Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Nov. 28, 2020 | Jan. 21, 2021 | May 29, 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 | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Nov. 28, 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 | ||
Trading Symbol | FUL | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 1,924,019,850 | ||
Entity Common Stock, Shares Outstanding | 51,969,463 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Net revenue | $ 2,790,269 | $ 2,897,000 | $ 3,041,002 |
Cost of sales | (2,033,620) | (2,090,078) | (2,212,844) |
Gross profit | 756,649 | 806,922 | 828,158 |
Selling, general and administrative expenses | (538,332) | (580,928) | (590,267) |
Other income, net | (15,398) | (37,943) | (18,055) |
Interest expense | (86,776) | (103,287) | (110,994) |
Interest income | 11,417 | 12,178 | 11,774 |
Income from continuing operations before income taxes and income from equity method investments | 158,356 | 172,828 | 156,726 |
Income tax (expense) benefit | (41,921) | (49,408) | 6,356 |
Income from equity method investments | 7,353 | 7,424 | 8,150 |
Net income including non-controlling interest | 123,788 | 130,844 | 171,232 |
Net income attributable to non-controlling interest | (69) | (27) | (24) |
Net income attributable to H.B. Fuller | $ 123,719 | $ 130,817 | $ 171,208 |
Basic (in dollars per share) | $ 2.38 | $ 2.57 | $ 3.38 |
Diluted (in dollars per share) | $ 2.36 | $ 2.52 | $ 3.29 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 52,039,000 | 50,920,000 | 50,591,000 |
Diluted (in shares) | 52,520,000 | 51,983,000 | 51,975,000 |
Dividends declared per common share (in dollars per share) | $ 0.648 | $ 0.635 | $ 0.615 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Net income including non-controlling interest | $ 123,788 | $ 130,844 | $ 171,232 |
Foreign currency translation | 41,742 | (20,395) | (71,238) |
Defined benefit pension plans adjustment, net of tax | 4,588 | (21,828) | (2,970) |
Interest rate swaps, net of tax | (11,765) | (35,031) | 19,771 |
Cash-flow hedges, net of tax | 6,206 | 13,820 | (6,735) |
Other comprehensive income (loss) | 40,771 | (63,434) | (61,172) |
Comprehensive income | 164,559 | 67,410 | 110,060 |
Less: Comprehensive income attributable to non-controlling interest | 99 | 41 | 8 |
Comprehensive income attributable to H.B. Fuller | $ 164,460 | $ 67,369 | $ 110,052 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 | |
Current assets: | |||
Cash and cash equivalents | $ 100,534 | $ 112,191 | |
Trade receivables, net | 514,916 | 493,181 | |
Inventories | 323,213 | 337,267 | |
Other current assets | 81,113 | 90,723 | |
Total current assets | 1,019,776 | 1,033,362 | |
Property, plant and equipment, net | 670,744 | 629,813 | |
Goodwill | 1,312,003 | 1,281,808 | |
Other intangibles, net | 755,968 | 799,399 | |
Other assets | 278,213 | 241,352 | |
Total assets | [1] | 4,036,704 | 3,985,734 |
Current liabilities: | |||
Notes payable | 16,925 | 15,732 | |
Current maturities of long-term debt | 0 | 65,000 | |
Trade payables | 316,460 | 298,869 | |
Accrued compensation | 83,598 | 78,582 | |
Income taxes payable | 29,173 | 23,229 | |
Other accrued expenses | 83,976 | 60,745 | |
Total current liabilities | 530,132 | 542,157 | |
Long-term debt, net of current maturities | 1,756,985 | 1,898,384 | |
Accrued pension liabilities | 88,806 | 80,214 | |
Other liabilities | 278,919 | 242,190 | |
Total liabilities | 2,654,842 | 2,762,945 | |
Commitments and contingencies (Note 14) | |||
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 – 51,906,663 and 51,241,190, for 2020 and 2019, respectively | 51,907 | 51,241 | |
Additional paid-in capital | 157,867 | 130,295 | |
Retained earnings | 1,474,406 | 1,384,411 | |
Accumulated other comprehensive loss | (302,859) | (343,600) | |
Total H.B. Fuller stockholders' equity | 1,381,321 | 1,222,347 | |
Non-controlling interest | 541 | 442 | |
Total equity | 1,381,862 | 1,222,789 | |
Total liabilities, non-controlling interest and total equity | $ 4,036,704 | $ 3,985,734 | |
[1] | Segment assets include primarily inventory, accounts receivable, property, plant and equipment, goodwill, intangible assets and other miscellaneous assets. Corporate assets include primarily corporate property, plant and equipment, deferred tax assets, certain investments and other assets. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Nov. 28, 2020 | Nov. 30, 2019 |
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) | 51,906,663 | 51,241,190 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 02, 2017 | $ 50,389 | $ 74,662 | $ 1,127,028 | $ (200,655) | $ 393 | $ 1,051,817 | ||||||||||||
Comprehensive income (loss) | 0 | 0 | 171,208 | (61,156) | 8 | 110,060 | ||||||||||||
Dividends | 0 | 0 | (31,331) | 0 | 0 | (31,331) | ||||||||||||
Stock option exercises | 199 | 6,038 | 0 | 0 | 0 | 6,237 | ||||||||||||
Share-based compensation plans other, net | 237 | 19,836 | 0 | 0 | 0 | 20,073 | ||||||||||||
Repurchases of common stock | (92) | (4,596) | 0 | 0 | 0 | (4,688) | ||||||||||||
Reclassification of AOCI tax effects | 0 | 0 | 18,341 | (18,341) | 0 | 0 | ||||||||||||
Balance at Dec. 01, 2018 | $ 0 | $ 0 | $ 1,043 | $ 0 | $ 0 | $ 1,043 | $ 50,733 | $ 95,940 | $ 1,286,289 | $ (280,152) | $ 401 | $ 1,153,211 | 50,733 | 95,940 | 1,285,246 | (280,152) | 401 | 1,152,168 |
Comprehensive income (loss) | 0 | 0 | 130,817 | (63,448) | 41 | 67,410 | ||||||||||||
Dividends | 0 | 0 | (32,695) | 0 | 0 | (32,695) | ||||||||||||
Stock option exercises | 373 | 10,506 | 0 | 0 | 0 | 10,879 | ||||||||||||
Share-based compensation plans other, net | 200 | 26,810 | 0 | 0 | 0 | 27,010 | ||||||||||||
Repurchases of common stock | (65) | (2,961) | 0 | 0 | 0 | (3,026) | ||||||||||||
Balance at Nov. 30, 2019 | 51,241 | 130,295 | 1,384,411 | (343,600) | 442 | 1,222,789 | ||||||||||||
Comprehensive income (loss) | 0 | 0 | 123,719 | 40,741 | 99 | 164,559 | ||||||||||||
Dividends | 0 | 0 | (33,724) | 0 | 0 | (33,724) | ||||||||||||
Stock option exercises | 397 | 11,924 | 0 | 0 | 0 | 12,321 | ||||||||||||
Share-based compensation plans other, net | 341 | 19,008 | 0 | 0 | 0 | 19,349 | ||||||||||||
Repurchases of common stock | (72) | (3,360) | 0 | 0 | 0 | (3,432) | ||||||||||||
Balance at Nov. 28, 2020 | $ 51,907 | $ 157,867 | $ 1,474,406 | $ (302,859) | $ 541 | $ 1,381,862 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Cash flows from operating activities: | |||
Net income including non-controlling interest | $ 123,788 | $ 130,844 | $ 171,232 |
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | |||
Depreciation | 68,226 | 67,115 | 68,636 |
Amortization | 70,591 | 74,091 | 76,490 |
Deferred income taxes | (24,730) | (29,028) | (47,446) |
Income from equity method investments, net of dividends received | 375 | (39) | (3,172) |
Loss (gain) on sale of assets | 86 | (24,104) | (3,050) |
Share-based compensation | 16,914 | 24,003 | 17,113 |
Pension and other postretirement benefit plan contributions | (5,479) | (8,063) | (6,558) |
Pension and other postretirement benefit plan income | (14,763) | (11,300) | (14,332) |
Mark to market adjustment related to contingent consideration liabilities | 800 | 0 | 1,126 |
Trade receivables, net | (14,842) | (25,632) | (39,429) |
Inventories | 15,708 | 19,584 | (17,068) |
Other assets | 38,412 | (18,316) | (35,184) |
Trade payables | 23,130 | 11,553 | 25,401 |
Accrued compensation | 2,588 | 1,342 | (306) |
Other accrued expenses | 16,361 | (1,882) | (4,282) |
Income taxes payable | (5,511) | (21,043) | (4,048) |
Other liabilities | (24,566) | (448) | 21,429 |
Other | (15,683) | 37,518 | 81,522 |
Net cash provided by operating activities | 331,559 | 269,177 | 253,312 |
Cash flows from investing activities: | |||
Purchased property, plant and equipment | (87,288) | (61,982) | (68,263) |
Purchased businesses, net of cash acquired | (9,500) | (8,292) | 3,499 |
Purchased business assets | (5,623) | 0 | 0 |
Purchased business remaining equity | 0 | (9,870) | 0 |
Proceeds from sale of property, plant and equipment | 1,506 | 11,133 | 2,923 |
Proceeds from sale of business | 0 | 70,293 | 0 |
Cash received from government grant | 0 | 8,881 | 0 |
Cash outflow related to government grant | (8,555) | (2,758) | 0 |
Net cash (used in) provided by investing activities | (109,460) | 7,405 | (61,841) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 300,000 | 0 | 0 |
Repayment of long-term debt | (518,000) | (288,600) | (185,750) |
Net proceeds from (payments on) notes payable | 4,128 | 1,662 | (13,276) |
Dividends paid | (33,461) | (32,357) | (31,124) |
Contingent consideration payment | (767) | (3,610) | 0 |
Proceeds from stock options exercised | 12,321 | 10,885 | 6,237 |
Repurchases of common stock | (3,432) | (3,026) | (4,688) |
Net cash used in financing activities | (239,211) | (315,046) | (228,601) |
Effect of exchange rate changes on cash and cash equivalents | 5,455 | (138) | (6,475) |
Net change in cash and cash equivalents | (11,657) | (38,602) | (43,605) |
Cash and cash equivalents at beginning of year | 112,191 | 150,793 | 194,398 |
Cash and cash equivalents at end of year | 100,534 | 112,191 | 150,793 |
Supplemental disclosure of cash flow information: | |||
Dividends paid with company stock | 263 | 338 | 207 |
Cash paid for interest, net of amount capitalized of $565, $416, and $285 for the years ended November 28, 2020, November 30, 2019 and December 1, 2018, respectively | 69,452 | 107,088 | 109,428 |
Cash paid for income taxes, net of refunds | $ 49,986 | $ 37,232 | $ 36,841 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Capitalized interest costs | $ 565 | $ 416 | $ 285 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1: Nature of Business H.B. Fuller Company and our subsidiaries formulate, manufacture and market specialty adhesives, sealants, coatings, polymers, tapes, encapsulants, additives and other specialty chemical products globally, with sales operations in 35 countries in North America, Europe, Latin America, the Asia Pacific region, India, the Middle East and Africa. As of November 30, 2019, five 2020, three 2020, Our Hygiene, Health and Consumable Adhesives operating segment produces and supplies a full range of specialty industrial adhesives such as thermoplastic, thermoset, reactive, water-based and solvent-based products for applications in various markets, including packaging (food and beverage containers, flexible packaging, consumer goods, package integrity and re-enforcement, and non-durable goods), converting (corrugation, folding carton, tape and label, paper converting, envelopes, books, multi-wall bags, sacks, and tissue and towel), nonwoven and hygiene (disposable diapers, feminine care and medical garments) and health and beauty. The Engineering Adhesives operating segment produces and supplies high performance industrial adhesives such as reactive, light cure, two The Construction Adhesives operating segment includes products used for tile setting (adhesives, grouts, mortars, sealers and levelers), the commercial roofing industry (pressure-sensitive adhesives, tapes and sealants) and heating, ventilation and air conditioning and insulation applications (duct sealants, weather barriers and fungicidal coatings and block fillers). This operating segment also includes caulks and sealants for the consumer market and professional trade, sold through retailers, primarily in Australia. Principles of Consolidation The Consolidated Financial Statements include the accounts of H.B. Fuller Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. Investments in affiliated companies in which we exercise significant influence, but which we do not not 20 Our 50 percent ownership in Sekisui-Fuller Company, Ltd., our Japan joint venture, is accounted for under the equity method of accounting as we do not 2020, 2019 2018, not X 1934. November 28, 2020, November 30, 2019 December 1, 2018 not Our fiscal year ends on the Saturday closest to November 30. November 28, 2020, November 30, 2019 December 1, 2018 2020, 2019 2018, Use of Estimates Preparation of the Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition We sell a variety of adhesives, sealants and other specialty chemical products to a diverse customer base. The vast majority of our arrangements contain a single performance obligation to transfer manufactured goods to the customer as governed by an individual purchase order. We recognize revenue at the amount of consideration to which we expect to be entitled in exchange for transferring the promised goods to the customer. The transaction price includes an estimation of any variable amounts of consideration to which we will be entitled. The most common forms of variable consideration within our arrangements are customer rebates, which are recorded as a reduction to revenue at the time of the initial sale using the expected value method. The expected value method is the sum of probability-weighted amounts in a range of possible consideration amounts and is based on a consideration of historical, current and forecast information. Changes in estimates are updated each reporting period. There are no not not We recognize revenue when control of goods is transferred to the customer. For the vast majority of our arrangements, control transfers at a point in time either upon shipment or upon delivery of the goods to the customer. The timing of transfer of control is determined considering the timing of the transfer of legal title, physical possession, and risks and rewards of goods to the customer. We record shipping and handling revenue in net revenue and outbound shipping and handling costs in cost of goods sold. The majority of our shipping and handling activities are performed prior to transfer of control of the goods to the customer. For those arrangements where we provide shipping and handling services after control of the goods has transferred to the customer, we have elected the practical expedient allowed under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 606 Provisions for sales returns are estimated based on historical experience, and are adjusted for known returns, if material. Customer incentive programs (primarily volume purchase rebates) and arrangements such as cooperative advertising, slotting fees and buy-downs are recorded as a reduction of net revenue in accordance with ASC 606. 2020, 2019 2018, For certain products, consigned inventory is maintained at customer locations. For this inventory, revenue is recognized in the period that the inventory is consumed. Sales to distributors require a distribution agreement or purchase order. As a normal practice, distributors do not Cost of Sales Cost of sales includes raw materials, container costs, direct labor, manufacturing overhead, freight costs, and other less significant indirect costs related to the production of our products. Selling, General and Administrative Expenses Selling, general and administrative (“SG&A”) expenses include sales and marketing, research and development, technical and customer service, finance, legal, human resources, general management and similar expenses. Income Taxes The income tax provision is computed based on income before income from equity method investments included in the Consolidated Statement of Income. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Enacted statutory tax rates applicable to future years are applied to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances reduce deferred tax assets when it is not not 11 Acquisition Accounting As we enter into business combinations, we perform acquisition accounting requirements including the following: ● Identifying the acquirer, ● Determining the acquisition date, ● Recognizing and measuring the identifiable assets acquired and the liabilities assumed, and ● Recognizing and measuring goodwill or a gain from a bargain purchase We complete valuation procedures and record the resulting fair value of the acquired assets and assumed liabilities based upon the valuation of the business enterprise and the tangible and intangible assets acquired. Enterprise value allocation methodology requires management to make assumptions and apply judgment to estimate the fair value of assets acquired and liabilities assumed. If estimates or assumptions used to complete the enterprise valuation and estimates of the fair value of the acquired assets and assumed liabilities significantly differed from assumptions made, the resulting difference could materially affect the fair value of net assets. The calculation of the fair value of the tangible assets, including property, plant and equipment, utilizes the cost approach, which computes the cost to replace the asset, less accrued depreciation resulting from physical deterioration, functional obsolescence and external obsolescence. The calculation of the fair value of the identified intangible assets are determined using cash flow models following the income approach or a discounted market-based methodology approach. Significant inputs include estimated revenue growth rates, gross margins, operating expenses and estimated attrition, royalty and discount rates. Goodwill is recorded as the difference in the fair value of the acquired assets and assumed liabilities and the purchase price. Cash Equivalents Cash equivalents are highly liquid instruments with an original maturity of three Restrictions on Cash There were no November 28, 2020. no Trade Receivables and Allowances Trade receivables are recorded at the invoiced amount and do not not 4 Inventories Inventories are recorded at cost ( not Investments Investments with a value of $9,006 and $5,062 represent the cash surrender value of life insurance contracts as of November 28, 2020 November 30, 2019, Equity Investments Investments in an entity where we own less than 20% not not November 28, 2020, November 30, 2019 December 1, 2018. November 28, 2020 November 30, 2019. Property, Plant and Equipment Property, plant and equipment are carried at cost and depreciated over the useful lives of the assets using the straight-line method. Estimated useful lives range from 20 40 3 20 2020, 2019 2018, Goodwill We evaluate our goodwill for impairment annually at the beginning of the fourth not 2020 no 5 Intangible Assets Intangible assets include patents, customer lists, technology, trademarks and other intangible assets acquired from independent parties and are amortized on a straight-line basis with estimated useful lives ranging from 3 20 Impairment of Long-Lived Assets Our long-lived assets are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not Foreign Currency Translation Assets and liabilities of non-U.S. functional currency entities are translated to U.S. dollars at period-end exchange rates, and the resulting gains and losses arising from the translation of those net assets are recorded as a cumulative translation adjustment, a component of accumulated other comprehensive income (loss) in stockholders' equity. Revenues and expenses are translated using average exchange rates during the year. Foreign currency transaction gains and losses are included in other income, net in the Consolidated Statements of Income. We consider a subsidiary’s sales price drivers, currency denomination of sales transactions and inventory purchases to be the primary indicators in determining a foreign subsidiary’s functional currency. Our subsidiaries in certain European countries have a functional currency different than their local currency. All other foreign subsidiaries, which are located in North America, Latin America, Europe and the Asia Pacific region, have the same local and functional currency. Pension and Other Postretirement Benefits We sponsor defined-benefit pension plans in both the U.S. and non-U.S. entities. Also in the U.S., we sponsor other postretirement plans for health care and life insurance benefits. Expenses and liabilities for the pension plans and other postretirement plans are actuarially calculated. These calculations are based on our assumptions related to the discount rate, expected return on assets, projected salary increases, health care cost trend rates and mortality rates. The discount rate assumption is determined using an actuarial yield curve approach, which results in a discount rate that reflects the characteristics of the plan. The approach identifies a broad population of corporate bonds that meet the quality and size criteria for the particular plan. We use this approach rather than a specific index that has a certain set of bonds that may may not 10 Asset Retirement Obligations We recognize asset retirement obligations ("ARO") in the period in which we have an existing legal obligation associated with the retirement of a tangible long-lived asset, and the amount can be reasonably estimated. The ARO is recognized at fair value when the liability is incurred. Upon initial recognition of a liability, that cost is capitalized as part of the related long-lived asset and depreciated on a straight-line basis over the remaining estimated useful life of the related asset. We have recognized a liability related to special handling of asbestos related materials in certain facilities for which we have plans or expectation of plans to undertake a major renovation or demolition project that would require the removal of asbestos or have plans or expectation of plans to exit a facility. In addition, we have determined that we have facilities with some level of asbestos that will require abatement action in the future. Once the probability and timeframe of an action are determined, we apply certain assumptions to determine the related liability and asset. These assumptions include the use of inflation rates, the use of credit adjusted risk-free discount rates and the estimation of costs to handle asbestos related materials. The recorded liability is required to be adjusted for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. The asset retirement obligation liability was $2,948 and $2,952 at November 28, 2020 November 30, 2019, Environmental Costs Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not no Contingent Consideration Liability Concurrent with business acquisitions, we enter into agreements that require us to pay the sellers a certain amount based upon a formula related to the entity’s financial results. The change in fair value of the contingent consideration liability is recorded in SG&A expenses in the Consolidated Statements of Income. Share-based Compensation We have various share-based compensation programs which provide for equity awards, including non-qualified stock options, incentive stock options, restricted stock units, performance awards and deferred compensation. We use the straight-line attribution method to recognize compensation expense associated with share-based awards based on the fair value on the date of grant, net of the estimated forfeiture rate. Expense is recognized over the requisite service period related to each award, which 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 retirement based on the terms of the plan. The fair value of stock options is estimated using the Black-Scholes option pricing model. All of our stock compensation expense is recorded in SG&A expenses in the Consolidated Statements of Income. 9 Earnings per Share 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 awards, 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. The computations for basic and diluted earnings per share are as follows: (in thousands, except per share data) 2020 2019 2018 Net income attributable to H.B. Fuller $ 123,719 $ 130,817 $ 171,208 Weighted-average common shares – basic 52,039 50,920 50,591 Equivalent shares from share-based compensation plans 481 1,063 1,384 Weighted-average common and common equivalent shares – diluted 52,520 51,983 51,975 Basic earnings per share $ 2.38 $ 2.57 $ 3.38 Diluted earnings per share $ 2.36 $ 2.52 $ 3.29 Share-based compensation awards for 3,982,275, 2,951,697 and 1,905,411 shares for 2020, 2019 2018, Financial Instruments and Derivatives As a part of our ongoing operations, we are exposed to market risks such as changes in foreign currency exchange rates and interest rates. To manage these risks, we may Our objective is to balance, where possible, non-functional currency denominated assets to non-functional currency denominated liabilities to have a natural hedge and minimize foreign exchange impacts. We minimize risks from foreign currency exchange rate fluctuations through normal operating and financing activities and, when deemed appropriate, through the use of derivative instruments. Derivatives consisted primarily of forward currency contracts used to manage foreign currency denominated assets and liabilities. For derivative instruments outstanding that were not may The company manages interest expense using a mix of fixed and floating rate debt. To manage exposure to interest rate movements and to reduce borrowing costs, the company may Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income, based on the type of derivative, and whether the instrument is designated and effective as a hedge transaction. Gains or losses on derivative instruments reported in accumulated other comprehensive income (loss) are reclassified to earnings in the period the hedged item affects earnings. Any ineffectiveness is recognized in earnings in the current period. We maintain master netting arrangements that allow us to net settle contracts with the same counterparties; we do not not not 12 Purchase of Company Common Stock Under the Minnesota Business Corporation Act, repurchased stock is included in authorized shares, but is not 2020, 2019 2018, 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, Leases (Topic 842 July 2018, No. 2018 11, Leases (Topic 842 Targeted Improvements 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 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 15. 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. No. 2021 01, Reference Rate Reform (Topic 848 January 2021. 848 No. 2020 04 No. 2020 04. 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. not Recently issued accounting standards or pronouncements not not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2: and Divestiture D.H.M. Adhesives, Inc. On February 3, 2020, November 27, 2021 December 3, 2022. May 30, 2020 13 not not Ramapo Sales and Marketing, Inc. On May 17, 2019, twelve December 31, 2019. May 30, 2020 second 2020, Dalton Holdings, LLC On July 1, 2019, November 30, 2019. |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | Note 3: Restructuring Actions The company has approved restructuring plans consisting of consolidation plans, organizational changes and other actions related to the reorganization of our business into three November 28, 2020 November 30, 2019. November 28, 2020 November 30, 2019 Cost of sales $ 1,013 $ 2,082 Selling, general and administrative 3,567 12,453 $ 4,580 $ 14,535 A summary of the restructuring liability is presented below: Employee- Related Asset-Related Other Total Balance at end December 1, 2018 $ 4,256 $ - $ - $ 4,256 Expense 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 end November 30, 2019 $ 9,830 $ - $ 924 $ 10,754 Expense incurred 2,898 - 1,681 4,579 Cash payments (7,051 ) - (2,357 ) (9,408 ) Foreign currency translation 157 - - 157 Balance at end November 28, 2020 $ 5,834 $ - $ 248 $ 6,082 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 on the Consolidated Balance Sheets. |
Note 4 - Supplemental Financial
Note 4 - Supplemental Financial Statement Information | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | Note 4: Statement of Income Information Additional details of income statement amounts for 2020, 2019 2018 2020 2019 2018 Foreign currency transaction losses, net $ (3,078 ) $ (1,156 ) $ (4,450 ) (Loss) gain on disposal of assets (86 ) 24,304 2,177 Net periodic pension benefit 17,902 13,661 16,870 Other, net 660 1,134 3,458 Total other income, net $ 15,398 $ 37,943 $ 18,055 Research and development expenses (included in SG&A expenses) $ 36,969 $ 36,624 $ 35,534 Balance Sheet Information Additional details of balance sheet amounts as of November 28, 2020 November 30, 2019 2020 2019 Inventories Raw materials $ 151,026 $ 150,338 Finished goods 172,187 186,929 Total inventories $ 323,213 $ 337,267 Other current assets Other receivables $ 18,666 $ 26,258 Prepaid income taxes 22,137 23,112 Prepaid taxes other than income taxes 20,270 16,836 Prepaid expenses 19,212 20,862 Assets held for sale 828 3,655 Total other current assets $ 81,113 $ 90,723 Property, plant and equipment Land $ 87,403 $ 79,631 Buildings and improvements 393,175 362,114 Machinery and equipment 876,858 808,154 Construction in progress 70,747 54,332 Total, at cost 1,428,183 1,304,231 Accumulated depreciation (757,439 ) (674,418 ) Net property, plant and equipment $ 670,744 $ 629,813 Other assets Investments and company owned life insurance $ 9,006 $ 8,870 Equity method investments 53,863 53,696 Equity investments 1,669 1,667 Long-term deferred income taxes 37,376 29,037 Prepaid pension costs 43,206 28,759 Prepaid postretirement other than pension 73,137 58,307 Operating lease right-of-use assets 28,445 - Other long-term receivables 16,760 46,887 Other long-term assets 14,751 14,129 Total other assets $ 278,213 $ 241,352 Other accrued expenses Taxes other than income taxes $ 16,893 $ 15,031 Miscellaneous services 5,691 5,541 Customer rebates 15,008 11,293 Interest 4,901 4,572 Insurance 184 178 Product liability 501 978 Contingent consideration liability - 3,400 Current operating lease liabilities 8,706 - Accrued expenses 32,092 19,752 Total other accrued expenses $ 83,976 $ 60,745 Other liabilities Asset retirement obligations $ 2,948 $ 2,952 Long-term deferred income taxes 165,877 177,530 Long-term income tax liability 18,089 10,088 Long-term deferred compensation 8,510 6,929 Postretirement other than pension 2,930 2,879 Noncurrent operating lease liabilities 19,498 - Long-term accrued payroll tax 7,216 - Environmental liabilities 3,639 4,657 Other long-term liabilities 50,212 37,155 Total other liabilities $ 278,919 $ 242,190 Additional details on the trade receivables allowance for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts for 2020, 2019 2018 2020 2019 2018 Balance at beginning of year $ 10,682 $ 14,017 $ 11,670 Charged to expenses and other adjustments 8,313 2,678 6,445 Write-offs (6,158 ) (5,947 ) (2,187 ) Foreign currency translation effect 68 (66 ) (1,911 ) Balance at end of year $ 12,905 $ 10,682 $ 14,017 Statement of Comprehensive Income Information The following tables provides details of total comprehensive income (loss): November 28, 2020 H.B. Fuller Stockholders Non-controlling Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interests - - $ 123,719 $ 69 Other comprehensive income (loss) Foreign currency translation adjustment¹ $ 41,712 - 41,712 30 Defined benefit pension plans adjustment² 5,823 (1,235 ) 4,588 - Interest rate swap³ (15,618 ) 3,853 (11,765 ) - Other cash flow hedges³ 6,307 (101 ) 6,206 - Other comprehensive income $ 38,224 $ 2,517 40,741 30 Comprehensive income $ 164,460 $ 99 November 30, 2019 H.B. Fuller Stockholders Non-controlling Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interests - - $ 130,817 $ 27 Other comprehensive income (loss) Foreign currency translation adjustment¹ $ (20,409 ) - (20,409 ) 14 Defined benefit pension plans adjustment² (28,635 ) 6,807 (21,828 ) - Interest rate swap³ (46,254 ) 11,223 (35,031 ) - Other cash flow hedges³ 14,429 (609 ) 13,820 - Other comprehensive loss $ (80,869 ) $ 17,421 (63,448 ) 14 Comprehensive income $ 67,369 $ 41 December 1, 2018 H.B. Fuller Stockholders Non-controlling Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interests - - $ 171,208 $ 24 Other comprehensive income (loss) Foreign currency translation adjustment¹ $ (71,222 ) - (71,222 ) (16 ) Defined benefit pension plans adjustment² (3,671 ) 701 (2,970 ) - Interest rate swap³ 25,819 (6,048 ) 19,771 - Other cash flow hedges³ (4,047 ) (2,688 ) (6,735 ) - Other comprehensive loss $ (53,121 ) $ (8,035 ) (61,156 ) (16 ) Comprehensive income $ 110,052 $ 8 1 not 2 3 Statement of Total Equity Information Components of accumulated other comprehensive income (loss) are as follows: November 28, 2020 Total H.B. Fuller Non- controlling Foreign currency translation adjustment $ (106,140 ) $ (106,005 ) $ (135 ) Interest rate swap, net of taxes of $ 8,153 (25,103 ) (25,103 ) - Cash flow hedges, net of taxes of ($ 121 7,969 7,969 - Defined benefit pension plans adjustment, net of taxes of $ 80,656 (161,379 ) (161,379 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Total accumulated other comprehensive loss $ (302,994 ) $ (302,859 ) $ (135 ) November 30, 2019 Total H.B. Fuller Non- controlling 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 ) - Total accumulated other comprehensive loss $ (343,705 ) $ (343,600 ) $ (105 ) December 1, 2018 Total H.B. Fuller Non- controlling Foreign currency translation adjustment $ (127,398 ) $ (127,307 ) $ (91 ) Interest rate swap, net of taxes of ($7,231) 21,693 21,693 - Cash flow hedges, net of taxes of $588 (12,057 ) (12,057 ) - Defined benefit pension plans adjustment, net of taxes of $75,083 (144,140 ) (144,140 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Total accumulated other comprehensive loss $ (280,243 ) $ (280,152 ) $ (91 ) |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5: Goodwill balances by reportable segment as of November 28, 2020 November 30, 2019 2020 2019 Hygiene, Health and Consumable Adhesives $ 332,909 $ 321,274 Engineering Adhesives 667,863 649,555 Construction Adhesives 311,231 310,979 Total $ 1,312,003 $ 1,281,808 Additional details related to goodwill for 2020 2019 2020 2019 Balance at beginning of year $ 1,281,808 $ 1,305,171 Ramapo acquisition (746 ) 910 D.H.M acquisition 1,063 - Dalton Holdings divestiture - (15,757 ) Foreign currency translation effect 29,878 (8,516 ) Balance at end of year $ 1,312,003 $ 1,281,808 We evaluate our goodwill for impairment annually at the beginning of the fourth fourth 2020, no Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, are as follows: Amortizable Intangible Assets Purchased Customer Tradename All Other Total As of November 28, 2020 Original cost $ 113,775 $ 933,943 $ 63,266 $ 11,410 $ 1,122,394 Accumulated amortization (53,216 ) (279,586 ) (29,368 ) (4,775 ) (366,945 ) Net identifiable intangibles $ 60,559 $ 654,357 $ 33,898 $ 6,635 $ 755,449 Weighted-average useful lives (in years) 13 17 14 12 17 As of November 30, 2019 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 Weighted-average useful lives (in years) 13 17 14 10 17 Amortization expense with respect to amortizable intangible assets was $70,591, $74,091 and $76,490 in 2020, 2019 2018, Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for the next five Fiscal Year 2021 2022 2023 2024 2025 Thereafter Amortization Expense $ 70,673 $ 68,783 $ 65,854 $ 60,825 $ 58,199 $ 431,115 The above amortization expense forecast is an estimate. Actual amounts may Non-amortizable intangible assets as of November 28, 2020 November 30, 2019 $480, 2020 2019 |
Note 6 - Leases
Note 6 - Leases | 12 Months Ended |
Nov. 28, 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 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: November 28, 2020 Operating lease cost $ 12,581 Variable lease cost 4,024 Total net lease cost $ 16,605 Supplemental balance sheet information related to leases is as follows: Location on Balance Sheet November 28, 2020 Operating leases: Operating lease right-of-use assets Other assets $ 28,445 Current operating lease liabilities Other accrued expenses 8,706 Noncurrent operating lease liabilities Other liabilities 19,498 Total operating lease liabilities $ 28,204 The weighted average remaining lease term is 5.6 years and the weighted average discount rate is 3.6% for the company's lease agreements as of November 28, 2020. Supplemental information related to leases is as follows: November 28, Cash paid amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13,216 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 13,166 Maturities of lease liabilities are as follows: Fiscal Year Amount 2021 $ 9,492 2022 6,517 2023 4,945 2024 3,200 2025 1,917 2026 and beyond 4,523 Total 30,594 Less: amounts representing interest (2,390 ) Present value of future minimum payments 28,204 Less: current obligations (8,706 ) Noncurrent operating lease liabilities $ 19,498 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 28, 2020 Fiscal Year 2021 2022 2023 2024 2025 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 - Notes Payable, Long-te
Note 7 - Notes Payable, Long-term Debt and Lines of Credit | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7: Notes Payable Notes payable were $16,925 and $15,732 at November 28, 2020 November 30, 2019, not 2020, 2019 2018, November 28, 2020. Long-Term Debt Weighted-Average Fiscal Year Balance at Balance at Interest Rate at Maturity November 28, November 30, Long-Term Debt November 28, 2020 Date 2020 2019 Revolving credit facility 2.15 % 2024 $ - $ - Term Loan B 1 4.07 % 2024 1,157,650 1,675,650 Public Notes 2 4.00 % 2027 300,000 300,000 Public Notes 3 4.25 % 2028 300,000 - Other, including debt issuance cost and discount (665 ) (12,266 ) Total debt $ 1,756,985 $ 1,963,384 Less: current maturities - (65,000 ) Total long-term debt, excluding current maturities $ 1,756,985 $ 1,898,384 1 October 20, 2024, November 28, 2020); 2 February 15, 2027, 3 October 15, 2028, Term Loans On October 20, 2017, first November 28, 2020, November 28, 2020). October 20, 2024. On February 27, 2018, October 20, 2017, October 20, 2020. 12 We are subject to mandatory prepayments in the first 4.25:1.00 3.75:1.00. 2020 2020. 2021 Public Notes On October 20, 2020, “8 October 15, 2028 On February 14, 2017, 10 “10 February 15, 2027 February 14, 2017, 1 May 1, 2020, 12 The Public Notes are senior unsecured obligations of the company and will rank equally with the company’s other unsecured and unsubordinated debt from time to time outstanding. Fair Value of Long-Term Debt Long-term debt had an estimated fair value of $1,811,562 and $2,016,516 as of November 28, 2020 November 30, 2019, not Long-term Debt Maturities Maturities of long-term debt for the next five Fiscal Year 2021 2022 2023 2024 2025 Thereafter Long-term debt obligations $ - $ - $ - $ 1,157,650 $ - $ 600,000 Revolving Credit Facility On October 20, 2020, first first November 28, 2020). July 22, 2024. As of November 28, 2020, Committed Drawn Unused Revolving credit facility $ 400,000 $ - $ 391,009 The secured, multi-currency revolving credit facility can be drawn upon for general corporate purposes up to a maximum of $400,000, less issued letters of credit. At November 28, 2020, Covenants The secured Term Loan B Credit Agreement and secured revolving credit facility are subject to certain covenants and restrictions. Restrictive covenants include, but are not third twelve November 28, 2020 November 30, 2019, The Indenture under which the Public Notes have been issued contains covenants imposing certain limitations on the ability of the company to incur liens or enter into sales and leaseback transactions. It also provides for customary events of default (subject in certain cases to customary grace and cure periods), which include among other things nonpayment, breach of covenants in the Indenture and certain events of bankruptcy and insolvency. If an event of default occurs and is continuing with respect to the Public Notes, the Trustee or holders of at least 25% may |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8: Preferred Stock The Board of Directors is authorized to issue up to 10,045,900 shares of preferred stock that may one may Common Stock There were 160,000,000 shares of common stock with a par value of $1.00 authorized and 51,906,663 and 51,241,190 shares issued and outstanding at November 28, 2020 November 30, 2019, On April 6, 2017, five September 30, 2010 not 2020, 2019 2018 may Common Shares Outstanding 2020 2019 2018 Beginning balance 51,241,190 50,732,796 50,388,839 Stock options exercised 397,456 378,734 198,849 Deferred compensation paid 118,742 5,354 7,152 Restricted units vested 221,275 197,349 209,137 Shares withheld for taxes (72,000 ) (73,043 ) (71,181 ) Ending balance 51,906,663 51,241,190 50,732,796 |
Note 9 - Accounting for Share-b
Note 9 - Accounting for Share-based Compensation | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 9: Overview We have various share-based compensation programs, which provide for equity awards including non-qualified stock options, incentive stock options, restricted stock units, performance awards and deferred compensation. These equity awards fall under several plans and are described below. Share-based Compensation Plans We currently grant stock options and restricted stock units under equity compensation and deferred compensation plans. Stock options are granted to officers and key employees at prices not one Restricted stock awards are nonvested stock-based awards that include grants of restricted stock units. Restricted stock awards are independent of option grants and are subject to forfeiture if employment terminates prior to the release of the restrictions. Such awards generally vest beginning one three Restricted stock units have dividend equivalent rights equal to the cash dividend paid on restricted stock shares. However, restricted stock units do not not We expense the cost, which is the grant date fair market value, of the restricted stock units ratably over the period during which the restrictions lapse. The grant date fair value is our closing stock price on the date of grant. We are required to recognize compensation expense when an employee is eligible to retire. We consider employees eligible to retire at age 55 10 180 180 2020 This plan allows for granting of awards to employees. The plan permits granting of (a) stock options; (b) stock appreciation rights; (c) restricted stock and restricted stock units; (d) performance awards; (e) dividend equivalents; (f) other awards based on our common stock, including shares for amounts employees deferred under the Key Employee Deferred Compensation Plan. There were 1,679,579 common shares available for grant as of November 28, 2020. 2018 This plan allows for granting of awards to employees. The plan permits granting of (a) stock options; (b) stock appreciation rights; (c) restricted stock and restricted stock units; (d) performance awards; (e) dividend equivalents; (f) other awards based on our common stock, including shares for amounts employees deferred under the Key Employee Deferred Compensation Plan. Year 2016 This plan allows for granting of awards to employees. The plan permits granting of (a) stock options; (b) stock appreciation rights; (c) restricted stock awards; (d) performance awards; (e) dividend equivalents; and (f) other awards based on our common stock, including shares for amounts employees deferred under the Key Employee Deferred Compensation Plan. 2009 This plan permits granting of (a) shares for amounts non-employee directors defer under the Directors’ Deferred Compensation Plan and (b) discretionary grants of restricted stock, stock options, stock appreciation rights, performance awards and other stock awards. Directors' Deferred Compensation Plan This plan allows non-employee directors to defer all or a portion of their retainer and meeting fees in a number of investment choices, including units representing shares of our common stock. We provide a 10 percent match on deferred compensation invested in these units. These units are required to be paid out in our common stock. Key Employee Deferred Compensation Plan This plan allows key employees to defer a portion of their eligible compensation in a number of investment choices, including units representing shares of company common stock. We provide a 10 percent match on deferred compensation invested in these units. Grant-Date Fair Valu 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 2020, 2019 2018 2020 2019 2018 Expected life (in years) 5.00 4.75 4.75 Weighted-average expected volatility 24.32 % 24.26 % 23.31 % Expected volatility range 24.18% - 30.99 % 23.88% - 24.76 % 23.18% - 23.58 % Risk-free interest rate 0.21% - 1.51 % 1.34% - 2.55 % 2.38% - 2.95 % Weighted-average expected dividend 1.38 % 1.40 % 1.14 % Expected dividend yield range 1.35% - 2.53 % 1.25% - 1.45 % 1.12% - 1.24 % Weighted-average fair value of grants $ 9.63 $ 9.76 $ 11.38 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 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 $16,914, $24,003 and $17,113 for 2020, 2019 2018, As of November 28, 2020, Stock Option Activity The stock option activity for the years ended November 28, 2020, November 30, 2019 December 1, 2018 Weighted- Average Options Exercise Price Outstanding at December 2, 2017 3,860,764 $ 42.28 Granted 818,537 53.06 Exercised (198,849 ) 31.37 Forfeited or cancelled (14,346 ) 48.62 Outstanding at December 1, 2018 4,466,106 $ 44.72 Granted 1,020,246 45.53 Exercised (378,734 ) 28.74 Forfeited or cancelled (47,308 ) 48.90 Outstanding at November 30, 2019 5,060,310 $ 46.04 Granted 1,052,968 47.70 Exercised (397,456 ) 31.00 Forfeited or cancelled (169,907 ) 49.11 Outstanding at November 28, 2020 5,545,915 $ 47.34 The fair value of options granted during 2020, 2019 2018 2020, 2019 2018 November 28, 2020, November 28, 2020, November 28, 2020, November 30, 2019 December 1, 2018 2020, 2019 2018 Restricted Stock Activity The nonvested restricted stock activity for the years ended November 28, 2020, November 30, 2019 December 1, 2018 Weighted- Weighted- Average Average Remaining Grant Contractual Date Fair Life Units Value (in Years) Nonvested at December 2, 2017 462,241 $ 44.80 1.0 Granted 165,909 45.92 2.2 Vested (209,137 ) 40.38 - Forfeited (4,660 ) 47.27 1.1 Nonvested at December 1, 2018 414,353 $ 47.45 1.0 Granted 302,132 44.29 2.2 Vested (197,349 ) 45.45 - Forfeited (31,139 ) 43.37 0.4 Nonvested at November 30, 2019 487,997 $ 46.56 0.8 Granted 216,293 46.39 3.4 Vested (221,275 ) 46.83 - Forfeited (50,666 ) 47.55 0.1 Nonvested at November 28, 2020 432,349 $ 46.22 0.8 Total fair value of restricted stock vested during 2020, 2019, 2018 November 28, 2020 We repurchased 70,380, 73,043 and 71,181 shares during 2020, 2019 2018, 2020, 2019 2018 Deferred Compensation Activity Deferred compensation units are fully vested at the date of contribution. The deferred compensation units outstanding for the years ended November 28, 2020, November 30, 2019 December 1, 2018 Non-employee Directors Employees Total Units outstanding December 2, 2017 443,570 31,606 475,176 Participant contributions 16,164 7,589 23,753 Company match contributions 1 20,053 759 20,812 Payouts - (10,219 ) (10,219 ) Units outstanding December 1, 2018 479,787 29,735 509,522 Participant contributions 22,153 11,166 33,319 Company match contributions 1 23,720 1,117 24,837 Payouts - (5,354 ) (5,354 ) Units outstanding November 30, 2019 525,660 36,664 562,324 Participant contributions 18,008 13,814 31,822 Company match contributions 1 23,033 1,381 24,414 Payouts (111,436 ) (7,306 ) (118,742 ) Units outstanding November 28, 2020 455,265 44,553 499,818 1 2020, 2019 2018, The fair value of non-employee directors’ company matches for 2020, 2019 2018 2020 2019 2018. 2020, 2019 2018, |
Note 10 - Pension and Postretir
Note 10 - Pension and Postretirement Benefits | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 10: Defined Contribution Plan All U.S. employees have the option of contributing up to 75 percent of their pre-tax earnings to a 401 first 401 401 2020 401 2019 2018, All U.S. employees are eligible to receive an annual discretionary non-elective contribution to the 401 3 No 2020 2019. The defined contribution plan liability recorded in the Consolidated Balance Sheets was $9,819 and $8,494 in 2020 2019, Defined Benefit Plans Noncontributory defined benefit pension plans cover all U.S. employees employed prior to January 1, 2007. 2011, May 31, 2011, no three three 401 2020, $10,939 2020 Health care and life insurance benefits are provided for eligible retired employees and their eligible dependents. These benefits are provided through various insurance companies and health care providers. Costs are accrued during the years the employee renders the necessary service. Certain non-U.S. subsidiaries provide pension benefits for their employees consistent with local practices and regulations. These plans are primarily defined benefit plans covering substantially all employees upon completion of a specified period of service. Benefits for these plans are generally based on years of service and annual compensation. Following is a reconciliation of the beginning and ending balances of the benefit obligation and fair value of plan assets as of November 28, 2020 November 30, 2019: Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2020 2019 2020 2019 2020 2019 Change in projected benefit obligation Benefit obligation at beginning of year $ 380,388 $ 336,889 $ 234,542 $ 208,075 $ 39,256 $ 36,842 Service cost - 4 2,950 2,237 73 98 Interest cost 11,738 14,691 3,158 4,678 1,135 1,550 Participant contributions - - - - 226 240 Actuarial (gain)/loss 1 27,377 49,211 4,350 30,517 1,327 3,749 Other - - - (103 ) - - Curtailments - - 14 - - - Settlement payments (10,939 ) - (273 ) (307 ) - - Benefits paid (20,034 ) (20,407 ) (8,628 ) (8,356 ) (2,942 ) (3,223 ) Foreign currency translation effect - - 14,448 (2,199 ) - - Benefit obligation at end of year 388,530 380,388 250,561 234,542 39,075 39,256 Change in plan assets Fair value of plan assets at beginning of year 383,527 346,460 185,331 169,455 94,474 82,910 Actual return on plan assets 44,365 54,527 13,155 22,945 15,673 12,046 Employer contributions 1,677 3,124 2,177 2,437 1,625 2,501 Participant contributions - - - - 226 240 Other - - - (103 ) - - Settlement payments (10,939 ) - - - - - Benefits paid 2 (20,227 ) (20,584 ) (8,628 ) (8,356 ) (2,942 ) (3,223 ) Foreign currency translation effect - - 10,207 (1,047 ) - - Fair value of plan assets at end of year 398,403 383,527 202,242 185,331 109,056 94,474 Plan assets in excess of (less than) benefit obligation as of year end $ 9,873 $ 3,139 $ (48,688 ) $ (49,211 ) $ 69,981 $ 55,218 1 2020 2019 2020 2019 2 Amounts in accumulated other comprehensive income (loss) that have not been recognized as components of net periodic benefit cost Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2020 2019 2020 2019 2020 2019 Unrecognized actuarial loss $ 147,917 $ 146,149 $ 87,368 $ 83,457 $ (4,318 ) $ 2,114 Unrecognized prior service (benefit) cost (6 ) (9 ) 1,453 1,476 - - Ending balance $ 147,911 $ 146,140 $ 88,821 $ 84,933 $ (4,318 ) $ 2,114 Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2020 2019 2020 2019 2020 2019 Statement of financial position as of fiscal year-end Non-current assets $ 30,672 $ 22,480 $ 12,534 $ 6,263 $ 73,137 $ 58,307 Accrued benefit cost Current liabilities (1,467 ) (1,418 ) (1,701 ) (1,723 ) (226 ) (210 ) Non-current liabilities (19,332 ) (17,922 ) (59,521 ) (53,750 ) (2,930 ) (2,879 ) Ending balance $ 9,873 $ 3,140 $ (48,688 ) $ (49,210 ) $ 69,981 $ 55,218 The accumulated benefit obligation of the U.S. pension and other postretirement plans was $418,019 at November 28, 2020 November 30, 2019. November 28, 2020 November 30, 2019. The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of November 28, 2020 November 30, 2019: Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2020 2019 2020 2019 Accumulated benefit obligation $ 26,241 $ 24,344 $ 134,472 $ 125,073 Fair value of plan assets 5,441 5,004 84,239 79,437 The following amounts relate to pension plans with projected benefit obligations in excess of plan assets as of November 28, 2020 November 30, 2019: Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2020 2019 2020 2019 Projected benefit obligation $ 26,241 $ 24,344 $ 145,461 $ 134,910 Fair value of plan assets 5,441 5,004 84,239 79,437 Information about the expected cash flows is as follows: Pension Benefits Other U.S. Plans Non-U.S. Postretirement Employer contributions 2021 $ 312 $ 54 $ 1,500 Expected benefit payments 2021 21,084 16,196 2,999 2022 21,521 8,689 2,938 2023 21,127 8,710 2,872 2024 21,444 8,943 2,772 2025-2030 105,296 47,195 12,092 The components of our net period defined benefit pension and postretirement benefit costs other than service cost are presented as non-operating expenses and service cost is presented in operating expenses. Components of net periodic benefit cost and other supplemental information for the years ended November 28, 2020, November 30, 2019 December 1, 2018 Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Net periodic cost (benefit) 2020 2019 2018 2020 2019 2018 2020 2019 2018 Service cost $ - $ 4 $ 56 $ 2,950 $ 2,237 $ 2,311 $ 73 $ 98 $ 173 Interest cost 11,738 14,691 12,251 3,158 4,678 4,671 1,135 1,550 1,484 Expected return on assets (25,758 ) (25,305 ) (26,167 ) (11,312 ) (10,224 ) (11,105 ) (7,976 ) (7,013 ) (6,896 ) Amortization: Prior service cost (benefit) (3 ) 13 29 64 64 (4 ) - - - Actuarial loss 7,195 4,677 5,904 3,829 3,114 2,901 62 33 60 Curtailment loss - - - 14 83 - - - - Settlement charge - - - 67 - - - - - Net periodic (benefit) cost $ (6,828 ) $ (5,920 ) $ (7,927 ) $ (1,230 ) $ (48 ) $ (1,226 ) $ (6,706 ) $ (5,332 ) $ (5,179 ) Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Weighted-average assumptions used to determine benefit obligations 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate 2.50 % 3.17 % 4.50 % 1.16 % 1.35 % 2.29 % 2.19 % 3.00 % 4.37 % Rate of compensation increase 1 4.50 % 4.50 % 4.50 % 1.74 % 1.71 % 1.75 % N/A N/A N/A Weighted-average assumptions used to determine net costs for years ended 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate 3.17 % 4.50 % 3.72 % 1.34 % 2.30 % 2.10 % 3.00 % 4.37 % 3.54 % Expected return on plan assets 7.49 % 7.49 % 7.75 % 6.23 % 6.21 % 6.20 % 8.50 % 8.50 % 8.75 % Rate of compensation increase 1 4.50 % 4.50 % 4.50 % 1.74 % 1.71 % 1.75 % N/A N/A N/A 1 May 31, 2011 no 2020, 2019 2018 The discount rate assumption is determined using an actuarial yield curve approach, which results in a discount rate that reflects the characteristics of the plan. The approach identifies a broad population of corporate bonds that meet the quality and size criteria for the particular plan. We use this approach rather than a specific index that has a certain set of bonds that may may not November 28, 2020, November 30. 2019 December 1, 2018. November 28, 2020 2021. For the U.S. Pension Plan, we adopted the Adjusted Pri- 2012 2020. The expected long-term rate of return on plan assets assumption for the U.S. pension plan was 7.50 percent in 2020, 2019 2018. 2020, Management, in conjunction with our external financial advisors, uses the actual historical rates of return of the asset categories to assess the reasonableness of the expected long-term rate of return on plan assets. The expected long-term rate of return on plan assets assumption for non-U.S. pension plans was a weighted-average of 6.23 percent in 2020 2019 2018. Assumed health care trend rates 2020 2019 2018 Health care cost trend rate assumed for next year 6.75 % 7.00 % 6.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.00 % 0.25 % 0.25 % Fiscal year that the rate reaches the ultimate trend rate 2028 2028 2024 The asset allocation for the company’s U.S. and non-U.S. pension plans at the end of 2020 2019 U.S. Pension Plans Non-U.S. Pension Plans Other Postretirement Plans Target Percentage of Target Percentage of Target Percentage of Asset Category 2020 2020 2019 2020 2020 2019 2020 2020 2019 Equities 60.0 % 55.4 % 57.7 % 49.6 % 48.8 % 49.6 % 0.0 % 0.0 % 0.0 % Fixed income 40.0 % 36.2 % 63.8 % 50.4 % 51.0 % 50.1 % 0.0 % 0.0 % 0.0 % Insurance 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 100.0 % 99.4 % 99.6 % Cash 1 0.0 % 8.4 % -21.5 % 0.0 % 0.2 % 0.3 % 0.0 % 0.6 % 0.4 % Total 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 1 2019 Plan Asset Management Plan assets are held in trust and invested in mutual funds, separately managed accounts and other commingled investment vehicles holding U.S. and non-U.S. equity securities, fixed income securities and other investment classes. We employ a total return approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. Futures and options may The U.S. pension plans consist of two 2020 2019. During 2020, 5 The non-U.S. pension plans consist of all the pension plans administered by us outside the U.S., principally consisting of plans in Germany, the United Kingdom, France and Canada. During 2020 2021. Other postretirement benefits plans consist of two 2020 2019. 500. Fair Value of Plan Assets The following table presents plan assets categorized within a three 13. November 28, 2020 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 3,421 $ 217,151 $ - $ 220,572 Fixed income 1,524 142,317 205 144,046 Cash 2 33,391 - - 33,392 Total categorized in the fair value hierarchy 38,336 359,468 205 398,009 Other investments measured at NAV 1 394 Total $ 38,336 $ 359,468 $ 205 $ 398,403 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 33,478 $ 1,368 $ - $ 34,846 Fixed income 49,813 7,182 770 57,765 Cash 352 - - 352 Total categorized in the fair value hierarchy 83,643 8,550 770 92,963 Other investments measured at NAV 1 109,279 Total $ 83,643 $ 8,550 $ 770 $ 202,242 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 108,406 $ 108,406 Cash 650 - - 650 Total $ 650 $ - $ 108,406 $ 109,056 November 30, 2019 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 126,178 $ 95,271 $ - $ 221,449 Fixed income 119,103 125,329 219 244,651 Cash (83,099 ) 140 - (82,959 ) Total categorized in the fair value hierarchy 162,182 220,740 219 383,141 Other investments measured at NAV 1 386 Total $ 162,182 $ 220,740 $ 219 $ 383,527 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 32,045 $ 1,247 $ - $ 33,292 Fixed income 46,262 6,819 675 53,756 Cash 506 - - 506 Total categorized in the fair value hierarchy 78,813 8,066 675 87,554 Other investments measured at NAV 1 97,777 Total $ 78,813 $ 8,066 $ 675 $ 185,331 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 94,082 $ 94,082 Cash 392 - - 392 Total $ 392 $ - $ 94,082 $ 94,474 1 820 10, not 2 2019 The definitions of fair values of our pension and other postretirement benefit plan assets at November 28, 2020 November 30, 2019 Equities no no Fixed income Insurance Cash – The following is a roll forward of the Level 3 November 28, 2020 November 30, 2019: Fixed Income U.S. Pension Plans 2020 2019 Level 3 balance at beginning of year $ 219 $ 266 Purchases, sales, issuances and settlements, net (14 ) (47 ) Level 3 balance at end of year $ 205 $ 219 Fixed Income Non-U.S. Pension Plans 2020 2019 Level 3 balance at beginning of year $ 675 $ 662 Net transfers into / (out of) level 3 43 28 Net gains (8 ) 5 Currency change effect 60 (20 ) Level 3 balance at end of year $ 770 $ 675 Insurance Other Postretirement Benefits 2020 2019 Level 3 balance at beginning of year $ 94,082 $ 82,446 Net transfers into / (out of) level 3 (831 ) (403 ) Purchases, sales, issuances and settlements, net (822 ) (720 ) Net gains 15,977 12,759 Level 3 balance at end of year $ 108,406 $ 94,082 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11: Income Taxes On December 22, 2017, 35 21 January 1, 2018, 2018. one December 31, 2017. The company recorded a discrete tax charge of $42.0 million during the year ended December 1, 2018 one one 1986 not Income before income taxes and income from equity method investments 2020 2019 2018 United States $ 20,328 $ 31,796 $ 19,388 Non-U.S. 138,028 141,032 137,338 Total $ 158,356 $ 172,828 $ 156,726 Components of the provision for income tax expense (benefit) 2020 2019 2018 Current: U.S. federal $ 5,243 $ 9,122 $ 9,652 State 1,320 3,294 1,597 Non-U.S. 56,542 47,848 37,980 63,105 60,264 49,229 Deferred: U.S. federal (4,709 ) (432 ) (50,115 ) State (4,111 ) 125 (197 ) Non-U.S. (12,364 ) (10,549 ) (5,273 ) (21,184 ) (10,856 ) (55,585 ) Total $ 41,921 $ 49,408 $ (6,356 ) Reconciliation of effective income tax 2020 2019 2018 Statutory U.S. federal income tax rate $ 33,255 $ 36,294 $ 34,605 State income taxes, net of federal benefit (2,104 ) 2,785 1,148 Foreign dividend repatriation 900 825 1,258 Foreign operations (563 ) 8,712 (3,253 ) Impact of option valuation - - 330 Executive compensation over $1.0 million 1,420 1,661 611 Change in valuation allowance 5,925 1,097 5,213 Research and development tax credit (906 ) (802 ) (982 ) Section 199 manufacturing deduction - - (319 ) Foreign-derived intangible income (1,396 ) (2,240 ) - Global intangible low-taxed income 1,932 2,029 - Provision to return 1,704 (3,271 ) (1,921 ) Cross currency swap (6,748 ) 2,677 - Contingency reserve 8,287 (957 ) 1,943 Transition tax - - 42,007 Dividends received deduction - - (8,484 ) Deferred tax rate change - - (79,488 ) Other 215 598 976 Total income tax expense (benefit) $ 41,921 $ 49,408 $ (6,356 ) Deferred income tax balances at each year-end related to: 2020 2019 Deferred tax assets: Pension and other post-retirement benefit plans $ 1,417 $ 6,847 Employee benefit costs 24,538 21,468 Foreign tax credit carryforward 6,905 2,175 Tax loss carryforwards 31,495 26,427 Leases 7,133 - Hedging activity 12,906 1,198 Other 36,521 32,626 Gross deferred tax assets 120,915 90,741 Less: valuation allowance (21,843 ) (14,986 ) Total net deferred tax assets 99,072 75,755 Deferred tax liability: Depreciation and amortization (220,379 ) (224,248 ) Leases (7,194 ) - Total deferred tax liability (227,573 ) (224,248 ) Net deferred tax liability $ (128,501 ) $ (148,493 ) The difference between the change in the deferred tax assets in the balance sheet and the deferred tax provision is primarily due to the defined benefit pension plan adjustment and floating-to-fixed hedges recorded in accumulated other comprehensive income (loss). Valuation allowances principally relate to foreign net operating loss carryforwards where the future potential benefits do not not not Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those deferred tax assets and liabilities are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more-likely-than- not not not not U.S. income taxes have not While non-U.S. operations have been profitable overall, there are cumulative tax losses of $115,550 in various countries. These tax losses can be carried forward to offset the income tax liabilities on future income in these countries. Cumulative tax losses of $78,438 can be carried forward indefinitely, while the remaining $37,112 of tax losses must be utilized during 2021 2038. The U.S. has a branch foreign tax credit carryforward of $4,357. A valuation allowance has been recorded against this foreign tax credit carryforward to reflect that this amount is not not The table below sets forth the changes to our gross unrecognized tax benefit as a result of uncertain tax positions, excluding accrued interest. We do not twelve 2020 2019 Balance at beginning of year $ 8,946 $ 8,420 Tax positions related to the current year: Additions 579 684 Tax positions related to prior years: Additions 7,400 3,077 Reductions (283 ) (1,484 ) Settlements (747 ) (105 ) Lapses in applicable statutes of limitation (1,326 ) (1,646 ) Balance at end of year $ 14,569 $ 8,946 Included in the balance of unrecognized tax benefits as of November 28, 2020 November 30, 2019 We report accrued interest and penalties related to unrecognized tax benefits in income tax expense. For the year ended November 28, 2020, November 28, 2020. November 30, 2019, November 30, 2019. We are subject to U.S. federal income tax as well as income tax in numerous state and foreign jurisdictions. Apart from the 2012 2013 no 2017, 2015. 2015, December 1, 2012 November 30, 2013. second 2016, 2005 2014. |
Note 12 - Financial Instruments
Note 12 - Financial Instruments | 12 Months Ended |
Nov. 28, 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 de minimis Cash Flow Hedges As of November 28, 2020, six October 20, 2017 2021 2022. As of November 28, 2020, two November 28, 2020. November 28, 2020 twelve November 28, 2020, not not The following table summarizes the cross-currency swaps outstanding as of November 28, 2020: Fiscal Year of Interest Rate Notional Value Fair Value Pay EUR 2021 2.75 % 133,340 (280 ) Receive USD 4.9330 % Pay EUR 2022 3.00 % 267,860 2,823 Receive USD 5.1803 % Total $ 401,200 $ 2,543 On February 27, 2018, $2,150,000 October 20, 2017, October 20, 2020, 7 November 28, 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: November 28, 2020 November 30, 2019 December 1, 2018 Cross-currency swap contracts $ 6,307 $ 14,429 $ (4,047 ) Interest rate swap contracts $ (15,618 ) $ (46,254 ) $ 25,819 Fair Value Hedges On February 14, 2017, February 14, 2017 1 7 $150,000 May 1, 2020, seven 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 November 28, 2020, November 30, 2020 October 19, 2021. The amounts of pretax gains (losses) recognized in other income, net related to derivative instruments not November 28, 2020 November 30, 2019 December 1, 2018 Foreign currency forward contracts $ (2,908 ) $ (573 ) $ 2,776 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 November 28, 2020, no |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 12 Months Ended |
Nov. 28, 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 November 28, 2020 November 30, 2019, Fair Value Measurements November 28, Description 2020 Level 1 Level 2 Level 3 Assets: Marketable securities $ 22,560 $ 22,560 $ - $ - Foreign exchange contract assets 2,320 - 2,320 - Cross-currency cash flow hedge assets 2,823 - 2,823 - Liabilities: Foreign exchange contract liabilities $ 5,251 $ - $ 5,251 $ - Cross-currency cash flow hedge liabilities 280 - 280 - Interest rate swaps, cash flow hedge liabilities 33,256 - 33,256 - Contingent consideration liability 5,800 - - 5,800 Fair Value Measurements November 30, 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, cash flow 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, fair value hedges 17,637 - 17,637 - See Note 7 We use the income approach in calculating the fair value of our contingent consideration liability using a real option model with Level 3 November 28, 2020. Contingent consideration liability 20 20 Level 3 balance at beginning of year $ - Acquisition 5,000 Mark to market adjustment 800 Level 3 balance at end of year $ 5,800 See Note 2 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 14: 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 $8,099 and $8,535 as of November 28, 2020 November 30, 2019, November 28, 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 35 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: Year Ended Year Ended Year Ended November 28, November 30, December 1, 2020 2019 2018 Lawsuits and claims settled 4 8 7 Settlement amounts $ 130 $ 424 $ 390 Insurance payments received or expected to be received $ 88 $ 291 $ 281 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 2018 2018 not January 2018, September 2018, December 2020, not |
Note 15 - Segments
Note 15 - Segments | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 15: 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 expenses are fully allocated to each operating segment. Corporate assets are not As of November 30, 2019, five 2020, three The business components within each operating segment are managed to maximize the results of the overall operating segment rather than the results of any individual business component of the operating segment. Results of individual components of each operating segment are subject to numerous allocations of segment-wide costs that may may not not Reportable operating segment financial information for all periods presented is as follows: 2020 2019 2018 Net revenue Hygiene, Health and Consumable Adhesives $ 1,332,786 $ 1,328,286 $ 1,375,562 Engineering Adhesives 1,088,313 1,158,403 1,186,533 Construction Adhesives 369,170 396,580 454,149 Corporate Unallocated - 13,731 24,758 Total $ 2,790,269 $ 2,897,000 $ 3,041,002 Segment operating income Hygiene, Health and Consumable Adhesives $ 130,789 $ 115,961 $ 120,513 Engineering Adhesives 103,974 136,299 119,391 Construction Adhesives 11,148 16,657 39,111 Corporate Unallocated (27,594 ) (42,923 ) (41,124 ) Total $ 218,317 $ 225,994 $ 237,891 Depreciation and amortization Hygiene, Health and Consumable Adhesives $ 44,329 $ 45,448 $ 46,171 Engineering Adhesives 58,102 57,175 59,773 Construction Adhesives 35,811 35,851 35,625 Corporate Unallocated 575 2,732 3,557 Total $ 138,817 $ 141,206 $ 145,126 Total assets 1 Hygiene, Health and Consumable Adhesives $ 1,268,236 $ 1,253,864 Engineering Adhesives 1,515,302 1,610,748 Construction Adhesives 934,397 799,995 Corporate 318,769 321,127 Total $ 4,036,704 $ 3,985,734 Capital expenditures Hygiene, Health and Consumable Adhesives $ 57,416 $ 44,583 Engineering Adhesives 18,212 5,896 Construction Adhesives 7,635 6,421 Corporate 12,580 6,654 Total $ 95,843 $ 63,554 1 Reconciliation of segment operating income to income before income taxes and income from equity method investments: 2020 2019 2018 Segment operating income $ 218,317 $ 225,994 $ 237,891 Other income, net 15,398 37,943 18,055 Interest expense (86,776 ) (103,287 ) (110,994 ) Interest income 11,417 12,178 11,774 Income before income taxes and income from equity method investments $ 158,356 $ 172,828 $ 156,726 Financial information about geographic areas Net Revenue 2020 2019 2018 United States $ 1,248,495 $ 1,309,056 $ 1,374,147 China 351,204 347,304 343,960 Germany 330,755 - - Countries with more than 10 percent of total 1,930,454 1,656,360 1,718,107 All other countries with less than 10 percent of total 859,815 1,240,640 1,322,895 Total $ 2,790,269 $ 2,897,000 $ 3,041,002 Property, Plant and Equipment, net 2020 2019 2018 United States $ 297,046 $ 287,372 $ 286,639 Germany 131,879 127,497 137,677 China 99,513 80,606 77,861 All other countries with less than 10 percent of total 142,306 134,338 134,372 Total $ 670,744 $ 629,813 $ 636,549 The adjusted EBITDA information presented below does not not November 28, 2020 November 30, 2019 December 1, 2018 Adjusted EBITDA Hygiene Health and Consumable Adhesives $ 182,448 $ 166,685 $ 174,410 Engineering Adhesives 167,915 197,853 183,929 Construction Adhesives 51,692 56,514 77,680 Unallocated 4,754 11,293 12,734 Total 406,809 432,345 448,753 Adjusted items: Adjustments 25,190 22,849 (15,246 ) Interest expense 84,619 103,287 110,624 Interest income (11,417 ) (12,178 ) (11,774 ) Income taxes 46,456 47,465 49,541 Depreciation and amortization expense 138,242 140,105 144,400 Total 283,090 301,528 277,545 Net income attributable to H.B. Fuller $ 123,719 $ 130,817 $ 171,208 We view the following disaggregation of net revenue by geographic region as useful to understanding the composition of revenue recognized during the respective reporting periods: November 28, 2020 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 736,681 $ 430,866 $ 325,622 $ - $ 1,493,169 EIMEA 388,271 347,417 20,506 - 756,194 Asia Pacific 207,834 310,030 23,042 - 540,906 $ 1,332,786 $ 1,088,313 $ 369,170 $ - $ 2,790,269 November 30, 2019 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 733,125 $ 469,764 $ 351,924 $ 13,731 $ 1,568,544 EIMEA 392,497 380,673 20,767 - 793,937 Asia Pacific 202,664 307,966 23,889 - 534,519 $ 1,328,286 $ 1,158,403 $ 396,580 $ 13,731 $ 2,897,000 December 1, 2018 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 744,096 $ 476,322 $ 403,765 $ 24,758 $ 1,648,941 EIMEA 424,521 416,906 24,630 - 866,057 Asia Pacific 206,945 293,305 25,754 - 526,004 $ 1,375,562 $ 1,186,533 $ 454,149 $ 24,758 $ 3,041,002 |
Note 16 - Quarterly Data (Unaud
Note 16 - Quarterly Data (Unaudited) | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 16: 2020 (In thousands, except per share amounts) Q1 Q2 Q3 Q4 Net revenue $ 646,564 $ 674,602 $ 691,463 $ 777,640 Gross profit 170,262 184,901 187,844 213,642 Selling, general and administrative expenses (141,509 ) (127,998 ) (129,113 ) (139,712 ) Net income attributable to H.B. Fuller $ 9,895 $ 31,613 $ 41,607 $ 40,604 Basic earnings per share 1 $ 0.19 $ 0.61 $ 0.80 $ 0.78 Diluted earnings per share 1 $ 0.19 $ 0.61 $ 0.79 $ 0.77 Weighted-average common shares outstanding Basic 51,295 51,420 52,130 52,276 Diluted 52,580 52,029 52,591 52,879 2019 (In thousands, except per share amounts) Q1 Q2 Q3 Q4 Net revenue $ 672,935 $ 759,583 $ 725,376 $ 739,106 Gross profit 179,925 218,459 207,321 201,217 Selling, general and administrative expenses (145,713 ) (146,079 ) (140,615 ) (148,521 ) Net income attributable to H.B. Fuller $ 12,244 $ 36,641 $ 49,718 $ 32,214 Basic earnings per share 1 $ 0.24 $ 0.72 $ 0.98 $ 0.63 Diluted earnings per share 1 $ 0.24 $ 0.70 $ 0.97 $ 0.61 Weighted-average common shares outstanding Basic 50,752 50,902 50,939 51,089 Diluted 51,901 52,105 51,502 52,423 1 may not |
Note 17 - Subsequent Event
Note 17 - Subsequent Event | 12 Months Ended |
Nov. 28, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 17: Subsequent Event Acquisition On January 15, 2021, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 28, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Consolidated Financial Statements include the accounts of H.B. Fuller Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. Investments in affiliated companies in which we exercise significant influence, but which we do not not 20 Our 50 percent ownership in Sekisui-Fuller Company, Ltd., our Japan joint venture, is accounted for under the equity method of accounting as we do not 2020, 2019 2018, not X 1934. November 28, 2020, November 30, 2019 December 1, 2018 not Our fiscal year ends on the Saturday closest to November 30. November 28, 2020, November 30, 2019 December 1, 2018 2020, 2019 2018, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates Preparation of the Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition We sell a variety of adhesives, sealants and other specialty chemical products to a diverse customer base. The vast majority of our arrangements contain a single performance obligation to transfer manufactured goods to the customer as governed by an individual purchase order. We recognize revenue at the amount of consideration to which we expect to be entitled in exchange for transferring the promised goods to the customer. The transaction price includes an estimation of any variable amounts of consideration to which we will be entitled. The most common forms of variable consideration within our arrangements are customer rebates, which are recorded as a reduction to revenue at the time of the initial sale using the expected value method. The expected value method is the sum of probability-weighted amounts in a range of possible consideration amounts and is based on a consideration of historical, current and forecast information. Changes in estimates are updated each reporting period. There are no not not We recognize revenue when control of goods is transferred to the customer. For the vast majority of our arrangements, control transfers at a point in time either upon shipment or upon delivery of the goods to the customer. The timing of transfer of control is determined considering the timing of the transfer of legal title, physical possession, and risks and rewards of goods to the customer. We record shipping and handling revenue in net revenue and outbound shipping and handling costs in cost of goods sold. The majority of our shipping and handling activities are performed prior to transfer of control of the goods to the customer. For those arrangements where we provide shipping and handling services after control of the goods has transferred to the customer, we have elected the practical expedient allowed under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 606 Provisions for sales returns are estimated based on historical experience, and are adjusted for known returns, if material. Customer incentive programs (primarily volume purchase rebates) and arrangements such as cooperative advertising, slotting fees and buy-downs are recorded as a reduction of net revenue in accordance with ASC 606. 2020, 2019 2018, For certain products, consigned inventory is maintained at customer locations. For this inventory, revenue is recognized in the period that the inventory is consumed. Sales to distributors require a distribution agreement or purchase order. As a normal practice, distributors do not |
Cost of Goods and Service [Policy Text Block] | Cost of Sales Cost of sales includes raw materials, container costs, direct labor, manufacturing overhead, freight costs, and other less significant indirect costs related to the production of our products. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses Selling, general and administrative (“SG&A”) expenses include sales and marketing, research and development, technical and customer service, finance, legal, human resources, general management and similar expenses. |
Income Tax, Policy [Policy Text Block] | Income Taxes The income tax provision is computed based on income before income from equity method investments included in the Consolidated Statement of Income. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Enacted statutory tax rates applicable to future years are applied to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances reduce deferred tax assets when it is not not 11 |
Business Combinations Policy [Policy Text Block] | Acquisition Accounting As we enter into business combinations, we perform acquisition accounting requirements including the following: ● Identifying the acquirer, ● Determining the acquisition date, ● Recognizing and measuring the identifiable assets acquired and the liabilities assumed, and ● Recognizing and measuring goodwill or a gain from a bargain purchase We complete valuation procedures and record the resulting fair value of the acquired assets and assumed liabilities based upon the valuation of the business enterprise and the tangible and intangible assets acquired. Enterprise value allocation methodology requires management to make assumptions and apply judgment to estimate the fair value of assets acquired and liabilities assumed. If estimates or assumptions used to complete the enterprise valuation and estimates of the fair value of the acquired assets and assumed liabilities significantly differed from assumptions made, the resulting difference could materially affect the fair value of net assets. The calculation of the fair value of the tangible assets, including property, plant and equipment, utilizes the cost approach, which computes the cost to replace the asset, less accrued depreciation resulting from physical deterioration, functional obsolescence and external obsolescence. The calculation of the fair value of the identified intangible assets are determined using cash flow models following the income approach or a discounted market-based methodology approach. Significant inputs include estimated revenue growth rates, gross margins, operating expenses and estimated attrition, royalty and discount rates. Goodwill is recorded as the difference in the fair value of the acquired assets and assumed liabilities and the purchase price. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents Cash equivalents are highly liquid instruments with an original maturity of three |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash There were no November 28, 2020. no |
Accounts Receivable [Policy Text Block] | Trade Receivables and Allowances Trade receivables are recorded at the invoiced amount and do not not 4 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are recorded at cost ( not |
Investment, Policy [Policy Text Block] | Investments Investments with a value of $9,006 and $5,062 represent the cash surrender value of life insurance contracts as of November 28, 2020 November 30, 2019, |
Equity Securities without Readily Determinable Fair Value [Policy Text Block] | Equity Investments Investments in an entity where we own less than 20% not not November 28, 2020, November 30, 2019 December 1, 2018. November 28, 2020 November 30, 2019. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are carried at cost and depreciated over the useful lives of the assets using the straight-line method. Estimated useful lives range from 20 40 3 20 2020, 2019 2018, |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill We evaluate our goodwill for impairment annually at the beginning of the fourth not 2020 no 5 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets include patents, customer lists, technology, trademarks and other intangible assets acquired from independent parties and are amortized on a straight-line basis with estimated useful lives ranging from 3 20 |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Our long-lived assets are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation Assets and liabilities of non-U.S. functional currency entities are translated to U.S. dollars at period-end exchange rates, and the resulting gains and losses arising from the translation of those net assets are recorded as a cumulative translation adjustment, a component of accumulated other comprehensive income (loss) in stockholders' equity. Revenues and expenses are translated using average exchange rates during the year. Foreign currency transaction gains and losses are included in other income, net in the Consolidated Statements of Income. We consider a subsidiary’s sales price drivers, currency denomination of sales transactions and inventory purchases to be the primary indicators in determining a foreign subsidiary’s functional currency. Our subsidiaries in certain European countries have a functional currency different than their local currency. All other foreign subsidiaries, which are located in North America, Latin America, Europe and the Asia Pacific region, have the same local and functional currency. |
Postemployment Benefit Plans, Policy [Policy Text Block] | Pension and Other Postretirement Benefits We sponsor defined-benefit pension plans in both the U.S. and non-U.S. entities. Also in the U.S., we sponsor other postretirement plans for health care and life insurance benefits. Expenses and liabilities for the pension plans and other postretirement plans are actuarially calculated. These calculations are based on our assumptions related to the discount rate, expected return on assets, projected salary increases, health care cost trend rates and mortality rates. The discount rate assumption is determined using an actuarial yield curve approach, which results in a discount rate that reflects the characteristics of the plan. The approach identifies a broad population of corporate bonds that meet the quality and size criteria for the particular plan. We use this approach rather than a specific index that has a certain set of bonds that may may not 10 |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations We recognize asset retirement obligations ("ARO") in the period in which we have an existing legal obligation associated with the retirement of a tangible long-lived asset, and the amount can be reasonably estimated. The ARO is recognized at fair value when the liability is incurred. Upon initial recognition of a liability, that cost is capitalized as part of the related long-lived asset and depreciated on a straight-line basis over the remaining estimated useful life of the related asset. We have recognized a liability related to special handling of asbestos related materials in certain facilities for which we have plans or expectation of plans to undertake a major renovation or demolition project that would require the removal of asbestos or have plans or expectation of plans to exit a facility. In addition, we have determined that we have facilities with some level of asbestos that will require abatement action in the future. Once the probability and timeframe of an action are determined, we apply certain assumptions to determine the related liability and asset. These assumptions include the use of inflation rates, the use of credit adjusted risk-free discount rates and the estimation of costs to handle asbestos related materials. The recorded liability is required to be adjusted for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. The asset retirement obligation liability was $2,948 and $2,952 at November 28, 2020 November 30, 2019, |
Environmental Costs, Policy [Policy Text Block] | Environmental Costs Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not no |
Commitments and Contingencies, Policy [Policy Text Block] | Contingent Consideration Liability Concurrent with business acquisitions, we enter into agreements that require us to pay the sellers a certain amount based upon a formula related to the entity’s financial results. The change in fair value of the contingent consideration liability is recorded in SG&A expenses in the Consolidated Statements of Income. |
Share-based Payment Arrangement [Policy Text Block] | Share-based Compensation We have various share-based compensation programs which provide for equity awards, including non-qualified stock options, incentive stock options, restricted stock units, performance awards and deferred compensation. We use the straight-line attribution method to recognize compensation expense associated with share-based awards based on the fair value on the date of grant, net of the estimated forfeiture rate. Expense is recognized over the requisite service period related to each award, which 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 retirement based on the terms of the plan. The fair value of stock options is estimated using the Black-Scholes option pricing model. All of our stock compensation expense is recorded in SG&A expenses in the Consolidated Statements of Income. 9 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share 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 awards, 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. The computations for basic and diluted earnings per share are as follows: (in thousands, except per share data) 2020 2019 2018 Net income attributable to H.B. Fuller $ 123,719 $ 130,817 $ 171,208 Weighted-average common shares – basic 52,039 50,920 50,591 Equivalent shares from share-based compensation plans 481 1,063 1,384 Weighted-average common and common equivalent shares – diluted 52,520 51,983 51,975 Basic earnings per share $ 2.38 $ 2.57 $ 3.38 Diluted earnings per share $ 2.36 $ 2.52 $ 3.29 Share-based compensation awards for 3,982,275, 2,951,697 and 1,905,411 shares for 2020, 2019 2018, |
Derivatives, Policy [Policy Text Block] | Financial Instruments and Derivatives As a part of our ongoing operations, we are exposed to market risks such as changes in foreign currency exchange rates and interest rates. To manage these risks, we may Our objective is to balance, where possible, non-functional currency denominated assets to non-functional currency denominated liabilities to have a natural hedge and minimize foreign exchange impacts. We minimize risks from foreign currency exchange rate fluctuations through normal operating and financing activities and, when deemed appropriate, through the use of derivative instruments. Derivatives consisted primarily of forward currency contracts used to manage foreign currency denominated assets and liabilities. For derivative instruments outstanding that were not may The company manages interest expense using a mix of fixed and floating rate debt. To manage exposure to interest rate movements and to reduce borrowing costs, the company may Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income, based on the type of derivative, and whether the instrument is designated and effective as a hedge transaction. Gains or losses on derivative instruments reported in accumulated other comprehensive income (loss) are reclassified to earnings in the period the hedged item affects earnings. Any ineffectiveness is recognized in earnings in the current period. We maintain master netting arrangements that allow us to net settle contracts with the same counterparties; we do not not not 12 |
Purchase of Company Common Stock [Policy Text Block] | Purchase of Company Common Stock Under the Minnesota Business Corporation Act, repurchased stock is included in authorized shares, but is not 2020, 2019 2018, |
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, Leases (Topic 842 July 2018, No. 2018 11, Leases (Topic 842 Targeted Improvements 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 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 15. 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. No. 2021 01, Reference Rate Reform (Topic 848 January 2021. 848 No. 2020 04 No. 2020 04. 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. not Recently issued accounting standards or pronouncements not not |
Note 1 - Nature of Business a_2
Note 1 - Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands, except per share data) 2020 2019 2018 Net income attributable to H.B. Fuller $ 123,719 $ 130,817 $ 171,208 Weighted-average common shares – basic 52,039 50,920 50,591 Equivalent shares from share-based compensation plans 481 1,063 1,384 Weighted-average common and common equivalent shares – diluted 52,520 51,983 51,975 Basic earnings per share $ 2.38 $ 2.57 $ 3.38 Diluted earnings per share $ 2.36 $ 2.52 $ 3.29 |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | November 28, 2020 November 30, 2019 Cost of sales $ 1,013 $ 2,082 Selling, general and administrative 3,567 12,453 $ 4,580 $ 14,535 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Employee- Related Asset-Related Other Total Balance at end December 1, 2018 $ 4,256 $ - $ - $ 4,256 Expense 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 end November 30, 2019 $ 9,830 $ - $ 924 $ 10,754 Expense incurred 2,898 - 1,681 4,579 Cash payments (7,051 ) - (2,357 ) (9,408 ) Foreign currency translation 157 - - 157 Balance at end November 28, 2020 $ 5,834 $ - $ 248 $ 6,082 |
Note 4 - Supplemental Financi_2
Note 4 - Supplemental Financial Statement Information (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Income Statement Supplemental Disclosures [Table Text Block] | 2020 2019 2018 Foreign currency transaction losses, net $ (3,078 ) $ (1,156 ) $ (4,450 ) (Loss) gain on disposal of assets (86 ) 24,304 2,177 Net periodic pension benefit 17,902 13,661 16,870 Other, net 660 1,134 3,458 Total other income, net $ 15,398 $ 37,943 $ 18,055 Research and development expenses (included in SG&A expenses) $ 36,969 $ 36,624 $ 35,534 |
Schedule of Balance Sheet Supplemental Disclosures [Table Text Block] | 2020 2019 Inventories Raw materials $ 151,026 $ 150,338 Finished goods 172,187 186,929 Total inventories $ 323,213 $ 337,267 Other current assets Other receivables $ 18,666 $ 26,258 Prepaid income taxes 22,137 23,112 Prepaid taxes other than income taxes 20,270 16,836 Prepaid expenses 19,212 20,862 Assets held for sale 828 3,655 Total other current assets $ 81,113 $ 90,723 Property, plant and equipment Land $ 87,403 $ 79,631 Buildings and improvements 393,175 362,114 Machinery and equipment 876,858 808,154 Construction in progress 70,747 54,332 Total, at cost 1,428,183 1,304,231 Accumulated depreciation (757,439 ) (674,418 ) Net property, plant and equipment $ 670,744 $ 629,813 Other assets Investments and company owned life insurance $ 9,006 $ 8,870 Equity method investments 53,863 53,696 Equity investments 1,669 1,667 Long-term deferred income taxes 37,376 29,037 Prepaid pension costs 43,206 28,759 Prepaid postretirement other than pension 73,137 58,307 Operating lease right-of-use assets 28,445 - Other long-term receivables 16,760 46,887 Other long-term assets 14,751 14,129 Total other assets $ 278,213 $ 241,352 Other accrued expenses Taxes other than income taxes $ 16,893 $ 15,031 Miscellaneous services 5,691 5,541 Customer rebates 15,008 11,293 Interest 4,901 4,572 Insurance 184 178 Product liability 501 978 Contingent consideration liability - 3,400 Current operating lease liabilities 8,706 - Accrued expenses 32,092 19,752 Total other accrued expenses $ 83,976 $ 60,745 Other liabilities Asset retirement obligations $ 2,948 $ 2,952 Long-term deferred income taxes 165,877 177,530 Long-term income tax liability 18,089 10,088 Long-term deferred compensation 8,510 6,929 Postretirement other than pension 2,930 2,879 Noncurrent operating lease liabilities 19,498 - Long-term accrued payroll tax 7,216 - Environmental liabilities 3,639 4,657 Other long-term liabilities 50,212 37,155 Total other liabilities $ 278,919 $ 242,190 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2020 2019 2018 Balance at beginning of year $ 10,682 $ 14,017 $ 11,670 Charged to expenses and other adjustments 8,313 2,678 6,445 Write-offs (6,158 ) (5,947 ) (2,187 ) Foreign currency translation effect 68 (66 ) (1,911 ) Balance at end of year $ 12,905 $ 10,682 $ 14,017 |
Comprehensive Income (Loss) [Table Text Block] | November 28, 2020 H.B. Fuller Stockholders Non-controlling Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interests - - $ 123,719 $ 69 Other comprehensive income (loss) Foreign currency translation adjustment¹ $ 41,712 - 41,712 30 Defined benefit pension plans adjustment² 5,823 (1,235 ) 4,588 - Interest rate swap³ (15,618 ) 3,853 (11,765 ) - Other cash flow hedges³ 6,307 (101 ) 6,206 - Other comprehensive income $ 38,224 $ 2,517 40,741 30 Comprehensive income $ 164,460 $ 99 November 30, 2019 H.B. Fuller Stockholders Non-controlling Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interests - - $ 130,817 $ 27 Other comprehensive income (loss) Foreign currency translation adjustment¹ $ (20,409 ) - (20,409 ) 14 Defined benefit pension plans adjustment² (28,635 ) 6,807 (21,828 ) - Interest rate swap³ (46,254 ) 11,223 (35,031 ) - Other cash flow hedges³ 14,429 (609 ) 13,820 - Other comprehensive loss $ (80,869 ) $ 17,421 (63,448 ) 14 Comprehensive income $ 67,369 $ 41 December 1, 2018 H.B. Fuller Stockholders Non-controlling Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interests - - $ 171,208 $ 24 Other comprehensive income (loss) Foreign currency translation adjustment¹ $ (71,222 ) - (71,222 ) (16 ) Defined benefit pension plans adjustment² (3,671 ) 701 (2,970 ) - Interest rate swap³ 25,819 (6,048 ) 19,771 - Other cash flow hedges³ (4,047 ) (2,688 ) (6,735 ) - Other comprehensive loss $ (53,121 ) $ (8,035 ) (61,156 ) (16 ) Comprehensive income $ 110,052 $ 8 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | November 28, 2020 Total H.B. Fuller Non- controlling Foreign currency translation adjustment $ (106,140 ) $ (106,005 ) $ (135 ) Interest rate swap, net of taxes of $ 8,153 (25,103 ) (25,103 ) - Cash flow hedges, net of taxes of ($ 121 7,969 7,969 - Defined benefit pension plans adjustment, net of taxes of $ 80,656 (161,379 ) (161,379 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Total accumulated other comprehensive loss $ (302,994 ) $ (302,859 ) $ (135 ) November 30, 2019 Total H.B. Fuller Non- controlling 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 ) - Total accumulated other comprehensive loss $ (343,705 ) $ (343,600 ) $ (105 ) December 1, 2018 Total H.B. Fuller Non- controlling Foreign currency translation adjustment $ (127,398 ) $ (127,307 ) $ (91 ) Interest rate swap, net of taxes of ($7,231) 21,693 21,693 - Cash flow hedges, net of taxes of $588 (12,057 ) (12,057 ) - Defined benefit pension plans adjustment, net of taxes of $75,083 (144,140 ) (144,140 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Total accumulated other comprehensive loss $ (280,243 ) $ (280,152 ) $ (91 ) |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 2020 2019 Balance at beginning of year $ 1,281,808 $ 1,305,171 Ramapo acquisition (746 ) 910 D.H.M acquisition 1,063 - Dalton Holdings divestiture - (15,757 ) Foreign currency translation effect 29,878 (8,516 ) Balance at end of year $ 1,312,003 $ 1,281,808 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Amortizable Intangible Assets Purchased Customer Tradename All Other Total As of November 28, 2020 Original cost $ 113,775 $ 933,943 $ 63,266 $ 11,410 $ 1,122,394 Accumulated amortization (53,216 ) (279,586 ) (29,368 ) (4,775 ) (366,945 ) Net identifiable intangibles $ 60,559 $ 654,357 $ 33,898 $ 6,635 $ 755,449 Weighted-average useful lives (in years) 13 17 14 12 17 As of November 30, 2019 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 Weighted-average useful lives (in years) 13 17 14 10 17 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year 2021 2022 2023 2024 2025 Thereafter Amortization Expense $ 70,673 $ 68,783 $ 65,854 $ 60,825 $ 58,199 $ 431,115 |
Operating Segments [Member] | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 2020 2019 Hygiene, Health and Consumable Adhesives $ 332,909 $ 321,274 Engineering Adhesives 667,863 649,555 Construction Adhesives 311,231 310,979 Total $ 1,312,003 $ 1,281,808 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | November 28, 2020 Operating lease cost $ 12,581 Variable lease cost 4,024 Total net lease cost $ 16,605 |
Lessee, Supplemental Balance Sheet Information and Weighted Average [Table Text Block] | Location on Balance Sheet November 28, 2020 Operating leases: Operating lease right-of-use assets Other assets $ 28,445 Current operating lease liabilities Other accrued expenses 8,706 Noncurrent operating lease liabilities Other liabilities 19,498 Total operating lease liabilities $ 28,204 |
Lessee, Supplemental Cash Flow Information [Table Text Block] | November 28, Cash paid amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13,216 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 13,166 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Year Amount 2021 $ 9,492 2022 6,517 2023 4,945 2024 3,200 2025 1,917 2026 and beyond 4,523 Total 30,594 Less: amounts representing interest (2,390 ) Present value of future minimum payments 28,204 Less: current obligations (8,706 ) Noncurrent operating lease liabilities $ 19,498 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Year 2021 2022 2023 2024 2025 and Beyond Total Minimum Lease Payments Operating leases $ 11,492 $ 7,984 $ 5,497 $ 4,686 $ 8,217 $ 37,876 |
Note 7 - Notes Payable, Long-_2
Note 7 - Notes Payable, Long-term Debt and Lines of Credit (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Weighted-Average Fiscal Year Balance at Balance at Interest Rate at Maturity November 28, November 30, Long-Term Debt November 28, 2020 Date 2020 2019 Revolving credit facility 2.15 % 2024 $ - $ - Term Loan B 1 4.07 % 2024 1,157,650 1,675,650 Public Notes 2 4.00 % 2027 300,000 300,000 Public Notes 3 4.25 % 2028 300,000 - Other, including debt issuance cost and discount (665 ) (12,266 ) Total debt $ 1,756,985 $ 1,963,384 Less: current maturities - (65,000 ) Total long-term debt, excluding current maturities $ 1,756,985 $ 1,898,384 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year 2021 2022 2023 2024 2025 Thereafter Long-term debt obligations $ - $ - $ - $ 1,157,650 $ - $ 600,000 |
Schedule of Line of Credit Facilities [Table Text Block] | Committed Drawn Unused Revolving credit facility $ 400,000 $ - $ 391,009 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Common Shares Outstanding 2020 2019 2018 Beginning balance 51,241,190 50,732,796 50,388,839 Stock options exercised 397,456 378,734 198,849 Deferred compensation paid 118,742 5,354 7,152 Restricted units vested 221,275 197,349 209,137 Shares withheld for taxes (72,000 ) (73,043 ) (71,181 ) Ending balance 51,906,663 51,241,190 50,732,796 |
Note 9 - Accounting for Share_2
Note 9 - Accounting for Share-based Compensation (Tables) | 12 Months Ended |
Nov. 28, 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] | 2020 2019 2018 Expected life (in years) 5.00 4.75 4.75 Weighted-average expected volatility 24.32 % 24.26 % 23.31 % Expected volatility range 24.18% - 30.99 % 23.88% - 24.76 % 23.18% - 23.58 % Risk-free interest rate 0.21% - 1.51 % 1.34% - 2.55 % 2.38% - 2.95 % Weighted-average expected dividend 1.38 % 1.40 % 1.14 % Expected dividend yield range 1.35% - 2.53 % 1.25% - 1.45 % 1.12% - 1.24 % Weighted-average fair value of grants $ 9.63 $ 9.76 $ 11.38 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Average Options Exercise Price Outstanding at December 2, 2017 3,860,764 $ 42.28 Granted 818,537 53.06 Exercised (198,849 ) 31.37 Forfeited or cancelled (14,346 ) 48.62 Outstanding at December 1, 2018 4,466,106 $ 44.72 Granted 1,020,246 45.53 Exercised (378,734 ) 28.74 Forfeited or cancelled (47,308 ) 48.90 Outstanding at November 30, 2019 5,060,310 $ 46.04 Granted 1,052,968 47.70 Exercised (397,456 ) 31.00 Forfeited or cancelled (169,907 ) 49.11 Outstanding at November 28, 2020 5,545,915 $ 47.34 |
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 December 2, 2017 462,241 $ 44.80 1.0 Granted 165,909 45.92 2.2 Vested (209,137 ) 40.38 - Forfeited (4,660 ) 47.27 1.1 Nonvested at December 1, 2018 414,353 $ 47.45 1.0 Granted 302,132 44.29 2.2 Vested (197,349 ) 45.45 - Forfeited (31,139 ) 43.37 0.4 Nonvested at November 30, 2019 487,997 $ 46.56 0.8 Granted 216,293 46.39 3.4 Vested (221,275 ) 46.83 - Forfeited (50,666 ) 47.55 0.1 Nonvested at November 28, 2020 432,349 $ 46.22 0.8 |
Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments [Table Text Block] | Non-employee Directors Employees Total Units outstanding December 2, 2017 443,570 31,606 475,176 Participant contributions 16,164 7,589 23,753 Company match contributions 1 20,053 759 20,812 Payouts - (10,219 ) (10,219 ) Units outstanding December 1, 2018 479,787 29,735 509,522 Participant contributions 22,153 11,166 33,319 Company match contributions 1 23,720 1,117 24,837 Payouts - (5,354 ) (5,354 ) Units outstanding November 30, 2019 525,660 36,664 562,324 Participant contributions 18,008 13,814 31,822 Company match contributions 1 23,033 1,381 24,414 Payouts (111,436 ) (7,306 ) (118,742 ) Units outstanding November 28, 2020 455,265 44,553 499,818 |
Note 10 - Pension and Postret_2
Note 10 - Pension and Postretirement Benefits (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2020 2019 2020 2019 2020 2019 Change in projected benefit obligation Benefit obligation at beginning of year $ 380,388 $ 336,889 $ 234,542 $ 208,075 $ 39,256 $ 36,842 Service cost - 4 2,950 2,237 73 98 Interest cost 11,738 14,691 3,158 4,678 1,135 1,550 Participant contributions - - - - 226 240 Actuarial (gain)/loss 1 27,377 49,211 4,350 30,517 1,327 3,749 Other - - - (103 ) - - Curtailments - - 14 - - - Settlement payments (10,939 ) - (273 ) (307 ) - - Benefits paid (20,034 ) (20,407 ) (8,628 ) (8,356 ) (2,942 ) (3,223 ) Foreign currency translation effect - - 14,448 (2,199 ) - - Benefit obligation at end of year 388,530 380,388 250,561 234,542 39,075 39,256 Change in plan assets Fair value of plan assets at beginning of year 383,527 346,460 185,331 169,455 94,474 82,910 Actual return on plan assets 44,365 54,527 13,155 22,945 15,673 12,046 Employer contributions 1,677 3,124 2,177 2,437 1,625 2,501 Participant contributions - - - - 226 240 Other - - - (103 ) - - Settlement payments (10,939 ) - - - - - Benefits paid 2 (20,227 ) (20,584 ) (8,628 ) (8,356 ) (2,942 ) (3,223 ) Foreign currency translation effect - - 10,207 (1,047 ) - - Fair value of plan assets at end of year 398,403 383,527 202,242 185,331 109,056 94,474 Plan assets in excess of (less than) benefit obligation as of year end $ 9,873 $ 3,139 $ (48,688 ) $ (49,211 ) $ 69,981 $ 55,218 |
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | Amounts in accumulated other comprehensive income (loss) that have not been recognized as components of net periodic benefit cost Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2020 2019 2020 2019 2020 2019 Unrecognized actuarial loss $ 147,917 $ 146,149 $ 87,368 $ 83,457 $ (4,318 ) $ 2,114 Unrecognized prior service (benefit) cost (6 ) (9 ) 1,453 1,476 - - Ending balance $ 147,911 $ 146,140 $ 88,821 $ 84,933 $ (4,318 ) $ 2,114 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2020 2019 2020 2019 2020 2019 Statement of financial position as of fiscal year-end Non-current assets $ 30,672 $ 22,480 $ 12,534 $ 6,263 $ 73,137 $ 58,307 Accrued benefit cost Current liabilities (1,467 ) (1,418 ) (1,701 ) (1,723 ) (226 ) (210 ) Non-current liabilities (19,332 ) (17,922 ) (59,521 ) (53,750 ) (2,930 ) (2,879 ) Ending balance $ 9,873 $ 3,140 $ (48,688 ) $ (49,210 ) $ 69,981 $ 55,218 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2020 2019 2020 2019 Accumulated benefit obligation $ 26,241 $ 24,344 $ 134,472 $ 125,073 Fair value of plan assets 5,441 5,004 84,239 79,437 Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2020 2019 2020 2019 Projected benefit obligation $ 26,241 $ 24,344 $ 145,461 $ 134,910 Fair value of plan assets 5,441 5,004 84,239 79,437 |
Schedule of Expected Benefit Payments [Table Text Block] | Pension Benefits Other U.S. Plans Non-U.S. Postretirement Employer contributions 2021 $ 312 $ 54 $ 1,500 Expected benefit payments 2021 21,084 16,196 2,999 2022 21,521 8,689 2,938 2023 21,127 8,710 2,872 2024 21,444 8,943 2,772 2025-2030 105,296 47,195 12,092 |
Schedule of Net Benefit Costs [Table Text Block] | Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Net periodic cost (benefit) 2020 2019 2018 2020 2019 2018 2020 2019 2018 Service cost $ - $ 4 $ 56 $ 2,950 $ 2,237 $ 2,311 $ 73 $ 98 $ 173 Interest cost 11,738 14,691 12,251 3,158 4,678 4,671 1,135 1,550 1,484 Expected return on assets (25,758 ) (25,305 ) (26,167 ) (11,312 ) (10,224 ) (11,105 ) (7,976 ) (7,013 ) (6,896 ) Amortization: Prior service cost (benefit) (3 ) 13 29 64 64 (4 ) - - - Actuarial loss 7,195 4,677 5,904 3,829 3,114 2,901 62 33 60 Curtailment loss - - - 14 83 - - - - Settlement charge - - - 67 - - - - - Net periodic (benefit) cost $ (6,828 ) $ (5,920 ) $ (7,927 ) $ (1,230 ) $ (48 ) $ (1,226 ) $ (6,706 ) $ (5,332 ) $ (5,179 ) |
Defined Benefit Plan, Assumptions [Table Text Block] | Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Weighted-average assumptions used to determine benefit obligations 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate 2.50 % 3.17 % 4.50 % 1.16 % 1.35 % 2.29 % 2.19 % 3.00 % 4.37 % Rate of compensation increase 1 4.50 % 4.50 % 4.50 % 1.74 % 1.71 % 1.75 % N/A N/A N/A Weighted-average assumptions used to determine net costs for years ended 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate 3.17 % 4.50 % 3.72 % 1.34 % 2.30 % 2.10 % 3.00 % 4.37 % 3.54 % Expected return on plan assets 7.49 % 7.49 % 7.75 % 6.23 % 6.21 % 6.20 % 8.50 % 8.50 % 8.75 % Rate of compensation increase 1 4.50 % 4.50 % 4.50 % 1.74 % 1.71 % 1.75 % N/A N/A N/A |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumed health care trend rates 2020 2019 2018 Health care cost trend rate assumed for next year 6.75 % 7.00 % 6.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.00 % 0.25 % 0.25 % Fiscal year that the rate reaches the ultimate trend rate 2028 2028 2024 |
Schedule of Allocation of Plan Assets [Table Text Block] | U.S. Pension Plans Non-U.S. Pension Plans Other Postretirement Plans Target Percentage of Target Percentage of Target Percentage of Asset Category 2020 2020 2019 2020 2020 2019 2020 2020 2019 Equities 60.0 % 55.4 % 57.7 % 49.6 % 48.8 % 49.6 % 0.0 % 0.0 % 0.0 % Fixed income 40.0 % 36.2 % 63.8 % 50.4 % 51.0 % 50.1 % 0.0 % 0.0 % 0.0 % Insurance 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 100.0 % 99.4 % 99.6 % Cash 1 0.0 % 8.4 % -21.5 % 0.0 % 0.2 % 0.3 % 0.0 % 0.6 % 0.4 % Total 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | November 28, 2020 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 3,421 $ 217,151 $ - $ 220,572 Fixed income 1,524 142,317 205 144,046 Cash 2 33,391 - - 33,392 Total categorized in the fair value hierarchy 38,336 359,468 205 398,009 Other investments measured at NAV 1 394 Total $ 38,336 $ 359,468 $ 205 $ 398,403 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 33,478 $ 1,368 $ - $ 34,846 Fixed income 49,813 7,182 770 57,765 Cash 352 - - 352 Total categorized in the fair value hierarchy 83,643 8,550 770 92,963 Other investments measured at NAV 1 109,279 Total $ 83,643 $ 8,550 $ 770 $ 202,242 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 108,406 $ 108,406 Cash 650 - - 650 Total $ 650 $ - $ 108,406 $ 109,056 November 30, 2019 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 126,178 $ 95,271 $ - $ 221,449 Fixed income 119,103 125,329 219 244,651 Cash (83,099 ) 140 - (82,959 ) Total categorized in the fair value hierarchy 162,182 220,740 219 383,141 Other investments measured at NAV 1 386 Total $ 162,182 $ 220,740 $ 219 $ 383,527 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 32,045 $ 1,247 $ - $ 33,292 Fixed income 46,262 6,819 675 53,756 Cash 506 - - 506 Total categorized in the fair value hierarchy 78,813 8,066 675 87,554 Other investments measured at NAV 1 97,777 Total $ 78,813 $ 8,066 $ 675 $ 185,331 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 94,082 $ 94,082 Cash 392 - - 392 Total $ 392 $ - $ 94,082 $ 94,474 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | Fixed Income U.S. Pension Plans 2020 2019 Level 3 balance at beginning of year $ 219 $ 266 Purchases, sales, issuances and settlements, net (14 ) (47 ) Level 3 balance at end of year $ 205 $ 219 Fixed Income Non-U.S. Pension Plans 2020 2019 Level 3 balance at beginning of year $ 675 $ 662 Net transfers into / (out of) level 3 43 28 Net gains (8 ) 5 Currency change effect 60 (20 ) Level 3 balance at end of year $ 770 $ 675 Insurance Other Postretirement Benefits 2020 2019 Level 3 balance at beginning of year $ 94,082 $ 82,446 Net transfers into / (out of) level 3 (831 ) (403 ) Purchases, sales, issuances and settlements, net (822 ) (720 ) Net gains 15,977 12,759 Level 3 balance at end of year $ 108,406 $ 94,082 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income before income taxes and income from equity method investments 2020 2019 2018 United States $ 20,328 $ 31,796 $ 19,388 Non-U.S. 138,028 141,032 137,338 Total $ 158,356 $ 172,828 $ 156,726 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of the provision for income tax expense (benefit) 2020 2019 2018 Current: U.S. federal $ 5,243 $ 9,122 $ 9,652 State 1,320 3,294 1,597 Non-U.S. 56,542 47,848 37,980 63,105 60,264 49,229 Deferred: U.S. federal (4,709 ) (432 ) (50,115 ) State (4,111 ) 125 (197 ) Non-U.S. (12,364 ) (10,549 ) (5,273 ) (21,184 ) (10,856 ) (55,585 ) Total $ 41,921 $ 49,408 $ (6,356 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation of effective income tax 2020 2019 2018 Statutory U.S. federal income tax rate $ 33,255 $ 36,294 $ 34,605 State income taxes, net of federal benefit (2,104 ) 2,785 1,148 Foreign dividend repatriation 900 825 1,258 Foreign operations (563 ) 8,712 (3,253 ) Impact of option valuation - - 330 Executive compensation over $1.0 million 1,420 1,661 611 Change in valuation allowance 5,925 1,097 5,213 Research and development tax credit (906 ) (802 ) (982 ) Section 199 manufacturing deduction - - (319 ) Foreign-derived intangible income (1,396 ) (2,240 ) - Global intangible low-taxed income 1,932 2,029 - Provision to return 1,704 (3,271 ) (1,921 ) Cross currency swap (6,748 ) 2,677 - Contingency reserve 8,287 (957 ) 1,943 Transition tax - - 42,007 Dividends received deduction - - (8,484 ) Deferred tax rate change - - (79,488 ) Other 215 598 976 Total income tax expense (benefit) $ 41,921 $ 49,408 $ (6,356 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income tax balances at each year-end related to: 2020 2019 Deferred tax assets: Pension and other post-retirement benefit plans $ 1,417 $ 6,847 Employee benefit costs 24,538 21,468 Foreign tax credit carryforward 6,905 2,175 Tax loss carryforwards 31,495 26,427 Leases 7,133 - Hedging activity 12,906 1,198 Other 36,521 32,626 Gross deferred tax assets 120,915 90,741 Less: valuation allowance (21,843 ) (14,986 ) Total net deferred tax assets 99,072 75,755 Deferred tax liability: Depreciation and amortization (220,379 ) (224,248 ) Leases (7,194 ) - Total deferred tax liability (227,573 ) (224,248 ) Net deferred tax liability $ (128,501 ) $ (148,493 ) |
Summary of Income Tax Contingencies [Table Text Block] | 2020 2019 Balance at beginning of year $ 8,946 $ 8,420 Tax positions related to the current year: Additions 579 684 Tax positions related to prior years: Additions 7,400 3,077 Reductions (283 ) (1,484 ) Settlements (747 ) (105 ) Lapses in applicable statutes of limitation (1,326 ) (1,646 ) Balance at end of year $ 14,569 $ 8,946 |
Note 12 - Financial Instrumen_2
Note 12 - Financial Instruments (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fiscal Year of Interest Rate Notional Value Fair Value Pay EUR 2021 2.75 % 133,340 (280 ) Receive USD 4.9330 % Pay EUR 2022 3.00 % 267,860 2,823 Receive USD 5.1803 % Total $ 401,200 $ 2,543 |
Derivative Instruments, Gain (Loss) [Table Text Block] | November 28, 2020 November 30, 2019 December 1, 2018 Cross-currency swap contracts $ 6,307 $ 14,429 $ (4,047 ) Interest rate swap contracts $ (15,618 ) $ (46,254 ) $ 25,819 November 28, 2020 November 30, 2019 December 1, 2018 Foreign currency forward contracts $ (2,908 ) $ (573 ) $ 2,776 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements November 28, Description 2020 Level 1 Level 2 Level 3 Assets: Marketable securities $ 22,560 $ 22,560 $ - $ - Foreign exchange contract assets 2,320 - 2,320 - Cross-currency cash flow hedge assets 2,823 - 2,823 - Liabilities: Foreign exchange contract liabilities $ 5,251 $ - $ 5,251 $ - Cross-currency cash flow hedge liabilities 280 - 280 - Interest rate swaps, cash flow hedge liabilities 33,256 - 33,256 - Contingent consideration liability 5,800 - - 5,800 Fair Value Measurements November 30, 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, cash flow 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, fair value hedges 17,637 - 17,637 - |
Schedule of Fair Value, Contingent Consideration [Table Text Block] | Contingent consideration liability 20 20 Level 3 balance at beginning of year $ - Acquisition 5,000 Mark to market adjustment 800 Level 3 balance at end of year $ 5,800 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | Year Ended Year Ended Year Ended November 28, November 30, December 1, 2020 2019 2018 Lawsuits and claims settled 4 8 7 Settlement amounts $ 130 $ 424 $ 390 Insurance payments received or expected to be received $ 88 $ 291 $ 281 |
Note 15 - Segments (Tables)
Note 15 - Segments (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2020 2019 2018 Net revenue Hygiene, Health and Consumable Adhesives $ 1,332,786 $ 1,328,286 $ 1,375,562 Engineering Adhesives 1,088,313 1,158,403 1,186,533 Construction Adhesives 369,170 396,580 454,149 Corporate Unallocated - 13,731 24,758 Total $ 2,790,269 $ 2,897,000 $ 3,041,002 Segment operating income Hygiene, Health and Consumable Adhesives $ 130,789 $ 115,961 $ 120,513 Engineering Adhesives 103,974 136,299 119,391 Construction Adhesives 11,148 16,657 39,111 Corporate Unallocated (27,594 ) (42,923 ) (41,124 ) Total $ 218,317 $ 225,994 $ 237,891 Depreciation and amortization Hygiene, Health and Consumable Adhesives $ 44,329 $ 45,448 $ 46,171 Engineering Adhesives 58,102 57,175 59,773 Construction Adhesives 35,811 35,851 35,625 Corporate Unallocated 575 2,732 3,557 Total $ 138,817 $ 141,206 $ 145,126 Total assets 1 Hygiene, Health and Consumable Adhesives $ 1,268,236 $ 1,253,864 Engineering Adhesives 1,515,302 1,610,748 Construction Adhesives 934,397 799,995 Corporate 318,769 321,127 Total $ 4,036,704 $ 3,985,734 Capital expenditures Hygiene, Health and Consumable Adhesives $ 57,416 $ 44,583 Engineering Adhesives 18,212 5,896 Construction Adhesives 7,635 6,421 Corporate 12,580 6,654 Total $ 95,843 $ 63,554 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | 2020 2019 2018 Segment operating income $ 218,317 $ 225,994 $ 237,891 Other income, net 15,398 37,943 18,055 Interest expense (86,776 ) (103,287 ) (110,994 ) Interest income 11,417 12,178 11,774 Income before income taxes and income from equity method investments $ 158,356 $ 172,828 $ 156,726 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Net Revenue 2020 2019 2018 United States $ 1,248,495 $ 1,309,056 $ 1,374,147 China 351,204 347,304 343,960 Germany 330,755 - - Countries with more than 10 percent of total 1,930,454 1,656,360 1,718,107 All other countries with less than 10 percent of total 859,815 1,240,640 1,322,895 Total $ 2,790,269 $ 2,897,000 $ 3,041,002 Property, Plant and Equipment, net 2020 2019 2018 United States $ 297,046 $ 287,372 $ 286,639 Germany 131,879 127,497 137,677 China 99,513 80,606 77,861 All other countries with less than 10 percent of total 142,306 134,338 134,372 Total $ 670,744 $ 629,813 $ 636,549 |
Schedule of EBITDA [Table Text Block] | November 28, 2020 November 30, 2019 December 1, 2018 Adjusted EBITDA Hygiene Health and Consumable Adhesives $ 182,448 $ 166,685 $ 174,410 Engineering Adhesives 167,915 197,853 183,929 Construction Adhesives 51,692 56,514 77,680 Unallocated 4,754 11,293 12,734 Total 406,809 432,345 448,753 Adjusted items: Adjustments 25,190 22,849 (15,246 ) Interest expense 84,619 103,287 110,624 Interest income (11,417 ) (12,178 ) (11,774 ) Income taxes 46,456 47,465 49,541 Depreciation and amortization expense 138,242 140,105 144,400 Total 283,090 301,528 277,545 Net income attributable to H.B. Fuller $ 123,719 $ 130,817 $ 171,208 |
Disaggregation of Revenue [Table Text Block] | November 28, 2020 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 736,681 $ 430,866 $ 325,622 $ - $ 1,493,169 EIMEA 388,271 347,417 20,506 - 756,194 Asia Pacific 207,834 310,030 23,042 - 540,906 $ 1,332,786 $ 1,088,313 $ 369,170 $ - $ 2,790,269 November 30, 2019 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 733,125 $ 469,764 $ 351,924 $ 13,731 $ 1,568,544 EIMEA 392,497 380,673 20,767 - 793,937 Asia Pacific 202,664 307,966 23,889 - 534,519 $ 1,328,286 $ 1,158,403 $ 396,580 $ 13,731 $ 2,897,000 December 1, 2018 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 744,096 $ 476,322 $ 403,765 $ 24,758 $ 1,648,941 EIMEA 424,521 416,906 24,630 - 866,057 Asia Pacific 206,945 293,305 25,754 - 526,004 $ 1,375,562 $ 1,186,533 $ 454,149 $ 24,758 $ 3,041,002 |
Note 16 - Quarterly Data (Una_2
Note 16 - Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Nov. 28, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2020 (In thousands, except per share amounts) Q1 Q2 Q3 Q4 Net revenue $ 646,564 $ 674,602 $ 691,463 $ 777,640 Gross profit 170,262 184,901 187,844 213,642 Selling, general and administrative expenses (141,509 ) (127,998 ) (129,113 ) (139,712 ) Net income attributable to H.B. Fuller $ 9,895 $ 31,613 $ 41,607 $ 40,604 Basic earnings per share 1 $ 0.19 $ 0.61 $ 0.80 $ 0.78 Diluted earnings per share 1 $ 0.19 $ 0.61 $ 0.79 $ 0.77 Weighted-average common shares outstanding Basic 51,295 51,420 52,130 52,276 Diluted 52,580 52,029 52,591 52,879 2019 (In thousands, except per share amounts) Q1 Q2 Q3 Q4 Net revenue $ 672,935 $ 759,583 $ 725,376 $ 739,106 Gross profit 179,925 218,459 207,321 201,217 Selling, general and administrative expenses (145,713 ) (146,079 ) (140,615 ) (148,521 ) Net income attributable to H.B. Fuller $ 12,244 $ 36,641 $ 49,718 $ 32,214 Basic earnings per share 1 $ 0.24 $ 0.72 $ 0.98 $ 0.63 Diluted earnings per share 1 $ 0.24 $ 0.70 $ 0.97 $ 0.61 Weighted-average common shares outstanding Basic 50,752 50,902 50,939 51,089 Diluted 51,901 52,105 51,502 52,423 |
Note 1 - Nature of Business a_3
Note 1 - Nature of Business and Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Nov. 28, 2020USD ($)shares | Nov. 30, 2019USD ($)shares | Dec. 01, 2018USD ($)shares | Dec. 01, 2019USD ($) | |
Number of Countries in which Entity Operates | 35 | |||
Number of Reportable Segments | 3 | 5 | ||
Rebates | $ 34,860,000 | $ 22,795,000 | $ 21,265,000 | |
Cash Surrender Value of Life Insurance | 9,006,000 | 5,062,000 | ||
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | 0 | 0 | 2 | |
Equity Securities without Readily Determinable Fair Value, Amount | 1,669,000 | 1,667,000 | ||
Interest Costs Capitalized | $ 565,000 | $ 416,000 | $ 285,000 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 17 years | 17 years | ||
Asset Retirement Obligations, Noncurrent, Total | $ 2,948,000 | $ 2,952,000 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 3,982,275 | 2,951,697 | 1,905,411 | |
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | shares | 72,000 | 73,043 | 71,181 | |
Operating Lease, Right-of-Use Asset | $ 28,445,000 | $ 0 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 1,474,406,000 | $ 1,384,411,000 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 28,254,000 | |||
Operating Lease, Liability, Total | $ 28,254,000 | |||
Accounting Standards Update 2014-09 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 1,776,000 | |||
Accounting Standard Update 2016-16 [Member] | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 733,000 | |||
Defined Benefit Plan, Equity Securities [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | |||
Fixed Income Funds [Member] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||
Sekisui Fuller Company Ltd [Member] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Revenue Benchmark [Member] | Hygiene, Health, and Consumable Adhesives [Member] | ||||
Concentration Risk, Percentage | 48.00% | |||
Revenue Benchmark [Member] | Engineering Adhesives [Member] | ||||
Concentration Risk, Percentage | 39.00% | |||
Revenue Benchmark [Member] | Construction Adhesives [Member] | ||||
Concentration Risk, Percentage | 13.00% |
Note 1 - Nature of Business a_4
Note 1 - Nature of Business and Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Nov. 28, 2020 | Aug. 29, 2020 | May 30, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | Jun. 01, 2019 | Mar. 02, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |||||||||
Net income attributable to H.B. Fuller | $ 40,604 | $ 41,607 | $ 31,613 | $ 9,895 | $ 32,214 | $ 49,718 | $ 36,641 | $ 12,244 | $ 123,719 | $ 130,817 | $ 171,208 | ||||||||
Weighted-average common shares – basic (in shares) | 52,276 | [1] | 52,130 | [1] | 51,420 | [1] | 51,295 | [1] | 51,089 | [1] | 50,939 | [1] | 50,902 | [1] | 50,752 | [1] | 52,039,000 | 50,920,000 | 50,591,000 |
Equivalent shares from share-based compensation plans (in shares) | 481,000 | 1,063,000 | 1,384,000 | ||||||||||||||||
Weighted-average common and common equivalent shares – diluted (in shares) | 52,879 | [1] | 52,591 | [1] | 52,029 | [1] | 52,580 | [1] | 52,423 | [1] | 51,502 | [1] | 52,105 | [1] | 51,901 | [1] | 52,520,000 | 51,983,000 | 51,975,000 |
Basic earnings per share (in dollars per share) | $ 0.78 | $ 0.80 | $ 0.61 | $ 0.19 | $ 0.63 | [1] | $ 0.98 | [1] | $ 0.72 | [1] | $ 0.24 | [1] | $ 2.38 | $ 2.57 | $ 3.38 | ||||
Diluted earnings per share (in dollars per share) | $ 0.77 | $ 0.79 | $ 0.61 | $ 0.19 | $ 0.61 | [1] | $ 0.97 | [1] | $ 0.70 | [1] | $ 0.24 | [1] | $ 2.36 | $ 2.52 | $ 3.29 | ||||
[1] | Quarterly income per share amounts may not equal full year amounts due to rounding. |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Feb. 03, 2020 | May 17, 2019 | Nov. 30, 2019 | Nov. 28, 2020 | May 30, 2020 | Dec. 01, 2018 |
Goodwill, Ending Balance | $ 1,281,808 | $ 1,312,003 | $ 1,305,171 | |||
Dalton Holdings [Member] | Other Income [Member] | ||||||
Gain (Loss) on Disposition of Business | 18,764 | |||||
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 | $ 1,063 | |||||
Business Combination, Contingent Consideration, Liability, Total | 5,000 | $ 0 | $ 5,800 | |||
Business Combination, Consideration Transferred, Total | $ 14,500 | |||||
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 | 2,654 | 767 | ||||
Business Combination, Consideration Transferred, Total | 10,947 | |||||
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) | 12 Months Ended | |
Nov. 28, 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 | 12 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Restructuring Charges | $ 4,579 | $ 14,535 |
Cost of Sales [Member] | ||
Restructuring Charges | 1,013 | 2,082 |
Selling, General and Administrative Expenses [Member] | ||
Restructuring Charges | $ 3,567 | $ 12,453 |
Note 3 - Restructuring Action_4
Note 3 - Restructuring Actions - Restructuring Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Balance | $ 10,754 | $ 4,256 |
Restructuring Charges | 4,579 | 14,535 |
Non-cash charges | (968) | |
Cash payments | (9,408) | (6,997) |
Foreign currency translation | 157 | (72) |
Balance | 6,082 | 10,754 |
Employee Related [Member] | ||
Balance | 9,830 | 4,256 |
Restructuring Charges | 2,898 | 9,140 |
Non-cash charges | 0 | |
Cash payments | (7,051) | (3,494) |
Foreign currency translation | 157 | (72) |
Balance | 5,834 | 9,830 |
Asset Related [Member] | ||
Balance | 0 | 0 |
Restructuring Charges | 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 |
Restructuring Charges | 1,681 | 3,466 |
Non-cash charges | 0 | |
Cash payments | (2,357) | (2,542) |
Foreign currency translation | 0 | 0 |
Balance | $ 248 | $ 924 |
Note 4 - Supplemental Financi_3
Note 4 - Supplemental Financial Statement Information - Statement of Income Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Foreign currency transaction losses, net | $ (3,078) | $ (1,156) | $ (4,450) |
(Loss) gain on disposal of assets | (86) | 24,304 | 2,177 |
Net periodic pension benefit | 17,902 | 13,661 | 16,870 |
Other, net | 660 | 1,134 | 3,458 |
Total other income, net | 15,398 | 37,943 | 18,055 |
Selling, General and Administrative Expenses [Member] | |||
Research and development expenses (included in SG&A expenses) | $ 36,969 | $ 36,624 | $ 35,534 |
Note 4 - Supplemental Financi_4
Note 4 - Supplemental Financial Statement Information - Balance Sheet Information (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 |
Raw materials | $ 151,026 | $ 150,338 | |
Finished goods | 172,187 | 186,929 | |
Total inventories | 323,213 | 337,267 | |
Other receivables | 18,666 | 26,258 | |
Prepaid income taxes | 22,137 | 23,112 | |
Prepaid taxes other than income taxes | 20,270 | 16,836 | |
Prepaid expenses | 19,212 | 20,862 | |
Assets held for sale | 828 | 3,655 | |
Total other current assets | 81,113 | 90,723 | |
Land | 87,403 | 79,631 | |
Buildings and improvements | 393,175 | 362,114 | |
Machinery and equipment | 876,858 | 808,154 | |
Construction in progress | 70,747 | 54,332 | |
Total, at cost | 1,428,183 | 1,304,231 | |
Accumulated depreciation | (757,439) | (674,418) | |
Net property, plant and equipment | 670,744 | 629,813 | $ 636,549 |
Investments and company owned life insurance | 9,006 | 8,870 | |
Equity method investments | 53,863 | 53,696 | |
Equity Securities without Readily Determinable Fair Value, Amount | 1,669 | 1,667 | |
Long-term deferred income taxes | 37,376 | 29,037 | |
Operating Lease, Right-of-Use Asset | 28,445 | 0 | |
Other long-term receivables | 16,760 | 46,887 | |
Other long-term assets | 14,751 | 14,129 | |
Total other assets | 278,213 | 241,352 | |
Taxes other than income taxes | 16,893 | 15,031 | |
Miscellaneous services | 5,691 | 5,541 | |
Customer rebates | 15,008 | 11,293 | |
Interest | 4,901 | 4,572 | |
Insurance | 184 | 178 | |
Product liability | 501 | 978 | |
Contingent consideration liability | 0 | 3,400 | |
Accrued expenses | 32,092 | 19,752 | |
Total other accrued expenses | 83,976 | 60,745 | |
Other liabilities: | |||
Asset Retirement Obligations, Noncurrent, Total | 2,948 | 2,952 | |
Long-term deferred income taxes | 165,877 | 177,530 | |
Long-term income tax liability | 18,089 | 10,088 | |
Long-term deferred compensation | 8,510 | 6,929 | |
Postretirement other than pension | 2,930 | 2,879 | |
Long-term accrued payroll tax | 7,216 | 0 | |
Environmental liabilities | 3,639 | 4,657 | |
Other long-term liabilities | 50,212 | 37,155 | |
Total other liabilities | 278,919 | 242,190 | |
Other Accrued Expenses [Member] | |||
Current operating lease liabilities | 8,706 | 0 | |
Other Noncurrent Liabilities [Member] | |||
Other liabilities: | |||
Noncurrent operating lease liabilities | 19,498 | 0 | |
Pension Plan [Member] | |||
Prepaid postretirement costs | 43,206 | 28,759 | |
Other Postretirement Benefits Plan [Member] | |||
Prepaid postretirement costs | $ 73,137 | $ 58,307 |
Note 4 - Supplemental Financi_5
Note 4 - Supplemental Financial Statement Information - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Balance at beginning of year | $ 10,682 | $ 14,017 | $ 11,670 |
Charged to expenses and other adjustments | 8,313 | 2,678 | 6,445 |
Write-offs | (6,158) | (5,947) | (2,187) |
Foreign currency translation effect | 68 | (66) | (1,911) |
Balance at end of year | $ 12,905 | $ 10,682 | $ 14,017 |
Note 4 - Supplemental Financi_6
Note 4 - Supplemental Financial Statement Information - Comprehensive Income (Loss) Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Nov. 28, 2020 | Aug. 29, 2020 | May 30, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | Jun. 01, 2019 | Mar. 02, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | ||
Net income including non-controlling interests, net | $ 40,604 | $ 41,607 | $ 31,613 | $ 9,895 | $ 32,214 | $ 49,718 | $ 36,641 | $ 12,244 | $ 123,719 | $ 130,817 | $ 171,208 | |
Net income including non-controlling interests, non-controlling interests net | 69 | 27 | 24 | |||||||||
Foreign currency translation adjustment¹, pretax | [1] | 41,712 | (20,409) | (71,222) | ||||||||
Foreign currency translation adjustment¹, net | [1] | 41,712 | (20,409) | (71,222) | ||||||||
Foreign currency translation adjustment¹, non-controlling interests net | 30 | 14 | (16) | |||||||||
Defined benefit pension plans adjustment², pretax | [2] | 5,823 | (28,635) | (3,671) | ||||||||
Defined benefit pension plans adjustment², tax | [2] | (1,235) | 6,807 | 701 | ||||||||
Defined benefit pension plans adjustment², net | [2] | 4,588 | (21,828) | (2,970) | ||||||||
Interest rate swap³, pretax | [3] | (15,618) | (46,254) | 25,819 | ||||||||
Interest rate swap³, tax | [3] | 3,853 | 11,223 | (6,048) | ||||||||
Interest rate swap³, net | [3] | (11,765) | (35,031) | 19,771 | ||||||||
Other cash-flow hedges³, pretax | [3] | 6,307 | 14,429 | (4,047) | ||||||||
Other cash-flow hedges³, tax | [3] | (101) | (609) | (2,688) | ||||||||
Other cash-flow hedges³, net | [3] | 6,206 | 13,820 | (6,735) | ||||||||
Other comprehensive income (loss), pretax | 38,224 | (80,869) | (53,121) | |||||||||
Other comprehensive income (loss), tax | 2,517 | 17,421 | (8,035) | |||||||||
Other comprehensive income (loss), net | 40,741 | (63,448) | (61,156) | |||||||||
Other comprehensive income (loss), non-controlling interests net | 30 | 14 | (16) | |||||||||
Comprehensive income (loss), net | 164,460 | 67,369 | 110,052 | |||||||||
Comprehensive income (loss), non-controlling interests net | $ 99 | $ 41 | $ 8 | |||||||||
[1] | Income taxes are not provided for foreign currency translation relating to indefinite investments in international subsidiaries. | |||||||||||
[2] | Loss reclassified from accumulated other comprehensive income (loss) 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 expenses. | |||||||||||
[3] | Loss reclassified from accumulated other comprehensive income (loss) into earnings is reported in other income, net. |
Note 4 - Supplemental Financi_7
Note 4 - Supplemental Financial Statement Information - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 |
Total accumulated other comprehensive loss | $ (302,859) | $ (343,600) | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
Foreign currency translation adjustment | (106,140) | (147,821) | $ (127,398) |
Interest rate swap, net of taxes of $8,153 | (25,103) | (13,338) | 21,693 |
Cash flow hedges, net of taxes of ($121) | 7,969 | 1,763 | (12,057) |
Defined benefit pension plans adjustment, net of taxes of $80,656 | (161,379) | (165,968) | (144,140) |
Reclassification of AOCI tax effects | (18,341) | (18,341) | (18,341) |
Total accumulated other comprehensive loss | (302,994) | (343,705) | (280,243) |
AOCI Attributable to Parent [Member] | |||
Foreign currency translation adjustment | (106,005) | (147,716) | (127,307) |
Interest rate swap, net of taxes of $8,153 | (25,103) | (13,338) | 21,693 |
Cash flow hedges, net of taxes of ($121) | 7,969 | 1,763 | (12,057) |
Defined benefit pension plans adjustment, net of taxes of $80,656 | (161,379) | (165,968) | (144,140) |
Reclassification of AOCI tax effects | (18,341) | (18,341) | (18,341) |
Total accumulated other comprehensive loss | (302,859) | (343,600) | (280,152) |
AOCI Attributable to Noncontrolling Interest [Member] | |||
Foreign currency translation adjustment | (135) | (105) | (91) |
Interest rate swap, net of taxes of $8,153 | 0 | 0 | 0 |
Cash flow hedges, net of taxes of ($121) | 0 | 0 | 0 |
Defined benefit pension plans adjustment, net of taxes of $80,656 | 0 | 0 | 0 |
Reclassification of AOCI tax effects | 0 | 0 | 0 |
Total accumulated other comprehensive loss | $ (135) | $ (105) | $ (91) |
Note 4 - Supplemental Financi_8
Note 4 - Supplemental Financial Statement Information - Components of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - AOCI Including Portion Attributable to Noncontrolling Interest [Member] - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Tax on interest rate swap | $ 8,153 | $ (4,300) |
Tax on other cash-flow hedges | (121) | 21 |
Taxes on defined benefit pension plans adjustment | $ 80,656 | $ 81,891 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Amortization of Intangible Assets, Total | $ 70,591 | $ 74,091 | $ 76,490 |
Indefinite Lived Trademarks and Trade Names | $ 519 | $ 480 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Goodwill by Segment (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 |
Goodwill | $ 1,312,003 | $ 1,281,808 | $ 1,305,171 |
Hygiene, Health, and Consumable Adhesives [Member] | |||
Goodwill | 332,909 | 321,274 | |
Engineering Adhesives [Member] | |||
Goodwill | 667,863 | 649,555 | |
Construction Adhesives [Member] | |||
Goodwill | $ 311,231 | $ 310,979 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Goodwill Balance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Balance at beginning of year | $ 1,281,808 | $ 1,305,171 |
Foreign currency translation effect | 29,878 | (8,516) |
Balance at end of year | 1,312,003 | 1,281,808 |
Ramapo [Member] | ||
Acquisition | (746) | 910 |
DHM [Member] | ||
Acquisition | 1,063 | 0 |
Dalton Holdings [Member] | ||
Acquisition | $ 0 | $ (15,757) |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Original cost | $ 1,122,394 | $ 1,113,925 |
Accumulated amortization | (366,945) | (315,006) |
Net identifiable intangibles | $ 755,449 | $ 798,919 |
Weighted-average useful lives (in years) (Year) | 17 years | 17 years |
Purchased Technology And Patents [Member] | ||
Original cost | $ 113,775 | $ 109,967 |
Accumulated amortization | (53,216) | (43,351) |
Net identifiable intangibles | $ 60,559 | $ 66,616 |
Weighted-average useful lives (in years) (Year) | 13 years | 13 years |
Customer Relationships [Member] | ||
Original cost | $ 933,943 | $ 913,968 |
Accumulated amortization | (279,586) | (223,563) |
Net identifiable intangibles | $ 654,357 | $ 690,405 |
Weighted-average useful lives (in years) (Year) | 17 years | 17 years |
Trade Names [Member] | ||
Original cost | $ 63,266 | $ 62,537 |
Accumulated amortization | (29,368) | (24,819) |
Net identifiable intangibles | $ 33,898 | $ 37,718 |
Weighted-average useful lives (in years) (Year) | 14 years | 14 years |
Other Intangible Assets [Member] | ||
Original cost | $ 11,410 | $ 27,453 |
Accumulated amortization | (4,775) | (23,273) |
Net identifiable intangibles | $ 6,635 | $ 4,180 |
Weighted-average useful lives (in years) (Year) | 12 years | 10 years |
Note 5 - Goodwill and Other I_7
Note 5 - Goodwill and Other Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands | Nov. 28, 2020USD ($) |
2021 | $ 70,673 |
2022 | 68,783 |
2023 | 65,854 |
2024 | 60,825 |
2025 | 58,199 |
Thereafter | $ 431,115 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 28,445 | $ 0 | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 7 months 6 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.60% | ||
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 | 12 Months Ended |
Nov. 28, 2020USD ($) | |
Operating lease cost | $ 12,581 |
Variable lease cost | 4,024 |
Total net lease cost | $ 16,605 |
Note 6 - Leases - Supplemental
Note 6 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Operating lease right-of-use assets | $ 28,445 | $ 0 |
Other Noncurrent Assets [Member] | ||
Operating lease right-of-use assets | 28,445 | |
Other Accrued Expenses [Member] | ||
Current operating lease liabilities | 8,706 | 0 |
Other Noncurrent Liabilities [Member] | ||
Noncurrent operating lease liabilities | 19,498 | $ 0 |
Other Accrued Expenses and Other Noncurrent Liabilities [Member] | ||
Total operating lease liabilities | $ 28,204 |
Note 6 - Leases - Supplementa_2
Note 6 - Leases - Supplemental Cash Flow Information (Details) $ in Thousands | 12 Months Ended |
Nov. 28, 2020USD ($) | |
Operating cash flows from operating leases | $ 13,216 |
Operating leases | $ 13,166 |
Note 6 - Leases - Schedule of M
Note 6 - Leases - Schedule of Minimum Payments Under Operating Leases (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
2021 | $ 9,492 | |
2022 | 6,517 | |
2023 | 4,945 | |
2024 | 3,200 | |
2025 | 1,917 | |
2026 and beyond | 4,523 | |
Total | 30,594 | |
Less: amounts representing interest | (2,390) | |
Other Accrued Expenses and Other Noncurrent Liabilities [Member] | ||
Present value of future minimum payments | 28,204 | |
Other Accrued Expenses [Member] | ||
Less: current obligations | (8,706) | $ 0 |
Other Noncurrent Liabilities [Member] | ||
Noncurrent operating lease liabilities | $ 19,498 | $ 0 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Rental Commitments Under ASC 840 (Details) $ in Thousands | Nov. 30, 2019USD ($) |
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 - Notes Payable, Long-_3
Note 7 - Notes Payable, Long-term Debt and Lines of Credit (Details Textual) $ in Thousands | Oct. 20, 2020USD ($) | Apr. 23, 2018 | Apr. 22, 2018 | Oct. 20, 2017USD ($) | Feb. 14, 2017USD ($) | Nov. 28, 2020USD ($) | Nov. 30, 2019USD ($) | Dec. 01, 2018USD ($) | Feb. 27, 2018USD ($) | Dec. 02, 2017USD ($) |
Notes Payable, Current, Total | $ 16,925 | $ 15,732 | ||||||||
Proceeds from Issuance of Long-term Debt, Total | 300,000 | 0 | $ 0 | |||||||
Repayments of Long-term Debt, Total | 518,000 | 288,600 | $ 185,750 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000 | |||||||||
Long-term Debt, Fair Value | 1,811,562 | $ 2,016,516 | ||||||||
Interest Rate Swap [Member] | ||||||||||
Derivative, Amount of Hedged Item | $ 925,000 | $ 1,050,000 | $ 150,000 | 1,125,000 | $ 200,000 | |||||
Derivative, Fixed Interest Rate | 4.0275% | 4.589% | ||||||||
Term Loan B [Member] | ||||||||||
Debt Instrument, Face Amount | $ 2,150,000 | |||||||||
Derivative, Amount of Hedged Item | $ 1,350,000 | |||||||||
Percentage of Equity Interest in Domestic Subsidiaries Used to Secure Debt | 100.00% | |||||||||
Percentage of Equity Interests in Foreign Subsidiaries Used to Secure Debt | 65.00% | |||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 1,157,650 | |||||||||
Debt Instrument, Mandatory Prepayments, Percent of Excess Cash Flow | 50.00% | |||||||||
Debt Instrument, Mandatory Prepayments, Percent of Excess Cash Flow When Secured Leverage Ratio is Below 4.25: 1 | 25.00% | |||||||||
Debt Instrument, Mandatory Prepayments, Percent of Excess Cash Flow When Secured Leverage Ratio is Below 3.75: 1 | 0.00% | |||||||||
Repayments of Long-term Debt, Total | 300,000 | |||||||||
Term Loan B [Member] | Maximum [Member] | ||||||||||
Secured Leverage Ratio | 4.25 | |||||||||
Term Loan B [Member] | Minimum [Member] | ||||||||||
Secured Leverage Ratio | 3.75 | |||||||||
Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.25% | 2.00% | 2.15% | ||||||
The 10-year Public Notes [Member] | ||||||||||
Debt Instrument, Face Amount | $ 300,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||||
Debt Instrument, Term (Year) | 10 years | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 | |||||||||
The 8-year Public Notes [Member] | ||||||||||
Debt Instrument, Face Amount | $ 300,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||||||
Debt Instrument, Term (Year) | 8 years | |||||||||
Term Loan [Member] | ||||||||||
Repayments of Debt | 158,750 | |||||||||
Public Notes [Member] | ||||||||||
Debt Instrument, Face Amount | $ 300,000 | |||||||||
Public Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.86% | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Line of Credit, Current | $ 0 | |||||||||
Percentage of Equity Interest in Domestic Subsidiaries Used to Secure Debt | 100.00% | |||||||||
Percentage of Equity Interests in Foreign Subsidiaries Used to Secure Debt | 65.00% | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | |||||||||
Repayments of Lines of Credit | $ 138,000 | |||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.15% | ||||||||
Letter of Credit [Member] | ||||||||||
Letters of Credit Outstanding, Amount | $ 8,991 | |||||||||
Notes Payable [Member] | ||||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 8.10% | 8.90% | 9.60% |
Note 7 - Notes Payable, Long-_4
Note 7 - Notes Payable, Long-term Debt and Lines of Credit - Long-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | ||
Other, including debt issuance cost and discount | $ (665) | $ (12,266) | |
Long-term debt | 1,756,985 | 1,963,384 | |
Less: current maturities | 0 | (65,000) | |
Long-term debt, net of current maturities | $ 1,756,985 | 1,898,384 | |
The 8-year Public Notes [Member] | |||
Long-term weighted-average interest rate | 4.25% | ||
Term Loan B [Member] | |||
Long-term weighted-average interest rate | [1] | 4.07% | |
Loan maturity date | [1] | 2024 | |
Long-term debt, gross | [1] | $ 1,157,650 | 1,675,650 |
The 10-year Public Notes [Member] | |||
Long-term weighted-average interest rate | [2] | 4.00% | |
Loan maturity date | [2] | 2027 | |
Long-term debt, gross | [2] | $ 300,000 | 300,000 |
The 8-year Public Notes [Member] | |||
Loan maturity date | [3] | 2028 | |
Long-term debt, gross | [3] | $ 300,000 | 0 |
Revolving Credit Facility [Member] | |||
Long-term weighted-average interest rate | 2.15% | ||
Loan maturity date | 2024 | ||
Long-term debt, gross | $ 0 | $ 0 | |
[1] | Term Loan B, due on October 20, 2024, $2,150,000 variable rate at the London Interbank Offered Rate (LIBOR) plus 2.00 percent (2.15 percent at November 28, 2020); $1,350,000 swapped to various fixed rates as detailed below. | ||
[2] | Public Notes, due February 15, 2027, $300,000 4.00 percent fixed. | ||
[3] | Public Notes, due August 15, 2028, $300,000 4.25 percent fixed. |
Note 7 - Notes Payable, Long-_5
Note 7 - Notes Payable, Long-term Debt and Lines of Credit - Maturities of Long-term Debt (Details) $ in Thousands | Nov. 28, 2020USD ($) |
2021 | $ 0 |
2022 | 0 |
2023 | 0 |
2024 | 1,157,650 |
2025 | 0 |
Thereafter | $ 600,000 |
Note 7 - Notes Payable, Long-_6
Note 7 - Notes Payable, Long-term Debt and Lines of Credit - Lines of Credit (Details) $ in Thousands | 12 Months Ended |
Nov. 28, 2020USD ($) | |
Committed | $ 400,000 |
Drawn | 0 |
Unused | $ 391,009 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 06, 2017 | Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | Dec. 02, 2017 |
Preferred Stock, Shares Authorized (in shares) | 10,045,900 | 10,045,900 | |||
Common Stock, Shares Authorized (in shares) | 160,000,000 | 160,000,000 | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | $ 1 | |||
Common Stock, Shares, Issued, Total (in shares) | 51,906,663 | 51,241,190 | |||
Stock Repurchased During Period, Shares (in shares) | 0 | 0 | 0 | ||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 51,906,663 | 51,241,190 | 50,732,796 | 50,388,839 | |
The 2017 Share Repurchase Program [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 200,000 | ||||
Stock Repurchase Program, Period in Force (Year) | 5 years | ||||
2010 Share Repurchase Program [Member] | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 187,170 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Common Stock Outstanding (Details) - shares | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Beginning balance (in shares) | 51,241,190 | 50,732,796 | 50,388,839 |
Stock options exercised (in shares) | 397,456 | 378,734 | 198,849 |
Deferred compensation paid (in shares) | 118,742 | 5,354 | 7,152 |
Restricted units vested (in shares) | 221,275 | 197,349 | 209,137 |
Shares withheld for taxes (in shares) | (72,000) | (73,043) | (71,181) |
Ending balance (in shares) | 51,906,663 | 51,241,190 | 50,732,796 |
Note 9 - Accounting for Share_3
Note 9 - Accounting for Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Fair Value Options Granted During Period Value Share-based Compensation | $ 10,132 | $ 9,956 | $ 9,217 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 6,563 | 7,590 | 4,534 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 8 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 38,430 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 2,983,960 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 5 years 4 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 27,098 | ||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised, Total | 12,321 | 10,885 | 6,237 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | 1,278 | $ 1,298 | $ 868 |
Total Fair Value of Nonvested Restricted Stock | $ 19,984 | ||
Repurchased Restricted Stock Shares (in shares) | 70,380 | 73,043 | 71,181 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Payment Arrangement, Expense | $ 16,914 | $ 24,003 | $ 17,113 |
Non Employee Directors [Member] | |||
Deferred Compensation Plan, Matching Percentage | 10.00% | ||
Deferred Compensation Arrangement with Individual, Discretionary Awards, Employer Contribution Units Paid (in shares) | 21,323 | 21,504 | 18,436 |
Deferred Compensation Arrangement with Individual, Employer Matches Contribution Fair Value | $ 128 | $ 167 | $ 152 |
Deferred Compensation Arrangement with Individual, Discretionary Awards Employer Contribution, Fair Value | $ 920 | 1,035 | 1,035 |
Employees [Member] | |||
Deferred Compensation Plan, Matching Percentage | 10.00% | ||
Deferred Compensation Arrangement with Individual, Employer Matches Contribution Fair Value | $ 56 | 41 | 27 |
2018 Master Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,679,579 | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 6,044 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 8 months 12 days | ||
Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 10,362 | 8,970 | 8,892 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 2,136 | $ 1,574 | $ 2,649 |
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 5,304 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 10 months 24 days |
Note 9 - Accounting for Share_4
Note 9 - Accounting for Share-based Compensation - Fair Value of Options Granted (Details) - $ / shares | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Maximum [Member] | |||
Expected life (Year) | 5 years | 4 years 9 months | 4 years 9 months |
Weighted-average expected volatility | 24.32% | 24.26% | 23.31% |
Expected volatility range | 30.99% | 24.76% | 23.58% |
Risk-free interest rate | 1.51% | 2.55% | 2.95% |
Weighted-average expected dividend | 1.38% | 1.40% | 1.14% |
Expected dividend yield range | 2.53% | 1.45% | 1.24% |
Expected dividend yield range (in dollars per share) | $ 9.76 | $ 11.38 | |
Minimum [Member] | |||
Expected volatility range | 24.18% | 23.88% | 23.18% |
Risk-free interest rate | 0.21% | 1.34% | 2.38% |
Expected dividend yield range | 1.35% | 1.25% | 1.12% |
Note 9 - Accounting for Share_5
Note 9 - Accounting for Share-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Outstanding Options (in shares) | 5,060,310 | 4,466,106 | 3,860,764 |
Outstanding Options, weighted-average exercise price (in dollars per share) | $ 46.04 | $ 44.72 | $ 42.28 |
Granted (in shares) | 1,052,968 | 1,020,246 | 818,537 |
Granted, weighted-average exercise price (in dollars per share) | $ 47.70 | $ 45.53 | $ 53.06 |
Exercised (in shares) | (397,456) | (378,734) | (198,849) |
Exercised, weighted-average exercise price (in dollars per share) | $ 31 | $ 28.74 | $ 31.37 |
Forfeited or cancelled (in shares) | (169,907) | (47,308) | (14,346) |
Forfeited or cancelled, weighted-average exercise price (in dollars per share) | $ 49.11 | $ 48.90 | $ 48.62 |
Outstanding Options (in shares) | 5,545,915 | 5,060,310 | 4,466,106 |
Outstanding Options, weighted-average exercise price (in dollars per share) | $ 47.34 | $ 46.04 | $ 44.72 |
Note 9 - Accounting for Share_6
Note 9 - Accounting for Share-based Compensation - Nonvested Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | Dec. 02, 2017 | |
Nonvested (in shares) | 487,997 | 414,353 | 462,241 | |
Nonvested, Weighted average grant date fair value (in dollars per share) | $ 46.56 | $ 47.45 | $ 44.80 | |
Nonvested, Weighted average remaining contractual life (Year) | 9 months 18 days | 9 months 18 days | 1 year | 1 year |
Granted (in shares) | 216,293 | 302,132 | 165,909 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 46.39 | $ 44.29 | $ 45.92 | |
Granted, Weighted average remaining contractual life (Year) | 3 years 4 months 24 days | 2 years 2 months 12 days | 2 years 2 months 12 days | |
Vested (in shares) | (221,275) | (197,349) | (209,137) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 46.83 | $ 45.45 | $ 40.38 | |
Forfeited (in shares) | (50,666) | (31,139) | (4,660) | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 47.55 | $ 43.37 | $ 47.27 | |
Forfeited, Weighted average remaining contractual life (Year) | 1 month 6 days | 4 months 24 days | 1 year 1 month 6 days | |
Nonvested (in shares) | 432,349 | 487,997 | 414,353 | 462,241 |
Nonvested, Weighted average grant date fair value (in dollars per share) | $ 46.22 | $ 46.56 | $ 47.45 | $ 44.80 |
Note 9 - Accounting for Share_7
Note 9 - Accounting for Share-based Compensation - Deferred Compensation Units (Details) - shares | 12 Months Ended | |||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | ||
Units outstanding (in shares) | 562,324 | 509,522 | 475,176 | |
Participant contributions (in shares) | 31,822 | 33,319 | 23,753 | |
Company match contributions1 (in shares) | [1] | 24,414 | 24,837 | 20,812 |
Payouts (in shares) | (118,742) | (5,354) | (10,219) | |
Units outstanding (in shares) | 499,818 | 562,324 | 509,522 | |
Non Employee Directors [Member] | ||||
Units outstanding (in shares) | 525,660 | 479,787 | 443,570 | |
Participant contributions (in shares) | 18,008 | 22,153 | 16,164 | |
Company match contributions1 (in shares) | [1] | 23,033 | 23,720 | 20,053 |
Payouts (in shares) | (111,436) | 0 | 0 | |
Units outstanding (in shares) | 455,265 | 525,660 | 479,787 | |
Employees [Member] | ||||
Units outstanding (in shares) | 36,664 | 29,735 | 31,606 | |
Participant contributions (in shares) | 13,814 | 11,166 | 7,589 | |
Company match contributions1 (in shares) | [1] | 1,381 | 1,117 | 759 |
Payouts (in shares) | (7,306) | (5,354) | (10,219) | |
Units outstanding (in shares) | 44,553 | 36,664 | 29,735 | |
[1] | The non-employee directors' company match includes 21,323, 21,504 and 18,436 deferred compensation units paid as discretionary awards to all non-employee directors in 2020, 2019 and 2018, respectively. |
Note 10 - Pension and Postret_3
Note 10 - Pension and Postretirement Benefits (Details Textual) - USD ($) | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Annual Retirement Percentage | 1.00% | ||
Defined Contribution Plan, Cost | $ 10,764,000 | $ 10,784,000 | $ 11,034,000 |
Liability, Defined Benefit Plan, Total | $ 9,819,000 | 8,494,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Increase (decrease) in Discount Rate | 0.50% | ||
Impact on Pension and Other Postretirement Benefit Expense from a Change in Discount Rate | $ 223,000 | ||
Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | |
Group Term Life Insurance Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 0 | 0 | |
Equity Funds [Member] | Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||
Fixed Income Funds [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | ||
Fixed Income Funds [Member] | Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | ||
UNITED STATES | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 418,019 | $ 409,800 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.53% | 3.19% | 4.51% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.50% | 7.50% | 7.75% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Increase (Decrease) in Expected Long-term Return on Assets | 0.50% | ||
Impact on Pension and Other Retirement Benefiit Expense of a Change in Expected Long-term Rate of Return on Assets | $ 2,538,000 | ||
UNITED STATES | Equity Funds [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 8.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||
UNITED STATES | Fixed Income Funds [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.60% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | ||
UNITED KINGDOM | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.75% | ||
GERMANY | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.75% | ||
Foreign Plan [Member] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 239,572 | $ 224,619 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.23% | 6.21% | 6.20% |
Four Percent Match [Member] | |||
Defined Contribution Plan, Cost | $ 7,468,000 | ||
Three Percent Match [Member] | |||
Defined Contribution Plan, Cost | $ 3,296,000 | ||
Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.50% | 4.50% | 4.50% |
Note 10 - Pension and Postret_4
Note 10 - Pension and Postretirement Benefits - Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | ||
Pension Plan [Member] | UNITED STATES | ||||
Benefit obligation at beginning of year | $ 380,388 | $ 336,889 | ||
Service cost | 0 | 4 | $ 56 | |
Interest cost | 11,738 | 14,691 | 12,251 | |
Participant contributions | 0 | 0 | ||
Actuarial (gain)/loss | [1] | 27,377 | 49,211 | |
Other | 0 | 0 | ||
Curtailments | 0 | 0 | ||
Settlement payments | (10,939) | 0 | ||
Benefits paid | (20,034) | (20,407) | ||
Foreign currency translation effect | 0 | 0 | ||
Benefit obligation at end of year | 388,530 | 380,388 | 336,889 | |
Level 3 balance at beginning of year | 383,527 | 346,460 | ||
Actual return on plan assets | 44,365 | 54,527 | ||
Employer contributions | 1,677 | 3,124 | ||
Participant contributions | 0 | 0 | ||
Other | 0 | 0 | ||
Settlement payments | (10,939) | 0 | ||
Benefits paid | [2] | (20,227) | (20,584) | |
Foreign currency translation effect | 0 | 0 | ||
Level 3 balance at end of year | 398,403 | 383,527 | 346,460 | |
Plan assets in excess of (less than) benefit obligation as of year end | 9,873 | 3,139 | ||
Pension Plan [Member] | Foreign Plan [Member] | ||||
Benefit obligation at beginning of year | 234,542 | 208,075 | ||
Service cost | 2,950 | 2,237 | 2,311 | |
Interest cost | 3,158 | 4,678 | 4,671 | |
Participant contributions | 0 | 0 | ||
Actuarial (gain)/loss | [1] | 4,350 | 30,517 | |
Other | 0 | (103) | ||
Curtailments | 14 | 0 | ||
Settlement payments | (273) | (307) | ||
Benefits paid | (8,628) | (8,356) | ||
Foreign currency translation effect | 14,448 | (2,199) | ||
Benefit obligation at end of year | 250,561 | 234,542 | 208,075 | |
Level 3 balance at beginning of year | 185,331 | 169,455 | ||
Actual return on plan assets | 13,155 | 22,945 | ||
Employer contributions | 2,177 | 2,437 | ||
Participant contributions | 0 | 0 | ||
Other | 0 | (103) | ||
Settlement payments | 0 | 0 | ||
Benefits paid | [2] | (8,628) | (8,356) | |
Foreign currency translation effect | 10,207 | (1,047) | ||
Level 3 balance at end of year | 202,242 | 185,331 | 169,455 | |
Plan assets in excess of (less than) benefit obligation as of year end | (48,688) | (49,211) | ||
Other Postretirement Benefits Plan [Member] | ||||
Benefit obligation at beginning of year | 39,256 | 36,842 | ||
Service cost | 73 | 98 | 173 | |
Interest cost | 1,135 | 1,550 | 1,484 | |
Participant contributions | 226 | 240 | ||
Actuarial (gain)/loss | [1] | 1,327 | 3,749 | |
Other | 0 | 0 | ||
Curtailments | 0 | 0 | ||
Settlement payments | 0 | 0 | ||
Benefits paid | (2,942) | (3,223) | ||
Foreign currency translation effect | 0 | 0 | ||
Benefit obligation at end of year | 39,075 | 39,256 | 36,842 | |
Level 3 balance at beginning of year | 94,474 | 82,910 | ||
Actual return on plan assets | 15,673 | 12,046 | ||
Employer contributions | 1,625 | 2,501 | ||
Participant contributions | 226 | 240 | ||
Other | 0 | 0 | ||
Settlement payments | 0 | 0 | ||
Benefits paid | [2] | (2,942) | (3,223) | |
Foreign currency translation effect | 0 | 0 | ||
Level 3 balance at end of year | 109,056 | 94,474 | $ 82,910 | |
Plan assets in excess of (less than) benefit obligation as of year end | $ 69,981 | $ 55,218 | ||
[1] | Actuarial loss in 2020 and actuarial loss in 2019 for the U.S. Plans is primarily due to assumption changes. Actuarial loss in 2020 and actuarial loss in 2019 for the Non-U.S. Plans are due to both assumption changes and plan experience. | |||
[2] | Amount excludes benefit payments made from sources other than plan assets. |
Note 10 - Pension and Postret_5
Note 10 - Pension and Postretirement Benefits - Amounts in Accumulated Other Comprehensive Income That Have Not Been Recognized as Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Pension Plan [Member] | UNITED STATES | ||
Unrecognized actuarial loss | $ 147,917 | $ 146,149 |
Unrecognized prior service (benefit) cost | (6) | (9) |
Ending balance | 147,911 | 146,140 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Unrecognized actuarial loss | 87,368 | 83,457 |
Unrecognized prior service (benefit) cost | 1,453 | 1,476 |
Ending balance | 88,821 | 84,933 |
Other Postretirement Benefits Plan [Member] | ||
Unrecognized actuarial loss | (4,318) | 2,114 |
Unrecognized prior service (benefit) cost | 0 | 0 |
Ending balance | $ (4,318) | $ 2,114 |
Note 10 - Pension and Postret_6
Note 10 - Pension and Postretirement Benefits - Statement of Financial Position as of Fiscal Year End (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Non-current liabilities | $ (88,806) | $ (80,214) |
Pension Plan [Member] | ||
Non-current assets | 43,206 | 28,759 |
Pension Plan [Member] | UNITED STATES | ||
Non-current assets | 30,672 | 22,480 |
Current liabilities | (1,467) | (1,418) |
Non-current liabilities | (19,332) | (17,922) |
Ending balance | 9,873 | 3,140 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Non-current assets | 12,534 | 6,263 |
Current liabilities | (1,701) | (1,723) |
Non-current liabilities | (59,521) | (53,750) |
Ending balance | (48,688) | (49,210) |
Other Postretirement Benefits Plan [Member] | ||
Non-current assets | 73,137 | 58,307 |
Current liabilities | (226) | (210) |
Non-current liabilities | (2,930) | (2,879) |
Ending balance | $ 69,981 | $ 55,218 |
Note 10 - Pension and Postret_7
Note 10 - Pension and Postretirement Benefits - Pension Plans With Accumulated Benefit and Projected Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
UNITED STATES | ||
Accumulated benefit obligation | $ 26,241 | $ 24,344 |
Fair value of plan assets | 5,441 | 5,004 |
Projected benefit obligation | 26,241 | 24,344 |
Fair value of plan assets | 5,441 | 5,004 |
Foreign Plan [Member] | ||
Accumulated benefit obligation | 134,472 | 125,073 |
Fair value of plan assets | 84,239 | 79,437 |
Projected benefit obligation | 145,461 | 134,910 |
Fair value of plan assets | $ 84,239 | $ 79,437 |
Note 10 - Pension and Postret_8
Note 10 - Pension and Postretirement Benefits - Expected Cash Flows for Employer Contributions and Expected Benefit Payments (Details) $ in Thousands | Nov. 28, 2020USD ($) |
Pension Plan [Member] | UNITED STATES | |
2021 | $ 312 |
2021 | 21,084 |
2022 | 21,521 |
2023 | 21,127 |
2024 | 21,444 |
2025 | 105,296 |
Pension Plan [Member] | Foreign Plan [Member] | |
2021 | 54 |
2021 | 16,196 |
2022 | 8,689 |
2023 | 8,710 |
2024 | 8,943 |
2025 | 47,195 |
Other Postretirement Benefits Plan [Member] | |
2021 | 1,500 |
2021 | 2,999 |
2022 | 2,938 |
2023 | 2,872 |
2024 | 2,772 |
2025 | $ 12,092 |
Note 10 - Pension and Postret_9
Note 10 - Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Pension Plan [Member] | UNITED STATES | |||
Service cost | $ 0 | $ 4 | $ 56 |
Interest cost | 11,738 | 14,691 | 12,251 |
Expected return on assets | (25,758) | (25,305) | (26,167) |
Prior service cost (benefit) | (3) | 13 | 29 |
Actuarial loss | 7,195 | 4,677 | 5,904 |
Curtailment loss | 0 | 0 | 0 |
Settlement charge | 0 | 0 | 0 |
Net periodic (benefit) cost | (6,828) | (5,920) | (7,927) |
Pension Plan [Member] | Foreign Plan [Member] | |||
Service cost | 2,950 | 2,237 | 2,311 |
Interest cost | 3,158 | 4,678 | 4,671 |
Expected return on assets | (11,312) | (10,224) | (11,105) |
Prior service cost (benefit) | 64 | 64 | (4) |
Actuarial loss | 3,829 | 3,114 | 2,901 |
Curtailment loss | 14 | 83 | 0 |
Settlement charge | 67 | 0 | 0 |
Net periodic (benefit) cost | (1,230) | (48) | (1,226) |
Other Postretirement Benefits Plan [Member] | |||
Service cost | 73 | 98 | 173 |
Interest cost | 1,135 | 1,550 | 1,484 |
Expected return on assets | (7,976) | (7,013) | (6,896) |
Prior service cost (benefit) | 0 | 0 | 0 |
Actuarial loss | 62 | 33 | 60 |
Curtailment loss | 0 | 0 | 0 |
Settlement charge | 0 | 0 | 0 |
Net periodic (benefit) cost | $ (6,706) | $ (5,332) | $ (5,179) |
Note 10 - Pension and Postre_10
Note 10 - Pension and Postretirement Benefits - Weighted-average Assumption Used to Determine Benefit Obligations and Net Costs (Details) | 12 Months Ended | |||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | ||
UNITED STATES | ||||
Discount rate | 2.53% | 3.19% | 4.51% | |
Expected return on plan assets | 7.50% | 7.50% | 7.75% | |
Foreign Plan [Member] | ||||
Expected return on plan assets | 6.23% | 6.21% | 6.20% | |
Pension Plan [Member] | UNITED STATES | ||||
Discount rate | 2.50% | 3.17% | 4.50% | |
Rate of compensation increase | [1] | 4.50% | 4.50% | 4.50% |
Discount rate | 3.17% | 4.50% | 3.72% | |
Expected return on plan assets | 7.49% | 7.49% | 7.75% | |
Rate of compensation increase | [1] | 4.50% | 4.50% | 4.50% |
Pension Plan [Member] | Foreign Plan [Member] | ||||
Discount rate | 1.16% | 1.35% | 2.29% | |
Rate of compensation increase | [1] | 1.74% | 1.71% | 1.75% |
Discount rate | 1.34% | 2.30% | 2.10% | |
Expected return on plan assets | 6.23% | 6.21% | 6.20% | |
Rate of compensation increase | [1] | 1.74% | 1.71% | 1.75% |
Other Postretirement Benefits Plan [Member] | ||||
Discount rate | 2.19% | 3.00% | 4.37% | |
Discount rate | 3.00% | 4.37% | 3.54% | |
Expected return on plan assets | 8.50% | 8.50% | 8.75% | |
[1] | Benefits under the U.S. Pension Plan were locked-in as of May 31, 2011 and no longer include compensation increases. The 4.50 percent rate for 2020, 2019 and 2018 is for the supplemental executive retirement plan only. |
Note 10 - Pension and Postre_11
Note 10 - Pension and Postretirement Benefits - Assume Health Care Trend Rates (Details) | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Health care cost trend rate assumed for next year | 6.75% | 7.00% | 6.25% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 0.25% | 0.25% |
Fiscal year that the rate reaches the ultimate trend rate | 2028 | 2028 | 2024 |
Note 10 - Pension and Postre_12
Note 10 - Pension and Postretirement Benefits - Asset Allocation (Details) | Nov. 28, 2020 | Nov. 30, 2019 | |
Equity Funds [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | 60.00% | ||
Fixed Income Funds [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 40.00% | ||
Fixed Income Funds [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | 40.00% | ||
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | 100.00% | ||
Percentage of Plan Assets at Year End | 100.00% | 100.00% | |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 100.00% | ||
Percentage of Plan Assets at Year End | 100.00% | 100.00% | |
Pension Plan [Member] | Equity Funds [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | 60.00% | ||
Percentage of Plan Assets at Year End | 55.40% | 57.70% | |
Pension Plan [Member] | Equity Funds [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 49.60% | ||
Percentage of Plan Assets at Year End | 48.80% | 49.60% | |
Pension Plan [Member] | Fixed Income Funds [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | 40.00% | ||
Percentage of Plan Assets at Year End | 36.20% | 63.80% | |
Pension Plan [Member] | Fixed Income Funds [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 50.40% | ||
Percentage of Plan Assets at Year End | 51.00% | 50.10% | |
Pension Plan [Member] | Insurance [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | 0.00% | ||
Percentage of Plan Assets at Year End | 0.00% | 0.00% | |
Pension Plan [Member] | Insurance [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 0.00% | ||
Percentage of Plan Assets at Year End | 0.00% | 0.00% | |
Pension Plan [Member] | Cash [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | [1] | 0.00% | |
Percentage of Plan Assets at Year End | [1] | 8.40% | (21.50%) |
Pension Plan [Member] | Cash [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | [1] | 0.00% | |
Percentage of Plan Assets at Year End | [1] | 0.20% | 0.30% |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 100.00% | ||
Percentage of Plan Assets at Year End | 100.00% | 100.00% | |
Other Postretirement Benefits Plan [Member] | Equity Funds [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 0.00% | ||
Percentage of Plan Assets at Year End | 0.00% | 0.00% | |
Other Postretirement Benefits Plan [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 0.00% | ||
Percentage of Plan Assets at Year End | 0.00% | 0.00% | |
Other Postretirement Benefits Plan [Member] | Insurance [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 100.00% | ||
Percentage of Plan Assets at Year End | 99.40% | 99.60% | |
Other Postretirement Benefits Plan [Member] | Cash [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | [1] | 0.00% | |
Percentage of Plan Assets at Year End | [1] | 0.60% | 0.40% |
[1] | Negative cash for 2019 represents unsettled pending trades within an investment that are classified in cash and cash equivalents until settled. |
Note 10 - Pension and Postre_13
Note 10 - Pension and Postretirement Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | ||
Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 398,403 | $ 383,527 | $ 346,460 | ||
Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 202,242 | 185,331 | 169,455 | ||
Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 109,056 | 94,474 | 82,910 | ||
Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 38,336 | 162,182 | |||
Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 83,643 | 78,813 | |||
Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 650 | 392 | |||
Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 359,468 | 220,740 | |||
Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 8,550 | 8,066 | |||
Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 205 | 219 | |||
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 770 | 675 | |||
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 108,406 | 94,082 | |||
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 398,009 | 383,141 | |||
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 92,963 | 87,554 | |||
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 109,056 | 94,474 | |||
Fair Value Measured at Net Asset Value Per Share [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | [1] | 394 | 386 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | [1] | 109,279 | 97,777 | ||
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 3,421 | 126,178 | |||
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 33,478 | 32,045 | |||
Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 217,151 | 95,271 | |||
Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 1,368 | 1,247 | |||
Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | |||
Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | |||
Equity Funds [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 220,572 | 221,449 | |||
Equity Funds [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 34,846 | 33,292 | |||
Insurance [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | |||
Insurance [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | |||
Insurance [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 108,406 | 94,082 | 82,446 | ||
Insurance [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 108,406 | 94,082 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 1,524 | 119,103 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 49,813 | 46,262 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 142,317 | 125,329 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 7,182 | 6,819 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 205 | 219 | $ 266 | ||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 770 | 675 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 144,046 | 244,651 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 57,765 | 53,756 | |||
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 33,391 | [2] | (83,099) | ||
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 352 | 506 | |||
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 650 | 392 | |||
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | [2] | 140 | ||
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | |||
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | |||
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | [2] | 0 | ||
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | |||
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | |||
Cash [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 33,392 | [2] | (82,959) | ||
Cash [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 352 | 506 | |||
Cash [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 650 | $ 392 | |||
[1] | In accordance with ASC Topic 820-10, Fair Value Measurement, certain investments that are measured at NAV (Net Asset Value per share) (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts represented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. | ||||
[2] | Negative cash for 2019 represents unsettled pending trades within an investment that are classified in cash and cash equivalents until settled. |
Note 10 - Pension and Postre_14
Note 10 - Pension and Postretirement Benefits - Changes in the Level 3 Plan Assets of Pension and Other Postretirement Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Pension Plan [Member] | UNITED STATES | ||
Level 3 balance at beginning of year | $ 383,527 | $ 346,460 |
Currency change effect | 0 | 0 |
Level 3 balance at end of year | 398,403 | 383,527 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Level 3 balance at beginning of year | 185,331 | 169,455 |
Currency change effect | 10,207 | (1,047) |
Level 3 balance at end of year | 202,242 | 185,331 |
Other Postretirement Benefits Plan [Member] | ||
Level 3 balance at beginning of year | 94,474 | 82,910 |
Currency change effect | 0 | 0 |
Level 3 balance at end of year | 109,056 | 94,474 |
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | UNITED STATES | ||
Level 3 balance at beginning of year | 219 | |
Level 3 balance at end of year | 205 | 219 |
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Foreign Plan [Member] | ||
Level 3 balance at beginning of year | 675 | |
Level 3 balance at end of year | 770 | 675 |
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member] | ||
Level 3 balance at beginning of year | 94,082 | |
Level 3 balance at end of year | 108,406 | 94,082 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | UNITED STATES | ||
Level 3 balance at beginning of year | 219 | 266 |
Purchases, sales, issuances and settlements, net | (14) | (47) |
Level 3 balance at end of year | 205 | 219 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Foreign Plan [Member] | ||
Level 3 balance at beginning of year | 675 | |
Level 3 balance at end of year | 770 | 675 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Foreign Plan [Member] | ||
Level 3 balance at beginning of year | 675 | 662 |
Net transfers into / (out of) level 3 | 43 | 28 |
Net gains | (8) | 5 |
Currency change effect | 60 | (20) |
Level 3 balance at end of year | 770 | 675 |
Insurance [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member] | ||
Level 3 balance at beginning of year | 94,082 | 82,446 |
Purchases, sales, issuances and settlements, net | (822) | (720) |
Net transfers into / (out of) level 3 | (831) | (403) |
Net gains | 15,977 | 12,759 |
Level 3 balance at end of year | $ 108,406 | $ 94,082 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 0 | $ 0 | $ 42,007 |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | 0 | 0 | 8,484 |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 79,500 | ||
Undistributed Earnings, Basic, Total | 936,607 | ||
Tax Credit Carryforward, Amount | 4,357 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 9,125 | 6,755 | |
Income Tax Examination, Penalties and Interest Expense, Total | 2,378 | 59 | |
Income Tax Examination, Penalties and Interest Accrued, Total | 3,520 | $ 1,142 | |
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | 115,550 | ||
Foreign Tax Authority [Member] | Indefinite [Member] | |||
Operating Loss Carryforwards, Total | 78,438 | ||
Foreign Tax Authority [Member] | Tax Year 2021 to 2038 [Member] | |||
Operating Loss Carryforwards, Total | $ 37,112 |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income From Continuing Operations Before Income Tax and Income From Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
United States | $ 20,328 | $ 31,796 | $ 19,388 |
Non-U.S. | 138,028 | 141,032 | 137,338 |
Income from continuing operations before income taxes and income from equity method investments | $ 158,356 | $ 172,828 | $ 156,726 |
Note 11 - Income Taxes - Compon
Note 11 - Income Taxes - Components of the Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
U.S. federal | $ 5,243 | $ 9,122 | $ 9,652 |
State | 1,320 | 3,294 | 1,597 |
Non-U.S. | 56,542 | 47,848 | 37,980 |
Total current | 63,105 | 60,264 | 49,229 |
U.S. federal | (4,709) | (432) | (50,115) |
State | (4,111) | 125 | (197) |
Non-U.S. | (12,364) | (10,549) | (5,273) |
Total deferred | (21,184) | (10,856) | (55,585) |
Total income tax expense (benefit) | $ 41,921 | $ 49,408 | $ (6,356) |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Effective Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Statutory U.S. federal income tax rate | $ 33,255 | $ 36,294 | $ 34,605 |
State income taxes, net of federal benefit | (2,104) | 2,785 | 1,148 |
Foreign dividend repatriation | 900 | 825 | 1,258 |
Foreign operations | (563) | 8,712 | (3,253) |
Impact of option valuation | 0 | 0 | 330 |
Executive compensation over $1.0 million | 1,420 | 1,661 | 611 |
Change in valuation allowance | 5,925 | 1,097 | 5,213 |
Research and development tax credit | (906) | (802) | (982) |
Section 199 manufacturing deduction | 0 | 0 | (319) |
Foreign-derived intangible income | (1,396) | (2,240) | 0 |
Global intangible low-taxed income | 1,932 | 2,029 | 0 |
Provision to return | 1,704 | (3,271) | (1,921) |
Cross currency swap | (6,748) | 2,677 | 0 |
Contingency reserve | 8,287 | (957) | 1,943 |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 0 | 0 | 42,007 |
Dividends received deduction | 0 | 0 | (8,484) |
Deferred tax rate change | 0 | 0 | (79,488) |
Other | 215 | 598 | 976 |
Total income tax expense (benefit) | $ 41,921 | $ 49,408 | $ (6,356) |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Income Tax Balances (Details) - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Pension and other post-retirement benefit plans | $ 1,417 | $ 6,847 |
Employee benefit costs | 24,538 | 21,468 |
Foreign tax credit carryforward | 6,905 | 2,175 |
Tax loss carryforwards | 31,495 | 26,427 |
Leases | 7,133 | 0 |
Hedging activity | 12,906 | 1,198 |
Other | 36,521 | 32,626 |
Gross deferred tax assets | 120,915 | 90,741 |
Less: valuation allowance | (21,843) | (14,986) |
Total net deferred tax assets | 99,072 | 75,755 |
Depreciation and amortization | (220,379) | (224,248) |
Leases | (7,194) | 0 |
Total deferred tax liability | (227,573) | (224,248) |
Net deferred tax liability | $ (128,501) | $ (148,493) |
Note 11 - Income Taxes - Unreco
Note 11 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Balance at beginning of year | $ 8,946 | $ 8,420 |
Additions | 579 | 684 |
Additions | 7,400 | 3,077 |
Reductions | (283) | (1,484) |
Settlements | (747) | (105) |
Lapses in applicable statutes of limitation | (1,326) | (1,646) |
Balance at end of year | $ 14,569 | $ 8,946 |
Note 12 - Financial Instrumen_3
Note 12 - Financial Instruments (Details Textual) - USD ($) $ in Thousands | May 01, 2020 | Apr. 23, 2018 | Apr. 22, 2018 | Oct. 20, 2017 | Nov. 28, 2020 | Oct. 20, 2020 | Feb. 27, 2018 | Feb. 14, 2017 |
Public Notes [Member] | ||||||||
Debt Instrument, Face Amount | $ 300,000 | |||||||
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ (15,808) | |||||||
Debt Instrument, Convertible, Remaining Discount Amortization Period (Year) | 7 years | |||||||
Term Loan B [Member] | ||||||||
Derivative, Amount of Hedged Item | $ 1,350,000 | |||||||
Debt Instrument, Face Amount | $ 2,150,000 | |||||||
Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.25% | 2.00% | 2.15% | ||||
Cross Currency Interest Rate Contract [Member] | ||||||||
Derivative, Notional Amount | $ 401,200 | $ 401,200 | ||||||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 2,543 | |||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance | 7,969 | |||||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 7,969 | |||||||
Cross Currency Interest Rate Contract [Member] | Other Assets [Member] | ||||||||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 2,543 | |||||||
Interest Rate Swap [Member] | ||||||||
Derivative, Amount of Hedged Item | $ 1,050,000 | 1,125,000 | $ 925,000 | $ 200,000 | 150,000 | |||
Derivative, Fixed Interest Rate | 4.0275% | 4.589% | ||||||
Interest Rate Swap [Member] | Other Liabilities [Member] | ||||||||
Interest Rate Fair Value Hedge Liability at Fair Value | $ 33,256 | |||||||
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 | 12 Months Ended | |
Nov. 28, 2020 | Oct. 20, 2017 | |
Derivative, Notional Amount | $ 401,200 | $ 401,200 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | $ 2,543 | |
Currency Swap 1 [Member] | ||
Fiscal Year of Expiration | 2021 | |
Interest rate minimum | 2.75% | |
Derivative, Notional Amount | $ 133,340 | |
Fair Value | $ (280) | |
Interest rate maximum | 4.933% | |
Currency Swap 2 [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 | $ 2,823 |
Note 12 - Financial Instrumen_5
Note 12 - Financial Instruments - Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Other Operating Income (Expense) [Member] | |||
Pretax gain (loss) recognized in income | $ (2,908) | $ (573) | $ 2,776 |
Cash Flow Hedging [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member] | |||
Pretax gain (loss) recognized in other comprehensive income | 6,307 | 14,429 | (4,047) |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Pretax gain (loss) recognized in other comprehensive income | $ (15,618) | $ (46,254) | $ 25,819 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Nov. 28, 2020 | Feb. 03, 2020 | Nov. 30, 2019 |
D.H.M Adhesives, Inc [Member] | |||
Business Combination, Contingent Consideration, Liability, Total | $ 5,800 | $ 5,000 | $ 0 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Nov. 28, 2020 | Nov. 30, 2019 |
Assets: | ||
Marketable securities | $ 22,560 | $ 19,430 |
Foreign exchange contract assets | 2,320 | 1,227 |
Cross-currency cash flow hedge assets | 2,823 | 26,896 |
Interest rate swaps, cash flow hedges | 5,741 | |
Liabilities: | ||
Foreign exchange contract liabilities | 5,251 | 1,800 |
Cross-currency cash flow hedge liabilities | 280 | |
Interest rate swaps, cash flow hedge liabilities | 33,256 | |
Contingent consideration liability | 5,800 | |
Interest Rate Fair Value Hedge Liability at Fair Value | 17,637 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Marketable securities | 22,560 | 19,430 |
Foreign exchange contract assets | 0 | 0 |
Cross-currency cash flow hedge assets | 0 | 0 |
Interest rate swaps, cash flow hedges | 0 | |
Liabilities: | ||
Foreign exchange contract liabilities | 0 | 0 |
Cross-currency cash flow hedge liabilities | 0 | |
Interest rate swaps, cash flow hedge liabilities | 0 | |
Contingent consideration liability | 0 | |
Interest Rate Fair Value Hedge Liability at Fair Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Marketable securities | 0 | 0 |
Foreign exchange contract assets | 2,320 | 1,227 |
Cross-currency cash flow hedge assets | 2,823 | 26,896 |
Interest rate swaps, cash flow hedges | 5,741 | |
Liabilities: | ||
Foreign exchange contract liabilities | 5,251 | 1,800 |
Cross-currency cash flow hedge liabilities | 280 | |
Interest rate swaps, cash flow hedge liabilities | 33,256 | |
Contingent consideration liability | 0 | |
Interest Rate Fair Value Hedge Liability at Fair Value | 17,637 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Marketable securities | 0 | 0 |
Foreign exchange contract assets | 0 | 0 |
Cross-currency cash flow hedge assets | 0 | 0 |
Interest rate swaps, cash flow hedges | 0 | |
Liabilities: | ||
Foreign exchange contract liabilities | 0 | 0 |
Cross-currency cash flow hedge liabilities | 0 | |
Interest rate swaps, cash flow hedge liabilities | 0 | |
Contingent consideration liability | $ 5,800 | |
Interest Rate Fair Value Hedge Liability at Fair Value | $ 0 |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Contingent Consideration (Details) - D.H.M Adhesives, Inc [Member] $ in Thousands | 12 Months Ended |
Nov. 28, 2020USD ($) | |
Level 3 balance at beginning of year | $ 0 |
Acquisition | 5,000 |
Mark to market adjustment | 800 |
Level 3 balance at end of year | $ 5,800 |
Note 14 - Commitments and Con_3
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Accrued Environmental Loss Contingencies, Noncurrent | $ 8,099 | $ 8,535 |
Facility in Simpsonville, South Carolina [Member] | ||
Operating Leases, Rent Expense, Total | $ 3,703 | $ 4,117 |
Note 14 - Commitments and Con_4
Note 14 - Commitments and Contingencies - Asbestos Related Lawsuits and Claims (Details) - Asbestos Related Lawsuits and Claims [Member] $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020USD ($) | Nov. 30, 2019USD ($) | Dec. 01, 2018USD ($) | |
Lawsuits and claims settled | 4 | 8 | 7 |
Settlement amounts | $ 130 | $ 424 | $ 390 |
Insurance payments received or expected to be received | $ 88 | $ 291 | $ 281 |
Note 15 - Segments (Details Tex
Note 15 - Segments (Details Textual) | 12 Months Ended | |
Nov. 28, 2020 | Nov. 30, 2019 | |
Number of Reportable Segments | 3 | 5 |
Note 15 - Segments - Reportable
Note 15 - Segments - Reportable Operating Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Nov. 28, 2020 | Aug. 29, 2020 | May 30, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | Jun. 01, 2019 | Mar. 02, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | ||
Revenue | $ 777,640 | $ 691,463 | $ 674,602 | $ 646,564 | $ 739,106 | $ 725,376 | $ 759,583 | $ 672,935 | $ 2,790,269 | $ 2,897,000 | $ 3,041,002 | |
Segment operating income (loss) | 218,317 | 225,994 | 237,891 | |||||||||
Depreciation and amortization | 138,817 | 141,206 | 145,126 | |||||||||
Assets | [1] | 4,036,704 | 3,985,734 | 4,036,704 | 3,985,734 | |||||||
Capital expenditures | 95,843 | 63,554 | ||||||||||
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | ||||||||||||
Revenue | 1,332,786 | 1,328,286 | 1,375,562 | |||||||||
Segment operating income (loss) | 130,789 | 115,961 | 120,513 | |||||||||
Depreciation and amortization | 44,329 | 45,448 | 46,171 | |||||||||
Assets | [1] | 1,268,236 | 1,253,864 | 1,268,236 | 1,253,864 | |||||||
Capital expenditures | 57,416 | 44,583 | ||||||||||
Engineering Adhesives [Member] | Operating Segments [Member] | ||||||||||||
Revenue | 1,088,313 | 1,158,403 | 1,186,533 | |||||||||
Segment operating income (loss) | 103,974 | 136,299 | 119,391 | |||||||||
Depreciation and amortization | 58,102 | 57,175 | 59,773 | |||||||||
Assets | [1] | 1,515,302 | 1,610,748 | 1,515,302 | 1,610,748 | |||||||
Capital expenditures | 18,212 | 5,896 | ||||||||||
Construction Adhesives [Member] | Operating Segments [Member] | ||||||||||||
Revenue | 369,170 | 396,580 | 454,149 | |||||||||
Segment operating income (loss) | 11,148 | 16,657 | 39,111 | |||||||||
Depreciation and amortization | 35,811 | 35,851 | 35,625 | |||||||||
Assets | [1] | 934,397 | 799,995 | 934,397 | 799,995 | |||||||
Capital expenditures | 7,635 | 6,421 | ||||||||||
Corporate Segment [Member] | Corporate, Non-Segment [Member] | ||||||||||||
Revenue | 0 | 13,731 | 24,758 | |||||||||
Segment operating income (loss) | (27,594) | (42,923) | (41,124) | |||||||||
Depreciation and amortization | 575 | 2,732 | $ 3,557 | |||||||||
Assets | [1] | $ 318,769 | $ 321,127 | 318,769 | 321,127 | |||||||
Capital expenditures | $ 12,580 | $ 6,654 | ||||||||||
[1] | Segment assets include primarily inventory, accounts receivable, property, plant and equipment, goodwill, intangible assets and other miscellaneous assets. Corporate assets include primarily corporate property, plant and equipment, deferred tax assets, certain investments and other assets. |
Note 15 - Segments - Reconcilia
Note 15 - Segments - Reconciliation of Segment Operating Income to Income From Continuing Operations Before Income Taxes and Income From Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Segment operating income (loss) | $ 218,317 | $ 225,994 | $ 237,891 |
Other income, net | 15,398 | 37,943 | 18,055 |
Interest expense | (86,776) | (103,287) | (110,994) |
Interest income | 11,417 | 12,178 | 11,774 |
Income before income taxes and income from equity method investments | $ 158,356 | $ 172,828 | $ 156,726 |
Note 15 - Segments - Financial
Note 15 - Segments - Financial Information About Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 28, 2020 | Aug. 29, 2020 | May 30, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | Jun. 01, 2019 | Mar. 02, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Revenue | $ 777,640 | $ 691,463 | $ 674,602 | $ 646,564 | $ 739,106 | $ 725,376 | $ 759,583 | $ 672,935 | $ 2,790,269 | $ 2,897,000 | $ 3,041,002 |
Property, plant and equipment, net | 670,744 | 629,813 | 670,744 | 629,813 | 636,549 | ||||||
UNITED STATES | |||||||||||
Revenue | 1,248,495 | 1,309,056 | 1,374,147 | ||||||||
Property, plant and equipment, net | 297,046 | 287,372 | 297,046 | 287,372 | 286,639 | ||||||
CHINA | |||||||||||
Revenue | 351,204 | 347,304 | 343,960 | ||||||||
Property, plant and equipment, net | 99,513 | 80,606 | 99,513 | 80,606 | 77,861 | ||||||
GERMANY | |||||||||||
Revenue | 330,755 | 0 | 0 | ||||||||
Property, plant and equipment, net | 131,879 | 127,497 | 131,879 | 127,497 | 137,677 | ||||||
Countries with More Than 10 Percent of Total [Member] | |||||||||||
Revenue | 1,930,454 | 1,656,360 | 1,718,107 | ||||||||
All Other Countries With Less than 10 Percent of Total [Member] | |||||||||||
Revenue | 859,815 | 1,240,640 | 1,322,895 | ||||||||
Property, plant and equipment, net | $ 142,306 | $ 134,338 | $ 142,306 | $ 134,338 | $ 134,372 |
Note 15 - Segments - EBITDA Inf
Note 15 - Segments - EBITDA Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 28, 2020 | Aug. 29, 2020 | May 30, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | Jun. 01, 2019 | Mar. 02, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Adjusted EBITDA | $ 406,809 | $ 432,345 | $ 448,753 | ||||||||
Interest expense | 86,776 | 103,287 | 110,994 | ||||||||
Interest income | (11,417) | (12,178) | (11,774) | ||||||||
Income taxes | 41,921 | 49,408 | (6,356) | ||||||||
Net income attributable to H.B. Fuller | $ 40,604 | $ 41,607 | $ 31,613 | $ 9,895 | $ 32,214 | $ 49,718 | $ 36,641 | $ 12,244 | 123,719 | 130,817 | 171,208 |
Corporate, Non-Segment [Member] | |||||||||||
Adjusted EBITDA | 4,754 | 11,293 | 12,734 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Adjustments | 25,190 | 22,849 | (15,246) | ||||||||
Interest expense | 84,619 | 103,287 | 110,624 | ||||||||
Interest income | (11,417) | (12,178) | (11,774) | ||||||||
Income taxes | 46,456 | 47,465 | 49,541 | ||||||||
Depreciation and amortization expense | 138,242 | 140,105 | 144,400 | ||||||||
Total | 283,090 | 301,528 | 277,545 | ||||||||
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | |||||||||||
Adjusted EBITDA | 182,448 | 166,685 | 174,410 | ||||||||
Engineering Adhesives [Member] | Operating Segments [Member] | |||||||||||
Adjusted EBITDA | 167,915 | 197,853 | 183,929 | ||||||||
Construction Adhesives [Member] | Operating Segments [Member] | |||||||||||
Adjusted EBITDA | $ 51,692 | $ 56,514 | $ 77,680 |
Note 15 - Segments - Disaggrega
Note 15 - Segments - Disaggregated Revenue Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 28, 2020 | Aug. 29, 2020 | May 30, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | Jun. 01, 2019 | Mar. 02, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |
Revenue | $ 777,640 | $ 691,463 | $ 674,602 | $ 646,564 | $ 739,106 | $ 725,376 | $ 759,583 | $ 672,935 | $ 2,790,269 | $ 2,897,000 | $ 3,041,002 |
Americas [Member] | |||||||||||
Revenue | 1,493,169 | 1,568,544 | 1,648,941 | ||||||||
EIMEA [Member] | |||||||||||
Revenue | 756,194 | 793,937 | 866,057 | ||||||||
Asia Pacific [Member] | |||||||||||
Revenue | 540,906 | 534,519 | 526,004 | ||||||||
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | |||||||||||
Revenue | 1,332,786 | 1,328,286 | 1,375,562 | ||||||||
Hygiene, Health, and Consumable Adhesives [Member] | Americas [Member] | Operating Segments [Member] | |||||||||||
Revenue | 736,681 | 733,125 | 744,096 | ||||||||
Hygiene, Health, and Consumable Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | |||||||||||
Revenue | 388,271 | 392,497 | 424,521 | ||||||||
Hygiene, Health, and Consumable Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | |||||||||||
Revenue | 207,834 | 202,664 | 206,945 | ||||||||
Engineering Adhesives [Member] | Operating Segments [Member] | |||||||||||
Revenue | 1,088,313 | 1,158,403 | 1,186,533 | ||||||||
Engineering Adhesives [Member] | Americas [Member] | Operating Segments [Member] | |||||||||||
Revenue | 430,866 | 469,764 | 476,322 | ||||||||
Engineering Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | |||||||||||
Revenue | 347,417 | 380,673 | 416,906 | ||||||||
Engineering Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | |||||||||||
Revenue | 310,030 | 307,966 | 293,305 | ||||||||
Construction Adhesives [Member] | Operating Segments [Member] | |||||||||||
Revenue | 369,170 | 396,580 | 454,149 | ||||||||
Construction Adhesives [Member] | Americas [Member] | Operating Segments [Member] | |||||||||||
Revenue | 325,622 | 351,924 | 403,765 | ||||||||
Construction Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | |||||||||||
Revenue | 20,506 | 20,767 | 24,630 | ||||||||
Construction Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | |||||||||||
Revenue | 23,042 | 23,889 | 25,754 | ||||||||
Corporate Segment [Member] | Corporate, Non-Segment [Member] | |||||||||||
Revenue | 0 | 13,731 | 24,758 | ||||||||
Corporate Segment [Member] | Americas [Member] | Corporate, Non-Segment [Member] | |||||||||||
Revenue | 0 | 13,731 | 24,758 | ||||||||
Corporate Segment [Member] | EIMEA [Member] | Corporate, Non-Segment [Member] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Corporate Segment [Member] | Asia Pacific [Member] | Corporate, Non-Segment [Member] | |||||||||||
Revenue | $ 0 | $ 0 | $ 0 |
Note 16 - Quarterly Data (Una_3
Note 16 - Quarterly Data (Unaudited) - Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Nov. 28, 2020 | Aug. 29, 2020 | May 30, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | Jun. 01, 2019 | Mar. 02, 2019 | Nov. 28, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | |||||||||
Net revenue | $ 777,640 | $ 691,463 | $ 674,602 | $ 646,564 | $ 739,106 | $ 725,376 | $ 759,583 | $ 672,935 | $ 2,790,269 | $ 2,897,000 | $ 3,041,002 | ||||||||
Gross profit | 213,642 | 187,844 | 184,901 | 170,262 | 201,217 | 207,321 | 218,459 | 179,925 | 756,649 | 806,922 | 828,158 | ||||||||
Selling, general and administrative expenses | (139,712) | [1] | (129,113) | [1] | (127,998) | [1] | (141,509) | [1] | (148,521) | [1] | (140,615) | [1] | (146,079) | [1] | (145,713) | [1] | (538,332) | (580,928) | (590,267) |
Net income attributable to H.B. Fuller | $ 40,604 | $ 41,607 | $ 31,613 | $ 9,895 | $ 32,214 | $ 49,718 | $ 36,641 | $ 12,244 | $ 123,719 | $ 130,817 | $ 171,208 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.78 | $ 0.80 | $ 0.61 | $ 0.19 | $ 0.63 | [2] | $ 0.98 | [2] | $ 0.72 | [2] | $ 0.24 | [2] | $ 2.38 | $ 2.57 | $ 3.38 | ||||
Diluted earnings per share (in dollars per share) | $ 0.77 | $ 0.79 | $ 0.61 | $ 0.19 | $ 0.61 | [2] | $ 0.97 | [2] | $ 0.70 | [2] | $ 0.24 | [2] | $ 2.36 | $ 2.52 | $ 3.29 | ||||
Weighted-average common shares – basic (in shares) | 52,276 | [2] | 52,130 | [2] | 51,420 | [2] | 51,295 | [2] | 51,089 | [2] | 50,939 | [2] | 50,902 | [2] | 50,752 | [2] | 52,039,000 | 50,920,000 | 50,591,000 |
Diluted (in shares) | 52,879 | [2] | 52,591 | [2] | 52,029 | [2] | 52,580 | [2] | 52,423 | [2] | 51,502 | [2] | 52,105 | [2] | 51,901 | [2] | 52,520,000 | 51,983,000 | 51,975,000 |
[1] | Amounts have been adjusted retrospectively for the change in accounting principle as discussed in Note 1. | ||||||||||||||||||
[2] | Quarterly income per share amounts may not equal full year amounts due to rounding. |
Note 17 - Subsequent Event (Det
Note 17 - Subsequent Event (Details Textual) $ in Millions | Jan. 15, 2021USD ($) |
Subsequent Event [Member] | STR Holdings, Inc. [Member] | |
Business Combination, Consideration Transferred, Total | $ 6.3 |