Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 02, 2023 | Jan. 17, 2024 | Jun. 03, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000039368 | ||
Entity Registrant Name | FULLER H B CO | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-02 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 02, 2023 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,600,724,541 | ||
Entity Common Stock, Shares Outstanding | 54,207,966 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Minneapolis, Minnesota |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Net revenue | $ 3,510,934 | $ 3,749,183 | $ 3,278,031 |
Cost of sales | (2,502,037) | (2,785,484) | (2,432,709) |
Gross profit | 1,008,897 | 963,699 | 845,322 |
Selling, general and administrative expenses | (653,760) | (640,981) | (592,710) |
Other income, net | 9,682 | 12,952 | 32,855 |
Interest expense | (134,602) | (91,521) | (78,092) |
Interest income | 3,943 | 7,779 | 9,476 |
Income from continuing operations before income taxes and income from equity method investments | 234,161 | 251,928 | 216,851 |
Income tax expense | (93,529) | (77,186) | (63,033) |
Income from equity method investments | 4,357 | 5,665 | 7,657 |
Net income including non-controlling interest | 144,988 | 180,407 | 161,475 |
Net income attributable to non-controlling interest | (82) | (94) | (82) |
Net income attributable to H.B. Fuller | $ 144,906 | $ 180,313 | $ 161,393 |
Earnings per share attributable to H.B. Fuller common stockholders: | |||
Basic (in dollars per share) | $ 2.67 | $ 3.37 | $ 3.05 |
Diluted (in dollars per share) | $ 2.59 | $ 3.26 | $ 2.97 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 54,332 | 53,580 | 52,887 |
Diluted (in shares) | 55,958 | 55,269 | 54,315 |
Dividends declared per common share (in dollars per share) | $ 0.805 | $ 0.738 | $ 0.665 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | ||||
Net income including non-controlling interest | $ 144,988 | $ 180,407 | $ 161,475 | |||
Foreign currency translation | 17,322 | (131,806) | (26,294) | |||
Defined benefit pension plans adjustment, net of tax | 792 | (15,063) | 48,181 | |||
Derivatives, net of tax | (14,107) | (40,743) | 0 | |||
Other comprehensive income (loss) | 8,479 | (181,171) | 32,580 | |||
Comprehensive income (loss) | 153,467 | (764) | 194,055 | |||
Less: Comprehensive income attributable to non-controlling interest | 84 | 33 | 50 | |||
Comprehensive income (loss) attributable to H.B. Fuller | 153,383 | (797) | 194,005 | |||
Interest Rate Swap [Member] | ||||||
Derivatives, net of tax | [1] | 4,472 | 9,924 | 15,179 | ||
Other Contract [Member] | ||||||
Derivatives, net of tax | $ 0 | $ (3,483) | [1] | $ (4,486) | [1] | |
[1]Loss reclassified from accumulated other comprehensive income (loss) into earnings is reported in other income, net. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 02, 2023 | Dec. 03, 2022 | |
Current assets: | |||
Cash and cash equivalents | $ 179,453 | $ 79,910 | |
Trade receivables, net | 577,932 | 607,365 | |
Inventories | 442,040 | 491,781 | |
Other current assets | 112,678 | 120,319 | |
Total current assets | 1,312,103 | 1,299,375 | |
Property, plant and equipment, net | 824,655 | 733,667 | |
Goodwill | 1,486,512 | 1,392,627 | |
Other intangibles, net | 729,140 | 702,092 | |
Other assets | 371,165 | 335,868 | |
Total assets | [1] | 4,723,575 | 4,463,629 |
Current liabilities: | |||
Notes payable | 1,841 | 28,860 | |
Trade payables | 439,700 | 460,669 | |
Accrued compensation | 95,680 | 108,328 | |
Income taxes payable | 47,688 | 18,530 | |
Other accrued expenses | 107,902 | 89,345 | |
Total current liabilities | 692,811 | 705,732 | |
Long-term debt, net of current maturities | 1,836,590 | 1,736,256 | |
Accrued pension liabilities | 50,189 | 52,561 | |
Other liabilities | 388,072 | 358,286 | |
Total liabilities | 2,967,662 | 2,852,835 | |
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 – 54,092,987 and 53,676,576 for 2023 and 2022, respectively | 54,093 | 53,677 | |
Additional paid-in capital | 301,485 | 266,491 | |
Retained earnings | 1,842,507 | 1,741,359 | |
Accumulated other comprehensive loss | (442,880) | (451,357) | |
Total H.B. Fuller stockholders' equity | 1,755,205 | 1,610,170 | |
Non-controlling interest | 708 | 624 | |
Total equity | 1,755,913 | 1,610,794 | |
Total liabilities, non-controlling interest and total equity | $ 4,723,575 | $ 4,463,629 | |
[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 | Dec. 02, 2023 | Dec. 03, 2022 |
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) | 54,092,987 | 53,676,576 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity - 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 | 161,393 | 32,612 | 50 | 194,055 |
Dividends | 0 | 0 | (35,198) | 0 | 0 | (35,198) |
Stock option exercises | 741 | 31,584 | 0 | 0 | 0 | 32,325 |
Share-based compensation plans other, net | 181 | 26,817 | 0 | 0 | 0 | 26,998 |
Repurchases of common stock | (51) | (2,631) | 0 | 0 | 0 | (2,682) |
Balance at Nov. 27, 2021 | 52,778 | 213,637 | 1,600,601 | (270,247) | 591 | 1,597,360 |
Comprehensive income | 0 | 0 | 180,313 | (181,110) | 33 | (764) |
Dividends | 0 | 0 | (39,555) | 0 | 0 | (39,555) |
Stock option exercises | 658 | 29,464 | 0 | 0 | 0 | 30,122 |
Share-based compensation plans other, net | 296 | 27,284 | 0 | 0 | 0 | 27,580 |
Repurchases of common stock | (55) | (3,894) | 0 | 0 | 0 | (3,949) |
Balance at Dec. 03, 2022 | 53,677 | 266,491 | 1,741,359 | (451,357) | 624 | 1,610,794 |
Comprehensive income | 0 | 0 | 144,906 | 8,477 | 84 | 153,467 |
Dividends | 0 | 0 | (43,758) | 0 | 0 | (43,758) |
Stock option exercises | 314 | 14,304 | 0 | 0 | 0 | 14,618 |
Share-based compensation plans other, net | 140 | 23,219 | 0 | 0 | 0 | 23,359 |
Repurchases of common stock | (38) | (2,529) | 0 | 0 | 0 | (2,567) |
Balance at Dec. 02, 2023 | $ 54,093 | $ 301,485 | $ 1,842,507 | $ (442,880) | $ 708 | $ 1,755,913 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Cash flows from operating activities: | |||
Net income including non-controlling interest | $ 144,988 | $ 180,407 | $ 161,475 |
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | |||
Depreciation | 80,327 | 72,593 | 72,106 |
Amortization | 79,514 | 74,383 | 71,068 |
Deferred income taxes | (25,114) | (15,230) | 16,192 |
Income from equity method investments, net of dividends received | 1,259 | (9) | 2,776 |
Loss (gain) on sale of assets | 59 | (1,195) | 648 |
Share-based compensation | 19,911 | 24,368 | 22,366 |
Pension and other postretirement benefit plan contributions | (4,346) | (3,009) | (3,840) |
Pension and other postretirement benefit plan income | (18,591) | (24,021) | (28,662) |
Debt issuance cost write-off | 2,689 | 0 | 0 |
Loss on fair value adjustment on contingent consideration liabilities | 2,893 | 0 | 2,300 |
Change in assets and liabilities, net of effects of acquisitions: | |||
Trade receivables, net | 68,721 | (24,753) | (124,849) |
Inventories | 72,576 | (55,772) | (135,351) |
Other assets | (7,927) | 46,499 | (79,097) |
Trade payables | (57,752) | (22,629) | 176,337 |
Accrued compensation | (13,836) | 1,135 | 27,741 |
Other accrued expenses | (3,070) | 6,303 | 1,186 |
Income taxes payable | 41,190 | (12,873) | (4,137) |
Other liabilities | 22,918 | 4,104 | (73,508) |
Other | (28,011) | 6,213 | 108,566 |
Net cash provided by operating activities | 378,398 | 256,514 | 213,317 |
Cash flows from investing activities: | |||
Purchased property, plant and equipment | (119,137) | (129,964) | (96,089) |
Purchased businesses, net of cash acquired | (205,093) | (250,807) | (5,445) |
Proceeds from sale of property, plant and equipment | 5,029 | 1,556 | 2,896 |
Cash received from government grant | 0 | 3,928 | 5,800 |
Cash outflow related to government grant | 0 | 0 | (1,822) |
Net cash used in investing activities | (319,201) | (375,287) | (94,660) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 2,233,300 | 335,000 | 0 |
Repayment of long-term debt | (2,126,450) | (159,500) | (156,500) |
Payment of debt issue costs | (10,214) | (600) | 0 |
Net (payment on) proceeds from notes payable | (28,674) | 3,455 | 9,346 |
Dividends paid | (43,395) | (39,207) | (34,859) |
Contingent consideration payment | (1,477) | (5,000) | (1,700) |
Proceeds from stock options exercised | 14,619 | 30,122 | 32,325 |
Repurchases of common stock | (2,567) | (3,950) | (2,682) |
Net cash provided by (used in) financing activities | 35,142 | 160,320 | (154,070) |
Effect of exchange rate changes on cash and cash equivalents | 5,204 | (23,423) | (3,335) |
Net change in cash and cash equivalents | 99,543 | 18,124 | (38,748) |
Cash and cash equivalents at beginning of year | 79,910 | 61,786 | 100,534 |
Cash and cash equivalents at end of year | 179,453 | 79,910 | 61,786 |
Supplemental disclosure of cash flow information: | |||
Dividends paid with company stock | 363 | 348 | 339 |
Cash paid for interest, net of amount capitalized of $1,769, $1,518, and $905 for the years ended December 2, 2023, December 3, 2022 and November 27, 2021, respectively | 136,959 | 83,527 | 62,753 |
Cash paid for income taxes, net of refunds | $ 71,261 | $ 73,449 | $ 72,955 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Capitalized interest costs | $ 1,769 | $ 1,518 | $ 905 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 02, 2023 | |
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, Asia Pacific, India, the Middle East and Africa. We have three 2023 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. Our Engineering Adhesives operating segment produces and supplies high performance industrial adhesives such as reactive, light cure, two Our 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 2023, 2022 2021 not X 1934. December 2, 2023, December 3, 2022, November 27, 2021 not Our fiscal year ends on the Saturday closest to November 30. December 2, 2023, December 3, 2022, November 27, 2021 2023, 2022 2021 five six 53rd 2022 53 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. 2023, 2022 2021 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 is 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 December 2, 2023 December 3, 2022. 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 $9,334 and $8,957 represent the cash surrender value of life insurance contracts as of December 2, 2023 December 3, 2022 Equity Investments Investments in an entity where we own less than 20% not December 3, 2022 not December 2, 2023 November 27, 2021. December 2, 2023 December 3, 2022 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 to 40 years for buildings and improvements, 3 to 20 years for machinery and equipment, and the shorter of the lease or expected life for leasehold improvements. Fully depreciated assets are retained in property and accumulated depreciation accounts until removed from service. Upon disposal, assets and related accumulated depreciation are removed. Upon sale of an asset, the difference between the proceeds and remaining net book value is charged or credited to other income, net on the Consolidated Statements of Income. Expenditures that add value or extend the life of the respective assets are capitalized, while expenditures that are typical recurring repairs and maintenance are expensed as incurred. Interest costs associated with construction and implementation of property, plant and equipment of $1,769, $1,518 and $905 were capitalized in 2023, 2022 2021 Goodwill We evaluate our goodwill for impairment annually at the beginning of the fourth not 2023 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 to 20 years. The straight-line method of amortization of these assets reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained in each reporting period. 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, India, the Middle East and Africa ("EIMEA") and Asia Pacific, 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 $3,147 and $2,888 at December 2, 2023 December 3, 2022 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) 2023 2022 2021 Net income attributable to H.B. Fuller $ 144,906 $ 180,313 $ 161,393 Weighted-average common shares – basic 54,332 53,580 52,887 Equivalent shares from share-based compensation plans 1,626 1,689 1,428 Weighted-average common and common equivalent shares – diluted 55,958 55,269 54,315 Basic earnings per share $ 2.67 $ 3.37 $ 3.05 Diluted earnings per share $ 2.59 $ 3.26 $ 2.97 Share-based compensation awards for 1,089,054, 707,197 and 1,535,503 shares for 2023, 2022 2021 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 2023, 2022 2021 New Accounting Pronouncements In December 2023, No. 2023 09, Income Taxes (Topic 740 November 28, 2026. In November 2023, No. 2023 07, Segment Reporting (Topic 280 November 29, 2025. In September 2022, No. 2022 04, Liabilities - Supplier Finance Programs (Subtopic 405 50 December 1, 2024. Recently issued accounting standards or pronouncements not not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Dec. 02, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2: Sanglier Ltd. On September 8, 2023, 18 December 2, 2023 Adhezion Biomedical LLC On June 23, 2023, 12 December 2, 2023 December 2, 2023, s $25,702 XChem International LLC On June 12, 2023, 18 December 2, 2023 not Beardow Adams Holdings Ltd. On May 1, 2023, 18 December 2, 2023 December 2, 2023, not Aspen Research Corporation On January 31, 2023, 18 December 2, 2023 Lemtapes Oy On December 15, 2022, 18 December 2, 2023 not GSSI Sealants On October 24, 2022, 12 In addition, we recorded a liability for contingent consideration of $870, to be paid following the completion of certain performance goals and conditions. September 2, 2023 not 13 ZKLT Polymer Co. On August 16, 2022, 12 18 fourth 2023 September 2, 2023 not 13 Apollo On January 26, 2022, December 3, 2022 not Fourny NV On January 11, 2022, 18 three September 2, 2023 December 3, 2022 not All acquisitions, individually and in the aggregate, are not not |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions | 12 Months Ended |
Dec. 02, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | Note 3: Restructuring Actions During fiscal year 2023 , second 2023 2026 , 2023 2024 . The following table summarizes the pre-tax distribution of charges under these restructuring plans by income statement classification: December 2, 2023 December 3, 2022 November 27, 2021 Cost of sales $ 15,012 $ (152 ) $ (188 ) Selling, general and administrative 9,575 (297 ) 975 $ 24,587 $ (449 ) $ 787 The restructuring charges are all recorded in Corporate Unallocated for segment reporting purposes. A summary of the restructuring liability is presented below: Employee- Related Asset-Related Other Total Balance at November 27, 2021 $ 1,095 $ - $ - $ 1,095 Expense incurred (449 ) - - (449 ) Non-cash charges - - - 0 Cash payments (529 ) - - (529 ) Foreign currency translation (60 ) - - (60 ) Balance at December 3, 2022 $ 57 $ - $ - $ 57 Expense incurred 22,731 1,369 487 24,587 Non-cash charges - (1,369 ) (453 ) (1,822 ) Cash payments (9,802 ) - (34 ) (9,836 ) Foreign currency translation (1,263 ) - - (1,263 ) Balance at December 2, 2023 $ 11,723 $ - $ - $ 11,723 Non-cash charges include accelerated depreciation resulting from the cessation of use of certain long-lived assets, the recording of a provision related to the discontinuance of certain products and lease termination payments. 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 |
Dec. 02, 2023 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | Note 4: Statement of Income Information Additional details of income statement amounts for 2023, 2022 2021 2023 2022 2021 Foreign currency transaction losses, net $ (11,615 ) $ (12,935 ) $ (5,962 ) Gain (loss) on disposal of assets (58 ) 1,416 (648 ) Net periodic pension benefit 20,246 26,787 32,070 Other, net 1,109 (2,316 ) 7,395 Total other income, net $ 9,682 $ 12,952 $ 32,855 Research and development expenses (included in SG&A expenses) $ 48,640 $ 44,853 $ 39,344 Balance Sheet Information Additional details of balance sheet amounts as of December 2, 2023 December 3, 2022 2023 2022 Inventories Raw materials $ 206,140 $ 237,071 Finished goods 235,900 254,710 Total inventories $ 442,040 $ 491,781 Other current assets Other receivables $ 40,760 $ 36,338 Prepaid income taxes 12,327 27,169 Prepaid taxes other than income taxes 34,455 29,322 Prepaid expenses 25,136 27,490 Total other current assets $ 112,678 $ 120,319 Property, plant and equipment Land $ 91,320 $ 84,320 Buildings and improvements 447,428 405,037 Machinery and equipment 1,058,916 957,371 Construction in progress 157,371 133,010 Total, at cost 1,755,035 1,579,738 Accumulated depreciation (930,380 ) (846,071 ) Net property, plant and equipment $ 824,655 $ 733,667 Other assets Investments in company owned life insurance $ 9,334 $ 8,957 Equity method investments 37,562 42,143 Equity investments 1,362 1,362 Long-term deferred income taxes 42,949 39,048 Prepaid pension costs 92,323 86,616 Postretirement other than pension asset 113,431 98,848 Operating lease right-of-use assets 47,433 32,440 Other long-term receivables 14,013 9,262 Other long-term assets 12,758 17,192 Total other assets $ 371,165 $ 335,868 Other accrued expenses Taxes other than income taxes $ 22,497 $ 14,642 Miscellaneous services 8,319 7,092 Customer rebates 17,938 24,915 Interest 5,819 7,498 Product liability 175 154 Contingent consideration liability 1,370 1,977 Current operating lease liabilities 11,277 9,794 Current obligations of finance leases 16,184 1,541 Accrued expenses 24,323 21,732 Total other accrued expenses $ 107,902 $ 89,345 Other liabilities Asset retirement obligations $ 3,147 $ 2,888 Long-term deferred income taxes 176,385 183,190 Long-term income tax liability 19,225 22,202 Long-term deferred compensation 9,884 9,957 Postretirement other than pension 1,893 2,021 Noncurrent operating lease liabilities 36,879 23,421 Environmental liabilities 2,563 3,064 Net investment hedge liabilities 72,589 54,046 Other long-term liabilities 65,507 57,497 Total other liabilities $ 388,072 $ 358,286 Additional details on the trade receivables allowance for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts for 2023, 2022 2021 2023 2022 2021 Balance at beginning of year $ 10,939 $ 9,935 $ 12,905 Charged to expenses and other adjustments 1,224 1,794 (546 ) Write-offs (1,522 ) (851 ) (2,278 ) Foreign currency translation effect 439 61 (146 ) Balance at end of year $ 11,080 $ 10,939 $ 9,935 Statement of Comprehensive Income Information The following tables provides details of total comprehensive income (loss): December 2, 2023 Non-controlling H.B. Fuller Stockholders Interest Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interests - - $ 144,906 $ 82 Other comprehensive income (loss) Foreign currency translation adjustment 1 $ 17,320 - 17,320 2 Defined benefit pension plans adjustment 2 1,554 (762 ) 792 - Interest rate swap 3 5,932 (1,460 ) 4,472 - Net investment hedges 3 (18,555 ) 4,448 (14,107 ) - Other comprehensive income (loss) $ 6,251 $ 2,226 $ 8,477 $ 2 Comprehensive income $ 153,383 $ 84 December 3, 2022 Non-controlling H.B. Fuller Stockholders Interest Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interests - - $ 180,313 $ 94 Other comprehensive income (loss) Foreign currency translation adjustment 1 $ (131,745 ) - (131,745 ) (61 ) Defined benefit pension plans adjustment 2 (18,881 ) 3,818 (15,063 ) - Interest rate swap 3 13,148 (3,224 ) 9,924 - Other cash flow hedges 3 (3,536 ) 53 (3,483 ) - Net investment hedges 3 (54,040 ) 13,297 (40,743 ) - Other comprehensive income $ (195,054 ) $ 13,944 $ (181,110 ) $ (61 ) Comprehensive income $ (797 ) $ 33 November 27, 2021 Non-controlling H.B. Fuller Stockholders Interest Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interests - - $ 161,393 $ 82 Other comprehensive income (loss) Foreign currency translation adjustment 1 $ (26,262 ) - (26,262 ) (32 ) Defined benefit pension plans adjustment 2 64,912 (16,731 ) 48,181 - Interest rate swap 3 20,109 (4,930 ) 15,179 - Other cash flow hedges 3 (4,554 ) 68 (4,486 ) - Other comprehensive (loss) income $ 54,205 $ (21,593 ) $ 32,612 $ (32 ) Comprehensive income $ 194,005 $ 50 1 not 2 3 Statement of Total Equity Information Components of accumulated other comprehensive income (loss) are as follows: December 2, 2023 Non- H.B. Fuller controlling Total Stockholders Interests Foreign currency translation adjustment $ (246,736 ) $ (246,692 ) $ (44 ) Defined benefit pension plans adjustment, net of taxes of $ 66,982 (127,469 ) (127,469 ) - Interest rate swap, net of taxes of ($ 1,460 4,472 4,472 - Net investment hedges, net of taxes of $ 17,744 (54,850 ) (54,850 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Total accumulated other comprehensive loss $ (442,924 ) $ (442,880 ) $ (44 ) December 3, 2022 Non- H.B. Fuller controlling Total Stockholders Interests Foreign currency translation adjustment $ (264,054 ) $ (264,012 ) $ (42 ) Defined benefit pension plans adjustment, net of taxes of $ 67,744 (128,261 ) (128,261 ) - Net investment hedges, net of taxes of $ 13,297 (40,743 ) (40,743 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Total accumulated other comprehensive loss $ (451,399 ) $ (451,357 ) $ (42 ) November 27, 2021 Non- H.B. Fuller controlling Total Stockholders Interests Foreign currency translation adjustment $ (132,370 ) $ (132,267 ) $ (103 ) Defined benefit pension plans adjustment, net of taxes of $ 63,925 (113,198 ) (113,198 ) - 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 - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Total accumulated other comprehensive loss $ (270,350 ) $ (270,247 ) $ (103 ) |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 02, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5: Goodwill balances by reportable segment consisted of the following: Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total As of December 3, 2022 $ 328,962 $ 637,910 $ 425,755 $ 1,392,627 Acquisitions 67,523 5,983 6,179 79,685 Foreign currency translation effect 6,113 7,252 835 14,200 As of December 2, 2023 $ 402,598 $ 651,145 $ 432,769 $ 1,486,512 We evaluate our goodwill for impairment annually at the beginning of the fourth fourth 2023 no Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, are as follows: Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Tradename All Other Total As of December 2, 2023 Original cost $ 144,763 $ 986,470 $ 58,484 $ 10,911 $ 1,200,628 Accumulated amortization (59,631 ) (382,220 ) (23,099 ) (7,012 ) (471,962 ) Net identifiable intangibles $ 85,132 $ 604,250 $ 35,385 $ 3,899 $ 728,666 Weighted-average useful lives (in years) 13 16 13 13 16 As of December 3, 2022 Original cost $ 118,727 $ 1,004,008 $ 50,324 $ 11,053 $ 1,184,112 Accumulated amortization (66,433 ) (388,394 ) (21,401 ) (6,251 ) (482,479 ) Net identifiable intangibles $ 52,294 $ 615,614 $ 28,923 $ 4,802 $ 701,633 Weighted-average useful lives (in years) 13 17 13 13 16 Amortization expense with respect to amortizable intangible assets was $79,514, $74,383 and $71,068 in 2023, 2022 2021 Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for the next five Fiscal Year 2024 2025 2026 2027 2028 Thereafter Amortization Expense $77,288 $77,678 $70,957 $67,652 $67,356 $367,735 The above amortization expense forecast is an estimate. Actual amounts may Non-amortizable intangible assets as of December 2, 2023 December 3, 2022 2023 2022 |
Note 6 - Leases
Note 6 - Leases | 12 Months Ended |
Dec. 02, 2023 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | Note 6: 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 and finance 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. The components of lease expense are as follows: December 2, 2023 December 3, 2022 Operating lease cost $ 13,883 $ 12,026 Finance lease cost: Amortization of assets 2,045 1,535 Interest on lease liabilities 1,077 261 Variable lease cost 8,554 6,481 Total net lease cost $ 25,559 $ 20,303 Supplemental balance sheet information related to leases is as follows: Location on Balance Sheet December 2, 2023 December 3, 2022 Operating leases: Operating lease right-of-use assets Other assets $ 47,433 $ 32,440 Current operating lease liabilities Other accrued expenses 11,277 9,794 Noncurrent operating lease liabilities Other liabilities 36,879 23,421 Total operating lease liabilities $ 48,156 $ 33,215 Finance leases: Equipment right-of-use assets Property, plant and equipment $ 11,681 $ 11,150 Building right-of-use asset Property, plant and equipment $ 14,230 $ - Current obligations of finance leases Other accrued expenses $ 16,184 $ 1,541 Finance leases, net of current obligations Other liabilities 6,534 7,507 Total finance lease liabilities $ 22,718 $ 9,048 As of December 2, 2023 Supplemental information related to leases is as follows: December 2, 2023 December 3, 2022 Cash paid amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,745 $ 15,209 Operating cash flows from finance leases 1,077 261 Financing cash flows from finance leases 268 607 Non-cash investing and financing activities - additions to right-of-use assets obtained from: New operating lease liabilities $ 26,687 $ 15,442 New finance lease liabilities 15,015 1,258 Maturities of lease liabilities are as follows: December 2, 2023 Fiscal Year Finance Leases Operating Leases 2024 $ 16,535 $ 12,993 2025 1,618 9,452 2026 1,441 7,085 2027 1,151 5,126 2028 684 3,505 2029 and beyond 2,376 18,869 Total 23,805 57,031 Less: amounts representing interest (1,087 ) (8,875 ) Present value of future minimum payments 22,718 48,156 Less: current obligations (16,184 ) (11,277 ) Noncurrent lease liabilities $ 6,534 $ 36,879 |
Note 7 - Notes Payable, Long-te
Note 7 - Notes Payable, Long-term Debt and Lines of Credit | 12 Months Ended |
Dec. 02, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7: Notes Payable Notes payable were $1,841 and $28,860 at December 2, 2023 December 3, 2022 not December 2, 2023 2022 2021. December 2, 2023 Long-Term Debt Weighted-Average Fiscal Year Balance at Balance at Interest Rate at Maturity December 2, December 3, Long-Term Debt December 2, 2023 Date 2023 2022 Revolving credit facility 6.95 % 2028 $ - $ 175,500 Term Loan A 1 6.95 % 2028 487,500 - Term Loan B 2 7.60 % 2030 796,000 1,001,150 Public Notes 3 4.00 % 2027 300,000 300,000 Public Notes 4 4.25 % 2028 300,000 300,000 Other, including debt issuance cost and discount (46,910 ) (40,394 ) Total debt $ 1,836,590 $ 1,736,256 Less: current maturities - - Total long-term debt, excluding current maturities $ 1,836,590 $ 1,736,256 1 February 15, 2028, s an adjustment of 0.10 percent and an interest rate spread of 1.50 percent based on a leverage grid December 2, 2023 2 February 15, 2030, s 2.25 percent with a SOFR floor of 0.50 percent December 2, 2023 3 February 15, 2027, 4 October 15, 2028, On February 15, 2023, October 20, 2020 October 20, 2017. December 2, 2023 first Term Loans Interest on Term Loan A is payable at a rate of SOFR plus an adjustment of 0.10 percent and an interest rate spread of 1.50 percent (6.95 percent at December 2, 2023 February 15, 2028. December 2, 2023 August 16, 2023, December 2, 2023 February 15, 2030. December 2, 2023 On January 12, 2023, 1 February 28, 2023, 1 848, Reference Rate Reform 12 On March 16, 2023, 1 1 12 Public Notes On February 14, 2017, 10 “10 February 15, 2027 February 14, 2017, 1 May 1, 2020, 12 On October 20, 2020, “8 October 15, 2028 February 12, 2021, 8 1 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 $1,785,199 and $1,713,257 as of December 2, 2023 December 3, 2022 not Long-term Debt Maturities Maturities of long-term debt for the next five Fiscal Year 2024 2025 2026 2027 2028 Thereafter Long-term debt obligations $ - $ - $ - $ 300,000 $ 787,500 $ 796,000 Revolving Credit Facility Interest on the Revolving Credit Facility is payable at SOFR plus an adjustment of 0.10 percent and an interest rate spread of 1.50 percent (6.95 percent at December 2, 2023 December 2, 2023 February 15, 2028. As of December 2, 2023 Committed Drawn Unused Revolving credit facility $ 700,000 $ - $ 690,032 The secured, multi-currency revolving credit facility can be drawn upon for general corporate purposes up to a maximum of $700,000, less issued letters of credit. At December 2, 2023 Covenants and Other Under the Second Amended and Restated Credit Agreement, the Revolving Credit Facility and Term Loan A are subject to certain covenants and restrictions. For these facilities, we are required to maintain a secured leverage ratio, as defined in the agreement, no 1.00 June 1, 2024 1.00 not 1.00. Restrictive covenants include, but are not third twelve first 4.25:1.00 3.75:1.00. The principal balance of the Term Loan B loans will be repayable in equal quarterly installments in an aggregate annual amount equal to 1 percent of the original principal amount thereof, with the balance due at maturity on February 15, 2030. first eight eight February 15, 2028. 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 |
Dec. 02, 2023 | |
Notes to Financial Statements | |
Equity [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 54,092,987 and 53,676,576 shares issued and outstanding at December 2, 2023 December 3, 2022 On April 7, 2022, five April 6, 2017 not 2023, 2022 2021 may Common Shares Outstanding 2023 2022 2021 Beginning balance 53,676,576 52,777,753 51,906,663 Stock options exercised 314,832 657,789 740,731 Deferred compensation paid 102,108 118,429 19,895 Restricted units vested 113,339 172,474 157,945 Shares withheld for taxes (113,868 ) (49,869 ) (47,481 ) Ending balance 54,092,987 53,676,576 52,777,753 |
Note 9 - Accounting for Share-b
Note 9 - Accounting for Share-based Compensation | 12 Months Ended |
Dec. 02, 2023 | |
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. Time-based restricted stock awards generally vest beginning one three 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 any employee, officer, non-employee director, consultant, independent contractor or advisor providing services to us or any of our affiliates, or any person to whom an offer of employment or engagement with us or any of our affiliates has been made. 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 or non-employee directors deferred under the deferred compensation plans. There were 3,413,652 common shares available for grant as of December 2, 2023 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 Value We use the Black-Scholes option-pricing model to calculate the grant-date fair value of stock option awards. The fair value of options granted during 2023, 2022 2021 2023 2022 2021 Expected life (in years) 5.00 5.00 5.00 Weighted-average expected volatility 35.28 % 33.35 % 32.50 % Expected volatility range 35.09-35.69 % 33.33-34.34 % 32.48% - 32.94% Risk-free interest rate 3.48-4.72 % 1.53-4.06 % 0.39% - 1.20% Weighted-average expected dividend 1.20 % 0.95 % 1.26 % Expected dividend yield range 1.13-1.22 % 0.94-1.23 % 0.92% - 1.27% Weighted-average fair value of grants $ 22.41 $ 20.91 $ 13.29 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 closing stock price on the date of grant. 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 $19,911, $24,368 and $22,366 for 2023, 2022 2021 As of December 2, 2023 Stock Option Activity The stock option activity for the years ended December 2, 2023, December 3, 2022, November 27, 2021 Weighted- Average Options Exercise Price Outstanding at November 28, 2020 5,545,915 $ 47.34 Granted 1,237,094 53.33 Exercised (740,731 ) 43.64 Forfeited or cancelled (1,069,886 ) 56.33 Outstanding at November 27, 2021 4,972,392 $ 47.45 Granted 549,458 72.75 Exercised (657,789 ) 45.79 Forfeited or cancelled (40,991 ) 61.31 Outstanding at December 3, 2022 4,823,070 $ 50.42 Granted 471,975 68.27 Exercised (314,832 ) 46.43 Forfeited or cancelled (38,328 ) 63.52 Outstanding at December 2, 2023 4,941,885 $ 52.28 The fair value of options granted during 2023, 2022 2021 2023, 2022 2021 December 2, 2023 December 2, 2023 December 2, 2023, December 3, 2022, November 27, 2021 2023, 2022 2021 Restricted Stock Unit Activity The nonvested restricted stock unit activity for the years ended December 2, 2023, December 3, 2022, November 27, 2021 Weighted- Weighted- Average Average Remaining Grant Contractual Date Fair Life Units Value (in Years) Nonvested at November 28, 2020 432,349 $ 46.22 0.8 Granted 356,779 54.49 3.2 Vested (157,945 ) 48.69 - Forfeited (78,818 ) 47.79 0.8 Nonvested at November 27, 2021 $ 552,365 $ 50.63 1.9 Granted 179,603 67.92 3.2 Vested (172,474 ) 46.74 - Forfeited (68,374 ) 45.83 0.1 Nonvested at December 3, 2022 $ 491,120 $ 58.98 0.7 Granted 187,185 63.32 2.2 Vested (113,339 ) 53.83 - Forfeited (36,276 ) 44.48 0.2 Nonvested at December 2, 2023 $ 528,690 $ 62.61 0.7 Total fair value of restricted stock units vested during 2023 2022 2021 December 2, 2023 We indirectly repurchased 37,715, 55,081 and 50,799 shares during 2023, 2022 2021 2023, 2022 2021 Deferred Compensation Activity Deferred compensation units are fully vested at the date of contribution. The deferred compensation units outstanding for the years ended December 2, 2023, December 3, 2022, November 27, 2021 Non-employee Directors Employees Total Units outstanding November 28, 2020 455,265 44,553 499,818 Participant contributions 13,036 10,487 23,523 Company match contributions 1 20,118 1,049 21,167 Payouts (19,895 ) (7,728 ) (27,623 ) Units outstanding November 27, 2021 468,524 48,361 516,885 Participant contributions 89,054 12,985 102,039 Company match contributions 1 26,843 1,299 28,142 Payouts (118,429 ) (6,073 ) (124,502 ) Units outstanding December 3, 2022 465,992 56,572 522,564 Participant contributions 13,187 12,219 25,406 Company match contributions 1 18,899 1,222 20,121 Payouts (102,108 ) (6,826 ) (108,934 ) Units outstanding December 2, 2023 395,970 63,187 459,157 1 2023, 2022 2021 The fair value of non-employee directors’ company matches for 2023, 2022 2021 2023 2022 2021 2023, 2022 2021 |
Note 10 - Pension and Postretir
Note 10 - Pension and Postretirement Benefits | 12 Months Ended |
Dec. 02, 2023 | |
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 2023 $4,368. T 401 2022 2021 All U.S. employees are eligible to receive an annual discretionary non-elective contribution to the 401 3 2023 2022 The defined contribution plan liability recorded in the Consolidated Balance Sheets was $11,626 2023 2022 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, 2023 2022. 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 December 2, 2023 December 3, 2022 Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2023 2022 2023 2022 2023 2022 Change in projected benefit obligation Benefit obligation at beginning of year $ 269,874 $ 361,212 $ 154,850 $ 238,400 $ 24,173 $ 31,262 Service cost - - 1,670 2,765 - - Interest cost 13,901 9,653 5,726 2,893 1,205 748 Participant contributions - - - - 232 296 Actuarial gain 1 (7,298 ) (80,296 ) (12,435 ) (57,159 ) (611 ) (5,395 ) Curtailments - - - 231 - - Settlement payments (141 ) (200 ) (252 ) (7,988 ) - - Benefits paid (20,946 ) (20,495 ) (7,663 ) (8,370 ) (2,866 ) (2,738 ) Foreign currency translation effect - - 4,900 (15,922 ) - - Benefit obligation at end of year 255,390 269,874 146,796 154,850 22,133 24,173 Change in plan assets Fair value of plan assets at beginning of year 326,786 409,811 141,908 216,623 120,782 135,701 Actual return on plan assets 12,811 (63,562 ) (5,545 ) (45,328 ) 15,160 (12,613 ) Employer contributions 1,228 1,232 1,744 1,640 145 136 Participant contributions - - - - 232 296 Settlement payments (141 ) (200 ) - - - - Benefits paid 2 (20,946 ) (20,495 ) (7,663 ) (8,369 ) (2,866 ) (2,738 ) Foreign currency translation effect - - 4,178 (22,658 ) - - Fair value of plan assets at end of year 319,738 326,786 134,622 141,908 133,453 120,782 Plan assets in excess of (less than) benefit obligation as of year end $ 64,348 $ 56,912 $ (12,174 ) $ (12,942 ) $ 111,320 $ 96,608 1 2023 2022 2023 2022 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 2023 2022 2023 2022 2023 2022 Unrecognized actuarial loss (gain) $ 143,522 $ 137,351 $ 49,128 $ 49,306 $ (14,442 ) $ (8,530 ) Unrecognized prior service cost - - 1,196 1,219 - - Ending balance $ 143,522 $ 137,351 $ 50,324 $ 50,525 $ (14,442 ) $ (8,530 ) Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2023 2022 2023 2022 2023 2022 Statement of financial position as of fiscal year-end Non-current assets $ 76,677 $ 69,826 $ 15,635 $ 16,790 $ 113,431 $ 98,848 Accrued benefit cost Current liabilities (1,239 ) (1,248 ) (1,464 ) (1,727 ) (218 ) (218 ) Non-current liabilities (11,089 ) (11,666 ) (26,345 ) (28,006 ) (1,893 ) (2,021 ) Ending balance $ 64,349 $ 56,912 $ (12,174 ) $ (12,943 ) $ 111,320 $ 96,609 The accumulated benefit obligation of the U.S. pension and other postretirement plans was $273,197 at December 2, 2023 December 3, 2022 December 2, 2023 December 3, 2022 The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of December 2, 2023 December 3, 2022 Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2023 2022 2023 2022 Accumulated benefit obligation $ 12,329 $ 12,914 $ 35,034 $ 36,820 Fair value of plan assets - - 9,700 9,617 The following amounts relate to pension plans with projected benefit obligations in excess of plan assets as of December 2, 2023 December 3, 2022 Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2023 2022 2023 2022 Projected benefit obligation $ 12,329 $ 12,914 $ 37,510 $ 39,350 Fair value of plan assets - - $ 9,700 9,617 Information about the expected cash flows is as follows: Pension Benefits Other Non-U.S. Postretirement U.S. Plans Plans Benefits Employer contributions 2024 $ - $ 5 $ - Expected benefit payments 2024 21,330 8,387 2,723 2025 21,351 8,470 2,622 2026 21,251 8,651 2,512 2027 21,168 8,948 2,382 2028- 2033 121,219 53,787 11,487 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 December 2, 2023, December 3, 2022, November 27, 2021 Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Net periodic cost (benefit) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost $ - $ - $ - $ 1,670 $ 2,765 $ 3,280 $ - $ - $ 21 Interest cost 13,901 9,653 9,299 5,726 2,893 2,941 1,205 748 822 Expected return on assets (28,821 ) (29,018 ) (31,123 ) (7,027 ) (6,465 ) (12,348 ) (9,859 ) (11,084 ) (8,945 ) Amortization: Prior service (benefit) cost - (3 ) (3 ) 62 63 69 - - - Actuarial loss (gain) 2,541 4,132 3,198 1,993 2,411 4,053 - (3,445 ) 73 Settlement charge - - - 19 3,329 - - - - Net periodic (benefit) cost $ (12,379 ) $ (15,237 ) $ (18,629 ) $ 2,443 $ 4,996 $ (2,005 ) $ (8,654 ) $ (13,781 ) $ (8,029 ) Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Weighted-average assumptions used to determine benefit obligations 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate 5.66 % 5.36 % 2.75 % 4.37 % 3.70 % 1.27 % 5.61 % 5.29 % 2.51 % Rate of compensation increase 1 0.00 % 0.00 % 0.00 % 1.82 % 1.83 % 1.48 % N/A N/A N/A Weighted-average assumptions used to determine net costs for years ended 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate 5.36 % 2.75 % 2.50 % 3.71 % 1.29 % 1.19 % 5.29 % 2.51 % 2.19 % Expected return on plan assets 7.75 % 7.00 % 7.24 % 5.02 % 3.49 % 6.15 % 8.25 % 8.25 % 8.25 % Rate of compensation increase 1 0.00 % 0.00 % 0.00 % 1.82 % 1.68 % 1.67 % 0.00 % 0.00 % 0.00 % 1 May 31, 2011 no 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 December 2, 2023 December 3, 2022 November 27, 2021 December 2, 2023 2024. For the U.S. pension plan, we adopte d the Adjusted Pri- 2012 2021. The expected long-term rate of return on plan assets assumption for the U.S. pension plan was 7.75 percent in 2023 2022 2021 2023 was 8.50 p mately $2,266 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 5.02 percent in 2023 2022 2021 Assumed health care trend rates 2023 2022 2021 Health care cost trend rate assumed for next year 6.25 % 6.50 % 6.50 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.75 % 5.75 % 5.00 % Fiscal year that the rate reaches the ultimate trend rate 2026 2026 2028 The asset allocation for the company’s U.S. and non-U.S. pension plans at the end of 2023 2022 U.S. Pension Plans Non-U.S. Pension Plans Other Postretirement Plans Percentage of Percentage of Percentage of Plan Assets at Plan Assets at Plan Assets at Target Year-End Target Year-End Target Year-End Asset Category 2023 2023 2022 2023 2023 2022 2023 2023 2022 Equities 55.0 % 53.8 % 53.1 % 21.0 % 22.0 % 25.5 % 0.0 % 0.0 % 0.0 % Fixed income 45.0 % 44.9 % 45.8 % 79.0 % 77.2 % 70.0 % 0.0 % 0.0 % 0.0 % Insurance 0.0 % 0.0 % 0.1 % 0.0 % 0.0 % 0.0 % 100.0 % 99.5 % 98.9 % Cash 1 0.0 % 1.3 % 1.0 % 0.0 % 0.8 % 4.5 % 0.0 % 0.5 % 1.1 % Total 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 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 2023 2022 During 2023 tion mix of 55 percent equities and 45 pe 5 The non-U.S. pension plans consist of all the pension plans administered outside the U.S., principally consisting of plans in Germany and the United Kingdom. During 2023 2024. Other postretirement benefits plans consist of two no 2023 2022 500. Fair Value of Plan Assets The following table presents plan assets categorized within a three 13. December 2, 2023 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ - $ 172,166 $ - $ 172,166 Fixed income - 129,044 - 129,044 Cash 4,054 - - 4,054 Total categorized in the fair value hierarchy 4,054 301,210 - 305,264 Other investments measured at NAV 1 - - - 14,474 Total $ 4,054 $ 301,210 $ - $ 319,738 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 29,601 $ - $ - $ 29,601 Fixed income 40,686 - 726 41,412 Cash 1,137 - - 1,137 Total categorized in the fair value hierarchy 71,424 - 726 72,150 Other investments measured at NAV 1 62,472 Total $ 71,424 $ - $ 726 $ 134,622 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 132,754 $ 132,754 Cash 699 - - 699 Total $ 699 $ - $ 132,754 $ 133,453 December 3, 2022 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ - $ 152,084 $ 21,525 $ 173,609 Fixed income - 126,114 23,547 149,661 Insurance - - 179 179 Cash 3,337 - - 3,337 Total categorized in the fair value hierarchy 3,337 278,198 45,251 326,786 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 28,422 $ - $ - $ 28,422 Fixed income 41,515 - 703 42,218 Cash 491 - - 491 Total categorized in the fair value hierarchy 70,428 - 703 71,131 Other investments measured at NAV 1 70,777 Total $ 70,428 $ - $ 703 $ 141,908 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 119,446 $ 119,446 Cash 1,336 - - 1,336 Total $ 1,336 $ - $ 119,446 $ 120,782 1 820 10, Fair Value Measurement not The definitions of fair values of our pension and other postretirement benefit plan assets at December 2, 2023 December 3, 2022 Equities no no Fixed income Insurance Cash – The following is a roll forward of the Level 3 December 2, 2023 December 3, 2022 Fixed Income U.S. Pension Plans 2023 2022 Level 3 balance at beginning of year $ 45,251 $ 186 Net transfers (out of)/into level 3 (45,072 ) $ 16,564 Purchases, sales, issuances and settlements, net (179 ) 28,501 Level 3 balance at end of year $ - $ 45,251 Fixed Income Non-U.S. Pension Plans 2023 2022 Level 3 balance at beginning of year $ 703 $ 749 Net transfers into level 3 - 7 Net losses - (1 ) Currency change effect 23 (52 ) Level 3 balance at end of year $ 726 $ 703 Insurance Other Postretirement Benefits 2023 2022 Level 3 balance at beginning of year $ 119,446 $ 135,484 Net transfers out of level 3 - (1,992 ) Purchases, sales, issuances and settlements, net (1,144 ) (1,122 ) Net gains/(losses) 14,452 (12,924 ) Level 3 balance at end of year $ 132,754 $ 119,446 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 02, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11: Income Taxes Income before income taxes and income from equity method investments 2023 2022 2021 United States $ 15,276 $ 63,718 $ 14,989 Non-U.S. 218,885 188,210 201,862 Total $ 234,161 $ 251,928 $ 216,851 Components of the provision for income tax expense (benefit) 2023 2022 2021 Current: U.S. federal $ 18,347 $ 12,181 $ 10,310 State 5,529 3,389 2,265 Non-U.S. 87,449 63,750 57,801 111,325 79,320 70,376 Deferred: U.S. federal (100 ) 8,150 (6,891 ) State (4,111 ) (1,767 ) (350 ) Non-U.S. (13,585 ) (8,517 ) (102 ) (17,796 ) (2,134 ) (7,343 ) Total $ 93,529 $ 77,186 $ 63,033 Reconciliation of effective income tax 2023 2022 2021 Tax at statutory U.S. federal income tax rate $ 49,174 $ 52,760 $ 45,539 State income taxes, net of federal benefit 1,137 1,252 1,444 Foreign dividend repatriation 1 21,730 2,596 1,104 Foreign operations 12,558 1,868 19,673 Executive compensation over $1.0 million 784 2,847 2,507 Non-U.S. stock option expense 730 525 575 Change in valuation allowance 725 3,187 (9,572 ) Research and development tax credit (1,400 ) (927 ) (993 ) Foreign-derived intangible income (2,665 ) (2,786 ) (2,617 ) Global intangible low-taxed income 2,345 1,890 2,334 Provision to return 1,336 840 1,122 Cross currency swap - 7,020 3,931 Contingency reserve 5,951 5,909 (2,139 ) Other 1,124 205 125 Total income tax expense $ 93,529 $ 77,186 $ 63,033 1 no Deferred income tax balances at each year-end related to: 2023 2022 Deferred tax assets: Pension and other post-retirement benefit plans $ 5,306 $ 6,752 Employee benefit costs 27,672 25,196 Foreign tax credit carryforward 6,538 7,884 Tax loss carryforwards 25,894 22,948 Leases 12,716 8,538 Hedging activity 18,638 13,299 Interest deduction limitation 37,519 17,736 Other 33,022 28,840 Gross deferred tax assets 167,305 131,193 Less: valuation allowance (15,595 ) (14,424 ) Total net deferred tax assets 151,710 116,769 Deferred tax liability: Depreciation and amortization (209,266 ) (215,219 ) Pension and other post-retirement benefit plans (41,444 ) (37,362 ) Undistributed earnings of non-U.S. subsidiaries (21,926 ) - Leases (12,510 ) (8,329 ) Total deferred tax liability (285,146 ) (260,910 ) Net deferred tax liability $ (133,436 ) $ (144,141 ) The difference between the change in the deferred tax liability on the balance sheet and the deferred tax provision is primarily related to the defined benefit pension plan adjustment and hedges recorded in accumulated other comprehensive income (loss) offset by liabilities established in purchase accounting. Valuation allowances primarily relate to foreign net operating loss carryforwards and branch foreign tax credit 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 $81,655 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 $60,269 can be carried forward indefinitely, while the remaining $21,386 of tax losses must be utilized during 2024 2041. The U.S. has a branch foreign tax credit carryforward of $4,465. 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 2023 2022 Balance at beginning of year $ 17,582 $ 13,281 Tax positions related to the current year: Additions 723 469 Tax positions related to prior years: Additions 5,658 5,885 Reductions (965 ) (1,019 ) Settlements (8,156 ) - Lapses in applicable statutes of limitation (588 ) (1,034 ) Balance at end of year $ 14,254 $ 17,582 Included in the balance of unrecognized tax benefits as of December 2, 2023 December 3, 2022 We report accrued interest and penalties related to unrecognized tax benefits in income tax expense. For the year ended December 2, 2023 December 2, 2023 December 3, 2022 December 3, 2022 We are subject to U.S. federal income tax as well as income tax in numerous state and foreign jurisdictions. We are no 2020 2020. second 2016, 2005 2014. |
Note 12 - Financial Instruments
Note 12 - Financial Instruments | 12 Months Ended |
Dec. 02, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 12: Overview As a result of being a global enterprise, foreign currency exchange rates and fluctuations in those rates may We use foreign currency forward contracts, cross-currency swaps, interest rate swaps and net investment hedges 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 On January 12, 2023, 1 January 12, 2028. February 28, 2023, 1 848, Reference Rate Reform an asset of $2,458 at December 2, 2023 and was included in other assets in the O n March 16, 2023, 1 February 15, 2028. December 2, 2023 and was included in other assets in the Consolidated Balance Sheets. The swap was designated for hedge accounting treatment as a cash flow hedge. We are applying the hypothetical derivative method to assess h On March 16, 2023, 1 February 15, 2028. a liability of $63 at December 2, 2023 and was included in other liabilities The amounts of pretax gains (losses) recognized in comprehensive income related to derivative instruments designated as cash flow hedges are as follows: December 2, 2023 December 3, 2022 November 27, 2021 Cross-currency swap contracts $ - $ (3,536 ) $ (4,554 ) Interest rate swap contracts $ 5,932 $ 13,148 $ 20,109 Net investment hedges $ (18,555 ) $ (54,040 ) - Fair Value Hedges On February 12, 2021, October 20, 2020 1 June 30, 2023, 1 848, Reference Rate Reform 7 October 15, 2028. as a liability of $41,532 at December 2, 2023 , and was included in other liabilities in the Cons On February 14, 2017, February 14, 2017 1 May 1, 2020, seven Net Investment Hedges On October 17, 2022, €307,173 October 2028. October 20, 2022, €300,000 August 2025, August 2026 February 2027. June 30, 2023, 1 1 July 17, 2023, 1 848, Reference Rate Reform December 2, 2023 liability of $72,589 and was included in other liabilities in the Consolidated Balance Sheets. The cross-currency interest rate swaps hedge a portion of the Company’s investment in Euro denominated foreign subsidiaries. The swaps are designated as net investment hedges for accounting treatment. The net gains or losses attributable to changes in spot exchange rates are recorded in the cumulative translation adjustment within other comprehensive income (loss). The gains or losses are reclassified into earnings upon a liquidation event or deconsolidation of the foreign subsidiary. Any ineffective portions of net investment hedges are reclassified from accumulated other comprehensive income (loss) into earnings during the period of change. The amount in accumulated other comprehensive income (loss) related to net investment hedge cross-currency sw aps was a loss of $54,850 December 2, 2023 pretax loss recognized in comprehensive income related to the net investment hedge was $18,712 in 2023. December 2, 2023 not not twelve No 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 December 2, 2023 ween December 4, 2023 May 13, 2024. The amounts of pretax gains (losses) recognized in other income, net related to derivative instruments not December 2, 2023 December 3, 2022 November 27, 2021 Foreign currency forward contracts $ 8,497 $ 5,711 $ (357 ) 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 December 2, 2023 no |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 12 Months Ended |
Dec. 02, 2023 | |
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 December 2, 2023 December 3, 2022 Fair Value Measurements Using: December 2, Description 2023 Level 1 Level 2 Level 3 Assets: Marketable securities $ 19,314 $ 19,314 $ - $ - Foreign exchange contract assets 13,501 - 13,501 - Interest rate swaps, cash flow hedge assets 3,632 $ - 3,632 $ - Liabilities: Foreign exchange contract liabilities $ 5,004 $ - $ 5,004 $ - Interest rate swaps, cash flow hedge liabilities 63 $ - 63 $ - Interest rate swaps, fair value hedge liabilities 41,532 $ - 41,532 $ - Net investment hedge liability 72,589 - 72,589 - Contingent consideration liability 1,370 - - 1,370 Fair Value Measurements Using: December 3, Description 2022 Level 1 Level 2 Level 3 Assets: Marketable securities $ 4,013 $ 4,013 $ - $ - Foreign exchange contract assets 10,282 - 10,282 - Liabilities: Foreign exchange contract liabilities $ 4,570 $ - $ 4,570 $ - Cross-currency cash flow hedge liabilities 42,542 - 42,542 - Interest rate swaps, cash flow hedge liabilities 54,046 - 54,046 - Contingent consideration liability 1,977 - - 1,977 The valuation of our contingent consideration liability related to the acquisitions of GSSI and TissueSeal was $870 and $500, respectively, as of December 2, 2023 December 2, 2023 2023. 2 Contingent consideration liability 2023 Level 3 balance at beginning of year $ 1,977 Fair value adjustment 3,763 Payment of contingent consideration (4,132 ) Mark to market adjustment (238 ) Level 3 balance at end of year $ 1,370 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 See Note 7 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 02, 2023 | |
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 $5,034 and $5,754 as of December 2, 2023 December 3, 2022 December 2, 2023 December 3, 2022 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 December 2, December 3, November 27, 2023 2022 2021 Lawsuits and claims settled 9 7 2 Settlement amounts $ 4,200 $ 296 $ 85 Insurance payments received or expected to be received $ 2,379 $ 195 $ 55 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 15 - Segments
Note 15 - Segments | 12 Months Ended |
Dec. 02, 2023 | |
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. 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 Reportable operating segment financial information for all periods presented is as follows: 2023 2022 2021 Net revenue Hygiene, Health and Consumable Adhesives $ 1,601,487 $ 1,695,934 $ 1,472,756 Engineering Adhesives 1,428,744 1,532,639 1,371,756 Construction Adhesives 480,703 520,610 433,519 Total $ 3,510,934 $ 3,749,183 $ 3,278,031 Segment operating income (loss) Hygiene, Health and Consumable Adhesives $ 215,088 $ 165,786 $ 138,366 Engineering Adhesives 187,346 168,873 135,913 Construction Adhesives 5,961 22,989 14,148 Total segment 408,395 357,648 288,427 Corporate Unallocated 1 (53,258 ) (34,930 ) (35,815 ) Total $ 355,137 $ 322,718 $ 252,612 Depreciation and amortization Hygiene, Health and Consumable Adhesives $ 53,398 $ 46,374 $ 45,919 Engineering Adhesives 63,143 58,307 61,082 Construction Adhesives 41,915 41,713 35,002 Corporate Unallocated 1 1,384 582 1,171 Total $ 159,840 $ 146,976 $ 143,174 Total assets 2 Hygiene, Health and Consumable Adhesives $ 1,661,122 $ 1,488,277 Engineering Adhesives 1,627,715 1,610,015 Construction Adhesives 990,296 987,610 Corporate 444,442 377,727 Total $ 4,723,575 $ 4,463,629 Capital expenditures Hygiene, Health and Consumable Adhesives $ 67,933 $ 110,877 Engineering Adhesives 14,888 (2,302 ) Construction Adhesives 4,540 (5,772 ) Corporate 31,776 27,161 Total $ 119,137 $ 129,964 1 not 2 Reconciliation of segment operating income to income before income taxes and income from equity method investments: 2023 2022 2021 Segment operating income $ 355,137 $ 322,718 $ 252,612 Other income, net 9,682 12,952 32,855 Interest expense (134,602 ) (91,521 ) (78,092 ) Interest income 3,943 7,779 9,476 Income before income taxes and income from equity method investments $ 234,160 $ 251,928 $ 216,851 Financial information about geographic areas Net Revenue 2023 2022 2021 United States $ 1,551,846 $ 1,692,903 $ 1,421,623 China 430,948 462,587 433,998 Germany 393,029 419,141 409,193 Countries with more than 10 percent of total 2,375,823 2,574,631 2,264,814 All other countries with less than 10 percent of total 1,135,111 1,174,552 1,013,217 Total $ 3,510,934 $ 3,749,183 $ 3,278,031 Property, Plant and Equipment, net 2023 2022 2021 United States $ 425,765 $ 375,353 $ 331,864 Germany 114,266 107,903 120,548 China 110,061 101,563 96,300 All other countries with less than 10 percent of total 174,563 148,848 146,655 Total $ 824,655 $ 733,667 $ 695,367 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: December 2, 2023 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 919,024 $ 577,751 $ 363,517 $ - $ 1,860,292 EIMEA 476,397 460,327 85,738 - 1,022,462 Asia Pacific 206,066 390,666 31,448 - 628,180 $ 1,601,487 $ 1,428,744 $ 480,703 $ - $ 3,510,934 December 3, 2022 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 1,003,179 $ 630,484 $ 411,951 $ - $ 2,045,614 EIMEA 471,299 478,573 78,773 - 1,028,645 Asia Pacific 221,456 423,582 29,886 - 674,924 $ 1,695,934 $ 1,532,639 $ 520,610 $ - $ 3,749,183 November 27, 2021 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 826,172 $ 504,626 $ 384,576 $ - $ 1,715,374 EIMEA 425,324 470,466 22,156 - 917,946 Asia Pacific 221,260 396,664 26,787 - 644,711 $ 1,472,756 $ 1,371,756 $ 433,519 $ - $ 3,278,031 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 02, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Rule 10b5 1 None. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 02, 2023 | |
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 2023, 2022 2021 not X 1934. December 2, 2023, December 3, 2022, November 27, 2021 not Our fiscal year ends on the Saturday closest to November 30. December 2, 2023, December 3, 2022, November 27, 2021 2023, 2022 2021 five six 53rd 2022 53 |
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. 2023, 2022 2021 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 is 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 December 2, 2023 December 3, 2022. 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 $9,334 and $8,957 represent the cash surrender value of life insurance contracts as of December 2, 2023 December 3, 2022 |
Equity Securities without Readily Determinable Fair Value [Policy Text Block] | Equity Investments Investments in an entity where we own less than 20% not December 3, 2022 not December 2, 2023 November 27, 2021. December 2, 2023 December 3, 2022 |
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 to 40 years for buildings and improvements, 3 to 20 years for machinery and equipment, and the shorter of the lease or expected life for leasehold improvements. Fully depreciated assets are retained in property and accumulated depreciation accounts until removed from service. Upon disposal, assets and related accumulated depreciation are removed. Upon sale of an asset, the difference between the proceeds and remaining net book value is charged or credited to other income, net on the Consolidated Statements of Income. Expenditures that add value or extend the life of the respective assets are capitalized, while expenditures that are typical recurring repairs and maintenance are expensed as incurred. Interest costs associated with construction and implementation of property, plant and equipment of $1,769, $1,518 and $905 were capitalized in 2023, 2022 2021 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill We evaluate our goodwill for impairment annually at the beginning of the fourth not 2023 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 to 20 years. The straight-line method of amortization of these assets reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained in each reporting period. |
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, India, the Middle East and Africa ("EIMEA") and Asia Pacific, have the same local and functional currency. |
Pension and Other Postretirement 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 $3,147 and $2,888 at December 2, 2023 December 3, 2022 |
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) 2023 2022 2021 Net income attributable to H.B. Fuller $ 144,906 $ 180,313 $ 161,393 Weighted-average common shares – basic 54,332 53,580 52,887 Equivalent shares from share-based compensation plans 1,626 1,689 1,428 Weighted-average common and common equivalent shares – diluted 55,958 55,269 54,315 Basic earnings per share $ 2.67 $ 3.37 $ 3.05 Diluted earnings per share $ 2.59 $ 3.26 $ 2.97 Share-based compensation awards for 1,089,054, 707,197 and 1,535,503 shares for 2023, 2022 2021 |
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 2023, 2022 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In December 2023, No. 2023 09, Income Taxes (Topic 740 November 28, 2026. In November 2023, No. 2023 07, Segment Reporting (Topic 280 November 29, 2025. In September 2022, No. 2022 04, Liabilities - Supplier Finance Programs (Subtopic 405 50 December 1, 2024. 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 |
Dec. 02, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands, except per share data) 2023 2022 2021 Net income attributable to H.B. Fuller $ 144,906 $ 180,313 $ 161,393 Weighted-average common shares – basic 54,332 53,580 52,887 Equivalent shares from share-based compensation plans 1,626 1,689 1,428 Weighted-average common and common equivalent shares – diluted 55,958 55,269 54,315 Basic earnings per share $ 2.67 $ 3.37 $ 3.05 Diluted earnings per share $ 2.59 $ 3.26 $ 2.97 |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | December 2, 2023 December 3, 2022 November 27, 2021 Cost of sales $ 15,012 $ (152 ) $ (188 ) Selling, general and administrative 9,575 (297 ) 975 $ 24,587 $ (449 ) $ 787 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Employee- Related Asset-Related Other Total Balance at November 27, 2021 $ 1,095 $ - $ - $ 1,095 Expense incurred (449 ) - - (449 ) Non-cash charges - - - 0 Cash payments (529 ) - - (529 ) Foreign currency translation (60 ) - - (60 ) Balance at December 3, 2022 $ 57 $ - $ - $ 57 Expense incurred 22,731 1,369 487 24,587 Non-cash charges - (1,369 ) (453 ) (1,822 ) Cash payments (9,802 ) - (34 ) (9,836 ) Foreign currency translation (1,263 ) - - (1,263 ) Balance at December 2, 2023 $ 11,723 $ - $ - $ 11,723 |
Note 4 - Supplemental Financi_2
Note 4 - Supplemental Financial Statement Information (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
Notes Tables | |
Schedule of Income Statement Supplemental Disclosures [Table Text Block] | 2023 2022 2021 Foreign currency transaction losses, net $ (11,615 ) $ (12,935 ) $ (5,962 ) Gain (loss) on disposal of assets (58 ) 1,416 (648 ) Net periodic pension benefit 20,246 26,787 32,070 Other, net 1,109 (2,316 ) 7,395 Total other income, net $ 9,682 $ 12,952 $ 32,855 Research and development expenses (included in SG&A expenses) $ 48,640 $ 44,853 $ 39,344 |
Schedule of Balance Sheet Supplemental Disclosures [Table Text Block] | 2023 2022 Inventories Raw materials $ 206,140 $ 237,071 Finished goods 235,900 254,710 Total inventories $ 442,040 $ 491,781 Other current assets Other receivables $ 40,760 $ 36,338 Prepaid income taxes 12,327 27,169 Prepaid taxes other than income taxes 34,455 29,322 Prepaid expenses 25,136 27,490 Total other current assets $ 112,678 $ 120,319 Property, plant and equipment Land $ 91,320 $ 84,320 Buildings and improvements 447,428 405,037 Machinery and equipment 1,058,916 957,371 Construction in progress 157,371 133,010 Total, at cost 1,755,035 1,579,738 Accumulated depreciation (930,380 ) (846,071 ) Net property, plant and equipment $ 824,655 $ 733,667 Other assets Investments in company owned life insurance $ 9,334 $ 8,957 Equity method investments 37,562 42,143 Equity investments 1,362 1,362 Long-term deferred income taxes 42,949 39,048 Prepaid pension costs 92,323 86,616 Postretirement other than pension asset 113,431 98,848 Operating lease right-of-use assets 47,433 32,440 Other long-term receivables 14,013 9,262 Other long-term assets 12,758 17,192 Total other assets $ 371,165 $ 335,868 Other accrued expenses Taxes other than income taxes $ 22,497 $ 14,642 Miscellaneous services 8,319 7,092 Customer rebates 17,938 24,915 Interest 5,819 7,498 Product liability 175 154 Contingent consideration liability 1,370 1,977 Current operating lease liabilities 11,277 9,794 Current obligations of finance leases 16,184 1,541 Accrued expenses 24,323 21,732 Total other accrued expenses $ 107,902 $ 89,345 Other liabilities Asset retirement obligations $ 3,147 $ 2,888 Long-term deferred income taxes 176,385 183,190 Long-term income tax liability 19,225 22,202 Long-term deferred compensation 9,884 9,957 Postretirement other than pension 1,893 2,021 Noncurrent operating lease liabilities 36,879 23,421 Environmental liabilities 2,563 3,064 Net investment hedge liabilities 72,589 54,046 Other long-term liabilities 65,507 57,497 Total other liabilities $ 388,072 $ 358,286 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2023 2022 2021 Balance at beginning of year $ 10,939 $ 9,935 $ 12,905 Charged to expenses and other adjustments 1,224 1,794 (546 ) Write-offs (1,522 ) (851 ) (2,278 ) Foreign currency translation effect 439 61 (146 ) Balance at end of year $ 11,080 $ 10,939 $ 9,935 |
Comprehensive Income (Loss) [Table Text Block] | December 2, 2023 Non-controlling H.B. Fuller Stockholders Interest Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interests - - $ 144,906 $ 82 Other comprehensive income (loss) Foreign currency translation adjustment 1 $ 17,320 - 17,320 2 Defined benefit pension plans adjustment 2 1,554 (762 ) 792 - Interest rate swap 3 5,932 (1,460 ) 4,472 - Net investment hedges 3 (18,555 ) 4,448 (14,107 ) - Other comprehensive income (loss) $ 6,251 $ 2,226 $ 8,477 $ 2 Comprehensive income $ 153,383 $ 84 December 3, 2022 Non-controlling H.B. Fuller Stockholders Interest Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interests - - $ 180,313 $ 94 Other comprehensive income (loss) Foreign currency translation adjustment 1 $ (131,745 ) - (131,745 ) (61 ) Defined benefit pension plans adjustment 2 (18,881 ) 3,818 (15,063 ) - Interest rate swap 3 13,148 (3,224 ) 9,924 - Other cash flow hedges 3 (3,536 ) 53 (3,483 ) - Net investment hedges 3 (54,040 ) 13,297 (40,743 ) - Other comprehensive income $ (195,054 ) $ 13,944 $ (181,110 ) $ (61 ) Comprehensive income $ (797 ) $ 33 November 27, 2021 Non-controlling H.B. Fuller Stockholders Interest Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interests - - $ 161,393 $ 82 Other comprehensive income (loss) Foreign currency translation adjustment 1 $ (26,262 ) - (26,262 ) (32 ) Defined benefit pension plans adjustment 2 64,912 (16,731 ) 48,181 - Interest rate swap 3 20,109 (4,930 ) 15,179 - Other cash flow hedges 3 (4,554 ) 68 (4,486 ) - Other comprehensive (loss) income $ 54,205 $ (21,593 ) $ 32,612 $ (32 ) Comprehensive income $ 194,005 $ 50 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 2, 2023 Non- H.B. Fuller controlling Total Stockholders Interests Foreign currency translation adjustment $ (246,736 ) $ (246,692 ) $ (44 ) Defined benefit pension plans adjustment, net of taxes of $ 66,982 (127,469 ) (127,469 ) - Interest rate swap, net of taxes of ($ 1,460 4,472 4,472 - Net investment hedges, net of taxes of $ 17,744 (54,850 ) (54,850 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Total accumulated other comprehensive loss $ (442,924 ) $ (442,880 ) $ (44 ) December 3, 2022 Non- H.B. Fuller controlling Total Stockholders Interests Foreign currency translation adjustment $ (264,054 ) $ (264,012 ) $ (42 ) Defined benefit pension plans adjustment, net of taxes of $ 67,744 (128,261 ) (128,261 ) - Net investment hedges, net of taxes of $ 13,297 (40,743 ) (40,743 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Total accumulated other comprehensive loss $ (451,399 ) $ (451,357 ) $ (42 ) November 27, 2021 Non- H.B. Fuller controlling Total Stockholders Interests Foreign currency translation adjustment $ (132,370 ) $ (132,267 ) $ (103 ) Defined benefit pension plans adjustment, net of taxes of $ 63,925 (113,198 ) (113,198 ) - 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 - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Total accumulated other comprehensive loss $ (270,350 ) $ (270,247 ) $ (103 ) |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total As of December 3, 2022 $ 328,962 $ 637,910 $ 425,755 $ 1,392,627 Acquisitions 67,523 5,983 6,179 79,685 Foreign currency translation effect 6,113 7,252 835 14,200 As of December 2, 2023 $ 402,598 $ 651,145 $ 432,769 $ 1,486,512 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Tradename All Other Total As of December 2, 2023 Original cost $ 144,763 $ 986,470 $ 58,484 $ 10,911 $ 1,200,628 Accumulated amortization (59,631 ) (382,220 ) (23,099 ) (7,012 ) (471,962 ) Net identifiable intangibles $ 85,132 $ 604,250 $ 35,385 $ 3,899 $ 728,666 Weighted-average useful lives (in years) 13 16 13 13 16 As of December 3, 2022 Original cost $ 118,727 $ 1,004,008 $ 50,324 $ 11,053 $ 1,184,112 Accumulated amortization (66,433 ) (388,394 ) (21,401 ) (6,251 ) (482,479 ) Net identifiable intangibles $ 52,294 $ 615,614 $ 28,923 $ 4,802 $ 701,633 Weighted-average useful lives (in years) 13 17 13 13 16 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year 2024 2025 2026 2027 2028 Thereafter Amortization Expense $77,288 $77,678 $70,957 $67,652 $67,356 $367,735 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 2, 2023 December 3, 2022 Operating lease cost $ 13,883 $ 12,026 Finance lease cost: Amortization of assets 2,045 1,535 Interest on lease liabilities 1,077 261 Variable lease cost 8,554 6,481 Total net lease cost $ 25,559 $ 20,303 |
Lessee, Supplemental Balance Sheet Information and Weighted Average [Table Text Block] | Location on Balance Sheet December 2, 2023 December 3, 2022 Operating leases: Operating lease right-of-use assets Other assets $ 47,433 $ 32,440 Current operating lease liabilities Other accrued expenses 11,277 9,794 Noncurrent operating lease liabilities Other liabilities 36,879 23,421 Total operating lease liabilities $ 48,156 $ 33,215 Finance leases: Equipment right-of-use assets Property, plant and equipment $ 11,681 $ 11,150 Building right-of-use asset Property, plant and equipment $ 14,230 $ - Current obligations of finance leases Other accrued expenses $ 16,184 $ 1,541 Finance leases, net of current obligations Other liabilities 6,534 7,507 Total finance lease liabilities $ 22,718 $ 9,048 |
Lessee, Supplemental Cash Flow Information [Table Text Block] | December 2, 2023 December 3, 2022 Cash paid amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,745 $ 15,209 Operating cash flows from finance leases 1,077 261 Financing cash flows from finance leases 268 607 Non-cash investing and financing activities - additions to right-of-use assets obtained from: New operating lease liabilities $ 26,687 $ 15,442 New finance lease liabilities 15,015 1,258 |
Lessee, Operating and Finance Leases, Liabilities, Maturity [Table Text Block] | December 2, 2023 Fiscal Year Finance Leases Operating Leases 2024 $ 16,535 $ 12,993 2025 1,618 9,452 2026 1,441 7,085 2027 1,151 5,126 2028 684 3,505 2029 and beyond 2,376 18,869 Total 23,805 57,031 Less: amounts representing interest (1,087 ) (8,875 ) Present value of future minimum payments 22,718 48,156 Less: current obligations (16,184 ) (11,277 ) Noncurrent lease liabilities $ 6,534 $ 36,879 |
Note 7 - Notes Payable, Long-_2
Note 7 - Notes Payable, Long-term Debt and Lines of Credit (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Weighted-Average Fiscal Year Balance at Balance at Interest Rate at Maturity December 2, December 3, Long-Term Debt December 2, 2023 Date 2023 2022 Revolving credit facility 6.95 % 2028 $ - $ 175,500 Term Loan A 1 6.95 % 2028 487,500 - Term Loan B 2 7.60 % 2030 796,000 1,001,150 Public Notes 3 4.00 % 2027 300,000 300,000 Public Notes 4 4.25 % 2028 300,000 300,000 Other, including debt issuance cost and discount (46,910 ) (40,394 ) Total debt $ 1,836,590 $ 1,736,256 Less: current maturities - - Total long-term debt, excluding current maturities $ 1,836,590 $ 1,736,256 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Fiscal Year 2024 2025 2026 2027 2028 Thereafter Long-term debt obligations $ - $ - $ - $ 300,000 $ 787,500 $ 796,000 |
Schedule of Line of Credit Facilities [Table Text Block] | Committed Drawn Unused Revolving credit facility $ 700,000 $ - $ 690,032 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Common Shares Outstanding 2023 2022 2021 Beginning balance 53,676,576 52,777,753 51,906,663 Stock options exercised 314,832 657,789 740,731 Deferred compensation paid 102,108 118,429 19,895 Restricted units vested 113,339 172,474 157,945 Shares withheld for taxes (113,868 ) (49,869 ) (47,481 ) Ending balance 54,092,987 53,676,576 52,777,753 |
Note 9 - Accounting for Share_2
Note 9 - Accounting for Share-based Compensation (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
Notes Tables | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | 2023 2022 2021 Expected life (in years) 5.00 5.00 5.00 Weighted-average expected volatility 35.28 % 33.35 % 32.50 % Expected volatility range 35.09-35.69 % 33.33-34.34 % 32.48% - 32.94% Risk-free interest rate 3.48-4.72 % 1.53-4.06 % 0.39% - 1.20% Weighted-average expected dividend 1.20 % 0.95 % 1.26 % Expected dividend yield range 1.13-1.22 % 0.94-1.23 % 0.92% - 1.27% Weighted-average fair value of grants $ 22.41 $ 20.91 $ 13.29 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Average Options Exercise Price Outstanding at November 28, 2020 5,545,915 $ 47.34 Granted 1,237,094 53.33 Exercised (740,731 ) 43.64 Forfeited or cancelled (1,069,886 ) 56.33 Outstanding at November 27, 2021 4,972,392 $ 47.45 Granted 549,458 72.75 Exercised (657,789 ) 45.79 Forfeited or cancelled (40,991 ) 61.31 Outstanding at December 3, 2022 4,823,070 $ 50.42 Granted 471,975 68.27 Exercised (314,832 ) 46.43 Forfeited or cancelled (38,328 ) 63.52 Outstanding at December 2, 2023 4,941,885 $ 52.28 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted- Weighted- Average Average Remaining Grant Contractual Date Fair Life Units Value (in Years) Nonvested at November 28, 2020 432,349 $ 46.22 0.8 Granted 356,779 54.49 3.2 Vested (157,945 ) 48.69 - Forfeited (78,818 ) 47.79 0.8 Nonvested at November 27, 2021 $ 552,365 $ 50.63 1.9 Granted 179,603 67.92 3.2 Vested (172,474 ) 46.74 - Forfeited (68,374 ) 45.83 0.1 Nonvested at December 3, 2022 $ 491,120 $ 58.98 0.7 Granted 187,185 63.32 2.2 Vested (113,339 ) 53.83 - Forfeited (36,276 ) 44.48 0.2 Nonvested at December 2, 2023 $ 528,690 $ 62.61 0.7 |
Schedule of Deferred Compensation Arrangement with Individual, Share-Based Payments [Table Text Block] | Non-employee Directors Employees Total Units outstanding November 28, 2020 455,265 44,553 499,818 Participant contributions 13,036 10,487 23,523 Company match contributions 1 20,118 1,049 21,167 Payouts (19,895 ) (7,728 ) (27,623 ) Units outstanding November 27, 2021 468,524 48,361 516,885 Participant contributions 89,054 12,985 102,039 Company match contributions 1 26,843 1,299 28,142 Payouts (118,429 ) (6,073 ) (124,502 ) Units outstanding December 3, 2022 465,992 56,572 522,564 Participant contributions 13,187 12,219 25,406 Company match contributions 1 18,899 1,222 20,121 Payouts (102,108 ) (6,826 ) (108,934 ) Units outstanding December 2, 2023 395,970 63,187 459,157 |
Note 10 - Pension and Postret_2
Note 10 - Pension and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
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 2023 2022 2023 2022 2023 2022 Change in projected benefit obligation Benefit obligation at beginning of year $ 269,874 $ 361,212 $ 154,850 $ 238,400 $ 24,173 $ 31,262 Service cost - - 1,670 2,765 - - Interest cost 13,901 9,653 5,726 2,893 1,205 748 Participant contributions - - - - 232 296 Actuarial gain 1 (7,298 ) (80,296 ) (12,435 ) (57,159 ) (611 ) (5,395 ) Curtailments - - - 231 - - Settlement payments (141 ) (200 ) (252 ) (7,988 ) - - Benefits paid (20,946 ) (20,495 ) (7,663 ) (8,370 ) (2,866 ) (2,738 ) Foreign currency translation effect - - 4,900 (15,922 ) - - Benefit obligation at end of year 255,390 269,874 146,796 154,850 22,133 24,173 Change in plan assets Fair value of plan assets at beginning of year 326,786 409,811 141,908 216,623 120,782 135,701 Actual return on plan assets 12,811 (63,562 ) (5,545 ) (45,328 ) 15,160 (12,613 ) Employer contributions 1,228 1,232 1,744 1,640 145 136 Participant contributions - - - - 232 296 Settlement payments (141 ) (200 ) - - - - Benefits paid 2 (20,946 ) (20,495 ) (7,663 ) (8,369 ) (2,866 ) (2,738 ) Foreign currency translation effect - - 4,178 (22,658 ) - - Fair value of plan assets at end of year 319,738 326,786 134,622 141,908 133,453 120,782 Plan assets in excess of (less than) benefit obligation as of year end $ 64,348 $ 56,912 $ (12,174 ) $ (12,942 ) $ 111,320 $ 96,608 |
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 2023 2022 2023 2022 2023 2022 Unrecognized actuarial loss (gain) $ 143,522 $ 137,351 $ 49,128 $ 49,306 $ (14,442 ) $ (8,530 ) Unrecognized prior service cost - - 1,196 1,219 - - Ending balance $ 143,522 $ 137,351 $ 50,324 $ 50,525 $ (14,442 ) $ (8,530 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2023 2022 2023 2022 2023 2022 Statement of financial position as of fiscal year-end Non-current assets $ 76,677 $ 69,826 $ 15,635 $ 16,790 $ 113,431 $ 98,848 Accrued benefit cost Current liabilities (1,239 ) (1,248 ) (1,464 ) (1,727 ) (218 ) (218 ) Non-current liabilities (11,089 ) (11,666 ) (26,345 ) (28,006 ) (1,893 ) (2,021 ) Ending balance $ 64,349 $ 56,912 $ (12,174 ) $ (12,943 ) $ 111,320 $ 96,609 |
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 2023 2022 2023 2022 Accumulated benefit obligation $ 12,329 $ 12,914 $ 35,034 $ 36,820 Fair value of plan assets - - 9,700 9,617 Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2023 2022 2023 2022 Projected benefit obligation $ 12,329 $ 12,914 $ 37,510 $ 39,350 Fair value of plan assets - - $ 9,700 9,617 |
Schedule of Expected Benefit Payments [Table Text Block] | Pension Benefits Other Non-U.S. Postretirement U.S. Plans Plans Benefits Employer contributions 2024 $ - $ 5 $ - Expected benefit payments 2024 21,330 8,387 2,723 2025 21,351 8,470 2,622 2026 21,251 8,651 2,512 2027 21,168 8,948 2,382 2028- 2033 121,219 53,787 11,487 |
Schedule of Net Benefit Costs [Table Text Block] | Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Net periodic cost (benefit) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost $ - $ - $ - $ 1,670 $ 2,765 $ 3,280 $ - $ - $ 21 Interest cost 13,901 9,653 9,299 5,726 2,893 2,941 1,205 748 822 Expected return on assets (28,821 ) (29,018 ) (31,123 ) (7,027 ) (6,465 ) (12,348 ) (9,859 ) (11,084 ) (8,945 ) Amortization: Prior service (benefit) cost - (3 ) (3 ) 62 63 69 - - - Actuarial loss (gain) 2,541 4,132 3,198 1,993 2,411 4,053 - (3,445 ) 73 Settlement charge - - - 19 3,329 - - - - Net periodic (benefit) cost $ (12,379 ) $ (15,237 ) $ (18,629 ) $ 2,443 $ 4,996 $ (2,005 ) $ (8,654 ) $ (13,781 ) $ (8,029 ) |
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 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate 5.66 % 5.36 % 2.75 % 4.37 % 3.70 % 1.27 % 5.61 % 5.29 % 2.51 % Rate of compensation increase 1 0.00 % 0.00 % 0.00 % 1.82 % 1.83 % 1.48 % N/A N/A N/A Weighted-average assumptions used to determine net costs for years ended 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate 5.36 % 2.75 % 2.50 % 3.71 % 1.29 % 1.19 % 5.29 % 2.51 % 2.19 % Expected return on plan assets 7.75 % 7.00 % 7.24 % 5.02 % 3.49 % 6.15 % 8.25 % 8.25 % 8.25 % Rate of compensation increase 1 0.00 % 0.00 % 0.00 % 1.82 % 1.68 % 1.67 % 0.00 % 0.00 % 0.00 % |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumed health care trend rates 2023 2022 2021 Health care cost trend rate assumed for next year 6.25 % 6.50 % 6.50 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.75 % 5.75 % 5.00 % Fiscal year that the rate reaches the ultimate trend rate 2026 2026 2028 |
Schedule of Allocation of Plan Assets [Table Text Block] | U.S. Pension Plans Non-U.S. Pension Plans Other Postretirement Plans Percentage of Percentage of Percentage of Plan Assets at Plan Assets at Plan Assets at Target Year-End Target Year-End Target Year-End Asset Category 2023 2023 2022 2023 2023 2022 2023 2023 2022 Equities 55.0 % 53.8 % 53.1 % 21.0 % 22.0 % 25.5 % 0.0 % 0.0 % 0.0 % Fixed income 45.0 % 44.9 % 45.8 % 79.0 % 77.2 % 70.0 % 0.0 % 0.0 % 0.0 % Insurance 0.0 % 0.0 % 0.1 % 0.0 % 0.0 % 0.0 % 100.0 % 99.5 % 98.9 % Cash 1 0.0 % 1.3 % 1.0 % 0.0 % 0.8 % 4.5 % 0.0 % 0.5 % 1.1 % Total 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | December 2, 2023 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ - $ 172,166 $ - $ 172,166 Fixed income - 129,044 - 129,044 Cash 4,054 - - 4,054 Total categorized in the fair value hierarchy 4,054 301,210 - 305,264 Other investments measured at NAV 1 - - - 14,474 Total $ 4,054 $ 301,210 $ - $ 319,738 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 29,601 $ - $ - $ 29,601 Fixed income 40,686 - 726 41,412 Cash 1,137 - - 1,137 Total categorized in the fair value hierarchy 71,424 - 726 72,150 Other investments measured at NAV 1 62,472 Total $ 71,424 $ - $ 726 $ 134,622 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 132,754 $ 132,754 Cash 699 - - 699 Total $ 699 $ - $ 132,754 $ 133,453 December 3, 2022 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ - $ 152,084 $ 21,525 $ 173,609 Fixed income - 126,114 23,547 149,661 Insurance - - 179 179 Cash 3,337 - - 3,337 Total categorized in the fair value hierarchy 3,337 278,198 45,251 326,786 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 28,422 $ - $ - $ 28,422 Fixed income 41,515 - 703 42,218 Cash 491 - - 491 Total categorized in the fair value hierarchy 70,428 - 703 71,131 Other investments measured at NAV 1 70,777 Total $ 70,428 $ - $ 703 $ 141,908 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 119,446 $ 119,446 Cash 1,336 - - 1,336 Total $ 1,336 $ - $ 119,446 $ 120,782 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | Fixed Income U.S. Pension Plans 2023 2022 Level 3 balance at beginning of year $ 45,251 $ 186 Net transfers (out of)/into level 3 (45,072 ) $ 16,564 Purchases, sales, issuances and settlements, net (179 ) 28,501 Level 3 balance at end of year $ - $ 45,251 Fixed Income Non-U.S. Pension Plans 2023 2022 Level 3 balance at beginning of year $ 703 $ 749 Net transfers into level 3 - 7 Net losses - (1 ) Currency change effect 23 (52 ) Level 3 balance at end of year $ 726 $ 703 Insurance Other Postretirement Benefits 2023 2022 Level 3 balance at beginning of year $ 119,446 $ 135,484 Net transfers out of level 3 - (1,992 ) Purchases, sales, issuances and settlements, net (1,144 ) (1,122 ) Net gains/(losses) 14,452 (12,924 ) Level 3 balance at end of year $ 132,754 $ 119,446 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income before income taxes and income from equity method investments 2023 2022 2021 United States $ 15,276 $ 63,718 $ 14,989 Non-U.S. 218,885 188,210 201,862 Total $ 234,161 $ 251,928 $ 216,851 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of the provision for income tax expense (benefit) 2023 2022 2021 Current: U.S. federal $ 18,347 $ 12,181 $ 10,310 State 5,529 3,389 2,265 Non-U.S. 87,449 63,750 57,801 111,325 79,320 70,376 Deferred: U.S. federal (100 ) 8,150 (6,891 ) State (4,111 ) (1,767 ) (350 ) Non-U.S. (13,585 ) (8,517 ) (102 ) (17,796 ) (2,134 ) (7,343 ) Total $ 93,529 $ 77,186 $ 63,033 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation of effective income tax 2023 2022 2021 Tax at statutory U.S. federal income tax rate $ 49,174 $ 52,760 $ 45,539 State income taxes, net of federal benefit 1,137 1,252 1,444 Foreign dividend repatriation 1 21,730 2,596 1,104 Foreign operations 12,558 1,868 19,673 Executive compensation over $1.0 million 784 2,847 2,507 Non-U.S. stock option expense 730 525 575 Change in valuation allowance 725 3,187 (9,572 ) Research and development tax credit (1,400 ) (927 ) (993 ) Foreign-derived intangible income (2,665 ) (2,786 ) (2,617 ) Global intangible low-taxed income 2,345 1,890 2,334 Provision to return 1,336 840 1,122 Cross currency swap - 7,020 3,931 Contingency reserve 5,951 5,909 (2,139 ) Other 1,124 205 125 Total income tax expense $ 93,529 $ 77,186 $ 63,033 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income tax balances at each year-end related to: 2023 2022 Deferred tax assets: Pension and other post-retirement benefit plans $ 5,306 $ 6,752 Employee benefit costs 27,672 25,196 Foreign tax credit carryforward 6,538 7,884 Tax loss carryforwards 25,894 22,948 Leases 12,716 8,538 Hedging activity 18,638 13,299 Interest deduction limitation 37,519 17,736 Other 33,022 28,840 Gross deferred tax assets 167,305 131,193 Less: valuation allowance (15,595 ) (14,424 ) Total net deferred tax assets 151,710 116,769 Deferred tax liability: Depreciation and amortization (209,266 ) (215,219 ) Pension and other post-retirement benefit plans (41,444 ) (37,362 ) Undistributed earnings of non-U.S. subsidiaries (21,926 ) - Leases (12,510 ) (8,329 ) Total deferred tax liability (285,146 ) (260,910 ) Net deferred tax liability $ (133,436 ) $ (144,141 ) |
Summary of Income Tax Contingencies [Table Text Block] | 2023 2022 Balance at beginning of year $ 17,582 $ 13,281 Tax positions related to the current year: Additions 723 469 Tax positions related to prior years: Additions 5,658 5,885 Reductions (965 ) (1,019 ) Settlements (8,156 ) - Lapses in applicable statutes of limitation (588 ) (1,034 ) Balance at end of year $ 14,254 $ 17,582 |
Note 12 - Financial Instrumen_2
Note 12 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | December 2, 2023 December 3, 2022 November 27, 2021 Cross-currency swap contracts $ - $ (3,536 ) $ (4,554 ) Interest rate swap contracts $ 5,932 $ 13,148 $ 20,109 Net investment hedges $ (18,555 ) $ (54,040 ) - December 2, 2023 December 3, 2022 November 27, 2021 Foreign currency forward contracts $ 8,497 $ 5,711 $ (357 ) |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using: December 2, Description 2023 Level 1 Level 2 Level 3 Assets: Marketable securities $ 19,314 $ 19,314 $ - $ - Foreign exchange contract assets 13,501 - 13,501 - Interest rate swaps, cash flow hedge assets 3,632 $ - 3,632 $ - Liabilities: Foreign exchange contract liabilities $ 5,004 $ - $ 5,004 $ - Interest rate swaps, cash flow hedge liabilities 63 $ - 63 $ - Interest rate swaps, fair value hedge liabilities 41,532 $ - 41,532 $ - Net investment hedge liability 72,589 - 72,589 - Contingent consideration liability 1,370 - - 1,370 Fair Value Measurements Using: December 3, Description 2022 Level 1 Level 2 Level 3 Assets: Marketable securities $ 4,013 $ 4,013 $ - $ - Foreign exchange contract assets 10,282 - 10,282 - Liabilities: Foreign exchange contract liabilities $ 4,570 $ - $ 4,570 $ - Cross-currency cash flow hedge liabilities 42,542 - 42,542 - Interest rate swaps, cash flow hedge liabilities 54,046 - 54,046 - Contingent consideration liability 1,977 - - 1,977 |
Contingent Consideration Liability [Member] | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Contingent consideration liability 2023 Level 3 balance at beginning of year $ 1,977 Fair value adjustment 3,763 Payment of contingent consideration (4,132 ) Mark to market adjustment (238 ) Level 3 balance at end of year $ 1,370 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
Notes Tables | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | Year Ended Year Ended Year Ended December 2, December 3, November 27, 2023 2022 2021 Lawsuits and claims settled 9 7 2 Settlement amounts $ 4,200 $ 296 $ 85 Insurance payments received or expected to be received $ 2,379 $ 195 $ 55 |
Note 15 - Segments (Tables)
Note 15 - Segments (Tables) | 12 Months Ended |
Dec. 02, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2023 2022 2021 Net revenue Hygiene, Health and Consumable Adhesives $ 1,601,487 $ 1,695,934 $ 1,472,756 Engineering Adhesives 1,428,744 1,532,639 1,371,756 Construction Adhesives 480,703 520,610 433,519 Total $ 3,510,934 $ 3,749,183 $ 3,278,031 Segment operating income (loss) Hygiene, Health and Consumable Adhesives $ 215,088 $ 165,786 $ 138,366 Engineering Adhesives 187,346 168,873 135,913 Construction Adhesives 5,961 22,989 14,148 Total segment 408,395 357,648 288,427 Corporate Unallocated 1 (53,258 ) (34,930 ) (35,815 ) Total $ 355,137 $ 322,718 $ 252,612 Depreciation and amortization Hygiene, Health and Consumable Adhesives $ 53,398 $ 46,374 $ 45,919 Engineering Adhesives 63,143 58,307 61,082 Construction Adhesives 41,915 41,713 35,002 Corporate Unallocated 1 1,384 582 1,171 Total $ 159,840 $ 146,976 $ 143,174 Total assets 2 Hygiene, Health and Consumable Adhesives $ 1,661,122 $ 1,488,277 Engineering Adhesives 1,627,715 1,610,015 Construction Adhesives 990,296 987,610 Corporate 444,442 377,727 Total $ 4,723,575 $ 4,463,629 Capital expenditures Hygiene, Health and Consumable Adhesives $ 67,933 $ 110,877 Engineering Adhesives 14,888 (2,302 ) Construction Adhesives 4,540 (5,772 ) Corporate 31,776 27,161 Total $ 119,137 $ 129,964 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | 2023 2022 2021 Segment operating income $ 355,137 $ 322,718 $ 252,612 Other income, net 9,682 12,952 32,855 Interest expense (134,602 ) (91,521 ) (78,092 ) Interest income 3,943 7,779 9,476 Income before income taxes and income from equity method investments $ 234,160 $ 251,928 $ 216,851 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Net Revenue 2023 2022 2021 United States $ 1,551,846 $ 1,692,903 $ 1,421,623 China 430,948 462,587 433,998 Germany 393,029 419,141 409,193 Countries with more than 10 percent of total 2,375,823 2,574,631 2,264,814 All other countries with less than 10 percent of total 1,135,111 1,174,552 1,013,217 Total $ 3,510,934 $ 3,749,183 $ 3,278,031 Property, Plant and Equipment, net 2023 2022 2021 United States $ 425,765 $ 375,353 $ 331,864 Germany 114,266 107,903 120,548 China 110,061 101,563 96,300 All other countries with less than 10 percent of total 174,563 148,848 146,655 Total $ 824,655 $ 733,667 $ 695,367 |
Disaggregation of Revenue [Table Text Block] | December 2, 2023 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 919,024 $ 577,751 $ 363,517 $ - $ 1,860,292 EIMEA 476,397 460,327 85,738 - 1,022,462 Asia Pacific 206,066 390,666 31,448 - 628,180 $ 1,601,487 $ 1,428,744 $ 480,703 $ - $ 3,510,934 December 3, 2022 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 1,003,179 $ 630,484 $ 411,951 $ - $ 2,045,614 EIMEA 471,299 478,573 78,773 - 1,028,645 Asia Pacific 221,456 423,582 29,886 - 674,924 $ 1,695,934 $ 1,532,639 $ 520,610 $ - $ 3,749,183 November 27, 2021 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 826,172 $ 504,626 $ 384,576 $ - $ 1,715,374 EIMEA 425,324 470,466 22,156 - 917,946 Asia Pacific 221,260 396,664 26,787 - 644,711 $ 1,472,756 $ 1,371,756 $ 433,519 $ - $ 3,278,031 |
Note 1 - Nature of Business a_3
Note 1 - Nature of Business and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 USD ($) shares | Dec. 03, 2022 USD ($) shares | Nov. 27, 2021 USD ($) shares | |
Number of Countries in which Entity Operates | 35 | ||
Number of Reportable Segments | 3 | ||
Contract with Customers, Net Revenue Reduction, Customer Incentives | $ 35,896 | $ 50,146 | $ 33,441 |
Cash Surrender Value of Life Insurance | 9,334 | 8,957 | |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | 0 | 303 | 0 |
Equity Securities without Readily Determinable Fair Value, Amount | 1,362 | 1,362 | |
Interest Costs Capitalized | $ 1,769 | $ 1,518 | $ 905 |
Finite-Lived Intangible Asset, Useful Life (Year) | 16 years | 16 years | |
Asset Retirement Obligations, Noncurrent | $ 3,147 | $ 2,888 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 1,089,054 | 707,197 | 1,535,503 |
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | shares | 113,868 | 49,869 | 47,481 |
Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55% | ||
Fixed Income Funds [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45% | ||
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% | ||
Revenue Benchmark [Member] | Hygiene, Health, and Consumable Adhesives [Member] | Product Concentration Risk [Member] | |||
Concentration Risk, Percentage | 46% | ||
Revenue Benchmark [Member] | Engineering Adhesives [Member] | Product Concentration Risk [Member] | |||
Concentration Risk, Percentage | 41% | ||
Revenue Benchmark [Member] | Construction Adhesives [Member] | Product Concentration Risk [Member] | |||
Concentration Risk, Percentage | 13% |
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, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Net income attributable to H.B. Fuller | $ 144,906 | $ 180,313 | $ 161,393 |
Weighted-average common shares – basic (in shares) | 54,332 | 53,580 | 52,887 |
Equivalent shares from share-based compensation plans (in shares) | 1,626 | 1,689 | 1,428 |
Weighted-average common and common equivalent shares – diluted (in shares) | 55,958 | 55,269 | 54,315 |
Basic earnings per share (in dollars per share) | $ 2.67 | $ 3.37 | $ 3.05 |
Diluted earnings per share (in dollars per share) | $ 2.59 | $ 3.26 | $ 2.97 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) € in Thousands, ¥ in Thousands, £ in Thousands, $ in Thousands | 3 Months Ended | ||||||||||||||||||
Dec. 02, 2023 USD ($) | Sep. 08, 2023 USD ($) | Sep. 08, 2023 GBP (£) | Jun. 23, 2023 USD ($) | May 01, 2023 USD ($) | May 01, 2023 GBP (£) | Jan. 31, 2023 USD ($) | Dec. 15, 2022 USD ($) | Dec. 15, 2022 EUR (€) | Oct. 24, 2022 USD ($) | Aug. 16, 2022 USD ($) | Aug. 16, 2022 CNY (¥) | Jan. 26, 2022 USD ($) | Jan. 26, 2022 GBP (£) | Jan. 11, 2022 USD ($) | Jan. 11, 2022 EUR (€) | Sep. 02, 2023 USD ($) | Dec. 03, 2022 USD ($) | Aug. 16, 2022 CNY (¥) | |
Goodwill | $ 1,486,512 | $ 1,392,627 | |||||||||||||||||
Payments to Acquire Businesses, Gross | $ 205,592 | £ 152,714 | |||||||||||||||||
Adhezion [Member] | |||||||||||||||||||
Payments to Acquire Businesses, Holdback Amount | $ 780 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 38,500 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 3,913 | ||||||||||||||||||
Business Combination, Consideration Transferred | 80,802 | ||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 15,000 | ||||||||||||||||||
Goodwill | 38,389 | ||||||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 25,702 | ||||||||||||||||||
Xchem [Member] | |||||||||||||||||||
Payments to Acquire Businesses, Holdback Amount | 1,650 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,400 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 5,408 | ||||||||||||||||||
Business Combination, Consideration Transferred | 14,591 | ||||||||||||||||||
Goodwill | 4,783 | ||||||||||||||||||
Beardow Adams [Member] | |||||||||||||||||||
Payments to Acquire Businesses, Holdback Amount | £ | £ 8,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 37,611 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 37,600 | ||||||||||||||||||
Goodwill | 25,674 | ||||||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 2,998 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 100,885 | £ 80,738 | |||||||||||||||||
Aspen Research Corporation [Member] | |||||||||||||||||||
Payments to Acquire Businesses, Holdback Amount | $ 500 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,900 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,029 | ||||||||||||||||||
Goodwill | 3,832 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 9,761 | ||||||||||||||||||
Lemtapes [Member] | |||||||||||||||||||
Payments to Acquire Businesses, Holdback Amount | € | € 850 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,526 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 928 | ||||||||||||||||||
Goodwill | 3,028 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 9,482 | € 8,922 | |||||||||||||||||
GSSI Sealants, Inc. [Member] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,400 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,123 | ||||||||||||||||||
Business Combination, Consideration Transferred | $ 7,701 | ||||||||||||||||||
Business Acquisition, Holdback Amount, Paid on 12 Month | 1,050 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | $ 870 | ||||||||||||||||||
ZKLT Polymer Co., Ltd [Member] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,183 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 10,085 | ||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 4,132 | ¥ 30,000 | |||||||||||||||||
Goodwill | 5,992 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | 21,260 | ¥ 143,965 | |||||||||||||||||
Business Combination, Required Payments Each 12 and 18 month | $ 3,987 | ¥ 27,000 | |||||||||||||||||
Apollo [Member] | |||||||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | ||||||||||||||||||
Apollo [Member] | Trademarks and Trade Names [Member] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 76,198 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 10,036 | ||||||||||||||||||
Goodwill | 119,358 | ||||||||||||||||||
Fourny NV [Member] | BELGIUM | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 10,117 | ||||||||||||||||||
Goodwill | 6,455 | ||||||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | ||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 14,627 | € 12,867 | $ 3,060 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 1,391 | ||||||||||||||||||
Construction Adhesives [Member] | |||||||||||||||||||
Goodwill | 432,769 | 425,755 | |||||||||||||||||
Construction Adhesives [Member] | Certain Assets of the Sanglier Group [Member] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 10,695 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 5,937 | ||||||||||||||||||
Construction Adhesives [Member] | GSSI Sealants, Inc. [Member] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 3,178 | ||||||||||||||||||
Construction Adhesives [Member] | Certain Assets of the Sanglier Group [Member] | |||||||||||||||||||
Asset Acquisition, Consideration Transferred | $ 16,632 | £ 13,339 | |||||||||||||||||
Payments to Acquire Businesses, Holdback Amount | £ | £ 2,100 |
Note 3 - Restructuring Action_2
Note 3 - Restructuring Actions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Restructuring Charges | $ 24,587 | $ (449) | $ 787 |
Minimum [Member] | |||
Restructuring Charges | 39,100 | ||
Maximum [Member] | |||
Restructuring Charges | $ 44,100 |
Note 3 - Restructuring Action_3
Note 3 - Restructuring Actions - Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Restructuring Charges | $ 24,587 | $ (449) | $ 787 |
Cost of Sales [Member] | |||
Restructuring Charges | 15,012 | (152) | (188) |
Selling, General and Administrative Expenses [Member] | |||
Restructuring Charges | $ 9,575 | $ (297) | $ 975 |
Note 3 - Restructuring Action_4
Note 3 - Restructuring Actions - Restructuring Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Balance | $ 57 | $ 1,095 | |
Restructuring Charges | 24,587 | (449) | $ 787 |
Non-cash charges | (1,822) | 0 | |
Cash payments | (9,836) | (529) | |
Foreign currency translation | (1,263) | (60) | |
Balance | 11,723 | 57 | 1,095 |
Employee Related [Member] | |||
Balance | 57 | 1,095 | |
Restructuring Charges | 22,731 | (449) | |
Non-cash charges | 0 | 0 | |
Cash payments | (9,802) | (529) | |
Foreign currency translation | (1,263) | (60) | |
Balance | 11,723 | 57 | 1,095 |
Asset Related [Member] | |||
Balance | 0 | 0 | |
Restructuring Charges | 1,369 | 0 | |
Non-cash charges | (1,369) | 0 | |
Cash payments | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Balance | 0 | 0 | 0 |
Other Restructuring [Member] | |||
Balance | 0 | 0 | |
Restructuring Charges | 487 | 0 | |
Non-cash charges | (453) | 0 | |
Cash payments | (34) | 0 | |
Foreign currency translation | 0 | 0 | |
Balance | $ 0 | $ 0 | $ 0 |
Note 4 - Supplemental Financi_3
Note 4 - Supplemental Financial Statement Information - Statement of Income Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Foreign currency transaction losses, net | $ (11,615) | $ (12,935) | $ (5,962) |
Gain (loss) on disposal of assets | (58) | 1,416 | (648) |
Net periodic pension benefit | 20,246 | 26,787 | 32,070 |
Other, net | 1,109 | (2,316) | 7,395 |
Total other income, net | 9,682 | 12,952 | 32,855 |
Selling, General and Administrative Expenses [Member] | |||
Research and development expenses (included in SG&A expenses) | $ 48,640 | $ 44,853 | $ 39,344 |
Note 4 - Supplemental Financi_4
Note 4 - Supplemental Financial Statement Information - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 |
Raw materials | $ 206,140 | $ 237,071 | |
Finished goods | 235,900 | 254,710 | |
Total inventories | 442,040 | 491,781 | |
Other receivables | 40,760 | 36,338 | |
Prepaid income taxes | 12,327 | 27,169 | |
Prepaid taxes other than income taxes | 34,455 | 29,322 | |
Prepaid expenses | 25,136 | 27,490 | |
Total other current assets | 112,678 | 120,319 | |
Land | 91,320 | 84,320 | |
Buildings and improvements | 447,428 | 405,037 | |
Machinery and equipment | 1,058,916 | 957,371 | |
Construction in progress | 157,371 | 133,010 | |
Total, at cost | 1,755,035 | 1,579,738 | |
Accumulated depreciation | (930,380) | (846,071) | |
Net property, plant and equipment | 824,655 | 733,667 | $ 695,367 |
Investments in company owned life insurance | 9,334 | 8,957 | |
Equity method investments | 37,562 | 42,143 | |
Equity Securities without Readily Determinable Fair Value, Amount | 1,362 | 1,362 | |
Long-term deferred income taxes | 42,949 | 39,048 | |
Operating lease right-of-use assets | 47,433 | 32,440 | |
Other long-term receivables | 14,013 | 9,262 | |
Other long-term assets | 12,758 | 17,192 | |
Total other assets | 371,165 | 335,868 | |
Taxes other than income taxes | 22,497 | 14,642 | |
Miscellaneous services | 8,319 | 7,092 | |
Customer rebates | 17,938 | 24,915 | |
Interest | 5,819 | 7,498 | |
Product liability | 175 | 154 | |
Contingent consideration liability | 1,370 | 1,977 | |
Current operating lease liabilities | 11,277 | ||
Current obligations of finance leases | 16,184 | ||
Accrued expenses | 24,323 | 21,732 | |
Total other accrued expenses | 107,902 | 89,345 | |
Asset Retirement Obligations, Noncurrent | 3,147 | 2,888 | |
Long-term deferred income taxes | 176,385 | 183,190 | |
Long-term income tax liability | 19,225 | 22,202 | |
Long-term deferred compensation | 9,884 | 9,957 | |
Postretirement other than pension | 1,893 | 2,021 | |
Noncurrent operating lease liabilities | 36,879 | ||
Environmental liabilities | 2,563 | 3,064 | |
Other long-term liabilities | 65,507 | 57,497 | |
Total other liabilities | 388,072 | 358,286 | |
Cross Currency Interest Rate Contract [Member] | |||
Net investment hedge liabilities | 72,589 | 54,046 | |
Other Accrued Expenses [Member] | |||
Current operating lease liabilities | 11,277 | 9,794 | |
Current obligations of finance leases | 16,184 | 1,541 | |
Other Noncurrent Liabilities [Member] | |||
Noncurrent operating lease liabilities | 36,879 | 23,421 | |
Pension Plan [Member] | |||
Prepaid postretirement costs | 92,323 | 86,616 | |
Other Postretirement Benefits Plan [Member] | |||
Prepaid postretirement costs | $ 113,431 | $ 98,848 |
Note 4 - Supplemental Financi_5
Note 4 - Supplemental Financial Statement Information - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Balance | $ 10,939 | $ 9,935 | $ 12,905 |
Charged to expenses and other adjustments | 1,224 | 1,794 | (546) |
Write-offs | (1,522) | (851) | (2,278) |
Foreign currency translation effect | 439 | 61 | (146) |
Balance | $ 11,080 | $ 10,939 | $ 9,935 |
Note 4 - Supplemental Financi_6
Note 4 - Supplemental Financial Statement Information - Comprehensive Income (Loss) Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | ||||
Net income attributable to H.B. Fuller | $ 144,906 | $ 180,313 | $ 161,393 | |||
Net income including non-controlling interests, non-controlling interests net | 82 | 94 | 82 | |||
Foreign currency translation adjustment, pretax | [1] | 17,320 | (131,745) | (26,262) | ||
Foreign currency translation adjustment, net | [1] | 17,320 | (131,745) | (26,262) | ||
Foreign currency translation adjustment1 | [1] | 2 | (61) | (32) | ||
Defined benefit pension plans adjustment, pretax | [2] | 1,554 | (18,881) | 64,912 | ||
Defined benefit pension plans adjustment, tax | [2] | (762) | 3,818 | (16,731) | ||
Defined benefit pension plans adjustment, net | [2] | 792 | (15,063) | 48,181 | ||
Derivative, net | (14,107) | (40,743) | 0 | |||
Other comprehensive income (loss), pretax | 6,251 | (195,054) | 54,205 | |||
Other comprehensive income (loss), tax | 2,226 | 13,944 | (21,593) | |||
Other comprehensive income (loss), net | 8,477 | (181,110) | 32,612 | |||
Other comprehensive income (loss), non-controlling interests net | 2 | (61) | (32) | |||
Comprehensive income (loss), net | 153,383 | (797) | 194,005 | |||
Comprehensive income (loss), non-controlling interests net | 84 | 33 | 50 | |||
Defined benefit pension plans adjustment2 | [2] | (762) | 3,818 | (16,731) | ||
Interest Rate Swap [Member] | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | [3] | 5,932 | 13,148 | 20,109 | ||
Derivative, tax | [3] | (1,460) | (3,224) | (4,930) | ||
Derivative, net | [3] | 4,472 | 9,924 | 15,179 | ||
Net Investment Hedges [Member] | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | [3] | (18,555) | (54,040) | |||
Derivative, tax | [3] | 4,448 | 13,297 | |||
Derivative, net | [3] | (14,107) | (40,743) | |||
Other Contract [Member] | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | [3] | (3,536) | (4,554) | |||
Derivative, tax | [3] | 53 | 68 | |||
Derivative, net | $ 0 | $ (3,483) | [3] | $ (4,486) | [3] | |
[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 | 12 Months Ended | |||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | Nov. 28, 2020 | |
Before Reclassifications | $ 17,744 | |||
Before Reclassifications, tax | 17,744 | |||
Total accumulated other comprehensive loss | 1,755,913 | $ 1,610,794 | $ 1,597,360 | $ 1,381,862 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Before Reclassifications | (246,736) | (264,054) | (132,370) | |
Before Reclassifications, tax | (246,736) | (264,054) | (132,370) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Before Reclassifications | (246,692) | (264,012) | (132,267) | |
Before Reclassifications, tax | (246,692) | (264,012) | (132,267) | |
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | ||||
Before Reclassifications | (44) | (42) | (103) | |
Before Reclassifications, tax | (44) | (42) | (103) | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Before Reclassifications | (127,469) | (128,261) | (113,198) | |
Before Reclassifications, tax | (127,469) | (128,261) | (113,198) | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Interest Rate Swap [Member] | ||||
Before Reclassifications | 4,472 | |||
Before Reclassifications, tax | 4,472 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Before Reclassifications | (127,469) | (128,261) | (113,198) | |
Before Reclassifications, tax | (127,469) | (128,261) | (113,198) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Interest Rate Swap [Member] | ||||
Before Reclassifications | 4,472 | |||
Before Reclassifications, tax | 4,472 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member] | ||||
Before Reclassifications | 0 | 0 | ||
Before Reclassifications, tax | 0 | 0 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member] | Interest Rate Swap [Member] | ||||
Before Reclassifications | 0 | |||
Before Reclassifications, tax | 0 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member] | Net Investment Hedges [Member] | ||||
Before Reclassifications | 0 | |||
Before Reclassifications, tax | 0 | |||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Reclassification of AOCI tax effects | (18,341) | (18,341) | (18,341) | |
Total accumulated other comprehensive loss | (442,924) | (451,399) | (270,350) | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Net Investment Hedges [Member] | ||||
Before Reclassifications | (40,743) | |||
Before Reclassifications, tax | (40,743) | |||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Before Reclassifications | 3,483 | |||
Before Reclassifications, tax | 3,483 | |||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Interest Rate Swap [Member] | ||||
Before Reclassifications | (9,924) | |||
Before Reclassifications, tax | (9,924) | |||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Net Investment Hedges [Member] | ||||
Before Reclassifications | (54,850) | |||
Before Reclassifications, tax | (54,850) | |||
AOCI Attributable to Parent [Member] | ||||
Reclassification of AOCI tax effects | (18,341) | (18,341) | (18,341) | |
Total accumulated other comprehensive loss | (442,880) | (451,357) | (270,247) | $ (302,859) |
AOCI Attributable to Parent [Member] | Net Investment Hedges [Member] | ||||
Before Reclassifications | (40,743) | |||
Before Reclassifications, tax | (40,743) | |||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Before Reclassifications | 3,483 | |||
Before Reclassifications, tax | 3,483 | |||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | ||||
Before Reclassifications | (9,924) | |||
Before Reclassifications, tax | (9,924) | |||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Net Investment Hedges [Member] | ||||
Before Reclassifications | (54,850) | |||
Before Reclassifications, tax | (54,850) | |||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | ||||
Before Reclassifications | 0 | |||
Before Reclassifications, tax | 0 | |||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | Interest Rate Swap [Member] | ||||
Before Reclassifications | 0 | |||
Before Reclassifications, tax | 0 | |||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | Net Investment Hedges [Member] | ||||
Before Reclassifications | 0 | |||
Before Reclassifications, tax | 0 | |||
AOCI Attributable to Noncontrolling Interest [Member] | ||||
Reclassification of AOCI tax effects | 0 | 0 | ||
Total accumulated other comprehensive loss | $ (44) | $ (42) | $ (103) |
Note 4 - Supplemental Financi_8
Note 4 - Supplemental Financial Statement Information - Components of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Before Reclassifications, tax | $ 17,744 | ||
Net Investment Hedges [Member] | |||
Before Reclassifications, tax | $ 13,297 | ||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
Before Reclassifications, tax | 66,982 | 67,744 | $ 63,925 |
Before Reclassifications, tax | (127,469) | $ (128,261) | (113,198) |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Interest Rate Swap [Member] | |||
Before Reclassifications, tax | 4,472 | ||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | |||
Before Reclassifications, tax | (53) | ||
Before Reclassifications, tax | 3,483 | ||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Interest Rate Swap [Member] | |||
Before Reclassifications, tax | (1,460) | 3,224 | |
Before Reclassifications, tax | $ (9,924) | ||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Net Investment Hedges [Member] | |||
Before Reclassifications, tax | $ (54,850) |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Amortization of Intangible Assets | $ 79,514 | $ 74,383 | $ 71,068 |
Indefinite Lived Trademarks and Trade Names | $ 474 | $ 459 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Goodwill Balance (Details) $ in Thousands | 12 Months Ended |
Dec. 02, 2023 USD ($) | |
Balance at beginning of year | $ 1,392,627 |
Acquisitions | 79,685 |
Foreign currency translation effect | 14,200 |
Balance at end of year | 1,486,512 |
Hygiene, Health, and Consumable Adhesives [Member] | |
Balance at beginning of year | 328,962 |
Acquisitions | 67,523 |
Foreign currency translation effect | 6,113 |
Balance at end of year | 402,598 |
Engineering Adhesives [Member] | |
Balance at beginning of year | 637,910 |
Acquisitions | 5,983 |
Foreign currency translation effect | 7,252 |
Balance at end of year | 651,145 |
Construction Adhesives [Member] | |
Balance at beginning of year | 425,755 |
Acquisitions | 6,179 |
Foreign currency translation effect | 835 |
Balance at end of year | $ 432,769 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 02, 2023 | Dec. 03, 2022 |
Original cost | $ 1,200,628 | $ 1,184,112 |
Accumulated amortization | (471,962) | (482,479) |
Net identifiable intangibles | $ 728,666 | $ 701,633 |
Weighted-average useful lives (in years) (Year) | 16 years | 16 years |
Purchased Technology And Patents [Member] | ||
Original cost | $ 144,763 | $ 118,727 |
Accumulated amortization | (59,631) | (66,433) |
Net identifiable intangibles | $ 85,132 | $ 52,294 |
Weighted-average useful lives (in years) (Year) | 13 years | 13 years |
Customer Relationships [Member] | ||
Original cost | $ 986,470 | $ 1,004,008 |
Accumulated amortization | (382,220) | (388,394) |
Net identifiable intangibles | $ 604,250 | $ 615,614 |
Weighted-average useful lives (in years) (Year) | 16 years | 17 years |
Trade Names [Member] | ||
Original cost | $ 58,484 | $ 50,324 |
Accumulated amortization | (23,099) | (21,401) |
Net identifiable intangibles | $ 35,385 | $ 28,923 |
Weighted-average useful lives (in years) (Year) | 13 years | 13 years |
Other Intangible Assets [Member] | ||
Original cost | $ 10,911 | $ 11,053 |
Accumulated amortization | (7,012) | (6,251) |
Net identifiable intangibles | $ 3,899 | $ 4,802 |
Weighted-average useful lives (in years) (Year) | 13 years | 13 years |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands | Dec. 02, 2023 USD ($) |
2023 | $ 77,288 |
2024 | 77,678 |
2025 | 70,957 |
2026 | 67,652 |
2027 | 67,356 |
Thereafter | $ 367,735 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | Dec. 02, 2023 |
Lessee, Operating and Finance Leases, Renewal Term (Year) | 5 years |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 9 years 4 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.20% |
Finance Lease, Weighted Average Remaining Lease Term (Year) | 4 years |
Finance Lease, Weighted Average Discount Rate, Percent | 5.90% |
Note 6 - Leases - Components of
Note 6 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 02, 2023 | Dec. 03, 2022 | |
Operating lease cost | $ 13,883 | $ 12,026 |
Amortization of assets | 2,045 | 1,535 |
Interest on lease liabilities | 1,077 | 261 |
Variable lease cost | 8,554 | 6,481 |
Total net lease cost | $ 25,559 | $ 20,303 |
Note 6 - Leases - Supplemental
Note 6 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 02, 2023 | Dec. 03, 2022 |
Operating lease right-of-use assets | $ 47,433 | $ 32,440 |
Current operating lease liabilities | 11,277 | |
Noncurrent operating lease liabilities | 36,879 | |
Total operating lease liabilities | 48,156 | 33,215 |
Current obligations of finance leases | 16,184 | |
Finance leases, net of current obligations | 6,534 | |
Total finance lease liabilities | 22,718 | 9,048 |
Other Assets [Member] | ||
Operating lease right-of-use assets | 47,433 | 32,440 |
Other Accrued Expenses [Member] | ||
Current operating lease liabilities | 11,277 | 9,794 |
Current obligations of finance leases | 16,184 | 1,541 |
Other Liabilities [Member] | ||
Noncurrent operating lease liabilities | 36,879 | 23,421 |
Finance leases, net of current obligations | 6,534 | 7,507 |
Property, Plant and Equipment, Net [Member] | Equipment [Member] | ||
Finance right-of-use assets | 11,681 | 11,150 |
Property, Plant and Equipment, Net [Member] | Building [Member] | ||
Finance right-of-use assets | $ 14,230 | $ 0 |
Note 6 - Leases - Supplementa_2
Note 6 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 02, 2023 | Dec. 03, 2022 | |
Operating cash flows from operating leases | $ 11,745 | $ 15,209 |
Operating cash flows from finance leases | 1,077 | 261 |
Financing cash flows from finance leases | 268 | 607 |
New operating lease liabilities | 26,687 | 15,442 |
New finance lease liabilities | $ 15,015 | $ 1,258 |
Note 6 - Leases - Schedule of M
Note 6 - Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 02, 2023 | Dec. 03, 2022 |
2024, Finance Leases | $ 16,535 | |
2024, Operating Lease | 12,993 | |
2025, Finance Leases | 1,618 | |
2025, Operating Lease | 9,452 | |
2026, Finance Leases | 1,441 | |
2026, Operating Lease | 7,085 | |
2027, Finance Leases | 1,151 | |
2027, Operating Lease | 5,126 | |
2028, Finance Leases | 684 | |
2028, Operating Lease | 3,505 | |
2029 and beyond, Finance Leases | 2,376 | |
2029 and beyond, Operating Leases | 18,869 | |
Total, Finance Leases | 23,805 | |
Total, Operating Leases | 57,031 | |
Less: amounts representing interest, Finance Leases | (1,087) | |
Less: amounts representing interest, Operating Leases | (8,875) | |
Present value of future minimum payments, Finance Leases | 22,718 | $ 9,048 |
Present value of future minimum payments | 48,156 | $ 33,215 |
Less: current obligations, Finance Leases | (16,184) | |
Less: current obligations, Operating Leases | (11,277) | |
Noncurrent lease liabilities, Finance Leases | 6,534 | |
Noncurrent lease liabilities, Operating Leases | $ 36,879 |
Note 7 - Notes Payable, Long-_3
Note 7 - Notes Payable, Long-term Debt and Lines of Credit (Details Textual) - USD ($) | 12 Months Ended | ||||||||||||||
Dec. 15, 2023 | Dec. 02, 2023 | Aug. 16, 2023 | Feb. 15, 2023 | Oct. 20, 2020 | Feb. 14, 2017 | Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | Mar. 16, 2023 | Feb. 28, 2023 | Jan. 13, 2023 | Jan. 12, 2023 | Feb. 27, 2018 | ||
Notes Payable, Current | $ 1,841,000 | $ 1,841,000 | $ 28,860,000 | ||||||||||||
Deferred Debt Issuance Cost, Writeoff | 2,689,000 | 0 | $ 0 | ||||||||||||
Long-Term Debt, Fair Value | 1,785,199,000 | 1,785,199,000 | 1,713,257,000 | ||||||||||||
Interest Rate Swap [Member] | |||||||||||||||
Derivative, Amount of Hedged Item | $ 150,000,000 | $ 300,000,000 | $ 400,000,000 | $ 400,000,000 | $ 85,000 | ||||||||||
Derivative, Fixed Interest Rate | 3.721% | 3.726% | 3.6895% | 3.6895% | |||||||||||
Interest Rate Swap 2 [Member] | |||||||||||||||
Derivative, Amount of Hedged Item | $ 100,000,000 | ||||||||||||||
Derivative, Fixed Interest Rate | 3.899% | ||||||||||||||
Term Loan A [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | ||||||||||||||
Long-Term Debt, Gross | [1] | $ 487,500,000 | 487,500,000 | 0 | |||||||||||
Term Loan A [Member] | SOFR Credit Adjustment [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||||||||||||||
Term Loan A [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.95% | 1.50% | |||||||||||||
Term Loan B [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 800,000,000 | ||||||||||||||
Long-Term Debt, Gross | [2] | $ 796,000,000 | 796,000,000 | 1,001,150,000 | |||||||||||
Term Loan B [Member] | SOFR Credit Adjustment [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||
Term Loan B [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 7.60% | 2.25% | 0.50% | ||||||||||||
Term Loan B [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||||||||
The 10-year Public Notes [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.86% | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | ||||||||||||||
Debt Instrument, Term (Year) | 10 years | ||||||||||||||
The 8-year Public Notes [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||||||||||
Long-Term Debt, Gross | [3] | $ 300,000,000 | 300,000,000 | 300,000,000 | |||||||||||
Debt Instrument, Term (Year) | 8 years | ||||||||||||||
Repayments of Debt | $ 300,000 | ||||||||||||||
The 8-year Public Notes [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.28% | ||||||||||||||
Term Loan [Member] | |||||||||||||||
Repayments of Debt | $ 158,750,000 | ||||||||||||||
Public Notes [Member] | |||||||||||||||
Debt Instrument, Term (Year) | 10 years | ||||||||||||||
Second Amended and Restated Credit Agreement [Member] | |||||||||||||||
Debt Instrument, Mandatory Prepayments of Excess Cashflow, Percentage | 50% | ||||||||||||||
Debt Instrument, Mandatory Prepayments of Excess Cashflow When Secured Leverage Ratio Is Below 4.25, Percentage | 25% | ||||||||||||||
Debt Instrument, Mandatory Prepayments of Excess Cashflow When Secured Leverage Ratio Is Below 3.75, Percentage | 0% | ||||||||||||||
Second Amended and Restated Credit Agreement [Member] | Term Loan B [Member] | |||||||||||||||
Debt Instrument, Periodic Payment, Percentage of Principal | 1% | ||||||||||||||
Second Amended and Restated Credit Agreement [Member] | Term Loan A [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||||||||
Debt Instrument, Periodic Payment, Percentage of Principal | 1.25% | ||||||||||||||
Second Amended and Restated Credit Agreement [Member] | Term Loan A [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||||||||
Debt Instrument, Periodic Payment, Percentage of Principal | 1.875% | ||||||||||||||
Second Amended and Restated Credit Agreement [Member] | Term Loan A [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||||||||||||
Debt Instrument, Periodic Payment, Percentage of Principal | 2.50% | ||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||
Line of Credit, Current | 0 | 0 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 700,000,000 | $ 700,000,000 | 700,000,000 | ||||||||||||
Deferred Debt Issuance Cost, Writeoff | 2,689,000 | ||||||||||||||
Long-Term Debt, Gross | 0 | 0 | $ 175,500,000 | ||||||||||||
Repayments of Lines of Credit | $ 138,000,000 | ||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||||||||||||||
Long-Term Line of Credit, Total | 0 | 0 | |||||||||||||
Letters of Credit Outstanding, Amount | $ 9,968,000 | $ 9,968,000 | |||||||||||||
Debt Instrument, Covenant, Secured Leverage Ratio for Fiscal Quarters Ending on or Prior to June 1, 2024 | 4.75 | ||||||||||||||
Debt Instrument, Covenant, Secured Leverage Ratio for Fiscal Quarters Ending After June 1, 2024 | 4.5 | ||||||||||||||
Debt Instrument, Covenant, Interest Coverage Ratio | 2 | ||||||||||||||
Revolving Credit Facility [Member] | SOFR Credit Adjustment [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||||||||||||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.95% | 1.50% | |||||||||||||
Notes Payable [Member] | |||||||||||||||
Short-Term Debt, Weighted Average Interest Rate, at Point in Time | 10.75% | 10.75% | 16.20% | 8.10% | |||||||||||
[1]Term Loan A, due on February 15, 2028, $500,000 variable rate at the Secured Overnight Financing Rate ("SOFR") plus an adjustment of 0.10 percent and an interest rate spread of 1.50 percent based on a leverage grid (6.95 percent at December 2, 2023).[2]Term Loan B, due on February 15, 2028, $800,000 variable rate at the SOFR plus 2.25 percent with a SOFR floor of 0.50 percent (7.60 percent at December 2, 2023).[3]Public Notes, due October 15, 2028, $300,000 4.25 percent fixed; swapped to a floating rate as detailed below. |
Note 7 - Notes Payable, Long-_4
Note 7 - Notes Payable, Long-term Debt and Lines of Credit - Long-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | ||
Other, including debt issuance cost and discount | $ (46,910) | $ (40,394) | |
Long-term debt | 1,836,590 | 1,736,256 | |
Less: current maturities | 0 | 0 | |
Total long-term debt, excluding current maturities | $ 1,836,590 | 1,736,256 | |
The 10-year Public Notes [Member] | |||
Long-term weighted-average interest rate | [1] | 4% | |
Loan maturity date | [1] | 2027 | |
Long-term debt, gross | [1] | $ 300,000 | 300,000 |
Term Loan A [Member] | |||
Long-term weighted-average interest rate | [2] | 6.95% | |
Loan maturity date | [2] | 2028 | |
Long-term debt, gross | [2] | $ 487,500 | 0 |
Term Loan B [Member] | |||
Long-term weighted-average interest rate | [3] | 7.60% | |
Loan maturity date | [3] | 2030 | |
Long-term debt, gross | [3] | $ 796,000 | 1,001,150 |
The 8-year Public Notes [Member] | |||
Long-term weighted-average interest rate | [4] | 4.25% | |
Loan maturity date | [4] | 2028 | |
Long-term debt, gross | [4] | $ 300,000 | 300,000 |
Revolving Credit Facility [Member] | |||
Long-term weighted-average interest rate | 6.95% | ||
Loan maturity date | 2028 | ||
Long-term debt, gross | $ 0 | $ 175,500 | |
[1]Public Notes, due February 15, 2027, $300,000 4.00 percent fixed.[2]Term Loan A, due on February 15, 2028, $500,000 variable rate at the Secured Overnight Financing Rate ("SOFR") plus an adjustment of 0.10 percent and an interest rate spread of 1.50 percent based on a leverage grid (6.95 percent at December 2, 2023).[3]Term Loan B, due on February 15, 2028, $800,000 variable rate at the SOFR plus 2.25 percent with a SOFR floor of 0.50 percent (7.60 percent at December 2, 2023).[4]Public Notes, due October 15, 2028, $300,000 4.25 percent fixed; swapped to a floating rate as detailed below. |
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 | Dec. 02, 2023 USD ($) |
2024 | $ 0 |
2025 | 0 |
2026 | 0 |
2027 | 300,000 |
2028 | 787,500 |
Thereafter | $ 796,000 |
Note 7 - Notes Payable, Long-_6
Note 7 - Notes Payable, Long-term Debt and Lines of Credit - Lines of Credit (Details) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 02, 2023 | Feb. 15, 2023 | |
Committed | $ 700,000 | $ 700,000 |
Drawn | 0 | |
Unused | $ 690,032 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | |||
Apr. 07, 2022 | Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
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 (in shares) | 54,092,987 | 53,676,576 | ||
Stock Repurchased During Period, Shares (in shares) | 0 | 0 | 0 | |
The 2017 Share Repurchase Program [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 0.3 | |||
Stock Repurchase Program, Period in Force (Year) | 5 years | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 0.3 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Common Stock Outstanding (Details) - shares | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Beginning balance (in shares) | 53,676,576 | 52,777,753 | 51,906,663 |
Stock options exercised (in shares) | 314,832 | 657,789 | 740,731 |
Deferred compensation paid (in shares) | 102,108 | 118,429 | 19,895 |
Restricted units vested (in shares) | 113,339 | 172,474 | 157,945 |
Shares withheld for taxes (in shares) | (113,868) | (49,869) | (47,481) |
Ending balance (in shares) | 54,092,987 | 53,676,576 | 52,777,753 |
Note 9 - Accounting for Share_3
Note 9 - Accounting for Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Fair Value Options Granted During Period Value Share-based Compensation | $ 10,577 | $ 5,400 | $ 17,250 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 8,015 | 16,877 | 15,261 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 5 years 7 months 6 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 121,640 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 3,926,049 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 4 years 10 months 24 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ 108,853 | ||
Proceeds, Issuance of Shares, Share-Based Payment Arrangement, Including Option Exercised | 14,619 | 30,122 | 32,325 |
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | 1,885 | $ 3,687 | $ 3,874 |
Total Fair Value of Nonvested Restricted Stock | $ 33,101 | ||
Repurchased Restricted Stock Shares (in shares) | 37,715 | 55,081 | 50,799 |
Selling, General and Administrative Expenses [Member] | |||
Share-Based Payment Arrangement, Expense | $ 19,911 | $ 24,368 | $ 22,366 |
Non Employee Directors [Member] | |||
Deferred Compensation Plan, Matching Percentage | 10% | ||
Deferred Compensation Arrangement with Individual, Discretionary Awards, Employer Contribution Units Paid (in shares) | 17,580 | 17,937 | 18,814 |
Deferred Compensation Arrangement with Individual, Employer Matches Contribution Fair Value | $ 172 | $ 172 | $ 163 |
Deferred Compensation Arrangement with Individual, Discretionary Awards Employer Contribution, Fair Value | $ 1,200 | 1,080 | 1,215 |
Employees [Member] | |||
Deferred Compensation Plan, Matching Percentage | 10% | ||
Deferred Compensation Arrangement with Individual, Employer Matches Contribution Fair Value | $ 79 | 86 | 61 |
2020 Master Incentive Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 3,413,652 | ||
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 7,526 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 10 months 24 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, Award Vesting Period (Year) | 3 years | ||
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | $ 1,396 | 2,569 | 1,439 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6,101 | $ 8,062 | $ 7,691 |
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 | $ 8,940 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 8 months 4 days |
Note 9 - Accounting for Share_4
Note 9 - Accounting for Share-based Compensation - Fair Value of Options Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Expected life (Year) | 5 years | 5 years | 5 years |
Weighted-average expected volatility | 35.28% | 33.35% | 32.50% |
Weighted-average expected dividend | 1.20% | 0.95% | 1.26% |
Weighted-average fair value of grants (in dollars per share) | $ 22.41 | $ 20.91 | $ 13.29 |
Minimum [Member] | |||
Expected volatility range | 35.09% | 33.33% | 32.48% |
Risk-free interest rate | 3.48% | 1.53% | 0.39% |
Expected dividend yield range | 1.13% | 0.94% | 0.92% |
Maximum [Member] | |||
Expected volatility range | 35.69% | 34.34% | 32.94% |
Risk-free interest rate | 4.72% | 4.06% | 1.20% |
Expected dividend yield range | 1.22% | 1.23% | 1.27% |
Note 9 - Accounting for Share_5
Note 9 - Accounting for Share-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Outstanding Options (in shares) | 4,823,070 | 4,972,392 | 5,545,915 |
Outstanding Options, weighted-average exercise price (in dollars per share) | $ 50.42 | $ 47.45 | $ 47.34 |
Granted (in shares) | 471,975 | 549,458 | 1,237,094 |
Granted, weighted-average exercise price (in dollars per share) | $ 68.27 | $ 72.75 | $ 53.33 |
Exercised (in shares) | (314,832) | (657,789) | (740,731) |
Exercised, weighted-average exercise price (in dollars per share) | $ 46.43 | $ 45.79 | $ 43.64 |
Forfeited or cancelled (in shares) | (38,328) | (40,991) | (1,069,886) |
Forfeited or cancelled, weighted-average exercise price (in dollars per share) | $ 63.52 | $ 61.31 | $ 56.33 |
Outstanding Options (in shares) | 4,941,885 | 4,823,070 | 4,972,392 |
Outstanding Options, weighted-average exercise price (in dollars per share) | $ 52.28 | $ 50.42 | $ 47.45 |
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 | |||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | Nov. 28, 2020 | |
Nonvested (in shares) | 491,120 | 552,365 | 432,349 | |
Nonvested, Weighted average grant date fair value (in dollars per share) | $ 58.98 | $ 50.63 | $ 46.22 | |
Nonvested, Weighted average remaining contractual life (Year) | 8 months 12 days | 8 months 12 days | 1 year 10 months 24 days | 9 months 18 days |
Granted (in shares) | 187,185 | 179,603 | 356,779 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 63.32 | $ 67.92 | $ 54.49 | |
Granted, Weighted average remaining contractual life (Year) | 2 years 2 months 12 days | 3 years 2 months 12 days | 3 years 2 months 12 days | |
Vested (in shares) | (113,339) | (172,474) | (157,945) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 53.83 | $ 46.74 | $ 48.69 | |
Forfeited (in shares) | (36,276) | (68,374) | (78,818) | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 44.48 | $ 45.83 | $ 47.79 | |
Forfeited, Weighted average remaining contractual life (Year) | 2 months 12 days | 1 month 6 days | 9 months 18 days | |
Nonvested (in shares) | 528,690 | 491,120 | 552,365 | 432,349 |
Nonvested, Weighted average grant date fair value (in dollars per share) | $ 62.61 | $ 58.98 | $ 50.63 | $ 46.22 |
Note 9 - Accounting for Share_7
Note 9 - Accounting for Share-based Compensation - Deferred Compensation Units (Details) - shares | 12 Months Ended | |||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | ||
Units outstanding (in shares) | 522,564 | 516,885 | 499,818 | |
Participant contributions (in shares) | 25,406 | 102,039 | 23,523 | |
Company match contributions1 (in shares) | [1] | 20,121 | 28,142 | 21,167 |
Payouts (in shares) | (108,934) | (124,502) | (27,623) | |
Units outstanding (in shares) | 459,157 | 522,564 | 516,885 | |
Non Employee Directors [Member] | ||||
Units outstanding (in shares) | 465,992 | 468,524 | 455,265 | |
Participant contributions (in shares) | 13,187 | 89,054 | 13,036 | |
Company match contributions1 (in shares) | [1] | 18,899 | 26,843 | 20,118 |
Payouts (in shares) | (102,108) | (118,429) | (19,895) | |
Units outstanding (in shares) | 395,970 | 465,992 | 468,524 | |
Employees [Member] | ||||
Units outstanding (in shares) | 56,572 | 48,361 | 44,553 | |
Participant contributions (in shares) | 12,219 | 12,985 | 10,487 | |
Company match contributions1 (in shares) | [1] | 1,222 | 1,299 | 1,049 |
Payouts (in shares) | (6,826) | (6,073) | (7,728) | |
Units outstanding (in shares) | 63,187 | 56,572 | 48,361 | |
[1]The non-employee directors’ company match includes 17,937, 18,814 and 21,323 deferred compensation units paid as discretionary awards to all non-employee directors in 2022, 2021 and 2020, respectively. |
Note 10 - Pension and Postret_3
Note 10 - Pension and Postretirement Benefits (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% | ||
Defined Contribution Plan, Annual Retirement Percentage | 1% | ||
Defined Contribution Plan, Cost | $ 14,221 | $ 12,113 | $ 12,488 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0 | 950 | |
Liability, Defined Benefit Plan | $ 11,626 | 12,263 | |
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 | $ 149 | ||
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 | 55% | ||
Fixed Income Funds [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45% | ||
Fixed Income Funds [Member] | Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45% | ||
UNITED STATES | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement, Total | 0 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 273,197 | $ 289,049 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.66% | 5.36% | 2.76% |
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 | $ 2,266 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 7.75% | 7% | 7.25% |
UNITED STATES | Equity Funds [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 8.50% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55% | ||
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 | 5.60% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45% | ||
UNITED KINGDOM | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 4.50% | ||
GERMANY | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 5.50% | ||
Foreign Plan [Member] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 141,402 | $ 148,927 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 5.02% | 3.49% | 6.15% |
Four Percent Match [Member] | |||
Defined Contribution Plan, Cost | $ 9,853 | ||
One Percent Match [Member] | |||
Defined Contribution Plan, Cost | $ 4,368 |
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 | |||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | ||
UNITED STATES | ||||
Settlement payments | $ 0 | |||
Pension Plan [Member] | UNITED STATES | ||||
Benefit obligation at beginning of year | $ 269,874 | 361,212 | ||
Service cost | 0 | 0 | $ 0 | |
Interest cost | 13,901 | 9,653 | 9,299 | |
Participant contributions | 0 | 0 | ||
Actuarial gain1 | [1] | (7,298) | (80,296) | |
Curtailments | 0 | 0 | ||
Settlement payments | (141) | (200) | ||
Benefits paid | (20,946) | (20,495) | ||
Foreign currency translation effect | 0 | 0 | ||
Benefit obligation at end of year | 255,390 | 269,874 | 361,212 | |
Level 3 balance | 326,786 | 409,811 | ||
Actual return on plan assets | 12,811 | (63,562) | ||
Employer contributions | 1,228 | 1,232 | ||
Participant contributions | 0 | 0 | ||
Settlement payments | (141) | (200) | ||
Benefits paid | [2] | (20,946) | (20,495) | |
Foreign currency translation effect | 0 | 0 | ||
Level 3 balance | 319,738 | 326,786 | 409,811 | |
Plan assets in excess of (less than) benefit obligation as of year end | 64,348 | 56,912 | ||
Pension Plan [Member] | Foreign Plan [Member] | ||||
Benefit obligation at beginning of year | 154,850 | 238,400 | ||
Service cost | 1,670 | 2,765 | 3,280 | |
Interest cost | 5,726 | 2,893 | 2,941 | |
Participant contributions | 0 | 0 | ||
Actuarial gain1 | [1] | (12,435) | (57,159) | |
Curtailments | 0 | 231 | ||
Settlement payments | (252) | (7,988) | ||
Benefits paid | (7,663) | (8,370) | ||
Foreign currency translation effect | 4,900 | (15,922) | ||
Benefit obligation at end of year | 146,796 | 154,850 | 238,400 | |
Level 3 balance | 141,908 | 216,623 | ||
Actual return on plan assets | (5,545) | (45,328) | ||
Employer contributions | 1,744 | 1,640 | ||
Participant contributions | 0 | 0 | ||
Settlement payments | 0 | 0 | ||
Benefits paid | [2] | (7,663) | (8,369) | |
Foreign currency translation effect | 4,178 | (22,658) | ||
Level 3 balance | 134,622 | 141,908 | 216,623 | |
Plan assets in excess of (less than) benefit obligation as of year end | (12,174) | (12,942) | ||
Other Postretirement Benefits Plan [Member] | ||||
Benefit obligation at beginning of year | 24,173 | 31,262 | ||
Service cost | 0 | 0 | 21 | |
Interest cost | 1,205 | 748 | 822 | |
Participant contributions | 232 | 296 | ||
Actuarial gain1 | [1] | (611) | (5,395) | |
Curtailments | 0 | 0 | ||
Settlement payments | 0 | 0 | ||
Benefits paid | (2,866) | (2,738) | ||
Foreign currency translation effect | 0 | 0 | ||
Benefit obligation at end of year | 22,133 | 24,173 | 31,262 | |
Level 3 balance | 120,782 | 135,701 | ||
Actual return on plan assets | 15,160 | (12,613) | ||
Employer contributions | 145 | 136 | ||
Participant contributions | 232 | 296 | ||
Settlement payments | 0 | 0 | ||
Benefits paid | [2] | (2,866) | (2,738) | |
Foreign currency translation effect | 0 | 0 | ||
Level 3 balance | 133,453 | 120,782 | $ 135,701 | |
Plan assets in excess of (less than) benefit obligation as of year end | $ 111,320 | $ 96,608 | ||
[1]Actuarial gain in 2022 and 2021 for the U.S. Plans is primarily due to assumption changes. Actuarial gain in 2022 and 2021 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 | Dec. 02, 2023 | Dec. 03, 2022 |
Pension Plan [Member] | UNITED STATES | ||
Unrecognized actuarial loss (gain) | $ 143,522 | $ 137,351 |
Unrecognized prior service cost | 0 | 0 |
Ending balance | 143,522 | 137,351 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Unrecognized actuarial loss (gain) | 49,128 | 49,306 |
Unrecognized prior service cost | 1,196 | 1,219 |
Ending balance | 50,324 | 50,525 |
Other Postretirement Benefits Plan [Member] | ||
Unrecognized actuarial loss (gain) | (14,442) | (8,530) |
Unrecognized prior service cost | 0 | 0 |
Ending balance | $ (14,442) | $ (8,530) |
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 | Dec. 02, 2023 | Dec. 03, 2022 |
Non-current liabilities | $ (50,189) | $ (52,561) |
Pension Plan [Member] | ||
Prepaid postretirement costs | 92,323 | 86,616 |
Pension Plan [Member] | UNITED STATES | ||
Prepaid postretirement costs | 76,677 | 69,826 |
Current liabilities | (1,239) | (1,248) |
Non-current liabilities | (11,089) | (11,666) |
Ending balance | 64,349 | 56,912 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Prepaid postretirement costs | 15,635 | 16,790 |
Current liabilities | (1,464) | (1,727) |
Non-current liabilities | (26,345) | (28,006) |
Ending balance | (12,174) | (12,943) |
Other Postretirement Benefits Plan [Member] | ||
Prepaid postretirement costs | 113,431 | 98,848 |
Current liabilities | (218) | (218) |
Non-current liabilities | (1,893) | (2,021) |
Ending balance | $ 111,320 | $ 96,609 |
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 | Dec. 02, 2023 | Dec. 03, 2022 |
UNITED STATES | ||
Accumulated benefit obligation | $ 12,329 | $ 12,914 |
Fair value of plan assets | 0 | 0 |
Projected benefit obligation | 12,329 | 12,914 |
Fair value of plan assets | 0 | 0 |
Foreign Plan [Member] | ||
Accumulated benefit obligation | 35,034 | 36,820 |
Fair value of plan assets | 9,700 | 9,617 |
Projected benefit obligation | 37,510 | 39,350 |
Fair value of plan assets | $ 9,700 | $ 9,617 |
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 | Dec. 02, 2023 USD ($) |
Pension Plan [Member] | UNITED STATES | |
2024 | $ 0 |
2024 | 21,330 |
2025 | 21,351 |
2026 | 21,251 |
2027 | 21,168 |
2028- 2033 | 121,219 |
Pension Plan [Member] | Foreign Plan [Member] | |
2024 | 5 |
2024 | 8,387 |
2025 | 8,470 |
2026 | 8,651 |
2027 | 8,948 |
2028- 2033 | 53,787 |
Other Postretirement Benefits Plan [Member] | |
2024 | 0 |
2024 | 2,723 |
2025 | 2,622 |
2026 | 2,512 |
2027 | 2,382 |
2028- 2033 | $ 11,487 |
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 | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Net periodic (benefit) cost | $ (8,654) | $ (13,781) | $ (8,029) |
UNITED STATES | |||
Net periodic (benefit) cost | (12,379) | (15,237) | (18,629) |
Foreign Plan [Member] | |||
Net periodic (benefit) cost | 2,443 | 4,996 | (2,005) |
Pension Plan [Member] | UNITED STATES | |||
Service cost | 0 | 0 | 0 |
Interest cost | 13,901 | 9,653 | 9,299 |
Expected return on assets | (28,821) | (29,018) | (31,123) |
Prior service (benefit) cost | 0 | (3) | (3) |
Actuarial loss (gain) | 2,541 | 4,132 | 3,198 |
Settlement charge | 0 | 0 | 0 |
Pension Plan [Member] | Foreign Plan [Member] | |||
Service cost | 1,670 | 2,765 | 3,280 |
Interest cost | 5,726 | 2,893 | 2,941 |
Expected return on assets | (7,027) | (6,465) | (12,348) |
Prior service (benefit) cost | 62 | 63 | 69 |
Actuarial loss (gain) | 1,993 | 2,411 | 4,053 |
Settlement charge | 19 | 3,329 | 0 |
Other Postretirement Benefits Plan [Member] | |||
Service cost | 0 | 0 | 21 |
Interest cost | 1,205 | 748 | 822 |
Expected return on assets | (9,859) | (11,084) | (8,945) |
Prior service (benefit) cost | 0 | 0 | 0 |
Actuarial loss (gain) | 0 | (3,445) | 73 |
Settlement charge | $ 0 | $ 0 | $ 0 |
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 | |||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | ||
UNITED STATES | ||||
Discount rate | 5.66% | 5.36% | 2.76% | |
Expected return on plan assets | 7.75% | 7% | 7.25% | |
Foreign Plan [Member] | ||||
Expected return on plan assets | 5.02% | 3.49% | 6.15% | |
Pension Plan [Member] | UNITED STATES | ||||
Discount rate | 5.66% | 5.36% | 2.75% | |
Rate of compensation increase | [1] | 0% | 0% | 0% |
Discount rate | 5.36% | 2.75% | 2.50% | |
Expected return on plan assets | 7.75% | 7% | 7.24% | |
Rate of compensation increase | [1] | 0% | 0% | 0% |
Pension Plan [Member] | Foreign Plan [Member] | ||||
Discount rate | 4.37% | 3.70% | 1.27% | |
Rate of compensation increase | [1] | 1.82% | 1.83% | 1.48% |
Discount rate | 3.71% | 1.29% | 1.19% | |
Expected return on plan assets | 5.02% | 3.49% | 6.15% | |
Rate of compensation increase | [1] | 1.82% | 1.68% | 1.67% |
Other Postretirement Benefits Plan [Member] | ||||
Discount rate | 5.61% | 5.29% | 2.51% | |
Discount rate | 5.29% | 2.51% | 2.19% | |
Expected return on plan assets | 8.25% | 8.25% | 8.25% | |
[1]Under the U.S. pension plan, the compensation amount was locked-in as of May 31, 2011 and thus the benefit no longer includes compensation increases. The 4.50 percent rate for 2020 and 2019 is for the supplemental executive retirement plan only; for 2021, there is no compensation increase as subsequent to November 27, 2021, there were no active employees in the supplemental executive retirement plan. |
Note 10 - Pension and Postre_11
Note 10 - Pension and Postretirement Benefits - Assume Health Care Trend Rates (Details) | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Health care cost trend rate assumed for next year | 6.25% | 6.50% | 6.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.75% | 5.75% | 5% |
Fiscal year that the rate reaches the ultimate trend rate | 2026 | 2026 | 2028 |
Note 10 - Pension and Postre_12
Note 10 - Pension and Postretirement Benefits - Asset Allocation (Details) | Dec. 02, 2023 | Dec. 03, 2022 | |
Equity Funds [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | 55% | ||
Fixed Income Funds [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 45% | ||
Fixed Income Funds [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | 45% | ||
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | 100% | ||
Percentage of Plan Assets at Year End | 100% | 100% | |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 100% | ||
Percentage of Plan Assets at Year End | 100% | 100% | |
Pension Plan [Member] | Equity Funds [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | 55% | ||
Percentage of Plan Assets at Year End | 53.80% | 53.10% | |
Pension Plan [Member] | Equity Funds [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 21% | ||
Percentage of Plan Assets at Year End | 22% | 25.50% | |
Pension Plan [Member] | Fixed Income Funds [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | 45% | ||
Percentage of Plan Assets at Year End | 44.90% | 45.80% | |
Pension Plan [Member] | Fixed Income Funds [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 79% | ||
Percentage of Plan Assets at Year End | 77.20% | 70% | |
Pension Plan [Member] | Insurance [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | 0% | ||
Percentage of Plan Assets at Year End | 0% | 0.10% | |
Pension Plan [Member] | Insurance [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 0% | ||
Percentage of Plan Assets at Year End | 0% | 0% | |
Pension Plan [Member] | Cash [Member] | UNITED STATES | |||
Defined Benefit Plan, Target Plan Asset Allocation | [1] | 0% | |
Percentage of Plan Assets at Year End | [1] | 1.30% | 1% |
Pension Plan [Member] | Cash [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | [1] | 0% | |
Percentage of Plan Assets at Year End | [1] | 0.80% | 4.50% |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 100% | ||
Percentage of Plan Assets at Year End | 100% | 100% | |
Other Postretirement Benefits Plan [Member] | Equity Funds [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 0% | ||
Percentage of Plan Assets at Year End | 0% | 0% | |
Other Postretirement Benefits Plan [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 0% | ||
Percentage of Plan Assets at Year End | 0% | 0% | |
Other Postretirement Benefits Plan [Member] | Insurance [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | 100% | ||
Percentage of Plan Assets at Year End | 99.50% | 98.90% | |
Other Postretirement Benefits Plan [Member] | Cash [Member] | |||
Defined Benefit Plan, Target Plan Asset Allocation | [1] | 0% | |
Percentage of Plan Assets at Year End | [1] | 0.50% | 1.10% |
[1]Negative cash for 2021 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 | Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 133,453 | $ 120,782 | $ 135,701 | |
UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 319,738 | 326,786 | 409,811 | |
Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 134,622 | 141,908 | 216,623 | |
Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 699 | 1,336 | ||
Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 4,054 | 3,337 | ||
Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 71,424 | 70,428 | ||
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 2 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 301,210 | 278,198 | ||
Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 132,754 | 119,446 | 135,484 | |
Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 45,251 | 186 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 726 | 703 | $ 749 | |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 133,453 | 120,782 | ||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 305,264 | 326,786 | ||
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 72,150 | 71,131 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 14,474 | |||
Fair Value Measured at Net Asset Value Per Share [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | [1] | 62,472 | 70,777 | |
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | ||
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 29,601 | 28,422 | ||
Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 172,166 | 152,084 | ||
Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | ||
Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 21,525 | ||
Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | ||
Equity Funds [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 172,166 | 173,609 | ||
Equity Funds [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 29,601 | 28,422 | ||
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 1 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 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 2 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | |||
Insurance [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 132,754 | 119,446 | ||
Insurance [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 179 | |||
Insurance [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 132,754 | 119,446 | ||
Insurance [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 179 | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | ||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 40,686 | 41,515 | ||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 129,044 | 126,114 | ||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | ||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 23,547 | ||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 726 | 703 | ||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 129,044 | 149,661 | ||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 41,412 | 42,218 | ||
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 699 | 1,336 | ||
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 4,054 | 3,337 | ||
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 1,137 | 491 | ||
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 2 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | ||
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | Pension 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 3 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | ||
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | ||
Cash [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 699 | 1,336 | ||
Cash [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | UNITED STATES | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 4,054 | 3,337 | ||
Cash [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 1,137 | $ 491 | ||
[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. |
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 | |
Dec. 02, 2023 | Dec. 03, 2022 | |
Pension Plan [Member] | UNITED STATES | ||
Level 3 balance | $ 326,786 | $ 409,811 |
Currency change effect | 0 | 0 |
Level 3 balance | 319,738 | 326,786 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Level 3 balance | 141,908 | 216,623 |
Currency change effect | 4,178 | (22,658) |
Level 3 balance | 134,622 | 141,908 |
Other Postretirement Benefits Plan [Member] | ||
Level 3 balance | 120,782 | 135,701 |
Currency change effect | 0 | 0 |
Level 3 balance | 133,453 | 120,782 |
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | UNITED STATES | ||
Level 3 balance | 45,251 | 186 |
Net transfers (out of)/into level 3 | (45,072) | 16,564 |
Purchases, sales, issuances and settlements, net | (179) | 28,501 |
Level 3 balance | 0 | 45,251 |
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Foreign Plan [Member] | ||
Level 3 balance | 703 | 749 |
Net transfers (out of)/into level 3 | 0 | 7 |
Net losses | 0 | (1) |
Currency change effect | 23 | (52) |
Level 3 balance | 726 | 703 |
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member] | ||
Level 3 balance | 119,446 | 135,484 |
Net transfers (out of)/into level 3 | 0 | (1,992) |
Purchases, sales, issuances and settlements, net | (1,144) | (1,122) |
Net losses | 14,452 | (12,924) |
Level 3 balance | $ 132,754 | $ 119,446 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
May 28, 2016 | Dec. 02, 2023 | Dec. 03, 2022 | |
Undistributed Earnings, Basic | $ 1,154,354 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 10,338 | $ 12,663 | |
Income Tax Examination, Penalties and Interest Expense | 824 | 2,760 | |
Income Tax Examination, Penalties and Interest Accrued | 6,708 | $ 6,275 | |
Income Tax Examination, Year under Examination | 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 | ||
Branch Foreign Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 4,465 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards | 81,655 | ||
Foreign Tax Authority [Member] | Indefinite [Member] | |||
Operating Loss Carryforwards | 60,269 | ||
Foreign Tax Authority [Member] | Tax Period 2023 to 2041 [Member] | |||
Operating Loss Carryforwards | $ 21,386 |
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 | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
United States | $ 15,276 | $ 63,718 | $ 14,989 |
Non-U.S. | 218,885 | 188,210 | 201,862 |
Income from continuing operations before income taxes and income from equity method investments | $ 234,161 | $ 251,928 | $ 216,851 |
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 | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
U.S. federal | $ 18,347 | $ 12,181 | $ 10,310 |
State | 5,529 | 3,389 | 2,265 |
Non-U.S. | 87,449 | 63,750 | 57,801 |
Total current | 111,325 | 79,320 | 70,376 |
U.S. federal | (100) | 8,150 | (6,891) |
State | (4,111) | (1,767) | (350) |
Non-U.S. | (13,585) | (8,517) | (102) |
Total deferred | (17,796) | (2,134) | (7,343) |
Total | $ 93,529 | $ 77,186 | $ 63,033 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Effective Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Tax at statutory U.S. federal income tax rate | $ 49,174 | $ 52,760 | $ 45,539 |
State income taxes, net of federal benefit | 1,137 | 1,252 | 1,444 |
Foreign dividend repatriation1 | 21,730 | 2,596 | 1,104 |
Foreign operations | 12,558 | 1,868 | 19,673 |
Executive compensation over $1.0 million | 784 | 2,847 | 2,507 |
Non-U.S. stock option expense | 730 | 525 | 575 |
Change in valuation allowance | 725 | 3,187 | (9,572) |
Research and development tax credit | (1,400) | (927) | (993) |
Foreign-derived intangible income | (2,665) | (2,786) | (2,617) |
Global intangible low-taxed income | 2,345 | 1,890 | 2,334 |
Provision to return | 1,336 | 840 | 1,122 |
Cross currency swap | 0 | 7,020 | 3,931 |
Contingency reserve | 5,951 | 5,909 | (2,139) |
Other | 1,124 | 205 | 125 |
Total income tax expense | $ 93,529 | $ 77,186 | $ 63,033 |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Income Tax Balances (Details) - USD ($) $ in Thousands | Dec. 02, 2023 | Dec. 03, 2022 |
Pension and other post-retirement benefit plans | $ 5,306 | $ 6,752 |
Employee benefit costs | 27,672 | 25,196 |
Foreign tax credit carryforward | 6,538 | 7,884 |
Tax loss carryforwards | 25,894 | 22,948 |
Leases | 12,716 | 8,538 |
Hedging activity | 18,638 | 13,299 |
Interest deduction limitation | 37,519 | 17,736 |
Other | 33,022 | 28,840 |
Gross deferred tax assets | 167,305 | 131,193 |
Less: valuation allowance | (15,595) | (14,424) |
Total net deferred tax assets | 151,710 | 116,769 |
Depreciation and amortization | (209,266) | (215,219) |
Pension and other post-retirement benefit plans | (41,444) | (37,362) |
Undistributed earnings of non-U.S. subsidiaries | (21,926) | 0 |
Leases | (12,510) | (8,329) |
Total deferred tax liability | (285,146) | (260,910) |
Net deferred tax liability | $ (133,436) | $ (144,141) |
Note 11 - Income Taxes - Unreco
Note 11 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 02, 2023 | Dec. 03, 2022 | |
Balance at beginning of year | $ 17,582 | $ 13,281 |
Additions | 723 | 469 |
Additions | 5,658 | 5,885 |
Reductions | (965) | (1,019) |
Settlements | (8,156) | 0 |
Lapses in applicable statutes of limitation | (588) | (1,034) |
Balance at end of year | $ 14,254 | $ 17,582 |
Note 12 - Financial Instrumen_3
Note 12 - Financial Instruments (Details Textual) € in Thousands, $ in Thousands | 12 Months Ended | |||||||||||||||
May 01, 2020 USD ($) | Dec. 02, 2023 USD ($) | Dec. 03, 2022 USD ($) | Nov. 27, 2021 USD ($) | Jul. 17, 2023 | Jun. 30, 2023 | Mar. 16, 2023 USD ($) | Feb. 28, 2023 | Jan. 13, 2023 USD ($) | Jan. 12, 2023 USD ($) | Oct. 20, 2022 EUR (€) | Oct. 17, 2022 EUR (€) | Feb. 12, 2021 USD ($) | Feb. 27, 2018 USD ($) | Feb. 14, 2017 USD ($) | ||
Public Notes [Member] | ||||||||||||||||
Debt Instrument, Face Amount | $ 150,000 | $ 300,000 | $ 300,000 | |||||||||||||
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ 15,808 | |||||||||||||||
Amortization Period of Deferred Gain (Loss) on Discontinuation of Fair Value Hedge (Year) | 7 years | |||||||||||||||
Interest Rate Swap [Member] | ||||||||||||||||
Derivative, Amount of Hedged Item | $ 300,000 | $ 400,000 | $ 400,000 | $ 85 | 150,000 | |||||||||||
Derivative, Fixed Interest Rate | 3.721% | 3.726% | 3.6895% | 3.6895% | ||||||||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 2,458 | |||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | [1] | 5,932 | $ 13,148 | $ 20,109 | ||||||||||||
Interest Rate Swap [Member] | Other Liabilities [Member] | ||||||||||||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 1,174 | |||||||||||||||
Interest Rate Swap 2 [Member] | ||||||||||||||||
Derivative, Amount of Hedged Item | $ 100,000 | |||||||||||||||
Derivative, Fixed Interest Rate | 3.899% | |||||||||||||||
Interest Rate Swap 2 [Member] | Other Liabilities [Member] | ||||||||||||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 63 | |||||||||||||||
Interest Rate Swap Related to Public Notes [Member] | ||||||||||||||||
Derivative, Amount of Hedged Item | $ 300,000 | $ 150,000 | ||||||||||||||
Interest Rate Swap Related to Public Notes [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | ||||||||||||||||
Derivative, Variable Interest Rate | 3.28% | 1.86% | ||||||||||||||
Interest Rate Swap Related to Public Notes [Member] | Other Liabilities [Member] | ||||||||||||||||
Interest Rate Fair Value Hedge Liability at Fair Value | 41,532 | |||||||||||||||
Cross Currency Interest Rate Contract [Member] | ||||||||||||||||
Derivative, Notional Amount | € | € 300,000 | € 307,173 | ||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (54,850) | |||||||||||||||
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | ||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (18,712) | |||||||||||||||
Cross Currency Interest Rate Contract [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||
Derivative, Variable Interest Rate | 3.28% | |||||||||||||||
Cross Currency Interest Rate Contract [Member] | Euro Short Term Rate (ESTR) Overnight Index Swap Rate [Member] | ||||||||||||||||
Derivative, Variable Interest Rate | 3.2195% | |||||||||||||||
Cross Currency Interest Rate Contract [Member] | Other Liabilities [Member] | ||||||||||||||||
Interest Rate Fair Value Hedge Liability at Fair Value | $ 72,589 | |||||||||||||||
[1]Loss reclassified from accumulated other comprehensive income (loss) into earnings is reported in other income, net. |
Note 12 - Financial Instrumen_4
Note 12 - Financial Instruments - Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | ||
Interest Rate Swap [Member] | ||||
Derivative instruments | [1] | $ 5,932 | $ 13,148 | $ 20,109 |
Net Investment Hedges [Member] | ||||
Derivative instruments | [1] | (18,555) | (54,040) | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Operating Income (Expense) [Member] | ||||
Foreign currency forward contracts | 8,497 | 5,711 | (357) | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||||
Derivative instruments | 0 | (3,536) | (4,554) | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative instruments | 5,932 | 13,148 | 20,109 | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedges [Member] | ||||
Derivative instruments | $ (18,555) | $ (54,040) | $ 0 | |
[1]Loss reclassified from accumulated other comprehensive income (loss) into earnings is reported in other income, net. |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Payment for Contingent Consideration Liability, Financing Activities | $ 1,477 | $ 5,000 | $ 1,700 |
GSSI Sealants, Inc. [Member] | |||
Business Combination, Contingent Consideration, Liability | 870 | ||
Tissue Seal, LLC [Member] | |||
Business Combination, Contingent Consideration, Liability | 500 | ||
ZKLT Polymer Co., Ltd [Member] | |||
Payment for Contingent Consideration Liability, Financing Activities | $ 4,132 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 02, 2023 | Dec. 03, 2022 |
Assets: | ||
Marketable securities | $ 19,314 | $ 4,013 |
Foreign exchange contract assets | 13,501 | 10,282 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 3,632 | |
Liabilities: | ||
Foreign exchange contract liabilities | 5,004 | 4,570 |
Interest rate swaps, cash flow hedge liabilities | 63 | 54,046 |
Interest rate swaps, fair value hedge liabilities | 41,532 | |
Net investment hedge liability | 72,589 | |
Contingent consideration liability | 1,370 | 1,977 |
Cross-currency cash flow hedge liabilities | 42,542 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Marketable securities | 19,314 | 4,013 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | |
Liabilities: | ||
Interest rate swaps, fair value hedge liabilities | 0 | |
Net investment hedge liability | 0 | |
Contingent consideration liability | 0 | |
Cross-currency cash flow hedge liabilities | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Foreign exchange contract assets | 13,501 | 10,282 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 3,632 | |
Liabilities: | ||
Foreign exchange contract liabilities | 5,004 | 4,570 |
Interest rate swaps, cash flow hedge liabilities | 63 | 54,046 |
Interest rate swaps, fair value hedge liabilities | 41,532 | |
Net investment hedge liability | 72,589 | |
Contingent consideration liability | 0 | |
Cross-currency cash flow hedge liabilities | 42,542 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | |
Liabilities: | ||
Interest rate swaps, fair value hedge liabilities | 0 | |
Net investment hedge liability | 0 | |
Contingent consideration liability | $ 1,370 | 1,977 |
Cross-currency cash flow hedge liabilities | $ 0 |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Contingent Consideration (Details) - Contingent Consideration Liability [Member] $ in Thousands | 12 Months Ended |
Dec. 02, 2023 USD ($) | |
Balance | $ 1,977 |
Fair value adjustment | 3,763 |
Payment of contingent consideration | (4,132) |
Mark to market adjustment | (238) |
Level 3 balance at end of year | $ 1,370 |
Note 14 - Commitments and Con_3
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Dec. 02, 2023 | Dec. 03, 2022 |
Accrued Environmental Loss Contingencies, Noncurrent | $ 5,034 | $ 5,754 |
Facility in Simpsonville, South Carolina [Member] | ||
Accrual for Environmental Loss Contingencies | $ 2,301 | $ 2,789 |
Note 14 - Commitments and Con_4
Note 14 - Commitments and Contingencies - Asbestos Related Lawsuits and Claims (Details) - Asbestos Related Lawsuits and Claims [Member] Pure in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 USD ($) | Dec. 03, 2022 USD ($) | Nov. 27, 2021 USD ($) | |
Lawsuits and claims settled | 9 | 7 | 2 |
Settlement amounts | $ 4,200 | $ 296 | $ 85 |
Insurance payments received or expected to be received | $ 2,379 | $ 195 | $ 55 |
Note 15 - Segments (Details Tex
Note 15 - Segments (Details Textual) | 12 Months Ended |
Dec. 02, 2023 | |
Number of Reportable Segments | 3 |
Note 15 - Segments - Reportable
Note 15 - Segments - Reportable Operating Segment Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | ||
Revenue | $ 3,510,934 | $ 3,749,183 | $ 3,278,031 | |
Segment operating income | 355,137 | 322,718 | 252,612 | |
Depreciation and amortization | 159,840 | 146,976 | 143,174 | |
Assets | [1] | 4,723,575 | 4,463,629 | |
Capital expenditures | 119,137 | 129,964 | ||
Corporate, Non-Segment [Member] | ||||
Revenue | 0 | 0 | 0 | |
Segment operating income | [2] | (53,258) | (34,930) | (35,815) |
Depreciation and amortization | [2] | 1,384 | 582 | 1,171 |
Assets | [1] | 444,442 | 377,727 | |
Capital expenditures | 31,776 | 27,161 | ||
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | ||||
Revenue | 1,601,487 | 1,695,934 | 1,472,756 | |
Segment operating income | 215,088 | 165,786 | 138,366 | |
Depreciation and amortization | 53,398 | 46,374 | 45,919 | |
Assets | [1] | 1,661,122 | 1,488,277 | |
Capital expenditures | 67,933 | 110,877 | ||
Engineering Adhesives [Member] | Operating Segments [Member] | ||||
Revenue | 1,428,744 | 1,532,639 | 1,371,756 | |
Segment operating income | 187,346 | 168,873 | 135,913 | |
Depreciation and amortization | 63,143 | 58,307 | 61,082 | |
Assets | [1] | 1,627,715 | 1,610,015 | |
Capital expenditures | 14,888 | (2,302) | ||
Construction Adhesives [Member] | Operating Segments [Member] | ||||
Revenue | 480,703 | 520,610 | 433,519 | |
Segment operating income | 5,961 | 22,989 | 14,148 | |
Depreciation and amortization | 41,915 | 41,713 | 35,002 | |
Assets | [1] | 990,296 | 987,610 | |
Capital expenditures | 4,540 | (5,772) | ||
Total Segment [Member] | ||||
Segment operating income | $ 408,395 | $ 357,648 | $ 288,427 | |
[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.[2]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 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 | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Segment operating income | $ 355,137 | $ 322,718 | $ 252,612 |
Other income, net | 9,682 | 12,952 | 32,855 |
Interest expense | (134,602) | (91,521) | (78,092) |
Interest income | 3,943 | 7,779 | 9,476 |
Income from continuing operations before income taxes and income from equity method investments | $ 234,161 | $ 251,928 | $ 216,851 |
Note 15 - Segments - Financial
Note 15 - Segments - Financial Information About Geographic Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Revenue | $ 3,510,934 | $ 3,749,183 | $ 3,278,031 |
Property, plant and equipment, net | 824,655 | 733,667 | 695,367 |
UNITED STATES | |||
Revenue | 1,551,846 | 1,692,903 | 1,421,623 |
Property, plant and equipment, net | 425,765 | 375,353 | 331,864 |
CHINA | |||
Revenue | 430,948 | 462,587 | 433,998 |
Property, plant and equipment, net | 110,061 | 101,563 | 96,300 |
GERMANY | |||
Revenue | 393,029 | 419,141 | 409,193 |
Property, plant and equipment, net | 114,266 | 107,903 | 120,548 |
Countries with More Than 10 Percent of Total [Member] | |||
Revenue | 2,375,823 | 2,574,631 | 2,264,814 |
All Other Countries With Less than 10 Percent of Total [Member] | |||
Revenue | 1,135,111 | 1,174,552 | 1,013,217 |
Property, plant and equipment, net | $ 174,563 | $ 148,848 | $ 146,655 |
Note 15 - Segments - Disaggrega
Note 15 - Segments - Disaggregated Revenue Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 02, 2023 | Dec. 03, 2022 | Nov. 27, 2021 | |
Revenue | $ 3,510,934 | $ 3,749,183 | $ 3,278,031 |
Corporate, Non-Segment [Member] | |||
Revenue | 0 | 0 | 0 |
Americas [Member] | |||
Revenue | 1,860,292 | 2,045,614 | 1,715,374 |
Americas [Member] | Corporate, Non-Segment [Member] | |||
Revenue | 0 | 0 | 0 |
EIMEA [Member] | |||
Revenue | 1,022,462 | 1,028,645 | 917,946 |
EIMEA [Member] | Corporate, Non-Segment [Member] | |||
Revenue | 0 | 0 | 0 |
Asia Pacific [Member] | |||
Revenue | 628,180 | 674,924 | 644,711 |
Asia Pacific [Member] | Corporate, Non-Segment [Member] | |||
Revenue | 0 | 0 | 0 |
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | |||
Revenue | 1,601,487 | 1,695,934 | 1,472,756 |
Hygiene, Health, and Consumable Adhesives [Member] | Americas [Member] | Operating Segments [Member] | |||
Revenue | 919,024 | 1,003,179 | 826,172 |
Hygiene, Health, and Consumable Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | |||
Revenue | 476,397 | 471,299 | 425,324 |
Hygiene, Health, and Consumable Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | |||
Revenue | 206,066 | 221,456 | 221,260 |
Engineering Adhesives [Member] | Operating Segments [Member] | |||
Revenue | 1,428,744 | 1,532,639 | 1,371,756 |
Engineering Adhesives [Member] | Americas [Member] | Operating Segments [Member] | |||
Revenue | 577,751 | 630,484 | 504,626 |
Engineering Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | |||
Revenue | 460,327 | 478,573 | 470,466 |
Engineering Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | |||
Revenue | 390,666 | 423,582 | 396,664 |
Construction Adhesives [Member] | Operating Segments [Member] | |||
Revenue | 480,703 | 520,610 | 433,519 |
Construction Adhesives [Member] | Americas [Member] | Operating Segments [Member] | |||
Revenue | 363,517 | 411,951 | 384,576 |
Construction Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | |||
Revenue | 85,738 | 78,773 | 22,156 |
Construction Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | |||
Revenue | $ 31,448 | $ 29,886 | $ 26,787 |