Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
May 29, 2021 | Jun. 25, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000010329 | |
Entity Registrant Name | BASSETT FURNITURE INDUSTRIES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-27 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 29, 2021 | |
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 ($5.00 par value) | |
Trading Symbol | BSET | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,798,359 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | |
Sales revenue: | ||||
Sales revenues | $ 124,059 | $ 63,801 | $ 237,732 | $ 175,921 |
Selling, general and administrative expenses | 50,001 | 37,730 | 97,843 | 90,027 |
Asset impairment charges | 0 | 12,184 | 0 | 12,184 |
Goodwill impairment charge | 0 | 1,971 | 0 | 1,971 |
Litigation expense | 0 | 1,050 | 0 | 1,050 |
Income (loss) from operations | 8,379 | (31,229) | 14,400 | (29,019) |
Other loss, net | (332) | (765) | (669) | (1,127) |
Income (loss) before income taxes | 8,047 | (31,994) | 13,731 | (30,146) |
Income tax expense (benefit) | 2,073 | (11,642) | 3,746 | (11,004) |
Net income (loss) | $ 5,974 | $ (20,352) | $ 9,985 | $ (19,142) |
Basic earnings (loss) per share (in dollars per share) | $ 0.60 | $ (2.04) | $ 1.01 | $ (1.92) |
Diluted earnings (loss) per share (in dollars per share) | 0.60 | (2.04) | 1.01 | (1.92) |
Regular dividends per share (in dollars per share) | 0.125 | 0.125 | 0.25 | 0.25 |
Special dividend per share (in dollars per share) | $ 0 | $ 0 | $ 0.25 | $ 0 |
Furniture and Accessories [Member] | ||||
Sales revenue: | ||||
Sales revenues | $ 109,997 | $ 53,000 | $ 211,652 | $ 151,942 |
Cost of goods and services sold | 52,911 | 29,452 | 101,163 | 74,722 |
Logistical Services [Member] | ||||
Sales revenue: | ||||
Sales revenues | 14,062 | 10,801 | 26,080 | 23,979 |
Cost of goods and services sold | $ 12,768 | $ 12,643 | $ 24,326 | $ 24,986 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | |
Net income (loss) | $ 5,974 | $ (20,352) | $ 9,985 | $ (19,142) |
Other comprehensive income: | ||||
Amortization associated with awards | 36 | 31 | 72 | 63 |
Other comprehensive income, net of tax | 35 | 25 | 70 | 49 |
Total comprehensive income (loss) | 6,009 | (20,327) | 10,055 | (19,093) |
Pension Plan [Member] | ||||
Other comprehensive income: | ||||
Income taxes related to Retirement Plan | (9) | (8) | (18) | (16) |
Supplemental Employee Retirement Plan [Member] | ||||
Other comprehensive income: | ||||
Amortization associated with awards | 11 | 2 | 22 | 3 |
Income taxes related to Retirement Plan | $ (3) | $ 0 | $ (6) | $ (1) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | May 29, 2021 | Nov. 28, 2020 |
Current assets | ||
Cash and cash equivalents | $ 45,776 | $ 45,799 |
Short-term investments | 17,715 | 17,715 |
Accounts receivable, net | 25,882 | 22,340 |
Inventories | 67,301 | 54,886 |
Recoverable income taxes | 7,789 | 9,666 |
Other current assets | 12,008 | 10,272 |
Total current assets | 176,471 | 160,678 |
Property and equipment, net | 92,581 | 90,917 |
Deferred income taxes | 3,362 | 4,587 |
Goodwill and other intangible assets | 23,637 | 23,827 |
Right of use assets under operating leases | 116,357 | 116,903 |
Other | 6,071 | 5,637 |
Total long-term assets | 149,427 | 150,954 |
Total assets | 418,479 | 402,549 |
Current liabilities | ||
Accounts payable | 28,522 | 23,426 |
Accrued compensation and benefits | 14,124 | 16,964 |
Customer deposits | 47,911 | 39,762 |
Current portion operating lease obligations | 27,358 | 27,078 |
Other current liabilites and accrued expenses | 12,534 | 11,141 |
Total current liabilities | 130,449 | 118,371 |
Long-term liabilities | ||
Post employment benefit obligations | 12,398 | 12,089 |
Long-term portion of operating lease obligations | 109,832 | 111,972 |
Other long-term liabilities | 5,538 | 2,087 |
Total long-term liabilities | 127,768 | 126,148 |
Stockholders’ equity | ||
Common stock | 49,262 | 49,714 |
Retained earnings | 112,325 | 109,710 |
Accumulated other comprehensive loss | (1,325) | (1,394) |
Total stockholders' equity | 160,262 | 158,030 |
Total liabilities and stockholders’ equity | $ 418,479 | $ 402,549 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
May 29, 2021 | May 30, 2020 | |
Operating activities: | ||
Net income (loss) | $ 9,985 | $ (19,142) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,893 | 7,239 |
Gain on lease modification | 0 | (152) |
Asset impairment charges | 0 | 12,184 |
Goodwill, Impairment Loss | 0 | 1,971 |
Inventory valuation charges | 1,100 | 2,936 |
Bad debt valuation charges (recoveries) | (43) | 1,074 |
Deferred income taxes | 1,201 | (521) |
Other, net | 255 | 673 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,399) | 2,483 |
Inventories | (13,515) | 883 |
Other current assets | 25 | (9,091) |
Right of use assets under operating leases | 12,558 | 14,810 |
Customer deposits | 8,149 | (2,150) |
Accounts payable and other liabilities | 2,775 | (2,670) |
Obligations under operating leases | (13,934) | (16,274) |
Net cash provided by (used in) operating activities | 12,050 | (5,747) |
Investing activities: | ||
Purchases of property and equipment | (3,483) | (1,791) |
Proceeds from sales of property and equipment | 96 | 2,345 |
Purchases of investments | 0 | (241) |
Other | (335) | (211) |
Net cash provided by (used in) investing activities | (3,722) | 102 |
Financing activities: | ||
Cash dividends | (4,954) | (1,258) |
Proceeds from the exercise of stock options | 42 | 0 |
Other issuance of common stock | 172 | 157 |
Repurchases of common stock | (2,925) | (1,241) |
Taxes paid related to net share settlement of equity awards | (219) | (215) |
Repayments of finance lease obligations | (467) | (50) |
Net cash used in financing activities | (8,351) | (2,607) |
Change in cash and cash equivalents | (23) | (8,252) |
Cash and cash equivalents - beginning of period | 45,799 | 19,687 |
Cash and cash equivalents - end of period | $ 45,776 | $ 11,435 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 not 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, none Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of operations 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 segment have been eliminated in consolidation, and Zenith’s operating costs and expenses associated with sales to external customers are reported as cost of logistical services in our condensed consolidated statements of operations. Recently Adopted Accounting Pronouncements Effective as of the beginning of fiscal 2021, No. 2016 13, 326 2016 13” 2016 13 2016 13 no Effective as of the beginning of fiscal 2021, No. 2018 15 350 40 2018 15” 2018 15 2018 15 not 2018 15. 2018 15 not Impact of the COVID- 19 On March 11, 2020, 19” 19 second 2020. In response to the restrictive measures imposed by governmental authorities and for the protection of our employees and customers, we temporarily closed our dedicated stores, our manufacturing locations and many of our warehouses for much of the second 2020. second 2020 three six May 30, 2020. 6 10 third fourth 2020 first 2021. Whereas the progress in mass vaccination programs in the U.S. has prompted state and local governments to substantially lift most remaining restrictions on commercial retail activity, it is nevertheless possible that a resurgence in COVID- 19 19 |
Note 2 - Interim Financial Pres
Note 2 - Interim Financial Presentation | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | 2. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three six May 29, 2021 not 10 November 28, 2020. Income Taxes 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. Our effective tax rates for the three six May 29, 2021 three six May 29, 2021, On March 27, 2020 2018, 2019 2020 five three six May 30, 2020 2020 |
Note 3 - Financial Instruments
Note 3 - Financial Instruments and Fair Value Measurements | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. Financial Instruments Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit (CDs), accounts receivable, and accounts payable. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in CDs, accounts receivable, and accounts payable approximate fair value. Investments Our short-term investments of $17,715 at May 29, 2021 November 28, 2020 May 29, 2021, eight May 29, 2021, four May 29, 2021 November 28, 2020 Fair Value Measurement The Company accounts for items measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures 820’s 820 Level 1 Level 2 not Level 3 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. Our primary non-recurring fair value estimates typically involve business acquisitions or the impairment of long-lived assets which involve a combination of Level 2 3 |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Accounts receivable consists of the following: May 29, 2021 November 28, 2020 Gross accounts receivable $ 27,050 $ 23,551 Allowance for doubtful accounts (1,168 ) (1,211 ) Accounts receivable, net $ 25,882 $ 22,340 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 which is applied to accounts pooled on the basis of similar risk characteristics. Judgments are made with respect to the collectibility of accounts receivable within each pool based on historical experience, current payment practices and current economic trends based on our expectations over the expected life of the receivables, which is generally ninety Activity in the allowance for doubtful accounts for the six May 29, 2021 Balance at November 28, 2020 $ 1,211 Reductions to allowance (43 ) Balance at May 29, 2021 $ 1,168 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 3 820, Fair Value Measurements and Disclosures 3. |
Note 5 - Inventories
Note 5 - Inventories | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Domestic furniture inventories are valued at the lower of cost, which is determined using the last-in, first first first Inventories were comprised of the following: May 29, 2021 November 28, 2020 Wholesale finished goods $ 30,979 $ 25,001 Work in process 678 516 Raw materials and supplies 19,474 14,836 Retail merchandise 29,866 27,946 Total inventories on first-in, first-out method 80,997 68,299 LIFO adjustment (9,422 ) (8,891 ) Reserve for excess and obsolete inventory (4,274 ) (4,522 ) $ 67,301 $ 54,886 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 not not not Activity in the reserves for excess quantities and obsolete inventory by segment are as follows: Wholesale Segment Retail Segment Total Balance at November 28, 2020 $ 3,421 $ 1,101 $ 4,522 Additions charged to expense 579 521 1,100 Write-offs (845 ) (503 ) (1,348 ) Balance at May 29, 2021 $ 3,155 $ 1,119 $ 4,274 Our estimates and assumptions have been reasonably accurate in the past. We have not 2021 not |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill and other intangible assets consisted of the following: May 29, 2021 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (1,476 ) $ 2,074 Technology - customized applications 834 (755 ) 79 Total intangible assets subject to amortization $ 4,384 $ (2,231 ) 2,153 Intangibles not subject to amortization: Trade names 9,338 Goodwill 12,146 Total goodwill and other intangible assets $ 23,637 November 28, 2020 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (1,346 ) $ 2,204 Technology - customized applications 834 (695 ) 139 Total intangible assets subject to amortization $ 4,384 $ (2,041 ) 2,343 Intangibles not subject to amortization: Trade names 9,338 Goodwill 12,146 Total goodwill and other intangible assets $ 23,827 The carrying amounts of goodwill by reportable segment at both May 29, 2021 November 28, 2020 Original Accumulated Recorded Impairment Carrying Value Losses Amount Wholesale $ 9,188 $ (1,971 ) $ 7,217 Retail 1,926 (1,926 ) - Logistical services 4,929 - 4,929 Total goodwill $ 16,043 $ (3,897 ) $ 12,146 Due to the impact of the COVID- 19 May 30, 2020, second 2020. three six May 30, 2020. fourth 2020, no Amortization expense associated with intangible assets during the three six May 29, 2021 May 30, 2020 Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Intangible asset amortization expense $ 95 $ 95 $ 189 $ 189 Estimated future amortization expense for intangible assets that exist at May 29, 2021 Remainder of fiscal 2021 $ 189 Fiscal 2022 279 Fiscal 2023 259 Fiscal 2024 259 Fiscal 2025 259 Fiscal 2026 259 Thereafter 649 Total $ 2,153 |
Note 7 - Bank Credit Facility
Note 7 - Bank Credit Facility | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Our bank credit facility provides for a line of credit of up to $25,000. At May 29, 2021, May 29, 2021 2021. January 31, 2022. |
Note 8 - Post Employment Benefi
Note 8 - Post Employment Benefit Obligations | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 8. Defined Benefit Plans We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one May 29, 2021 November 28, 2020, We also have the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Management Savings Plan”) which was established in the second 2017. May 29, 2021 November 28, 2020, The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets: May 29, 2021 November 28, 2020 Accrued compensation and benefits $ 613 $ 613 Post employment benefit obligations 9,392 9,458 Total pension liability $ 10,005 $ 10,071 Components of net periodic pension costs for our defined benefit plans for the three six May 29, 2021 May 30, 2020 Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Service cost $ 31 $ 43 $ 60 $ 87 Interest cost 48 67 98 134 Amortization of prior service costs 31 31 63 63 Amortization of loss 15 2 30 4 Net periodic pension cost $ 125 $ 143 $ 251 $ 288 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 operations. Deferred Compensation Plans We have an unfunded deferred compensation plan that covers one no May 29, 2021 November 28, 2020, We also have an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees which was established under the Management Savings Plan. Our liability under this plan, including both accrued Company contributions and participant salary deferrals, was $1,644 and $1,250 as of May 29, 2021 November 28, 2020, Our combined liability for all deferred compensation arrangements, including Company contributions and participant deferrals under the Management Savings Plan, is recorded as follows in the condensed consolidated balance sheets: May 29, 2021 November 28, 2020 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 3,006 2,631 Total deferred compensation liability $ 3,302 $ 2,927 We recognized expense under our deferred compensation arrangements during the three six May 29, 2021 May 30, 2020 Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Deferred compensation expense $ 202 $ 198 $ 355 $ 294 |
Note 9 - Stock Compensation
Note 9 - Stock Compensation | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 9. 2021 On March 10, 2021, 2021 “2021 2021 2021 2021 2021 may 2021 may may 2021 14A February 8, 2021. During the second 2021, 2021 first 2010 The Bassett Furniture Industries, Incorporated 2010 April 14, 2010 January 13, 2016 ( “2010 April 2020 no six May 29, 2021, 2010 May 29, 2021, 2010 fourth 2022. During the three six May 29, 2021, 2010 May 29, 2021, 2010 Stock compensation expense for the three six May 29, 2021 May 30, 2020 Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Stock compensation expense $ 48 $ 124 $ 62 $ 215 |
Note 10 - Other Operating Losse
Note 10 - Other Operating Losses | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Other Gains and Losses [Text Block] | 10. Fiscal 2020 Asset Impairment Charges During the three six May 30, 2020, five 3 820, 3 During the three six May 30, 2020, May 2020. Litigation Expense During the three six May 30, 2020 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 11. 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 |
Note 12 - Lease Guarantees
Note 12 - Lease Guarantees | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 12. We have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one three May 29, 2021 November 28, 2020, 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 May 29, 2021 November 28, 2020 not |
Note 13 - Earnings (Loss) Per S
Note 13 - Earnings (Loss) Per Share | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. The following reconciles basic and diluted earnings (loss) per share: Net Income Weighted Average Shares Net Income Per Share For the quarter ended May 29, 2021: Basic earnings per share $ 5,974 9,894,627 $ 0.60 Add effect of dilutive securities: Options and restricted shares - 5,476 - Diluted earnings per share $ 5,974 9,900,103 $ 0.60 For the quarter ended May 30, 2020: Basic loss per share $ (20,352 ) 9,956,975 $ (2.04 ) Add effect of dilutive securities: Options and restricted shares* - - - Diluted loss per share $ (20,352 ) 9,956,975 $ (2.04 ) For the six months ended May 29, 2021: Basic earnings per share $ 9,985 9,907,073 $ 1.01 Add effect of dilutive securities: Options and restricted shares - 12,629 - Diluted earnings per share $ 9,985 9,919,702 $ 1.01 For the six months ended May 30, 2020: Basic loss per share $ (19,142 ) 9,992,101 $ (1.92 ) Add effect of dilutive securities: Options and restricted shares * - - - Diluted loss per share $ (19,142 ) 9,992,101 $ (1.92 ) * Due to the net loss, potentially dilutive securities would have been anti-dilutive and are therefore excluded. For the three six May 29, 2021 May 30, 2020, Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Stock options - 5,250 - 5,250 Unvested shares - 51,653 7,105 88,153 Total anti-dilutive securities - 56,903 7,105 93,403 |
Note 14 - Segment Information
Note 14 - Segment Information | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. We have strategically aligned our business into three 280, Segment Reporting ● Wholesale. ● Retail Company-owned stores. ● Logistical services. 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 segment. Inter-company income elimination includes the embedded wholesale profit in the Company-owned store inventory that has not The following table presents our segment information: Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Sales Revenue Wholesale sales of furniture and accessories $ 76,034 $ 33,128 $ 146,298 $ 98,145 Less: Sales to retail segment (28,520 ) (13,299 ) (57,524 ) (45,220 ) Wholesale sales to external customers 47,514 19,829 88,774 52,925 Retail sales of furniture and accessories 62,483 33,171 122,878 99,017 Consolidated net sales of furniture and accessories 109,997 53,000 211,652 151,942 Logistical services revenue 22,244 15,259 42,325 36,574 Less: Services to wholesale segment (8,182 ) (4,458 ) (16,245 ) (12,595 ) Logistical services to external customers 14,062 10,801 26,080 23,979 Total sales revenue $ 124,059 $ 63,801 $ 237,732 $ 175,921 Income (Loss) from Operations Wholesale $ 5,359 $ (7,381 ) $ 10,156 $ (4,668 ) Retail - Company-owned stores 1,652 (9,170 ) 2,746 (10,419 ) Logistical services 1,294 (1,842 ) 1,753 (1,007 ) Inter-company elimination 74 2,369 (255 ) 2,280 Asset impairment charges - (12,184 ) - (12,184 ) Goodwill impairment charge - (1,971 ) - (1,971 ) Litigation expense - (1,050 ) - (1,050 ) Consolidated $ 8,379 $ (31,229 ) $ 14,400 $ (29,019 ) Depreciation and Amortization Wholesale $ 823 $ 782 $ 1,621 $ 1,591 Retail - Company-owned stores 1,581 1,712 3,097 3,442 Logistical services 1,158 1,122 2,175 2,206 Consolidated $ 3,562 $ 3,616 $ 6,893 $ 7,239 Capital Expenditures Wholesale $ 1,409 $ 271 $ 2,166 $ 693 Retail - Company-owned stores 119 42 137 603 Logistical services 1,060 138 1,180 495 Consolidated $ 2,588 $ 451 $ 3,483 $ 1,791 As of As of Identifiable Assets May 29, 2021 November 28, 2020 Wholesale $ 185,780 $ 176,243 Retail - Company-owned stores 168,697 169,105 Logistical services 64,002 57,201 Consolidated $ 418,479 $ 402,549 See Note 15, |
Note 15 - Revenue Recognition
Note 15 - Revenue Recognition | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 15. We recognize revenue when we transfer promised goods or services to our customers in an amount that reflects the consideration we expect 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. At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. All wholesale and retail revenues are recorded net of estimated returns and allowances based on historical patterns. We typically collect a significant portion of the purchase price from our retail customers as a deposit upon order, with the balance typically collected upon delivery. These customer deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $47,911 and $39,762 as of May 29, 2021 November 28, 2020, November 28, 2020 six May 29, 2021. 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 of the amount of time freight has been in transit as of the reporting date compared with our estimate of the total required time for the deliveries. The balances of assets recognized for shipping revenues earned but not May 29, 2021 November 28, 2020, We exclude from revenue all amounts collected from customers for sales tax. We do not one Disaggregated revenue information for sales of furniture and accessories by product category for the three six May 29, 2021 May 30, 2020, Quarter Ended May 29, 2021 May 30, 2020 Wholesale Retail Total Wholesale Retail Total Bassett Custom Upholstery $ 25,960 $ 35,378 $ 61,338 $ 11,728 $ 17,620 $ 29,348 Bassett Leather 10,201 228 10,429 2,881 681 3,562 Bassett Custom Wood 6,839 7,624 14,463 3,053 3,054 6,107 Bassett Casegoods 4,514 10,704 15,218 2,167 6,809 8,976 Accessories, mattresses and other (1) - 8,549 8,549 - 5,007 5,007 Consolidated net sales of furniture and accessories $ 47,514 $ 62,483 $ 109,997 $ 19,829 $ 33,171 $ 53,000 Six Months Ended May 29, 2021 May 30, 2020 Wholesale Retail Total Wholesale Retail Total Bassett Custom Upholstery $ 50,858 $ 69,839 $ 120,697 $ 31,905 $ 54,380 $ 86,285 Bassett Leather 17,756 480 18,236 7,047 1,453 8,500 Bassett Custom Wood 12,176 13,082 25,258 8,254 8,168 16,422 Bassett Casegoods 7,984 21,781 29,765 5,719 19,951 25,670 Accessories, mattresses and other (1) - 17,696 17,696 - 15,065 15,065 Consolidated net sales of furniture and accessories $ 88,774 $ 122,878 $ 211,652 $ 52,925 $ 99,017 $ 151,942 ( 1 Includes the sale of goods other than Bassett-branded products, such as accessories and bedding, and also includes the sale of furniture protection plans. |
Note 16 - Changes to Stockholde
Note 16 - Changes to Stockholders' Equity | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 16. Equity The following changes in our stockholders’ equity occurred during the three six May 29, 2021 May 30, 2020: Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Common Stock: Beginning of period $ 49,567 $ 50,173 $ 49,714 $ 50,581 Issuance of common stock 89 89 120 118 Forfeited shares - - - (35 ) Purchase and retirement of common stock (394 ) (285 ) (572 ) (687 ) End of period $ 49,262 $ 49,977 $ 49,262 $ 49,977 Common Shares Issued and Outstanding: Beginning of period 9,913,496 10,034,591 9,942,787 10,116,291 Issuance of common stock 17,815 17,765 24,036 23,508 Forfeited shares - - - (7,000 ) Purchase and retirement of common stock (78,952 ) (57,000 ) (114,464 ) (137,443 ) End of period 9,852,359 9,995,356 9,852,359 9,995,356 Additional Paid-in Capital: Beginning of period $ - $ - $ - $ 195 Issuance of common stock 42 (7 ) 94 39 Forfeited shares - - - 35 Purchase and retirement of common stock (90 ) (102 ) (156 ) (463 ) Stock based compensation 48 109 62 194 End of period $ - $ - $ - $ - Retained Earnings: Beginning of period $ 109,493 $ 125,078 $ 109,710 $ 129,130 Cumulative effect of a change in accounting principal - - - (3,785 ) Net income (loss) for the period 5,974 (20,352 ) 9,985 (19,142 ) Purchase and retirement of common stock (1,907 ) (87 ) (2,415 ) (304 ) Cash dividends declared (1,235 ) (1,248 ) (4,955 ) (2,508 ) End of period $ 112,325 $ 103,391 $ 112,325 $ 103,391 Accumulated Other Comprehensive Loss: Beginning of period $ (1,359 ) $ (1,211 ) $ (1,394 ) $ (1,236 ) Amortization of pension costs, net of tax 34 24 69 49 End of period $ (1,325 ) $ (1,187 ) $ (1,325 ) $ (1,187 ) |
Note 17 - Recent Accounting Pro
Note 17 - Recent Accounting Pronouncements | 6 Months Ended |
May 29, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 17. In December 2019, No. 2019 12 740 2019 12 2019 12 2019 12 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
May 29, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Effective as of the beginning of fiscal 2021, No. 2016 13, 326 2016 13” 2016 13 2016 13 no Effective as of the beginning of fiscal 2021, No. 2018 15 350 40 2018 15” 2018 15 2018 15 not 2018 15. 2018 15 not |
Impact of the COVID -19 Pandemic Upon Financial Condition and Results of Operations, Policy [Policy Text Block] | Impact of the COVID- 19 On March 11, 2020, 19” 19 second 2020. In response to the restrictive measures imposed by governmental authorities and for the protection of our employees and customers, we temporarily closed our dedicated stores, our manufacturing locations and many of our warehouses for much of the second 2020. second 2020 three six May 30, 2020. 6 10 third fourth 2020 first 2021. Whereas the progress in mass vaccination programs in the U.S. has prompted state and local governments to substantially lift most remaining restrictions on commercial retail activity, it is nevertheless possible that a resurgence in COVID- 19 19 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 6 Months Ended |
May 29, 2021 | |
Notes Tables | |
Schedule Of Accounts Receivable [Table Text Block] | May 29, 2021 November 28, 2020 Gross accounts receivable $ 27,050 $ 23,551 Allowance for doubtful accounts (1,168 ) (1,211 ) Accounts receivable, net $ 25,882 $ 22,340 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | Balance at November 28, 2020 $ 1,211 Reductions to allowance (43 ) Balance at May 29, 2021 $ 1,168 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 6 Months Ended |
May 29, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | May 29, 2021 November 28, 2020 Wholesale finished goods $ 30,979 $ 25,001 Work in process 678 516 Raw materials and supplies 19,474 14,836 Retail merchandise 29,866 27,946 Total inventories on first-in, first-out method 80,997 68,299 LIFO adjustment (9,422 ) (8,891 ) Reserve for excess and obsolete inventory (4,274 ) (4,522 ) $ 67,301 $ 54,886 |
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block] | Wholesale Segment Retail Segment Total Balance at November 28, 2020 $ 3,421 $ 1,101 $ 4,522 Additions charged to expense 579 521 1,100 Write-offs (845 ) (503 ) (1,348 ) Balance at May 29, 2021 $ 3,155 $ 1,119 $ 4,274 |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
May 29, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | May 29, 2021 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (1,476 ) $ 2,074 Technology - customized applications 834 (755 ) 79 Total intangible assets subject to amortization $ 4,384 $ (2,231 ) 2,153 Intangibles not subject to amortization: Trade names 9,338 Goodwill 12,146 Total goodwill and other intangible assets $ 23,637 November 28, 2020 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (1,346 ) $ 2,204 Technology - customized applications 834 (695 ) 139 Total intangible assets subject to amortization $ 4,384 $ (2,041 ) 2,343 Intangibles not subject to amortization: Trade names 9,338 Goodwill 12,146 Total goodwill and other intangible assets $ 23,827 |
Schedule of Goodwill [Table Text Block] | Original Accumulated Recorded Impairment Carrying Value Losses Amount Wholesale $ 9,188 $ (1,971 ) $ 7,217 Retail 1,926 (1,926 ) - Logistical services 4,929 - 4,929 Total goodwill $ 16,043 $ (3,897 ) $ 12,146 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Intangible asset amortization expense $ 95 $ 95 $ 189 $ 189 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of fiscal 2021 $ 189 Fiscal 2022 279 Fiscal 2023 259 Fiscal 2024 259 Fiscal 2025 259 Fiscal 2026 259 Thereafter 649 Total $ 2,153 |
Note 8 - Post Employment Bene_2
Note 8 - Post Employment Benefit Obligations (Tables) | 6 Months Ended |
May 29, 2021 | |
Notes Tables | |
Schedule of Pension Liability [Table Text Block] | May 29, 2021 November 28, 2020 Accrued compensation and benefits $ 613 $ 613 Post employment benefit obligations 9,392 9,458 Total pension liability $ 10,005 $ 10,071 |
Schedule of Net Benefit Costs [Table Text Block] | Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Service cost $ 31 $ 43 $ 60 $ 87 Interest cost 48 67 98 134 Amortization of prior service costs 31 31 63 63 Amortization of loss 15 2 30 4 Net periodic pension cost $ 125 $ 143 $ 251 $ 288 |
Schedule of Deferred Compensation Liability [Table Text Block] | May 29, 2021 November 28, 2020 Accrued compensation and benefits $ 296 $ 296 Post employment benefit obligations 3,006 2,631 Total deferred compensation liability $ 3,302 $ 2,927 |
Recognized Deferred Compensation Expense [Table Text Block] | Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Deferred compensation expense $ 202 $ 198 $ 355 $ 294 |
Note 9 - Stock Compensation (Ta
Note 9 - Stock Compensation (Tables) | 6 Months Ended |
May 29, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Stock compensation expense $ 48 $ 124 $ 62 $ 215 |
Note 13 - Earnings (Loss) Per_2
Note 13 - Earnings (Loss) Per Share (Tables) | 6 Months Ended |
May 29, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income Weighted Average Shares Net Income Per Share For the quarter ended May 29, 2021: Basic earnings per share $ 5,974 9,894,627 $ 0.60 Add effect of dilutive securities: Options and restricted shares - 5,476 - Diluted earnings per share $ 5,974 9,900,103 $ 0.60 For the quarter ended May 30, 2020: Basic loss per share $ (20,352 ) 9,956,975 $ (2.04 ) Add effect of dilutive securities: Options and restricted shares* - - - Diluted loss per share $ (20,352 ) 9,956,975 $ (2.04 ) For the six months ended May 29, 2021: Basic earnings per share $ 9,985 9,907,073 $ 1.01 Add effect of dilutive securities: Options and restricted shares - 12,629 - Diluted earnings per share $ 9,985 9,919,702 $ 1.01 For the six months ended May 30, 2020: Basic loss per share $ (19,142 ) 9,992,101 $ (1.92 ) Add effect of dilutive securities: Options and restricted shares * - - - Diluted loss per share $ (19,142 ) 9,992,101 $ (1.92 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Stock options - 5,250 - 5,250 Unvested shares - 51,653 7,105 88,153 Total anti-dilutive securities - 56,903 7,105 93,403 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 6 Months Ended |
May 29, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Sales Revenue Wholesale sales of furniture and accessories $ 76,034 $ 33,128 $ 146,298 $ 98,145 Less: Sales to retail segment (28,520 ) (13,299 ) (57,524 ) (45,220 ) Wholesale sales to external customers 47,514 19,829 88,774 52,925 Retail sales of furniture and accessories 62,483 33,171 122,878 99,017 Consolidated net sales of furniture and accessories 109,997 53,000 211,652 151,942 Logistical services revenue 22,244 15,259 42,325 36,574 Less: Services to wholesale segment (8,182 ) (4,458 ) (16,245 ) (12,595 ) Logistical services to external customers 14,062 10,801 26,080 23,979 Total sales revenue $ 124,059 $ 63,801 $ 237,732 $ 175,921 Income (Loss) from Operations Wholesale $ 5,359 $ (7,381 ) $ 10,156 $ (4,668 ) Retail - Company-owned stores 1,652 (9,170 ) 2,746 (10,419 ) Logistical services 1,294 (1,842 ) 1,753 (1,007 ) Inter-company elimination 74 2,369 (255 ) 2,280 Asset impairment charges - (12,184 ) - (12,184 ) Goodwill impairment charge - (1,971 ) - (1,971 ) Litigation expense - (1,050 ) - (1,050 ) Consolidated $ 8,379 $ (31,229 ) $ 14,400 $ (29,019 ) Depreciation and Amortization Wholesale $ 823 $ 782 $ 1,621 $ 1,591 Retail - Company-owned stores 1,581 1,712 3,097 3,442 Logistical services 1,158 1,122 2,175 2,206 Consolidated $ 3,562 $ 3,616 $ 6,893 $ 7,239 Capital Expenditures Wholesale $ 1,409 $ 271 $ 2,166 $ 693 Retail - Company-owned stores 119 42 137 603 Logistical services 1,060 138 1,180 495 Consolidated $ 2,588 $ 451 $ 3,483 $ 1,791 As of As of Identifiable Assets May 29, 2021 November 28, 2020 Wholesale $ 185,780 $ 176,243 Retail - Company-owned stores 168,697 169,105 Logistical services 64,002 57,201 Consolidated $ 418,479 $ 402,549 |
Note 15 - Revenue Recognition (
Note 15 - Revenue Recognition (Tables) | 6 Months Ended |
May 29, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Quarter Ended May 29, 2021 May 30, 2020 Wholesale Retail Total Wholesale Retail Total Bassett Custom Upholstery $ 25,960 $ 35,378 $ 61,338 $ 11,728 $ 17,620 $ 29,348 Bassett Leather 10,201 228 10,429 2,881 681 3,562 Bassett Custom Wood 6,839 7,624 14,463 3,053 3,054 6,107 Bassett Casegoods 4,514 10,704 15,218 2,167 6,809 8,976 Accessories, mattresses and other (1) - 8,549 8,549 - 5,007 5,007 Consolidated net sales of furniture and accessories $ 47,514 $ 62,483 $ 109,997 $ 19,829 $ 33,171 $ 53,000 Six Months Ended May 29, 2021 May 30, 2020 Wholesale Retail Total Wholesale Retail Total Bassett Custom Upholstery $ 50,858 $ 69,839 $ 120,697 $ 31,905 $ 54,380 $ 86,285 Bassett Leather 17,756 480 18,236 7,047 1,453 8,500 Bassett Custom Wood 12,176 13,082 25,258 8,254 8,168 16,422 Bassett Casegoods 7,984 21,781 29,765 5,719 19,951 25,670 Accessories, mattresses and other (1) - 17,696 17,696 - 15,065 15,065 Consolidated net sales of furniture and accessories $ 88,774 $ 122,878 $ 211,652 $ 52,925 $ 99,017 $ 151,942 |
Note 16 - Changes to Stockhol_2
Note 16 - Changes to Stockholders' Equity (Tables) | 6 Months Ended |
May 29, 2021 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Quarter Ended Six Months Ended May 29, 2021 May 30, 2020 May 29, 2021 May 30, 2020 Common Stock: Beginning of period $ 49,567 $ 50,173 $ 49,714 $ 50,581 Issuance of common stock 89 89 120 118 Forfeited shares - - - (35 ) Purchase and retirement of common stock (394 ) (285 ) (572 ) (687 ) End of period $ 49,262 $ 49,977 $ 49,262 $ 49,977 Common Shares Issued and Outstanding: Beginning of period 9,913,496 10,034,591 9,942,787 10,116,291 Issuance of common stock 17,815 17,765 24,036 23,508 Forfeited shares - - - (7,000 ) Purchase and retirement of common stock (78,952 ) (57,000 ) (114,464 ) (137,443 ) End of period 9,852,359 9,995,356 9,852,359 9,995,356 Additional Paid-in Capital: Beginning of period $ - $ - $ - $ 195 Issuance of common stock 42 (7 ) 94 39 Forfeited shares - - - 35 Purchase and retirement of common stock (90 ) (102 ) (156 ) (463 ) Stock based compensation 48 109 62 194 End of period $ - $ - $ - $ - Retained Earnings: Beginning of period $ 109,493 $ 125,078 $ 109,710 $ 129,130 Cumulative effect of a change in accounting principal - - - (3,785 ) Net income (loss) for the period 5,974 (20,352 ) 9,985 (19,142 ) Purchase and retirement of common stock (1,907 ) (87 ) (2,415 ) (304 ) Cash dividends declared (1,235 ) (1,248 ) (4,955 ) (2,508 ) End of period $ 112,325 $ 103,391 $ 112,325 $ 103,391 Accumulated Other Comprehensive Loss: Beginning of period $ (1,359 ) $ (1,211 ) $ (1,394 ) $ (1,236 ) Amortization of pension costs, net of tax 34 24 69 49 End of period $ (1,325 ) $ (1,187 ) $ (1,325 ) $ (1,187 ) |
Note 2 - Interim Financial Pr_2
Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | Nov. 24, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 25.80% | (36.40%) | 27.30% | (36.50%) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ (18) | $ 117 |
Note 3 - Financial Instrument_2
Note 3 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | ||
May 29, 2021 | Feb. 27, 2021 | Nov. 28, 2020 | |
Short-term Investments, Total | $ 17,715,000 | $ 17,715,000 | |
Certificates of Deposit, Average Term (Month) | 8 months | ||
Minimum [Member] | |||
Interest Rate of Certificates of Deposit | 0.01% | ||
Maximum [Member] | |||
Interest Rate of Certificates of Deposit | 0.85% | ||
Weighted Average [Member] | |||
Certificates of Deposit, Average Term (Month) | 4 months | ||
Interest Rate of Certificates of Deposit | 0.07% | ||
Certificates of Deposit [Member] | |||
Short-term Investments, Total | $ 17,715,000 | $ 17,715 |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | May 29, 2021 | Nov. 28, 2020 |
Gross accounts receivable | $ 27,050 | $ 23,551 |
Allowance for doubtful accounts | (1,168) | (1,211) |
Accounts receivable, net | $ 25,882 | $ 22,340 |
Note 4 - Accounts Receivable _2
Note 4 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands | 6 Months Ended |
May 29, 2021USD ($) | |
Balance | $ 1,211 |
Reductions to allowance | (43) |
Balance | $ 1,168 |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands | May 29, 2021 | Nov. 28, 2020 |
Wholesale finished goods | $ 30,979 | $ 25,001 |
Work in process | 678 | 516 |
Raw materials and supplies | 19,474 | 14,836 |
Retail merchandise | 29,866 | 27,946 |
Total inventories on first-in, first-out method | 80,997 | 68,299 |
LIFO adjustment | (9,422) | (8,891) |
Reserve for excess and obsolete inventory | (4,274) | (4,522) |
Inventory, Net, Total | $ 67,301 | $ 54,886 |
Note 5 - Inventories - Activity
Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
May 29, 2021 | May 30, 2020 | |
Balance | $ 4,522 | |
Additions charged to expense | 1,100 | $ 2,936 |
Write-offs | (1,348) | |
Balance | 4,274 | |
Operating Segments [Member] | Wholesale Segment [Member] | ||
Balance | 3,421 | |
Additions charged to expense | 579 | |
Write-offs | (845) | |
Balance | 3,155 | |
Operating Segments [Member] | Retail Segment [Member] | ||
Balance | 1,101 | |
Additions charged to expense | 521 | |
Write-offs | (503) | |
Balance | $ 1,119 |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | |
Goodwill, Impairment Loss | $ 0 | $ 1,971 | $ 0 | $ 1,971 |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | May 29, 2021 | Nov. 28, 2020 |
Intangibles subject to amortization, Gross Carrying Amount | $ 4,384 | $ 4,384 |
Intangibles subject to amortization, Accumulated Amortization | (2,231) | (2,041) |
Intangibles subject to amortization, Intangible Assets, Net | 2,153 | 2,343 |
Trade names | 9,338 | 9,338 |
Goodwill | 12,146 | 12,146 |
Total goodwill and other intangible assets | 23,637 | 23,827 |
Customer Relationships [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 3,550 | 3,550 |
Intangibles subject to amortization, Accumulated Amortization | (1,476) | (1,346) |
Intangibles subject to amortization, Intangible Assets, Net | 2,074 | 2,204 |
Technology-Based Intangible Assets [Member] | ||
Intangibles subject to amortization, Gross Carrying Amount | 834 | 834 |
Intangibles subject to amortization, Accumulated Amortization | (755) | (695) |
Intangibles subject to amortization, Intangible Assets, Net | $ 79 | $ 139 |
Note 6 - Goodwill and Other I_5
Note 6 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands | May 29, 2021 | Nov. 28, 2020 |
Original recorded value | $ 16,043 | |
Goodwill Impairment | 3,897 | |
Goodwill, gross amount | 12,146 | $ 12,146 |
Wholesale Segment [Member] | ||
Original recorded value | 9,188 | |
Goodwill Impairment | 1,971 | |
Goodwill, gross amount | 7,217 | |
Retail Segment [Member] | ||
Original recorded value | 1,926 | |
Goodwill Impairment | 1,926 | |
Goodwill, gross amount | 0 | |
Logistical Services [Member] | ||
Original recorded value | 4,929 | |
Goodwill Impairment | 0 | |
Goodwill, gross amount | $ 4,929 |
Note 6 - Goodwill and Other I_6
Note 6 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | |
Intangible asset amortization expense | $ 95 | $ 95 | $ 189 | $ 189 |
Note 6 - Goodwill and Other I_7
Note 6 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | May 29, 2021 | Nov. 28, 2020 |
Remainder of fiscal 2021 | $ 189 | |
Fiscal 2022 | 279 | |
Fiscal 2023 | 259 | |
Fiscal 2024 | 259 | |
Fiscal 2025 | 259 | |
Fiscal 2026 | 259 | |
Thereafter | 649 | |
Total | $ 2,153 | $ 2,343 |
Note 7 - Bank Credit Facility (
Note 7 - Bank Credit Facility (Details Textual) $ in Thousands | 6 Months Ended |
May 29, 2021USD ($) | |
Bank One [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% |
Bank One [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Letters of Credit Outstanding, Amount | $ 3,181 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 21,819 |
Debt Instrument, Basis Spread on Variable Rate | 1.90% |
Bank Two [Member] | |
Letters of Credit Outstanding, Amount | $ 325 |
Note 8 - Post Employment Bene_3
Note 8 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
May 27, 2017 | May 29, 2021 | Nov. 28, 2020 | |
Liability, Other Postretirement Defined Benefit Plan | $ 8,485 | $ 8,565 | |
Unfunded Deferred Compensation Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Recorded Liability | 1,658 | 1,677 | |
Deferred Compensation, Management Savings Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Recorded Liability | 1,644 | 1,250 | |
Management Savings Plan [member] | |||
Defined Benefit Plan, Fixed Future Benefit Award | $ 2,000 | ||
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants | $ 400 | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 1,520 | $ 1,506 |
Note 8 - Post Employment Bene_4
Note 8 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | May 29, 2021 | Nov. 28, 2020 |
Combined pension liability | $ 10,005 | $ 10,071 |
Accrued Compensation and Benefits [Member] | ||
Combined pension liability | 613 | 613 |
Post Employment Benefit Obligations [Member] | ||
Combined pension liability | $ 9,392 | $ 9,458 |
Note 8 - Post Employment Bene_5
Note 8 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | |
Service cost | $ 31 | $ 43 | $ 60 | $ 87 |
Interest cost | 48 | 67 | 98 | 134 |
Amortization of prior service costs | 31 | 31 | 63 | 63 |
Amortization of loss | 15 | 2 | 30 | 4 |
Net periodic pension cost | $ 125 | $ 143 | $ 251 | $ 288 |
Note 8 - Post Employment Bene_6
Note 8 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands | May 29, 2021 | Nov. 28, 2020 |
Liability for all deferred compensation arrangements | $ 3,302 | $ 2,927 |
Accrued Compensation and Benefits [Member] | ||
Liability for all deferred compensation arrangements | 296 | 296 |
Post Employment Benefit Obligations [Member] | ||
Liability for all deferred compensation arrangements | $ 3,006 | $ 2,631 |
Note 8 - Post Employment Bene_7
Note 8 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | |
Deferred compensation expense | $ 202 | $ 198 | $ 355 | $ 294 |
Note 9 - Stock Compensation (De
Note 9 - Stock Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 29, 2021 | May 29, 2021 | May 30, 2020 | Mar. 10, 2021 | |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 219 | $ 215 | ||
Proceeds from Stock Options Exercised | $ 42 | $ 0 | ||
Plan 2021 [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 500,000 | |||
Plan 2021 [Member] | Restricted Stock [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 7,105 | |||
Share-based Compensation Arrangement By Share-based Payment, Award, Equity Instruments, Other Than Options, Grants, Fair Value | $ 175 | |||
Plan 2010 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 5,250 | 5,250 | ||
Proceeds from Stock Options Exercised | $ 42 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 | ||
Plan 2010 [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 31,000 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 10,850 | |||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 219 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 3,500 | 3,500 |
Note 9 - Stock Compensation - C
Note 9 - Stock Compensation - Compensation Expense Related to Restricted Stock and Stock Options Included in Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | |
Stock compensation expense | $ 48 | $ 124 | $ 62 | $ 215 |
Note 10 - Other Operating Los_2
Note 10 - Other Operating Losses (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended |
May 30, 2020 | May 30, 2020 | |
Wage and Hour Violation Claims [Member] | ||
Loss Contingency Accrual, Provision | $ 1,050,000 | $ 1,050,000 |
Underperforming Retail Stores [Member] | ||
Operating Lease, Impairment Loss | 6,239,000 | 6,239,000 |
Underperforming Retail Stores [Member] | ||
Asset Impairment Charges, Total | 11,114,000 | 11,114 |
Closed Custom Upholstery Manufacturing Facility in Grand Prairie, Texas [Member] | ||
Asset Impairment Charges, Total | $ 1,070,000 | $ 1,070,000 |
Note 12 - Lease Guarantees (Det
Note 12 - Lease Guarantees (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
May 29, 2021 | Nov. 28, 2020 | |
Lease Obligations of Licensee Operators [Member] | ||
Loss Contingency, Estimate of Possible Loss | $ 2,073 | $ 1,811 |
Minimum [Member] | ||
Lease Guarantees Term (Year) | 1 year | |
Maximum [Member] | ||
Lease Guarantees Term (Year) | 3 years |
Note 13 - Earnings (Loss) Per_3
Note 13 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | ||
Basic earnings (losses) per share | $ 5,974 | $ (20,352) | $ 9,985 | $ (19,142) | |
Basic earnings (loss) per share, weighted average shares (in shares) | 9,894,627 | 9,956,975 | 9,907,073 | 9,992,101 | |
Basic earnings (loss) per share (in dollars per share) | $ 0.60 | $ (2.04) | $ 1.01 | $ (1.92) | |
Options and restricted shares, net income | $ 0 | $ 0 | [1] | ||
Options and restricted shares, weighted average shares (in shares) | 5,476 | 0 | [1] | 12,629 | |
Diluted earnings (loss) per share | $ 5,974 | $ (20,352) | $ 9,985 | $ (19,142) | |
Diluted income (loss) per share, weighted average shares (in shares) | 9,900,103 | 9,956,975 | 9,919,702 | 9,992,101 | |
Diluted earnings (loss) per share (in dollars per share) | $ 0.60 | $ (2.04) | $ 1.01 | $ (1.92) | |
Diluted earnings (loss) per share | $ 5,974 | $ (20,352) | $ 9,985 | $ (19,142) | |
Diluted income (loss) per share (in shares) | 9,900,103 | 9,956,975 | 9,919,702 | 9,992,101 | |
[1] | Due to the net loss, potentially dilutive securities would have been anti-dilutive and are therefore excluded. |
Note 13 - Earnings (Loss) Per_4
Note 13 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | |
Antidilutive securities (in shares) | 0 | 56,903 | 7,105 | 93,403 |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive securities (in shares) | 0 | 5,250 | 0 | 5,250 |
Unvested Shares [Member] | ||||
Antidilutive securities (in shares) | 0 | 51,653 | 7,105 | 88,153 |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 6 Months Ended |
May 29, 2021 | |
Number of Reportable Segments | 3 |
Note 14 - Segment Information -
Note 14 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | Nov. 28, 2020 | |
Sales revenues | $ 124,059 | $ 63,801 | $ 237,732 | $ 175,921 | |
Income (loss) from Operations | 8,379 | (31,229) | 14,400 | (29,019) | |
Asset impairment charges | 0 | (12,184) | 0 | (12,184) | |
Goodwill impairment charge | 0 | (1,971) | 0 | (1,971) | |
Litigation expense | 0 | (1,050) | 0 | (1,050) | |
Income (loss) from Operations | 8,379 | (31,229) | 14,400 | (29,019) | |
Depreciation and amortization | 3,562 | 3,616 | 6,893 | 7,239 | |
Capital expenditures | 2,588 | 451 | 3,483 | 1,791 | |
Identifiable Assets | 418,479 | 418,479 | $ 402,549 | ||
Wholesale Segment [Member] | |||||
Sales revenues | 47,514 | 19,829 | 88,774 | 52,925 | |
Retail Segment [Member] | |||||
Sales revenues | 122,878 | 99,017 | |||
Logistical Services [Member] | |||||
Sales revenues | 14,062 | 10,801 | 26,080 | 23,979 | |
Furniture and Accessories [Member] | |||||
Sales revenues | 109,997 | 53,000 | 211,652 | 151,942 | |
Operating Segments [Member] | Wholesale Segment [Member] | |||||
Sales revenues | 76,034 | 33,128 | 146,298 | 98,145 | |
Income (loss) from Operations | 5,359 | (7,381) | 10,156 | (4,668) | |
Income (loss) from Operations | 5,359 | (7,381) | 10,156 | (4,668) | |
Depreciation and amortization | 823 | 782 | 1,621 | 1,591 | |
Capital expenditures | 1,409 | 271 | 2,166 | 693 | |
Identifiable Assets | 185,780 | 185,780 | 176,243 | ||
Operating Segments [Member] | Retail Segment [Member] | |||||
Sales revenues | 62,483 | 33,171 | 122,878 | 99,017 | |
Income (loss) from Operations | 1,652 | (9,170) | 2,746 | (10,419) | |
Income (loss) from Operations | 1,652 | (9,170) | 2,746 | (10,419) | |
Depreciation and amortization | 1,581 | 1,712 | 3,097 | 3,442 | |
Capital expenditures | 119 | 42 | 137 | 603 | |
Identifiable Assets | 168,697 | 168,697 | 169,105 | ||
Operating Segments [Member] | Logistical Services [Member] | |||||
Sales revenues | 22,244 | 15,259 | 42,325 | 36,574 | |
Income (loss) from Operations | 1,294 | (1,842) | 1,753 | (1,007) | |
Income (loss) from Operations | 1,294 | (1,842) | 1,753 | (1,007) | |
Depreciation and amortization | 1,158 | 1,122 | 2,175 | 2,206 | |
Capital expenditures | 1,060 | 138 | 1,180 | 495 | |
Identifiable Assets | 64,002 | 64,002 | $ 57,201 | ||
Intersegment Eliminations [Member] | |||||
Income (loss) from Operations | 74 | 2,369 | (255) | 2,280 | |
Income (loss) from Operations | 74 | 2,369 | (255) | 2,280 | |
Intersegment Eliminations [Member] | Wholesale Segment [Member] | |||||
Sales revenues | (28,520) | (13,299) | (57,524) | (45,220) | |
Intersegment Eliminations [Member] | Logistical Services [Member] | |||||
Sales revenues | $ (8,182) | $ (4,458) | $ (16,245) | $ (12,595) |
Note 15 - Revenue Recognition_2
Note 15 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 27, 2021 | May 29, 2021 | Nov. 28, 2020 | |
Contract with Customer, Liability, Total | $ 47,911 | $ 39,762 | |
Maximum [Member] | |||
Contract with Customer, Timing of Payment (Year) | 1 year | ||
Shipping and Handling [Member] | |||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 962 | $ 783 |
Note 15 - Revenue Recognition -
Note 15 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | ||
Sales revenues | $ 124,059 | $ 63,801 | $ 237,732 | $ 175,921 | |
Bassett Custom Upholstery [Member] | |||||
Sales revenues | 61,338 | 29,348 | 120,697 | 86,285 | |
Bassett Leather [Member] | |||||
Sales revenues | 10,429 | 3,562 | 18,236 | 8,500 | |
Bassett Custom Wood [Member] | |||||
Sales revenues | 14,463 | 6,107 | 25,258 | 16,422 | |
Bassett Casegoods [Member] | |||||
Sales revenues | 15,218 | 8,976 | 29,765 | 25,670 | |
Accessories, Mattresses and Other [Member] | |||||
Sales revenues | [1] | 8,549 | 5,007 | 17,696 | 15,065 |
Furniture and Accessories [Member] | |||||
Sales revenues | 109,997 | 53,000 | 211,652 | 151,942 | |
Wholesale Segment [Member] | |||||
Sales revenues | 47,514 | 19,829 | 88,774 | 52,925 | |
Wholesale Segment [Member] | Bassett Custom Upholstery [Member] | |||||
Sales revenues | 25,960 | 11,728 | 50,858 | 31,905 | |
Wholesale Segment [Member] | Bassett Leather [Member] | |||||
Sales revenues | 10,201 | 2,881 | 17,756 | 7,047 | |
Wholesale Segment [Member] | Bassett Custom Wood [Member] | |||||
Sales revenues | 6,839 | 3,053 | 12,176 | 8,254 | |
Wholesale Segment [Member] | Bassett Casegoods [Member] | |||||
Sales revenues | 4,514 | 2,167 | 7,984 | 5,719 | |
Wholesale Segment [Member] | Accessories, Mattresses and Other [Member] | |||||
Sales revenues | [1] | 0 | 0 | 0 | 0 |
Wholesale Segment [Member] | Furniture and Accessories [Member] | |||||
Sales revenues | 47,514 | 19,829 | |||
Retail Segment [Member] | |||||
Sales revenues | 122,878 | 99,017 | |||
Retail Segment [Member] | Bassett Custom Upholstery [Member] | |||||
Sales revenues | 35,378 | 17,620 | 69,839 | 54,380 | |
Retail Segment [Member] | Bassett Leather [Member] | |||||
Sales revenues | 228 | 681 | 480 | 1,453 | |
Retail Segment [Member] | Bassett Custom Wood [Member] | |||||
Sales revenues | 7,624 | 3,054 | 13,082 | 8,168 | |
Retail Segment [Member] | Bassett Casegoods [Member] | |||||
Sales revenues | 10,704 | 6,809 | 21,781 | 19,951 | |
Retail Segment [Member] | Accessories, Mattresses and Other [Member] | |||||
Sales revenues | [1] | 8,549 | 5,007 | $ 17,696 | $ 15,065 |
Retail Segment [Member] | Furniture and Accessories [Member] | |||||
Sales revenues | $ 62,483 | $ 33,171 | |||
[1] | Includes the sale of goods other than Bassett-branded products, such as accessories and bedding, and also includes the sale of furniture protection plans. |
Note 16 - Changes to Stockhol_3
Note 16 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 29, 2021 | May 30, 2020 | May 29, 2021 | May 30, 2020 | |
Balance | $ 158,030 | |||
Balance | $ 160,262 | 160,262 | ||
Net income (loss) for the period | 5,974 | $ (20,352) | 9,985 | $ (19,142) |
Common Stock [Member] | ||||
Balance | 49,567 | 50,173 | 49,714 | 50,581 |
Issuance of common stock | 89 | 89 | 120 | 118 |
Forfeited shares | 0 | 0 | 0 | (35) |
Purchase and retirement of common stock | (394) | (285) | (572) | (687) |
Balance | $ 49,262 | $ 49,977 | $ 49,262 | $ 49,977 |
Balance, shares (in shares) | 9,913,496 | 10,034,591 | 9,942,787 | 10,116,291 |
Issuance of common stock, shares (in shares) | 17,815 | 17,765 | 24,036 | 23,508 |
Forfeited shares (in shares) | 0 | 0 | 0 | (7,000) |
Purchase and retirement of common stock, shares (in shares) | (78,952) | (57,000) | (114,464) | (137,443) |
Balance, shares (in shares) | 9,852,359 | 9,995,356 | 9,852,359 | 9,995,356 |
Paid in Capital [Member] | ||||
Balance | $ 0 | $ 0 | $ 0 | $ 195 |
Issuance of common stock | 42 | (7) | 94 | 39 |
Forfeited shares | 0 | 0 | 0 | 35 |
Purchase and retirement of common stock | (90) | (102) | (156) | (463) |
Balance | 0 | 0 | 0 | 0 |
Stock based compensation | 48 | 109 | 62 | 194 |
Retained Earnings [Member] | ||||
Balance | 109,493 | 125,078 | 109,710 | 129,130 |
Purchase and retirement of common stock | (1,907) | (87) | (2,415) | (304) |
Balance | 112,325 | 103,391 | 112,325 | 103,391 |
Cumulative effect of a change in accounting principal | 0 | 0 | 0 | (3,785) |
Net income (loss) for the period | 5,974 | (20,352) | 9,985 | (19,142) |
Cash dividends declared | (1,235) | (1,248) | (4,955) | (2,508) |
AOCI Attributable to Parent [Member] | ||||
Balance | (1,359) | (1,211) | (1,394) | (1,236) |
Balance | (1,325) | (1,187) | (1,325) | (1,187) |
Amortization of pension costs, net of tax | $ 34 | $ 24 | $ 69 | $ 49 |