Note 7 - Goodwill and Other Intangible Assets

6 Months Ended

Jun. 01, 2019

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

7. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	June 1, 2019
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(958	)	$	2,592
Technology - customized applications		834		(516	)		318
Total intangible assets subject to amortization		4,384		(1,474	)		2,910
Intangibles not subject to amortization:
Trade names		9,338		-			9,338
Goodwill		16,043		-			16,043
Total goodwill and other intangible assets	$	29,765	$	(1,474	)	$	28,291

	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

There were noaccumulated impairment losses on goodwill as of June 1, 2019 or November 24, 2018.

The carrying amounts of goodwill by reportable segment at both June 1, 2019 and November 24, 2018 were as follows:

Wholesale	$	9,188
Retail		1,926
Logistical services		4,929
Total goodwill	$	16,043

Amortization expense associated with intangible assets during the three and six months ended June 1, 2019 and May 26, 2018 was as follows:

	Quarter Ended				Six Months Ended
	June 1, 2019		May 26, 2018		June 1, 2019		May 26, 2018
Intangible asset amortization expense	$	95	$	95	$	190	$	185

PART I-FINANCIAL INFORMATION-CONTINUED
BASSETT FURNITURE INDUSTRIES, INCORPORATED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-UNAUDITED
JUNE 1, 2019
(Dollars in thousands except share and per share data) 

Estimated future amortization expense for intangible assets that exist at June 1, 2019 is as follows:

Remainder of fiscal 2019	$	189
Fiscal 2020		379
Fiscal 2021		379
Fiscal 2022		279
Fiscal 2023		259
Fiscal 2024		259
Thereafter		1,166
Total	$	2,910