Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Aug. 27, 2022 | Sep. 16, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000039368 | |
Entity Registrant Name | FULLER H B CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-26 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Aug. 27, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-09225 | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-0268370 | |
Entity Address, Address Line One | 1200 Willow Lake Boulevard | |
Entity Address, City or Town | St. Paul | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55110-5101 | |
City Area Code | 651 | |
Local Phone Number | 236-5900 | |
Title of 12(b) Security | Common Stock, par value $1.00 per share | |
Trading Symbol | FUL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 53,312,943 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | |
Net revenue | $ 941,230 | $ 826,830 | $ 2,790,969 | $ 2,380,607 |
Cost of sales | (692,066) | (632,880) | (2,075,392) | (1,776,744) |
Gross profit | 249,164 | 193,950 | 715,577 | 603,863 |
Selling, general and administrative expenses | (161,210) | (134,497) | (483,109) | (426,921) |
Other income, net | 6,559 | 6,150 | 12,701 | 25,899 |
Interest expense | (23,450) | (19,396) | (61,475) | (59,699) |
Interest income | 2,139 | 2,520 | 6,170 | 7,709 |
Income before income taxes and income from equity method investments | 73,202 | 48,727 | 189,864 | 150,851 |
Income taxes | (28,259) | (19,095) | (62,023) | (46,362) |
Income from equity method investments | 1,587 | 1,998 | 4,236 | 6,071 |
Net income including non-controlling interest | 46,530 | 31,630 | 132,077 | 110,560 |
Net income attributable to non-controlling interest | (33) | (14) | (70) | (51) |
Net income attributable to H.B. Fuller | $ 46,497 | $ 31,616 | $ 132,007 | $ 110,509 |
Earnings per share attributable to H.B. Fuller common stockholders: | ||||
Basic (in dollars per share) | $ 0.87 | $ 0.60 | $ 2.47 | $ 2.09 |
Diluted (in dollars per share) | $ 0.84 | $ 0.58 | $ 2.39 | $ 2.04 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 53,644 | 53,049 | 53,498 | 52,794 |
Diluted (in shares) | 55,130 | 54,646 | 55,201 | 54,093 |
Dividends declared per common share (in dollars per share) | $ 0.190 | $ 0.168 | $ 0.548 | $ 0.498 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | ||
Net income including non-controlling interest | $ 46,530 | $ 31,630 | $ 132,077 | $ 110,560 | |
Foreign currency translation | (87,789) | (32,006) | (165,369) | 46,655 | |
Defined benefit pension plans adjustment, net of tax | 684 | 1,375 | 3,976 | 4,121 | |
Other comprehensive (loss) income | (86,130) | (28,090) | (154,133) | 58,774 | |
Comprehensive (loss) income | (39,600) | 3,540 | (22,056) | 169,334 | |
Less: Comprehensive income (loss) attributable to non-controlling interest | (13) | (13) | 3 | 26 | |
Comprehensive (loss) income attributable to H.B. Fuller | (39,587) | 3,553 | (22,059) | 169,308 | |
Interest Rate Swap [Member] | |||||
Interest rate swaps, net of tax | [1] | 1,346 | 3,830 | 10,924 | 11,574 |
Cross Currency Interest Rate Contract [Member] | |||||
Interest rate swaps, net of tax | [1] | $ (371) | $ (1,289) | $ (3,664) | $ (3,576) |
[1]Income (loss) reclassified from AOCI into earnings is reported in other income, net. |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Aug. 27, 2022 | Nov. 27, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 60,708 | $ 61,786 |
Trade receivables (net of allowances of $12,662 and $9,935, as of August 27, 2022 and November 27, 2021, respectively) | 649,727 | 614,645 |
Inventories | 547,278 | 448,404 |
Other current assets | 163,213 | 96,335 |
Total current assets | 1,420,926 | 1,221,170 |
Property, plant and equipment | 1,526,602 | 1,500,989 |
Accumulated depreciation | (820,132) | (805,622) |
Property, plant and equipment, net | 706,470 | 695,367 |
Goodwill | 1,375,964 | 1,298,845 |
Other intangibles, net | 707,690 | 687,075 |
Other assets | 360,588 | 372,073 |
Total assets | 4,571,638 | 4,274,530 |
Current liabilities: | ||
Notes payable | 33,116 | 24,983 |
Trade payables | 485,479 | 500,321 |
Accrued compensation | 88,744 | 109,542 |
Income taxes payable | 42,792 | 15,943 |
Other accrued expenses | 87,260 | 86,061 |
Total current liabilities | 737,391 | 736,850 |
Long-term debt | 1,885,041 | 1,591,479 |
Accrued pension liabilities | 66,704 | 71,651 |
Other liabilities | 303,817 | 277,190 |
Total liabilities | 2,992,953 | 2,677,170 |
Commitments and contingencies (Note 12) | ||
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 – 53,298,831 and 52,777,753 as of August 27, 2022 and November 27, 2021, respectively | 53,299 | 52,778 |
Additional paid-in capital | 245,826 | 213,637 |
Retained earnings | 1,703,278 | 1,600,601 |
Accumulated other comprehensive loss | (424,312) | (270,247) |
Total H.B. Fuller stockholders' equity | 1,578,091 | 1,596,769 |
Non-controlling interest | 594 | 591 |
Total equity | 1,578,685 | 1,597,360 |
Total liabilities, non-controlling interest and total equity | $ 4,571,638 | $ 4,274,530 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Aug. 27, 2022 | Nov. 27, 2021 |
Trade receivables, allowances | $ 12,662 | $ 9,935 |
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) | 53,298,831 | 52,777,753 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Nov. 28, 2020 | $ 51,907 | $ 157,867 | $ 1,474,406 | $ (302,859) | $ 541 | $ 1,381,862 |
Comprehensive income | 0 | 0 | 29,791 | 27,656 | 5 | 57,452 |
Dividends | 0 | 0 | (8,542) | 0 | 0 | (8,542) |
Stock option exercises | 147 | 6,251 | 0 | 0 | 0 | 6,398 |
Share-based compensation plans and other, net | 150 | 7,423 | 0 | 0 | 0 | 7,573 |
Repurchases of common stock | (49) | (2,531) | 0 | 0 | 0 | (2,580) |
Balance at Feb. 27, 2021 | 52,155 | 169,010 | 1,495,655 | (275,203) | 546 | 1,442,163 |
Balance at Nov. 28, 2020 | 51,907 | 157,867 | 1,474,406 | (302,859) | 541 | 1,381,862 |
Comprehensive income | 169,334 | |||||
Balance at Aug. 28, 2021 | 52,550 | 200,180 | 1,558,619 | (244,060) | 567 | 1,567,856 |
Balance at Feb. 27, 2021 | 52,155 | 169,010 | 1,495,655 | (275,203) | 546 | 1,442,163 |
Comprehensive income | 0 | 0 | 49,102 | 59,206 | 34 | 108,342 |
Dividends | 0 | 0 | (8,870) | 0 | 0 | (8,870) |
Stock option exercises | 318 | 13,887 | 0 | 0 | 0 | 14,205 |
Share-based compensation plans and other, net | 27 | 7,393 | 0 | 0 | 0 | 7,420 |
Repurchases of common stock | (1) | (47) | 0 | 0 | 0 | (48) |
Balance at May. 29, 2021 | 52,499 | 190,243 | 1,535,887 | (215,997) | 580 | 1,563,212 |
Comprehensive income | 0 | 0 | 31,616 | (28,063) | (13) | 3,540 |
Dividends | 0 | 0 | (8,884) | 0 | 0 | (8,884) |
Stock option exercises | 49 | 1,401 | 0 | 0 | 0 | 1,450 |
Share-based compensation plans and other, net | 3 | 8,575 | 0 | 0 | 0 | 8,578 |
Repurchases of common stock | (1) | (39) | 0 | 0 | 0 | (40) |
Balance at Aug. 28, 2021 | 52,550 | 200,180 | 1,558,619 | (244,060) | 567 | 1,567,856 |
Balance at Nov. 27, 2021 | 52,778 | 213,637 | 1,600,601 | (270,247) | 591 | 1,597,360 |
Comprehensive income | 0 | 0 | 38,306 | 11,177 | 4 | 49,487 |
Dividends | 0 | 0 | (8,964) | 0 | 0 | (8,964) |
Stock option exercises | 126 | 5,628 | 0 | 0 | 0 | 5,754 |
Share-based compensation plans and other, net | 187 | 5,601 | 0 | 0 | 0 | 5,788 |
Repurchases of common stock | (49) | (3,528) | 0 | 0 | 0 | (3,577) |
Balance at Feb. 26, 2022 | 53,042 | 221,338 | 1,629,943 | (259,070) | 595 | 1,645,848 |
Balance at Nov. 27, 2021 | 52,778 | 213,637 | 1,600,601 | (270,247) | 591 | 1,597,360 |
Comprehensive income | (22,056) | |||||
Balance at Aug. 27, 2022 | 53,299 | 245,826 | 1,703,278 | (424,312) | 594 | 1,578,685 |
Balance at Feb. 26, 2022 | 53,042 | 221,338 | 1,629,943 | (259,070) | 595 | 1,645,848 |
Comprehensive income | 0 | 0 | 47,203 | (79,158) | 12 | (31,943) |
Dividends | 0 | 0 | (10,177) | 0 | 0 | (10,177) |
Stock option exercises | 47 | 2,036 | 0 | 0 | 0 | 2,083 |
Share-based compensation plans and other, net | 65 | 8,910 | 0 | 0 | 0 | 8,975 |
Repurchases of common stock | (1) | (31) | 0 | 0 | 0 | (32) |
Balance at May. 28, 2022 | 53,153 | 232,253 | 1,666,969 | (338,228) | 607 | 1,614,754 |
Comprehensive income | 0 | 0 | 46,497 | (86,084) | (13) | (39,600) |
Dividends | 0 | 0 | (10,188) | 0 | 0 | (10,188) |
Stock option exercises | 135 | 5,549 | 0 | 0 | 0 | 5,684 |
Share-based compensation plans and other, net | 15 | 8,295 | 0 | 0 | 0 | 8,310 |
Repurchases of common stock | (4) | (271) | 0 | 0 | 0 | (275) |
Balance at Aug. 27, 2022 | $ 53,299 | $ 245,826 | $ 1,703,278 | $ (424,312) | $ 594 | $ 1,578,685 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 27, 2022 | Aug. 28, 2021 | |
Cash flows from operating activities: | ||
Net income including non-controlling interest | $ 132,077 | $ 110,560 |
Adjustments to reconcile net income including non-controlling interest to net cash (used in) provided by operating activities: | ||
Depreciation | 54,297 | 54,158 |
Amortization | 55,088 | 53,464 |
Deferred income taxes | (4,968) | (1,547) |
Income from equity method investments, net of dividends received | 1,420 | 4,363 |
Loss (gain) on sale or disposal of assets | (1,130) | 641 |
Share-based compensation | 20,358 | 19,400 |
Pension and other post-retirement benefit plan activity | (15,324) | (23,192) |
Change in assets and liabilities, net of effects of acquisitions: | ||
Trade receivables, net | (51,629) | (61,900) |
Inventories | (112,390) | (141,112) |
Other assets | (40,329) | (26,060) |
Trade payables | 17,381 | 176,210 |
Accrued compensation | (17,275) | (1,283) |
Other accrued expenses | 1,614 | (2,292) |
Income taxes payable | 10,201 | 1,001 |
Other liabilities | (35,940) | (53,498) |
Other | 35,246 | 52,221 |
Net cash provided by operating activities | 48,697 | 161,134 |
Cash flows from investing activities: | ||
Purchased property, plant and equipment | (98,352) | (77,237) |
Purchased businesses, net of cash acquired | (242,870) | (5,445) |
Proceeds from sale of property, plant and equipment | 1,281 | 2,751 |
Cash received from government grant | 3,928 | 5,800 |
Cash payments related to government grant | 0 | (1,526) |
Net cash used in investing activities | (336,013) | (75,657) |
Cash flows from financing activities: | ||
Proceeds from debt | 335,000 | 0 |
Repayment of long-term debt | (15,000) | (118,000) |
Payment of debt issuance costs | (600) | 0 |
Net proceeds of notes payable | 6,707 | 9,846 |
Dividends paid | (29,067) | (26,045) |
Contingent consideration payment | (5,000) | 0 |
Proceeds from stock options exercised | 13,522 | 22,053 |
Repurchases of common stock | (3,885) | (2,668) |
Net cash provided by (used in) financing activities | 301,677 | (114,814) |
Effect of exchange rate changes on cash and cash equivalents | (15,439) | (3,063) |
Net change in cash and cash equivalents | (1,078) | (32,400) |
Cash and cash equivalents at beginning of period | 61,786 | 100,534 |
Cash and cash equivalents at end of period | $ 60,708 | $ 68,134 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1: Overview The accompanying unaudited interim Consolidated Financial Statements of H.B. Fuller Company and Subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10 10 X. not not may The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from these estimates. These unaudited interim Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10 November 27, 2021 New Accounting Pronouncements In November 2021, No. 2021 10, Government Assistance (Topic 832 958 605. December 4, 2022 not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2: ZKLT On August 16, 2022, 12 18 August 27, 2022 and includes intangible assets of $3,042, goodwill of $8,175 and other net assets of $7,953. Goodwill is not 11 not not Apollo On January 26, 2022, August 27, 2022, August 27, 2022. The following table summarizes the preliminary fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition: February 26, 2022 Adjustments August 27, 2022 Cash $ 12,165 - $ 12,165 Current assets 17,283 (51 ) 17,232 Property, plant and equipment 7,877 - 7,877 Goodwill 104,885 13,410 118,295 Other intangibles Customer relationships 82,256 (14,809 ) 67,447 Trademarks/trade names 2,154 135 2,289 Technology 9,558 (3,096 ) 6,462 Other assets 1,590 - 1,590 Current liabilities (8,293 ) (41 ) (8,334 ) Other liabilities (23,883 ) 4,452 (19,431 ) Total $ 205,592 $ - $ 205,592 The expected useful lives of the acquired intangible assets are 15 years for technology, 10 years for customer relationships and five Based on the fair value measurement of the assets acquired and liabilities assumed, we allocated $118,295 to goodwill for the expected synergies from combining Apollo with our existing business. Such goodwill is not not not Fourny NV On January 11, 2022, 18 . Fourny is expected to enhance our position in key high-value, high-margin markets in Europe. The acquisition fair value measurement was preliminary as of August 27, 2022 is not not not Tissue Seal, LLC On November 30, 2021, first November 30, 2024 he acquisition fair value measurement was preliminary as of August 27, 2022 is de 11 not not STR Holdings, Inc. On January 13, 2021, first November 27, 2021. November 27, 2021. not not D.H.M. Adhesives, Inc On February 3, 2020, November 27, 2021 December 3, 2022. May 30, 2020 November 27, 2021, February 26, 2022. not not |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | Note 3: The Company has approved restructuring plans consisting of consolidation plans, organizational changes and other actions related to the reorganization of our business into three segments, the integration of the operations of Royal Adhesives with the operations of the Company and other actions to optimize operations. The following table summarizes the pre-tax charges under these restructuring plans by income statement classification: Three Months Ended Nine Months Ended August 27, 2022 August 28, 2021 August 27, 2022 August 28, 2021 Cost of sales $ - $ (5 ) $ (152 ) $ 288 Selling, general and administrative (222 ) (187 ) (297 ) 1,159 $ (222 ) $ (192 ) $ (449 ) $ 1,447 The restructuring charges are all recorded in Corporate Unallocated for segment reporting. A summary of the restructuring liability is presented below: Employee-Related Other Total Balance at November 28, 2020 $ 5,834 $ 248 $ 6,082 Expenses incurred (807 ) 1,594 787 Non-cash charges - (135 ) (135 ) Cash payments (3,917 ) (1,707 ) (5,624 ) Foreign currency translation (15 ) - (15 ) Balance at November 27, 2021 1,095 - 1,095 Expenses incurred (449 ) - (449 ) Cash payments (529 ) - (529 ) Foreign currency translation (47 ) - (47 ) Balance at August 27, 2022 $ 70 $ - $ 70 Non-cash charges include accelerated depreciation resulting from the cessation of use of certain long-lived assets. Restructuring liabilities have been classified as a component of other accrued expenses in the Consolidated Balance Sheets. |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4: The composition of inventories is as follows: August 27, November 27, 2022 2021 Raw materials $ 264,779 $ 226,723 Finished goods 282,499 221,681 Total inventories $ 547,278 $ 448,404 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5: The goodwill activity by reportable segment for the nine August 27, 2022 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Balance at November 27, 2021 $ 325,470 $ 662,021 $ 311,354 $ 1,298,845 TissueSeal acquisition 13,765 - - 13,765 Fourny acquisition - - 6,617 6,617 Apollo acquisition - - 118,295 118,295 ZKLT acquisition - 8,175 - 8,175 Foreign currency translation effect (17,100 ) (36,536 ) (16,097 ) (69,733 ) Balance at August 27, 2022 $ 322,135 $ 633,660 $ 420,169 $ 1,375,964 Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, are as follows: August 27, 2022 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 117,440 $ 991,789 $ 49,379 $ 11,004 $ 1,169,612 Accumulated amortization (63,926 ) (372,198 ) (20,252 ) (5,980 ) (462,356 ) Net identifiable intangibles $ 53,514 $ 619,591 $ 29,127 $ 5,024 $ 707,256 November 27, 2021 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 115,980 $ 932,644 $ 63,543 $ 11,343 $ 1,123,510 Accumulated amortization (62,364 ) (335,143 ) (33,786 ) (5,635 ) (436,928 ) Net identifiable intangibles $ 53,616 $ 597,501 $ 29,757 $ 5,708 $ 686,582 Amortization expense with respect to amortizable intangible assets was $18,676 and $17,815 for the three August 27, 2022 August 28, 2021 nine August 27, 2022 August 28, 2021 Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for the next five Remainder Fiscal Year 2022 2023 2024 2025 2026 Thereafter Amortization expense $ 31,804 $ 67,995 $ 64,095 $ 61,948 $ 55,709 $ 425,705 Non-amortizable intangible assets as of August 27, 2022 November 27, 2021 August 27, 2022 November 27, 2021 |
Note 6 - Components of Net Peri
Note 6 - Components of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 6: Three Months Ended August 27, 2022 and August 28, 2021 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic cost (benefit): 2022 2021 2022 2021 2022 2021 Service cost $ - $ - $ 666 $ 824 $ - $ 5 Interest cost 2,368 2,325 679 743 184 206 Expected return on assets (7,117 ) (7,781 ) (1,525 ) (3,120 ) (2,719 ) (2,236 ) Amortization: Prior service cost (benefit) (1 ) (1 ) 15 17 - - Actuarial loss (gain) 1,013 799 570 1,020 (845 ) 18 Settlement charge - - - - - - Net periodic benefit $ (3,737 ) $ (4,658 ) $ 405 $ (516 ) $ (3,380 ) $ (2,007 ) Nine Months Ended August 27, 2022 and August 28, 2021 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic cost (benefit): 2022 2021 2022 2021 2022 2021 Service cost $ - $ - $ 2,086 $ 2,478 $ - $ 16 Interest cost 7,103 6,974 2,204 2,215 551 616 Expected return on assets (21,353 ) (23,342 ) (4,916 ) (9,301 ) (8,156 ) (6,708 ) Amortization: Prior service cost (benefit) (2 ) (2 ) 47 51 - - Actuarial loss (gain) 3,040 2,398 1,830 3,059 (2,535 ) 55 Settlement charge - - 3,329 - - - Net periodic benefit $ (11,212 ) $ (13,972 ) $ 4,580 $ (1,498 ) $ (10,140 ) $ (6,021 ) Service cost is included with employee compensation cost in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Income. The components of our net periodic defined benefit pension and postretirement benefit costs other than service cost are presented in other income, net in the Consolidated Statements of Income. In the second 2022, |
Note 7 - Accumulated Other Comp
Note 7 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income (Loss) Disclosure [Text Block] | Note 7: The following table provides details of total comprehensive income (loss): Three Months Ended August 27, 2022 Three Months Ended August 28, 2021 Non- Non- controlling controlling H.B. Fuller Stockholders Interest H.B. Fuller Stockholders Interest Pre-tax Tax Net Net Pre-tax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interest $ 46,497 $ 33 $ 31,616 $ 14 Foreign currency translation adjustment¹ $ (87,743 ) $ - (87,743 ) (46 ) $ (31,979 ) $ - (31,979 ) (27 ) Defined benefit pension plans adjustment² 778 (94 ) 684 - 1,855 (480 ) 1,375 - Interest rate swap³ 1,783 (437 ) 1,346 - 5,074 (1,244 ) 3,830 - Cross currency swaps³ (377 ) 6 (371 ) - (1,309 ) 20 (1,289 ) - Other comprehensive loss $ (85,559 ) $ (525 ) $ (86,084 ) $ (46 ) $ (26,359 ) $ (1,704 ) $ (28,063 ) $ (27 ) Comprehensive income (loss) $ (39,587 ) $ (13 ) $ 3,553 $ (13 ) Nine Months Ended August 27, 2022 Nine Months Ended August 28, 2021 Non- Non- controlling controlling H.B. Fuller Stockholders Interest H.B. Fuller Stockholders Interest Pretax Tax Net Net Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interest $ 132,007 $ 70 $ 110,509 $ 51 Foreign currency translation adjustment¹ $ (165,302 ) $ - (165,302 ) (67 ) $ 46,680 $ - 46,680 (25 ) Defined benefit pension plans adjustment² 5,483 (1,507 ) 3,976 - 5,561 (1,440 ) 4,121 - Interest rate swap³ 14,473 (3,549 ) 10,924 - 15,332 (3,758 ) 11,574 - Cross currency swaps³ (3,720 ) 56 (3,664 ) - (3,629 ) 53 (3,576 ) - Other comprehensive income (loss) $ (149,066 ) $ (5,000 ) $ (154,066 ) (67 ) $ 63,944 $ (5,145 ) 58,799 (25 ) Comprehensive income $ (22,059 ) $ 3 $ 169,308 $ 26 ¹ Income taxes are not ² Loss reclassified from accumulated other comprehensive income ("AOCI") into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales and SG&A expense. ³ Income (loss) reclassified from AOCI into earnings is reported in other income, net. The components of accumulated other comprehensive loss are as follows: August 27, 2022 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (297,604 ) $ (297,568 ) $ (36 ) Interest rate swap, net of taxes of ($ 325 1,000 1,000 - Cash flow hedges, net of taxes of $ 3 (181 ) (181 ) - Defined benefit pension plans adjustment, net of taxes of $ 62,418 (109,222 ) (109,222 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (424,348 ) $ (424,312 ) $ (36 ) November 27, 2021 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (132,370 ) $ (132,267 ) $ (103 ) Interest rate swap, net of taxes of $ 3,224 (9,924 ) (9,924 ) - Cash flow hedges, net of taxes of ($ 53 3,483 3,483 - Defined benefit pension plans adjustment, net of taxes of $ 63,925 (113,198 ) (113,198 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (270,350 ) $ (270,247 ) $ (103 ) |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8: Income tax expense for the three nine August 27, 2022 three nine August 27, 2022 Income tax expense for the three nine August 28, 2021 three nine August 28, 2021 As of August 27, 2022 November 27, 2021 August 27, 2022 November 27, 2021 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 9: A reconciliation of the common share components for the basic and diluted earnings per share calculations is as follows: Three Months Ended Nine Months Ended August 27, August 28, August 27, August 28, (Shares in thousands) 2022 2021 2022 2021 Weighted-average common shares - basic 53,644 53,049 53,498 52,794 Equivalent shares from share-based compensations plans 1,486 1,597 1,703 1,299 Weighted-average common and common equivalent shares diluted 55,130 54,646 55,201 54,093 Basic earnings per share is calculated by dividing net income attributable to H.B. Fuller by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per share is based upon the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to share-based compensation awards. We use the treasury stock method to calculate the effect of outstanding shares, which computes total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award and (b) the amount of unearned share-based compensation costs attributed to future services. Share-based compensation awards for which total employee proceeds exceed the average market price over the applicable period have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. Share-based compensation awards of 573,914 and 93,876 shares for the three August 27, 2022 August 28, 2021 nine August 27, 2022 August 28, 2021 |
Note 10 - Financial Instruments
Note 10 - Financial Instruments | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 10: Overview As a result of being a global enterprise, our earnings, cash flows and financial position are exposed to foreign currency risk from foreign currency denominated receivables and payables. We use foreign currency forward contracts, cross-currency swaps and interest rate swaps to manage risks associated with foreign currency exchange rates and interest rates. We do not no We are exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts and interest rate swap agreements. We select investment-grade multinational banks and financial institutions as counterparties for derivative transactions and monitor the credit quality of each of these banks on a periodic basis as warranted. We do not Cash Flow Hedges As of August 27, 2022 four October 20, 2017 2022. August 27, 2022 t of $42,329 The differ two $181 August 27, 2022 August 27, 2022 twelve hs is $181. August 27, 2022 not not The following table summarizes the cross-currency swaps outstanding as of August 27, 2022 Fiscal Year of Notional Expiration Interest Rate Value Fair Value Pay EUR 2022 3.00% $ 267,860 $ 42,329 Receive USD 5.1803% On February 27, 2018, second 2021, second 2021. October 20, 2017, October 20, 2021, October 20, 2022. of $802 August 27, 2022 On April 23, 2018, The amounts of pretax gains (losses) recognized in Comprehensive Income related to derivative instruments designated as cash flow hedges are as follows: Three Months Ended Nine Months Ended August 27, 2022 August 28, 2021 August 27, 2022 August 28, 2021 Cross-currency swap contracts $ (377 ) $ (1,309 ) $ (3,720 ) $ (3,629 ) Interest rate swap contracts 1,783 5,074 14,473 15,332 Fair Value Hedges On February 12, 2021, October 20, 2020 1 October 15, 2028.The $38,069 August 27, 2022 Derivatives Not We use foreign currency forward contracts to offset our 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 11 As of August 27, 2022 between August 29, 2022 December 13, 2022. The amounts of pretax gains recognized in other income, net related to derivative instruments not nine August 27, 2022 August 28, 2021 $2,378 a 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 August 27, 2022 no |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 11: 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 August 27, 2022 November 27, 2021 August 27, Fair Value Measurements Using: Description 2022 Level 1 Level 2 Level 3 Assets: Marketable securities $ 3,388 $ 3,388 $ - $ - Foreign exchange contract assets 6,381 - 6,381 - Cross-currency cash flow hedge assets 42,329 - 42,329 - Interest rate swaps, cash flow hedge liabilities 802 - 802 - Liabilities: Foreign exchange contract liabilities $ 4,003 $ - $ 4,003 $ - Interest rate swaps, fair value hedge liabilities 38,069 - 38,069 - Contingent consideration liabilities 4,930 - - 4,930 November 27, Fair Value Measurements Using: Description 2021 Level 1 Level 2 Level 3 Assets: Marketable securities $ 2,079 $ 2,079 $ - $ - Foreign exchange contract assets 5,725 - 5,725 - Cross-currency cash flow hedge assets 14,496 - 14,496 - Liabilities: Foreign exchange contract liabilities $ 6,082 $ - $ 6,082 $ - Interest rate swaps, cash flow hedge liabilities 12,366 - 12,366 Interest rate swaps, fair value hedge liabilities 10,539 - 10,539 - Contingent consideration liability 8,100 - - 8,100 Adjustments to the fair value of contingent consideration are recorded to selling, general and administrative expenses in the Statement of Income. The valuation of our contingent consideration liability related to the acquisition of ZKLT with a fair value of $4,430 and TissueSeal with a fair value of $500 as of August 27, 2022 November 27, 2021, February 26, 2022. 2 Amounts Balance at November 27, 2021 $ 8,100 Acquisitions 4,930 Payment of contingent consideration (8,122 ) Mark to market adjustment 22 Balance at August 27, 2022 $ 4,930 Balances Measured at Fair Value on a Nonrecurring Basis We measure certain assets and liabilities at fair value on a nonrecurring basis. These assets include intangible assets acquired in an acquisition. The identified intangible assets of customer relationships, technology and tradenames acquired in connection with our acquisitions were measured using unobservable (Level 3 See Note 2 Balances Disclosed at Fair Value Long-term debt had an estimated fair value of $1,508,239 and $1,618,291 as of August 27, 2022 November 27, 2021 not |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 12: 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 $6,127 and $6,603 as of August 27, 2022 November 27, 2021 August 27, 2022 November 27, 2021 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: Nine Months Ended 3 Years Ended August 27, 2022 August 28, 2021 November 27, 2021 Lawsuits and claims settled 3 2 14 Settlement amounts $ 206 $ 85 $ 639 Insurance payments received or expected to be received $ 139 $ 55 $ 434 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 |
Note 13 - Segments
Note 13 - Segments | 9 Months Ended |
Aug. 27, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 13: 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. Revenue and operating income of each of our segments are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. Segment operating income is identified as gross profit less SG&A expenses. Corporate expenses, other than those included in Corporate Unallocated, are allocated to each operating segment. Consistent with our internal management reporting, Corporate Unallocated amounts include business acquisition and integration costs, organizational restructuring charges and project costs associated with our implementation of Project ONE. Corporate assets are not We have three reportable segments: Hygiene, Health and Consumable Adhesives, Engineering Adhesives and Construction Adhesives. 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 The table below provides certain information regarding net revenue and operating income (loss) for each of our operating segments. Three Months Ended August 27, 2022 August 28, 2021 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 424,978 $ 47,470 $ 369,439 $ 29,652 Engineering Adhesives 378,264 39,776 342,300 34,087 Construction Adhesives 137,988 6,391 115,091 3,339 Total segment $ 941,230 $ 93,637 $ 826,830 $ 67,078 Corporate Unallocated 1 - (5,683 ) - (7,625 ) Total $ 941,230 $ 87,954 $ 826,830 $ 59,453 Nine Months Ended August 27, 2022 August 28, 2021 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 1,252,405 $ 122,950 $ 1,069,922 $ 98,493 Engineering Adhesives 1,137,587 115,266 1,000,337 96,580 Construction Adhesives 400,977 22,032 310,348 4,974 Total segment $ 2,790,969 $ 260,248 $ 2,380,607 $ 200,047 Corporate Unallocated - (27,780 ) - (23,105 ) Total $ 2,790,969 $ 232,468 $ 2,380,607 $ 176,942 1 not The table below provides a reconciliation of operating income to income before income taxes and income from equity method investments: Three Months Ended Nine Months Ended August 27, August 28, August 27, August 28, 2022 2021 2022 2021 Operating income $ 87,954 $ 59,453 $ 232,468 $ 176,942 Other income, net 6,559 6,150 12,701 25,899 Interest expense (23,450 ) (19,396 ) (61,475 ) (59,699 ) Interest income 2,139 2,520 6,170 7,709 Income before income taxes and income from equity method investments $ 73,202 $ 48,727 $ 189,864 $ 150,851 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: Three Months Ended August 27, 2022 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 261,751 $ 165,398 $ 106,169 $ 533,318 EIMEA 114,186 111,734 23,519 249,439 Asia Pacific 49,041 101,132 8,300 158,473 Total $ 424,978 $ 378,264 $ 137,988 $ 941,230 Three Months Ended August 28, 2021 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 210,589 $ 127,683 $ 103,475 $ 441,747 EIMEA 108,626 121,905 4,958 235,489 Asia Pacific 50,224 92,712 6,658 149,594 Total $ 369,439 $ 342,300 $ 115,091 $ 826,830 Nine Months Ended August 27, 2022 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 737,689 $ 465,285 $ 321,167 $ 1,524,141 EIMEA 351,983 361,485 58,450 771,918 Asia Pacific 162,733 310,817 21,360 494,910 Total $ 1,252,405 $ 1,137,587 $ 400,977 $ 2,790,969 Nine Months Ended August 28, 2021 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 594,071 $ 367,260 $ 274,502 $ 1,235,833 EIMEA 312,908 345,249 16,191 674,348 Asia Pacific 162,943 287,828 19,655 470,426 Total $ 1,069,922 $ 1,000,337 $ 310,348 $ 2,380,607 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 9 Months Ended |
Aug. 27, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | February 26, 2022 Adjustments August 27, 2022 Cash $ 12,165 - $ 12,165 Current assets 17,283 (51 ) 17,232 Property, plant and equipment 7,877 - 7,877 Goodwill 104,885 13,410 118,295 Other intangibles Customer relationships 82,256 (14,809 ) 67,447 Trademarks/trade names 2,154 135 2,289 Technology 9,558 (3,096 ) 6,462 Other assets 1,590 - 1,590 Current liabilities (8,293 ) (41 ) (8,334 ) Other liabilities (23,883 ) 4,452 (19,431 ) Total $ 205,592 $ - $ 205,592 |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions (Tables) | 9 Months Ended |
Aug. 27, 2022 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Nine Months Ended August 27, 2022 August 28, 2021 August 27, 2022 August 28, 2021 Cost of sales $ - $ (5 ) $ (152 ) $ 288 Selling, general and administrative (222 ) (187 ) (297 ) 1,159 $ (222 ) $ (192 ) $ (449 ) $ 1,447 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Employee-Related Other Total Balance at November 28, 2020 $ 5,834 $ 248 $ 6,082 Expenses incurred (807 ) 1,594 787 Non-cash charges - (135 ) (135 ) Cash payments (3,917 ) (1,707 ) (5,624 ) Foreign currency translation (15 ) - (15 ) Balance at November 27, 2021 1,095 - 1,095 Expenses incurred (449 ) - (449 ) Cash payments (529 ) - (529 ) Foreign currency translation (47 ) - (47 ) Balance at August 27, 2022 $ 70 $ - $ 70 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Aug. 27, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | August 27, November 27, 2022 2021 Raw materials $ 264,779 $ 226,723 Finished goods 282,499 221,681 Total inventories $ 547,278 $ 448,404 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Aug. 27, 2022 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | August 27, 2022 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 117,440 $ 991,789 $ 49,379 $ 11,004 $ 1,169,612 Accumulated amortization (63,926 ) (372,198 ) (20,252 ) (5,980 ) (462,356 ) Net identifiable intangibles $ 53,514 $ 619,591 $ 29,127 $ 5,024 $ 707,256 November 27, 2021 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 115,980 $ 932,644 $ 63,543 $ 11,343 $ 1,123,510 Accumulated amortization (62,364 ) (335,143 ) (33,786 ) (5,635 ) (436,928 ) Net identifiable intangibles $ 53,616 $ 597,501 $ 29,757 $ 5,708 $ 686,582 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder Fiscal Year 2022 2023 2024 2025 2026 Thereafter Amortization expense $ 31,804 $ 67,995 $ 64,095 $ 61,948 $ 55,709 $ 425,705 |
Operating Segments [Member] | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Balance at November 27, 2021 $ 325,470 $ 662,021 $ 311,354 $ 1,298,845 TissueSeal acquisition 13,765 - - 13,765 Fourny acquisition - - 6,617 6,617 Apollo acquisition - - 118,295 118,295 ZKLT acquisition - 8,175 - 8,175 Foreign currency translation effect (17,100 ) (36,536 ) (16,097 ) (69,733 ) Balance at August 27, 2022 $ 322,135 $ 633,660 $ 420,169 $ 1,375,964 |
Note 6 - Components of Net Pe_2
Note 6 - Components of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Aug. 27, 2022 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended August 27, 2022 and August 28, 2021 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic cost (benefit): 2022 2021 2022 2021 2022 2021 Service cost $ - $ - $ 666 $ 824 $ - $ 5 Interest cost 2,368 2,325 679 743 184 206 Expected return on assets (7,117 ) (7,781 ) (1,525 ) (3,120 ) (2,719 ) (2,236 ) Amortization: Prior service cost (benefit) (1 ) (1 ) 15 17 - - Actuarial loss (gain) 1,013 799 570 1,020 (845 ) 18 Settlement charge - - - - - - Net periodic benefit $ (3,737 ) $ (4,658 ) $ 405 $ (516 ) $ (3,380 ) $ (2,007 ) Nine Months Ended August 27, 2022 and August 28, 2021 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic cost (benefit): 2022 2021 2022 2021 2022 2021 Service cost $ - $ - $ 2,086 $ 2,478 $ - $ 16 Interest cost 7,103 6,974 2,204 2,215 551 616 Expected return on assets (21,353 ) (23,342 ) (4,916 ) (9,301 ) (8,156 ) (6,708 ) Amortization: Prior service cost (benefit) (2 ) (2 ) 47 51 - - Actuarial loss (gain) 3,040 2,398 1,830 3,059 (2,535 ) 55 Settlement charge - - 3,329 - - - Net periodic benefit $ (11,212 ) $ (13,972 ) $ 4,580 $ (1,498 ) $ (10,140 ) $ (6,021 ) |
Note 7 - Accumulated Other Co_2
Note 7 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Aug. 27, 2022 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended August 27, 2022 Three Months Ended August 28, 2021 Non- Non- controlling controlling H.B. Fuller Stockholders Interest H.B. Fuller Stockholders Interest Pre-tax Tax Net Net Pre-tax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interest $ 46,497 $ 33 $ 31,616 $ 14 Foreign currency translation adjustment¹ $ (87,743 ) $ - (87,743 ) (46 ) $ (31,979 ) $ - (31,979 ) (27 ) Defined benefit pension plans adjustment² 778 (94 ) 684 - 1,855 (480 ) 1,375 - Interest rate swap³ 1,783 (437 ) 1,346 - 5,074 (1,244 ) 3,830 - Cross currency swaps³ (377 ) 6 (371 ) - (1,309 ) 20 (1,289 ) - Other comprehensive loss $ (85,559 ) $ (525 ) $ (86,084 ) $ (46 ) $ (26,359 ) $ (1,704 ) $ (28,063 ) $ (27 ) Comprehensive income (loss) $ (39,587 ) $ (13 ) $ 3,553 $ (13 ) Nine Months Ended August 27, 2022 Nine Months Ended August 28, 2021 Non- Non- controlling controlling H.B. Fuller Stockholders Interest H.B. Fuller Stockholders Interest Pretax Tax Net Net Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interest $ 132,007 $ 70 $ 110,509 $ 51 Foreign currency translation adjustment¹ $ (165,302 ) $ - (165,302 ) (67 ) $ 46,680 $ - 46,680 (25 ) Defined benefit pension plans adjustment² 5,483 (1,507 ) 3,976 - 5,561 (1,440 ) 4,121 - Interest rate swap³ 14,473 (3,549 ) 10,924 - 15,332 (3,758 ) 11,574 - Cross currency swaps³ (3,720 ) 56 (3,664 ) - (3,629 ) 53 (3,576 ) - Other comprehensive income (loss) $ (149,066 ) $ (5,000 ) $ (154,066 ) (67 ) $ 63,944 $ (5,145 ) 58,799 (25 ) Comprehensive income $ (22,059 ) $ 3 $ 169,308 $ 26 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | August 27, 2022 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (297,604 ) $ (297,568 ) $ (36 ) Interest rate swap, net of taxes of ($ 325 1,000 1,000 - Cash flow hedges, net of taxes of $ 3 (181 ) (181 ) - Defined benefit pension plans adjustment, net of taxes of $ 62,418 (109,222 ) (109,222 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (424,348 ) $ (424,312 ) $ (36 ) November 27, 2021 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (132,370 ) $ (132,267 ) $ (103 ) Interest rate swap, net of taxes of $ 3,224 (9,924 ) (9,924 ) - Cash flow hedges, net of taxes of ($ 53 3,483 3,483 - Defined benefit pension plans adjustment, net of taxes of $ 63,925 (113,198 ) (113,198 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (270,350 ) $ (270,247 ) $ (103 ) |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 9 Months Ended |
Aug. 27, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended August 27, August 28, August 27, August 28, (Shares in thousands) 2022 2021 2022 2021 Weighted-average common shares - basic 53,644 53,049 53,498 52,794 Equivalent shares from share-based compensations plans 1,486 1,597 1,703 1,299 Weighted-average common and common equivalent shares diluted 55,130 54,646 55,201 54,093 |
Note 10 - Financial Instrumen_2
Note 10 - Financial Instruments (Tables) | 9 Months Ended |
Aug. 27, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fiscal Year of Notional Expiration Interest Rate Value Fair Value Pay EUR 2022 3.00% $ 267,860 $ 42,329 Receive USD 5.1803% |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended Nine Months Ended August 27, 2022 August 28, 2021 August 27, 2022 August 28, 2021 Cross-currency swap contracts $ (377 ) $ (1,309 ) $ (3,720 ) $ (3,629 ) Interest rate swap contracts 1,783 5,074 14,473 15,332 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 9 Months Ended |
Aug. 27, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | August 27, Fair Value Measurements Using: Description 2022 Level 1 Level 2 Level 3 Assets: Marketable securities $ 3,388 $ 3,388 $ - $ - Foreign exchange contract assets 6,381 - 6,381 - Cross-currency cash flow hedge assets 42,329 - 42,329 - Interest rate swaps, cash flow hedge liabilities 802 - 802 - Liabilities: Foreign exchange contract liabilities $ 4,003 $ - $ 4,003 $ - Interest rate swaps, fair value hedge liabilities 38,069 - 38,069 - Contingent consideration liabilities 4,930 - - 4,930 November 27, Fair Value Measurements Using: Description 2021 Level 1 Level 2 Level 3 Assets: Marketable securities $ 2,079 $ 2,079 $ - $ - Foreign exchange contract assets 5,725 - 5,725 - Cross-currency cash flow hedge assets 14,496 - 14,496 - Liabilities: Foreign exchange contract liabilities $ 6,082 $ - $ 6,082 $ - Interest rate swaps, cash flow hedge liabilities 12,366 - 12,366 Interest rate swaps, fair value hedge liabilities 10,539 - 10,539 - Contingent consideration liability 8,100 - - 8,100 |
Contingent Consideration Liability [Member] | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Amounts Balance at November 27, 2021 $ 8,100 Acquisitions 4,930 Payment of contingent consideration (8,122 ) Mark to market adjustment 22 Balance at August 27, 2022 $ 4,930 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 9 Months Ended |
Aug. 27, 2022 | |
Notes Tables | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | Nine Months Ended 3 Years Ended August 27, 2022 August 28, 2021 November 27, 2021 Lawsuits and claims settled 3 2 14 Settlement amounts $ 206 $ 85 $ 639 Insurance payments received or expected to be received $ 139 $ 55 $ 434 |
Note 13 - Segments (Tables)
Note 13 - Segments (Tables) | 9 Months Ended |
Aug. 27, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended August 27, 2022 August 28, 2021 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 424,978 $ 47,470 $ 369,439 $ 29,652 Engineering Adhesives 378,264 39,776 342,300 34,087 Construction Adhesives 137,988 6,391 115,091 3,339 Total segment $ 941,230 $ 93,637 $ 826,830 $ 67,078 Corporate Unallocated 1 - (5,683 ) - (7,625 ) Total $ 941,230 $ 87,954 $ 826,830 $ 59,453 Nine Months Ended August 27, 2022 August 28, 2021 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 1,252,405 $ 122,950 $ 1,069,922 $ 98,493 Engineering Adhesives 1,137,587 115,266 1,000,337 96,580 Construction Adhesives 400,977 22,032 310,348 4,974 Total segment $ 2,790,969 $ 260,248 $ 2,380,607 $ 200,047 Corporate Unallocated - (27,780 ) - (23,105 ) Total $ 2,790,969 $ 232,468 $ 2,380,607 $ 176,942 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Nine Months Ended August 27, August 28, August 27, August 28, 2022 2021 2022 2021 Operating income $ 87,954 $ 59,453 $ 232,468 $ 176,942 Other income, net 6,559 6,150 12,701 25,899 Interest expense (23,450 ) (19,396 ) (61,475 ) (59,699 ) Interest income 2,139 2,520 6,170 7,709 Income before income taxes and income from equity method investments $ 73,202 $ 48,727 $ 189,864 $ 150,851 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended August 27, 2022 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 261,751 $ 165,398 $ 106,169 $ 533,318 EIMEA 114,186 111,734 23,519 249,439 Asia Pacific 49,041 101,132 8,300 158,473 Total $ 424,978 $ 378,264 $ 137,988 $ 941,230 Three Months Ended August 28, 2021 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 210,589 $ 127,683 $ 103,475 $ 441,747 EIMEA 108,626 121,905 4,958 235,489 Asia Pacific 50,224 92,712 6,658 149,594 Total $ 369,439 $ 342,300 $ 115,091 $ 826,830 Nine Months Ended August 27, 2022 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 737,689 $ 465,285 $ 321,167 $ 1,524,141 EIMEA 351,983 361,485 58,450 771,918 Asia Pacific 162,733 310,817 21,360 494,910 Total $ 1,252,405 $ 1,137,587 $ 400,977 $ 2,790,969 Nine Months Ended August 28, 2021 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 594,071 $ 367,260 $ 274,502 $ 1,235,833 EIMEA 312,908 345,249 16,191 674,348 Asia Pacific 162,943 287,828 19,655 470,426 Total $ 1,069,922 $ 1,000,337 $ 310,348 $ 2,380,607 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) € in Thousands, ¥ in Thousands, £ in Thousands | 3 Months Ended | 7 Months Ended | 9 Months Ended | ||||||||||||||||
Jul. 11, 2023 USD ($) | Jul. 11, 2023 EUR (€) | Nov. 30, 2022 USD ($) | Aug. 16, 2022 USD ($) | Aug. 16, 2022 CNY (¥) | Jan. 26, 2022 USD ($) | Jan. 26, 2022 GBP (£) | Jan. 13, 2022 USD ($) | Jan. 11, 2022 USD ($) | Jan. 11, 2022 EUR (€) | Nov. 30, 2021 USD ($) | Nov. 27, 2021 USD ($) | Jan. 13, 2021 USD ($) | Feb. 03, 2020 USD ($) | Feb. 26, 2022 USD ($) | Aug. 27, 2022 USD ($) | Aug. 27, 2022 USD ($) | Aug. 28, 2021 USD ($) | Aug. 16, 2022 CNY (¥) | |
Goodwill, Ending Balance | $ 1,298,845,000 | $ 1,375,964,000 | $ 1,375,964,000 | ||||||||||||||||
Payment for Contingent Consideration Liability, Financing Activities | 5,000,000 | $ 0 | |||||||||||||||||
Business Combination, Contingent Consideration, Liability, Total | 8,100,000 | 4,930,000 | 4,930,000 | ||||||||||||||||
ZKLT Polymer Co., Ltd [Member] | |||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 15,183,000 | ¥ 102,812 | |||||||||||||||||
Business Combination, Required Payments Each 12 and 18 month | 3,987,000 | ¥ 27,000 | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 4,430,000 | ¥ 30,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 3,042,000 | ||||||||||||||||||
Goodwill, Ending Balance | 8,175,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 7,953,000 | ||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Total | 4,430,000 | 4,430,000 | |||||||||||||||||
Apollo [Member] | |||||||||||||||||||
Goodwill, Ending Balance | $ 104,885,000 | 118,295,000 | 118,295,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,590,000 | 1,590,000 | 1,590,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 12,165,000 | 12,165,000 | 12,165,000 | ||||||||||||||||
Apollo [Member] | UNITED KINGDOM | |||||||||||||||||||
Goodwill, Ending Balance | $ 118,295,000 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | 203,573,000 | £ 151,214 | |||||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 2,019,000 | £ 1,500 | |||||||||||||||||
Payments for Environmental Studies | 2,019,000 | ||||||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | ||||||||||||||||||
Apollo [Member] | UNITED KINGDOM | Technology-Based Intangible Assets [Member] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | 15 years | |||||||||||||||||
Apollo [Member] | UNITED KINGDOM | Customer Relationships [Member] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | 10 years | |||||||||||||||||
Apollo [Member] | UNITED KINGDOM | Trademarks and Trade Names [Member] | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | 5 years | |||||||||||||||||
Fourny NV [Member] | BELGIUM | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 10,117,000 | ||||||||||||||||||
Goodwill, Ending Balance | 6,617,000 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | 14,627,000 | € 12,867 | |||||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 75,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other, Net | $ 1,342 | ||||||||||||||||||
Fourny NV [Member] | BELGIUM | Forecast [Member] | |||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 3,524,000 | € 3,100 | |||||||||||||||||
Tissue Seal, LLC [Member] | |||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 500,000 | $ 500,000 | |||||||||||||||||
Tissue Seal, LLC [Member] | MICHIGAN | |||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 500,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 11,160,000 | ||||||||||||||||||
Goodwill, Ending Balance | 13,765,000 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | 22,167,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other, Net | $ 217,000 | ||||||||||||||||||
Tissue Seal, LLC [Member] | MICHIGAN | Forecast [Member] | |||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 2,475,000 | ||||||||||||||||||
STR Holdings, Inc. [Member] | |||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 1,700,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 6,700,000 | ||||||||||||||||||
Goodwill, Ending Balance | 0 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 800,000 | $ 5,445,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other, Net | 1,245,000 | ||||||||||||||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 1,700,000 | ||||||||||||||||||
D.H.M Adhesives, Inc [Member] | |||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 14,500,000 | ||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 8,100,000 | ||||||||||||||||||
Goodwill, Ending Balance | 1,063,000 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | 9,500,000 | ||||||||||||||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 8,100,000 | ||||||||||||||||||
Business Combination, Contingent Consideration, Liability, Total | 5,000,000 | ||||||||||||||||||
D.H.M Adhesives, Inc [Member] | Customer Relationships [Member] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 11,900,000 |
Note 2 - Acquisitions - Fair Va
Note 2 - Acquisitions - Fair Value Measurement of Assets and Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Aug. 27, 2022 | Feb. 26, 2022 | Nov. 27, 2021 | |
Goodwill | $ 1,375,964 | $ 1,298,845 | |
Apollo [Member] | |||
Cash | 12,165 | $ 12,165 | |
Current assets | 17,232 | 17,283 | |
Property, plant and equipment | 7,877 | 7,877 | |
Goodwill | 118,295 | 104,885 | |
Goodwill | 13,410 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,590 | 1,590 | |
Current liabilities | (8,334) | (8,293) | |
Current liabilities | (41) | ||
Other liabilities | (19,431) | (23,883) | |
Other liabilities | 4,452 | ||
Total | 205,592 | 205,592 | |
Apollo [Member] | Customer Relationships [Member] | |||
Other intangibles | 67,447 | 82,256 | |
Customer relationships | (14,809) | ||
Apollo [Member] | Trademarks and Trade Names [Member] | |||
Other intangibles | 2,289 | 2,154 | |
Customer relationships | 135 | ||
Apollo [Member] | Technology-Based Intangible Assets [Member] | |||
Other intangibles | 6,462 | $ 9,558 | |
Customer relationships | $ (3,096) |
Note 3 - Restructuring Action_2
Note 3 - Restructuring Actions (Details Textual) | 9 Months Ended |
Aug. 27, 2022 | |
Number of Reportable Segments | 3 |
Note 3 - Restructuring Action_3
Note 3 - Restructuring Actions - Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | Nov. 27, 2021 | |
Expenses incurred | $ (222) | $ (192) | $ (449) | $ 1,447 | $ 787 |
Cost of Sales [Member] | |||||
Expenses incurred | 0 | (5) | (152) | 288 | |
Selling, General and Administrative Expenses [Member] | |||||
Expenses incurred | $ (222) | $ (187) | $ (297) | $ 1,159 |
Note 3 - Restructuring Action_4
Note 3 - Restructuring Actions - Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | Nov. 27, 2021 | |
Balance | $ 1,095 | $ 6,082 | $ 6,082 | ||
Expenses incurred | $ (222) | $ (192) | (449) | 1,447 | 787 |
Non-cash charges | (135) | ||||
Cash payments | (529) | (5,624) | |||
Foreign currency translation | (47) | (15) | |||
Balance | 70 | 70 | 1,095 | ||
Employee Related [Member] | |||||
Balance | 1,095 | 5,834 | 5,834 | ||
Expenses incurred | (449) | (807) | |||
Non-cash charges | 0 | ||||
Cash payments | (529) | (3,917) | |||
Foreign currency translation | (47) | (15) | |||
Balance | 70 | 70 | 1,095 | ||
Other Restructuring [Member] | |||||
Balance | 0 | $ 248 | 248 | ||
Expenses incurred | 0 | 1,594 | |||
Non-cash charges | (135) | ||||
Cash payments | 0 | (1,707) | |||
Foreign currency translation | 0 | 0 | |||
Balance | $ 0 | $ 0 | $ 0 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Aug. 27, 2022 | Nov. 27, 2021 |
Raw materials | $ 264,779 | $ 226,723 |
Finished goods | 282,499 | 221,681 |
Total inventories | $ 547,278 | $ 448,404 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | Nov. 27, 2021 | |
Amortization of Intangible Assets | $ 18,676 | $ 17,815 | $ 55,088 | $ 53,464 | |
Indefinite Lived Trademarks and Trade Names | $ 434 | $ 434 | $ 493 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Reportable Segment (Details) $ in Thousands | 9 Months Ended |
Aug. 27, 2022 USD ($) | |
Balance | $ 1,298,845 |
Foreign currency translation effect | (69,733) |
Balance | 1,375,964 |
Tissue Seal, LLC [Member] | |
Goodwill | 13,765 |
Fourny NV [Member] | |
Goodwill | 6,617 |
Apollo [Member] | |
Goodwill | 118,295 |
Balance | 118,295 |
ZKLT Polymer Co., Ltd [Member] | |
Goodwill | 8,175 |
Hygiene, Health, and Consumable Adhesives [Member] | |
Balance | 325,470 |
Foreign currency translation effect | (17,100) |
Balance | 322,135 |
Hygiene, Health, and Consumable Adhesives [Member] | Tissue Seal, LLC [Member] | |
Goodwill | 13,765 |
Hygiene, Health, and Consumable Adhesives [Member] | Fourny NV [Member] | |
Goodwill | 0 |
Hygiene, Health, and Consumable Adhesives [Member] | Apollo [Member] | |
Goodwill | 0 |
Hygiene, Health, and Consumable Adhesives [Member] | ZKLT Polymer Co., Ltd [Member] | |
Goodwill | 0 |
Engineering Adhesives [Member] | |
Balance | 662,021 |
Foreign currency translation effect | (36,536) |
Balance | 633,660 |
Engineering Adhesives [Member] | Tissue Seal, LLC [Member] | |
Goodwill | 0 |
Engineering Adhesives [Member] | Fourny NV [Member] | |
Goodwill | 0 |
Engineering Adhesives [Member] | Apollo [Member] | |
Goodwill | 0 |
Engineering Adhesives [Member] | ZKLT Polymer Co., Ltd [Member] | |
Goodwill | 8,175 |
Construction Adhesives [Member] | |
Balance | 311,354 |
Foreign currency translation effect | (16,097) |
Balance | 420,169 |
Construction Adhesives [Member] | Tissue Seal, LLC [Member] | |
Goodwill | 0 |
Construction Adhesives [Member] | Fourny NV [Member] | |
Goodwill | 6,617 |
Construction Adhesives [Member] | Apollo [Member] | |
Goodwill | 118,295 |
Construction Adhesives [Member] | ZKLT Polymer Co., Ltd [Member] | |
Goodwill | $ 0 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands | Aug. 27, 2022 | Nov. 27, 2021 |
Original cost | $ 1,169,612 | $ 1,123,510 |
Accumulated amortization | (462,356) | (436,928) |
Net identifiable intangibles | 707,256 | 686,582 |
Purchased Technology And Patents [Member] | ||
Original cost | 117,440 | 115,980 |
Accumulated amortization | (63,926) | (62,364) |
Net identifiable intangibles | 53,514 | 53,616 |
Customer Relationships [Member] | ||
Original cost | 991,789 | 932,644 |
Accumulated amortization | (372,198) | (335,143) |
Net identifiable intangibles | 619,591 | 597,501 |
Trade Names [Member] | ||
Original cost | 49,379 | 63,543 |
Accumulated amortization | (20,252) | (33,786) |
Net identifiable intangibles | 29,127 | 29,757 |
Other Intangible Assets [Member] | ||
Original cost | 11,004 | 11,343 |
Accumulated amortization | (5,980) | (5,635) |
Net identifiable intangibles | $ 5,024 | $ 5,708 |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands | Aug. 27, 2022 USD ($) |
Remainder 2022 | $ 31,804 |
2023 | 67,995 |
2024 | 64,095 |
2025 | 61,948 |
2026 | 55,709 |
Amortization expense | $ 425,705 |
Note 6 - Components of Net Pe_3
Note 6 - Components of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans (Details Textual) $ in Thousands | 6 Months Ended |
Aug. 27, 2022 USD ($) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (3,329) |
Note 6 - Components of Net Pe_4
Note 6 - Components of Net Periodic Benefit Related to Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 27, 2022 | Aug. 28, 2021 | |
Settlement charge | $ 3,329 | ||||
Pension Plan [Member] | UNITED STATES | |||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 | |
Interest cost | 2,368 | 2,325 | 7,103 | 6,974 | |
Expected return on assets | (7,117) | (7,781) | (21,353) | (23,342) | |
Prior service cost (benefit) | (1) | (1) | (2) | (2) | |
Actuarial loss (gain) | 1,013 | 799 | 3,040 | 2,398 | |
Settlement charge | 0 | 0 | 0 | 0 | |
Net periodic benefit | (3,737) | (4,658) | (11,212) | (13,972) | |
Pension Plan [Member] | Foreign Plan [Member] | |||||
Service cost | 666 | 824 | 2,086 | 2,478 | |
Interest cost | 679 | 743 | 2,204 | 2,215 | |
Expected return on assets | (1,525) | (3,120) | (4,916) | (9,301) | |
Prior service cost (benefit) | 15 | 17 | 47 | 51 | |
Actuarial loss (gain) | 570 | 1,020 | 1,830 | 3,059 | |
Settlement charge | 0 | 0 | 3,329 | 0 | |
Net periodic benefit | 405 | (516) | 4,580 | (1,498) | |
Other Postretirement Benefits Plan [Member] | |||||
Service cost | 0 | 5 | 0 | 16 | |
Interest cost | 184 | 206 | 551 | 616 | |
Expected return on assets | (2,719) | (2,236) | (8,156) | (6,708) | |
Prior service cost (benefit) | 0 | 0 | 0 | 0 | |
Actuarial loss (gain) | (845) | 18 | (2,535) | 55 | |
Settlement charge | 0 | 0 | 0 | 0 | |
Net periodic benefit | $ (3,380) | $ (2,007) | $ (10,140) | $ (6,021) |
Note 7 - Accumulated Other Co_3
Note 7 - Accumulated Other Comprehensive Income (Loss) - Comprehensive Income (Loss) Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | ||
Net income attributable to H.B. Fuller and non-controlling interest | $ 46,497 | $ 31,616 | $ 132,007 | $ 110,509 | |
Net income attributable to H.B. Fuller and non-controlling interest | 33 | 14 | 70 | 51 | |
Foreign currency translation adjustment¹, pretax | [1] | (87,743) | (31,979) | (165,302) | 46,680 |
Foreign currency translation adjustment¹, tax | [1] | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment¹ | [1] | (87,743) | (31,979) | (165,302) | 46,680 |
Foreign currency translation adjustment¹, non-controlling interests | [1] | (46) | (27) | (67) | (25) |
Defined benefit pension plans adjustment², pretax | [2] | 778 | 1,855 | 5,483 | 5,561 |
Defined benefit pension plans adjustment², tax | [2] | (94) | (480) | (1,507) | (1,440) |
Defined benefit pension plans adjustment² | [2] | 684 | 1,375 | 3,976 | 4,121 |
Other comprehensive income (loss), pretax | (85,559) | (26,359) | (149,066) | 63,944 | |
Other comprehensive income (loss), tax | (525) | (1,704) | (5,000) | (5,145) | |
Other comprehensive loss | (86,084) | (28,063) | (154,066) | 58,799 | |
Other comprehensive income (loss), non-controlling interests | (46) | (27) | (67) | (25) | |
Comprehensive income (loss) | (39,587) | 3,553 | (22,059) | 169,308 | |
Comprehensive income (loss), non-controlling interests | (13) | (13) | 3 | 26 | |
Interest Rate Swap [Member] | |||||
Cash flow hedge, pretax³ | [3] | 1,783 | 5,074 | 14,473 | 15,332 |
Cash flow hedge, tax³ | [3] | (437) | (1,244) | (3,549) | (3,758) |
Cash Flow Hedge³ | [3] | 1,346 | 3,830 | 10,924 | 11,574 |
Cash flow hedge, tax³ | [3] | (437) | (1,244) | (3,549) | (3,758) |
Cross Currency Interest Rate Contract [Member] | |||||
Cash flow hedge, pretax³ | [3] | (377) | (1,309) | (3,720) | (3,629) |
Cash flow hedge, tax³ | [3] | 6 | 20 | 56 | 53 |
Cash Flow Hedge³ | [3] | (371) | (1,289) | (3,664) | (3,576) |
Cash flow hedge, tax³ | [3] | $ 6 | $ 20 | $ 56 | $ 53 |
[1]Income taxes are not provided for foreign currency translation relating to permanent investments in international subsidiaries.[2]Loss reclassified from accumulated other comprehensive income ("AOCI") into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales and SG&A expense.[3]Income (loss) reclassified from AOCI into earnings is reported in other income, net. |
Note 7 - Accumulated Other Co_4
Note 7 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||||
Aug. 27, 2022 | Nov. 27, 2021 | May 28, 2022 | Feb. 26, 2022 | Aug. 28, 2021 | May 29, 2021 | Feb. 27, 2021 | Nov. 28, 2020 | |
Accumulated other comprehensive loss | $ 1,578,685 | $ 1,597,360 | $ 1,614,754 | $ 1,645,848 | $ 1,567,856 | $ 1,563,212 | $ 1,442,163 | $ 1,381,862 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||
Before Reclassifications | (297,604) | (132,370) | ||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Before Reclassifications | (297,568) | (132,267) | ||||||
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | ||||||||
Before Reclassifications | (36) | (103) | ||||||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||||||
Before Reclassifications | (181) | 3,483 | ||||||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Interest Rate Swap [Member] | ||||||||
Before Reclassifications | 1,000 | (9,924) | ||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Before Reclassifications | (181) | 3,483 | ||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | ||||||||
Before Reclassifications | 1,000 | (9,924) | ||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | ||||||||
Before Reclassifications | 0 | 0 | ||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | Interest Rate Swap [Member] | ||||||||
Before Reclassifications | 0 | 0 | ||||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||
Before Reclassifications | (109,222) | (113,198) | ||||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Before Reclassifications | (109,222) | (113,198) | ||||||
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member] | ||||||||
Before Reclassifications | 0 | 0 | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||||||
Reclassification of AOCI tax effects | (18,341) | (18,341) | ||||||
Accumulated other comprehensive loss | (424,348) | (270,350) | ||||||
AOCI Attributable to Parent [Member] | ||||||||
Reclassification of AOCI tax effects | (18,341) | (18,341) | ||||||
Accumulated other comprehensive loss | (424,312) | (270,247) | $ (338,228) | $ (259,070) | $ (244,060) | $ (215,997) | $ (275,203) | $ (302,859) |
AOCI Attributable to Noncontrolling Interest [Member] | ||||||||
Reclassification of AOCI tax effects | 0 | 0 | ||||||
Accumulated other comprehensive loss | $ (36) | $ (103) |
Note 7 - Accumulated Other Co_5
Note 7 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Aug. 27, 2022 | Nov. 27, 2021 | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||
Before Reclassifications, tax | $ 3 | $ (53) |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||
Before Reclassifications, tax | 62,418 | 63,925 |
Interest Rate Swap [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||
Before Reclassifications, tax | $ (325) | $ 3,224 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | Nov. 27, 2021 | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 6,449 | $ 7,696 | |||
Effective Income Tax Rate Reconciliation, Percent, Excluding Discrete Tax Benefit | 29.90% | 27.60% | 28.70% | 27.40% | |
Effective Income Tax Rate Reconciliation, Cross Currency Swap | $ 5,626 | $ 5,068 | |||
Unrecognized Tax Benefits, Ending Balance | $ 14,541 | $ 14,541 | $ 13,281 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 4,555 | $ 4,555 | $ 2,448 |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 573,914 | 93,876 | 691,856 | 1,655,852 |
Note 9 - Earnings Per Share - E
Note 9 - Earnings Per Share - Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | |
Weighted-average common shares - basic (in shares) | 53,644 | 53,049 | 53,498 | 52,794 |
Equivalent shares from share-based compensations plans (in shares) | 1,486 | 1,597 | 1,703 | 1,299 |
Weighted-average common and common equivalent shares diluted (in shares) | 55,130 | 54,646 | 55,201 | 54,093 |
Note 10 - Financial Instrumen_3
Note 10 - Financial Instruments (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Apr. 23, 2018 | Apr. 22, 2018 | May 29, 2021 USD ($) | Aug. 27, 2022 USD ($) | Aug. 28, 2021 USD ($) | Feb. 12, 2021 USD ($) | Oct. 20, 2020 USD ($) | Feb. 27, 2018 USD ($) | Oct. 20, 2017 USD ($) | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ 2,378 | $ 1,428 | |||||||
Public Notes [Member] | |||||||||
Debt Instrument, Face Amount | 300,000 | ||||||||
Term Loan B [Member] | |||||||||
Debt Instrument, Face Amount | $ 2,150,000 | $ 2,150,000 | |||||||
Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | 2.25% | |||||||
Cross Currency Interest Rate Contract [Member] | |||||||||
Derivative, Notional Amount | 267,860 | ||||||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 181 | ||||||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 181 | ||||||||
Cross Currency Interest Rate Contract [Member] | Other Assets [Member] | |||||||||
Foreign Currency Cash Flow Hedge Asset at Fair Value | $ 42,329 | ||||||||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||
Derivative, Number of Instruments Held, Total | 4 | ||||||||
Interest Rate Swap [Member] | |||||||||
Derivative, Amount of Hedged Item | $ 1,125,000 | $ 800,000 | $ 200,000 | $ 1,050,000 | |||||
Derivative, Fixed Interest Rate | 4.589% | 4.0275% | |||||||
Interest Rate Swap [Member] | Interest Expense [Member] | |||||||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net, Total | $ (378) | ||||||||
Interest Rate Swap [Member] | Other Liabilities [Member] | |||||||||
Interest Rate Fair Value Hedge Liability at Fair Value | 802 | ||||||||
Interest Rate Swap Related to Public Notes [Member] | |||||||||
Derivative, Amount of Hedged Item | $ 300,000 | ||||||||
Interest Rate Swap Related to Public Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Derivative, Variable Interest Rate | 3.28% | ||||||||
Interest Rate Swap Related to Public Notes [Member] | Other Liabilities [Member] | |||||||||
Interest Rate Fair Value Hedge Liability at Fair Value | $ 38,069 |
Note 10 - Financial Instrumen_4
Note 10 - Financial Instruments - Swaps Outstanding (Details) - Cross Currency Interest Rate Contract [Member] - USD ($) $ in Thousands | Aug. 27, 2022 | Oct. 20, 2017 |
Derivative, Notional Amount | $ 267,860 | |
Currency Swap 1 [Member] | ||
Interest rate minimum | 3% | |
Derivative, Notional Amount | $ 267,860 | |
Fair Value | $ 42,329 | |
Interest rate maximum | 5.1803% |
Note 10 - Financial Instrumen_5
Note 10 - Financial Instruments - Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | ||
Interest Rate Swap [Member] | |||||
Derivative instruments | [1] | $ 1,783 | $ 5,074 | $ 14,473 | $ 15,332 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Currency Swap [Member] | |||||
Derivative instruments | (377) | (1,309) | (3,720) | (3,629) | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivative instruments | $ 1,783 | $ 5,074 | $ 14,473 | $ 15,332 | |
[1]Income (loss) reclassified from AOCI into earnings is reported in other income, net. |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Feb. 26, 2022 | Aug. 27, 2022 | Aug. 28, 2021 | Nov. 27, 2021 | |
Business Combination, Contingent Consideration, Liability, Total | $ 4,930 | $ 8,100 | ||
Payment for Contingent Consideration Liability, Financing Activities | 5,000 | $ 0 | ||
Long-Term Debt, Fair Value | 1,508,239 | $ 1,618,291 | ||
ZKLT Polymer Co., Ltd [Member] | ||||
Business Combination, Contingent Consideration, Liability, Total | 4,430 | |||
Tissue Seal, LLC [Member] | ||||
Business Combination, Contingent Consideration, Liability, Total | $ 500 | |||
DHM [Member] | ||||
Payment for Contingent Consideration Liability, Financing Activities | $ 8,122 |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands | Aug. 27, 2022 | Nov. 27, 2021 |
Liabilities: | ||
Contingent consideration liabilities | $ 4,930 | $ 8,100 |
Fair Value, Recurring [Member] | ||
Assets: | ||
Marketable securities | 3,388 | 2,079 |
Foreign exchange contract assets | 6,381 | 5,725 |
Cross-currency cash flow hedge assets | 42,329 | 14,496 |
Interest rate swaps, cash flow hedge liabilities | 802 | 12,366 |
Liabilities: | ||
Foreign exchange contract liabilities | 4,003 | 6,082 |
Interest rate swaps, fair value hedge liabilities | 38,069 | 10,539 |
Contingent consideration liabilities | 4,930 | 8,100 |
Interest rate swaps, cash flow hedge liabilities | 802 | 12,366 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Marketable securities | 3,388 | 2,079 |
Liabilities: | ||
Contingent consideration liabilities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Foreign exchange contract assets | 6,381 | 5,725 |
Cross-currency cash flow hedge assets | 42,329 | 14,496 |
Interest rate swaps, cash flow hedge liabilities | 802 | 12,366 |
Liabilities: | ||
Foreign exchange contract liabilities | 4,003 | 6,082 |
Interest rate swaps, fair value hedge liabilities | 38,069 | 10,539 |
Contingent consideration liabilities | 0 | |
Interest rate swaps, cash flow hedge liabilities | 802 | 12,366 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Contingent consideration liabilities | $ 4,930 | $ 8,100 |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurements - Contingent Consideration (Details) $ in Thousands | 9 Months Ended |
Aug. 27, 2022 USD ($) | |
Balance | $ 8,100 |
Acquisitions | 4,930 |
Balance | 4,930 |
Contingent Consideration Liability [Member] | |
Payment of contingent consideration | (8,122) |
Mark to market adjustment | $ 22 |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Aug. 27, 2022 | Nov. 27, 2021 |
Accrued Environmental Loss Contingencies, Noncurrent | $ 6,127 | $ 6,603 |
Facility in Simpsonville, South Carolina [Member] | ||
Accrual for Environmental Loss Contingencies, Ending Balance | $ 2,962 | $ 3,333 |
Note 12 - Commitments and Con_4
Note 12 - Commitments and Contingencies - Asbestos Related Lawsuits and Claims (Details) - Asbestos Related Lawsuits and Claims [Member] Pure in Thousands, $ in Thousands | 9 Months Ended | 36 Months Ended | |
Aug. 27, 2022 USD ($) | Aug. 28, 2021 USD ($) | Nov. 27, 2021 USD ($) | |
Lawsuits and claims settled | 3 | 2 | 14 |
Settlement amounts | $ 206 | $ 85 | $ 639 |
Insurance payments received or expected to be received | $ 139 | $ 55 | $ 434 |
Note 13 - Segments (Details Tex
Note 13 - Segments (Details Textual) | 9 Months Ended |
Aug. 27, 2022 | |
Number of Reportable Segments | 3 |
Note 13 - Segments - Reportable
Note 13 - Segments - Reportable Operating Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | |||
Revenue | $ 941,230 | $ 826,830 | $ 2,790,969 | $ 2,380,607 | ||
Operating income | 87,954 | 59,453 | 232,468 | 176,942 | ||
Corporate, Non-Segment [Member] | ||||||
Revenue | 0 | [1] | 0 | [1] | 0 | 0 |
Operating income | (5,683) | [1] | (7,625) | [1] | (27,780) | (23,105) |
Hygiene, Health, and Consumable Adhesives [Member] | ||||||
Revenue | 424,978 | 369,439 | 1,252,405 | 1,069,922 | ||
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | ||||||
Revenue | 424,978 | 369,439 | 1,252,405 | 1,069,922 | ||
Operating income | 47,470 | 29,652 | 122,950 | 98,493 | ||
Engineering Adhesives [Member] | ||||||
Revenue | 378,264 | 342,300 | 1,137,587 | 1,000,337 | ||
Engineering Adhesives [Member] | Operating Segments [Member] | ||||||
Revenue | 378,264 | 342,300 | 1,137,587 | 1,000,337 | ||
Operating income | 39,776 | 34,087 | 115,266 | 96,580 | ||
Construction Adhesives [Member] | ||||||
Revenue | 137,988 | 115,091 | 400,977 | 310,348 | ||
Construction Adhesives [Member] | Operating Segments [Member] | ||||||
Revenue | 137,988 | 115,091 | 400,977 | 310,348 | ||
Operating income | 6,391 | 3,339 | 22,032 | 4,974 | ||
Total Segment [Member] | ||||||
Revenue | 941,230 | 826,830 | 2,790,969 | 2,380,607 | ||
Total Segment [Member] | Operating Segments [Member] | ||||||
Operating income | $ 93,637 | $ 67,078 | $ 260,248 | $ 200,047 | ||
[1]Consistent with our internal management reporting, Corporate Unallocated amounts in the tables above include charges that are not allocated to the Company’s reportable segments. |
Note 13 - Segments - Reconcilia
Note 13 - Segments - Reconciliation of Segment Operating Income to Income From Continuing Operations Before Income Taxes and Income From Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | |
Operating income | $ 87,954 | $ 59,453 | $ 232,468 | $ 176,942 |
Other income, net | 6,559 | 6,150 | 12,701 | 25,899 |
Interest expense | (23,450) | (19,396) | (61,475) | (59,699) |
Interest income | 2,139 | 2,520 | 6,170 | 7,709 |
Income before income taxes and income from equity method investments | $ 73,202 | $ 48,727 | $ 189,864 | $ 150,851 |
Note 13 - Segments - Disaggrega
Note 13 - Segments - Disaggregated Revenue Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Aug. 27, 2022 | Aug. 28, 2021 | Aug. 27, 2022 | Aug. 28, 2021 | |||
Revenue | $ 941,230 | $ 826,830 | $ 2,790,969 | $ 2,380,607 | ||
Corporate, Non-Segment [Member] | ||||||
Revenue | 0 | [1] | 0 | [1] | 0 | 0 |
Americas [Member] | ||||||
Revenue | 533,318 | 441,747 | ||||
EIMEA [Member] | ||||||
Revenue | 249,439 | 235,489 | ||||
Asia Pacific [Member] | ||||||
Revenue | 158,473 | 149,594 | ||||
Hygiene, Health, and Consumable Adhesives [Member] | ||||||
Revenue | 424,978 | 369,439 | 1,252,405 | 1,069,922 | ||
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | ||||||
Revenue | 424,978 | 369,439 | 1,252,405 | 1,069,922 | ||
Hygiene, Health, and Consumable Adhesives [Member] | Americas [Member] | Operating Segments [Member] | ||||||
Revenue | 261,751 | 210,589 | 737,689 | 594,071 | ||
Hygiene, Health, and Consumable Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | ||||||
Revenue | 114,186 | 108,626 | 351,983 | 312,908 | ||
Hygiene, Health, and Consumable Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | ||||||
Revenue | 49,041 | 50,224 | 162,733 | 162,943 | ||
Engineering Adhesives [Member] | ||||||
Revenue | 378,264 | 342,300 | 1,137,587 | 1,000,337 | ||
Engineering Adhesives [Member] | Operating Segments [Member] | ||||||
Revenue | 378,264 | 342,300 | 1,137,587 | 1,000,337 | ||
Engineering Adhesives [Member] | Americas [Member] | Operating Segments [Member] | ||||||
Revenue | 165,398 | 127,683 | 465,285 | 367,260 | ||
Engineering Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | ||||||
Revenue | 111,734 | 121,905 | 361,485 | 345,249 | ||
Engineering Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | ||||||
Revenue | 101,132 | 92,712 | 310,817 | 287,828 | ||
Construction Adhesives [Member] | ||||||
Revenue | 137,988 | 115,091 | 400,977 | 310,348 | ||
Construction Adhesives [Member] | Operating Segments [Member] | ||||||
Revenue | 137,988 | 115,091 | 400,977 | 310,348 | ||
Construction Adhesives [Member] | Americas [Member] | Operating Segments [Member] | ||||||
Revenue | 106,169 | 103,475 | 321,167 | 274,502 | ||
Construction Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | ||||||
Revenue | 23,519 | 4,958 | 58,450 | 16,191 | ||
Construction Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | ||||||
Revenue | $ 8,300 | $ 6,658 | 21,360 | 19,655 | ||
Corporate Segment [Member] | Corporate, Non-Segment [Member] | ||||||
Revenue | 2,790,969 | 2,380,607 | ||||
Corporate Segment [Member] | Americas [Member] | Corporate, Non-Segment [Member] | ||||||
Revenue | 1,524,141 | 1,235,833 | ||||
Corporate Segment [Member] | EIMEA [Member] | Corporate, Non-Segment [Member] | ||||||
Revenue | 771,918 | 674,348 | ||||
Corporate Segment [Member] | Asia Pacific [Member] | Corporate, Non-Segment [Member] | ||||||
Revenue | $ 494,910 | $ 470,426 | ||||
[1]Consistent with our internal management reporting, Corporate Unallocated amounts in the tables above include charges that are not allocated to the Company’s reportable segments. |