Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Aug. 30, 2014 | Sep. 18, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document type | '10-Q | ' |
Document period end date | 30-Aug-14 | ' |
Amendment flag | 'false | ' |
Entity registrant name | 'FULLER H B CO | ' |
Entity central index key | '0000039368 | ' |
Entity current reporting status | 'Yes | ' |
Entity voluntary filers | 'No | ' |
Current fiscal year end date | '--11-29 | ' |
Entity filer category | 'Large Accelerated Filer | ' |
Entity well known seasoned issuer | 'Yes | ' |
Entity common stock shares outstanding | ' | 50,290,523 |
Document fiscal year focus | '2014 | ' |
Document fiscal period focus | 'Q3 | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | |
Consolidated Statements of Income | ' | ' | ' | ' |
Net revenue | $526,765 | $514,579 | $1,556,780 | $1,513,437 |
Cost of sales | -401,611 | -370,072 | -1,155,926 | -1,088,938 |
Gross profit | 125,154 | 144,507 | 400,854 | 424,499 |
Selling, general and administrative expenses | -96,779 | -90,604 | -289,950 | -282,050 |
Special charges, net | -12,343 | -12,775 | -37,615 | -28,951 |
Other income (expense), net | -289 | -1,046 | -1,543 | -2,482 |
Interest expense | -5,292 | -4,579 | -14,178 | -14,790 |
Income from continuing operations before income taxes and income from equity method investments | 10,451 | 35,503 | 57,568 | 96,226 |
Income taxes | -8,035 | -10,290 | -23,414 | -28,274 |
Income from equity method investments | 1,668 | 1,937 | 5,205 | 6,020 |
Income from continuing operations | 4,084 | 27,150 | 39,359 | 73,972 |
(Income) loss from discontinued operations, net of tax | 0 | 1,211 | 0 | 1,211 |
Net income including non-controlling interests | 4,084 | 28,361 | 39,359 | 75,183 |
Net (income) loss attributable to non-controlling interests | -97 | -92 | -264 | -308 |
Net income attributable to H.B. Fuller | $3,987 | $28,269 | $39,095 | $74,875 |
Earnings per share attributable to H.B. Fuller common stockholders: | ' | ' | ' | ' |
Income from continuing operations, basic share | $0.08 | $0.54 | $0.78 | $1.48 |
Income (loss) from discontinued operations, basic share | $0 | $0.02 | $0 | $0.02 |
Basic earnings per share | $0.08 | $0.57 | $0.78 | $1.50 |
Income from continuing operations, diluted share | $0.08 | $0.53 | $0.76 | $1.44 |
Income (loss) from discontinued operations, diluted share | $0 | $0.02 | $0 | $0.02 |
Diluted earnings per share | $0.08 | $0.55 | $0.76 | $1.47 |
Weighted-average common shares outstanding: | ' | ' | ' | ' |
Basic | 50,053 | 49,913 | 49,973 | 49,888 |
Diluted | 51,297 | 51,127 | 51,242 | 51,102 |
Dividends declared per common share | $0.12 | $0.10 | $0.34 | $0.28 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income including non-controlling interests | $4,084 | $28,361 | $39,359 | $75,183 |
Other comprehensive income | ' | ' | ' | ' |
Foreign currency translation | -9,344 | -3,444 | -10,174 | -12,553 |
Defined benefit pension plans adjustment, net of tax | 1,019 | 1,985 | 3,058 | 5,926 |
Interest rate swap, net of tax | 11 | 11 | 31 | 31 |
Cash-flow hedges, net of taxes | 48 | 119 | 80 | 308 |
Other comprehensive income (loss) | -8,266 | -1,329 | -7,005 | -6,288 |
Comprehensive income (loss) | -4,182 | 27,032 | 32,354 | 68,895 |
Comprehensive income attributable to non-controlling interests | 99 | 139 | 263 | 316 |
Comprehensive income (loss) attributable to H.F. Fuller | ($4,281) | $26,893 | $32,091 | $68,579 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 30, 2014 | Nov. 30, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $75,544 | $155,121 |
Trade receivables, net of allowances | 345,104 | 331,125 |
Inventories | 281,265 | 221,537 |
Other current assets | 109,952 | 85,046 |
Current assets of discontinued operations | 1,865 | 1,865 |
Total current assets | 813,730 | 794,694 |
Property, plant and equipment | 1,113,391 | 1,032,792 |
Accumulated depreciation | -620,029 | -598,405 |
Property, plant and equipment, net | 493,362 | 434,387 |
Goodwill | 258,709 | 263,103 |
Other intangibles, net | 200,080 | 219,401 |
Other assets | 171,637 | 161,443 |
Total assets | 1,937,518 | 1,873,028 |
Current liabilities: | ' | ' |
Notes payable | 30,949 | 20,589 |
Trade payables | 212,491 | 201,575 |
Accrued compensation | 44,293 | 76,218 |
Income taxes payable | 6,315 | 10,830 |
Other accrued expenses | 58,037 | 46,566 |
Current liabilities of discontinued operations | 5,000 | 5,000 |
Total current liabilities | 357,085 | 360,778 |
Long-term debt, excluding current maturities | 531,952 | 472,315 |
Accrued pension liabilities | 43,074 | 52,922 |
Other liabilities | 49,825 | 51,835 |
Total liabilities | 981,936 | 937,850 |
Commitments and contingencies | ' | ' |
Redeemable non-controlling interest | 4,790 | 4,717 |
H.B. Fuller stockholders' equity: | ' | ' |
Preferred stock (no shares outstanding) Shares authorized 10,045,900 | 0 | 0 |
Common stock | 50,282 | 50,229 |
Additional paid-in capital | 49,835 | 44,490 |
Retained earnings | 929,224 | 907,308 |
Accumulated other comprehensive income (loss) | -78,966 | -71,962 |
Total H.B. Fuller stockholders' equity | 950,375 | 930,065 |
Non-controlling interests | 417 | 396 |
Total equity | 950,792 | 930,461 |
Total liabilities, redeemable non-controlling interest and total equity | $1,937,518 | $1,873,028 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Aug. 30, 2014 | Nov. 30, 2013 |
Statement of Financial Position Parentheticals [Abstract] | ' | ' |
Allowance for Doubtful Accounts | $9,616 | $8,539 |
Preferred Stock Shares Authorized | 10,045,900 | ' |
Common Stock Par Value | $1 | ' |
Common Stock Authorized | 160,000,000 | ' |
Common Stock Outstanding | 50,281,674 | 50,228,543 |
Consolidated_Statements_of_Tot
Consolidated Statements of Total Equity (USD $) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Balance at, at Dec. 01, 2012 | $778,698 | $49,903 | $37,965 | $830,031 | ($139,626) | $425 |
Comprehensive income (loss) | 164,795 | ' | ' | 96,761 | 67,664 | 370 |
Dividends | -19,484 | ' | ' | -19,484 | ' | ' |
Stock option exercises | 8,891 | 462 | 8,429 | ' | ' | ' |
Share-based compensation plans other, net | 12,922 | 301 | 12,621 | ' | ' | ' |
Tax benefit on share-based compensation plans | 2,676 | ' | 2,676 | ' | ' | ' |
Repurchase of common stock | -17,638 | -437 | -17,201 | ' | ' | ' |
Repurchase of non-controlling interest | -399 | ' | ' | ' | ' | -399 |
Balance at, at Nov. 30, 2013 | 930,461 | 50,229 | 44,490 | 907,308 | -71,962 | 396 |
Comprehensive income (loss) | 32,354 | ' | ' | 39,095 | 7,004 | 263 |
Dividends | -17,179 | ' | ' | -17,179 | ' | ' |
Stock option exercises | 6,331 | 303 | 6,028 | ' | ' | ' |
Share-based compensation plans other, net | 11,445 | 67 | 11,378 | ' | ' | ' |
Tax benefit on share-based compensation plans | 3,123 | ' | 3,123 | ' | ' | ' |
Repurchase of common stock | -15,501 | -317 | -15,184 | ' | ' | ' |
Repurchase of non-controlling interest | -242 | ' | ' | ' | ' | -242 |
Balance at, at Aug. 30, 2014 | $950,792 | $50,282 | $49,835 | $929,224 | ($78,966) | $417 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Aug. 30, 2014 | Aug. 31, 2013 | |
Cash flows from operating activities from continuing operations: | ' | ' |
Net income including non-controlling interests | $39,359 | $75,183 |
(Income) loss from discontinued operations, net of tax | 0 | -1,211 |
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities from continuing operations: | ' | ' |
Depreciation | 34,727 | 29,049 |
Amortization | 17,311 | 16,746 |
Deferred income taxes | -78 | 39 |
(Income) from equity method investments, net of dividends received | -2,958 | 6,919 |
Share-based compensation | 10,163 | 9,027 |
Excess tax benefit from share-based compensation | -3,123 | -2,167 |
Non cash charge for the sale of inventories revalued at the date of acquisition | ' | 189 |
Change in assets and liabilities, net of effects of acquisitions and discontinued operations: | ' | ' |
Trade receivables, net | -18,390 | 1,360 |
Inventories | -63,071 | -14,213 |
Other assets | -25,612 | -2,607 |
Trade payables | 26,372 | -5,490 |
Accrued compensation | -31,116 | -2,978 |
Other accrued expenses | 11,969 | 717 |
Income taxes payable | -4,001 | -9,597 |
Accrued / prepaid pensions | -12,610 | -5,225 |
Other liabilities | -5,886 | -4,166 |
Other | 14,387 | -2,370 |
Net cash provided by (used in) operating activities from continuing operations | -12,557 | 89,205 |
Cash flows from investing activities from continuing operations: | ' | ' |
Purchased property, plant and equipment | -116,213 | -82,549 |
Purchased business | -151 | -8,614 |
Purchased technology | 0 | -2,387 |
Proceeds from sale of property, plant and equipment | 781 | 1,861 |
Net cash provided by (used in) investing activities from continuing operations | -115,583 | -91,689 |
Cash flows from financing activities from continuing operations: | ' | ' |
Proceeds from long-term debt | 235,000 | 107,031 |
Repayment of long-term debt | -174,000 | -129,500 |
Net proceeds (repayments) from notes payable | 10,390 | 1,104 |
Dividends paid | -17,052 | -14,317 |
Distribution to redeemable non-controlling interest | 0 | -244 |
Proceeds from stock options exercised | 6,331 | 7,021 |
Excess tax benefit from share-based compensation | 3,123 | 2,167 |
Repurchases of common stock | -15,501 | -12,021 |
Net cash provided by (used in) financing activities from continuing operations | 48,291 | -38,759 |
Effect of exchange rate changes | 272 | -71 |
Net change in cash and cash equivalents from continuing operations | -79,577 | -41,314 |
Cash provided by (used in) operating activities of discontinued operations | 0 | 1,137 |
Net change in cash and cash equivalents | -79,577 | -40,177 |
Cash and cash equivalents at beginning of period | 155,121 | 200,436 |
Cash and cash equivalents at end of period | 75,544 | 160,259 |
Supplemental disclosure of cash flow information: | ' | ' |
Dividends paid with company stock | 127 | 113 |
Cash paid for interest | 17,169 | 16,651 |
Cash paid for income taxes | $13,118 | $32,579 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parentheticals) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 |
Statement of Cash Flows Parentheticals [Abstract] | ' | ' |
Capitalized interest | $2,461 | $1,017 |
Accounting_Policies
Accounting Policies | 9 Months Ended |
Aug. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Accounting Policies Disclosure | ' |
Note 1: Accounting Policies | |
The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information necessary for a fair presentation of results of operations, comprehensive income, financial position, and cash flows in conformity with U.S. generally accepted accounting principles. In our opinion, the unaudited interim Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature considered necessary for the fair presentation of the results for the periods presented. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from these estimates. These unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K for the year ended November 30, 2013 as filed with the Securities and Exchange Commission. | |
Recently Adopted Accounting Pronouncements: | |
In February 2013, the FASB issued ASU No. 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified out of AOCI” which further amended the disclosure requirements for comprehensive income. The update requires entities to disclose items reclassified out of accumulated other comprehensive income (AOCI) and into net income in a single location either in the notes to the Condensed Consolidated Financial Statements or parenthetically on the face of the Condensed Consolidated Statements of Income. The amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012 and is to be applied prospectively. We adopted the new requirements in the first quarter of our 2014 fiscal year. Since this update impacts disclosure requirements only, the adoption of this update did not have an impact on our condensed consolidated results of operations or financial condition. | |
In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” which requires that an unrecognized tax benefit should be presented in the financial statements as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when settlement in this manner is available under the law. This guidance is effective for fiscal years and interim periods beginning after December 15, 2013 which is our fiscal 2015 and will be applied on a prospective basis to all unrecognized tax benefits that exist at the effective date. We adopted the new requirements in the first quarter of our 2014 fiscal year as early adoption was permitted. The adoption of this update did not have a material impact on our condensed consolidated financial condition. | |
New Accounting Pronouncements: | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years and interim periods beginning after December 15, 2016 which is our fiscal year beginning on December 3, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU No. 2014-09 will have on our condensed consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 9 Months Ended | |||||||||||
Aug. 30, 2014 | ||||||||||||
Acquisitions and Divestitures Abstract | ' | |||||||||||
Acquisitions and Divestitures Disclosure | ' | |||||||||||
Note 2: Acquisitions and Divestitures | ||||||||||||
Acquisitions | ||||||||||||
Plexbond Quimica, S.A.: On June 6, 2013 we acquired Plexbond Quimica, S.A., a provider of chemical urethane adhesives and polyester resins based in Curitiba, Brazil. The acquisition was a stock purchase and encompassed all of Plexbond Quimica, S.A. business operations. The purchase price of $10,390 was funded through existing cash and was recorded in our Americas Adhesives operating segment. | ||||||||||||
The following table summarizes the final fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition: | ||||||||||||
Preliminary Valuation | Purchase | |||||||||||
30-Nov-13 | Price Adjustment | Final Valuation | ||||||||||
Current assets | $ | 5,179 | $ | $ | 5,179 | |||||||
Property, plant and equipment | 2,275 | 2,275 | ||||||||||
Goodwill | 3,626 | 151 | 3,777 | |||||||||
Other intangibles | ||||||||||||
Customer relationships | 3,529 | 3,529 | ||||||||||
Noncompetition agreements | 565 | 565 | ||||||||||
Other assets | 608 | 608 | ||||||||||
Current liabilities | -3,684 | -3,684 | ||||||||||
Other liabilities | -1,859 | -1,859 | ||||||||||
Total purchase price | $ | 10,239 | $ | 151 | $ | 10,390 | ||||||
Divestitures | ||||||||||||
Central America Paints: On August 6, 2012 we completed the sale of our Central America Paints business to Compania Global de Pinturas S.A., a company of Inversiones Mundial S.A. The assets and liabilities of this business are presented on the Condensed Consolidated Balance Sheets as assets and liabilities of discontinued operations. A portion of the cash proceeds was determined to be contingent consideration, pending resolution of purchase agreement contingencies. The contingent consideration was valued at fair value based on level 3 inputs. The contingent consideration was included in current liabilities of discontinued operations in the Condensed Consolidated Balance Sheets at August 30, 2014 and November 30, 2013 as we expect the purchase agreement contingencies to be resolved in 2014. | ||||||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||||||
30-Aug-14 | 31-Aug-13 | 30-Aug-14 | 31-Aug-13 | |||||||||
Income taxes | $ | - | $ | 1,211 | $ | - | $ | 1,211 | ||||
Net income from discontinued operations | $ | - | $ | 1,211 | $ | - | $ | 1,211 | ||||
In the third quarter of 2013, in conjunction with filing the fiscal year 2012 tax return, we recorded a reduction in the income tax expense related to the sale of the Central America Paints business of $1,211. | ||||||||||||
The major classes of assets and liabilities of discontinued operations as of August 30, 2014 and November 30, 2013 were as follows: | ||||||||||||
30-Aug-14 | 30-Nov-13 | |||||||||||
Current assets of discontinued operations | $ | 1,865 | $ | 1,865 | ||||||||
Current liabilities of discontinued operations | $ | 5,000 | $ | 5,000 |
Accounting_for_Sharebased_Comp
Accounting for Sharebased Compensation | 9 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Disclosure Of Share Based Compensation [Abstract] | ' | ||||||||
Share Based Compensation Note | ' | ||||||||
Note 3: Accounting for Share-Based Compensation | |||||||||
Overview: We have various share-based compensation programs, which provide for equity awards including stock options, restricted stock shares, restricted stock units and deferred compensation. These equity awards fall under several plans and are described in detail in our Annual Report on Form 10-K for the year ended November 30, 2013. Starting in 2014 we no longer grant restricted stock shares. | |||||||||
Grant-Date Fair Value: We use the Black-Scholes option-pricing model to calculate the grant-date fair value of an award. There were no options granted during the 13 weeks ended August 31, 2013. The fair value of options granted during the 13 weeks ended August 30, 2014 and 39 weeks ended August 30, 2014 and August 31, 2013 were calculated using the following weighted average assumptions: | |||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||
30-Aug-14 | 30-Aug-14 | 31-Aug-13 | |||||||
Expected life (in years) | 4.75 | 4.75 | 4.75 | ||||||
Weighted-average expected volatility | 31.68% | 34.13% | 48.00% | ||||||
Expected volatility | 31.68% | 31.68% - 37.06% | 47.65% - 48.02% | ||||||
Risk-free interest rate | 1.61% | 1.52% | 0.73% | ||||||
Expected dividend yield | 0.96% | 0.82% | 0.87% | ||||||
Weighted-average fair value of grants | $12.89 | $14.19 | $15.09 | ||||||
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 historical volatility for the same period of time as the expected life. We have no reason to believe that our future volatility will differ materially from the past. | |||||||||
Risk-free interest rate – The rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the same period of time as the expected life. | |||||||||
Expected dividend yield – The calculation is based on the total expected annual dividend payout divided by the average stock price. | |||||||||
Expense Recognition: We use the straight-line attribution method to recognize share-based compensation expense for option awards with graded vesting and restricted stock share and restricted stock units with graded and cliff vesting. 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. | |||||||||
Total share-based compensation expense of $3,015 and $2,812 was included in our Condensed Consolidated Statements of Income for the 13 weeks ended August 30, 2014 and August 31, 2013, respectively. Total share-based compensation expense of $10,163 and $9,027 was included in our Condensed Consolidated Statements of Income for the 39 weeks ended August 30, 2014 and August 31, 2013, respectively. All share-based compensation expense was recorded as selling, general and administrative expense. For the 13 weeks ended August 30, 2014 and August 31, 2013 there was $673 and $138 of excess tax benefit recognized, respectively. For the 39 weeks ended August 30, 2014 and August 31, 2013 there was $3,123 and $2,167 of excess tax benefit recognized, respectively. | |||||||||
As of August 30, 2014, there was $8,160 of unrecognized compensation costs related to unvested stock option awards, which is expected to be recognized over a weighted-average period of 1.1 years. Unrecognized compensation costs related to unvested restricted stock shares was $4,294 which is expected to be recognized over a weighted-average period of 1.2 years. Unrecognized compensation costs related to unvested restricted stock units was $5,402 which is expected to be recognized over a weighted-average period of 1.2 years. | |||||||||
Share-based Activity | |||||||||
A summary of option activity as of August 30, 2014 and changes during the 39 weeks then ended is presented below: | |||||||||
Weighted- | |||||||||
Average | |||||||||
Options | Exercise Price | ||||||||
Outstanding at November 30, 2013 | 2,429,961 | $ | 25.74 | ||||||
Granted | 420,716 | 48.89 | |||||||
Exercised | -302,732 | 20.91 | |||||||
Forfeited or cancelled | -29,504 | 36.37 | |||||||
Outstanding at August 30, 2014 | 2,518,441 | $ | 30.07 | ||||||
The total fair values of options granted during the 13 weeks ended August 30, 2014 were $73. There were no options granted during the 13 weeks ended August 31, 2013. Total intrinsic values of options exercised during the 13 weeks ended August 30, 2014 and August 31, 2013 were $1,925 and $2,665, respectively. Intrinsic value is the difference between our closing stock price on the respective trading day and the exercise price, multiplied by the number of options exercised. The total fair values of options granted during the 39 weeks ended August 30, 2014 and August 31, 2013 were $5,972 and $6,823, respectively. Total intrinsic values of options exercised during the 39 weeks ended August 30, 2014 and August 31, 2013 were $6,855 and $7,434, respectively. Proceeds received from option exercises during the 13 weeks ended August 30, 2014 and August 31, 2013 were $1,680 and $2,650, respectively and $6,331 and $7,021 during the 39 weeks ended August 30, 2014 and August 31, 2013, respectively. | |||||||||
A summary of nonvested restricted stock as of August 30, 2014 and changes during the 39 weeks then ended is presented below: | |||||||||
Weighted- | |||||||||
Weighted- | Average | ||||||||
Average | Remaining | ||||||||
Grant | Contractual | ||||||||
Date Fair | Life | ||||||||
Units | Shares | Total | Value | (in Years) | |||||
Nonvested at November 30, 2013 | 135,231 | 312,445 | 447,676 | $ | 33.76 | 1.2 | |||
Granted | 126,045 | - | 126,045 | 48.87 | 1.4 | ||||
Vested | -68,293 | -113,502 | -181,795 | 48.18 | - | ||||
Forfeited | -2,160 | -7,999 | -10,159 | 37.08 | 1.2 | ||||
Nonvested at August 30, 2014 | 190,823 | 190,944 | 381,767 | $ | 40.67 | 1.2 | |||
Total fair values of restricted stock vested during the 13 weeks ended August 30, 2014 and August 31, 2013 were $217 and $229, respectively. Total fair values of restricted stock vested during the 39 weeks ended August 30, 2014 and August 31, 2013 were $8,758 and $6,779, respectively. The total fair value of nonvested restricted stock at August 30, 2014 was $9,697. | |||||||||
We repurchased 1,095 and 838 restricted stock shares during the 13 weeks ended August 30, 2014 and August 31, 2013, respectively and 67,407 and 62,462 during the 39 weeks ended August 30, 2014 and August 31, 2013, respectively The repurchases relate to statutory minimum tax withholding. | |||||||||
We have a Directors’ Deferred Compensation plan that allows non-employee directors to defer all or a portion of their directors’ compensation in a number of investment choices, including units representing shares of our common stock. We also have a Key Employee Deferred Compensation Plan that allows key employees to defer a portion of their eligible compensation in a number of investment choices, including units, representing shares of our common stock. We provide a 10 percent match on deferred compensation invested into units, representing shares of our common stock. A summary of deferred compensation units as of August 30, 2014, and changes during the 39 weeks then ended is presented below: | |||||||||
Non-employee | |||||||||
Directors | Employees | Total | |||||||
Units outstanding November 30, 2013 | 312,680 | 61,288 | 373,968 | ||||||
Participant contributions | 10,134 | 1,615 | 11,749 | ||||||
Company match contributions1 | 16,032 | 162 | 16,194 | ||||||
Payouts | -1,075 | -12,099 | -13,174 | ||||||
Units outstanding August 30, 2014 | 337,771 | 50,966 | 388,737 | ||||||
1 The non-employee directors’ company match includes 15,019 deferred compensation units paid as discretionary awards to all non-employee directors in the third quarter of 2014. | |||||||||
Deferred compensation units are fully vested at the date of contribution. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Earnings per Share Abstract | ' | ||||||||
Earnings Per Share Disclosure | ' | ||||||||
Note 4: Earnings Per Share | |||||||||
A reconciliation of the common share components for the basic and diluted earnings per share calculations follows: | |||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||
August 30, | August 31, | August 30, | August 31, | ||||||
(Shares in thousands) | 2014 | 2013 | 2014 | 2013 | |||||
Weighted-average common shares - basic | 50,053 | 49,913 | 49,973 | 49,888 | |||||
Equivalent shares from share-based compensations plans | 1,244 | 1,214 | 1,269 | 1,214 | |||||
Weighted-average common and common equivalent shares - diluted | 51,297 | 51,127 | 51,242 | 51,102 | |||||
Basic earnings per share is calculated by dividing net income attributable to H.B. Fuller by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per share is based upon the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to share-based compensation awards. We use the treasury stock method to calculate the effect of outstanding shares, which computes total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award, (b) the amount of unearned share-based compensation costs attributed to future services and (c) the amount of tax benefits, if any, that would be credited to additional paid-in capital assuming exercise of the award. 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. | |||||||||
Options to purchase 416,544 and 410,278 shares of common stock at a weighted-average exercise price of $48.89 and $48.93 for the 13 weeks and 39 weeks ended August 30, 2014, respectively, were excluded from the diluted earnings per share calculations because they were antidilutive. Options to purchase 449,466 shares of common stock at a weighted-average exercise price of $39.58 for the 13 weeks and 39 weeks ended August 31, 2013 were excluded from the diluted earnings per share calculations because they were antidilutive. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income Loss Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Note 5: Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
The following table provides details of total comprehensive income (loss): | |||||||||||||||||||||||||
13 Weeks Ended August 30, 2014 | 13 Weeks Ended August 31, 2013 | ||||||||||||||||||||||||
H.B. Fuller Stockholders | Non-controlling Interests | H.B. Fuller Stockholders | Non-controlling Interests | ||||||||||||||||||||||
Pretax | Tax | Net | Net | Pretax | Tax | Net | Net | ||||||||||||||||||
Net income including non- controlling interests | $ | 3,987 | $ | 97 | $ | 28,269 | $ | 92 | |||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Foreign currency translation adjustment¹ | $ | -9,346 | - | -9,346 | 2 | $ | -3,491 | - | -3,491 | 47 | |||||||||||||||
Reclassification to earnings: | |||||||||||||||||||||||||
Defined benefit pension plans adjustment² | 1,658 | -639 | 1,019 | 3,054 | -1,069 | 1,985 | |||||||||||||||||||
Interest rate swap³ | 15 | -4 | 11 | 15 | -4 | 11 | |||||||||||||||||||
Cash-flow hedges³ | 62 | -14 | 48 | 194 | -75 | 119 | |||||||||||||||||||
Other comprehensive income (loss) | $ | -7,611 | $ | -657 | -8,268 | 2 | $ | -228 | $ | -1,148 | -1,376 | 47 | |||||||||||||
Comprehensive income | $ | -4,281 | $ | 99 | $ | 26,893 | $ | 139 | |||||||||||||||||
39 Weeks Ended August 30, 2014 | 39 Weeks Ended August 31, 2013 | ||||||||||||||||||||||||
H.B. Fuller Stockholders | Non-controlling Interests | H.B. Fuller Stockholders | Non-controlling Interests | ||||||||||||||||||||||
Pretax | Tax | Net | Net | Pretax | Tax | Net | Net | ||||||||||||||||||
Net income including non- controlling interests | $ | 39,095 | $ | 264 | $ | 74,875 | $ | 308 | |||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Foreign currency translation adjustment¹ | $ | -10,173 | - | -10,173 | -1 | $ | -12,561 | - | -12,561 | 8 | |||||||||||||||
Reclassification to earnings: | |||||||||||||||||||||||||
Defined benefit pension plans adjustment² | 4,984 | -1,926 | 3,058 | 9,121 | -3,195 | 5,926 | |||||||||||||||||||
Interest rate swap³ | 43 | -12 | 31 | 43 | -12 | 31 | |||||||||||||||||||
Cash-flow hedges³ | 115 | -35 | 80 | 502 | -194 | 308 | |||||||||||||||||||
Other comprehensive income (loss) | $ | -5,031 | $ | -1,973 | -7,004 | -1 | $ | -2,895 | $ | -3,401 | -6,296 | 8 | |||||||||||||
Comprehensive income | $ | 32,091 | $ | 263 | $ | 68,579 | $ | 316 | |||||||||||||||||
¹ Income taxes are not provided for foreign currency translation relating to permanent investments in international subsidiaries. | |||||||||||||||||||||||||
² Loss reclassified from AOCI into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales, SG&A and special charges. | |||||||||||||||||||||||||
³ Loss reclassified from AOCI into earnings is reported in other income (expense), net. | |||||||||||||||||||||||||
The components of accumulated other comprehensive income (loss) follow: | |||||||||||||||||||||||||
30-Aug-14 | |||||||||||||||||||||||||
Total | H.B. FullerStockholders | Non-controllingInterests | |||||||||||||||||||||||
Foreign currency translation adjustment | $ | 39,694 | $ | 39,705 | $ | -11 | |||||||||||||||||||
Defined benefit pension plans adjustment, net of taxes of $63,284 | -118,597 | -118,597 | - | ||||||||||||||||||||||
Interest rate swap, net of taxes of $25 | -63 | -63 | - | ||||||||||||||||||||||
Cash-flow hedges, net of taxes of $35 | -11 | -11 | - | ||||||||||||||||||||||
Accumulated other comprehensive income (loss) | $ | -78,977 | $ | -78,966 | $ | -11 | |||||||||||||||||||
30-Nov-13 | |||||||||||||||||||||||||
Total | H.B. FullerStockholders | Non-controllingInterests | |||||||||||||||||||||||
Foreign currency translation adjustment | $ | 49,871 | $ | 49,878 | $ | -7 | |||||||||||||||||||
Defined benefit pension plans adjustment, net of taxes of $65,210 | -121,655 | -121,655 | - | ||||||||||||||||||||||
Interest rate swap, net of taxes of $36 | -94 | -94 | - | ||||||||||||||||||||||
Cash-flow hedges, net of taxes of $57 | -91 | -91 | - | ||||||||||||||||||||||
Accumulated other comprehensive income (loss) | $ | -71,969 | $ | -71,962 | $ | -7 |
Special_Charges_net
Special Charges, net | 9 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Special Charges [Abstract] | ' | ||||||||||||
Special Charges Disclosure [Text Block] | ' | ||||||||||||
Note 6: Special Charges, net | |||||||||||||
The integration of the Forbo industrial adhesives business we acquired in March 2012 involves a significant amount of restructuring and capital investment to optimize the new combined entity. In addition, we are taking a series of actions in our existing EIMEA operating segment to improve the profitability and future growth prospects of this operating segment. We combined these two initiatives into a single project which we refer to as the “Business Integration Project”. During the 13 weeks ended August 30, 2014 and August 31, 2013, we incurred special charges, net of $12,343 and $12,775, respectively and $37,615 and $28,951 for the 39 weeks ended August 30, 2014 and August 31, 2013, respectively for costs related to the Business Integration Project. | |||||||||||||
The following table provides detail of special charges, net: | |||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||
30-Aug-14 | 31-Aug-13 | 30-Aug-14 | 31-Aug-13 | ||||||||||
Acquisition and transformation related costs | $ | 1,864 | $ | 1,641 | $ | 6,150 | $ | 5,807 | |||||
Workforce reduction costs | -55 | 3,212 | 2,903 | 7,393 | |||||||||
Facility exit costs | 8,802 | 5,118 | 21,254 | 10,174 | |||||||||
Other related costs | 1,732 | 2,804 | 7,308 | 5,577 | |||||||||
Special charges, net | $ | 12,343 | $ | 12,775 | $ | 37,615 | $ | 28,951 | |||||
Acquisition and transformation related costs of $1,864 for the 13 weeks ended August 30, 2014 and $1,641 for the 13 weeks ended August 31, 2013 include costs related to organization consulting, financial advisory and legal services necessary to integrate the Forbo industrial adhesives business into our existing operating segments. For the 39 weeks ended August 30, 2014 and August 31, 2013 we incurred acquisition and transformation related costs of $6,150 and $5,807, respectively. During the 13 weeks ended August 30, 2014, we recorded a reversal of workforce reduction costs of $55, cash facility exit costs of $7,340 and non-cash facility exit costs of $1,462 and other incremental transformation related costs of $1,732 including the cost of personnel directly working on the integration. During the 39 weeks ended August 30, 2014, we incurred workforce reduction costs of $2,903, cash facility exit costs of $16,623 and non-cash facility exit costs of $4,631 and other incremental transformation related costs of $7,308 including the cost of personnel directly working on the integration. During the 13 weeks and 39 weeks ended August 31, 2013, we incurred workforce reduction costs of $3,212 and $7,393, respectively, cash facility exit costs of $3,262 and $6,975, respectively, non-cash facility exit costs of $1,856 and $3,199, respectively and other incremental transformation related costs of $2,804 and $5,577, respectively including the cost of personnel directly working on the integration. | |||||||||||||
For the 39 weeks ended August 30, 2014, the activity in accrued compensation associated with the Business Integration Project, is as follows: | |||||||||||||
Workforce Reduction Costs | |||||||||||||
Balance at November 30, 2013 | $ | 18,057 | |||||||||||
Workforce reduction costs | 2,903 | ||||||||||||
Cash payments | -18,481 | ||||||||||||
Foreign currency translation adjustment | -161 | ||||||||||||
Balance at August 30, 2014 | $ | 2,318 | |||||||||||
Of the $2,318 in accrued workforce reduction costs at August 30, 2014, $1,434 was included in accrued compensation and $884 was included in other liabilities on our Condensed Consolidated Balance Sheets as this portion was not expected to be paid within the next year. The benefits were accrued based primarily on the formal severance plans in place for the various locations. The special charges are not allocated to our operating segments. |
Components_of_Net_Periodic_Cos
Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans | 9 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Components of Net Periodic Cost (Benefit) Related to Pension and Other Postretirement Benefit Plans Abstract | ' | ||||||||||||
Components of Net Periodic Cost (Benefit) Related to Pension and Other Postretirement Benefit Plans Disclosure | ' | ||||||||||||
Note 7: Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans | |||||||||||||
13 Weeks Ended August 30, 2014 and August 31, 2013 | |||||||||||||
Other | |||||||||||||
Pension Benefits | Postretirement | ||||||||||||
U.S. Plans | Non-U.S. Plans | Benefits | |||||||||||
Net periodic cost (benefit): | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||
Service cost | $ | 23 | $ | 26 | $ | 430 | $ | 416 | $ | 108 | $ | 155 | |
Interest cost | 4,022 | 3,679 | 1,920 | 1,808 | 535 | 534 | |||||||
Expected return on assets | -5,967 | -5,680 | -2,735 | -2,302 | -1,185 | -932 | |||||||
Amortization: | |||||||||||||
Prior service cost | 8 | 12 | -1 | -1 | -942 | -1,033 | |||||||
Actuarial (gain)/ loss | 1,144 | 1,686 | 775 | 932 | 677 | 1,430 | |||||||
Net periodic cost (benefit) | $ | -770 | $ | -277 | $ | 389 | $ | 853 | $ | -807 | $ | 154 | |
39 Weeks Ended August 30, 2014 and August 31, 2013 | |||||||||||||
Other | |||||||||||||
Pension Benefits | Postretirement | ||||||||||||
U.S. Plans | Non-U.S. Plans | Benefits | |||||||||||
Net periodic cost (benefit): | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||
Service cost | $ | 70 | $ | 80 | $ | 1,298 | $ | 1,255 | $ | 325 | $ | 467 | |
Interest cost | 12,065 | 11,039 | 5,737 | 5,497 | 1,607 | 1,600 | |||||||
Expected return on assets | -17,900 | -17,040 | -8,161 | -7,002 | -3,556 | -2,794 | |||||||
Amortization: | |||||||||||||
Prior service cost | 22 | 36 | -3 | -3 | -2,828 | -3,101 | |||||||
Actuarial (gain)/ loss | 3,432 | 5,056 | 2,331 | 2,818 | 2,032 | 4,288 | |||||||
Net periodic cost (benefit) | $ | -2,311 | $ | -829 | $ | 1,202 | $ | 2,565 | $ | -2,420 | $ | 460 |
Inventories
Inventories | 9 Months Ended | |||||
Aug. 30, 2014 | ||||||
Inventories Abstract | ' | |||||
Inventories Disclosure | ' | |||||
Note 8: Inventories | ||||||
The composition of inventories follows: | ||||||
August 30, | November 30, | |||||
2014 | 2013 | |||||
Raw materials | $ | 153,857 | $ | 119,536 | ||
Finished goods | 149,065 | 122,584 | ||||
LIFO reserve | -21,657 | -20,583 | ||||
Total inventories | $ | 281,265 | $ | 221,537 |
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||
Aug. 30, 2014 | ||||||||
Financial Instruments Abstract | ' | |||||||
Financial Instruments Disclosure | ' | |||||||
Note 9: Financial Instruments | ||||||||
As a result of being a global enterprise, our earnings, cash flows and financial position are exposed to foreign currency risk from foreign currency denominated receivables and payables. These items are denominated in various foreign currencies, including the Euro, British pound sterling, Canadian dollar, Chinese renminbi, Japanese yen, Australian dollar, Argentine peso, Brazilian real, Colombian peso, Mexican peso, Turkish lira, Egyptian pound, Indian rupee and Malaysian ringgit. | ||||||||
Our objective is to balance, where possible, local currency denominated assets to local currency denominated liabilities to have a natural hedge and minimize foreign exchange impacts. We take steps to minimize risks from foreign currency exchange rate fluctuations through normal operating and financing activities and, when deemed appropriate, through the use of derivative instruments. We do not enter into any speculative positions with regard to derivative instruments. | ||||||||
We enter into derivative contracts with a group of investment grade multinational commercial banks. We evaluate the credit quality of each of these banks on a periodic basis as warranted. | ||||||||
Effective March 5, 2012, we entered into a cross-currency swap agreement to convert a notional amount of $98,738 of foreign currency denominated intercompany loans into US dollars. The swap matures in 2015. As of August 30, 2014, the fair value of the swap was an asset of $190 and was included in other assets in the Condensed Consolidated Balance Sheets. The swap was designated as cash-flow hedge for accounting treatment. The lesser amount between the cumulative change in the fair value of the actual swap and the cumulative change in the fair value of hypothetical swap is recorded in accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets. The difference between the cumulative change in the fair value of the actual swap and the cumulative change in the fair value of hypothetical swap is recorded as other income (expense), net in the Condensed Consolidated Statements of Income. In a perfectly effective hedge relationship, the two fair value calculations would exactly offset each other. Any difference in the calculation represents hedge ineffectiveness. The ineffectiveness calculations as of August 30, 2014 resulted in additional pretax loss of $37 year-to-date as the change in fair value of the cross-currency swap was less than the change in the fair value of the hypothetical swap. The amount in accumulated other comprehensive income (loss) related to cross-currency swap was a loss of $11 at August 30, 2014. The estimated net amount of the existing loss that is reported in accumulated other comprehensive income (loss) at August 30, 2014 that is expected to be reclassified into earnings within the next twelve months is $11. At August 30, 2014, we believe the original forecasted transactions will occur, therefore, we do not believe any gains or losses will be reclassified into earnings as a result of the discontinuance of this cash flow hedge. | ||||||||
The following table summarizes the cross-currency swap outstanding as of August 30, 2014: | ||||||||
Fiscal Year of Expiration | Interest Rate | Notional Value | Fair Value | |||||
Pay EURReceive USD | 2015 | 4.30%4.45% | $98,738 | $190 | ||||
Except for the cross currency swap agreement listed above, foreign currency derivative instruments outstanding are not designated as hedges for accounting purposes. The gains and losses related to mark-to-market adjustments are recognized as other income or expense in the income statement during the periods in which the derivative instruments are outstanding. See Note 14 to Condensed Consolidated Financial Statements for fair value amounts of these derivative instruments. | ||||||||
As of August 30, 2014, we had forward foreign currency contracts maturing between September 2, 2014 and November 25, 2014. The mark-to-market effect associated with these contracts, on a net basis, was a gain of $1,576 at August 30, 2014. These gains were largely offset by the underlying transaction gains and losses resulting from the foreign currency exposures for which these contracts relate. | ||||||||
We have interest rate swap agreements to convert $75,000 of our Senior Notes to variable interest rates. The change in fair value of the Senior Notes, attributable to the change in the risk being hedged, was a liability of $4,702 at August 30, 2014 and was included in long-term debt in the Condensed Consolidated Balance Sheets. The fair values of the swaps in total were an asset of $4,628 at August 30, 2014 and were included in other assets in the Condensed Consolidated Balance Sheets. The swaps were designated for hedge accounting treatment as fair value hedges. The changes in the fair value of the swap and the fair value of the Senior Notes attributable to the change in the risk being hedged are recorded as other income (expense), net in the Condensed Consolidated Statements of Income. In a perfectly effective hedge relationship, the two fair value calculations would exactly offset each other. Any difference in the calculation represents hedge ineffectiveness. The calculation as of August 30, 2014 resulted in additional pretax gain of $61 year-to-date as the fair value of the interest rate swaps increased by more than the change in the fair value of the Senior Notes attributable to the change in the risk being hedged. | ||||||||
Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of entities in the customer base and their dispersion across many different industries and countries. As of August 30, 2014, there were no significant concentrations of credit risk. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||||||
Aug. 30, 2014 | ||||||||||
Commitments and Contingencies Abstract | ' | |||||||||
Commitments and Contingencies Disclosure | ' | |||||||||
Note 10: Commitments and Contingencies | ||||||||||
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 contribution of us 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 a financial provision. | ||||||||||
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 be required to pay a share of the costs of investigation and clean up of these sites. In addition, we are engaged in environmental remediation and monitoring efforts at a number of current and former operating facilities. While uncertainties exist with respect to the amounts and timing of the ultimate environmental liabilities, based on currently available information, we have concluded that these matters, individually or in the aggregate, will not have a material adverse effect on our results of operations, financial condition or cash flow. | ||||||||||
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 have a material adverse effect on our results of operations, financial condition or cash flow. | ||||||||||
We have been named as a defendant in lawsuits in which plaintiffs have alleged injury due to products containing asbestos manufactured more than 30 years ago. The plaintiffs generally bring these lawsuits against multiple defendants and seek damages (both actual and punitive) in very large amounts. In many cases, plaintiffs are unable to demonstrate that they have suffered any compensable injuries or that the injuries suffered were the result of exposure to products manufactured by us. We are typically dismissed as a defendant in such cases without payment. If the plaintiff presents evidence indicating that compensable injury occurred as a result of exposure to our products, the case is generally settled for an amount that reflects the seriousness of the injury, the length, intensity and character of exposure to products containing asbestos, the number and solvency of other defendants in the case, and the jurisdiction in which the case has been brought. | ||||||||||
A significant portion of the defense costs and settlements in asbestos-related litigation is paid by third parties, including indemnification pursuant to the provisions of a 1976 agreement under which we acquired a business from a third party. Currently, this third party is defending and paying settlement amounts, under a reservation of rights, in most of the asbestos cases tendered to the third party. | ||||||||||
In addition to the indemnification arrangements with third parties, we have insurance policies that generally provide coverage for asbestos liabilities (including defense costs). Historically, insurers have paid a significant portion of our defense costs and settlements in asbestos-related litigation. However, certain of our insurers are insolvent. We have entered into cost-sharing agreements with our insurers that provide for the allocation of defense costs and under certain circumstances, settlements and judgments, in asbestos-related lawsuits. Under these agreements, we are required under certain circumstances to fund a share of settlements and judgments allocable to years in which the responsible insurer is insolvent. In addition, to delineate our rights under certain insurance policies, in October 2009, we commenced a declaratory judgment action against one of our insurers in the United States District Court for the District of Minnesota. Additional insurers have been brought into the action to address issues related to the scope of their coverage. We recently entered into a settlement agreement with the defendant insurers in this case that provided for the allocation of defense costs and settlements in the future. The allocation under the settlement agreement depends on the outcome of an appeal of two issues to the United States Eighth Circuit Court of Appeals. | ||||||||||
A summary of the number of and settlement amounts for asbestos-related lawsuits and claims is as follows: | ||||||||||
39 Weeks Ended | 3 Years Ended | |||||||||
($ in thousands) | 30-Aug-14 | 31-Aug-13 | 30-Nov-13 | |||||||
Lawsuits and claims settled | 4 | 3 | 22 | |||||||
Settlement amounts | $ | 190 | $ | 74 | $ | 1,448 | ||||
Insurance payments received or expected to be received | $ | 155 | $ | 8 | $ | 1,087 | ||||
We do not believe that it would be meaningful to disclose the aggregate number of asbestos-related lawsuits filed against us because relatively few of these lawsuits are known to involve exposure to asbestos-containing products that we manufactured. Rather, we believe it is more meaningful to disclose the number of lawsuits that are settled and result in a payment to the plaintiff. To the extent we can reasonably estimate the amount of our probable liabilities for pending asbestos-related claims, we establish a financial provision and a corresponding receivable for insurance recoveries. | ||||||||||
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 have a material adverse effect on our results of operations, financial condition or cash flow. |
Operating_Segments
Operating Segments | 9 Months Ended | ||||||||||||||
Aug. 30, 2014 | |||||||||||||||
Operating Segments Abstract | ' | ||||||||||||||
Segment Reporting Disclosure | ' | ||||||||||||||
Note 11: Operating Segments | |||||||||||||||
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. We evaluate the performance of each of our operating segments based on segment operating income, which is defined as gross profit less selling, general and administrative (SG&A) expenses. Segment operating income excludes special charges, net. Corporate expenses are fully allocated to each operating segment. Inter-segment revenues are recorded at cost plus a markup for administrative costs. Operating results of each segment are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. | |||||||||||||||
Through the third quarter of 2013, our business was reported in five operating segments: North America Adhesives, EIMEA (Europe, India, Middle East and Africa), Latin America Adhesives, Asia Pacific and Construction Products. Changes in our management reporting structure during the fourth quarter of 2013 required us to conduct an operating segment assessment in accordance with ASC Topic 280 “Segment Reporting”, to determine our reportable segments. As a result of this assessment, we now have four reportable segments: Americas Adhesives, EIMEA, Asia Pacific and Construction Products. Prior periods have been restated to reflect our new operating segments. | |||||||||||||||
The tables below provide certain information regarding net revenue and segment operating income of each of our operating segments: | |||||||||||||||
13 Weeks Ended | |||||||||||||||
30-Aug-14 | 31-Aug-13 | ||||||||||||||
Inter- | Segment | Inter- | Segment | ||||||||||||
Trade | Segment | Operating | Trade | Segment | Operating | ||||||||||
Revenue | Revenue | Income | Revenue | Revenue | Income | ||||||||||
Americas Adhesives | $ | 237,657 | $ | 6,844 | $ | 21,854 | $ | 233,515 | $ | 6,690 | $ | 34,871 | |||
EIMEA | 177,478 | 4,695 | 3,139 | 180,753 | 3,400 | 14,199 | |||||||||
Asia Pacific | 63,847 | 4,222 | 897 | 59,454 | 2,708 | 1,564 | |||||||||
Construction Products | 47,783 | 309 | 2,485 | 40,857 | 517 | 3,269 | |||||||||
Total | $ | 526,765 | $ | 28,375 | $ | 514,579 | $ | 53,903 | |||||||
39 Weeks Ended | |||||||||||||||
30-Aug-14 | 31-Aug-13 | ||||||||||||||
Inter- | Segment | Inter- | Segment | ||||||||||||
Trade | Segment | Operating | Trade | Segment | Operating | ||||||||||
Revenue | Revenue | Income | Revenue | Revenue | Income | ||||||||||
Americas Adhesives | $ | 684,308 | $ | 18,297 | $ | 78,949 | $ | 670,019 | $ | 16,766 | $ | 92,621 | |||
EIMEA | 538,693 | 13,228 | 21,735 | 543,448 | 8,869 | 34,817 | |||||||||
Asia Pacific | 196,842 | 10,800 | 4,443 | 182,148 | 9,987 | 6,331 | |||||||||
Construction Products | 136,937 | 1,272 | 5,777 | 117,822 | 732 | 8,680 | |||||||||
Total | $ | 1,556,780 | $ | 110,904 | $ | 1,513,437 | $ | 142,449 | |||||||
Reconciliation of segment operating income to income from continuing operations before income taxes and income from equity method investments: | |||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
August 30, | August 31, | August 30, | August 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Segment operating income | $ | 28,375 | $ | 53,903 | $ | 110,904 | $ | 142,449 | |||||||
Special charges, net | -12,343 | -12,775 | -37,615 | -28,951 | |||||||||||
Other income (expense), net | -289 | -1,046 | -1,543 | -2,482 | |||||||||||
Interest expense | -5,292 | -4,579 | -14,178 | -14,790 | |||||||||||
Income from continuing operations before income taxes and income from equity method investments | $ | 10,451 | $ | 35,503 | $ | 57,568 | $ | 96,226 |
Income_Taxes
Income Taxes | 9 Months Ended |
Aug. 30, 2014 | |
Income Taxes Abstract | ' |
Income Taxes Disclosure | ' |
Note 12: Income Taxes | |
As of August 30, 2014, we had a $4,614 liability recorded under FASB ASC 740, “Income Taxes” for gross unrecognized tax benefits (excluding interest). As of August 30, 2014, we had accrued $592 of gross interest relating to unrecognized tax benefits. During the third quarter of 2014 our recorded liability for gross unrecognized tax benefits decreased by $681. The increase to our overall effective tax rate is primarily due to a change in the jurisdictional mix of annual forecasted earnings. |
Goodwill
Goodwill | 9 Months Ended | |||
Aug. 30, 2014 | ||||
Goodwill Disclosure [Abstract] | ' | |||
Goodwill Disclosure | ' | |||
Note 13: Goodwill | ||||
A summary of goodwill activity for the first nine months of 2014 is presented below: | ||||
Balance at November 30, 2013 | $ | 263,103 | ||
Plexbond Quimica, S.A. acquisition (Note 2) | 151 | |||
Currency impact | -4,545 | |||
Balance at August 30, 2014 | $ | 258,709 |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Measurements Disclosure | ' | ||||||||||||
Note 14: Fair Value Measurements | |||||||||||||
The following tables present information about our financial assets and liabilities that are measured at fair value on a recurring basis as of August 30, 2014 and November 30, 2013, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. The hierarchy is broken down into three levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include data points that are observable such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) such as interest rates and yield curves that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. | |||||||||||||
August 30, | Fair Value Measurements Using: | ||||||||||||
Description | 2014 | Level 1 | Level 2 | Level 3 | |||||||||
Assets: | |||||||||||||
Marketable securities | $ | 1,271 | $ | 1,271 | $ | - | $ | - | |||||
Derivative assets | 3,240 | - | 3,240 | - | |||||||||
Cash-flow hedges | 190 | - | 190 | - | |||||||||
Interest rate swaps | 4,628 | - | 4,628 | - | |||||||||
Liabilities: | |||||||||||||
Derivative liabilities | $ | 1,664 | $ | - | $ | 1,664 | $ | - | |||||
Contingent consideration liability, continuing operations | 341 | - | - | 341 | |||||||||
Contingent consideration liability, discontinued operations | 5,000 | - | - | 5,000 | |||||||||
November 30, | Fair Value Measurements Using: | ||||||||||||
Description | 2013 | Level 1 | Level 2 | Level 3 | |||||||||
Assets: | |||||||||||||
Marketable securities | $ | 28,786 | $ | 28,786 | $ | - | $ | - | |||||
Derivative assets | 533 | - | 533 | - | |||||||||
Interest rate swaps | 5,930 | - | 5,930 | - | |||||||||
Liabilities: | |||||||||||||
Derivative liabilities | $ | 1,399 | $ | - | $ | 1,399 | $ | - | |||||
Cash-flow hedges | 4,801 | - | 4,801 | - | |||||||||
Contingent consideration liability, continuing operations | 566 | - | - | 566 | |||||||||
Contingent consideration liability, discontinued operations | 5,000 | - | - | 5,000 |
Share_Repurchase_Program
Share Repurchase Program | 9 Months Ended |
Aug. 30, 2014 | |
Share Repurchase Program Disclosure [Abstract] | ' |
Share Repurchase Program [Text Block] | ' |
Note 15: Share Repurchase Program | |
On September 30, 2010, the Board of Directors authorized a share repurchase program of up to $100,000 of our outstanding common shares. Under the program, we are authorized to repurchase shares for cash on the open market, from time to time, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The timing of such repurchases is dependent on price, market conditions and applicable regulatory requirements. Upon repurchase of the shares, we reduced our common stock for the par value of the shares with the excess being applied against additional paid-in capital. | |
We did not repurchase any shares during the third quarter of 2014. During the third quarter of 2013 we repurchased shares under this program, with an aggregate value of $4,893. Of this amount, $125 reduced common stock and $4,768 reduced additional paid-in capital. During the first nine months of 2014 we repurchased shares under this program, with an aggregate value of $12,254. Of this amount, $250 reduced common stock and $12,004 reduced additional paid-in capital. During the first nine months of 2013 we repurchased shares under this program, with an aggregate value of $9,668. Of this amount, $250 reduced common stock and $9,418 reduced additional paid-in capital. |
Redeemable_NonControlling_Inte
Redeemable Non-Controlling Interest | 9 Months Ended | |||
Aug. 30, 2014 | ||||
Temporary Equity Disclosure [Abstract] | ' | |||
Redeemable Non-Controlling Interest Disclosure | ' | |||
Note 16: Redeemable Non-Controlling Interest | ||||
We account for the non-controlling interest in H.B. Fuller Kimya San. Tic A.S. (HBF Kimya) as a redeemable non-controlling interest because both the non-controlling shareholder and H.B. Fuller have an option, exercisable beginning August 1, 2018, to require the redemption of the shares owned by the non-controlling shareholder at a price determined by a formula based on 24 months trailing EBITDA. Since the option makes the redemption of the non-controlling ownership shares of HBF Kimya outside of our control, these shares are classified as a redeemable non-controlling interest in temporary equity in the Condensed Consolidated Balance Sheets. The non-controlling shareholder is entitled to increase his ownership by 1 percent per year for 5 years up to a maximum of 13 percent ownership based on the achievement of profitability targets in each year. The option is subject to a minimum price of €3,500. The redemption value of the option, if it were currently redeemable, is estimated to be €3,500. | ||||
HBF Kimya’s results of operations are consolidated in our financial statements. Both the non-controlling interest and the accretion adjustment to redemption value are included in net income attributable to non-controlling interests in the Condensed Consolidated Statements of Income and in the carrying value of the redeemable non-controlling interest on the Condensed Consolidated Balance Sheets. As of August 30, 2014 the redeemable non-controlling interest was: | ||||
Balance at November 30, 2013 | $ | 4,717 | ||
Net income attributed to redeemable non-controlling interest | 242 | |||
Foreign currency translation adjustment | -169 | |||
Balance at August 30, 2014 | $ | 4,790 |
Out_Of_Period_Adjustments
Out Of Period Adjustments | 9 Months Ended |
Aug. 30, 2014 | |
Out Of Period Adjustments [Abstract] | ' |
Out Of Period Adjustments Disclosure [Text Block] | ' |
Note 17: Out of Period Adjustments | |
During the third quarter of 2014, we recorded book to physical inventory adjustments in the Americas Adhesives manufacturing locations which have implemented our new ERP system. We determined that a portion of these differences originated in the second quarter of 2014. This error resulted in an understatement of cost of sales in the second quarter of 2014 and a corresponding overstatement of cost of sales in the third quarter in the amount of $1,646 and a corresponding overstatement of income taxes in the second quarter of 2014 and understatement of income taxes in the third quarter in the amount of $629 in our Condensed Consolidated Statements of Income. | |
Also during the third quarter of 2014, we corrected tax benefits recorded in the second quarter of 2014 which should have been recorded as tax expenses. This error resulted in an understatement of income taxes in the second quarter of 2014 and overstatement of income taxes in the third quarter in the amount of $1,010 in our Condensed Consolidated Statements of Income. | |
We evaluated the effects of these out of period adjustments on both the second quarter and the third quarter, in accordance with the guidance in ASC Topic 250-10-S99-1, “Assessing Materiality” and concluded that neither is materially misstated. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Aug. 30, 2014 | |
Subsequent Event Abstract | ' |
Subsequent Event Disclosure | ' |
Note 18: Subsequent Event | |
On September 3, 2014 we acquired ProSpec® Construction Products from Bonsal American, a subsidiary of Oldcastle, Inc., the North American holding company of CRH plc for approximately $26 million. ProSpec® is a provider of tile and stone installation products and strengthens our customer profile in the southeastern and western regions of the United States. The acquisition will be recorded in our Construction Products operating segment. |
Aquisitions_and_Divestitures_T
Aquisitions and Divestitures (Table) | 9 Months Ended | |||||||||||
Aug. 30, 2014 | ||||||||||||
Divestures [Abstract] | ' | |||||||||||
Discontinued operations income statement and balance sheet items (Table) | ' | |||||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||||||
30-Aug-14 | 31-Aug-13 | 30-Aug-14 | 31-Aug-13 | |||||||||
Income taxes | $ | - | $ | 1,211 | $ | - | $ | 1,211 | ||||
Net income from discontinued operations | $ | - | $ | 1,211 | $ | - | $ | 1,211 | ||||
30-Aug-14 | 30-Nov-13 | |||||||||||
Current assets of discontinued operations | $ | 1,865 | $ | 1,865 | ||||||||
Current liabilities of discontinued operations | $ | 5,000 | $ | 5,000 | ||||||||
Purchase price allocation [Abstract] | ' | |||||||||||
Acquisition Purchase Price Allocation (Table) | ' | |||||||||||
Preliminary Valuation | Purchase | |||||||||||
30-Nov-13 | Price Adjustment | Final Valuation | ||||||||||
Current assets | $ | 5,179 | $ | $ | 5,179 | |||||||
Property, plant and equipment | 2,275 | 2,275 | ||||||||||
Goodwill | 3,626 | 151 | 3,777 | |||||||||
Other intangibles | ||||||||||||
Customer relationships | 3,529 | 3,529 | ||||||||||
Noncompetition agreements | 565 | 565 | ||||||||||
Other assets | 608 | 608 | ||||||||||
Current liabilities | -3,684 | -3,684 | ||||||||||
Other liabilities | -1,859 | -1,859 | ||||||||||
Total purchase price | $ | 10,239 | $ | 151 | $ | 10,390 |
Accounting_for_Sharebased_Comp1
Accounting for Sharebased Compensation (Tables) | 9 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Share-based Compensation [Abstract] | ' | ||||||||
Fair value of options granted [TableText Block] | ' | ||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||
30-Aug-14 | 30-Aug-14 | 31-Aug-13 | |||||||
Expected life (in years) | 4.75 | 4.75 | 4.75 | ||||||
Weighted-average expected volatility | 31.68% | 34.13% | 48.00% | ||||||
Expected volatility | 31.68% | 31.68% - 37.06% | 47.65% - 48.02% | ||||||
Risk-free interest rate | 1.61% | 1.52% | 0.73% | ||||||
Expected dividend yield | 0.96% | 0.82% | 0.87% | ||||||
Weighted-average fair value of grants | $12.89 | $14.19 | $15.09 | ||||||
Schedule of Share-based compensation stock options activity [TableText Block] | ' | ||||||||
Weighted- | |||||||||
Average | |||||||||
Options | Exercise Price | ||||||||
Outstanding at November 30, 2013 | 2,429,961 | $ | 25.74 | ||||||
Granted | 420,716 | 48.89 | |||||||
Exercised | -302,732 | 20.91 | |||||||
Forfeited or cancelled | -29,504 | 36.37 | |||||||
Outstanding at August 30, 2014 | 2,518,441 | $ | 30.07 | ||||||
Summary of nonvested restricted stock [Table Text Block] | ' | ||||||||
Weighted- | |||||||||
Weighted- | Average | ||||||||
Average | Remaining | ||||||||
Grant | Contractual | ||||||||
Date Fair | Life | ||||||||
Units | Shares | Total | Value | (in Years) | |||||
Nonvested at November 30, 2013 | 135,231 | 312,445 | 447,676 | $ | 33.76 | 1.2 | |||
Granted | 126,045 | - | 126,045 | 48.87 | 1.4 | ||||
Vested | -68,293 | -113,502 | -181,795 | 48.18 | - | ||||
Forfeited | -2,160 | -7,999 | -10,159 | 37.08 | 1.2 | ||||
Nonvested at August 30, 2014 | 190,823 | 190,944 | 381,767 | $ | 40.67 | 1.2 | |||
Summary of deferred compensation units [Table Text Block] | ' | ||||||||
Non-employee | |||||||||
Directors | Employees | Total | |||||||
Units outstanding November 30, 2013 | 312,680 | 61,288 | 373,968 | ||||||
Participant contributions | 10,134 | 1,615 | 11,749 | ||||||
Company match contributions1 | 16,032 | 162 | 16,194 | ||||||
Payouts | -1,075 | -12,099 | -13,174 | ||||||
Units outstanding August 30, 2014 | 337,771 | 50,966 | 388,737 |
Earnings_Per_Share_Table
Earnings Per Share (Table) | 9 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Earnings Per Share Table [Abstract] | ' | ||||||||
Earnings Per Share [Table Text Block] | ' | ||||||||
Note 4: Earnings Per Share | |||||||||
A reconciliation of the common share components for the basic and diluted earnings per share calculations follows: | |||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||
August 30, | August 31, | August 30, | August 31, | ||||||
(Shares in thousands) | 2014 | 2013 | 2014 | 2013 | |||||
Weighted-average common shares - basic | 50,053 | 49,913 | 49,973 | 49,888 | |||||
Equivalent shares from share-based compensations plans | 1,244 | 1,214 | 1,269 | 1,214 | |||||
Weighted-average common and common equivalent shares - diluted | 51,297 | 51,127 | 51,242 | 51,102 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income Loss Tables [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
Note 5: Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
The following table provides details of total comprehensive income (loss): | |||||||||||||||||||||||||
13 Weeks Ended August 30, 2014 | 13 Weeks Ended August 31, 2013 | ||||||||||||||||||||||||
H.B. Fuller Stockholders | Non-controlling Interests | H.B. Fuller Stockholders | Non-controlling Interests | ||||||||||||||||||||||
Pretax | Tax | Net | Net | Pretax | Tax | Net | Net | ||||||||||||||||||
Net income including non- controlling interests | $ | 3,987 | $ | 97 | $ | 28,269 | $ | 92 | |||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Foreign currency translation adjustment¹ | $ | -9,346 | - | -9,346 | 2 | $ | -3,491 | - | -3,491 | 47 | |||||||||||||||
Reclassification to earnings: | |||||||||||||||||||||||||
Defined benefit pension plans adjustment² | 1,658 | -639 | 1,019 | 3,054 | -1,069 | 1,985 | |||||||||||||||||||
Interest rate swap³ | 15 | -4 | 11 | 15 | -4 | 11 | |||||||||||||||||||
Cash-flow hedges³ | 62 | -14 | 48 | 194 | -75 | 119 | |||||||||||||||||||
Other comprehensive income (loss) | $ | -7,611 | $ | -657 | -8,268 | 2 | $ | -228 | $ | -1,148 | -1,376 | 47 | |||||||||||||
Comprehensive income | $ | -4,281 | $ | 99 | $ | 26,893 | $ | 139 | |||||||||||||||||
39 Weeks Ended August 30, 2014 | 39 Weeks Ended August 31, 2013 | ||||||||||||||||||||||||
H.B. Fuller Stockholders | Non-controlling Interests | H.B. Fuller Stockholders | Non-controlling Interests | ||||||||||||||||||||||
Pretax | Tax | Net | Net | Pretax | Tax | Net | Net | ||||||||||||||||||
Net income including non- controlling interests | $ | 39,095 | $ | 264 | $ | 74,875 | $ | 308 | |||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||
Foreign currency translation adjustment¹ | $ | -10,173 | - | -10,173 | -1 | $ | -12,561 | - | -12,561 | 8 | |||||||||||||||
Reclassification to earnings: | |||||||||||||||||||||||||
Defined benefit pension plans adjustment² | 4,984 | -1,926 | 3,058 | 9,121 | -3,195 | 5,926 | |||||||||||||||||||
Interest rate swap³ | 43 | -12 | 31 | 43 | -12 | 31 | |||||||||||||||||||
Cash-flow hedges³ | 115 | -35 | 80 | 502 | -194 | 308 | |||||||||||||||||||
Other comprehensive income (loss) | $ | -5,031 | $ | -1,973 | -7,004 | -1 | $ | -2,895 | $ | -3,401 | -6,296 | 8 | |||||||||||||
Comprehensive income | $ | 32,091 | $ | 263 | $ | 68,579 | $ | 316 | |||||||||||||||||
¹ Income taxes are not provided for foreign currency translation relating to permanent investments in international subsidiaries. | |||||||||||||||||||||||||
² Loss reclassified from AOCI into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales, SG&A and special charges. | |||||||||||||||||||||||||
³ Loss reclassified from AOCI into earnings is reported in other income (expense), net. | |||||||||||||||||||||||||
The components of accumulated other comprehensive income (loss) follow: | |||||||||||||||||||||||||
30-Aug-14 | |||||||||||||||||||||||||
Total | H.B. FullerStockholders | Non-controllingInterests | |||||||||||||||||||||||
Foreign currency translation adjustment | $ | 39,694 | $ | 39,705 | $ | -11 | |||||||||||||||||||
Defined benefit pension plans adjustment, net of taxes of $63,284 | -118,597 | -118,597 | - | ||||||||||||||||||||||
Interest rate swap, net of taxes of $25 | -63 | -63 | - | ||||||||||||||||||||||
Cash-flow hedges, net of taxes of $35 | -11 | -11 | - | ||||||||||||||||||||||
Accumulated other comprehensive income (loss) | $ | -78,977 | $ | -78,966 | $ | -11 | |||||||||||||||||||
30-Nov-13 | |||||||||||||||||||||||||
Total | H.B. FullerStockholders | Non-controllingInterests | |||||||||||||||||||||||
Foreign currency translation adjustment | $ | 49,871 | $ | 49,878 | $ | -7 | |||||||||||||||||||
Defined benefit pension plans adjustment, net of taxes of $65,210 | -121,655 | -121,655 | - | ||||||||||||||||||||||
Interest rate swap, net of taxes of $36 | -94 | -94 | - | ||||||||||||||||||||||
Cash-flow hedges, net of taxes of $57 | -91 | -91 | - | ||||||||||||||||||||||
Accumulated other comprehensive income (loss) | $ | -71,969 | $ | -71,962 | $ | -7 |
Special_Charges_Tables
Special Charges (Tables) | 9 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Special Charges Table [Abstract] | ' | ||||||||||||
Special Charges [Table Text Block] | ' | ||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||
30-Aug-14 | 31-Aug-13 | 30-Aug-14 | 31-Aug-13 | ||||||||||
Acquisition and transformation related costs | $ | 1,864 | $ | 1,641 | $ | 6,150 | $ | 5,807 | |||||
Workforce reduction costs | -55 | 3,212 | 2,903 | 7,393 | |||||||||
Facility exit costs | 8,802 | 5,118 | 21,254 | 10,174 | |||||||||
Other related costs | 1,732 | 2,804 | 7,308 | 5,577 | |||||||||
Special charges, net | $ | 12,343 | $ | 12,775 | $ | 37,615 | $ | 28,951 | |||||
Accrued Compensation Restructuring Charges (Table) | ' | ||||||||||||
Workforce Reduction Costs | |||||||||||||
Balance at November 30, 2013 | $ | 18,057 | |||||||||||
Workforce reduction costs | 2,903 | ||||||||||||
Cash payments | -18,481 | ||||||||||||
Foreign currency translation adjustment | -161 | ||||||||||||
Balance at August 30, 2014 | $ | 2,318 |
Components_of_Net_Periodic_Cos1
Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans [Abstract] | ' | ||||||||||||
Schedule of Pension Benefit Plans and Other Postretirement Benefit Plans Disclosure | ' | ||||||||||||
Note 7: Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans | |||||||||||||
13 Weeks Ended August 30, 2014 and August 31, 2013 | |||||||||||||
Other | |||||||||||||
Pension Benefits | Postretirement | ||||||||||||
U.S. Plans | Non-U.S. Plans | Benefits | |||||||||||
Net periodic cost (benefit): | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||
Service cost | $ | 23 | $ | 26 | $ | 430 | $ | 416 | $ | 108 | $ | 155 | |
Interest cost | 4,022 | 3,679 | 1,920 | 1,808 | 535 | 534 | |||||||
Expected return on assets | -5,967 | -5,680 | -2,735 | -2,302 | -1,185 | -932 | |||||||
Amortization: | |||||||||||||
Prior service cost | 8 | 12 | -1 | -1 | -942 | -1,033 | |||||||
Actuarial (gain)/ loss | 1,144 | 1,686 | 775 | 932 | 677 | 1,430 | |||||||
Net periodic cost (benefit) | $ | -770 | $ | -277 | $ | 389 | $ | 853 | $ | -807 | $ | 154 | |
39 Weeks Ended August 30, 2014 and August 31, 2013 | |||||||||||||
Other | |||||||||||||
Pension Benefits | Postretirement | ||||||||||||
U.S. Plans | Non-U.S. Plans | Benefits | |||||||||||
Net periodic cost (benefit): | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||
Service cost | $ | 70 | $ | 80 | $ | 1,298 | $ | 1,255 | $ | 325 | $ | 467 | |
Interest cost | 12,065 | 11,039 | 5,737 | 5,497 | 1,607 | 1,600 | |||||||
Expected return on assets | -17,900 | -17,040 | -8,161 | -7,002 | -3,556 | -2,794 | |||||||
Amortization: | |||||||||||||
Prior service cost | 22 | 36 | -3 | -3 | -2,828 | -3,101 | |||||||
Actuarial (gain)/ loss | 3,432 | 5,056 | 2,331 | 2,818 | 2,032 | 4,288 | |||||||
Net periodic cost (benefit) | $ | -2,311 | $ | -829 | $ | 1,202 | $ | 2,565 | $ | -2,420 | $ | 460 |
Inventories_Table
Inventories (Table) | 9 Months Ended | |||||
Aug. 30, 2014 | ||||||
Inventories Table [Abstract] | ' | |||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||
Note 8: Inventories | ||||||
The composition of inventories follows: | ||||||
August 30, | November 30, | |||||
2014 | 2013 | |||||
Raw materials | $ | 153,857 | $ | 119,536 | ||
Finished goods | 149,065 | 122,584 | ||||
LIFO reserve | -21,657 | -20,583 | ||||
Total inventories | $ | 281,265 | $ | 221,537 |
Financial_Instruments_Table
Financial Instruments (Table) | 9 Months Ended | |||||||
Aug. 30, 2014 | ||||||||
Cross Currency Swaps [Abstract] | ' | |||||||
Foreign Currency Cash Flow Hedges [Table Text Block] | ' | |||||||
Fiscal Year of Expiration | Interest Rate | Notional Value | Fair Value | |||||
Pay EURReceive USD | 2015 | 4.30%4.45% | $98,738 | $190 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||||||||
Aug. 30, 2014 | ||||||||||
Commitments And Contingencies [Abstract] | ' | |||||||||
Product Liability Contingencies [Table Text Block] | ' | |||||||||
39 Weeks Ended | 3 Years Ended | |||||||||
($ in thousands) | 30-Aug-14 | 31-Aug-13 | 30-Nov-13 | |||||||
Lawsuits and claims settled | 4 | 3 | 22 | |||||||
Settlement amounts | $ | 190 | $ | 74 | $ | 1,448 | ||||
Insurance payments received or expected to be received | $ | 155 | $ | 8 | $ | 1,087 |
Operating_Segments_Tables
Operating Segments (Tables) | 9 Months Ended | ||||||||||||||
Aug. 30, 2014 | |||||||||||||||
Operating Segments Abstract | ' | ||||||||||||||
Segment Reporting | ' | ||||||||||||||
13 Weeks Ended | |||||||||||||||
30-Aug-14 | 31-Aug-13 | ||||||||||||||
Inter- | Segment | Inter- | Segment | ||||||||||||
Trade | Segment | Operating | Trade | Segment | Operating | ||||||||||
Revenue | Revenue | Income | Revenue | Revenue | Income | ||||||||||
Americas Adhesives | $ | 237,657 | $ | 6,844 | $ | 21,854 | $ | 233,515 | $ | 6,690 | $ | 34,871 | |||
EIMEA | 177,478 | 4,695 | 3,139 | 180,753 | 3,400 | 14,199 | |||||||||
Asia Pacific | 63,847 | 4,222 | 897 | 59,454 | 2,708 | 1,564 | |||||||||
Construction Products | 47,783 | 309 | 2,485 | 40,857 | 517 | 3,269 | |||||||||
Total | $ | 526,765 | $ | 28,375 | $ | 514,579 | $ | 53,903 | |||||||
39 Weeks Ended | |||||||||||||||
30-Aug-14 | 31-Aug-13 | ||||||||||||||
Inter- | Segment | Inter- | Segment | ||||||||||||
Trade | Segment | Operating | Trade | Segment | Operating | ||||||||||
Revenue | Revenue | Income | Revenue | Revenue | Income | ||||||||||
Americas Adhesives | $ | 684,308 | $ | 18,297 | $ | 78,949 | $ | 670,019 | $ | 16,766 | $ | 92,621 | |||
EIMEA | 538,693 | 13,228 | 21,735 | 543,448 | 8,869 | 34,817 | |||||||||
Asia Pacific | 196,842 | 10,800 | 4,443 | 182,148 | 9,987 | 6,331 | |||||||||
Construction Products | 136,937 | 1,272 | 5,777 | 117,822 | 732 | 8,680 | |||||||||
Total | $ | 1,556,780 | $ | 110,904 | $ | 1,513,437 | $ | 142,449 | |||||||
Reconciliation of operating income to income before income taxes and income from equity method investments | ' | ||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
August 30, | August 31, | August 30, | August 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Segment operating income | $ | 28,375 | $ | 53,903 | $ | 110,904 | $ | 142,449 | |||||||
Special charges, net | -12,343 | -12,775 | -37,615 | -28,951 | |||||||||||
Other income (expense), net | -289 | -1,046 | -1,543 | -2,482 | |||||||||||
Interest expense | -5,292 | -4,579 | -14,178 | -14,790 | |||||||||||
Income from continuing operations before income taxes and income from equity method investments | $ | 10,451 | $ | 35,503 | $ | 57,568 | $ | 96,226 |
Goodwill_Table
Goodwill (Table) | 9 Months Ended | |||
Aug. 30, 2014 | ||||
Goodwill Table [Abstract] | ' | |||
Purchased Goodwill by Segment (Table) | ' | |||
Balance at November 30, 2013 | $ | 263,103 | ||
Plexbond Quimica, S.A. acquisition (Note 2) | 151 | |||
Currency impact | -4,545 | |||
Balance at August 30, 2014 | $ | 258,709 |
Fair_Value_Measurements_Table
Fair Value Measurements (Table) | 9 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Schedule of Fair Value Measurements [Table Text Block] | ' | ||||||||||||
August 30, | Fair Value Measurements Using: | ||||||||||||
Description | 2014 | Level 1 | Level 2 | Level 3 | |||||||||
Assets: | |||||||||||||
Marketable securities | $ | 1,271 | $ | 1,271 | $ | - | $ | - | |||||
Derivative assets | 3,240 | - | 3,240 | - | |||||||||
Cash-flow hedges | 190 | - | 190 | - | |||||||||
Interest rate swaps | 4,628 | - | 4,628 | - | |||||||||
Liabilities: | |||||||||||||
Derivative liabilities | $ | 1,664 | $ | - | $ | 1,664 | $ | - | |||||
Contingent consideration liability, continuing operations | 341 | - | - | 341 | |||||||||
Contingent consideration liability, discontinued operations | 5,000 | - | - | 5,000 | |||||||||
November 30, | Fair Value Measurements Using: | ||||||||||||
Description | 2013 | Level 1 | Level 2 | Level 3 | |||||||||
Assets: | |||||||||||||
Marketable securities | $ | 28,786 | $ | 28,786 | $ | - | $ | - | |||||
Derivative assets | 533 | - | 533 | - | |||||||||
Interest rate swaps | 5,930 | - | 5,930 | - | |||||||||
Liabilities: | |||||||||||||
Derivative liabilities | $ | 1,399 | $ | - | $ | 1,399 | $ | - | |||||
Cash-flow hedges | 4,801 | - | 4,801 | - | |||||||||
Contingent consideration liability, continuing operations | 566 | - | - | 566 | |||||||||
Contingent consideration liability, discontinued operations | 5,000 | - | - | 5,000 |
Redeemable_NonControlling_Inte1
Redeemable Non-Controlling Interest (Table) | 9 Months Ended | |||
Aug. 30, 2014 | ||||
Redeemable Noncontrolling Interest Table [Abstract] | ' | |||
Redeemable Non-Controlling Interest [Table Text Block] | ' | |||
Balance at November 30, 2013 | $ | 4,717 | ||
Net income attributed to redeemable non-controlling interest | 242 | |||
Foreign currency translation adjustment | -169 | |||
Balance at August 30, 2014 | $ | 4,790 |
Acquistions_and_Divestitures_D
Acquistions and Divestitures (Details) (USD $) | 9 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Nov. 30, 2013 | |
Business Acquisition [Line Items] | ' | ' | ' |
Total acquisition cost | $26,000 | ' | ' |
Total purchase price net of cash acquired | 151 | 8,614 | ' |
Purchase price allocation [Abstract] | ' | ' | ' |
Goodwill | 258,709 | ' | 263,103 |
Total purchase price | 26,000 | ' | ' |
Discontinued operations balance sheet items | ' | ' | ' |
Other current assets | 1,865 | ' | 1,865 |
Current assets of discontinued operations | 1,865 | ' | 1,865 |
Other accrued expenses | 5,000 | ' | 5,000 |
Current liabilities of discontinued operations | 5,000 | ' | 5,000 |
Plexbond [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Total acquisition cost | 10,390 | ' | 10,239 |
Purchase price allocation [Abstract] | ' | ' | ' |
Current assets | 5,179 | ' | 5,179 |
Property, plant and equipment | 2,275 | ' | 2,275 |
Goodwill | 3,777 | ' | 3,626 |
Other intangibles, net | 4,094 | ' | 4,094 |
Other assets acquired | 608 | ' | 608 |
Current liabilities | -3,684 | ' | -3,684 |
Other liabilities | -1,859 | ' | -1,859 |
Total purchase price | 10,390 | ' | 10,239 |
Goodwill purchase price adjustment | 151 | ' | ' |
Total purchase price adjustment | 151 | ' | ' |
Plexbond [Member] | Customer relationships [Member] | ' | ' | ' |
Purchase price allocation [Abstract] | ' | ' | ' |
Other intangibles, net | 3,529 | ' | 3,529 |
Plexbond [Member] | Non-competition agreements [Member] | ' | ' | ' |
Purchase price allocation [Abstract] | ' | ' | ' |
Other intangibles, net | $565 | ' | $565 |
Accounting_for_Sharebased_Comp2
Accounting for Sharebased Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 30, 2014 | Aug. 30, 2014 | Aug. 30, 2014 | Aug. 30, 2014 | Aug. 30, 2014 | Aug. 30, 2014 | Aug. 30, 2014 | Aug. 30, 2014 | Nov. 30, 2013 | |
Non Employee Directors [Member] | Non Employee Directors [Member] | Employees [Member] | Employees [Member] | Nonvested restricted stock units [Member] | Nonvested restricted stock shares [Member] | Weighted-Average Grant Date Fair Value [Member] | Weighted-Average Grant Date Fair Value [Member] | Nonvested restricted stock weighted-average remaining contractual life (in years) [Member] | Nonvested restricted stock weighted-average remaining contractual life (in years) [Member] | |||||
Assumptions to calculate fair value options [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | '4 years 9 months | ' | '4 years 9 months | '4 years 9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average expected volatility | 31.68% | ' | 34.13% | 48.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility | 31.68% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (Low) | ' | ' | 31.68% | 47.65% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (High) | ' | ' | 37.06% | 48.02% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | 1.61% | ' | 1.52% | 0.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield | 0.96% | ' | 0.82% | 0.87% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average fair value of grants | $12.89 | ' | $14.19 | $15.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested Restricted Activity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested beginning balance | ' | ' | 447,676 | ' | ' | ' | ' | ' | 135,231 | 312,445 | ' | 33.76 | ' | ' |
Granted | ' | ' | 126,045 | ' | ' | ' | ' | ' | 126,045 | 0 | ' | ' | ' | ' |
Vested | ' | ' | -181,795 | ' | ' | ' | ' | ' | -68,293 | -113,502 | ' | ' | ' | ' |
Forfeited | ' | ' | -10,159 | ' | ' | ' | ' | ' | -2,160 | -7,999 | ' | ' | ' | ' |
Nonvested ending balance | 381,767 | ' | 381,767 | ' | ' | ' | ' | ' | 190,823 | 190,944 | ' | ' | ' | ' |
Weighted Average Remaining Contractual Life Beginning | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 2 months 12 days | '1 year 2 months 12 days |
Weighted Average Remaining Contractual Life Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 4 months 24 days | ' |
Weighted Average Remaining Contractual Life Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 2 months 12 days | ' |
Weighted Average Remaining Contractual Life Vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 years | ' |
Weighted Average Remaining Contractual Life Ending | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 2 months 12 days | '1 year 2 months 12 days |
Granted weighted average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48.87 | $48.87 | ' | ' |
Vested weighted average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48.18 | $48.18 | ' | ' |
Forfeited weighted average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $37.08 | $37.08 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $217,000 | $229,000 | $8,758,000 | $6,779,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of nonvested restricted stock | 9,697,000 | ' | 9,697,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Share Based Compensation Nonemployee Director Stock Award Plan Activity Units [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units outstanding beginning | ' | ' | 373,968 | ' | ' | 312,680 | ' | 61,288 | ' | ' | ' | ' | ' | ' |
Participant contributions | ' | ' | 11,749 | ' | 10,134 | 10,134 | 1,615 | 1,615 | ' | ' | ' | ' | ' | ' |
Company match contributions | ' | ' | 16,194 | ' | 16,032 | 16,032 | 162 | 162 | ' | ' | ' | ' | ' | ' |
Payouts | ' | ' | 13,174 | ' | -1,075 | 1,075 | -12,099 | 12,099 | ' | ' | ' | ' | ' | ' |
Units outstanding ending | 388,737 | ' | 388,737 | ' | 337,771 | 337,771 | 50,966 | 50,966 | ' | ' | ' | ' | ' | ' |
Deferred compensation units paid as discretionary awards | ' | ' | ' | ' | 15,019,000 | 15,019,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other Share Based Activity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair values of options granted | 73,000 | 0 | 5,972,000 | 6,823,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 1,925,000 | 2,665,000 | 6,855,000 | 7,434,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 1,680,000 | 2,650,000 | 6,331,000 | 7,021,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchased restricted stock shares | 1,095 | 838 | 67,407 | 62,462 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense recognition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | 3,015,000 | 2,812,000 | 10,163,000 | 9,027,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefit recognized | 673,000 | 138,000 | 3,123,000 | 2,167,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to unvested stock option awards | 8,160,000 | ' | 8,160,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The weighted average period over which unrecognized share-based compensation costs are expected to be reported. | ' | ' | '1 year 2 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to unvested restricted stock awards | 4,294,000 | ' | 4,294,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The weighted average period over which unrecognized compensation costs related to unvested restricted stock awards | ' | ' | '1 year 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Unit Unrecognized Costs | $5,402,000 | ' | $5,402,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sharebased Compensation Arrangement By Sharebased Payment Restrict Unit Award Weighted Average Remaining Contractual Term | ' | ' | '1 year 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of option activity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding beginning balance | ' | ' | 2,429,961 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | ' | ' | 420,716 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised | ' | ' | -302,732 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited or Cancelled | ' | ' | -29,504 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding ending balance | 2,518,441 | ' | 2,518,441 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average exercise price activity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding beginning balance | ' | ' | $25.74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | ' | ' | $48.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised | ' | ' | $20.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited or Cancelled | ' | ' | $36.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding ending balance | $30.07 | ' | $30.07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | |
Earnings Per Share Antidilutive Shares [Line Items] | ' | ' | ' | ' |
Antidilutive shares not used in calculating diluted earnings per share calculations | 416,544 | 449,466 | 410,278 | 449,466 |
Antidilutive Weighted Average Share Price Excluded From Computation Of Earnings Per Share Amount | $48.89 | $39.58 | $48.93 | $39.58 |
Earnings Per Share Reconciliation [Line Items] | ' | ' | ' | ' |
Weighted-average common shares - basic | 50,053,000 | 49,913,000 | 49,973,000 | 49,888,000 |
Equivalent Shares From Share Based Compensations Plans | 1,244,000 | 1,214,000 | 1,269,000 | 1,214,000 |
Weighted-average common and common equivalent shares - diluted | 51,297,000 | 51,127,000 | 51,242,000 | 51,102,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | Nov. 30, 2013 | |
Total comprehensive income (loss) [Abstract] | ' | ' | ' | ' | ' |
Net income attributable to HB Fuller | $3,987 | $28,269 | $39,095 | $74,875 | ' |
Net (income) loss attributable to non-controlling interests | 97 | 92 | 264 | 308 | ' |
Other compreshensive income (loss) before tax [Abstract] | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | -9,346 | -3,491 | -10,173 | -12,561 | ' |
Reclassification To Earnings Before Tax [Abstract] | ' | ' | ' | ' | ' |
Defined benefit pension plans adjustment | -1,658 | 3,054 | 4,984 | 9,121 | ' |
Interest rate swap | -15 | -15 | -43 | -43 | ' |
Cash-flow hedges | -62 | -194 | -115 | -502 | ' |
Other compreshensive income (loss) tax [Abstract] | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ' |
Reclassification To Earnings Tax [Abstract] | ' | ' | ' | ' | ' |
Defined benefit pension plans adjustment | -639 | -1,069 | -1,926 | -3,195 | ' |
Interest rate swap | 4 | 4 | 12 | 12 | ' |
Cash-flow hedges | 14 | 75 | 35 | 194 | ' |
Other compreshensive income (loss) net [Abstract] | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | -9,346 | -3,491 | -10,173 | -12,561 | ' |
Reclassification To Earnings Net [Abstract] | ' | ' | ' | ' | ' |
Defined benefit pension plans adjustment | 1,019 | 1,985 | 3,058 | 5,926 | ' |
Interest rate swap | 11 | 11 | 31 | 31 | ' |
Cross currency amount in AOCI | 48 | 119 | 80 | 308 | ' |
Comprehensive income (loss) | -4,182 | 27,032 | 32,354 | 68,895 | 164,795 |
Components of accumulated other comprehensive income (loss) [Abstract] | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 39,694 | ' | 39,694 | ' | 49,871 |
Defined benefit pension plans adjustment, net of taxes | -118,597 | ' | -118,597 | ' | -121,655 |
Interest rate swap, net of taxes | -63 | ' | -63 | ' | -94 |
Cash-flow hedges, net of taxes | -11 | ' | -11 | ' | -91 |
Total accumulated other comprehensive income (loss) | -78,977 | ' | -78,977 | ' | -71,969 |
Tax on defined benefit pension plans adjustment | 63,284 | ' | 63,284 | ' | 65,210 |
Tax on interest rate swap | 25 | ' | 25 | ' | 36 |
Tax on cash-flow hedges | 35 | ' | 35 | ' | 57 |
H.B Fuller Stockholders [Member] | ' | ' | ' | ' | ' |
Other compreshensive income (loss) before tax [Abstract] | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | -9,346 | -3,491 | -10,173 | -12,561 | ' |
Reclassification To Earnings Before Tax [Abstract] | ' | ' | ' | ' | ' |
Defined benefit pension plans adjustment | 1,658 | 3,054 | 4,984 | 9,121 | ' |
Interest rate swap | 15 | 15 | 43 | 43 | ' |
Cash-flow hedges | 62 | 194 | 115 | 502 | ' |
Other comprehensive income (loss) | -7,611 | -228 | -5,031 | -2,895 | ' |
Other compreshensive income (loss) tax [Abstract] | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ' |
Reclassification To Earnings Tax [Abstract] | ' | ' | ' | ' | ' |
Defined benefit pension plans adjustment | -639 | -1,069 | -1,926 | -3,195 | ' |
Interest rate swap | -4 | -4 | -12 | -12 | ' |
Cash-flow hedges | -14 | -75 | -35 | -194 | ' |
Other comprehensive income (loss) | -657 | -1,148 | -1,973 | -3,401 | ' |
Other compreshensive income (loss) net [Abstract] | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | -9,346 | -3,491 | -10,173 | -12,561 | ' |
Reclassification To Earnings Net [Abstract] | ' | ' | ' | ' | ' |
Defined benefit pension plans adjustment | 1,019 | 1,985 | 3,058 | 5,926 | ' |
Interest rate swap | 11 | 11 | 31 | 31 | ' |
Cross currency amount in AOCI | 48 | 119 | 80 | 308 | ' |
Other comprehensive income (loss) | -8,268 | -1,376 | -7,004 | -6,296 | ' |
Comprehensive income (loss) | -4,281 | 26,893 | 32,091 | 68,579 | ' |
Components of accumulated other comprehensive income (loss) [Abstract] | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 39,705 | ' | 39,705 | ' | 49,878 |
Defined benefit pension plans adjustment, net of taxes | -118,597 | ' | -118,597 | ' | -121,655 |
Interest rate swap, net of taxes | -63 | ' | -63 | ' | -94 |
Cash-flow hedges, net of taxes | -11 | ' | -11 | ' | -91 |
Total accumulated other comprehensive income (loss) | -78,966 | ' | -78,966 | ' | -71,962 |
Noncontrolling Interest [Member] | ' | ' | ' | ' | ' |
Other compreshensive income (loss) net [Abstract] | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 2 | 47 | -1 | 8 | ' |
Reclassification To Earnings Net [Abstract] | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 2 | 47 | -1 | 8 | ' |
Comprehensive income (loss) | 99 | 139 | 263 | 316 | ' |
Components of accumulated other comprehensive income (loss) [Abstract] | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | -11 | ' | -11 | ' | -7 |
Defined benefit pension plans adjustment, net of taxes | 0 | ' | 0 | ' | 0 |
Interest rate swap, net of taxes | 0 | ' | 0 | ' | 0 |
Cash-flow hedges, net of taxes | 0 | ' | 0 | ' | 0 |
Total accumulated other comprehensive income (loss) | ($11) | ' | ($11) | ' | ($7) |
Special_Charges_Details
Special Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | |
Special Charges Details [Abstract] | ' | ' | ' | ' |
Professional Services | $1,864 | $1,641 | $6,150 | $5,807 |
Other related costs | 1,732 | 2,804 | 7,308 | 5,577 |
Workforce reduction costs | -55 | 3,212 | 2,903 | 7,393 |
Facility exit costs | 8,802 | 5,118 | 21,254 | 10,174 |
Special charges, net | 12,343 | 12,775 | 37,615 | 28,951 |
Restructuring costs [Line Items] | ' | ' | ' | ' |
Expected Total restructuring costs | 12,343 | 12,775 | 37,615 | 28,951 |
Restructuring Charges [Line Items] | ' | ' | ' | ' |
Restructuring Reserve | ' | ' | 18,057 | ' |
Restructuring charges | ' | ' | 2,903 | ' |
Cash payments | ' | ' | -18,481 | ' |
Foreign currency translation adjustment | ' | ' | -161 | ' |
Restructuring Reserve | 2,318 | ' | 2,318 | ' |
Restructuring Costs Included In Accrued Compensation | 1,434 | ' | 1,434 | ' |
Restructuring Costs Included In Other Liabilities | 884 | ' | 884 | ' |
Cash [Member] | ' | ' | ' | ' |
Restructuring costs [Line Items] | ' | ' | ' | ' |
Facility shut down costs | 7,340 | 3,262 | 16,623 | 6,975 |
Noncash [Member] | ' | ' | ' | ' |
Restructuring costs [Line Items] | ' | ' | ' | ' |
Facility shut down costs | $1,462 | $1,856 | $7,303 | $3,199 |
Components_of_Net_Periodic_Cos2
Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | |
Pension Benefits US Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $23 | $26 | $70 | $80 |
Interest cost | 4,022 | 3,679 | 12,065 | 11,039 |
Expected return on assets | -5,967 | -5,680 | -17,900 | -17,040 |
Amorization of Prior service cost | 8 | 12 | 22 | 36 |
Amortization of Actuarial (gain)/loss | 1,144 | 1,686 | 3,432 | 5,056 |
Net periodic cost (benefit) | -770 | -277 | -2,311 | -829 |
Pension Benefits Foreign Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 430 | 416 | 1,298 | 1,255 |
Interest cost | 1,920 | 1,808 | 5,737 | 5,497 |
Expected return on assets | -2,735 | -2,302 | -8,161 | -7,002 |
Amorization of Prior service cost | -1 | -1 | -3 | -3 |
Amortization of Actuarial (gain)/loss | 775 | 932 | 2,331 | 2,818 |
Net periodic cost (benefit) | 389 | 853 | 1,202 | 2,565 |
Other Postretirement [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 108 | 155 | 325 | 467 |
Interest cost | 535 | 534 | 1,607 | 1,600 |
Expected return on assets | -1,185 | -932 | -3,556 | -2,794 |
Amorization of Prior service cost | -942 | -1,033 | -2,828 | -3,101 |
Amortization of Actuarial (gain)/loss | 677 | 1,430 | 2,032 | 4,288 |
Net periodic cost (benefit) | ($807) | $154 | ($2,420) | $460 |
Inventories_Details
Inventories (Details) (USD $) | Aug. 30, 2014 | Nov. 30, 2013 |
Inventory, Net [Abstract] | ' | ' |
Raw materials | $153,857 | $119,536 |
Fiinished goods | 149,065 | 122,584 |
LIFO reserve | -21,657 | -20,583 |
Total Inventory | $281,265 | $221,537 |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | 9 Months Ended | |
Aug. 30, 2014 | Nov. 30, 2013 | |
Cross Currency Swaps [Abstract] | ' | ' |
Fair value of cross currency swaps | $190 | ' |
Fair value of cash-flow hedges | ' | 4,801 |
Cross currency hedge ineffectiveness | -37 | ' |
Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cross Currency Swap | -11 | -91 |
Foreign currency | 1,576 | ' |
Notional amount | 98,738 | ' |
Interest Rate Swap [Member] | ' | ' |
Cross Currency Swaps [Abstract] | ' | ' |
Value of hedged item in a fair value hedge | 75,000 | ' |
Change in Fair Value of Senior Notes | -4,702 | ' |
The fair values of the swaps (assets) in total | 4,628 | ' |
Hedge ineffectiveness | 61 | ' |
Second Cross Currency Swap [Member] | ' | ' |
Cross Currency Swaps [Abstract] | ' | ' |
Fair value of cash-flow hedges | 190 | ' |
Fiscal year of expiration | '2015 | ' |
Interest rate minimum | 4.30% | ' |
Interest rate maximum | 4.45% | ' |
Notional amount | $98,738 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | 36 Months Ended | |
Aug. 30, 2014 | Aug. 31, 2013 | Nov. 30, 2013 | |
Product Liability Contingency [Line Items] | ' | ' | ' |
Lawsuits and claims settled | 4 | 3 | 22 |
Settlement amounts | $190,000 | $74,000 | $1,448,000 |
Insurance Payments Received Or Expected To Be Received | $155,000 | $8,000 | $1,087,000 |
Operating_Segments_Details
Operating Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | |
Segment Reporting [Line Items] | ' | ' | ' | ' |
Net revenue | $526,765 | $514,579 | $1,556,780 | $1,513,437 |
Segment operating income | 28,375 | 53,903 | 110,904 | 142,449 |
Americas Adhesives [Member] | ' | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' | ' |
Net revenue | 237,657 | 233,515 | 684,308 | 670,019 |
Inter-Segment Revenue | 6,844 | 6,690 | 18,297 | 16,766 |
Segment operating income | 21,854 | 34,871 | 78,949 | 92,621 |
Construction Products [Member] | ' | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' | ' |
Net revenue | 47,783 | 40,857 | 136,937 | 117,822 |
Inter-Segment Revenue | 309 | 517 | 1,272 | 732 |
Segment operating income | 2,485 | 3,269 | 5,777 | 8,680 |
EIMEA [Member] | ' | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' | ' |
Net revenue | 177,478 | 180,753 | 538,693 | 543,448 |
Inter-Segment Revenue | 4,695 | 3,400 | 13,228 | 8,869 |
Segment operating income | 3,139 | 14,199 | 21,735 | 34,817 |
Asia Pacific [Member] | ' | ' | ' | ' |
Segment Reporting [Line Items] | ' | ' | ' | ' |
Net revenue | 63,847 | 59,454 | 196,842 | 182,148 |
Inter-Segment Revenue | 4,222 | 2,708 | 10,800 | 9,987 |
Segment operating income | $897 | $1,564 | $4,443 | $6,331 |
Operating_Segments_Details_2
Operating Segments (Details) 2 (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | |
Operating Segments Abstract | ' | ' | ' | ' |
Segment operating income | $28,375 | $53,903 | $110,904 | $142,449 |
Special charges, net | -12,343 | -12,775 | -37,615 | -28,951 |
Other Operating Income (Expense), Net | -289 | -1,046 | -1,543 | -2,482 |
Interest expense | -5,292 | -4,579 | -14,178 | -14,790 |
Income from continuing operations before income taxes and income from equity method investments | $10,451 | $35,503 | $57,568 | $96,226 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Aug. 30, 2014 |
Income Taxes [Line Items] | ' |
Gross unrecognized tax benefits liability | $4,614 |
Net interest and penalties relating to unrecognized tax benefits | 592 |
Recorded liability for unrecognized tax benefits, net, increased | $681 |
Goodwill_Details
Goodwill (Details) (USD $) | 9 Months Ended |
Aug. 30, 2014 | |
Goodwill [Line Items] | ' |
Balance at | $263,103 |
Currency Impact | -4,545 |
Goodwill Acquired During Period | 151 |
Balance at | 258,709 |
Plexbond Acquisition [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill Acquired During Period | $151,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Aug. 30, 2014 | Nov. 30, 2013 |
Assets | ' | ' |
Marketable securities | $1,271 | $28,786 |
Derivative assets | 3,240 | 533 |
Interest rate swaps | 4,628 | 5,930 |
Cash-flow hedges | 190 | ' |
Liabilities [Abstract] | ' | ' |
Derivative liabilities | 1,664 | 1,399 |
Fair value of cash-flow hedges | ' | 4,801 |
Contingent consideration liability, continuing operations | 341 | 566 |
Contingent consideration liability, discontinued operations | 5,000 | 5,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets | ' | ' |
Marketable securities | 1,271 | 28,786 |
Derivative assets | 0 | 0 |
Interest rate swaps | 0 | 0 |
Cash-flow hedges | 0 | ' |
Liabilities [Abstract] | ' | ' |
Derivative liabilities | 0 | 0 |
Fair value of cash-flow hedges | ' | 0 |
Contingent consideration liability, continuing operations | 0 | 0 |
Contingent consideration liability, discontinued operations | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets | ' | ' |
Marketable securities | 0 | 0 |
Derivative assets | 3,240 | 533 |
Interest rate swaps | 4,628 | 5,930 |
Cash-flow hedges | 190 | ' |
Liabilities [Abstract] | ' | ' |
Derivative liabilities | 1,664 | 1,399 |
Fair value of cash-flow hedges | ' | 4,801 |
Contingent consideration liability, continuing operations | 0 | 0 |
Contingent consideration liability, discontinued operations | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets | ' | ' |
Marketable securities | 0 | 0 |
Derivative assets | 0 | 0 |
Interest rate swaps | 0 | 0 |
Cash-flow hedges | 0 | ' |
Liabilities [Abstract] | ' | ' |
Derivative liabilities | 0 | 0 |
Fair value of cash-flow hedges | ' | 0 |
Contingent consideration liability, continuing operations | 341 | 566 |
Contingent consideration liability, discontinued operations | $5,000 | $5,000 |
Share_Repurchase_Program_Detai
Share Repurchase Program (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | Nov. 27, 2010 | |
Share Repurchase Program [Line Items] | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | ' | $100,000,000 |
Total Value Of Repurchased Shares | 0 | 4,893,000 | 12,254,000 | 9,668,000 | ' |
Decreased Value Of Common Stock Shares Repurchased | 0 | 125,000 | 250,000 | 250,000 | ' |
Decreased Value Of Additional Paid In Capital For Shares Repurchased | $0 | $4,768,000 | $12,004,000 | $9,418,000 | ' |
Redeemable_NonControlling_Inte2
Redeemable Non-Controlling Interest (Details) | 9 Months Ended | ||
Aug. 30, 2014 | Aug. 30, 2014 | Nov. 30, 2013 | |
USD ($) | EUR (€) | USD ($) | |
Redeemable Noncontrolling Interest [Line Item] | ' | ' | ' |
Current redemption value of the option | ' | € 3,500 | ' |
Net income (loss) attributed to redeemable non-controlling interest | 242 | ' | ' |
Foreign currency translation adjustment | -169 | ' | ' |
Balance of redeemable non-controlling interest | $4,790 | ' | $4,717 |
Out_Of_Period_Adjustments_Deta
Out Of Period Adjustments (Details) (USD $) | 3 Months Ended | |
Aug. 30, 2014 | 31-May-14 | |
Out Of Period Adjustments [Line Items] | ' | ' |
Out Of Period Adjustments Cost Of Goods Sold | ($1,646) | $1,646 |
Out Of Period Adjustments Income Tax Expense Benefit | 629 | -629 |
Out Of Period Adjustments Tax Benefits | ($1,010) | $1,010 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Aug. 30, 2014 |
Subsequent Event Abstract | ' |
Total acquisition cost | $26,000 |