Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Feb. 29, 2020 | Mar. 23, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000039368 | |
Entity Registrant Name | FULLER H B CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-28 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Feb. 29, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-09225 | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-0268370 | |
Entity Address, Address Line One | 1200 Willow Lake Boulevard | |
Entity Address, City or Town | St. Paul | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55110-5101 | |
City Area Code | 651 | |
Local Phone Number | 236-5900 | |
Title of 12(b) Security | Common Stock, par value $1.00 per share | |
Trading Symbol | FUL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 51,411,113 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | |
Net revenue | $ 646,564 | $ 672,935 |
Cost of sales | (476,302) | (493,010) |
Gross profit | 170,262 | 179,925 |
Selling, general and administrative expenses | (141,509) | (145,713) |
Other income (expense), net | (4,969) | (3,365) |
Interest expense | (22,757) | (26,807) |
Interest income | 2,918 | 3,053 |
Income before income taxes and income from equity method investments | 13,883 | 13,823 |
Income taxes | (5,611) | (3,140) |
Income from equity method investments, net of dividends received | 1,634 | 1,565 |
Net income including non-controlling interest | 9,906 | 12,248 |
Net income attributable to non-controlling interest | (11) | (4) |
Net income attributable to H.B. Fuller | $ 9,895 | $ 12,244 |
Basic (in dollars per share) | $ 0.19 | $ 0.24 |
Diluted (in dollars per share) | $ 0.19 | $ 0.24 |
Weighted-average common shares outstanding: | ||
Basic (in shares) | 51,295 | 50,752 |
Diluted (in shares) | 52,580 | 51,901 |
Dividends declared per common share (in dollars per share) | $ 0.160 | $ 0.155 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | |
Net income including non-controlling interest | $ 9,906 | $ 12,248 |
Other comprehensive (loss) income | ||
Foreign currency translation | (2,781) | 17,699 |
Defined benefit pension plans adjustment, net of tax | 2,086 | 1,482 |
Interest rate swaps, net of tax | (8,999) | (11,444) |
Cash flow hedges, net of tax | 4,644 | 4,086 |
Other comprehensive (loss) income | (5,050) | 11,823 |
Comprehensive income | 4,856 | 24,071 |
Less: Comprehensive income attributable to non-controlling interest | 10 | 10 |
Comprehensive income attributable to H.B. Fuller | $ 4,846 | $ 24,061 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Feb. 29, 2020 | Nov. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 78,738 | $ 112,191 |
Trade receivables (net of allowances of $11,845 and $10,682, as of February 29, 2020 and November 30, 2019, respectively) | 457,826 | 493,181 |
Inventories | 380,975 | 337,267 |
Other current assets | 110,691 | 90,723 |
Total current assets | 1,028,230 | 1,033,362 |
Property, plant and equipment | 1,323,664 | 1,304,231 |
Accumulated depreciation | (689,368) | (674,418) |
Property, plant and equipment, net | 634,296 | 629,813 |
Goodwill | 1,281,249 | 1,281,808 |
Other intangibles, net | 796,322 | 799,399 |
Other assets | 285,169 | 241,352 |
Total assets | 4,025,266 | 3,985,734 |
Current liabilities: | ||
Notes payable | 16,572 | 15,732 |
Current maturities of long-term debt | 52,000 | 65,000 |
Trade payables | 333,749 | 298,869 |
Accrued compensation | 57,391 | 78,582 |
Income taxes payable | 16,373 | 23,229 |
Other accrued expenses | 67,230 | 60,745 |
Total current liabilities | 543,315 | 542,157 |
Long-term debt, excluding current maturities | 1,904,900 | 1,898,384 |
Accrued pension liabilities | 81,241 | 80,214 |
Other liabilities | 273,756 | 242,190 |
Total liabilities | 2,803,212 | 2,762,945 |
Commitments and contingencies (Note 15) | ||
H.B. Fuller stockholders' equity: | ||
Preferred stock (no shares outstanding) shares authorized – 10,045,900 | 0 | 0 |
Common stock, par value $1.00 per share, shares authorized – 160,000,000, shares outstanding – 51,407,204 and 51,241,190, as of February 29, 2020 and November 30, 2019, respectively | 51,407 | 51,241 |
Additional paid-in capital | 132,851 | 130,295 |
Retained earnings | 1,385,993 | 1,384,411 |
Accumulated other comprehensive loss | (348,649) | (343,600) |
Total H.B. Fuller stockholders' equity | 1,221,602 | 1,222,347 |
Non-controlling interest | 452 | 442 |
Total equity | 1,222,054 | 1,222,789 |
Total liabilities, non-controlling interest and total equity | $ 4,025,266 | $ 3,985,734 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Feb. 29, 2020 | Nov. 30, 2019 |
Trade receivables, allowances | $ 11,845 | $ 10,682 |
Preferred stock, shares authorized (in shares) | 10,045,900 | 10,045,900 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 |
Common stock, shares outstanding (in shares) | 51,407,204 | 51,241,190 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 01, 2018 | $ 50,733 | $ 95,940 | $ 1,285,246 | $ (280,152) | $ 401 | $ 1,152,168 |
Comprehensive income (loss) | 0 | 0 | 12,244 | 11,817 | 10 | 24,071 |
Dividends | 0 | 0 | (7,962) | 0 | 0 | (7,962) |
Stock option exercises | 41 | 1,025 | 0 | 0 | 0 | 1,066 |
Share-based compensation plans other, net | 168 | 6,233 | 0 | 0 | 0 | 6,401 |
Repurchases of common stock | (58) | (2,625) | 0 | 0 | 0 | (2,683) |
Balance at Mar. 02, 2019 | 50,884 | 100,573 | 1,290,571 | (268,335) | 411 | 1,174,104 |
Change in accounting principles at Dec. 01, 2018 | 0 | 0 | 1,043 | 0 | 0 | 1,043 |
Balance at Dec. 01, 2018 | 50,733 | 95,940 | 1,286,289 | (280,152) | 401 | 1,153,211 |
Balance at Nov. 30, 2019 | 51,241 | 130,295 | 1,384,411 | (343,600) | 442 | 1,222,789 |
Comprehensive income (loss) | 0 | 0 | 9,895 | (5,049) | 10 | 4,856 |
Dividends | 0 | 0 | (8,313) | 0 | 0 | (8,313) |
Stock option exercises | 26 | 881 | 0 | 0 | 0 | 907 |
Share-based compensation plans other, net | 206 | 4,821 | 0 | 0 | 0 | 5,027 |
Repurchases of common stock | (66) | (3,146) | 0 | 0 | 0 | (3,212) |
Balance at Feb. 29, 2020 | $ 51,407 | $ 132,851 | $ 1,385,993 | $ (348,649) | $ 452 | $ 1,222,054 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | |
Cash flows from operating activities: | ||
Net income including non-controlling interest | $ 9,906 | $ 12,248 |
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | ||
Depreciation | 16,595 | 16,842 |
Amortization | 17,990 | 19,212 |
Deferred income taxes | (4,035) | (1,426) |
Income from equity method investments, net of dividends received | (1,634) | (1,565) |
Gain on sale of assets | 0 | 30 |
Share-based compensation | 4,703 | 5,906 |
Trade receivables, net | 33,705 | 5,873 |
Inventories | (46,947) | (21,630) |
Other assets | (32,769) | (21,065) |
Trade payables | 55,110 | 7,905 |
Accrued compensation | (21,145) | (19,205) |
Other accrued expenses | (3,055) | (5,253) |
Income taxes payable | 3,040 | 1,622 |
Accrued / prepaid pensions | (1,120) | (5,289) |
Other liabilities | (12,801) | 3,009 |
Other | (2,638) | 12,541 |
Net cash provided by operating activities | 34,427 | 493 |
Cash flows from investing activities: | ||
Purchased property, plant and equipment | (32,124) | (13,865) |
Purchased businesses, net of cash acquired | (9,500) | 0 |
Purchase of assets | (3,998) | 0 |
Proceeds from sale of property, plant and equipment | 1,516 | 141 |
Cash payments related to government grant | (234) | 0 |
Net cash used in investing activities | (44,340) | (13,724) |
Cash flows from financing activities: | ||
Repayment of long-term debt | (13,000) | (20,000) |
Net proceeds from notes payable | 1,497 | 2,645 |
Dividends paid | (8,222) | (7,883) |
Proceeds from stock options exercised | 907 | 1,065 |
Repurchases of common stock | (3,213) | (2,683) |
Net cash used in financing activities | (22,031) | (26,856) |
Effect of exchange rate changes on cash and cash equivalents | (1,509) | 2,770 |
Net change in cash and cash equivalents | (33,453) | (37,317) |
Cash and cash equivalents at beginning of period | 112,191 | 150,793 |
Cash and cash equivalents at end of period | $ 78,738 | $ 113,476 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1: Overview The accompanying unaudited interim Consolidated Financial Statements of H.B. Fuller Company and Subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10 10 X. not not may The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from these estimates. These unaudited interim Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10 November 30, 2019 Change in Segments As of November 30, 2019, 2020, Change in Accounting Principle – Leases In February 2016, No. 2016 02, Leases (Subtopic 842 December 2018, No. 2018 20, Leases (Topic 842 2016 02, No. 2019 01, 842 July 2018, No. 2018 11, Leases (Topic 842 not 842 840. not July 2018, No. 2018 10, Codification Improvements to Topic 842, No. 2016 02. We adopted these ASUs and related standards during the first February 29, 2020 December 1, 2019 $28,254 not 6. Change in Accounting Principle – Revenue Recognition In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 March 2, 2019 December 1, 2018 not 16. In March 2016, No. 2016 08, Revenue from Contracts with Customers (Topic 606 No. 2014 09 March 2, 2019 No. 2014 09 Change in Accounting Principle – Income Tax Impact of Intra-Entity Transfers of Assets Other Than Inventory In October 2016, No. 2016 16, Income Taxes (Topic 740 third March 2, 2019. December 1, 2018 New Accounting Pronouncements In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. In December 2019, No. 2019 12, Income Taxes (Topic 740 November 28, 2021 not In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 No. 2018 19, Codification Improvements to Topic 326, November 2018, No. 2019 04, Codification Improvements to Topic 326, April 2019 No. 2019 11, Codification Improvements to Topic 326, November 2019. No. 2018 19 842, Leases No. 2019 04 No. 2019 11 No. 2016 13. No. 2016 13 No. 2016 13. November 29, 2020. |
Note 2 - Acquisitions and Dives
Note 2 - Acquisitions and Divestiture | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2: D.H.M. Adhesives, Inc On February 3, 2020, November 27, 2021 December 3, 2022. February 29, 2020, 13 not not Ramapo Sales and Marketing, Inc. On May 17, 2019, twelve December 31, 2019. February 29, 2020, |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | Note 3: The Company has approved restructuring plans consisting of consolidation plans, organizational changes and other actions related to the reorganization of our business into three segments, the integration of the operations of Royal Adhesives with the operations of the Company, and other actions to optimize operations. The following table summarizes the pre-tax distribution of charges under these restructuring plans by income statement classification: Three Months Ended February 29, 2020 March 2, 2019 Cost of sales $ 60 $ 376 Selling, general and administrative (17 ) 1,077 $ 43 $ 1,453 The restructuring charges are all recorded in Corporate Unallocated. A summary of the restructuring liability is presented below: Employee-Related Asset-Related Other Total Balance at December 1, 2018 $ 4,256 $ - $ - $ 4,256 Expenses incurred 9,140 1,929 3,466 14,535 Non-cash charges - (968 ) - (968 ) Cash payments (3,494 ) (961 ) (2,542 ) (6,997 ) Foreign currency translation (72 ) - - (72 ) Balance at November 30, 2019 $ 9,830 $ - $ 924 $ 10,754 Expenses incurred (379 ) - 422 43 Cash payments (2,666 ) - (759 ) (3,425 ) Foreign currency translation 2 - - 2 Balance at February 29, 2020 $ 6,787 $ - $ 587 $ 7,374 Non-cash charges include accelerated depreciation resulting from the cessation of use of certain long-lived assets. Restructuring liabilities have been classified as a component of other accrued expenses in the Consolidated Balance Sheets. |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4: The composition of inventories is as follows: February 29, November 30, 2020 2019 Raw materials $ 171,896 $ 150,338 Finished goods 209,079 186,929 Total inventories $ 380,975 $ 337,267 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5: Goodwill and Other Intangible Assets The goodwill activity for the three February 29, 2020 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Balance at November 30, 2019 $ 321,274 $ 649,555 $ 310,979 $ 1,281,808 Acquisition 1,071 (746 ) - 325 Currency impact 1,489 (2,270 ) (103 ) (884 ) Balance at February 29, 2020 $ 323,834 $ 646,539 $ 310,876 $ 1,281,249 As discussed in Note 16, 2020, three Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, are as follows: February 29, 2020 Amortizable Intangible Assets Purchased Technology and Patents Customer Relationships Trade Names Other Total Original cost $ 110,212 $ 924,540 $ 62,539 $ 11,421 $ 1,108,712 Accumulated amortization (45,951 ) (236,848 ) (25,964 ) (4,107 ) (312,870 ) Net identifiable intangibles $ 64,261 $ 687,692 $ 36,575 $ 7,314 $ 795,842 November 30, 2019 Amortizable Intangible Assets Purchased Technology and Patents Customer Relationships Trade Names Other Total Original cost $ 109,967 $ 913,968 $ 62,537 $ 27,453 $ 1,113,925 Accumulated amortization (43,351 ) (223,563 ) (24,819 ) (23,273 ) (315,006 ) Net identifiable intangibles $ 66,616 $ 690,405 $ 37,718 $ 4,180 $ 798,919 Amortization expense with respect to amortizable intangible assets was $17,990 and $19,212 for the three February 29, 2020 March 2, 2019, Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for the next five Remainder Fiscal Year 2020 2021 2022 2023 2024 Thereafter Amortization Expense $ 52,567 $ 69,025 $ 67,533 $ 64,673 $ 59,892 $ 482,152 Non-amortizable intangible assets as of February 29, 2020 November 30, 2019 |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 6: We adopted ASU No. 2016 02 842” first February 29, 2020 not 842 first February 29, 2020. 842 not 842, not not As a lessee, the Company leases office, manufacturing and warehouse space and equipment. Certain lease agreements include rental payments adjusted annually based on changes in an inflation index. Our leases do not Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is the Company’s incremental borrowing rate. We determine the incremental borrowing rate for each lease based primarily on its lease term and the economic environment of the applicable country or region. Certain leases include one five not For the measurement and classification of its lease agreements, we group lease and non-lease components into a single lease component for all underlying asset classes. Variable lease payments primarily include payments for non-lease components, such as maintenance costs, payments for leased assets used beyond their non-cancelable lease term as adjusted for contractual options to terminate or renew, and payments for non-components such as sales tax. Certain leases contain immaterial variable lease payments based on usage. We also enter into insignificant finance leases. The components of lease expense are as follows: Three Months Ended February 29, 2020 Operating lease cost $ 3,261 Variable lease cost 758 Total net lease cost $ 4,019 Supplemental balance sheet information related to leases is as follows: Three Months Ended Location on February 29, Balance Sheet 2020 Operating leases: Operating lease right of use assets Other assets $ 26,669 Current operating lease liabilities Other accrued expenses $ 9,477 Noncurrent operating lease liabilities Other liabilities 17,068 Total operating lease liabilities $ 26,545 The weighted average remaining lease term is 4.5 years and the weighted average discount rate is 3.7% as of February 29, 2020. Supplemental cash flow information and other related to leases is as follows: Three Months Ended February 29, 2020 Cash paid amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,230 Right of use assets obtained in exchange for lease liabilities: Operating leases $ 521 Maturities of lease liabilities as follows: Fiscal Year Amount Remainder of 2020 $ 8,378 2021 7,078 2022 4,419 2023 3,278 2024 2,283 2025 and beyond 3,376 Total 28,812 Less: amounts representing interest (2,267 ) Present value of future minimum payments 26,545 Less: current obligations (9,477 ) Noncurrent operating lease liabilities $ 17,068 Disclosures related to periods prior to adoption of new lease standard The minimum lease payments, related to buildings, equipment and vehicles, that are expected to be made in each of the years indicated based on operating leases in effect at November 30, 2019 Fiscal Year Remainder 2020 2021 2022 2023 2024 and Beyond Total Minimum Lease Payments Operating leases $ 11,492 $ 7,984 $ 5,497 $ 4,686 $ 8,217 $ 37,876 Rent expense for all operating leases, which includes minimum lease payments and other charges such as common area maintenance fees, was $19,618 and $20,620 in 2019 2018, |
Note 7 - Accounting for Share-b
Note 7 - Accounting for Share-based Compensation | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 7: Overview We have various share-based compensation programs which provide for equity awards including non-qualified stock options, incentive stock options, restricted stock shares, restricted stock units, performance awards and deferred compensation. These equity awards fall under several plans and are described in detail in our Annual Report on Form 10 November 30, 2019. Grant-Date Fair Value We use the Black-Scholes option pricing model to calculate the grant-date fair value of stock option awards. The fair value of options granted during the three February 29, 2020 March 2, 2019 Three Months Ended February 29, 2020 March 2, 2019 Expected life (in years) 5.00 4.75 Weighted-average expected volatility 24.29% 24.25% Expected volatility 24.29% - 24.30% 24.25% - 24.33% Risk-free interest rate 1.50% 2.51% - 2.55% Weighted-average expected dividend yield 1.36% 1.40 Expected dividend yield range 1.35% - 1.42% 1.26% - 1.41% Weighted-average fair value of grants $9.76 $9.80 Expected life – We use historical employee exercise and option expiration data to estimate the expected life assumption for the Black-Scholes grant-date valuation. We believe that this historical data is currently the best estimate of the expected term of a new option. We use a weighted-average expected life for all awards. Expected volatility – Volatility is calculated using our stock’s historical volatility for the same period of time as the expected life. We have no Risk-free interest rate – The rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the same period of time as the expected life. Expected dividend yield – The calculation is based on the total expected annual dividend payout divided by the average stock price. Expense We use the straight-line attribution method to recognize share-based compensation expense for option awards, restricted stock shares and restricted stock units with graded and cliff vesting. Incentive stock options and performance awards are based on certain performance-based metrics and the expense is adjusted quarterly, based on our projections of the achievement of those metrics. The amount of share-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. The expense is recognized over the requisite service period, which for us is the period between the grant-date and the earlier of the award’s stated vesting term or the date the employee is eligible for early vesting based on the terms of the plans. Total share-based compensation expense was $4,703 and $5,906 for the three February 29, 2020 March 2, 2019, As of February 29, 2020, Stock Option Activity The stock option activity for the three February 29, 2020 Average Options Exercise Price Outstanding at November 30, 2019 5,060,310 $ 46.04 Granted 1,021,629 48.21 Exercised (25,594 ) 35.44 Forfeited or cancelled (73,601 ) 53.71 Outstanding at February 29, 2020 5,982,744 $ 46.36 The fair value of options granted during the three February 29, 2020 March 2, 2019 three February 29, 2020 March 2, 2019 Proceeds received from option exercises during the three February 29, 2020 March 2, 2019 Restricted Stock Activity The nonvested restricted stock activity for the three February 29, 2020 Weighted- Weighted- Average Average Remaining Grant Contractual Date Fair Life Units Value (in Years) Nonvested at November 30, 2019 487,997 $ 46.56 0.8 Granted 205,383 47.90 2.9 Vested (206,856 ) 46.73 - Forfeited (39,608 ) 47.73 2.5 Nonvested at February 29, 2020 446,916 $ 46.99 1.4 Total fair value of restricted stock vested during the three February 29, 2020 March 2, 2019 February 29, 2020 We repurchased 66,598 and 57,917 restricted stock shares during the three February 29, 2020 March 2, 2019, Deferred Compensation Activity We have a Directors’ Deferred Compensation plan that allows non-employee directors to defer all or a portion of their directors’ compensation in a number of investment choices, including units representing shares of our common stock. We also have a Key Employee Deferred Compensation Plan that allows key employees to defer a portion of their eligible compensation in a number of investment choices, including units, representing shares of our common stock. We provide a 10 three February 29, 2020 Non-employee Directors Employees Total Units outstanding November 30, 2019 525,660 36,664 562,324 Participant contributions 5,901 3,055 8,956 Company match contributions 590 306 896 Payouts - (5,710 ) (5,710 ) Units outstanding February 29, 2020 532,151 34,315 566,466 Deferred compensation units are fully vested at the date of contribution. |
Note 8 - Components of Net Peri
Note 8 - Components of Net Periodic Benefit Related to Pension and Other Postretirement Benefit Plans | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 8: Three Months Ended February 29, 2020 and March 2, 2019 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic cost (benefit): 2020 2019 2020 2019 2020 2019 Service cost $ - $ 1 $ 725 $ 568 $ 18 $ 24 Interest cost 2,935 3,673 794 1,184 284 387 Expected return on assets (6,440 ) (6,326 ) (2,842 ) (2,587 ) (1,994 ) (1,753 ) Amortization: Prior service cost (benefit) (1 ) 3 16 16 - - Actuarial loss 1,799 1,169 950 789 15 8 Net periodic benefit $ (1,707 ) $ (1,480 ) $ (357 ) $ (30 ) $ (1,677 ) $ (1,334 ) Service cost is included with employee compensation cost in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Income. The components of our net periodic defined benefit pension and postretirement benefit costs other than service cost are presented in other income (expense), net in the Consolidated Statements of Income. |
Note 9 - Accumulated Other Comp
Note 9 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income (Loss) Disclosure [Text Block] | Note 9: The following table provides details of total comprehensive income (loss): Three Months Ended February 29, 2020 Three Months Ended March 2, 2019 H.B. Fuller Stockholders Non- controlling Interests H.B. Fuller Stockholders Non- controlling Interests Pre-tax Tax Net Net Pre-tax Tax Net Net Net income including non-controlling interests - - $ 9,895 $ 11 - - $ 12,244 $ 4 Foreign currency translation adjustment¹ $ (2,780 ) - (2,780 ) (1 ) $ 17,693 - 17,693 6 Defined benefit pension plans adjustment² 2,779 $ (693 ) 2,086 - 1,986 $ (504 ) 1,482 - Interest rate swap³ (11,900 ) 2,901 (8,999 ) - (15,259 ) 3,815 (11,444 ) - Cash flow hedges³ 4,746 (102 ) 4,644 - 4,284 (198 ) 4,086 - Other comprehensive income (loss) $ (7,155 ) $ 2,106 (5,049 ) (1 ) $ 8,704 $ 3,113 11,817 6 Comprehensive income (loss) $ 4,846 $ 10 $ 24,061 $ 10 ¹ Income taxes are not ² Loss reclassified from accumulated other comprehensive income ("AOCI") into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales and SG&A expense. ³ Income (loss) reclassified from AOCI into earnings is reported in other income (expense), net. The components of accumulated other comprehensive loss is as follows: February 29, 2020 Total H.B. Fuller Stockholders Non- controlling Interests Foreign currency translation adjustment $ (150,600 ) $ (150,496 ) $ (104 ) Interest rate swap, net of taxes of ($7,201) (22,337 ) (22,337 ) - Cash flow hedges, net of taxes of $125 6,407 6,407 - Defined benefit pension plans adjustment, net of taxes of $81,198 (163,882 ) (163,882 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (348,753 ) $ (348,649 ) $ (104 ) November 30, 2019 Total H.B. Fuller Stockholders Non-controlling Interests Foreign currency translation adjustment $ (147,821 ) $ (147,716 ) $ (105 ) Interest rate swap, net of taxes of ($4,300) (13,338 ) (13,338 ) - Cash flow hedges, net of taxes of $21 1,763 1,763 - Defined benefit pension plans adjustment, net of taxes of $81,891 (165,968 ) (165,968 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (343,705 ) $ (343,600 ) $ (105 ) |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | N ote 10: As of February 29, 2020, November 30, 2019. February 29, 2020, three February 29, 2020, |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11: A reconciliation of the common share components for the basic and diluted earnings per share calculations is as follows: Three Months Ended February 29, March 2, (Shares in thousands) 2020 2019 Weighted-average common shares - basic 51,295 50,752 Equivalent shares from share-based compensations plans 1,285 1,149 Weighted-average common and common equivalent shares - diluted 52,580 51,901 Basic earnings per share is calculated by dividing net income attributable to H.B. Fuller by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per share is based upon the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to share-based compensation awards. We use the treasury stock method to calculate the effect of outstanding shares, which computes total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award and (b) the amount of unearned share-based compensation costs attributed to future services. Share-based compensation awards for which total employee proceeds exceed the average market price over the applicable period have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. Share-based compensation awards for 3,606,776 and 3,002,073 shares for the three February 29, 2020 March 2, 2019, |
Note 12 - Financial Instruments
Note 12 - Financial Instruments | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 12: Overview As a result of being a global enterprise, our earnings, cash flows and financial position are exposed to foreign currency risk from foreign currency denominated receivables and payables. We use foreign currency forward contracts, cross-currency swaps, and interest rate swaps to manage risks associated with foreign currency exchange rates and interest rates. We do not no We are exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts and interest rate swap agreements. We select investment-grade multinational banks and financial institutions as counterparties for derivative transactions and monitor the credit quality of each of these banks on a periodic basis as warranted. We do not Cash Flow Hedges As of February 29, 2020, 1 six October 20, 2017 2021 2022 2 one February 24, 2017 October 7, 2020. As of February 29, 2020, two February 29, 2020. February 29, 2020 twelve February 29, 2020, not not The following table summarizes the cross-currency swaps outstanding as of February 29, 2020: Fiscal Year of Expiration Interest Rate Notional Value Fair Value Pay EUR 2020 1.95% $ 42,600 $ (1,396 ) Receive USD 4.3038% Pay EUR 2021 2.75% $ 133,340 $ 10,214 Receive USD 4.9330% Pay EUR 2022 3.00% $ 267,860 $ 22,514 Receive USD 5.1803% Total $ 443,800 $ 31,332 On March 9, 2018, October 20, 2017 February 27, 2018, October 20, 2017, February 29, 2020 On April 23, 2018, The amounts of pretax gains (losses) recognized in Comprehensive Income related to derivative instruments designated as cash flow hedges are as follows: Three Months Ended February 29, 2020 March 2, 2019 Cross-currency swap contracts $ 4,746 $ 4,284 Interest rate swap contracts (11,900 ) (15,259 ) Fair Value Hedges On February 14, 2017, February 14, 2017 1 February 29, 2020, $150,000 Derivatives Not The company uses foreign currency forward contracts to offset its exposure to the change in value of certain foreign currency denominated assets and liabilities held at foreign subsidiaries that are remeasured at the end of each period. Although the contracts are effective economic hedges, they are not 13 As of February 29, 2020, March 2, 2020 January 19, 2021. The amounts of pretax gains (losses) recognized in other income, net related to derivative instruments not three February 29, 2020 March 2, 2019 Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of entities in the customer base and their dispersion across many different industries and countries. As of February 29, 2020, no |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 13: Overview Estimates of fair value for financial assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three three ● Level 1: ● Level 2: not ● Level 3: Balances Measured at Fair Value on a Recurring Basis The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis as of February 29, 2020 November 30, 2019, February 29, Fair Value Measurements Using: Description 2020 Level 1 Level 2 Level 3 Assets: Marketable securities $ 3,934 $ 3,934 $ - $ - Foreign exchange contract assets 7,026 - 7,026 - Interest rate swaps, fair value hedges 11,122 - 11,122 - Cross-currency cash flow hedges 31,332 - 31,332 - Liabilities: Foreign exchange contract liabilities $ 3,797 $ - $ 3,797 $ - Interest rate swaps, cash flow hedges 29,537 - 29,537 - Contingent consideration 5,000 5,000 November 30, Fair Value Measurements Using: Description 2019 Level 1 Level 2 Level 3 Assets: Marketable securities $ 19,430 $ 19,430 $ - $ - Foreign exchange contract assets 1,227 - 1,227 - Interest rate swaps, fair value hedges 5,741 - 5,741 - Cross-currency cash flow hedges 26,896 - 26,896 - Liabilities: Foreign exchange contract liabilities $ 1,800 $ - $ 1,800 $ - Interest rate swaps, cash flow hedges 17,637 - 17,637 - We use the income approach in calculating the fair value of our contingent consideration liability using a real option model with Level 3 Amounts Balance at November 30, 2019 $ - Acquisitions 5,000 Balance at February 29, 2020 $ 5,000 Long-term debt had an estimated fair value of $1,987,586 and $2,016,516 as of February 29, 2020 November 30, 2019, not |
Note 14 - Share Repurchase Prog
Note 14 - Share Repurchase Program | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 14: On April 6, 2017, September 30, 2010 We did not three February 29, 2020 March 2, 2019. |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 15: Environmental Matters From time to time, we become aware of compliance matters relating to, or receive notices from, federal, state or local entities regarding possible or alleged violations of environmental, health or safety laws and regulations. We review the circumstances of each individual site, considering the number of parties involved, the level of potential liability or our contribution relative to the other parties, the nature and magnitude of the hazardous substances involved, the method and extent of remediation, the estimated legal and consulting expense with respect to each site and the time period over which any costs would likely be incurred. Also, from time to time, we are identified as a potentially responsible party (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) and/or similar state laws that impose liability for costs relating to the clean up of contamination resulting from past spills, disposal or other release of hazardous substances. We are also subject to similar laws in some of the countries where current and former facilities are located. Our environmental, health and safety department monitors compliance with applicable laws on a global basis. To the extent we can reasonably estimate the amount of our probable liabilities for environmental matters, we establish an undiscounted financial provision. We recorded liabilities of $7,938 and $8,535 as of February 29, 2020 November 30, 2019, February 29, 2020 November 30, 2019, Currently we are involved in various environmental investigations, clean up activities and administrative proceedings and lawsuits. In particular, we are currently deemed a PRP in conjunction with numerous other parties, in a number of government enforcement actions associated with landfills and/or hazardous waste sites. As a PRP, we may not Other Legal Proceedings From time to time and in the ordinary course of business, we are a party to, or a target of, lawsuits, claims, investigations and proceedings, including product liability, personal injury, contract, patent and intellectual property, environmental, health and safety, tax and employment matters. While we are unable to predict the outcome of these matters, we have concluded, based upon currently available information, that the ultimate resolution of any pending matter, individually or in the aggregate, including the asbestos litigation described in the following paragraphs, will not We have been named as a defendant in lawsuits in which plaintiffs have alleged injury due to products containing asbestos manufactured more than 30 A significant portion of the defense costs and settlements in asbestos-related litigation is paid by third 1976 third third third In addition to the indemnification arrangements with third A summary of the number of and settlement amounts for asbestos-related lawsuits and claims is as follows: Three Months Ended 3 Years Ended February 29, 2020 March 2, 2019 November 30, 2019 Lawsuits and claims settled 2 1 24 Settlement amounts $ 30 $ 12 $ 2,487 Insurance payments received or expected to be received $ 21 $ 8 $ 1,937 We do not Based on currently available information, we have concluded that the resolution of any pending matter, including asbestos-related litigation, individually or in the aggregate, will not During 2018, 2011 2014 one 2017 2018 2018 not January 2018, September 2018, not zero |
Note 16 - Operating Segments
Note 16 - Operating Segments | 3 Months Ended |
Feb. 29, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 16: We are required to report segment information in the same way that we internally organize our business for assessing performance and making decisions regarding allocation of resources. For segment evaluation by the chief operating decision maker, segment operating income is identified as gross profit less SG&A expenses. Corporate assets are not As of November 30, 2019, five 2020, three The table below provides certain information regarding net revenue and segment operating income for each of our operating segments. Three Months Ended February 29, 2020 March 2, 2019 Segment Segment Trade Operating Trade Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 312,512 $ 22,664 $ 319,854 $ 20,890 Engineering Adhesives 248,895 15,365 264,372 21,986 Construction Adhesives 85,157 (1,373 ) 82,790 (1,656 ) Total segment 646,564 36,656 667,016 41,220 Corporate Unallocated - (7,903 ) 5,919 (7,008 ) Total $ 646,564 $ 28,753 $ 672,935 $ 34,212 Consistent with our internal management reporting, Corporate Unallocated amounts in the table above include charges that are not three March 2, 2019, third 2019. The table below provides a reconciliation of segment operating income to income before income taxes and income from equity method investments: Three Months Ended February 29, March 2, 2020 2019 Operating income $ 28,753 $ 34,212 Other income, net 4,969 3,365 Interest expense (22,757 ) (26,807 ) Interest income 2,918 3,053 Income before income taxes and income from equity method investments $ 13,883 $ 13,823 The table below provides total assets of each of our operating segments as of November 30, 2019: Total assets November 30, 2019 Hygiene, Health and Consumable Adhesives $ 1,253,864 Engineering Adhesives 1,610,748 Construction Adhesives 799,995 Corporate 321,127 Total $ 3,985,734 We view the following disaggregation of revenue by geographic region as useful to understanding the composition of revenue recognized during the respective reporting periods: Three Months Ended February 29, 2020 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 173,275 $ 105,373 $ 74,258 $ - $ 352,906 EIMEA 92,382 83,676 6,126 - 182,184 Asia Pacific 46,855 59,846 4,773 - 111,474 $ 312,512 $ 248,895 $ 85,157 $ - $ 646,564 Three Months Ended March 2, 2019 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 174,865 $ 105,621 $ 72,346 $ 5,919 $ 358,751 EIMEA 95,428 93,800 4,881 - 194,109 Asia Pacific 49,561 64,951 5,563 - 120,075 $ 319,854 $ 264,372 $ 82,790 $ 5,919 $ 672,935 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Feb. 29, 2020 | |
Accounting Policies [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Change in Segments As of November 30, 2019, 2020, |
New Accounting Pronouncements, Policy [Policy Text Block] | Change in Accounting Principle – Leases In February 2016, No. 2016 02, Leases (Subtopic 842 December 2018, No. 2018 20, Leases (Topic 842 2016 02, No. 2019 01, 842 July 2018, No. 2018 11, Leases (Topic 842 not 842 840. not July 2018, No. 2018 10, Codification Improvements to Topic 842, No. 2016 02. We adopted these ASUs and related standards during the first February 29, 2020 December 1, 2019 $28,254 not 6. Change in Accounting Principle – Revenue Recognition In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 March 2, 2019 December 1, 2018 not 16. In March 2016, No. 2016 08, Revenue from Contracts with Customers (Topic 606 No. 2014 09 March 2, 2019 No. 2014 09 Change in Accounting Principle – Income Tax Impact of Intra-Entity Transfers of Assets Other Than Inventory In October 2016, No. 2016 16, Income Taxes (Topic 740 third March 2, 2019. December 1, 2018 New Accounting Pronouncements In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. In December 2019, No. 2019 12, Income Taxes (Topic 740 November 28, 2021 not In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 No. 2018 19, Codification Improvements to Topic 326, November 2018, No. 2019 04, Codification Improvements to Topic 326, April 2019 No. 2019 11, Codification Improvements to Topic 326, November 2019. No. 2018 19 842, Leases No. 2019 04 No. 2019 11 No. 2016 13. No. 2016 13 No. 2016 13. November 29, 2020. |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions (Tables) | 3 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended February 29, 2020 March 2, 2019 Cost of sales $ 60 $ 376 Selling, general and administrative (17 ) 1,077 $ 43 $ 1,453 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Employee-Related Asset-Related Other Total Balance at December 1, 2018 $ 4,256 $ - $ - $ 4,256 Expenses incurred 9,140 1,929 3,466 14,535 Non-cash charges - (968 ) - (968 ) Cash payments (3,494 ) (961 ) (2,542 ) (6,997 ) Foreign currency translation (72 ) - - (72 ) Balance at November 30, 2019 $ 9,830 $ - $ 924 $ 10,754 Expenses incurred (379 ) - 422 43 Cash payments (2,666 ) - (759 ) (3,425 ) Foreign currency translation 2 - - 2 Balance at February 29, 2020 $ 6,787 $ - $ 587 $ 7,374 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | February 29, November 30, 2020 2019 Raw materials $ 171,896 $ 150,338 Finished goods 209,079 186,929 Total inventories $ 380,975 $ 337,267 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | February 29, 2020 Amortizable Intangible Assets Purchased Technology and Patents Customer Relationships Trade Names Other Total Original cost $ 110,212 $ 924,540 $ 62,539 $ 11,421 $ 1,108,712 Accumulated amortization (45,951 ) (236,848 ) (25,964 ) (4,107 ) (312,870 ) Net identifiable intangibles $ 64,261 $ 687,692 $ 36,575 $ 7,314 $ 795,842 November 30, 2019 Amortizable Intangible Assets Purchased Technology and Patents Customer Relationships Trade Names Other Total Original cost $ 109,967 $ 913,968 $ 62,537 $ 27,453 $ 1,113,925 Accumulated amortization (43,351 ) (223,563 ) (24,819 ) (23,273 ) (315,006 ) Net identifiable intangibles $ 66,616 $ 690,405 $ 37,718 $ 4,180 $ 798,919 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder Fiscal Year 2020 2021 2022 2023 2024 Thereafter Amortization Expense $ 52,567 $ 69,025 $ 67,533 $ 64,673 $ 59,892 $ 482,152 |
Operating Segments [Member] | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Balance at November 30, 2019 $ 321,274 $ 649,555 $ 310,979 $ 1,281,808 Acquisition 1,071 (746 ) - 325 Currency impact 1,489 (2,270 ) (103 ) (884 ) Balance at February 29, 2020 $ 323,834 $ 646,539 $ 310,876 $ 1,281,249 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended February 29, 2020 Operating lease cost $ 3,261 Variable lease cost 758 Total net lease cost $ 4,019 |
Lessee, Supplemental Balance Sheet Information and Weighted Average [Table Text Block] | Three Months Ended Location on February 29, Balance Sheet 2020 Operating leases: Operating lease right of use assets Other assets $ 26,669 Current operating lease liabilities Other accrued expenses $ 9,477 Noncurrent operating lease liabilities Other liabilities 17,068 Total operating lease liabilities $ 26,545 |
Lessee, Supplemental Cash Flow Information [Table Text Block] | Three Months Ended February 29, 2020 Cash paid amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,230 Right of use assets obtained in exchange for lease liabilities: Operating leases $ 521 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Year Amount Remainder of 2020 $ 8,378 2021 7,078 2022 4,419 2023 3,278 2024 2,283 2025 and beyond 3,376 Total 28,812 Less: amounts representing interest (2,267 ) Present value of future minimum payments 26,545 Less: current obligations (9,477 ) Noncurrent operating lease liabilities $ 17,068 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Year Remainder 2020 2021 2022 2023 2024 and Beyond Total Minimum Lease Payments Operating leases $ 11,492 $ 7,984 $ 5,497 $ 4,686 $ 8,217 $ 37,876 |
Note 7 - Accounting for Share_2
Note 7 - Accounting for Share-based Compensation (Tables) | 3 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | Three Months Ended February 29, 2020 March 2, 2019 Expected life (in years) 5.00 4.75 Weighted-average expected volatility 24.29% 24.25% Expected volatility 24.29% - 24.30% 24.25% - 24.33% Risk-free interest rate 1.50% 2.51% - 2.55% Weighted-average expected dividend yield 1.36% 1.40 Expected dividend yield range 1.35% - 1.42% 1.26% - 1.41% Weighted-average fair value of grants $9.76 $9.80 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Average Options Exercise Price Outstanding at November 30, 2019 5,060,310 $ 46.04 Granted 1,021,629 48.21 Exercised (25,594 ) 35.44 Forfeited or cancelled (73,601 ) 53.71 Outstanding at February 29, 2020 5,982,744 $ 46.36 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted- Weighted- Average Average Remaining Grant Contractual Date Fair Life Units Value (in Years) Nonvested at November 30, 2019 487,997 $ 46.56 0.8 Granted 205,383 47.90 2.9 Vested (206,856 ) 46.73 - Forfeited (39,608 ) 47.73 2.5 Nonvested at February 29, 2020 446,916 $ 46.99 1.4 |
Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments [Table Text Block] | Non-employee Directors Employees Total Units outstanding November 30, 2019 525,660 36,664 562,324 Participant contributions 5,901 3,055 8,956 Company match contributions 590 306 896 Payouts - (5,710 ) (5,710 ) Units outstanding February 29, 2020 532,151 34,315 566,466 |
Note 8 - Components of Net Pe_2
Note 8 - Components of Net Periodic Benefit Related to Pension and Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended February 29, 2020 and March 2, 2019 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic cost (benefit): 2020 2019 2020 2019 2020 2019 Service cost $ - $ 1 $ 725 $ 568 $ 18 $ 24 Interest cost 2,935 3,673 794 1,184 284 387 Expected return on assets (6,440 ) (6,326 ) (2,842 ) (2,587 ) (1,994 ) (1,753 ) Amortization: Prior service cost (benefit) (1 ) 3 16 16 - - Actuarial loss 1,799 1,169 950 789 15 8 Net periodic benefit $ (1,707 ) $ (1,480 ) $ (357 ) $ (30 ) $ (1,677 ) $ (1,334 ) |
Note 9 - Accumulated Other Co_2
Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended February 29, 2020 Three Months Ended March 2, 2019 H.B. Fuller Stockholders Non- controlling Interests H.B. Fuller Stockholders Non- controlling Interests Pre-tax Tax Net Net Pre-tax Tax Net Net Net income including non-controlling interests - - $ 9,895 $ 11 - - $ 12,244 $ 4 Foreign currency translation adjustment¹ $ (2,780 ) - (2,780 ) (1 ) $ 17,693 - 17,693 6 Defined benefit pension plans adjustment² 2,779 $ (693 ) 2,086 - 1,986 $ (504 ) 1,482 - Interest rate swap³ (11,900 ) 2,901 (8,999 ) - (15,259 ) 3,815 (11,444 ) - Cash flow hedges³ 4,746 (102 ) 4,644 - 4,284 (198 ) 4,086 - Other comprehensive income (loss) $ (7,155 ) $ 2,106 (5,049 ) (1 ) $ 8,704 $ 3,113 11,817 6 Comprehensive income (loss) $ 4,846 $ 10 $ 24,061 $ 10 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | February 29, 2020 Total H.B. Fuller Stockholders Non- controlling Interests Foreign currency translation adjustment $ (150,600 ) $ (150,496 ) $ (104 ) Interest rate swap, net of taxes of ($7,201) (22,337 ) (22,337 ) - Cash flow hedges, net of taxes of $125 6,407 6,407 - Defined benefit pension plans adjustment, net of taxes of $81,198 (163,882 ) (163,882 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (348,753 ) $ (348,649 ) $ (104 ) November 30, 2019 Total H.B. Fuller Stockholders Non-controlling Interests Foreign currency translation adjustment $ (147,821 ) $ (147,716 ) $ (105 ) Interest rate swap, net of taxes of ($4,300) (13,338 ) (13,338 ) - Cash flow hedges, net of taxes of $21 1,763 1,763 - Defined benefit pension plans adjustment, net of taxes of $81,891 (165,968 ) (165,968 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (343,705 ) $ (343,600 ) $ (105 ) |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 3 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended February 29, March 2, (Shares in thousands) 2020 2019 Weighted-average common shares - basic 51,295 50,752 Equivalent shares from share-based compensations plans 1,285 1,149 Weighted-average common and common equivalent shares - diluted 52,580 51,901 |
Note 12 - Financial Instrumen_2
Note 12 - Financial Instruments (Tables) | 3 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fiscal Year of Expiration Interest Rate Notional Value Fair Value Pay EUR 2020 1.95% $ 42,600 $ (1,396 ) Receive USD 4.3038% Pay EUR 2021 2.75% $ 133,340 $ 10,214 Receive USD 4.9330% Pay EUR 2022 3.00% $ 267,860 $ 22,514 Receive USD 5.1803% Total $ 443,800 $ 31,332 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended February 29, 2020 March 2, 2019 Cross-currency swap contracts $ 4,746 $ 4,284 Interest rate swap contracts (11,900 ) (15,259 ) |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 3 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | February 29, Fair Value Measurements Using: Description 2020 Level 1 Level 2 Level 3 Assets: Marketable securities $ 3,934 $ 3,934 $ - $ - Foreign exchange contract assets 7,026 - 7,026 - Interest rate swaps, fair value hedges 11,122 - 11,122 - Cross-currency cash flow hedges 31,332 - 31,332 - Liabilities: Foreign exchange contract liabilities $ 3,797 $ - $ 3,797 $ - Interest rate swaps, cash flow hedges 29,537 - 29,537 - Contingent consideration 5,000 5,000 November 30, Fair Value Measurements Using: Description 2019 Level 1 Level 2 Level 3 Assets: Marketable securities $ 19,430 $ 19,430 $ - $ - Foreign exchange contract assets 1,227 - 1,227 - Interest rate swaps, fair value hedges 5,741 - 5,741 - Cross-currency cash flow hedges 26,896 - 26,896 - Liabilities: Foreign exchange contract liabilities $ 1,800 $ - $ 1,800 $ - Interest rate swaps, cash flow hedges 17,637 - 17,637 - |
Schedule of Fair Value, Contingent Consideration [Table Text Block] | Amounts Balance at November 30, 2019 $ - Acquisitions 5,000 Balance at February 29, 2020 $ 5,000 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 3 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | Three Months Ended 3 Years Ended February 29, 2020 March 2, 2019 November 30, 2019 Lawsuits and claims settled 2 1 24 Settlement amounts $ 30 $ 12 $ 2,487 Insurance payments received or expected to be received $ 21 $ 8 $ 1,937 |
Note 16 - Operating Segments (T
Note 16 - Operating Segments (Tables) | 3 Months Ended |
Feb. 29, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended February 29, 2020 March 2, 2019 Segment Segment Trade Operating Trade Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 312,512 $ 22,664 $ 319,854 $ 20,890 Engineering Adhesives 248,895 15,365 264,372 21,986 Construction Adhesives 85,157 (1,373 ) 82,790 (1,656 ) Total segment 646,564 36,656 667,016 41,220 Corporate Unallocated - (7,903 ) 5,919 (7,008 ) Total $ 646,564 $ 28,753 $ 672,935 $ 34,212 Total assets November 30, 2019 Hygiene, Health and Consumable Adhesives $ 1,253,864 Engineering Adhesives 1,610,748 Construction Adhesives 799,995 Corporate 321,127 Total $ 3,985,734 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended February 29, March 2, 2020 2019 Operating income $ 28,753 $ 34,212 Other income, net 4,969 3,365 Interest expense (22,757 ) (26,807 ) Interest income 2,918 3,053 Income before income taxes and income from equity method investments $ 13,883 $ 13,823 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended February 29, 2020 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 173,275 $ 105,373 $ 74,258 $ - $ 352,906 EIMEA 92,382 83,676 6,126 - 182,184 Asia Pacific 46,855 59,846 4,773 - 111,474 $ 312,512 $ 248,895 $ 85,157 $ - $ 646,564 Three Months Ended March 2, 2019 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 174,865 $ 105,621 $ 72,346 $ 5,919 $ 358,751 EIMEA 95,428 93,800 4,881 - 194,109 Asia Pacific 49,561 64,951 5,563 - 120,075 $ 319,854 $ 264,372 $ 82,790 $ 5,919 $ 672,935 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Feb. 29, 2020USD ($) | Nov. 30, 2019USD ($) | Dec. 01, 2019USD ($) | Dec. 01, 2018USD ($) | |
Number of Reportable Segments | 3 | 5 | ||
Operating Lease, Liability, Total | $ 26,545 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 1,385,993 | $ 1,384,411 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Liability, Total | $ 28,254 | |||
Operating Lease, Right-of-Use Asset | $ 28,254 | |||
Accounting Standards Update 2014-09 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 1,776 | |||
Accounting Standards Update 2016-16 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 733 |
Note 2 - Acquisitions and Div_2
Note 2 - Acquisitions and Divestiture (Details Textual) - USD ($) $ in Thousands | Feb. 03, 2020 | May 17, 2019 | Feb. 29, 2020 | Nov. 30, 2019 |
Goodwill, Ending Balance | $ 1,281,249 | $ 1,281,808 | ||
D.H.M Adhesives, Inc [Member] | ||||
Payments to Acquire Businesses, Gross | $ 9,500 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 8,100 | |||
Goodwill, Ending Balance | 1,071 | |||
Business Combination, Contingent Consideration, Liability, Total | $ 5,000 | 5,000 | $ 0 | |
D.H.M Adhesives, Inc [Member] | Customer Relationships [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 11,900 | |||
Ramapo [Member] | ||||
Payments to Acquire Businesses, Gross | $ 8,292 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 3,400 | |||
Goodwill, Ending Balance | 165 | |||
Business Combination, Contingent Consideration, Liability, Total | 2,700 | |||
Business Combination, Consideration Transferred, Receivables Settled | $ 2,166 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Excluding Intangible Assets | 4,148 | |||
Ramapo [Member] | Customer Relationships [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 8,800 |
Note 3 - Restructuring Action_2
Note 3 - Restructuring Actions (Details Textual) | 3 Months Ended | 12 Months Ended |
Feb. 29, 2020 | Nov. 30, 2019 | |
Number of Reportable Segments | 3 | 5 |
Note 3 - Restructuring Action_3
Note 3 - Restructuring Actions - Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | Nov. 30, 2019 | |
Expenses incurred | $ 43 | $ 1,453 | $ 14,535 |
Cost of Sales [Member] | |||
Expenses incurred | 60 | 376 | |
Selling, General and Administrative Expenses [Member] | |||
Expenses incurred | $ (17) | $ 1,077 |
Note 3 - Restructuring Action_4
Note 3 - Restructuring Actions - Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | Nov. 30, 2019 | |
Balance | $ 10,754 | $ 4,256 | $ 4,256 |
Expenses incurred | 43 | 1,453 | 14,535 |
Non-cash charges | (968) | ||
Cash payments | (3,425) | (6,997) | |
Foreign currency translation | 2 | (72) | |
Balance | 7,374 | 10,754 | |
Employee Related [Member] | |||
Balance | 9,830 | 4,256 | 4,256 |
Expenses incurred | (379) | 9,140 | |
Non-cash charges | 0 | ||
Cash payments | (2,666) | (3,494) | |
Foreign currency translation | 2 | (72) | |
Balance | 6,787 | 9,830 | |
Asset Related [Member] | |||
Balance | 0 | 0 | 0 |
Expenses incurred | 0 | 1,929 | |
Non-cash charges | (968) | ||
Cash payments | 0 | (961) | |
Foreign currency translation | 0 | 0 | |
Balance | 0 | 0 | |
Other Restructuring [Member] | |||
Balance | 924 | $ 0 | 0 |
Expenses incurred | 422 | 3,466 | |
Non-cash charges | 0 | ||
Cash payments | (759) | (2,542) | |
Foreign currency translation | 0 | 0 | |
Balance | $ 587 | $ 924 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Feb. 29, 2020 | Nov. 30, 2019 |
Raw materials | $ 171,896 | $ 150,338 |
Finished goods | 209,079 | 186,929 |
Total inventories | $ 380,975 | $ 337,267 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 29, 2020 | Mar. 02, 2019 | Nov. 30, 2019 | |
Amortization of Intangible Assets, Total | $ 17,990 | $ 19,212 | |
Indefinite Lived Trademarks and Trade Names | $ 480 | $ 480 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Goodwill by Segment (Details) $ in Thousands | 3 Months Ended |
Feb. 29, 2020USD ($) | |
Balance | $ 1,281,808 |
Acquisition | 325 |
Currency impact | (884) |
Balance | 1,281,249 |
Hygiene, Health, and Consumable Adhesives [Member] | |
Balance | 321,274 |
Acquisition | 1,071 |
Currency impact | 1,489 |
Balance | 323,834 |
Engineering Adhesives [Member] | |
Balance | 649,555 |
Acquisition | (746) |
Currency impact | (2,270) |
Balance | 646,539 |
Construction Adhesives [Member] | |
Balance | 310,979 |
Acquisition | 0 |
Currency impact | (103) |
Balance | $ 310,876 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands | Feb. 29, 2020 | Nov. 30, 2019 |
Original cost | $ 1,108,712 | $ 1,113,925 |
Accumulated amortization | (312,870) | (315,006) |
Net identifiable intangibles | 795,842 | 798,919 |
Purchased Technology And Patents [Member] | ||
Original cost | 110,212 | 109,967 |
Accumulated amortization | (45,951) | (43,351) |
Net identifiable intangibles | 64,261 | 66,616 |
Customer Relationships [Member] | ||
Original cost | 924,540 | 913,968 |
Accumulated amortization | (236,848) | (223,563) |
Net identifiable intangibles | 687,692 | 690,405 |
Trade Names [Member] | ||
Original cost | 62,539 | 62,537 |
Accumulated amortization | (25,964) | (24,819) |
Net identifiable intangibles | 36,575 | 37,718 |
Other Intangible Assets [Member] | ||
Original cost | 11,421 | 27,453 |
Accumulated amortization | (4,107) | (23,273) |
Net identifiable intangibles | $ 7,314 | $ 4,180 |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands | Feb. 29, 2020USD ($) |
Remainder 2020 | $ 52,567 |
2021 | 69,025 |
2022 | 67,533 |
2023 | 64,673 |
2024 | 59,892 |
Thereafter | $ 482,152 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 30, 2019 | Dec. 01, 2018 | Feb. 29, 2020 | Dec. 01, 2019 | |
Operating Lease, Liability, Total | $ 26,545 | |||
Lessee, Operating Lease, Renewal Term | 5 years | |||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 6 months | |||
Operating Lease, Weighted Average Discount Rate, Percent | 3.70% | |||
Operating Leases, Rent Expense, Net, Total | $ 19,618 | $ 20,620 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 28,254 | |||
Operating Lease, Liability, Total | $ 28,254 |
Note 6 - Leases - Components of
Note 6 - Leases - Components of Lease Expense (Details) $ in Thousands | 3 Months Ended |
Feb. 29, 2020USD ($) | |
Operating lease cost | $ 3,261 |
Variable lease cost | 758 |
Total net lease cost | $ 4,019 |
Note 6 - Leases - Supplemental
Note 6 - Leases - Supplemental Balance Sheet Information (Details) $ in Thousands | Feb. 29, 2020USD ($) |
Current operating lease liabilities | $ 9,477 |
Noncurrent operating lease liabilities | 17,068 |
Total operating lease liabilities | 26,545 |
Other Noncurrent Assets [Member] | |
Operating lease right of use assets | 26,669 |
Other Accrued Expenses [Member] | |
Current operating lease liabilities | 9,477 |
Other Noncurrent Liabilities [Member] | |
Noncurrent operating lease liabilities | $ 17,068 |
Note 6 - Leases - Supplementa_2
Note 6 - Leases - Supplemental Cash Flow Information (Details) $ in Thousands | 3 Months Ended |
Feb. 29, 2020USD ($) | |
Operating cash flows from operating leases | $ 2,230 |
Operating leases | $ 521 |
Note 6 - Leases - Schedule of M
Note 6 - Leases - Schedule of Minimum Payments Under Operating Leases (Details) $ in Thousands | Feb. 29, 2020USD ($) |
Remainder of 2020 | $ 8,378 |
2021 | 7,078 |
2022 | 4,419 |
2023 | 3,278 |
2024 | 2,283 |
2025 and beyond | 3,376 |
Total | 28,812 |
Less: amounts representing interest | (2,267) |
Present value of future minimum payments | 26,545 |
Less: current obligations | (9,477) |
Noncurrent operating lease liabilities | $ 17,068 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Rental Commitments Under ASC 840 (Details) $ in Thousands | Nov. 30, 2019USD ($) |
Remainder 2020 | $ 11,492 |
2021 | 7,984 |
2022 | 5,497 |
2023 | 4,686 |
2024 and Beyond | 8,217 |
Total Minimum Lease Payments | $ 37,876 |
Note 7 - Accounting for Share_3
Note 7 - Accounting for Share-based Compensation (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | |
Fair Value Options Granted During Period Value Share-based Compensation | $ 9,961 | $ 9,331 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 346 | 910 |
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised, Total | 907 | $ 1,065 |
Total Fair Value of Nonvested Restricted Stock | $ 21,003 | |
Repurchased Restricted Stock Shares | 66,598 | 57,917 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 13,766 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 14,654 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 9,667 | $ 7,846 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Payment Arrangement, Expense | $ 4,703 | $ 5,906 |
Note 7 - Accounting for Share_4
Note 7 - Accounting for Share-based Compensation - Fair Value of Options Granted (Details) - $ / shares | 3 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | |
Expected life (Year) | 5 years | 4 years 9 months |
Weighted-average expected volatility | 24.29% | 24.25% |
Risk-free interest rate | 1.50% | |
Weighted-average expected dividend yield | 1.36% | 1.40% |
Expected dividend yield range (in dollars per share) | $ 9.76 | $ 9.80 |
Minimum [Member] | ||
Expected volatility | 24.29% | 24.25% |
Risk-free interest rate | 2.51% | |
Expected dividend yield range | 1.35% | 1.26% |
Maximum [Member] | ||
Expected volatility | 24.30% | 24.33% |
Risk-free interest rate | 2.55% | |
Expected dividend yield range | 1.42% | 1.41% |
Note 7 - Accounting for Share_5
Note 7 - Accounting for Share-based Compensation - Stock Option Activity (Details) - $ / shares | 3 Months Ended | |
Feb. 29, 2020 | Nov. 30, 2019 | |
Outstanding Options (in shares) | 5,060,310 | |
Outstanding Options, weighted-average exercise price (in dollars per share) | $ 46.36 | $ 46.04 |
Granted (in shares) | 1,021,629 | |
Granted, weighted-average exercise price (in dollars per share) | $ 48.21 | |
Exercised (in shares) | (25,594) | |
Exercised, weighted-average exercise price (in dollars per share) | $ 35.44 | |
Forfeited or cancelled (in shares) | (73,601) | |
Forfeited or cancelled, weighted-average exercise price (in dollars per share) | $ 53.71 | |
Outstanding Options (in shares) | 5,982,744 |
Note 7 - Accounting for Share_6
Note 7 - Accounting for Share-based Compensation - Nonvested Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Feb. 29, 2020 | Nov. 30, 2019 | |
Nonvested (in shares) | 487,997 | |
Nonvested, Weighted average grant date fair value (in dollars per share) | $ 46.99 | $ 46.56 |
Nonvested, Weighted average remaining contractual life (Year) | 1 year 4 months 24 days | 9 months 18 days |
Granted (in shares) | 205,383 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 47.90 | |
Granted, Weighted average remaining contractual life (Year) | 2 years 10 months 24 days | |
Vested (in shares) | (206,856) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 46.73 | |
Forfeited (in shares) | (39,608) | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 47.73 | |
Forfeited, Weighted average remaining contractual life (Year) | 2 years 6 months | |
Nonvested (in shares) | 446,916 | 487,997 |
Note 7 - Accounting for Share_7
Note 7 - Accounting for Share-Based Compensation - Deferred Compensation Units (Details) | 3 Months Ended |
Feb. 29, 2020shares | |
Units outstanding (in shares) | 562,324 |
Participant contributions (in shares) | 8,956 |
Company match contributions (in shares) | 896 |
Payouts (in shares) | (5,710) |
Units outstanding (in shares) | 566,466 |
Non Employee Directors [Member] | |
Units outstanding (in shares) | 525,660 |
Participant contributions (in shares) | 5,901 |
Company match contributions (in shares) | 590 |
Payouts (in shares) | 0 |
Units outstanding (in shares) | 532,151 |
Employees [Member] | |
Units outstanding (in shares) | 36,664 |
Participant contributions (in shares) | 3,055 |
Company match contributions (in shares) | 306 |
Payouts (in shares) | (5,710) |
Units outstanding (in shares) | 34,315 |
Note 8 - Components of Net Pe_3
Note 8 - Components of Net Periodic Benefit Related to Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | |
Pension Plan [Member] | UNITED STATES | ||
Service cost | $ 0 | $ 1 |
Interest cost | 2,935 | 3,673 |
Expected return on assets | (6,440) | (6,326) |
Prior service cost (benefit) | (1) | 3 |
Actuarial loss | 1,799 | 1,169 |
Net periodic (benefit) cost | (1,707) | (1,480) |
Pension Plan [Member] | Foreign Plan [Member] | ||
Service cost | 725 | 568 |
Interest cost | 794 | 1,184 |
Expected return on assets | (2,842) | (2,587) |
Prior service cost (benefit) | 16 | 16 |
Actuarial loss | 950 | 789 |
Net periodic (benefit) cost | (357) | (30) |
Other Postretirement Benefits Plan [Member] | ||
Service cost | 18 | 24 |
Interest cost | 284 | 387 |
Expected return on assets | (1,994) | (1,753) |
Prior service cost (benefit) | 0 | 0 |
Actuarial loss | 15 | 8 |
Net periodic (benefit) cost | $ (1,677) | $ (1,334) |
Note 9 - Accumulated Other Co_3
Note 9 - Accumulated Other Comprehensive Income (Loss) - Comprehensive Income (Loss) Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 29, 2020 | Mar. 02, 2019 | ||
Net income including non-controlling interests | $ 9,895 | $ 12,244 | |
Non-controlling interests | 11 | 4 | |
Foreign currency translation adjustment¹, pretax | [1] | (2,780) | 17,693 |
Foreign currency translation adjustment¹, tax | [1] | 0 | 0 |
Foreign currency translation adjustment¹ | [1] | (2,780) | 17,693 |
Foreign currency translation adjustment¹, non-controlling interests | [1] | (1) | 6 |
Defined benefit pension plans adjustment², pretax | [2] | 2,779 | 1,986 |
Defined benefit pension plans adjustment², tax | [2] | (693) | (504) |
Defined benefit pension plans adjustment² | [2] | 2,086 | 1,482 |
Interest rate swap³, pretax | [3] | (11,900) | (15,259) |
Interest rate swap³, tax | [3] | 2,901 | 3,815 |
Interest rate swap³ | [3] | (8,999) | (11,444) |
Cash flow hedges³, pretax | [3] | 4,746 | 4,284 |
Cash flow hedges³, tax | [3] | (102) | (198) |
Cash flow hedges³ | [3] | 4,644 | 4,086 |
Other comprehensive income (loss), pretax | (7,155) | 8,704 | |
Other comprehensive income (loss), tax | 2,106 | 3,113 | |
Other comprehensive income (loss) | (5,049) | 11,817 | |
Other comprehensive income (loss), non-controlling interests | (1) | 6 | |
Comprehensive income (loss) | 4,846 | 24,061 | |
Comprehensive income (loss), non-controlling interests | $ 10 | $ 10 | |
[1] | Income taxes are not provided for foreign currency translation relating to permanent investments in international subsidiaries. | ||
[2] | Loss reclassified from accumulated other comprehensive income ("AOCI") into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales and SG&A expense. | ||
[3] | Income (loss) reclassified from AOCI into earnings is reported in other income (expense), net. |
Note 9 - Accumulated Other Co_4
Note 9 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Feb. 29, 2020 | Nov. 30, 2019 |
Accumulated other comprehensive loss | $ (348,649) | $ (343,600) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
Foreign currency translation adjustment | (150,600) | (147,821) |
Interest rate swap, net of taxes | (22,337) | (13,338) |
Cash flow hedges, net of taxes | 6,407 | 1,763 |
Defined benefit pension plans adjustment, net of taxes | (163,882) | (165,968) |
Reclassification of AOCI tax effects | (18,341) | (18,341) |
Accumulated other comprehensive loss | (348,753) | (343,705) |
AOCI Attributable to Parent [Member] | ||
Foreign currency translation adjustment | (150,496) | (147,716) |
Interest rate swap, net of taxes | (22,337) | (13,338) |
Cash flow hedges, net of taxes | 6,407 | 1,763 |
Defined benefit pension plans adjustment, net of taxes | (163,882) | (165,968) |
Reclassification of AOCI tax effects | (18,341) | (18,341) |
Accumulated other comprehensive loss | (348,649) | (343,600) |
AOCI Attributable to Noncontrolling Interest [Member] | ||
Foreign currency translation adjustment | (104) | (105) |
Interest rate swap, net of taxes | 0 | 0 |
Cash flow hedges, net of taxes | 0 | 0 |
Defined benefit pension plans adjustment, net of taxes | 0 | 0 |
Reclassification of AOCI tax effects | 0 | 0 |
Accumulated other comprehensive loss | $ (104) | $ (105) |
Note 9 - Accumulated Other Co_5
Note 9 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($) $ in Thousands | Feb. 29, 2020 | Nov. 30, 2019 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
Tax on interest swap | $ (7,201) | $ (4,300) |
Tax on cash flow hedge | 125 | 21 |
Tax on defined benefit pension plans adjustment | 81,198 | 81,891 |
AOCI Attributable to Parent [Member] | ||
Tax on interest swap | (7,201) | (4,300) |
Tax on cash flow hedge | 125 | 21 |
Tax on defined benefit pension plans adjustment | $ 81,198 | $ 81,891 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2020 | Nov. 30, 2019 | |
Unrecognized Tax Benefits, Ending Balance | $ 10,495 | $ 8,946 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 1,147 | |
Unrecognized Tax Benefits, Period Increase (Decrease), Total | $ 1,549 |
Note 11 - Earnings Per Share (D
Note 11 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,606,776 | 3,002,073 |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | |
Basic (in shares) | 51,295 | 50,752 |
Equivalent shares from share-based compensations plans (in shares) | 1,285 | 1,149 |
Weighted-average common and common equivalent shares - diluted (in shares) | 52,580 | 51,901 |
Note 12 - Financial Instrumen_3
Note 12 - Financial Instruments (Details Textual) - USD ($) $ in Thousands | Apr. 23, 2018 | Apr. 22, 2018 | Feb. 29, 2020 | Mar. 02, 2019 | Nov. 30, 2019 | Mar. 09, 2018 | Feb. 27, 2018 | Oct. 20, 2017 | Feb. 24, 2017 | Feb. 14, 2017 |
Interest Rate Fair Value Hedge Liability at Fair Value | $ 11,122 | |||||||||
Other Operating Income (Expense) [Member] | ||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | 3,230 | $ 4,076 | ||||||||
Public Notes [Member] | ||||||||||
Debt Instrument, Face Amount | $ 300,000 | |||||||||
Term Loan B [Member] | ||||||||||
Debt Instrument, Face Amount | $ 2,150,000 | $ 2,150,000 | $ 2,150,000 | |||||||
Derivative, Fixed Interest Rate | 4.49% | |||||||||
Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.25% | ||||||||
Cross Currency Interest Rate Contract [Member] | ||||||||||
Derivative, Notional Amount | 443,800 | 401,200 | $ 42,600 | |||||||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 31,332 | |||||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance | 6,407 | |||||||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 2,848 | |||||||||
Cross Currency Interest Rate Contract [Member] | Other Assets [Member] | ||||||||||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 31,332 | |||||||||
Interest Rate Swap [Member] | ||||||||||
Derivative, Amount of Hedged Item | $ 1,350,000 | $ 100,000 | $ 200,000 | $ 1,050,000 | ||||||
Derivative, Fixed Interest Rate | 4.589% | 4.0275% | ||||||||
Interest Rate Swap [Member] | Other Assets [Member] | ||||||||||
Interest Rate Fair Value Hedge Asset at Fair Value | $ 29,537 | |||||||||
Interest Rate Swap Related to Public Notes [Member] | ||||||||||
Derivative, Amount of Hedged Item | $ 150,000 | |||||||||
Interest Rate Swap Related to Public Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Derivative, Variable Interest Rate | 1.86% |
Note 12 - Financial Instrumen_4
Note 12 - Financial Instruments - Swaps Outstanding (Details) - Cross Currency Interest Rate Contract [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 29, 2020 | Oct. 20, 2017 | Feb. 24, 2017 | |
Derivative, Notional Amount | $ 443,800 | $ 401,200 | $ 42,600 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | $ 31,332 | ||
Currency Swap 1 [Member] | |||
Fiscal Year of Expiration | 2020 | ||
Interest rate minimum | 1.95% | ||
Derivative, Notional Amount | $ 42,600 | ||
Fair Value | $ (1,396) | ||
Interest rate maximum | 4.3038% | ||
Currency Swap 2 [Member] | |||
Fiscal Year of Expiration | 2021 | ||
Interest rate minimum | 2.75% | ||
Derivative, Notional Amount | $ 133,340 | ||
Interest rate maximum | 4.933% | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | $ 10,214 | ||
Currency Swap 3 [Member] | |||
Fiscal Year of Expiration | 2022 | ||
Interest rate minimum | 3.00% | ||
Derivative, Notional Amount | $ 267,860 | ||
Interest rate maximum | 5.1803% | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | $ 22,514 |
Note 12 - Financial Instrumen_5
Note 12 - Financial Instruments - Gains (Losses) on Derivative Instruments (Details) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | |
Currency Swap [Member] | ||
Pretax gain (loss) recognized in other comprehensive income | $ 4,746 | $ 4,284 |
Interest Rate Swap [Member] | ||
Pretax gain (loss) recognized in other comprehensive income | $ (11,900) | $ (15,259) |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Feb. 29, 2020 | Feb. 03, 2020 | Nov. 30, 2019 |
Long-term Debt, Fair Value | $ 1,987,586 | $ 2,016,516 | |
D.H.M Adhesives, Inc [Member] | |||
Business Combination, Contingent Consideration, Liability, Total | $ 5,000 | $ 5,000 | $ 0 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands | Feb. 29, 2020 | Nov. 30, 2019 |
Assets: | ||
Interest Rate Fair Value Hedge Liability at Fair Value | $ 11,122 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Foreign exchange contract assets | $ 1,227 | |
Fair Value, Recurring [Member] | ||
Assets: | ||
Marketable securities | 3,934 | 19,430 |
Foreign exchange contract assets | 7,026 | 1,227 |
Interest Rate Fair Value Hedge Liability at Fair Value | 11,122 | 5,741 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 31,332 | 26,896 |
Liabilities: | ||
Foreign exchange contract liabilities | 3,797 | 1,800 |
Interest rate swaps, cash flow hedges | 29,537 | 17,637 |
Business Combination, Contingent Consideration, Liability, Total | 5,000 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Marketable securities | 3,934 | 19,430 |
Foreign exchange contract assets | 0 | 0 |
Interest Rate Fair Value Hedge Liability at Fair Value | 0 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Liabilities: | ||
Foreign exchange contract liabilities | 0 | 0 |
Interest rate swaps, cash flow hedges | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Marketable securities | 0 | 0 |
Foreign exchange contract assets | 7,026 | |
Interest Rate Fair Value Hedge Liability at Fair Value | 11,122 | 5,741 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 31,332 | 26,896 |
Liabilities: | ||
Foreign exchange contract liabilities | 3,797 | 1,800 |
Interest rate swaps, cash flow hedges | 29,537 | 17,637 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Marketable securities | 0 | 0 |
Foreign exchange contract assets | 0 | 0 |
Interest Rate Fair Value Hedge Liability at Fair Value | 0 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Liabilities: | ||
Foreign exchange contract liabilities | 0 | 0 |
Interest rate swaps, cash flow hedges | 0 | $ 0 |
Business Combination, Contingent Consideration, Liability, Total | $ 5,000 |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Contingent Consideration (Details) - D.H.M Adhesives, Inc [Member] - USD ($) $ in Thousands | Feb. 29, 2020 | Feb. 03, 2020 | Nov. 30, 2019 |
Balance | $ 5,000 | $ 5,000 | $ 0 |
Acquisitions | $ 5,000 |
Note 14 - Share Repurchase Pr_2
Note 14 - Share Repurchase Program (Details Textual) $ in Billions | Apr. 06, 2017USD ($) |
The 2017 Share Repurchase Program [Member] | |
Stock Repurchase Program, Authorized Amount | $ 0.2 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Feb. 29, 2020 | Nov. 30, 2019 | |
Accrued Environmental Loss Contingencies, Noncurrent | $ 7,938 | $ 8,535 |
Penalties from Possible Resale of Products by Customers Contrary to U.S. Law and Regulations [Member] | Minimum [Member] | ||
Loss Contingency, Estimate of Possible Loss | 0 | |
Penalties from Possible Resale of Products by Customers Contrary to U.S. Law and Regulations [Member] | Maximum [Member] | ||
Loss Contingency, Estimate of Possible Loss | 10,000 | |
Facility in Simpsonville, South Carolina [Member] | ||
Operating Leases, Rent Expense, Total | $ 4,061 | $ 4,117 |
Note 15 - Commitments and Con_4
Note 15 - Commitments and Contingencies - Asbestos Related Lawsuits and Claims (Details) - Asbestos Related Lawsuits and Claims [Member] $ in Thousands | 3 Months Ended | 35 Months Ended | |
Feb. 29, 2020USD ($) | Mar. 02, 2019USD ($) | Nov. 30, 2019USD ($) | |
Lawsuits and claims settled | 2 | 1 | 24 |
Settlement amounts | $ 30 | $ 12 | $ 2,487 |
Insurance payments received or expected to be received | $ 21 | $ 8 | $ 1,937 |
Note 16 - Operating Segments (D
Note 16 - Operating Segments (Details Textual) | 3 Months Ended | 12 Months Ended |
Feb. 29, 2020 | Nov. 30, 2019 | |
Number of Reportable Segments | 3 | 5 |
Note 16 - Operating Segments -
Note 16 - Operating Segments - Reportable Operating Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 29, 2020 | Mar. 02, 2019 | Nov. 30, 2019 | |
Revenue | $ 646,564 | $ 672,935 | |
Segment operating income (loss) | 28,753 | 34,212 | |
Assets | 4,025,266 | $ 3,985,734 | |
Corporate, Non-Segment [Member] | |||
Revenue | 0 | 5,919 | |
Segment operating income (loss) | (7,903) | (7,008) | |
Assets | 321,127 | ||
Hygiene, Health, and Consumable Adhesives [Member] | |||
Revenue | 312,512 | 319,854 | |
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | |||
Revenue | 312,512 | 319,854 | |
Segment operating income (loss) | 22,664 | 20,890 | |
Assets | 1,253,864 | ||
Engineering Adhesives [Member] | |||
Revenue | 248,895 | 264,372 | |
Engineering Adhesives [Member] | Operating Segments [Member] | |||
Revenue | 248,895 | 264,372 | |
Segment operating income (loss) | 15,365 | 21,986 | |
Assets | 1,610,748 | ||
Construction Adhesives [Member] | |||
Revenue | 85,157 | 82,790 | |
Construction Adhesives [Member] | Operating Segments [Member] | |||
Revenue | 85,157 | 82,790 | |
Segment operating income (loss) | (1,373) | (1,656) | |
Assets | $ 799,995 | ||
Total Segment [Member] | |||
Revenue | 646,564 | 667,016 | |
Total Segment [Member] | Operating Segments [Member] | |||
Segment operating income (loss) | $ 36,656 | $ 41,220 |
Note 16 - Operating Segments _2
Note 16 - Operating Segments - Reconciliation of Segment Operating Income to Income From Continuing Operations Before Income Taxes and Income From Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | |
Operating income | $ 28,753 | $ 34,212 |
Other income, net | 4,969 | 3,365 |
Interest expense | (22,757) | (26,807) |
Interest income | 2,918 | 3,053 |
Income before income taxes and income from equity method investments | $ 13,883 | $ 13,823 |
Note 16 - Operating Segments _3
Note 16 - Operating Segments - Disaggregated Revenue Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2020 | Mar. 02, 2019 | |
Net revenue | $ 646,564 | $ 672,935 |
Corporate, Non-Segment [Member] | ||
Net revenue | 0 | 5,919 |
Americas [Member] | ||
Net revenue | 352,906 | |
Americas [Member] | Operating Segments [Member] | ||
Net revenue | 358,751 | |
Americas [Member] | Corporate, Non-Segment [Member] | ||
Net revenue | 0 | |
EIMEA [Member] | ||
Net revenue | 182,184 | 194,109 |
EIMEA [Member] | Corporate, Non-Segment [Member] | ||
Net revenue | 0 | |
Asia Pacific [Member] | ||
Net revenue | 111,474 | |
Asia Pacific [Member] | Operating Segments [Member] | ||
Net revenue | 120,075 | |
Asia Pacific [Member] | Corporate, Non-Segment [Member] | ||
Net revenue | 0 | |
Hygiene, Health, and Consumable Adhesives [Member] | ||
Net revenue | 312,512 | 319,854 |
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | ||
Net revenue | 312,512 | 319,854 |
Hygiene, Health, and Consumable Adhesives [Member] | Americas [Member] | Operating Segments [Member] | ||
Net revenue | 173,275 | 174,865 |
Hygiene, Health, and Consumable Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | ||
Net revenue | 92,382 | 95,428 |
Hygiene, Health, and Consumable Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | ||
Net revenue | 46,855 | 49,561 |
Engineering Adhesives [Member] | ||
Net revenue | 248,895 | 264,372 |
Engineering Adhesives [Member] | Operating Segments [Member] | ||
Net revenue | 248,895 | 264,372 |
Engineering Adhesives [Member] | Americas [Member] | Operating Segments [Member] | ||
Net revenue | 105,373 | 105,621 |
Engineering Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | ||
Net revenue | 83,676 | 93,800 |
Engineering Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | ||
Net revenue | 59,846 | 64,951 |
Construction Adhesives [Member] | ||
Net revenue | 85,157 | 82,790 |
Construction Adhesives [Member] | Operating Segments [Member] | ||
Net revenue | 85,157 | 82,790 |
Construction Adhesives [Member] | Americas [Member] | Operating Segments [Member] | ||
Net revenue | 74,258 | 72,346 |
Construction Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | ||
Net revenue | 6,126 | 4,881 |
Construction Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | ||
Net revenue | $ 4,773 | 5,563 |
Corporate Segment [Member] | Corporate, Non-Segment [Member] | ||
Net revenue | 5,919 | |
Corporate Segment [Member] | Americas [Member] | Corporate, Non-Segment [Member] | ||
Net revenue | 5,919 | |
Corporate Segment [Member] | EIMEA [Member] | Corporate, Non-Segment [Member] | ||
Net revenue | 0 | |
Corporate Segment [Member] | Asia Pacific [Member] | Corporate, Non-Segment [Member] | ||
Net revenue | $ 0 |