| Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies Basis of Presentation and Principles of Consolidation Our fiscal year ends on the last Saturday in November, 53 2017, 2016 2015 52 2017, 2016 2015 November 25, 2017, November 26, 2016 November 28, 2015, The equity method of accounting was used for our investment in Zenith prior to the date of acquisition because we exercised significant influence but did not We analyzed our licensees under the requirements for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note 17 810. none. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, valuation of income tax reserves, lease guarantees, insurance reserves and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates. Revenue Recognition Revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. This occurs upon the shipment of goods to independent dealers or, in the case of Company-owned retail stores, upon delivery to the customer. We offer terms varying from 30 60 For retail sales, 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. Estimates for returns and allowances have been recorded as a reduction to revenue. The contracts with our licensee store owners do not Staff Accounting Bulletin No. 104, Revenue Recognition 104” four 1 2 3 4 104 not 2017, 2016 2015, no not Cash Equivalents and Short-Term Investments The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three Our short-term investments consist of certificates of deposit that have original maturities of twelve three Accounts Receivable Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectibility of accounts receivable based on historical experience and current economic trends. Actual losses could differ from those estimates. Concentrations of Credit Risk and Major Customers Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At November 25, 2017 November 26, 2016, 2017 2016 Accounts receivable, net of allowances (Note 5) $ 19,640 $ 18,358 Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17) 2,717 1,865 Total credit risk exposure related to customers $ 22,357 $ 20,223 At November 25, 2017, 29% five November 26, 2015, 30% four 2017, 2016 2015, no 10% one 33%, 36% 26% 2017, 2016 2015, We have no United States or its territories or possessions. Our export sales were approximately $2,288, $3,607, $4,516 2017, 2016, 2015, Inventories Inventories (retail merchandise, finished goods, work in process and raw materials) are stated at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the last-in, first because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories is determined on a first first 54% 53% November 25, 2017 November 26, 2016, may Property and Equipment Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company-owned retail operations , our logistical services operations, and corporate administration. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of 10 39 5 10 Retail Real Estate Retail real estate is comprised of owned and leased properties which have in the past been utilized by licensee operated BHF stores and are now leased or subleased to non-licensee tenants. The net book value of our retail real estate at November 25, 2017 November 26, 2016 $1,758 $2,969, 10 39 $127, $152, $184 2017, 2016, 2015, The net book value of our retail real estate at November 25, 2017 one a building in Chesterfield County, Virginia that was formerly leased to a licensee for the operation of a BHF store. The building is subject to a ground lease that expires in 2020, 2012, second 2017 second 2020 $1,084 2017 During the year ended November 28, 2015 $2,835. 2015 $182 The fiscal 2015 proceeds from sales of property and equipment in the accompanying consolidated statements of cash flows. The fiscal 2017 2015 Goodwill G oodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wood, Upholstery, Retail or Logistical Services. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired. In accordance with ASC Topic 350, Intangibles – Goodwill & Other , the goodwill impairment test consists of a two first not two 350. not 50 not not two not two Based on our qualitative assessment as described above, we have concluded that our goodwill is not November 25, 2017. The first second second application of the acquisition method of accounting as if we had acquired the reporting unit on that date. Our impairment methodology uses a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding future profitability of the reporting unit and industry economic factors. While we believe such assumptions and estimates are reasonable, the actual results may Other Intangible Assets I ntangible assets acquired in a business combination and determined to have an indefinite useful life are not D efinite-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not may Impairment of Long Lived Assets We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets may not may and eventual disposition of the asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on discounted cash flows or appraised values depending on the nature of the assets. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future. When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store. Income Taxes We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note 22. We recognize the tax benefit from an uncertain tax position only if it is more likely than not Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We may W e evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” 14. New Store Pre-Opening Costs Income from operations for fiscal 2017, 2016 2015 $2,413, $1,148 $623, not no Shipping and Handling Costs Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $18,514, $18,451, $18,624 2017, 2016 2015, $17,451, $15,946, $15,383 2017, 2016 2015, Advertising Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled $18,834, $16,688, $16,228 2017, 2016, 2015, I nsurance Reserves We have self-funded insurance programs in place to cover workers’ compensation and health insurance. These insurance programs are subject to various stop-loss limitations. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which may not Supplemental Cash Flow Information In connection with our acquisition of Zenith, non-cash financing activities during fiscal 2015 89,485 $1,675, $8,436. 3 no 2017 2016. Recent Accounting Pronouncements Recently Adopted Pronouncements In March 2017, No. 2017 07 (ASU 2017 07 Compensation – Retirement Benefits (Topic 715 may 2017 07 one 2017 07 2017 07 2017 not Recent Pronouncements Not In May 2014, No. 2014 09 2014 09 606, Revenue from Contracts with Customers 605, 2014 09 605 35, 340 40, 606 two 1 2 2016 2016 08, 2016 10 2016 12, 2014 09, 2016 11, 2014 09. 2014 09 December 15, 2017, not 2014 09 2019 2014 09 may 2014 09. not In July 2015, No. 2015 11, 330 Simplifying the Measurement of Inventory 2015 11 not first first first December 15, 2016. 2015 11 2018 not In January 2016, No. 2016 01, Financial Instruments - Overall (Subtopic 825 10 2016 01 may not 2016 01 2016 01 2019 not In February 2016, No. 2016 02, Leases (Topic 842 2016 02 12 not 2016 02 2016 02 may 2016 02 2020 2016 02 not In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 2016 15 2016 15 2019 not In January 2017, No. 2017 01, Business Combinations (Topic 805 2017 01 not not not 2017 01 1 2 2017 01 2019 not In January 2017, No. 2017 04, Intangibles – Goodwill and Other (Topic 350 2017 04 2 2, 2017 04, not 2017 04 2021 January 1, 2017. not In May 2017, No. 2017 09, Compensation – Stock Compensation (Topic 718 2017 09 1 2 718, 718. not 1 2 3 2017 09 2019 not |
