210	$ 6,321
Balance	183,946		183,946
Common Stock [Member]
Balance	52,262	53,736	52,638	53,690
Issuance of common stock	58	19	339	273
Purchase and retirement of common stock	$ (1,742)	$ (429)	$ (2,399)	$ (637)
Balance, shares (in shares)	10,452,345	10,747,122	10,527,636	10,737,950
Issuance of common stock, shares (in shares)	11,734	3,838	67,935	54,644
Purchase and retirement of common stock, shares (in shares)	(348,383)	(85,683)	(479,875)	(127,317)
Balance, shares (in shares)	10,115,696	10,665,277	10,115,696	10,665,277
Balance	$ 50,578	$ 53,326	$ 50,578	$ 53,326
Paid in Capital [Member]
Balance	0	382	0	962
Issuance of common stock	28	71	(69)	18
Purchase and retirement of common stock	(270)	(713)	(649)	(1,849)
Stock based compensation	242	260	718	869
Balance	0	0	0	0
Retained Earnings [Member]
Balance	137,127	140,934	140,009	139,378
Purchase and retirement of common stock	(2,487)	(1,036)	(3,798)	(1,036)
Cumulative effect of a change in accounting principal	0	0	(21)	0
Reclassification of certain tax effects from accumulated other comprehensive loss	0	0	0	545
Net income for the period	2,157	2,945	3,210	6,321
Cash dividends	(1,264)	(1,338)	(3,867)	(3,703)
Balance	135,533	141,505	135,533	141,505
AOCI Attributable to Parent [Member]
Balance	(2,223)	(2,956)	(2,338)	(2,570)
Reclassification of certain tax effects from accumulated other comprehensive loss	0	0	0	(545)
Amortization of pension costs, net of tax	58	80	173	239
Balance	$ (2,165)	$ (2,876)	$ (2,165)	$ (2,876)

Note 15 - Changes to Stockholders' Equity (Tables)

9 Months Ended

Aug. 31, 2019

Schedule of Stockholders Equity [Table Text Block]

	Quarter Ended						Nine Months Ended

	August 31, 2019			August 25, 2018			August 31, 2019			August 25, 2018
Common Stock:

Beginning of period	$	52,262		$	53,736		$	52,638		$	53,690
Issuance of common stock		58			19			339			273
Purchase and retirement of common stock		(1,742	)		(429	)		(2,399	)		(637	)
End of period	$	50,578		$	53,326		$	50,578		$	53,326

Common Shares Issued and Outstanding:

Beginning of period		10,452,345			10,747,122			10,527,636			10,737,950
Issuance of common stock		11,734			3,838			67,935			54,644
Purchase and retirement of common stock		(348,383	)		(85,683	)		(479,875	)		(127,317	)
End of period		10,115,696			10,665,277			10,115,696			10,665,277

Additional Paid-in Capital:

Beginning of period	$	-		$	382		$	-		$	962
Issuance of common stock		28			71			(69	)		18
Purchase and retirement of common stock		(270	)		(713	)		(649	)		(1,849	)
Stock based compensation		242			260			718			869
End of period	$	-		$	-		$	-		$	-

Retained Earnings:

Beginning of period	$	137,127		$	140,934		$	140,009		$	139,378
Cumulative effect of a change in accounting principal		-			-			(21	)		-
Reclassification of certain tax effects from accumulated other comprehensive loss		-			-			-			545
Net income for the period		2,157			2,945			3,210			6,321
Purchase and retirement of common stock		(2,487	)		(1,036	)		(3,798	)		(1,036	)
Cash dividends		(1,264	)		(1,338	)		(3,867	)		(3,703	)
End of period	$	135,533		$	141,505		$	135,533		$	141,505

Accumulated Other Comprehensive Loss:

Beginning of period	$	(2,223	)	$	(2,956	)	$	(2,338	)	$	(2,570	)
Reclassification of certain tax effects from accumulated other comprehensive loss		-			-			-			(545	)
Amortization of pension costs, net of tax		58			80			173			239
End of period	$	(2,165	)	$	(2,876	)	$	(2,165	)	$	(2,876	)

Note 7 - Goodwill and Other Intangible Assets

9 Months Ended

Aug. 31, 2019