Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Nov. 30, 2013 | Mar. 20, 2014 | Jun. 01, 2013 | |
Document And Entity Information [Abstract] | |||
Document type | 10-K | ||
Document period end date | 29-Nov-14 | ||
Amendment flag | FALSE | ||
Entity registrant name | FULLER H B CO | ||
Entity central index key | 39368 | ||
Entity current reporting status | Yes | ||
Entity voluntary filers | No | ||
Current fiscal year end date | -18 | ||
Entity filer category | Large Accelerated Filer | ||
Entity well known seasoned issuer | Yes | ||
Entity common stock shares outstanding | 50,332,918 | ||
Entity public float | $2,378,403,285.06 | ||
Document fiscal year focus | 2014 | ||
Document fiscal period focus | FY |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Consolidated Statements of Income | |||
Net revenue | $2,104,454,000 | $2,046,968,000 | $1,886,239,000 |
Cost of sales | -1,571,164,000 | -1,476,797,000 | -1,368,963,000 |
Gross profit | 533,290,000 | 570,171,000 | 517,276,000 |
Selling, general and administrative expenses | -383,449,000 | -374,669,000 | -354,735,000 |
Special charges, net | -51,501,000 | -45,087,000 | -52,467,000 |
Asset impairment charges | 0 | 0 | -1,517,000 |
Other income (expense), net | 716,000 | -3,751,000 | 784,000 |
Interest expense | -19,744,000 | -19,120,000 | -19,793,000 |
Income from continuing operations before income taxes and income from equity method investments | 79,312,000 | 127,544,000 | 89,548,000 |
Income taxes | -34,348,000 | -39,949,000 | -30,479,000 |
Income from equity method investments | 5,187,000 | 8,380,000 | 9,218,000 |
Income from continuing operations | 50,151,000 | 95,975,000 | 68,287,000 |
Income from discontinued operations, net of tax | 0 | 1,211,000 | 57,568,000 |
Net income including non-controlling interests | 50,151,000 | 97,186,000 | 125,855,000 |
Net (income) loss attributable to non-controlling interests | -378,000 | -425,000 | -233,000 |
Net income attributable to H.B. Fuller | $49,773,000 | $96,761,000 | $125,622,000 |
Earnings per share attributable to H.B. Fuller common stockholders: | |||
Income from continuing operations - basic | $1 | $1.92 | $1.37 |
Income from discontinued operations - basic | $0 | $0.02 | $1.16 |
Basic earnings per share | $1 | $1.94 | $2.53 |
Income from continuing operations - diluted | $0.97 | $1.87 | $1.34 |
Income from discontinued operations - diluted | $0 | $0.02 | $1.14 |
Diluted earnings per share | $0.97 | $1.89 | $2.48 |
Weighted-average common shares outstanding: | |||
Basic | 50,006,000 | 49,893,000 | 49,571,000 |
Diluted | 51,255,000 | 51,136,000 | 50,618,000 |
Dividends declared per common share | $0.46 | $0.39 | $0.33 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehesive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Statement Of Income And Comprehensive Income Abstract | |||
Net income including non-controlling interests | $50,151 | $97,186 | $125,855 |
Other comprehesive income (loss) [Abstract] | |||
Foreign currency translation | -38,687 | -931 | -2,957 |
Defined benefit pension plans adjustment, net of tax | -36,874 | 68,196 | -47,283 |
Interest rate swap, net of tax | 41 | 41 | 41 |
Cash-flow hedges, net of tax | 116 | 303 | -394 |
Other comprehensive income (loss) | -75,404 | 67,609 | -50,593 |
Comprehensive income | -25,253 | 164,795 | 75,262 |
Less: comprehensive income attributable to non-controlling interests | 364 | 370 | 261 |
Comprehensive income attributable to H.B. Fuller | ($25,617) | $164,425 | $75,001 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
Current assets: | ||
Cash and cash equivalents | $77,569,000 | $155,121,000 |
Trade receivables, net | 341,307,000 | 331,125,000 |
Inventories | 251,290,000 | 221,537,000 |
Other current assets | 93,105,000 | 85,046,000 |
Current assets of discontinuted operations | 1,865,000 | 1,865,000 |
Total current assets | 765,136,000 | 794,694,000 |
Property, plant and equipment, net | 502,634,000 | 434,387,000 |
Goodwill | 255,972,000 | 263,103,000 |
Other intangibles, net | 195,938,000 | 219,401,000 |
Other assets | 149,326,000 | 161,443,000 |
Total assets | 1,869,006,000 | 1,873,028,000 |
Current liabilities: | ||
Notes payable | 27,149,000 | 20,589,000 |
Trade payables | 174,494,000 | 201,575,000 |
Accrued compensation | 45,746,000 | 76,218,000 |
Income taxes payable | 13,761,000 | 10,830,000 |
Other accrued expenses | 51,049,000 | 46,566,000 |
Current liabilities of discontinued operations | 5,000,000 | 5,000,000 |
Total current liabilities | 317,199,000 | 360,778,000 |
Long-term debt, excluding current maturities | 547,735,000 | 472,315,000 |
Accrued pension liabilities | 67,193,000 | 52,922,000 |
Other liabilities | 41,775,000 | 51,835,000 |
Total liabilities | 973,902,000 | 937,850,000 |
Commitments and contingencies | 0 | 0 |
Redeemable non-controlling interest | 4,654,000 | 4,717,000 |
H.B. Fuller stockholders' equity: | ||
Preferred stock (no shares outstanding) Shares authorized 10,045,900 | 0 | 0 |
Common stock | 50,311,000 | 50,229,000 |
Additional paid-in capital | 53,269,000 | 44,490,000 |
Retained earnings | 933,819,000 | 907,308,000 |
Accumulated other comprehensive income (loss) | -147,352,000 | -71,962,000 |
Total H.B. Fuller stockholders' equity | 890,047,000 | 930,065,000 |
Non-controlling interests | 403,000 | 396,000 |
Total equity | 890,450,000 | 930,461,000 |
Total liabilities, redeemable non-controlling interest and total equity | $1,869,006,000 | $1,873,028,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | Dec. 03, 2011 |
Statement of Financial Position Parentheticals [Abstract] | ||||
Preferred Stock Shares Authorized | 10,045,900 | |||
Common Stock Par Value | $1 | |||
Common Stock Authorized | 160,000,000 | |||
Common Stock Outstanding | 50,310,803 | 50,228,543 | 49,903,266 | 49,449,579 |
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] | Non-controlling Interest [Member] |
Balance at, at Nov. 27, 2010 | ||||||
Comprehensive income | $261,000 | |||||
Balance at, at Dec. 03, 2011 | 705,577,000 | 49,450,000 | 23,770,000 | 720,989,000 | -89,005,000 | 373,000 |
Comprehensive income | 75,262,000 | 125,622,000 | -50,621,000 | 261,000 | ||
Dividends | -16,580,000 | -16,580,000 | ||||
Stock option exercises | 7,401,000 | 426,000 | 6,975,000 | |||
Share-based compensation plans other, net | 10,317,000 | 181,000 | 10,136,000 | |||
Tax benefit on share-based compensation plans | 1,263,000 | 1,263,000 | ||||
Repurchase of common stock | -4,333,000 | -154,000 | -4,179,000 | |||
Redeemable non-controlling interest | -209,000 | -209,000 | ||||
Balance at, at Dec. 01, 2012 | 778,698,000 | 49,903,000 | 37,965,000 | 830,031,000 | -139,626,000 | 425,000 |
Comprehensive income | 164,795,000 | 96,761,000 | 67,664,000 | 370,000 | ||
Dividends | -19,484,000 | -19,484,000 | ||||
Stock option exercises | 8,891,000 | 462,000 | 8,429,000 | |||
Share-based compensation plans other, net | 12,922,000 | 301,000 | 12,621,000 | |||
Tax benefit on share-based compensation plans | 2,676,000 | 2,676,000 | ||||
Repurchase of common stock | -17,638,000 | -437,000 | -17,201,000 | |||
Redeemable non-controlling interest | -399,000 | -399,000 | ||||
Balance at, at Nov. 30, 2013 | 930,461,000 | 50,229,000 | 44,490,000 | 907,308,000 | -71,962,000 | 396,000 |
Comprehensive income | -25,253,000 | 49,773,000 | -75,390,000 | 364,000 | ||
Effect of eliminating early measurement date for pension plans, net of tax of $116 | -23,262,000 | -23,262,000 | ||||
Stock option exercises | 6,852,000 | 330,000 | 6,522,000 | |||
Share-based compensation plans other, net | 14,162,000 | 70,000 | 14,092,000 | |||
Tax benefit on share-based compensation plans | 3,357,000 | 3,357,000 | ||||
Repurchase of common stock | -15,510,000 | -318,000 | -15,192,000 | |||
Redeemable non-controlling interest | -357,000 | -357,000 | ||||
Balance at, at Nov. 29, 2014 | $890,450,000 | $50,311,000 | $53,269,000 | $933,819,000 | ($147,352,000) | $403,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Cash flows from operating activities from continuing operations: | |||
Net income including non-controlling interests | $50,151,000 | $97,186,000 | $125,855,000 |
Loss (income) from discontinued operations, net of tax | 0 | -1,211,000 | -57,568,000 |
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: | |||
Depreciation | 47,254,000 | 39,149,000 | 38,713,000 |
Amortization | 23,240,000 | 22,508,000 | 18,703,000 |
Deferred Income Tax Expense (Benefit) | 4,154,000 | 9,648,000 | -16,820,000 |
Income from equity method investments, net of dividends received | -2,857,000 | 4,559,000 | -4,436,000 |
Share-based compensation | 13,376,000 | 12,317,000 | 9,728,000 |
Pension and other postretirement benefit plan contributions | -12,575,000 | -6,811,000 | -9,763,000 |
Pension and other postretirement benefit plan income (expense) | 20,399,000 | -1,777,000 | 1,854,000 |
Excess tax benefit from share-based compensation | -3,357,000 | -2,676,000 | -1,263,000 |
Non cash charge for the sale of inventories revalued at the date of acquisition | 138,000 | 189,000 | 3,228,000 |
Asset impairment charges | 0 | 0 | 1,517,000 |
Change in assets and liabilities, net of effects of acquisitions [Abstract] | |||
Trade receivables, net | -18,893,000 | -7,281,000 | -17,341,000 |
Inventories | -36,227,000 | -11,797,000 | -17,081,000 |
Other assets | -41,711,000 | -13,848,000 | -4,313,000 |
Trade payables | -14,544,000 | 16,258,000 | -4,845,000 |
Accrued compensation | -28,103,000 | 3,786,000 | 20,950,000 |
Other accrued expenses | 6,006,000 | 4,793,000 | 4,909,000 |
Income taxes payable | -112,000 | -17,933,000 | 15,173,000 |
Other liabilities | -9,941,000 | -3,263,000 | 3,531,000 |
Other | 33,336,000 | -11,103,000 | -2,090,000 |
Net cash provided by operating activities from continuing operations | 29,734,000 | 132,693,000 | 108,641,000 |
Cash flows from investing activities from continuing operations [Abstract] | |||
Purchased property, plant and equipment | -139,794,000 | -124,288,000 | -35,913,000 |
Purchased business, net of cash acquired | -26,334,000 | -8,614,000 | -412,606,000 |
Purchased technology | 0 | -2,387,000 | 0 |
Proceeds from sale of property, plant and equipment | 6,111,000 | 2,135,000 | 1,756,000 |
Net cash used in investing activities from continuing operations | -160,017,000 | -133,154,000 | -446,763,000 |
Cash flows from financing activities from continuing operations [Abstract] | |||
Proceeds from long-term debt | 560,000,000 | 107,034,000 | 584,208,000 |
Repayment of long-term debt | -483,250,000 | -129,502,000 | -292,333,000 |
Net proceeds from (payments on) notes payable | 6,602,000 | -545,000 | -5,837,000 |
Dividends paid | -23,087,000 | -19,334,000 | -16,454,000 |
Distribution to redeemable non-controlling interest | 0 | -244,000 | 0 |
Proceeds from stock options exercised | 6,852,000 | 8,891,000 | 7,401,000 |
Excess tax benefit from share-based compensation | 3,357,000 | 2,676,000 | 1,263,000 |
Repurchases of common stock | -15,510,000 | -17,638,000 | -4,333,000 |
Net cash provided by (used in) financing activities from continuing operations | 54,964,000 | -48,662,000 | 273,915,000 |
Effect of exchange rate changes on cash and cash equivalents | -2,233,000 | 2,671,000 | 3,656,000 |
Net change in cash and cash equivalents from continuing operations | -77,552,000 | -46,452,000 | -60,551,000 |
Cash provided by (used in) operating activities of discontinued operations | 0 | 1,137,000 | -13,893,000 |
Cash provided by (used in) investing activities of discontinued operations including proceeds from sale of business | 0 | 0 | 120,231,000 |
Net change in cash and cash equivalents | -77,552,000 | -45,315,000 | 45,787,000 |
Cash and cash equivalents at beginning of year | 155,121,000 | 200,436,000 | 154,649,000 |
Cash and cash equivalents at end of year | 77,569,000 | 155,121,000 | 200,436,000 |
Supplemental disclosure of cash flow information: | |||
Dividends paid with company stock | 175,000 | 150,000 | 126,000 |
Cash paid for interest | 24,758,000 | 23,574,000 | 19,816,000 |
Cash paid for income taxes | $16,599,000 | $41,920,000 | $31,832,000 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Additional Cash Flow Elements And Supplemental Cash Flow Information [Abstract] | |||
Capitalized interest costs | $2,725 | $1,921 | $151 |
Nature_of_Business_and_Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Nov. 29, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Nature of Business Disclosure | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||||||
H.B. Fuller Company and Subsidiaries | ||||||||
(In thousands, except share and per share amounts) | ||||||||
Note 1: Nature of Business and Summary of Significant Accounting Policies | ||||||||
Nature of Business: H.B. Fuller Company and its subsidiaries formulate, manufacture and market adhesives, sealants and other specialty chemical products globally, with sales operations in 40 countries in North America, Europe, Latin America, the Asia Pacific region, India, the Middle East and Africa. | ||||||||
Our business is reported in four operating segments: Americas Adhesives, EIMEA (Europe, India, Middle East and Africa), Asia Pacific and Construction Products. Of the 2014 net revenue, Americas Adhesives operating segment accounted for 44 percent, EIMEA 34 percent, Asia Pacific 13 percent and Construction Products 9 percent. | ||||||||
The Americas Adhesives, EIMEA and Asia Pacific operating segments produce and supply industrial adhesives products for applications in various markets including assembly (appliances, filters, construction, automotive, electronics, etc.), packaging (food and beverage containers, flexible packaging, consumer goods, package integrity and re-enforcement, durable and non-durable goods, etc.), converting (corrugation, tape and label, paper converting, envelopes, books, multi-wall bags, sacks, tissue and towel), nonwoven and hygiene (disposable diapers, feminine care and medical garments), performance wood (windows, doors, wood flooring) and textile (footwear, sportswear, etc.). | ||||||||
The Construction Products operating segment includes products used for tile setting (adhesives, grouts, mortars, sealers, levelers, etc.) and heating, ventilation and air conditioning and insulation applications (duct sealants, weather barriers and fungicidal coatings, block fillers, etc.). | ||||||||
Principles of Consolidation: The Consolidated Financial Statements include the accounts of H.B. Fuller Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. Investments in affiliated companies in which we exercise significant influence, but which we do not control, are accounted for in the Consolidated Financial Statements under the equity method of accounting. As such, consolidated net income includes our equity portion in current earnings of such companies, after elimination of intercompany profits. Investments in which we do not exercise significant influence (generally less than a 20 percent ownership interest) are accounted for under the cost method. | ||||||||
Our 50 percent ownership in Sekisui-Fuller Company, Ltd., our Japan joint venture, is accounted for under the equity method of accounting as we do not exercise control over the company. For fiscal years 2014 and 2013, this equity method investment exceeded the 10 percent threshold but not the 20 percent threshold test for a significant subsidiary as defined in Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934. As such, summarized financial information as of November 29, 2014 and November 30, 2013 for Sekisui-Fuller Company, Ltd. is as follows: | ||||||||
As of November 29, 2014 | As of November 30, 2013 | |||||||
Current assets | $ | 82,195 | $ | 89,053 | ||||
Non-current assets | 21,257 | 21,152 | ||||||
Current liabilities | 37,021 | 42,835 | ||||||
Non-current liabilities | 1,787 | 2,090 | ||||||
For the year ended November 29, 2014 | For the year ended November 30, 2013 | |||||||
Net revenue | $ | 181,999 | $ | 194,705 | ||||
Gross profit | 47,955 | 54,672 | ||||||
Net income | 14,024 | 16,760 | ||||||
Our fiscal year ends on the Saturday closest to November 30. Fiscal year-end dates were November 29, 2014, November 30, 2013 and December 1, 2012 for 2014, 2013 and 2012, respectively. | ||||||||
Use of Estimates: Preparation of the Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||
Revenue Recognition: For shipments made to customers, title generally passes to the customer when all requirements of the sales arrangement have been completed, which is generally at the time of delivery. Revenue from product sales is recorded when title to the product transfers, no remaining performance obligations exist, the terms of the sale are fixed and collection is probable. Shipping terms include title transfer at either shipping point or destination. Stated terms in sale agreements also include payment terms and freight terms. Net revenues include shipping revenues as appropriate. | ||||||||
Provisions for sales returns are estimated based on historical experience, and are adjusted for known returns, if material. Customer incentive programs (primarily volume purchase rebates) and arrangements such as cooperative advertising, slotting fees and buy-downs are recorded as a reduction of net revenue in accordance with Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) 605-50, “Customer Payments and Incentives”. Customer rebates recorded in the Consolidated Statements of Income as a reduction in net revenue, were $12,428, $11,552 and $9,707 in 2014, 2013 and 2012, respectively. | ||||||||
For certain products, consigned inventory is maintained at customer locations. For these products, revenue is recognized in the period that the inventory is consumed. Sales to distributors also require a distribution agreement or purchase order. As a normal practice, distributors do not have a right of return. | ||||||||
Cost of Sales: Cost of sales includes raw materials, container costs, direct labor, manufacturing overhead, shipping and receiving costs, freight costs, depreciation of manufacturing equipment and other less significant indirect costs related to the production of our products. | ||||||||
Selling, General and Administrative (SG&A) Expenses: SG&A expenses include sales and marketing, research and development, technical and customer service, finance, legal, human resources, general management and similar expenses. | ||||||||
Income Taxes: The income tax provision is computed based on the pre-tax income included in the Consolidated Statements of Income before income from equity method investments. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Enacted statutory tax rates applicable to future years are applied to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances reduce deferred tax assets when it is not more-likely-than-not that a tax benefit will be realized. See Note 8 to Consolidated Financial Statements. | ||||||||
Cash Equivalents: Cash equivalents are highly liquid instruments with an original maturity of three months or less. We review cash and cash equivalent balances on a bank by bank basis to identify book overdrafts. Book overdrafts occur when the amount of outstanding checks exceed the cash deposited at a given bank. Book overdrafts, if any, are included in trade payables in our Consolidated Balance Sheets and in operating activities from continuing operations in our Consolidated Statements of Cash Flows. | ||||||||
Restrictions on Cash: There were no restrictions on cash as of November 29, 2014. There are no contractual or regulatory restrictions on the ability of consolidated and unconsolidated subsidiaries to transfer funds to us, except for typical statutory restrictions which prohibit distributions in excess of net capital or similar tests. The majority of our cash in non-U.S. locations is considered indefinitely reinvested. | ||||||||
Trade Receivable and Allowances: Trade receivables are recorded at the invoiced amount and do not bear interest. Allowances are maintained for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts. The allowance for doubtful accounts includes an estimate of future uncollectible receivables based on the aging of the receivable balance and our collection experience. The allowance also includes specific customer accounts when it is probable that the full amount of the receivable will not be collected. Invoices are written off against the allowance when the invoice is 18 months past terms. See Note 4 to Consolidated Financial Statements for more information. | ||||||||
Inventories: Inventories recorded at cost (not in excess of market value) as determined by the last-in, first-out method (LIFO) represent approximately 37 percent of consolidated inventories. During 2014, 2013 and 2012 there were no liquidations of LIFO inventory layers. The remaining inventories, which include all non-U.S. operations, are valued at the lower of cost (mainly weighted-average actual cost) or market value. | ||||||||
Investments: Investments with a value of $7,196 represent the cash surrender value of life insurance contracts on November 29, 2014. These assets are held to primarily support supplemental pension plans and are recorded in other assets in the Consolidated Balance Sheets. The corresponding gain or loss associated with these contracts is reported in earnings each period as a component of “other income (expense), net”. | ||||||||
Investments in Equity Securities Carried at Cost: Fair value of cost method investments is assessed according to accounting standards. During 2012, we determined the fair value of two of our cost basis investments was lower than the investment value on our balance sheet. Since both of these impairments were considered other than temporary, we recorded non-cash charges associated with these impairments of $1,517. We did not have any impairment of our cost method investments for the years ended November 29, 2014 and November 30, 2013. The book value of the cost method investments was $1,671 as of November 29, 2014 and $1,674 as of November 30, 2013. | ||||||||
Property, Plant and Equipment: Property, plant and equipment are carried at cost and depreciated over the useful lives of the assets using the straight-line method. Estimated useful lives range from 20 to 40 years for buildings and improvements, 3 to 20 years for machinery and equipment, and the shorter of the lease or expected life for leasehold improvements. Fully depreciated assets are retained in property and accumulated depreciation accounts until removed from service. Upon disposal, assets and related accumulated depreciation are removed. Upon sale of an asset, the difference between the proceeds and remaining net book value is charged or credited to other income (expense), net on the Consolidated Statements of Income. Expenditures that add value or extend the life of the respective assets are capitalized, while expenditures that are typical recurring repairs and maintenance are expensed as incurred. Interest costs associated with construction and implementation of property, plant and equipment of $2,725, $1,921 and $151 were capitalized in 2014, 2013 and 2012, respectively. | ||||||||
Goodwill: We test goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of our reporting units by comparing the reporting unit’s estimated fair value to its carrying amount, including goodwill. We use a discounted cash flow approach to estimate the fair value of our reporting units. Our judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures and working capital requirements. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is considered to not be impaired. If the carrying value exceeds estimated fair value, there is an indication of potential impairment, and we calculate an implied fair value of goodwill. The implied fair value is calculated as the difference between the fair value of the reporting unit and the fair value of the individual assets and liabilities of the reporting unit, excluding goodwill. An impairment charge is recorded for any excess of the carrying value over the implied fair value. Based on our 2014 annual assessment, we determined that none of our goodwill was impaired. | ||||||||
Intangible Assets: Intangible assets include patents and other intangible assets acquired from independent parties and are amortized on a straight-line basis with estimated useful lives ranging from 3 to 20 years. The straight-line method of amortization of these assets reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained in each reporting period. | ||||||||
Impairment of Long-Lived Assets: Our long-lived assets are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset (asset group) exceeds the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and its eventual disposition. The impairment loss to be recorded would be the excess of the asset's carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis or other valuation technique. Costs related to internally developed intangible assets are expensed as incurred | ||||||||
Foreign Currency Translation: Assets and liabilities of non-U.S. functional currency entities are translated to U.S. dollars at period-end exchange rates, and the resulting gains and losses arising from the translation of those net assets are recorded as a cumulative translation adjustment, a component of accumulated other comprehensive income (loss) in stockholders' equity. Revenues and expenses are translated using average exchange rates during the year. Foreign currency transaction gains and losses are included in other income (expense), net in the Consolidated Statements of Income. | ||||||||
We consider a subsidiary’s sales price drivers, currency denomination of sales transactions and inventory purchases to be the primary indicators in determining a foreign subsidiary’s functional currency. Our subsidiaries in Latin America and certain European countries have a functional currency different than their local currency. All other foreign subsidiaries, which are located in North America, Europe and Asia, have the same local and functional currency. | ||||||||
Pension and Other Postretirement Benefits: We sponsor defined-benefit pension plans in both the U.S. and non-U.S. entities. Also in the U.S. we sponsor other postretirement plans for health care and life insurance benefits. Expenses and liabilities for the pension plans and other postretirement plans are actuarially calculated. These calculations are based on our assumptions related to the discount rate, expected return on assets, projected salary increases and health care cost trend rates. The discount rate assumption is determined using an actuarial yield curve approach, which results in a discount rate that reflects the characteristics of the plan. The approach identifies a broad population of corporate bonds that meet the quality and size criteria for the particular plan. We use this approach rather than a specific index that has a certain set of bonds that may or may not be representative of the characteristics of our particular plan. Our expected long-term rate of return on U.S. plan assets was based on our target asset allocation assumption of 60 percent equities and 40 percent fixed-income. Management, in conjunction with our external financial advisors, determines the expected long-term rate of return on plan assets by considering the expected future returns and volatility levels for each asset class that are based on historical returns and forward-looking observations. The expected long-term rate of return on plan assets assumption used in each non-U.S. plan is determined on a plan-by-plan basis for each local jurisdiction and is based on expected future returns for the investment mix of assets currently in the portfolio for that plan. Management, in conjunction with our external financial advisors, develops expected rates of return for each plan, considers expected long-term returns for each asset category in the plan, reviews expectations for inflation for each local jurisdiction, and estimates the impact of active management of the plan’s assets. Note 10 to the Consolidated Financial Statements includes disclosure of assumptions employed in these measurements for both the non-U.S. and U.S. plans. | ||||||||
Asset Retirement Obligations: We recognize asset retirement obligations (AROs) in the period in which we have an existing legal obligation associated with the retirement of a tangible long-lived asset, and the amount can be reasonably estimated. The ARO is recognized at fair value when the liability is incurred. Upon initial recognition of a liability, that cost is capitalized as part of the related long-lived asset and depreciated on a straight-line basis over the remaining estimated useful life of the related asset. We have recognized a liability related to special handling of asbestos related materials in certain facilities for which we have plans or expectation of plans to undertake a major renovation or demolition project that would require the removal of asbestos or have plans or expectation of plans to exit a facility. In addition, we have determined that we have facilities with some level of asbestos that will require abatement action in the future. Once the probability and timeframe of an action are determined, we apply certain assumptions to determine the related liability and asset. These assumptions include the use of inflation rates, the use of credit adjusted risk-free discount rates and the estimation of costs to handle asbestos related materials. The recorded liability is required to be adjusted for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. The asset retirement obligation liability was $2,515 and $3,236 at November 29, 2014 and November 30, 2013, respectively. | ||||||||
Environmental Costs: Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments are made, or remedial efforts are probable, and the costs can be reasonably estimated. The timing of these accruals is generally no later than the completion of feasibility studies. | ||||||||
Share-based Compensation: We have various share-based compensation programs, which provide for equity awards, including stock options and restricted stock. We use the straight-line method to recognize compensation expense associated with share-based awards based on the fair value on the date of grant, net of the estimated forfeiture rate. Expense is recognized over the requisite service period related to each award, which is the period between the grant date and the earlier of the award’s stated vesting term or the date the employee is eligible for early retirement based on the terms of the plan. The fair value of stock options is estimated using the Black-Scholes option pricing model. All of our stock compensation expense is recorded in SG&A expenses in the Consolidated Statements of Income. See Note 3 to the Consolidated Financial Statements for additional information. | ||||||||
Earnings Per Share: Basic earnings per share is calculated by dividing net income attributable to H.B. Fuller by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per share is based upon the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to share-based compensation awards. We use the treasury stock method to calculate the effect of outstanding awards, which computes total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award, (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. The computations for basic and diluted earnings per share follows: | ||||||||
(shares in thousands) | 2014 | 2013 | 2012 | |||||
Net income attributable to H.B. Fuller | $ | 49,773 | $ | 96,761 | $ | 125,622 | ||
Weighted-average common shares – basic | 50,006 | 49,893 | 49,571 | |||||
Equivalent shares from share-based compensation plans | 1,249 | 1,243 | 1,047 | |||||
Weighted-average common and common equivalent shares – diluted | 51,255 | 51,136 | 50,618 | |||||
Share-based compensation awards for 421,810, 112,367 and 7,372 shares for 2014, 2013 and 2012, respectively, were excluded from the diluted earnings per share calculation because they were antidilutive. | ||||||||
Financial Instruments and Derivatives: 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 minimize risks from foreign currency exchange rate fluctuations through normal operating and financing activities and, when deemed appropriate, through the use of derivative instruments. Derivatives consisted primarily of forward currency contracts used to manage foreign currency denominated assets and liabilities. Because derivative instruments outstanding were not designated as hedges for accounting purposes, the gains and losses related to mark-to-market adjustments were recognized as other income or expense in the income statement during the periods the derivative instruments were outstanding. We do not enter into any speculative positions with regard to derivative instruments. See Note 11 to the Consolidated Financial Statements for further information. | ||||||||
Purchase of Company Common Stock: Under the Minnesota Business Corporation Act, repurchased stock is included in authorized shares, but is not included in shares outstanding. The excess of the repurchase cost over par value is charged to additional paid-in capital. When additional paid-in capital is exhausted, the excess reduces retained earnings. We repurchased 67,593, 62,124 and 54,289 shares of common stock in 2014, 2013 and 2012, respectively, in connection with the statutory minimum for the tax withholdings related to vesting of restricted shares. | ||||||||
On September 30, 2010, the Board of Directors authorized a share repurchase program of up to $100,000 of our outstanding common shares. During 2014, we repurchased 250,000 shares for $12,254 under this program. During 2013 we repurchased 375,000 shares for $15,292 and during 2012 we repurchased 100,000 shares for $2,999 under this program. See Note 9 to the Consolidated Financial Statements for further information. | ||||||||
Accounting Policies Disclosure | Recently Adopted Accounting Pronouncements: In February 2013, the FASB issued Accounting Standards Update (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 Consolidated Financial Statements or parenthetically on the face of the 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 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 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 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 | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Acquisitions [Abstract] | |||||||||
Acquisitions Disclosure | Note 2: Acquisitions and Divestitures | ||||||||
Acquisitions | |||||||||
ProSpec® Construction Products: On September 3, 2014 we acquired the ProSpec construction products business, a provider of tile and stone installation products. The acquisition was an asset purchase and strengthens our customer profile in the southeastern and western regions of the United States. | |||||||||
The purchase price of $26,183 was funded through existing cash and was recorded in our Construction Products operating segment. We incurred acquisition related costs of approximately $532, which were recorded as selling, general and administrative expenses in the Consolidated Statements of Income. | |||||||||
The fair value measurement was preliminary at November 29, 2014 subject to further management review. We expect the fair value measurement process to be completed in the second quarter of 2015. | |||||||||
The following table summarizes the preliminary fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition: | |||||||||
Preliminary | |||||||||
Valuation | |||||||||
November 29, | |||||||||
2014 | |||||||||
Current assets | $ | 6,502 | |||||||
Property, plant and equipment | 7,976 | ||||||||
Goodwill | 7,443 | ||||||||
Other intangibles | |||||||||
Customer relationships | 4,300 | ||||||||
Technology | 1,500 | ||||||||
Trademarks/trade names | 200 | ||||||||
Current liabilities | -1,738 | ||||||||
Total purchase price | $ | 26,183 | |||||||
The amount of goodwill deductible for tax purposes over a 15 year period is $7,443. Our expected lives of the acquired intangible assets are customer relations 9 years, technology 6 years and trademarks/trade names 15 years. | |||||||||
Plexbond Quimica, S.A.: On June 6, 2013 we acquired Plexbond Quimica, S.A., a provider of chemical urethane adhesives and polyurethane resins based in Curitiba, Brazil. The acquisition was a stock purchase and encompassed all of Plexbond Quimica, S.A.’s 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 November 30, 2013 | Purchase 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 | |||
Engent, Inc.: On September 10, 2012 we acquired the outstanding shares of Engent, Inc., a provider of manufacturing, research and development services to the electronics industry. The purchase price of $7,881 was funded through existing cash and was recorded in our Americas Adhesives operating segment. | |||||||||
Forbo Industrial Adhesives: On March 5, 2012 we acquired the global industrial adhesives and synthetic polymers business of Forbo Holding AG. The purchase price was 368,514 Swiss francs or $403,100 which we financed with the proceeds from our March 5, 2012 note purchase agreement and a term loan. The acquisition was recorded in our Americas Adhesives, EIMEA and Asia Pacific operating segments. | |||||||||
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 for cash proceeds of $118,459. In accordance with ASC 205-20 “Discontinued Operations”, we have classified the results of this business as discontinued operations. The operational results of this business are presented in the “Income from discontinued operations, net of tax” line item on the Consolidated Statements of Income. Also in accordance with ASC 205-20, we have not allocated general corporate charges to this business. The assets and liabilities of this business are presented on the 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 in the amount of $5,000 was included in current liabilities of discontinued operations in the Consolidated Balance Sheets at November 29, 2014 and November 30, 2013. There is a possibility that resolution of these pending purchase agreement contingencies could exceed our estimate by up to $15,000 pre-tax. Based on the currently available information, we have concluded that resolution of these pending contingencies in an amount greater than our current estimate is remote. | |||||||||
Revenue and income from discontinued operations for the years ended November 29, 2014, November 30, 2013 and December 1, 2012 were as follows: | |||||||||
Fiscal Years | |||||||||
29-Nov-14 | 30-Nov-13 | 1-Dec-12 | |||||||
Net revenue | $ | - | $ | - | $ | 73,143 | |||
Income from operations | - | - | 8,235 | ||||||
Gain on sale of discontinued operations | - | - | 66,179 | ||||||
Income taxes | - | 1,211 | -16,846 | ||||||
Net income from discontinued operations | $ | - | $ | 1,211 | $ | 57,568 | |||
In the third quarter of 2013, in conjunction with filing the fiscal year 2012 tax return, we recorded a reduction in the tax expense related to the sale of the Central America Paints business of $1,211. Income taxes for the year ended December 1, 2012 included $15,119 of tax expense related to the gain on the sale of discontinued operations. | |||||||||
The major classes of assets and liabilities of discontinued operations as of November 29, 2014 and November 30, 2013 were as follows: | |||||||||
29-Nov-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 | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Accounting for Share-based Compensation [Abstract] | ||||||||||||
Accounting for Share-based Compensation Disclosure | 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 below. Starting in 2014 we no longer grant restricted stock shares. | ||||||||||||
Share-based Compensation Plans: We currently grant stock options and restricted stock units under equity compensation and deferred compensation plans. | ||||||||||||
Non-qualified stock options are granted to officers and key employees at prices not less than fair market value at the date of grant. These non-qualified options are generally exercisable beginning one year from the date of grant in cumulative yearly amounts of 33.3 percent and generally have a contractual term of 10 years. Options exercised represent newly issued shares. | ||||||||||||
Restricted stock awards are nonvested stock-based awards that may include grants of restricted stock shares or restricted stock units. Restricted stock awards are independent of option grants and are subject to forfeiture if employment terminates prior to the release of the restrictions. Such awards generally vest in three years from the date of grant or 33.3 percent per year for three years, depending on the grant. During the vesting period, ownership of the shares cannot be transferred. | ||||||||||||
Restricted stock shares granted represent newly issued shares and have the same cash dividend and voting rights as other common stock and are considered to be currently issued and outstanding. The cash dividends on restricted stock shares are forfeitable. | ||||||||||||
Restricted stock units have dividend equivalent rights equal to the cash dividend paid on restricted stock shares. However, restricted stock units do not have voting rights of common stock and are not considered issued and outstanding upon grant. Restricted stock units become newly issued shares when vested. The dividend equivalent rights for restricted stock units are forfeitable. | ||||||||||||
We expense the cost, which is the grant date fair market value, of both the restricted stock shares and the restricted stock units ratably over the period during which the restrictions lapse. The grant date fair value is our closing stock price on the date of grant. | ||||||||||||
Year 2013 Master Incentive Plan: This plan allows for granting of awards to employees. The plan permits granting of (a) stock options; (b) stock appreciation rights; (c) restricted stock awards; (d) performance awards; (e) dividend equivalents; and (f) other awards based on our common stock, including shares for amounts employees deferred under the Key Employee Deferred Compensation Plan. | ||||||||||||
2009 Directors’ Stock Incentive Plan: This plan permits granting of (a) shares for amounts non-employee directors defer under the Directors’ Deferred Compensation Plan and (b) discretionary grants of restricted stock, stock options, stock appreciation rights, performance awards and other stock awards. | ||||||||||||
Directors' Deferred Compensation Plan: This plan allows non-employee directors to defer all or a portion of their retainer and meeting fees in a number of investment choices, including units representing shares of our common stock. We provide a 10 percent match on deferred compensation invested in these units. These units are required to be paid out in our common stock. | ||||||||||||
Key Employee Deferred Compensation Plan: This plan allows key employees to defer a portion of their eligible compensation in a number of investment choices, including units representing shares of company common stock. We provide a 10 percent match on deferred compensation invested in these units. | ||||||||||||
Grant-Date Fair Value: We use the Black-Scholes option-pricing model to calculate the grant-date fair value of stock option awards. The fair value of options granted during 2014, 2013 and 2012 were calculated using the following assumptions: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Expected life (in years) | 4.75 | 4.75 | 4.75 | |||||||||
Weighted-average expected volatility | 33.83% | 47.28% | 51.60% | |||||||||
Expected volatility range | 31.61% - 37.06% | 39.25% - 48.02% | 48.79% - 51.76% | |||||||||
Risk-free interest rate | 1.52% | 0.77% | 0.71% | |||||||||
Expected dividend yield | 0.85% | 0.87% | 1.05% | |||||||||
Weighted-average fair value of grants | $13.82 | $15.05 | $11.52 | |||||||||
Expected life – We use historical employee exercise and option expiration data to estimate the expected life assumption for the Black-Scholes grant-date valuation. We believe that this historical data is currently the best estimate of the expected term of a new option. We use a weighted-average expected life for all awards. | ||||||||||||
Expected volatility – Volatility is calculated using our stock’s historical volatility for the same period of time as the expected life. We have no reason to believe that its future volatility will differ 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 | ||||||||||||
We use the straight-line attribution method to recognize expense for all option awards with graded vesting and restricted stock awards with graded and cliff vesting. Expense is recognized over the requisite service period, which for us is the period between the grant date and the earlier of the award’s stated vesting term or the date the employee is eligible for early vesting based on the terms of the plans. | ||||||||||||
Total share-based compensation expense was $13,376, $12,317 and $9,728 for 2014, 2013 and 2012, respectively. All share-based compensation was recorded as selling, general and administrative expense. | ||||||||||||
The benefits of tax deductions in excess of recognized compensation costs (excess tax benefits) are recorded as a financing cash inflow rather than a deduction of taxes paid. For 2014, 2013 and 2012, there was $3,357, $2,676 and $1,263 of excess tax benefit recognized resulting from share-based compensation cost, respectively. Our additional paid in capital pool (“APIC Pool”) of excess tax benefits available to absorb tax deficiencies was $18,799 at November 29, 2014 due to exercises of stock options, vesting of restricted stock and deferred compensation payouts in the year. | ||||||||||||
As of November 29, 2014, $7,303 of unrecognized compensation costs related to unvested stock option awards is expected to be recognized over a weighted-average period of 1.6 years. Unrecognized compensation costs related to unvested restricted stock shares was $3,426 which is expected to be recognized over a weighted-average period of 1.0 years and unvested restricted stock units was $4,668 which is expected to be recognized over a weighted-average period of 0.9 years. | ||||||||||||
Share-based Activity | ||||||||||||
The option activity for the years ended November 29, 2014 and November 30, 2013 is summarized below: | ||||||||||||
Weighted- | ||||||||||||
Average | ||||||||||||
Options | Exercise Price | |||||||||||
Outstanding at December 1, 2012 | 2,429,750 | $ | 21.63 | |||||||||
Granted | 493,173 | 40.07 | ||||||||||
Exercised | -462,427 | 19.23 | ||||||||||
Forfeited or cancelled | -30,535 | 28.57 | ||||||||||
Outstanding at November 30, 2013 | 2,429,961 | $ | 25.74 | |||||||||
Granted | 477,606 | 48.06 | ||||||||||
Exercised | -330,179 | 20.75 | ||||||||||
Forfeited or cancelled | -42,915 | 38.59 | ||||||||||
Outstanding at November 29, 2014 | 2,534,473 | $ | 30.39 | |||||||||
The fair value of options granted during 2014, 2013 and 2012 was $6,599, $7,425 and $6,318, respectively. Total intrinsic value of options exercised during 2014, 2013 and 2012 was $8,915, $9,842 and $5,191, 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. Proceeds received from option exercises during the year ended November 29, 2014, November 30, 2013 and December 1, 2012 were $6,852, $8,891 and $7,401, respectively. | ||||||||||||
The nonvested restricted stock activity for the years ended November 29, 2014 and November 30, 2013, is summarized below: | ||||||||||||
Weighted- | ||||||||||||
Weighted- | Average | |||||||||||
Average | Remaining | |||||||||||
Grant | Contractual | |||||||||||
Date Fair | Life | |||||||||||
Units | Shares | Total | Value | (in Years) | ||||||||
Nonvested at December 1, 2012 | 141,184 | 245,231 | 386,415 | $ | 25.41 | 0.9 | ||||||
Granted | 62,701 | 186,352 | 249,053 | 39.66 | 1.7 | |||||||
Vested | -66,446 | -113,411 | -179,857 | 37.85 | - | |||||||
Forfeited | -2,208 | -5,727 | -7,935 | 32.17 | 1.4 | |||||||
Nonvested at November 30, 2013 | 135,231 | 312,445 | 447,676 | $ | 33.76 | 1.2 | ||||||
Granted | 126,536 | - | 126,536 | 48.84 | 1.2 | |||||||
Vested | -68,293 | -114,044 | -182,337 | 48.16 | - | |||||||
Forfeited | -4,813 | -9,779 | -14,592 | 37.8 | 1.1 | |||||||
Nonvested at November 29, 2014 | 188,661 | 188,622 | 377,283 | $ | 40.7 | 1 | ||||||
Total fair value of restricted stock vested during 2014, 2013, and 2012 was $8,782, $6,807 and $4,626, respectively. The total fair value of nonvested restricted stock at November 29, 2014 was $15,354. | ||||||||||||
We repurchased 67,593, 62,124 and 54,289 restricted stock shares during 2014, 2013 and 2012, respectively, in conjunction with restricted stock share vestings. The repurchases relate to statutory minimum tax withholding. | ||||||||||||
Deferred compensation units are fully vested at the date of contribution. The deferred compensation units outstanding for the years ended November 29, 2014 and November 30, 2013 is summarized below: | ||||||||||||
Non-employee | ||||||||||||
Directors | Employees | Total | ||||||||||
Units outstanding December 1, 2012 | 338,769 | 68,662 | 407,431 | |||||||||
Participant contributions | 14,145 | 2,299 | 16,444 | |||||||||
Company match contributions1 | 14,802 | 256 | 15,058 | |||||||||
Payouts | -55,036 | -9,929 | -64,965 | |||||||||
Units outstanding November 30, 2013 | 312,680 | 61,288 | 373,968 | |||||||||
Participant contributions | 14,347 | 4,429 | 18,776 | |||||||||
Company match contributions1 | 16,613 | 492 | 17,105 | |||||||||
Payouts | -1,093 | -13,906 | -14,999 | |||||||||
Units outstanding November 29, 2014 | 342,547 | 52,303 | 394,850 | |||||||||
1 The non-employee directors’ company match includes 15,019 and 11,908 deferred compensation units paid as discretionary awards to all non-employee directors in 2014 and 2013, respectively. | ||||||||||||
The fair value of non-employee directors company matches for 2014, 2013 and 2012 was $130, $49 and $78, respectively. The fair value of the non-employee directors’ discretionary award was $720 for 2014, $480 for 2013 and $560 for 2012. The fair value of employee company matches was $19 for 2014 and $8 for 2013 and $14 for 2012. |
Supplemental_Financial_Stateme
Supplemental Financial Statement Information | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Supplemental Financial Statement Information [Abstract] | ||||||||||||
Supplemental Financial Statement Information Disclosure | Note 4: Supplemental Financial Statement Information | |||||||||||
Statement of Income Information | ||||||||||||
Additional details of income statement amounts for 2014, 2013 and 2012 follow. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Foreign currency transaction losses, net | $ | -2,546 | $ | -4,106 | $ | -1,204 | ||||||
Interest income | 344 | 737 | 1,731 | |||||||||
Gain on disposal of fixed assets | 2,769 | 323 | 555 | |||||||||
Other, net | 149 | -705 | -298 | |||||||||
Total other income (expense), net | $ | 716 | $ | -3,751 | $ | 784 | ||||||
Research and development expenses (included in selling, general and administrative expenses) | $ | 21,245 | $ | 24,570 | $ | 21,254 | ||||||
Balance Sheet Information | ||||||||||||
Additional details of balance sheet amounts as of November 29, 2014 and November 30, 2013 follow. | ||||||||||||
Inventories | 2014 | 2013 | ||||||||||
Raw materials | $ | 133,476 | $ | 119,536 | ||||||||
Finished goods | 140,014 | 122,584 | ||||||||||
LIFO reserve | -22,200 | -20,583 | ||||||||||
Total inventories | $ | 251,290 | $ | 221,537 | ||||||||
Other current assets | ||||||||||||
Other receivables | $ | 15,059 | $ | 20,728 | ||||||||
Prepaid income taxes | 9,505 | 8,604 | ||||||||||
Prepaid taxes other than income taxes | 30,797 | 19,957 | ||||||||||
Deferred income taxes | 20,924 | 18,867 | ||||||||||
Prepaid expenses | 12,547 | 11,828 | ||||||||||
Assets held for sale | 4,273 | 5,062 | ||||||||||
Total other current assets | $ | 93,105 | $ | 85,046 | ||||||||
Property, plant and equipment | ||||||||||||
Land | $ | 65,367 | $ | 57,991 | ||||||||
Buildings and improvements | 293,440 | 258,403 | ||||||||||
Machinery and equipment | 710,180 | 603,520 | ||||||||||
Construction in progress | 37,364 | 112,878 | ||||||||||
Total, at cost | 1,106,351 | 1,032,792 | ||||||||||
Accumulated depreciation | -603,717 | -598,405 | ||||||||||
Net property, plant and equipment | $ | 502,634 | $ | 434,387 | ||||||||
Other assets | ||||||||||||
Investments and company owned life insurance | $ | 10,950 | $ | 11,963 | ||||||||
Equity method investments | 37,487 | 40,700 | ||||||||||
Cost method investments | 1,671 | 1,674 | ||||||||||
Long-term deferred income taxes | 40,142 | 28,465 | ||||||||||
Prepaid pension costs | 7,588 | 38,363 | ||||||||||
Prepaid postretirement other than pension | 12,054 | 6,858 | ||||||||||
Other long-term assets | 39,434 | 33,420 | ||||||||||
Total other assets | $ | 149,326 | $ | 161,443 | ||||||||
Income taxes payable | ||||||||||||
Current income taxes payable | $ | 10,961 | $ | 8,936 | ||||||||
Current deferred income taxes | 2,800 | 1,894 | ||||||||||
Total income taxes payable | $ | 13,761 | $ | 10,830 | ||||||||
Other accrued expenses | ||||||||||||
Taxes other than income taxes | $ | 19,427 | $ | 17,943 | ||||||||
Interest | 4,548 | 4,471 | ||||||||||
Product liability | 1,691 | 1,175 | ||||||||||
Accrued expenses | 25,383 | 22,977 | ||||||||||
Total other accrued expenses | $ | 51,049 | $ | 46,566 | ||||||||
Other liabilities | ||||||||||||
Asset retirement obligation | $ | 2,515 | $ | 3,236 | ||||||||
Long-term deferred income taxes | 16,718 | 20,599 | ||||||||||
Long-term deferred compensation | 5,635 | 5,285 | ||||||||||
Postretirement other than pension | 3,146 | 3,159 | ||||||||||
Other long-term liabilities | 13,761 | 19,556 | ||||||||||
Total other liabilities | $ | 41,775 | $ | 51,835 | ||||||||
Additional details on the trade receivables allowance for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts for 2014, 2013 and 2012 follow. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 8,538 | $ | 7,513 | $ | 4,272 | ||||||
Charged to expenses | 3,998 | 3,267 | 3,680 | |||||||||
Write-offs | -1,866 | -2,369 | -368 | |||||||||
Effect of exchange rates | -424 | 127 | -71 | |||||||||
Balance at end of year | $ | 10,246 | $ | 8,538 | $ | 7,513 | ||||||
Statement of Comprehensive Income (Loss) Information | ||||||||||||
The following tables provides details of total comprehensive income (loss): | ||||||||||||
29-Nov-14 | ||||||||||||
H.B. Fuller Stockholders | Non-controlling Interests | |||||||||||
Pretax | Tax | Net | Net | |||||||||
Net income including non-controlling interests | $ | 49,773 | $ | 378 | ||||||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustment¹ | $ | -38,673 | - | -38,673 | -14 | |||||||
Reclassification to earnings: | ||||||||||||
Defined benefit pension plans adjustment² | -56,268 | 19,394 | -36,874 | |||||||||
Interest rate swap³ | 56 | -15 | 41 | |||||||||
Cash-flow hedges³ | 158 | -42 | 116 | |||||||||
Other comprehensive income (loss) | $ | -94,727 | $ | 19,337 | -75,390 | -14 | ||||||
Comprehensive income (loss) | $ | -25,617 | $ | 364 | ||||||||
30-Nov-13 | ||||||||||||
H.B. Fuller Stockholders | Non-controlling Interests | |||||||||||
Pretax | Tax | Net | Net | |||||||||
Net income including non-controlling interests | $ | 96,761 | $ | 425 | ||||||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustment¹ | $ | -876 | - | -876 | -55 | |||||||
Reclassification to earnings: | ||||||||||||
Defined benefit pension plans adjustment² | 106,647 | -38,451 | 68,196 | |||||||||
Interest rate swap³ | 57 | -16 | 41 | |||||||||
Cash-flow hedges³ | 494 | -191 | 303 | |||||||||
Other comprehensive income (loss) | $ | 106,322 | $ | -38,658 | 67,664 | -55 | ||||||
Comprehensive income | $ | 164,425 | $ | 370 | ||||||||
1-Dec-12 | ||||||||||||
H.B. Fuller Stockholders | Non-controlling Interests | |||||||||||
Pretax | Tax | Net | Net | |||||||||
Net income including non-controlling interests | $ | 125,622 | $ | 233 | ||||||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustment¹ | $ | -2,985 | - | -2,985 | 28 | |||||||
Reclassification to earnings: | ||||||||||||
Defined benefit pension plans adjustment² | -73,358 | 26,075 | -47,283 | |||||||||
Interest rate swap³ | 57 | -16 | 41 | |||||||||
Cash-flow hedges³ | -642 | 248 | -394 | |||||||||
Other comprehensive income (loss) | $ | -76,928 | $ | 26,307 | -50,621 | 28 | ||||||
Comprehensive income | $ | 75,001 | $ | 261 | ||||||||
¹ Income taxes are not provided for foreign currency translation relating to indefinite 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. | ||||||||||||
Statement of Total Equity Information | ||||||||||||
Components of accumulated other comprehensive income (loss) follow. | ||||||||||||
29-Nov-14 | ||||||||||||
Total | H.B. Fuller Stockholders | Non-controlling Interests | ||||||||||
Foreign currency translation adjustment | $ | 11,184 | $ | 11,205 | $ | -21 | ||||||
Interest rate swap, net of taxes of $21 | -53 | -53 | - | |||||||||
Cash-flow hedges, net of taxes of $15 | 25 | 25 | - | |||||||||
Defined benefit pension plans adjustment, net of taxes of $84,604 | -158,529 | -158,529 | - | |||||||||
Total accumulated other comprehensive income (loss) | $ | -147,373 | $ | -147,352 | $ | -21 | ||||||
30-Nov-13 | ||||||||||||
Total | H.B. Fuller Stockholders | Non-controlling Interests | ||||||||||
Foreign currency translation adjustment | $ | 49,871 | $ | 49,878 | $ | -7 | ||||||
Interest rate swap, net of taxes of $36 | -94 | -94 | - | |||||||||
Cash-flow hedges, net of taxes of $57 | -91 | -91 | - | |||||||||
Defined benefit pension plans adjustment, net of taxes of $65,210 | -121,655 | -121,655 | - | |||||||||
Total accumulated other comprehensive income (loss) | $ | -71,969 | $ | -71,962 | $ | -7 | ||||||
1-Dec-12 | ||||||||||||
Total | H.B. Fuller Stockholders | Non-controlling Interests | ||||||||||
Foreign currency translation adjustment | $ | 50,802 | $ | 50,754 | $ | 48 | ||||||
Interest rate swap, net of taxes of $52 | -135 | -135 | - | |||||||||
Cash-flow hedges, net of taxes of $248 | -394 | -394 | - | |||||||||
Defined benefit pension plans adjustment net of taxes of $103,661 | -189,851 | -189,851 | - | |||||||||
Total accumulated other comprehensive income (loss) | $ | -139,578 | $ | -139,626 | $ | 48 |
Special_Charges_Net
Special Charges, Net | 12 Months Ended | |||||||||
Nov. 29, 2014 | ||||||||||
Special Charges [Abstract] | ||||||||||
Special Charges [Text Block] | Note 5: 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 have combined these two initiatives into a single project which we refer to as the “Business Integration Project”. During 2014, 2013 and 2012 we incurred special charges, net of $51,501, $45,087 and $52,467, respectively, for costs related to the Business Integration Project. | ||||||||||
The following table provides detail of special charges, net: | ||||||||||
Fiscal Years | ||||||||||
2014 | 2013 | 2012 | ||||||||
Acquisition and transformation related costs: | ||||||||||
Professional services | $ | 7,946 | $ | 8,698 | $ | 24,647 | ||||
Financing availability costs | - | - | 4,300 | |||||||
Foreign currency option contract | - | - | 841 | |||||||
Gain on foreign currency forward contracts | - | - | -11,621 | |||||||
Other related costs | 8,272 | 8,736 | 2,010 | |||||||
Restructuring costs: | ||||||||||
Workforce reduction costs | 3,233 | 9,784 | 28,087 | |||||||
Facility exit costs | 32,050 | 17,869 | 4,203 | |||||||
Special charges, net | $ | 51,501 | $ | 45,087 | $ | 52,467 | ||||
Professional services of $7,946, $8,698 and $24,647 for 2014, 2013 and 2012, respectively, include costs related to organization consulting, investment advisory, financial advisory, legal and valuation services necessary to acquire and integrate the Forbo industrial adhesives business into our existing operating segments. | ||||||||||
During 2014, we incurred other incremental transformation related costs of $8,272 including the cost of personnel directly working on the integration, workforce reduction costs of $3,233 and cash facility exit costs of $25,187 and non-cash facility exit costs of $6,863 related to the Business Integration Project. During 2013, we incurred other incremental transformation related costs of $8,736 including the cost of personnel directly working on the integration, workforce reduction costs of $9,784 and cash facility exit costs of $11,804 and non-cash facility exit costs of $6,065 related to the Business Integration Project. During 2012, we incurred other incremental transformation related costs of $2,010 including the cost of personnel directly working on the integration, workforce reduction costs of $28,087 and cash facility exit costs of $1,033 and non-cash facility exit costs of $3,170 related to the Business Integration Project. | ||||||||||
For 2012 we also incurred other costs related to the acquisition of the Forbo industrial adhesives business including an expense of $4,300 to make a bridge loan available if needed. During 2012 we incurred expenses of $841 related to the purchase of a foreign currency option to hedge a portion of the acquisition purchase price. Also during 2012, we entered into forward currency contracts maturing on March 5, 2012 to purchase 370,000 Swiss francs. Our objective was to economically hedge the purchase price for the pending acquisition of the global industrial adhesives business of Forbo Group after the price was established. The currency contracts were not designated as hedges for accounting purposes. For 2012 the net gain on the forward currency contracts was $11,621 which partially offset other acquisition and transformation related costs. | ||||||||||
For the year ended November 29, 2014 and November 30, 2013, the activity in accrued compensation associated with the Business Integration Project, is as follows: | ||||||||||
2014 | 2013 | |||||||||
Balance at beginning of year | $ | 18,057 | $ | 19,848 | ||||||
Restructuring charges | 3,233 | 9,784 | ||||||||
Cash payments | -19,911 | -12,595 | ||||||||
Foreign currency translation adjustment | -363 | 1,020 | ||||||||
Balance at end of year | $ | 1,016 | $ | 18,057 | ||||||
The $1,016 in accrued restructuring costs at November 29, 2014 was included in accrued compensation on our Consolidated Balance Sheets. Of the $18,057 in accrued restructuring costs at November 30, 2013 $17,312 was included in accrued compensation and $745 was included in other liabilities on our 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 restructuring costs are not allocated to our operating segments. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||
Nov. 29, 2014 | |||||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | |||||||||||||||||||
Goodwill and Other Intangible Assets Disclosure | Note 6: Goodwill and Other Intangible Assets | ||||||||||||||||||
The reporting units goodwill balances as of November 29, 2014 and November 30, 2013, follow. Changes in the goodwill balances relate to changes in foreign currency exchange rates and activity from acquisitions. See Note 2 to the Consolidated Financial Statements for more information on acquisitions. | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Americas Adhesives | $ | 71,325 | $ | 72,117 | |||||||||||||||
EIMEA | 139,666 | 151,675 | |||||||||||||||||
Asia Pacific | 24,201 | 25,974 | |||||||||||||||||
Construction Products | 20,780 | 13,337 | |||||||||||||||||
Total | $ | 255,972 | $ | 263,103 | |||||||||||||||
Additional details on the goodwill balance for 2014 and 2013 follow. | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Balance at beginning of year | $ | 263,103 | $ | 254,345 | |||||||||||||||
ProSpec acquisition | 7,443 | - | |||||||||||||||||
Engent, Inc. acquisition | - | 247 | |||||||||||||||||
Forbo Industrial Adhesives | - | 343 | |||||||||||||||||
Plexbond Quimica, S.A. acquisition | 151 | 3,626 | |||||||||||||||||
Foreign currency translation effect | -14,725 | 4,542 | |||||||||||||||||
Balance at end of year | $ | 255,972 | $ | 263,103 | |||||||||||||||
In accordance with accounting standards, we test each of our reporting units for goodwill impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. In the fourth quarter of 2014, we conducted the required annual test of goodwill for impairment. We performed the goodwill impairment analysis on our reporting units by using a discount rate determined by management to result in the most representative fair value of the business as a whole. There were no indications of impairment in any of our reporting units. We also performed a sensitivity analysis by using a discount rate at the high end of our range to confirm the reasonableness of our goodwill impairment analysis. No indications of impairment in any of our reporting units were indicated by the sensitivity analysis. See Note 1 to the Consolidated Financial Statements for further information on our impairment analysis. | |||||||||||||||||||
Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, follow: | |||||||||||||||||||
Amortizable Intangible Assets | Purchased Technology & Patents | Customer Relationships | All Other | Total | |||||||||||||||
As of November 29, 2014 | |||||||||||||||||||
Original cost | $ | 43,915 | $ | 219,517 | $ | 52,529 | $ | 315,961 | |||||||||||
Accumulated amortization | -11,944 | -88,164 | -20,458 | -120,566 | |||||||||||||||
Net identifiable intangibles | $ | 31,971 | $ | 131,353 | $ | 32,071 | $ | 195,395 | |||||||||||
Weighted-average useful lives (in years) | 11 | 18 | 12 | 16 | |||||||||||||||
As of November 30, 2013 | |||||||||||||||||||
Original cost | $ | 45,710 | $ | 231,696 | $ | 43,780 | $ | 321,186 | |||||||||||
Accumulated amortization | -9,706 | -77,192 | -15,480 | -102,378 | |||||||||||||||
Net identifiable intangibles | $ | 36,004 | $ | 154,504 | $ | 28,300 | $ | 218,808 | |||||||||||
Weighted-average useful lives (in years) | 11 | 17 | 13 | 16 | |||||||||||||||
Amortization expense with respect to amortizable intangible assets was $23,240, $22,508 and $18,703 in 2014, 2013 and 2012, respectively. | |||||||||||||||||||
Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for the next five fiscal years follows: | |||||||||||||||||||
Fiscal Year | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||
Amortization Expense | $ | 21,049 | $ | 20,747 | $ | 20,459 | $ | 20,087 | $ | 17,748 | $ | 95,305 | |||||||
The above amortization expense forecast is an estimate. Actual amounts may change from such estimated amounts due to fluctuations in foreign currency exchange rates, additional intangible asset acquisitions, potential impairment, accelerated amortization, or other events. | |||||||||||||||||||
Non-amortizable intangible assets at November 29, 2014 and November 30, 2013 totaling $543 and $593, respectively, relate to trademarks and trade names. The change in non-amortizable assets in 2014 compared to 2013 was due to changes in currency exchange rates. |
Notes_Payable_LongTerm_Debt_an
Notes Payable, Long-Term Debt and Lines of Credit | 12 Months Ended | |||||||||||||
Nov. 29, 2014 | ||||||||||||||
Notes Payable Long Term Debt And Lines Of Credit [Abstract] | ||||||||||||||
Notes Payable, Long-Term Debt and Lines of Credit Disclosure | Note 7: Notes Payable, Long-Term Debt and Lines of Credit | |||||||||||||
Notes Payable: Notes payable were $27,149 at November 29, 2014. This amount represents various other short-term borrowings that were not part of committed lines. The weighted-average interest rates on short-term borrowings were 11.3 percent, 8.9 percent and 11.3 percent in 2014, 2013 and 2012, respectively. Fair values of these short-term obligations approximate their carrying values due to their short maturity. There were no funds drawn from the short-term committed lines at November 29, 2014. | ||||||||||||||
Long-Term Debt | ||||||||||||||
Weighted-Average | ||||||||||||||
Interest Rate at | Fiscal Year | |||||||||||||
Long-Term Debt | 29-Nov-14 | Maturity Date | 2014 | 2013 | ||||||||||
Revolving credit line | 1.24% | 2019 | $ | 143,000 | $ | - | ||||||||
Term Loan | - | 2017 | - | 66,250 | ||||||||||
Senior Notes, Series A1 | 1.91% | 2017 | 17,805 | 18,215 | ||||||||||
Senior Notes, Series B2 | 1.79% | 2017 | 34,738 | 35,551 | ||||||||||
Senior Notes, Series C3 | 3.11% | 2020 | 37,192 | 37,299 | ||||||||||
Senior Notes, Series D4 | 5.61% | 2020 | 65,000 | 65,000 | ||||||||||
Senior Notes, Series E5 | 4.12% | 2022 | 250,000 | 250,000 | ||||||||||
Total debt | $ | 547,735 | $ | 472,315 | ||||||||||
On December 16, 2009, we entered into a note purchase agreement under which we agreed to issue $150,000 in aggregate principal amount of senior unsecured notes to a group of private investors. The $150,000 was split into four non-amortizing tranches, Series A-D. On March 5, 2012, we entered into a note purchase agreement under which we agreed to issue $250,000 in aggregate principal amount of senior unsecured notes to a group of private investors. The $250,000 is a non-amortizing tranche, Series E. Additional details are provided below: | ||||||||||||||
1 Senior Notes, Series A, due December 16, 2016, $17,000 5.13 percent fixed, swapped to a variable rate of 6- month LIBOR (in arrears) plus 1.59 percent | ||||||||||||||
2 Senior Notes, Series B, due February 24, 2017, $33,000 5.13 percent fixed, swapped to a variable rate of 6-month LIBOR (in arrears) plus 1.47 percent | ||||||||||||||
3 Senior Notes, Series C, due December 16, 2019, $35,000 5.61 percent fixed, $25,000 swapped to a variable rate of 6-month LIBOR (in arrears) plus 1.78 percent | ||||||||||||||
4 Senior Notes, Series D, due February 24, 2020, $65,000 5.61 percent fixed | ||||||||||||||
5 Senior Notes, Series E, due March 5, 2022, $250,000 4.12 percent fixed | ||||||||||||||
On October 31, 2014, we entered into a credit agreement with a consortium of financial institutions under which we established a $300,000 multi-currency revolving credit facility and a $300,000 term loan that we can use to repay existing indebtedness, finance working capital needs, finance acquisitions, and for general corporate purposes. The term loan is committed financing that can be drawn at any time up to 270 days after October 31, 2014. At November 29, 2014, there was no balance drawn on the term loan. Interest on the revolving credit facility is payable at the LIBOR plus 1.075 percent. A facility fee of 0.175 percent is payable quarterly. The interest rate on the term loan is payable at the LIBOR rate plus 1.25 percent. The interest rates and the facility fee are based on a rating grid. The credit agreement replaced the previous revolving credit facilities entered into on March 5, 2012. The October 31, 2014 credit agreement expires on October 31, 2019. | ||||||||||||||
On October 31, 2014 we amended various provisions of the Note Purchase Agreements Series A through E, including the covenant definition of Consolidated EBITDA. As part of these amendments, the interest rate on the debt may increase based on changes to the rating of our senior, unsecured long-term debt. | ||||||||||||||
Long-term debt had an estimated fair value of $606,194 and $515,287 as of November 29, 2014 and November 30, 2013, respectively. The fair value of long-term debt is based on quoted market prices for the same or similar issues or on the current rates offered for debt of similar maturities. The estimated fair value of these long-term obligations is not necessarily indicative of the amount that would be realized in a current market exchange. | ||||||||||||||
Lines of Credit | ||||||||||||||
As of November 29, 2014, lines of credit were as follows: | ||||||||||||||
Term | Committed | Drawn | Unused | |||||||||||
Long-term lines of credit | $ | 300,000 | $ | -143,000 | $ | 157,000 | ||||||||
A revolving credit agreement with a consortium of financial institutions accounted for the entire committed lines of credit. The credit agreement creates an unsecured multi-currency revolving credit facility that can be drawn upon for general corporate purposes up to a maximum of $300,000. The credit agreement expires on October 31, 2019. | ||||||||||||||
The most restrictive debt covenants place limitations on secured and unsecured borrowings, operating leases, and contain minimum interest coverage and maximum debt to trailing twelve months EBITDA requirements. In addition, we cannot be a member of any "consolidated group" for income tax purposes other than with our subsidiaries. At November 29, 2014 all financial covenants were met. | ||||||||||||||
Maturities of long-term debt for the next five fiscal years follow: | ||||||||||||||
Fiscal Year | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||
Long-term debt obligations | $ | - | $ | - | $ | 52,543 | $ | - | $ | 143,000 | $ | 352,192 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Nov. 29, 2014 | |||||||||||
Income Taxes Disclosure [Abstract] | |||||||||||
Income Taxes Disclosure | Note 8: Income Taxes | ||||||||||
Income from continuing operations before income taxes and income from equity method investments | 2014 | 2013 | 2012 | ||||||||
United States | $ | 55,567 | $ | 81,788 | $ | 69,287 | |||||
Non-U.S. | 23,745 | 45,756 | 20,261 | ||||||||
Total | $ | 79,312 | $ | 127,544 | $ | 89,548 | |||||
Components of the provision for income tax expense (benefit) | 2014 | 2013 | 2012 | ||||||||
Current: | |||||||||||
U.S. federal | $ | 8,771 | $ | 16,999 | $ | 25,637 | |||||
State | 1,290 | 1,372 | 2,663 | ||||||||
Non-U.S. | 20,133 | 11,930 | 18,999 | ||||||||
30,194 | 30,301 | 47,299 | |||||||||
Deferred: | |||||||||||
U.S. federal | 8,106 | 8,101 | -12,314 | ||||||||
State | 1,069 | 2,244 | -398 | ||||||||
Non-U.S. | -5,021 | -697 | -4,108 | ||||||||
4,154 | 9,648 | -16,820 | |||||||||
Total | $ | 34,348 | $ | 39,949 | $ | 30,479 | |||||
Reconciliation of effective income tax | 2014 | 2013 | 2012 | ||||||||
Statutory U.S. federal income tax rate | $ | 27,759 | $ | 44,641 | $ | 31,342 | |||||
State income taxes, net of federal benefit | 1,534 | 2,351 | 1,472 | ||||||||
Foreign dividend repatriation | 760 | 467 | -9,004 | ||||||||
Foreign operations | -8,287 | -12,598 | -7,911 | ||||||||
Interest income not taxable in the U.S. | -1,649 | -1,789 | -1,802 | ||||||||
Change in valuation allowance | 3,317 | 1,819 | 5,502 | ||||||||
Tax impact of special charges, net | 11,773 | 5,998 | 10,209 | ||||||||
Other | -859 | -940 | 671 | ||||||||
Total | $ | 34,348 | $ | 39,949 | $ | 30,479 | |||||
Deferred income tax balances at each year-end related to | 2014 | 2013 | |||||||||
Depreciation and amortization | $ | -47,152 | $ | -45,917 | |||||||
Employee benefit costs | 45,920 | 35,686 | |||||||||
Foreign tax credit carryforward | 12,355 | 14,567 | |||||||||
Tax loss carryforwards | 21,851 | 20,781 | |||||||||
Other | 24,234 | 14,343 | |||||||||
57,208 | 39,460 | ||||||||||
Valuation allowance | -16,364 | -14,621 | |||||||||
Net deferred tax assets | $ | 40,844 | $ | 24,839 | |||||||
The difference between the change in the deferred tax assets in the balance sheet and the deferred tax provision is primarily due to the defined benefit pension plan adjustment recorded in accumulated other comprehensive income (loss). | |||||||||||
Valuation allowances principally relate to foreign net operating loss carryforwards where the future potential benefits do not meet the more-likely-than-not realization test. The increase in the valuation allowance of $1,743 during 2014 is primarily due to an increase in the valuation allowance on deferred tax assets in our non-U.S. entities that do not meet the more-likely-than-not realization test. | |||||||||||
Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those deferred tax assets and liabilities are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more-likely-than-not to be realized. We believe it is more-likely-than-not that forecasted income and the source of that income, together with the tax effects of the deferred tax liabilities and tax planning strategies, will be sufficient to fully recover the net deferred tax assets. In the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made. | |||||||||||
U.S. income taxes have not been provided on approximately $421,604 undistributed earnings of non-U.S. subsidiaries. We intend to indefinitely reinvest these undistributed earnings. In the event these earnings are later distributed to the U.S., such distributions would likely result in additional U.S. tax that may be offset, at least in part by associated foreign tax credits. | |||||||||||
While non-U.S. operations have been profitable overall, there are cumulative tax losses of $84,982 in various countries. These tax losses can be carried forward to offset the income tax liabilities on future income in these countries. Cumulative tax losses of $45,039 can be carried forward indefinitely, while the remaining $39,943 of tax losses must be utilized during 2015 to 2024. | |||||||||||
The U.S. has a foreign tax credit carryforward of $12,355 which will expire between 2019 and 2023. | |||||||||||
The table below sets forth the changes to our gross unrecognized tax benefit as a result of uncertain tax positions, excluding accrued interest, for the fiscal years ended November 29, 2014 and November 30, 2013. We do not anticipate that the total unrecognized tax benefits will change significantly within the next twelve months. | |||||||||||
2014 | 2013 | ||||||||||
Balance at beginning of year | $ | 5,151 | $ | 4,886 | |||||||
Tax positions related to the current year: | |||||||||||
Additions | 600 | 900 | |||||||||
Tax positions related to prior years: | |||||||||||
Additions | 178 | 378 | |||||||||
Reductions | -177 | -160 | |||||||||
Settlements | -13 | -105 | |||||||||
Lapses in applicable statutes of limitation | -952 | -748 | |||||||||
Balance at end of year | $ | 4,787 | $ | 5,151 | |||||||
Included in the balance of unrecognized tax benefits as of November 29, 2014, are potential benefits of $4,347 that, if recognized, would affect the effective tax rate. | |||||||||||
We report accrued interest and penalties related to unrecognized tax benefits in income tax expense. For the year ended November 29, 2014, we recognized a net benefit for interest and penalties of $136 relating to unrecognized tax benefits and had net accumulated accrued interest and penalties of $452 as of November 29, 2014. For the year ended November 30, 2013, we recognized net benefit for interest and penalties of $36 relating to unrecognized tax benefits and had net accumulated accrued interest and penalties of $591 as of November 30, 2013. | |||||||||||
We are subject to U.S. federal income tax as well as income tax in numerous state and foreign jurisdictions. We are no longer subject to U.S. federal tax examination for years prior to 2011 or Swiss income tax examination for years prior to 2009. There have been no Swiss income tax examinations for 2009 and subsequent years. We are in various stages of examination and appeal in several state and other foreign jurisdictions. Although the final outcomes of these examinations cannot currently be determined, we believe that we have recorded adequate liabilities with respect to these examinations. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||
Nov. 29, 2014 | |||||||
Stockholders' Equity [Abstract] | |||||||
Stockholders' Equity Disclosure | Note 9: Stockholders' Equity | ||||||
Preferred Stock: The board of directors is authorized to issue up to 10,045,900 shares of preferred stock that may be issued in one or more series and with such stated value and terms as the board of directors may determine. | |||||||
Common Stock: There were 160,000,000 shares of common stock with a par value of $1.00 authorized and 50,310,803 and 50,228,543 shares issued and outstanding at November 29, 2014 and November 30, 2013, respectively. | |||||||
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 reduce our common stock for the par value of the shares with the excess being applied against additional paid-in capital. During 2014, we repurchased 250,000 shares for $12,254 and during 2013, we repurchased 375,000 shares for $15,292 under this program. Up to $61,964 of our outstanding common shares may still be repurchased under the share repurchase program. | |||||||
Common Shares Outstanding | 2014 | 2013 | 2012 | ||||
Beginning balance | 50,228,543 | 49,903,266 | 49,449,579 | ||||
Stock options exercised | 330,179 | 462,427 | 430,000 | ||||
Shares swapped for stock option exercises | - | - | -3,619 | ||||
Deferred compensation paid | 9,957 | 51,521 | 19,389 | ||||
Restricted units vested | 69,624 | 67,828 | 53,927 | ||||
Restricted shares granted | - | 186,352 | 128,427 | ||||
Shares withheld for taxes | -67,593 | -62,124 | -54,289 | ||||
Restricted shares forfeited | -9,907 | -5,727 | -20,148 | ||||
Shares repurchased under repurchase program | -250,000 | -375,000 | -100,000 | ||||
Ending balance | 50,310,803 | 50,228,543 | 49,903,266 | ||||
Shareholder Rights Plan: The shareholder rights plan provides each holder of a share of common stock a right to purchase one one-hundredth of a share of preferred stock for $95, subject to adjustment. No fraction of a preferred share (other than fractions in integral multiples of one one-hundredth of a share) will be issued. Preferred shares purchased upon exercise of the rights will not be redeemable. Each preferred share will be entitled to a preferential quarterly dividend payment, a preferential liquidation payment, voting rights, and participation in any merger, consolidation or other transaction in which common shares are exchanged. These rights are not currently exercisable. In the event any person becomes an Acquiring Person (as defined in the rights plan), each holder of a right will thereafter have a right to receive, upon exercise thereof at the then current aggregate exercise price, in lieu of preferred shares, such number of common shares of ours having a current aggregate market price equal to twice the current aggregate exercise price. In the event that at any time after there is an Acquiring Person we are acquired in certain mergers or other business combination transactions or 50 percent or more of the assets or earning power of us and our subsidiaries (taken as a whole) are sold, holders of the rights will thereafter have the right to receive, upon exercise thereof at the then current aggregate exercise price, such number of common shares of the acquiring company (or, in certain cases, one of its affiliates) having a current aggregate market price equal to twice the current aggregate exercise price. Rights held by an acquiring person are void. We may redeem or exchange the rights in certain instances. Unless extended or redeemed, the rights expire on July 31, 2016. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 12 Months Ended | ||||||||||||||||||
Nov. 29, 2014 | |||||||||||||||||||
Pension And Postretirement Benefits [Abstract] | |||||||||||||||||||
Pension and Postretirement Benefits Disclosure | Note 10: Pension and Postretirement Benefits | ||||||||||||||||||
Defined Contribution Plan | |||||||||||||||||||
All U.S. employees have the option of contributing up to 75 percent of their pre-tax earnings to a 401(k) plan, subject to IRS limitations. We match up to the first 4 percent of each employee's pre-tax earnings, based on the employee’s contributions. All U.S. employees are eligible for a separate annual retirement contribution to the 401(k) plan of 3 percent of pay, that is invested based on the election of the individual participant. The 3 percent contribution is in addition to our 4 percent matching contribution described above and is in lieu of participation in our defined benefit pension plan. The total contribution to the 401(k) plan for 2014 was $9,414 which included the cost of the 4 percent company match of $4,672 and the additional 3 percent contribution of $4,742. The total contributions to the 401(k) plan were $8,022 and $6,606 in 2013 and 2012, respectively. | |||||||||||||||||||
The defined contribution plan liability recorded in the Consolidated Balance Sheets was $5,989 and $5,269 in 2014 and 2013, respectively for the U.S. Plan and several statutorily required non-U.S. Plans. | |||||||||||||||||||
Defined Benefit Plan | |||||||||||||||||||
Noncontributory defined benefit pension plans cover all U.S. employees employed prior to January 1, 2007. Benefits for these plans are based primarily on each employee’s years of service and average compensation. During 2011, we made significant changes to our U.S. Pension Plan (the Plan). The changes included: benefits under the Plan were locked-in using service and salary as of May 31, 2011, participants no longer earn benefits for future service and salary as they had in the past, affected participants receive a three percent increase to the locked-in benefit for every year they continue to work for us and we are making a retirement contribution of three percent of eligible compensation to the 401(k) Plan for those participants. The funding policy is consistent with the funding requirements of federal law and regulations. Plan assets consist principally of listed equity securities and bonds. Other U.S. postretirement benefits are funded through a Voluntary Employees' Beneficiaries Association Trust. | |||||||||||||||||||
Health care and life insurance benefits are provided for eligible retired employees and their eligible dependents. These benefits are provided through various insurance companies and health care providers. Costs are accrued during the years the employee renders the necessary service. | |||||||||||||||||||
Certain non-U.S. subsidiaries provide pension benefits for their employees consistent with local practices and regulations. These plans are primarily defined benefit plans covering substantially all employees upon completion of a specified period of service. Benefits for these plans are generally based on years of service and annual compensation. | |||||||||||||||||||
Following is a reconciliation of the beginning and ending balances of the benefit obligation and fair value of plan assets as of November 29, 2014 and November 30, 2013: | |||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Benefits | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||
Benefit obligation at beginning of year | $ | 347,668 | $ | 394,623 | $ | 206,407 | $ | 204,180 | $ | 50,811 | $ | 63,206 | |||||||
Service cost | 93 | 106 | 1,699 | 1,799 | 434 | 623 | |||||||||||||
Interest cost | 16,086 | 14,719 | 7,626 | 7,486 | 2,143 | 2,133 | |||||||||||||
Participant contributions | - | - | - | - | 350 | 523 | |||||||||||||
Actuarial (gain)/loss | 62,014 | -44,510 | 30,312 | -3,633 | 3,948 | -11,524 | |||||||||||||
Curtailments | - | -796 | -100 | -436 | - | - | |||||||||||||
Settlement | - | - | -1,638 | -1,325 | - | - | |||||||||||||
Benefits paid | -17,266 | -16,474 | -8,377 | -7,927 | -3,316 | -4,150 | |||||||||||||
Currency change effect | - | - | -15,713 | 6,263 | - | - | |||||||||||||
Benefit obligation at end of year | 408,595 | 347,668 | 220,216 | 206,407 | 54,370 | 50,811 | |||||||||||||
Change in plan assets | |||||||||||||||||||
Fair value of plan assets at beginning of year | 358,233 | 332,308 | 182,152 | 164,086 | 54,196 | 42,569 | |||||||||||||
Actual return on plan assets | 41,874 | 40,905 | 20,657 | 16,473 | 8,621 | 11,964 | |||||||||||||
Employer contributions | 1,494 | 1,494 | 7,856 | 2,027 | 3,225 | 3,290 | |||||||||||||
Participant contributions | - | - | - | - | 350 | 523 | |||||||||||||
Benefits paid¹ | -17,266 | -16,474 | -8,377 | -5,871 | -3,316 | -4,150 | |||||||||||||
Currency change effect | - | - | -14,078 | 5,437 | - | - | |||||||||||||
Fair value of plan assets at end of year | 384,335 | 358,233 | 188,210 | 182,152 | 63,076 | 54,196 | |||||||||||||
Plan assets in excess of (less than) benefit obligation as of year end | $ | -24,260 | $ | -10,565 | $ | -32,006 | $ | -24,255 | $ | 8,706 | $ | 3,385 | |||||||
1 Amount excludes benefit payments made from sources other than plan assets. | |||||||||||||||||||
For the U.S. Pension Plan, we adopted the new RP-2014 mortality tables projected generationally using scale MP-2014. | |||||||||||||||||||
Amounts in accumulated othercomprehensive income (loss) that have not been recognized as components of net periodic benefit cost | Pension Benefits | Other Postretirement | |||||||||||||||||
U.S. Plans | Non-U.S. Plans | Benefits | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Unrecognized actuarial loss | $ | 140,009 | $ | 100,579 | $ | 82,598 | $ | 64,290 | $ | 23,348 | $ | 25,988 | |||||||
Unrecognized prior service cost (benefit) | 119 | 147 | -17 | -21 | -2,546 | -6,317 | |||||||||||||
Ending balance | $ | 140,128 | $ | 100,726 | $ | 82,581 | $ | 64,269 | $ | 20,802 | $ | 19,671 | |||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Benefits | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Statement of financial position as of fiscal year-end | |||||||||||||||||||
Non-current assets | $ | - | $ | 29,560 | $ | 7,592 | $ | 8,959 | $ | 12,054 | $ | 6,858 | |||||||
Accrued benefit cost | |||||||||||||||||||
Current liabilities | -1,510 | -1,505 | -1,248 | -2,711 | -201 | -314 | |||||||||||||
Non-current liabilities | -22,750 | -17,490 | -38,350 | -30,503 | -3,146 | -3,159 | |||||||||||||
Ending balance | $ | -24,260 | $ | 10,565 | $ | -32,006 | $ | -24,255 | $ | 8,707 | $ | 3,385 | |||||||
The accumulated benefit obligation of the U.S. pension and other postretirement plans was $445,701 at November 29, 2014 and $385,819 at November 30, 2013. The accumulated benefit obligation of the non-U.S. pension plans was $211,488 at November 29, 2014 and $197,750 at November 30, 2013. | |||||||||||||||||||
The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of November 29, 2014 and November 30, 2013: | |||||||||||||||||||
Pension Benefits and Other Postretirement Benefits | |||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Accumulated benefit obligation | $ | 20,568 | $ | 18,673 | $ | 122,860 | $ | 116,265 | |||||||||||
Fair value of plan assets | - | - | 91,990 | 91,708 | |||||||||||||||
The following amounts relate to pension plans with projected benefit obligations in excess of plan assets as of November 29, 2014 and November 30, 2013: | |||||||||||||||||||
Pension Benefits and Other Postretirement Benefits | |||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Projected benefit obligation | $ | 408,595 | $ | 18,996 | $ | 131,588 | $ | 124,922 | |||||||||||
Fair value of plan assets | 384,335 | - | 91,990 | 91,708 | |||||||||||||||
Information about the expected cash flows follows: | |||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Postretirement Benefits | |||||||||||||||||
Employer contributions | |||||||||||||||||||
2015 | $ | - | $ | 658 | $ | 3,000 | |||||||||||||
Expected benefit payments | |||||||||||||||||||
2015 | $ | 18,108 | $ | 7,908 | $ | 3,432 | |||||||||||||
2016 | 18,689 | 8,048 | 3,452 | ||||||||||||||||
2017 | 19,372 | 8,374 | 3,478 | ||||||||||||||||
2018 | 20,000 | 8,505 | 3,500 | ||||||||||||||||
2019 | 20,517 | 8,643 | 3,524 | ||||||||||||||||
2020-2024 | 110,995 | 46,852 | 17,647 | ||||||||||||||||
Components of net periodic benefit cost and other supplemental information for the years ended November 29, 2014, November 30, 2013 and December 1, 2012 follow: | |||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Postretirement Benefits | |||||||||||||||||
Net periodic cost (benefit) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||
Service cost | $ | 93 | $ | 106 | $ | 90 | $ | 1,699 | $ | 1,799 | $ | 1,457 | $ | 434 | $ | 623 | $ | 541 | |
Interest cost | 16,086 | 14,719 | 16,098 | 7,626 | 7,486 | 8,222 | 2,143 | 2,133 | 2,469 | ||||||||||
Expected return on assets | -23,865 | -22,720 | -23,758 | -10,749 | -9,390 | -8,021 | -4,742 | -3,725 | -3,263 | ||||||||||
Amortization: | |||||||||||||||||||
Prior service cost | 29 | 49 | 49 | -4 | -4 | -4 | -3,771 | -4,134 | -4,693 | ||||||||||
Actuarial (gain)/ loss | 4,575 | 6,742 | 3,858 | 3,056 | 3,778 | 2,487 | 2,709 | 5,717 | 5,155 | ||||||||||
Divestitures | - | - | - | - | - | 7 | - | - | - | ||||||||||
Curtailment (gain)/loss | - | 102 | - | - | 53 | 46 | - | - | - | ||||||||||
Settlement charge/(credit) | - | - | - | 246 | 153 | 65 | - | - | - | ||||||||||
Net periodic benefit cost (benefit) | $ | -3,082 | $ | -1,002 | $ | -3,663 | $ | 1,874 | $ | 3,875 | $ | 4,259 | $ | -3,227 | $ | 614 | $ | 209 | |
Pension Benefits | |||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Postretirement benefits | |||||||||||||||||
Amounts expected to be amortized from accumulated othercomprehensive income into net periodic benefit costs over next fiscalyear as of November 29, 2014 | |||||||||||||||||||
Amortization of prior service cost (benefit) | $ | 29 | $ | -4 | $ | -2,505 | |||||||||||||
Amortization of net actuarial (gain) loss | 5,628 | 3,722 | 2,431 | ||||||||||||||||
$ | 5,657 | $ | 3,718 | $ | -74 | ||||||||||||||
Pension Benefits | Other | ||||||||||||||||||
Weighted-average assumptions used to | U.S. Plans | Non-U.S. Plans | Postretirement Benefits | ||||||||||||||||
Determine benefit obligations | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||
Discount rate | 4.08% | 4.74% | 3.81% | 2.90% | 3.74% | 3.79% | 3.84% | 4.34% | 3.46% | ||||||||||
Rate of compensation increase1 | 4.50% | 4.50% | 4.50% | 1.67% | 1.84% | 1.87% | N/A | N/A | N/A | ||||||||||
Weighted-average assumptions used to | |||||||||||||||||||
Determine net costs for years ended | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||
Discount rate | 4.74% | 3.81% | 5.05% | 3.77% | 3.74% | 5.26% | 4.33% | 3.46% | 4.73% | ||||||||||
Expected return on plan assets | 7.75% | 7.75% | 8.00% | 6.17% | 5.96% | 6.08% | 8.75% | 8.75% | 8.75% | ||||||||||
Rate of compensation increase | 4.50% | 4.50% | 5.00% | 1.67% | 1.84% | 1.86% | N/A | N/A | N/A | ||||||||||
1 Benefits under the U.S. Pension Plan were locked-in as of May 31, 2011 and no longer include compensation increases. The 4.50 percent rate for 2014, 2013 and 2012 are for the supplemental executive retirement plan only. | |||||||||||||||||||
The discount rate assumption is determined using an actuarial yield curve approach, which results in a discount rate that reflects the characteristics of the plan. The approach identifies a broad population of corporate bonds that meet the quality and size criteria for the particular plan. We use this approach rather than a specific index that has a certain set of bonds that may or may not be representative of the characteristics of our particular plan. A higher discount rate decreases the present value of the pension obligations. The discount rate for the U.S. pension plan was 4.10 percent at November 29, 2014, as compared to 4.77 percent at November 30, 2013 and 3.83 percent at December 1, 2012. Net periodic pension cost for a given fiscal year is based on assumptions developed at the end of the previous fiscal year. A discount rate reduction of 0.5 percentage points at November 29, 2014 would increase pension and other postretirement plan expense approximately $370 (pre-tax) in fiscal 2015. Discount rates for non-U.S. plans are determined in a manner consistent with the U.S. plan. | |||||||||||||||||||
The expected long-term rate of return on plan assets assumption for the U.S. pension plan was 7.75 percent in 2014 compared to 7.75 percent for 2013 and 8.00 percent for 2012. Our expected long-term rate of return on U.S. plan assets was based on our target asset allocation assumption of 60 percent equities and 40 percent fixed-income. Management, in conjunction with our external financial advisors, determines the expected long-term rate of return on plan assets by considering the expected future returns and volatility levels for each asset class that are based on historical returns and forward-looking observations. For 2014 the expected long-term rate of return on the target equities allocation was 8.5 percent and the expected long-term rate of return on the target fixed-income allocation was 5.0 percent. The total plan rate of return assumption included an estimate of the impact of diversification and the plan expense. A change of 0.5 percentage points for the expected return on assets assumption would impact U.S. net pension and other postretirement plan expense by approximately $2,237 (pre-tax). | |||||||||||||||||||
Management, in conjunction with our external financial advisors, uses the actual historical rates of return of the asset categories to assess the reasonableness of the expected long-term rate of return on plan assets. | |||||||||||||||||||
The expected long-term rate of return on plan assets assumption for non-U.S. pension plans was a weighted-average of 6.17 percent in 2014 compared to 5.96 percent in 2013 and 6.08 percent in 2012. The expected long-term rate of return on plan assets assumption used in each non-U.S. plan is determined on a plan-by-plan basis for each local jurisdiction and is based on expected future returns for the investment mix of assets currently in the portfolio for that plan. Management, in conjunction with our external financial advisors, develops expected rates of return for each plan, considers expected long-term returns for each asset category in the plan, reviews expectations for inflation for each local jurisdiction, and estimates the impact of active management of the plan’s assets. Our largest non-U.S. pension plans are in the United Kingdom and Germany respectively. The expected long-term rate of return on plan assets for the United Kingdom was 6.69 percent and the expected long-term rate of return on plan assets for Germany was 5.75 percent. Management, in conjunction with our external financial advisors, uses actual historical returns of the asset portfolio to assess the reasonableness of the expected rate of return for each plan. | |||||||||||||||||||
Assumed health care trend rates | 2014 | 2013 | 2012 | ||||||||||||||||
Health care cost trend rate assumed for next year | 6.50% | 7.25% | 7.25% | ||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 5.00% | ||||||||||||||||
Fiscal year that the rate reaches the ultimate trend rate | 2018 | 2019 | 2018 | ||||||||||||||||
Sensitivity Information: A one-percentage point change in the health care cost trend rate would have the following effects on the November 29, 2014 service and interest cost and the accumulated postretirement benefit obligation at November 29, 2014: | |||||||||||||||||||
One-Percentage Point | |||||||||||||||||||
Increase | Decrease | ||||||||||||||||||
Effect on service and interest cost components – annual | $ | 1 | $ | -106 | |||||||||||||||
Effect on accumulated postretirement benefit obligation | $ | 29 | $ | -2,598 | |||||||||||||||
The asset allocation for the company’s U.S. and non-U.S. pension plans at the end of 2014 and 2013 follows. | |||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | Other Postretirement Plans | |||||||||||||||||
Target | Percentage of Plan Assets at Year-End | Target | Percentage of Plan Assets at Year-End | Target | Percentage of Plan Assets at Year-End | ||||||||||||||
Asset Category | 2014 | 2014 | 2013 | 2014 | 2014 | 2013 | 2014 | 2014 | 2013 | ||||||||||
Equities | 60.00% | 60.20% | 61.90% | 50.40% | 49.80% | 50.20% | 0.00% | 0.00% | 0.00% | ||||||||||
Fixed income | 40.00% | 38.90% | 37.30% | 48.20% | 46.70% | 46.40% | 0.00% | 0.00% | 0.00% | ||||||||||
Real Estate | 0.00% | 0.00% | 0.00% | 1.40% | 1.10% | 1.10% | 0.00% | 0.00% | 0.00% | ||||||||||
Insurance | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | 98.30% | 99.40% | ||||||||||
Cash | 0.00% | 0.90% | 0.80% | 0.00% | 2.40% | 2.30% | 0.00% | 1.70% | 0.60% | ||||||||||
Total | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | ||||||||||
Plan Asset Management | |||||||||||||||||||
Plan assets are held in trust and invested in mutual funds, separately managed accounts and other commingled investment vehicles holding U.S. and non-U.S. equity securities, fixed income securities and other investment classes. We employ a total return approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. Futures and options may also be used to enhance risk-adjusted long-term returns while improving portfolio diversification and duration. Risk management is accomplished through diversification across asset classes, utilization of multiple investment managers and general plan-specific investment policies. Risk tolerance is established through careful consideration of the plan liabilities, plan funded status and our assessment of our overall liquidity position. This asset allocation policy mix is reviewed annually and actual versus target allocations are monitored regularly and rebalanced on an as-needed basis. Plan assets are invested using a combination of active and passive investment strategies. Passive, or “indexed” strategies, attempt to mimic rather than exceed the investment performance of a market benchmark. The plans’ active investment strategies employ multiple investment management firms which in aggregate cover a range of investment styles and approaches. Performance is monitored and compared to relevant benchmarks on a regular basis. | |||||||||||||||||||
The U.S. pension plans consist of two plans: a pension plan and a supplemental executive retirement plan (SERP). There were no assets in the SERP in 2014 and 2013. Consequently, all of the data disclosed in the asset allocation table for the U.S. pension plans pertain to our U.S. pension plan. | |||||||||||||||||||
During 2014 we maintained our assets within the allowed ranges of the target asset allocation mix of 60 percent equities and 40 percent fixed income plus or minus 5 percent and continued our focus to reduce volatility of plan assets in future periods and to more closely match the duration of the assets with the duration of the liabilities of the plan. We plan to maintain the portfolio at this target allocation in 2015. | |||||||||||||||||||
The non-U.S. pension plans consist of all the pension plans administered by us outside the U.S., principally consisting of plans in Germany, the United Kingdom, France and Canada. During 2014 we maintained our assets for the non-U.S. pension plans at the specific target asset allocation mix determined for each plan plus or minus the allowed rate and continued our focus to reduce volatility of plan assets in future periods and to more closely match the duration of the assets with the duration of the liabilities of the individual plans. We plan to maintain the portfolios at their respective target asset allocations in 2015. | |||||||||||||||||||
Other postretirement benefits plans consist of two U.S. plans: a retiree medical health care plan and a group term life insurance plan. There were no assets in the group term life insurance plan for 2014 and 2013. Consequently, all of the data disclosed in the asset allocation table for other postretirement plans pertain to our retiree medical health care plan. Our investment strategy for other postretirement benefit plans is to own insurance policies that maintain an asset allocation nearly completely in equities. These equities are invested in a passive portfolio indexed to the S&P 500. Our large weighting to equities in these plans is driven by the investment options available and the relative underfunded status of the plans. | |||||||||||||||||||
Fair Value of Plan Assets | |||||||||||||||||||
The following table presents plan assets categorized within a three-level fair value hierarchy as described in Note 13 to the Consolidated Financial Statements. | |||||||||||||||||||
29-Nov-14 | |||||||||||||||||||
U.S. Pension Plans | Level 1 | Level 2 | Level 3 | Total Assets | |||||||||||||||
Equities | $ | 138,308 | $ | 93,056 | $ | - | $ | 231,364 | |||||||||||
Fixed income | 27,782 | 121,450 | 407 | 149,639 | |||||||||||||||
Cash | 3,332 | - | - | 3,332 | |||||||||||||||
Total | $ | 169,422 | $ | 214,506 | $ | 407 | $ | 384,335 | |||||||||||
Non-U.S. Pension Plans | Level 1 | Level 2 | Level 3 | Total Assets | |||||||||||||||
Equities | $ | 34,362 | $ | 59,504 | $ | - | $ | 93,866 | |||||||||||
Fixed income | 48,346 | 39,006 | 582 | 87,934 | |||||||||||||||
Real Estate | - | - | 2,160 | 2,160 | |||||||||||||||
Cash | 4,464 | - | - | 4,464 | |||||||||||||||
Total | $ | 87,172 | $ | 98,510 | $ | 2,742 | $ | 188,424 | |||||||||||
Other Postretirement Benefits | Level 1 | Level 2 | Level 3 | Total Assets | |||||||||||||||
Insurance | $ | - | $ | - | $ | 61,980 | $ | 61,980 | |||||||||||
Cash | 1,096 | - | - | 1,096 | |||||||||||||||
Total | $ | 1,096 | $ | - | $ | 61,980 | $ | 63,076 | |||||||||||
30-Nov-13 | |||||||||||||||||||
U.S. Pension Plans | Level 1 | Level 2 | Level 3 | Total Assets | |||||||||||||||
Equities | $ | 132,768 | $ | 88,946 | $ | - | $ | 221,714 | |||||||||||
Fixed income | 50,925 | 82,411 | 463 | 133,799 | |||||||||||||||
Cash | 2,720 | - | - | 2,720 | |||||||||||||||
Total | $ | 186,413 | $ | 171,357 | $ | 463 | $ | 358,233 | |||||||||||
Non-U.S. Pension Plans | Level 1 | Level 2 | Level 3 | Total Assets | |||||||||||||||
Equities | $ | 34,045 | $ | 57,380 | $ | - | $ | 91,425 | |||||||||||
Fixed income | 48,767 | 35,158 | 590 | 84,515 | |||||||||||||||
Real Estate | - | - | 1,940 | 1,940 | |||||||||||||||
Cash | 4,272 | - | - | 4,272 | |||||||||||||||
Total | $ | 87,084 | $ | 92,538 | $ | 2,530 | $ | 182,152 | |||||||||||
Other Postretirement Benefits | Level 1 | Level 2 | Level 3 | Total Assets | |||||||||||||||
Insurance | $ | - | $ | - | $ | 53,875 | $ | 53,875 | |||||||||||
Cash | 321 | - | - | 321 | |||||||||||||||
Total | $ | 321 | $ | - | $ | 53,875 | $ | 54,196 | |||||||||||
The definitions of fair values of our pension and other postretirement benefit plan assets at November 29, 2014 and November 30, 2013 by asset category are as follows: | |||||||||||||||||||
Equities—Primarily publicly traded common stock for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: (i) U.S. and non-U.S. equity securities and mutual funds valued at closing prices from national exchanges; and (ii) commingled funds valued at unit values or net asset values provided by the investment managers, which are based on the fair value of the underlying investments. | |||||||||||||||||||
Fixed income—Primarily corporate and government debt securities for purposes of total return and managing fixed income exposure to policy allocations. Investments include (i) mutual funds valued at closing prices from national exchanges, (ii) corporate and government debt securities valued at closing prices from national exchanges, (iii) commingled funds valued at unit values or net asset value provided by the investment managers, which are based on the fair value of the underlying investments, and (iv) an annuity contract, the value of which is determined by the provider and represents the amount the plan would receive if the contract were cashed out at year-end. | |||||||||||||||||||
Real Estate—Property fund for purposes of total return. Investment is a comingled property fund valued at unit value provided by the investment manager, which is based on a valuation performed by a third party provider retained by the investment manager. | |||||||||||||||||||
Insurance—Insurance contracts for purposes of funding postretirement medical benefits. Fair values are the cash surrender values as determined by the providers which are the amounts the plans would receive if the contracts were cashed out at year end. | |||||||||||||||||||
Cash–Cash balances on hand, accrued income and pending settlements of transactions for purposes of handling plan payments. Fair values are the cash balances as reported by the Trustees of the plans. | |||||||||||||||||||
The following is a roll forward of the Level 3 investments of our pension and postretirement benefit plan assets during the year ended November 29, 2014: | |||||||||||||||||||
U.S. Pension Plans | Fixed Income | Total | |||||||||||||||||
Level 3 balance at beginning of year | $ | 463 | $ | 463 | |||||||||||||||
Purchases, sales, issuances and settlements, net | -56 | -56 | |||||||||||||||||
Level 3 balance at end of year | $ | 407 | $ | 407 | |||||||||||||||
Non-U.S. Pension Plans | Fixed Income | Real Estate | Total | ||||||||||||||||
Level 3 balance at beginning of year | $ | 590 | $ | 1,940 | $ | 2,530 | |||||||||||||
Net transfers into / (out of) level 3 | 34 | -15 | 19 | ||||||||||||||||
Net gains | 11 | 340 | 351 | ||||||||||||||||
Currency change effect | -53 | -105 | -158 | ||||||||||||||||
Level 3 balance at end of year | $ | 582 | $ | 2,160 | $ | 2,742 | |||||||||||||
Other Postretirement Benefits | Insurance | Total | |||||||||||||||||
Level 3 balance at beginning of year | $ | 53,875 | $ | 53,875 | |||||||||||||||
Net transfers into / (out of) level 3 | -142 | -142 | |||||||||||||||||
Purchases, sales, issuances and settlements, net | -409 | -409 | |||||||||||||||||
Net gains | 8,656 | 8,656 | |||||||||||||||||
Level 3 balance at end of year | $ | 61,980 | $ | 61,980 |
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||
Nov. 29, 2014 | ||||||||
Financial Instruments Abstract | ||||||||
Financial Instruments Disclosure | Note 11: 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 two cross-currency swap agreements to convert a notional amount of $151,598 of foreign currency denominated intercompany loans into US dollars. One of the cross-currency swaps matured in 2014 and the other swap matures in 2015. As of November 29, 2014, the fair value of the remaining swap was an asset of $5,408 and was included in other assets in the Consolidated Balance Sheets. As of November 30, 2013, the combined fair value of the swaps was a liability of $4,801 and was included in other liabilities in the Consolidated Balance Sheets. The swaps were designated as cash-flow hedges for accounting treatment. The lesser amount between the cumulative change in the fair value of the actual swaps and the cumulative change in the fair value of hypothetical swaps is recorded in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. The difference between the cumulative change in the fair value of the actual swaps and the cumulative change in the fair value of hypothetical swaps are recorded as other income (expense), net in the 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 November 29, 2014 resulted in additional pre-tax loss of $10 year-to-date as the change in fair value of the cross-currency swaps was less than the change in the fair value of the hypothetical swaps. The ineffectiveness calculations as of November 30, 2013 resulted in additional pre-tax gain of $58 year-to-date as the change in fair value of the cross-currency swaps was more than the change in the fair value of the hypothetical swaps. The amount in accumulated other comprehensive income (loss) related to cross-currency swaps was a loss of $25 at November 29, 2014 and a loss of $91 at November 30, 2013. The estimated net amount of the existing loss that is reported in accumulated other comprehensive income (loss) at November 29, 2014 that is expected to be reclassified into earnings within the next twelve months is $25. At November 29, 2014, we do not believe any gains or losses will be reclassified into earnings as a result of the discontinuance of these cash flow hedges because the original forecasted transaction will not occur. | ||||||||
The following table summarizes the cross-currency swaps outstanding as of November 29, 2014: | ||||||||
Fiscal Year of Expiration | Interest Rate | Notional Value | Fair Value | |||||
Pay EURReceive USD | 2015 | 4.30%4.45% | $98,738 | $5,408 | ||||
Total | $98,738 | $5,408 | ||||||
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 13 to Consolidated Financial Statements for fair value amounts of these derivative instruments. | ||||||||
As of November 29, 2014, we had forward foreign currency contracts maturing between December 1, 2014 and November 2, 2015. The mark-to-market effect associated with these contracts, on a net basis, at each year end was a gain of $574, a loss of $865 and a loss of $126 in 2014, 2013 and 2012, respectively. These gains and losses were largely offset by the underlying transaction gains and losses resulting from the foreign currency exposures for which these contracts relate. | ||||||||
During the first quarter of 2012, we entered into forward currency contracts maturing on March 5, 2012 to purchase 370,000 Swiss francs. Our objective was to economically hedge the purchase price for the pending acquisition of the global industrial adhesives business of Forbo Group after the purchase agreement was signed. The currency contracts were not designated as hedges for accounting purposes. At maturity the mark-to-market adjustments were a gain of $11,621 which was recognized as a special charge, net in the Consolidated Statements of Income. See Note 5 to Consolidated Financial Statements. | ||||||||
As of December 3, 2011, we had a $100,000 notional amount foreign currency option to exchange U.S. Dollars for Swiss francs. Our objective was to mitigate the exposure on exchange rates on a portion of the proposed purchase price for the pending acquisition of the global industrial adhesives business of Forbo Group. The fair value of this derivative was $841. The currency option was not designated as a hedge for accounting purposes and expired on January 10, 2012. The related expense was recognized as a special charge, net in the Consolidated Statements of Income. See Note 5 to Consolidated Financial Statements. | ||||||||
We have interest rate swap agreements to convert $75,000 of our Senior Notes to variable interest rates. See Note 7 to Consolidated Financial Statements for additional information. The change in fair value of the Senior Notes, attributable to the change in the risk being hedged, was a liability of $4,735 at November 29, 2014 and $6,065 at November 30, 2013 and were included in long-term debt in the Consolidated Balance Sheets. The fair value of the swaps in total was an asset of $4,726 at November 29, 2014 and $5,930 at November 30, 2013 and were included in other assets in the 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 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 November 29, 2014, resulted in additional year-to-date pre-tax gain of $126 as the fair value of the interest rate swaps decreased by less than the change in the fair value of the Senior Notes attributable to the change in the risk being hedged. The calculations as of November 30, 2013 and December 1, 2012 resulted in an additional year-to-date pre-tax loss of $746 and pre-tax gain of $362, respectively. | ||||||||
Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of entities in the customer base and their dispersion across many different industries and countries. As of November 29, 2014, there were no significant concentrations of credit risk. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Commitments and Contingencies Abstract | |||||||||
Commitments and Contingencies Disclosure | Note 12: Commitments and Contingencies | ||||||||
Leases: The minimum lease payments, related to buildings, equipment and vehicles, that are expected to be made in each of the years indicated based on operating leases in effect at November 29, 2014 are: | |||||||||
Fiscal Year | 2015 | 2016 | 2017 | 2018 | 2019 | Remainder | Total Minimum Lease Payments | ||
Operating Leases | $8,408 | $4,236 | $2,341 | $1,264 | $1,007 | $649 | $17,905 | ||
Rent expense for all operating leases, which includes minimum lease payments and other charges such as common area maintenance fees, was $14,481, $12,716 and $11,117 in 2014, 2013 and 2012, respectively. | |||||||||
Servicing Agreement: In 2005, we entered into an agreement to provide us with information technology services. The agreement expired in 2014. Actual expenditures under the agreement for the years ended November 29, 2014, November 30, 2013 and December 1, 2012 were $1,044, $2,847 and $4,959, respectively. | |||||||||
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 were brought into the action to address issues related to the scope of their coverage. In 2013, we 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: | |||||||||
Year Ended | Year Ended | Year Ended | |||||||
November 29, | November 30, | December 1, | |||||||
2014 | 2013 | 2012 | |||||||
Lawsuits and claims settled | 9 | 6 | 9 | ||||||
Settlement amounts | $ | 843 | $ | 371 | $ | 540 | |||
Insurance payments received or expected to be received | $ | 687 | $ | 279 | $ | 391 | |||
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. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Fair Value Measurements [Abstract] | |||||||||
Fair Value Measurements Disclosure | Note 13: Fair Value Measurements | ||||||||
The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis as of November 29, 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. | |||||||||
Fair Value Measurements Using: | |||||||||
November 29, | |||||||||
Description | 2014 | Level 1 | Level 2 | Level 3 | |||||
Assets: | |||||||||
Marketable securities | $ | 748 | $ | 748 | $ | - | $ | - | |
Derivative assets | 1,007 | - | 1,007 | - | |||||
Interest rate swaps | 4,726 | - | 4,726 | - | |||||
Cash-flow hedges | 5,408 | - | 5,408 | - | |||||
Liabilities: | |||||||||
Derivative liabilities | $ | 433 | $ | - | $ | 433 | $ | - | |
Contingent consideration liabilities, continuing operations | 196 | - | - | 196 | |||||
Contingent consideration liabilities, discontinued operations | 5,000 | - | - | 5,000 | |||||
Fair Value Measurements Using: | |||||||||
November 30, | |||||||||
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 liabilities, continuing operations | 566 | - | - | 566 | |||||
Contingent consideration liabilities, discontinued operations | 5,000 | - | - | 5,000 | |||||
We measure certain assets at fair value on a nonrecurring basis. These assets include assets acquired and liabilities assumed in an acquisition and tangible and intangible assets and cost basis investments that are written down to fair value when they are determined to be impaired. During 2012, we determined that the fair values of two of our cost basis investments were lower than the investment values on our balance sheet. As a result, we recorded an impairment charge of $1,517. |
Operating_Segments
Operating Segments | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Operating Segments Abstract | ||||||||||||
Segment Reporting Disclosure | Note 14: 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 report our business in four reportable segments: the Americas Adhesives, EIMEA, Asia Pacific and Construction Products. | ||||||||||||
For segment evaluation by the chief operating decision maker, segment operating income is defined as gross profit less SG&A expenses. Segment operating income excludes special charges, net and asset impairment charges. Corporate expenses are fully allocated to each operating segment. Corporate assets are not allocated to the operating segments. Inter-segment revenues are recorded at cost plus a markup for administrative costs. Operating results of each of these segments are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. | ||||||||||||
The business components within each operating segment are managed to maximize the results of the overall operating segment rather than the results of any individual business component of the operating segment. Results of individual components of each operating segment are subject to numerous allocations of segment-wide costs that may or may not have been focused on that particular component for a particular reporting period. The costs for these allocated resources are not tracked on a “where-used” basis as financial performance is assessed at the total operating segment level. | ||||||||||||
Reportable operating segment financial information for all periods presented follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net revenue | ||||||||||||
Americas Adhesives | $ | 920,679 | $ | 902,573 | $ | 838,615 | ||||||
EIMEA | 719,787 | 733,211 | 672,423 | |||||||||
Asia Pacific | 275,809 | 252,608 | 228,121 | |||||||||
Construction Products | 188,179 | 158,576 | 147,080 | |||||||||
Total | $ | 2,104,454 | $ | 2,046,968 | $ | 1,886,239 | ||||||
Inter-segment sales | ||||||||||||
Americas Adhesives | $ | 23,569 | $ | 22,120 | $ | 26,096 | ||||||
EIMEA | 19,089 | 13,918 | 9,228 | |||||||||
Asia Pacific | 14,402 | 13,034 | 14,818 | |||||||||
Construction Products | 1,474 | 800 | 462 | |||||||||
Segment operating income | ||||||||||||
Americas Adhesives | $ | 103,339 | $ | 123,265 | $ | 112,368 | ||||||
EIMEA | 30,521 | 51,526 | 34,483 | |||||||||
Asia Pacific | 9,317 | 9,771 | 7,356 | |||||||||
Construction Products | 6,664 | 10,940 | 8,334 | |||||||||
Total | $ | 149,841 | $ | 195,502 | $ | 162,541 | ||||||
Depreciation and amortization | ||||||||||||
Americas Adhesives | $ | 22,180 | $ | 20,832 | $ | 18,852 | ||||||
EIMEA | 24,363 | 20,420 | 18,399 | |||||||||
Asia Pacific | 7,230 | 6,522 | 6,238 | |||||||||
Construction Products | 11,751 | 11,021 | 11,001 | |||||||||
Total | $ | 65,524 | $ | 58,795 | $ | 54,490 | ||||||
Total assets1 | ||||||||||||
Americas Adhesives | $ | 474,691 | $ | 471,520 | $ | 465,253 | ||||||
EIMEA | 787,194 | 759,757 | 674,665 | |||||||||
Asia Pacific | 238,627 | 218,471 | 197,999 | |||||||||
Construction Products | 198,276 | 175,489 | 179,508 | |||||||||
Corporate | 168,353 | 245,926 | 267,030 | |||||||||
Discontinued Operations | 1,865 | 1,865 | 1,865 | |||||||||
Total | $ | 1,869,006 | $ | 1,873,028 | $ | 1,786,320 | ||||||
Capital expenditures | ||||||||||||
Americas Adhesives | $ | 18,045 | $ | 26,225 | $ | 15,036 | ||||||
EIMEA | 71,926 | 63,512 | 13,402 | |||||||||
Asia Pacific | 22,377 | 10,150 | 3,511 | |||||||||
Construction Products | 2,073 | 1,737 | 1,762 | |||||||||
Corporate | 25,373 | 22,664 | 2,202 | |||||||||
Total | $ | 139,794 | $ | 124,288 | $ | 35,913 | ||||||
1Segment assets include primarily inventory, accounts receivable, property, plant and equipment and other miscellaneous assets. Corporate assets include primarily corporate property, plant and equipment, deferred tax assets, certain investments and other assets. | ||||||||||||
Reconciliation of segment operating income to income from continuing operations before income taxes and income from equity method investments | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Segment operating income | $ | 149,841 | $ | 195,502 | $ | 162,541 | ||||||
Special charges, net | -51,501 | -45,087 | -52,467 | |||||||||
Asset impairment charges | - | - | -1,517 | |||||||||
Other income (expense), net | 716 | -3,751 | 784 | |||||||||
Interest expense | -19,744 | -19,120 | -19,793 | |||||||||
Income from continuing operations before income taxes and income from equity method investments | $ | 79,312 | $ | 127,544 | $ | 89,548 | ||||||
Financial information about geographic areas | ||||||||||||
Net Revenue | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 878,058 | $ | 855,053 | $ | 802,362 | ||||||
All other countries with less than 10 percent of total | 1,226,396 | 1,191,915 | 1,083,877 | |||||||||
Total | $ | 2,104,454 | $ | 2,046,968 | $ | 1,886,239 | ||||||
Property, Plant and Equipment, net | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 205,412 | $ | 185,260 | $ | 158,973 | ||||||
Germany | 116,301 | 86,335 | 42,434 | |||||||||
All other countries with less than 10 percent of total | 180,921 | 162,792 | 127,609 | |||||||||
Total | $ | 502,634 | $ | 434,387 | $ | 329,016 |
Redeemable_NonControlling_Inte
Redeemable Non-Controlling Interest | 12 Months Ended | |||||
Nov. 29, 2014 | ||||||
Temporary Equity Disclosure [Abstract] | ||||||
Redeemable Non-Controlling Interest Disclosure | Note 15: Redeemable Non-Controlling Interest | |||||
We account for the non-controlling interest in H.B. Fuller Kimya Sanayi Ticaret 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 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 income or loss attributable to non-controlling interests in the Consolidated Statements of Income and in the carrying value of the redeemable non-controlling interest on the Consolidated Balance Sheets. HBF Kimya’s functional currency is the Turkish lira and changes in exchange rates will affect the reported amount of the redeemable non-controlling interest. As of November 29, 2014 and November 30, 2013 the redeemable non-controlling interest was: | ||||||
2014 | 2013 | |||||
Balance at beginning of year | $ | 4,717 | $ | 3,981 | ||
Net income attributed to redeemable non-controlling interest | 357 | 351 | ||||
Accretion adjustment to redemption value | - | 48 | ||||
Increase in non-controlling shareholder ownership | - | 384 | ||||
Distributions to non-controlling shareholder | - | -244 | ||||
Foreign currency translation adjustment | -420 | 196 | ||||
Balance at end of year | $ | 4,654 | $ | 4,717 |
Correction_of_Errors
Correction of Errors | 12 Months Ended |
Nov. 29, 2014 | |
Accounting Change And Error Correction [Abstract] | |
Accounting Changes And Error Corrections [Disclosure] | Note 16: Correction of Errors |
During the fourth quarter of 2014, we corrected an error in the carrying value of our equity method investment in Sekisui-Fuller Company, Ltd. We determined that an error was made in 2007 when we increased our ownership in the joint venture from 40 percent to 50 percent. We originally deemed all of the excess purchase price associated with the transaction to be goodwill when a portion of the excess should have been assigned to other assets, including an amortizable intangible asset. This amortizable intangible asset should have been amortized over its useful life of 13 years with a charge to income from equity method investments in each subsequent year. The correction of this error in the amount of $1,643 for fiscal years 2007 to 2013 resulted in an understatement of income from equity method investments in fiscal 2014 in our Consolidated Statements of Income and a reduction in other assets on our November 29, 2014 Consolidated Balance Sheets. | |
Also during the fourth quarter of 2014, we corrected an error in the cumulative translation adjustment for our equity method investment in Sekisui-Fuller Company, Ltd. to translate the underlying Japanese yen denominated assets and liabilities into U.S. dollars. This correction in the amount of $6,069 resulted in a reduction in other assets and an increase in accumulated other comprehensive income (loss) on our November 29, 2014 Consolidated Balance Sheets. | |
We evaluated the effect of these errors in accordance with the guidance in ASC Topic 250-10-S99-1, “Assessing Materiality” and concluded that the impact of the errors is not material to any current or prior period financial statements |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Nov. 29, 2014 | |
Subsequent Event Abstract | |
Subsequent Event Disclosure | Note 17: Subsequent Events |
On December 23, 2014 we signed an agreement to purchase Continental Products Limited, a provider of industrial adhesives in Africa for approximately €1,700. Based in Nairobi, Kenya, Continental Products Limited will be included in our EIMEA operating segment. | |
On January 28, 2015, we drew $300,000 under the term loan of which approximately $230,000 will be used to finance the acquisition of Tonsan Adhesive, Inc. and approximately $70,000 will be used to repay outstanding balances under the revolving credit facility. |
Quarterly_Data
Quarterly Data | 12 Months Ended | ||||||||||||
Nov. 29, 2014 | |||||||||||||
Quarterly Data (unaudited) [Abstract] | |||||||||||||
Quarterly Data Disclosure (unaudited) | Note 18: Quarterly Data (unaudited) | ||||||||||||
2014 | ##SL | ||||||||||||
(In thousands, except per share amounts) | Q1 | Q2 | Q3 | Q4 | 1 | ||||||||
Net revenue | $ | 485,981 | $ | 544,034 | $ | 526,765 | $ | 547,674 | |||||
Gross profit | 133,045 | 142,655 | 125,154 | 132,436 | |||||||||
Selling, general and administrative expenses | -96,799 | -96,372 | -96,779 | -93,499 | |||||||||
Special charges, net | -11,734 | -13,538 | -12,343 | -13,886 | |||||||||
Income from continuing operations | $ | 14,649 | $ | 20,626 | $ | 4,084 | $ | 10,792 | |||||
Basic Income per share | $ | 0.29 | $ | 0.41 | $ | 0.08 | $ | 0.22 | |||||
Diluted Income per share | $ | 0.28 | $ | 0.4 | $ | 0.08 | $ | 0.21 | |||||
Weighted-average common shares outstanding | |||||||||||||
Basic | 49,910 | 49,956 | 50,053 | 50,107 | |||||||||
Diluted | 51,255 | 51,175 | 51,297 | 51,296 | |||||||||
1 Includes correction of errors. See Note 16 to the Consolidated Financial Statements. | |||||||||||||
2013 | |||||||||||||
(In thousands, except per share amounts) | Q1 | Q2 | Q3 | Q4 | |||||||||
Net revenue | $ | 479,842 | $ | 519,016 | $ | 514,579 | $ | 533,531 | |||||
Gross profit | 133,376 | 146,616 | 144,507 | 145,672 | |||||||||
Selling, general and administrative expenses | -97,640 | -93,806 | -90,604 | -92,619 | |||||||||
Special charges, net | -5,333 | -10,843 | -12,775 | -16,136 | |||||||||
Income from continuing operations | $ | 20,774 | $ | 26,048 | $ | 27,150 | $ | 22,003 | |||||
Basic Income per share | $ | 0.42 | $ | 0.52 | $ | 0.54 | $ | 0.44 | |||||
Diluted Income per share | $ | 0.41 | $ | 0.51 | $ | 0.53 | $ | 0.42 | |||||
Weighted-average common shares outstanding | |||||||||||||
Basic | 49,817 | 49,935 | 49,913 | 49,909 | |||||||||
Diluted | 51,027 | 51,152 | 51,127 | 51,236 |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Nov. 30, 2013 | ||||||||
Accounting Policies [Abstract] | ||||||||
Principles of Consolidation [Policy Text Block] | Principles of Consolidation: The Consolidated Financial Statements include the accounts of H.B. Fuller Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. Investments in affiliated companies in which we exercise significant influence, but which we do not control, are accounted for in the Consolidated Financial Statements under the equity method of accounting. As such, consolidated net income includes our equity portion in current earnings of such companies, after elimination of intercompany profits. Investments in which we do not exercise significant influence (generally less than a 20 percent ownership interest) are accounted for under the cost method. | |||||||
Our 50 percent ownership in Sekisui-Fuller Company, Ltd., our Japan joint venture, is accounted for under the equity method of accounting as we do not exercise control over the company. For fiscal years 2014 and 2013, this equity method investment exceeded the 10 percent threshold but not the 20 percent threshold test for a significant subsidiary as defined in Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934. As such, summarized financial information as of November 29, 2014 and November 30, 2013 for Sekisui-Fuller Company, Ltd. is as follows: | ||||||||
As of November 29, 2014 | As of November 30, 2013 | |||||||
Current assets | $ | 82,195 | $ | 89,053 | ||||
Non-current assets | 21,257 | 21,152 | ||||||
Current liabilities | 37,021 | 42,835 | ||||||
Non-current liabilities | 1,787 | 2,090 | ||||||
For the year ended November 29, 2014 | For the year ended November 30, 2013 | |||||||
Net revenue | $ | 181,999 | $ | 194,705 | ||||
Gross profit | 47,955 | 54,672 | ||||||
Net income | 14,024 | 16,760 | ||||||
Our fiscal year ends on the Saturday closest to November 30. Fiscal year-end dates were November 29, 2014, November 30, 2013 and December 1, 2012 for 2014, 2013 and 2012, respectively. | ||||||||
Use of Estimates [Policy Text Block] | Use of Estimates: Preparation of the Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||
Revenue Recognition [Policy Text Block] | Revenue Recognition: For shipments made to customers, title generally passes to the customer when all requirements of the sales arrangement have been completed, which is generally at the time of delivery. Revenue from product sales is recorded when title to the product transfers, no remaining performance obligations exist, the terms of the sale are fixed and collection is probable. Shipping terms include title transfer at either shipping point or destination. Stated terms in sale agreements also include payment terms and freight terms. Net revenues include shipping revenues as appropriate. | |||||||
Provisions for sales returns are estimated based on historical experience, and are adjusted for known returns, if material. Customer incentive programs (primarily volume purchase rebates) and arrangements such as cooperative advertising, slotting fees and buy-downs are recorded as a reduction of net revenue in accordance with Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) 605-50, “Customer Payments and Incentives”. Customer rebates recorded in the Consolidated Statements of Income as a reduction in net revenue, were $12,428, $11,552 and $9,707 in 2014, 2013 and 2012, respectively. | ||||||||
For certain products, consigned inventory is maintained at customer locations. For these products, revenue is recognized in the period that the inventory is consumed. Sales to distributors also require a distribution agreement or purchase order. As a normal practice, distributors do not have a right of return. | ||||||||
Cost of Sales [Policy Text Block] | Cost of Sales: Cost of sales includes raw materials, container costs, direct labor, manufacturing overhead, shipping and receiving costs, freight costs, depreciation of manufacturing equipment and other less significant indirect costs related to the production of our products. | |||||||
Selling, General and Administrative (SG&A) Expenses [Policy Text Block] | Selling, General and Administrative (SG&A) Expenses: SG&A expenses include sales and marketing, research and development, technical and customer service, finance, legal, human resources, general management and similar expenses. | |||||||
Income Tax [Policy Text Block] | Income Taxes: The income tax provision is computed based on the pre-tax income included in the Consolidated Statements of Income before income from equity method investments. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Enacted statutory tax rates applicable to future years are applied to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances reduce deferred tax assets when it is not more-likely-than-not that a tax benefit will be realized. See Note 8 to Consolidated Financial Statements. | |||||||
Cash Equivalents [Policy Text Block] | Cash Equivalents: Cash equivalents are highly liquid instruments with an original maturity of three months or less. We review cash and cash equivalent balances on a bank by bank basis to identify book overdrafts. Book overdrafts occur when the amount of outstanding checks exceed the cash deposited at a given bank. Book overdrafts, if any, are included in trade payables in our Consolidated Balance Sheets and in operating activities from continuing operations in our Consolidated Statement of Cash Flows. | |||||||
Restrictions on Cash [Policy Text Block] | Restrictions on Cash: There were no restrictions on cash as of November 29, 2014. There are no contractual or regulatory restrictions on the ability of consolidated and unconsolidated subsidiaries to transfer funds to us, except for typical statutory restrictions which prohibit distributions in excess of net capital or similar tests. The majority of our cash in non-U.S. locations is considered indefinitely reinvested. | |||||||
Trade Receivable [Policy Text Block] | Trade Receivable and Allowances: Trade receivables are recorded at the invoiced amount and do not bear interest. Allowances are maintained for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts. The allowance for doubtful accounts includes an estimate of future uncollectible receivables based on the aging of the receivable balance and our collection experience. The allowance also includes specific customer accounts when it is probable that the full amount of the receivable will not be collected. Invoices are written off against the allowance when the invoice is 18 months past terms. See Note 4 to Consolidated Financial Statements for more information. | |||||||
Inventories [Policy Text Block] | Inventories: Inventories recorded at cost (not in excess of market value) as determined by the last-in, first-out method (LIFO) represent approximately 37 percent of consolidated inventories. During 2014, 2013 and 2012 there were no liquidations of LIFO inventory layers. The remaining inventories, which include all non-U.S. operations, are valued at the lower of cost (mainly weighted-average actual cost) or market value. | |||||||
Investments [Policy Text Block] | Investments: Investments with a value of $7,196 represent the cash surrender value of life insurance contracts on November 29, 2014. These assets are held to primarily support supplemental pension plans and are recorded in other assets in the Consolidated Balance Sheets. The corresponding gain or loss associated with these contracts is reported in earnings each period as a component of “other income (expense), net”. | |||||||
Investments in Equity Securities Carried at Cost [Policy Text Block] | Investments in Equity Securities Carried at Cost: Fair value of cost method investments is assessed according to accounting standards. During 2012, we determined the fair value of two of our cost basis investments was lower than the investment value on our balance sheet. Since both of these impairments were considered other than temporary, we recorded non-cash charges associated with these impairments of $1,517. We did not have any impairment of our cost method investments for the years ended November 29, 2014 and November 30, 2013. The book value of the cost method investments was $1,671 as of November 29, 2014 and $1,674 as of November 30, 2013. | |||||||
Property, Plant and Equipment [Policy Text Block] | Property, Plant and Equipment: Property, plant and equipment are carried at cost and depreciated over the useful lives of the assets using the straight-line method. Estimated useful lives range from 20 to 40 years for buildings and improvements, 3 to 20 years for machinery and equipment, and the shorter of the lease or expected life for leasehold improvements. Fully depreciated assets are retained in property and accumulated depreciation accounts until removed from service. Upon disposal, assets and related accumulated depreciation are removed. Upon sale of an asset, the difference between the proceeds and remaining net book value is charged or credited to other income (expense), net on the Consolidated Statements of Income. Expenditures that add value or extend the life of the respective assets are capitalized, while expenditures that are typical recurring repairs and maintenance are expensed as incurred. Interest costs associated with construction and implementation of property, plant and equipment of $2,725, $1,921 and $151 were capitalized in 2014, 2013 and 2012, respectively. | |||||||
Goodwill [Policy Text Block] | Goodwill: We test goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of our reporting units by comparing the reporting unit’s estimated fair value to its carrying amount, including goodwill. We use a discounted cash flow approach to estimate the fair value of our reporting units. Our judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures and working capital requirements. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is considered to not be impaired. If the carrying value exceeds estimated fair value, there is an indication of potential impairment, and we calculate an implied fair value of goodwill. The implied fair value is calculated as the difference between the fair value of the reporting unit and the fair value of the individual assets and liabilities of the reporting unit, excluding goodwill. An impairment charge is recorded for any excess of the carrying value over the implied fair value. Based on our 2014 annual assessment, we determined that none of our goodwill was impaired. | |||||||
Intangible Assets [Policy Text Block] | Intangible Assets: Intangible assets include patents and other intangible assets acquired from independent parties and are amortized on a straight-line basis with estimated useful lives ranging from 3 to 20 years. The straight-line method of amortization of these assets reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained in each reporting period. | |||||||
Impairment of Long-Lived Assets [Policy Text Block] | Impairment of Long-Lived Assets: Our long-lived assets are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset (asset group) exceeds the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and its eventual disposition. The impairment loss to be recorded would be the excess of the asset's carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis or other valuation technique. Costs related to internally developed intangible assets are expensed as incurred | |||||||
Foreign Currency Translation [Policy Text Block] | Foreign Currency Translation: Assets and liabilities of non-U.S. functional currency entities are translated to U.S. dollars at period-end exchange rates, and the resulting gains and losses arising from the translation of those net assets are recorded as a cumulative translation adjustment, a component of accumulated other comprehensive income (loss) in stockholders' equity. Revenues and expenses are translated using average exchange rates during the year. Foreign currency transaction gains and losses are included in other income (expense), net in the Consolidated Statements of Income. | |||||||
We consider a subsidiary’s sales price drivers, currency denomination of sales transactions and inventory purchases to be the primary indicators in determining a foreign subsidiary’s functional currency. Our subsidiaries in Latin America and certain European countries have a functional currency different than their local currency. All other foreign subsidiaries, which are located in North America, Europe and Asia, have the same local and functional currency. | ||||||||
Postemployment Benefits [Policy Text Block] | Pension and Other Postretirement Benefits: We sponsor defined-benefit pension plans in both the U.S. and non-U.S. entities. Also in the U.S. we sponsor other postretirement plans for health care and life insurance benefits. Expenses and liabilities for the pension plans and other postretirement plans are actuarially calculated. These calculations are based on our assumptions related to the discount rate, expected return on assets, projected salary increases and health care cost trend rates. The discount rate assumption is determined using an actuarial yield curve approach, which results in a discount rate that reflects the characteristics of the plan. The approach identifies a broad population of corporate bonds that meet the quality and size criteria for the particular plan. We use this approach rather than a specific index that has a certain set of bonds that may or may not be representative of the characteristics of our particular plan. Our expected long-term rate of return on U.S. plan assets was based on our target asset allocation assumption of 60 percent equities and 40 percent fixed-income. Management, in conjunction with our external financial advisors, determines the expected long-term rate of return on plan assets by considering the expected future returns and volatility levels for each asset class that are based on historical returns and forward-looking observations. The expected long-term rate of return on plan assets assumption used in each non-U.S. plan is determined on a plan-by-plan basis for each local jurisdiction and is based on expected future returns for the investment mix of assets currently in the portfolio for that plan. Management, in conjunction with our external financial advisors, develops expected rates of return for each plan, considers expected long-term returns for each asset category in the plan, reviews expectations for inflation for each local jurisdiction, and estimates the impact of active management of the plan’s assets. Note 10 to the Consolidated Financial Statements includes disclosure of assumptions employed in these measurements for both the non-U.S. and U.S. plans. | |||||||
Asset Retirement Obligations [Policy Text Block] | Asset Retirement Obligations: We recognize asset retirement obligations (AROs) in the period in which we have an existing legal obligation associated with the retirement of a tangible long-lived asset, and the amount can be reasonably estimated. The ARO is recognized at fair value when the liability is incurred. Upon initial recognition of a liability, that cost is capitalized as part of the related long-lived asset and depreciated on a straight-line basis over the remaining estimated useful life of the related asset. We have recognized a liability related to special handling of asbestos related materials in certain facilities for which we have plans or expectation of plans to undertake a major renovation or demolition project that would require the removal of asbestos or have plans or expectation of plans to exit a facility. In addition, we have determined that we have facilities with some level of asbestos that will require abatement action in the future. Once the probability and timeframe of an action are determined, we apply certain assumptions to determine the related liability and asset. These assumptions include the use of inflation rates, the use of credit adjusted risk-free discount rates and the estimation of costs to handle asbestos related materials. The recorded liability is required to be adjusted for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. The asset retirement obligation liability was $2,515 and $3,236 at November 29, 2014 and November 30, 2013, respectively. | |||||||
Environmental Costs [Policy Text Block] | Environmental Costs: Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments are made, or remedial efforts are probable, and the costs can be reasonably estimated. The timing of these accruals is generally no later than the completion of feasibility studies. | |||||||
Share-based Compensation [Policy Text Block] | Share-based Compensation: We have various share-based compensation programs, which provide for equity awards, including stock options and restricted stock. We use the straight-line method to recognize compensation expense associated with share-based awards based on the fair value on the date of grant, net of the estimated forfeiture rate. Expense is recognized over the requisite service period related to each award, which is the period between the grant date and the earlier of the award’s stated vesting term or the date the employee is eligible for early retirement based on the terms of the plan. The fair value of stock options is estimated using the Black-Scholes option pricing model. All of our stock compensation expense is recorded in SG&A expenses in the Consolidated Statements of Income. See Note 3 to the Consolidated Financial Statements for additional information. | |||||||
Earnings Per Share [Policy Text Block] | Earnings Per Share: Basic earnings per share is calculated by dividing net income attributable to H.B. Fuller by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per share is based upon the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to share-based compensation awards. We use the treasury stock method to calculate the effect of outstanding awards, which computes total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award, (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. The computations for basic and diluted earnings per share follows: | |||||||
(shares in thousands) | 2014 | 2013 | 2012 | |||||
Net income attributable to H.B. Fuller | $ | 49,773 | $ | 96,761 | $ | 125,622 | ||
Weighted-average common shares – basic | 50,006 | 49,893 | 49,571 | |||||
Equivalent shares from share-based compensation plans | 1,249 | 1,243 | 1,047 | |||||
Weighted-average common and common equivalent shares – diluted | 51,255 | 51,136 | 50,618 | |||||
Share-based compensation awards for 421,810, 112,367 and 7,372 shares for 2014, 2013 and 2012, respectively, were excluded from the diluted earnings per share calculation because they were antidilutive. | ||||||||
Financial Instruments and Derivatives [Policy Text Block] | Financial Instruments and Derivatives: 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 minimize risks from foreign currency exchange rate fluctuations through normal operating and financing activities and, when deemed appropriate, through the use of derivative instruments. Derivatives consisted primarily of forward currency contracts used to manage foreign currency denominated assets and liabilities. Because derivative instruments outstanding were not designated as hedges for accounting purposes, the gains and losses related to mark-to-market adjustments were recognized as other income or expense in the income statement during the periods the derivative instruments were outstanding. We do not enter into any speculative positions with regard to derivative instruments. See Note 11 to the Consolidated Financial Statements for further information. | |||||||
Purchase Of Company Common Stock Policy [Text Block] | Purchase of Company Common Stock: Under the Minnesota Business Corporation Act, repurchased stock is included in authorized shares, but is not included in shares outstanding. The excess of the repurchase cost over par value is charged to additional paid-in capital. When additional paid-in capital is exhausted, the excess reduces retained earnings. We repurchased 67,593, 62,124 and 54,289 shares of common stock in 2014, 2013 and 2012, respectively, in connection with the statutory minimum for the tax withholdings related to vesting of restricted shares. | |||||||
On September 30, 2010, the Board of Directors authorized a share repurchase program of up to $100,000 of our outstanding common shares. During 2014, we repurchased 250,000 shares for $12,254 under this program. During 2013 we repurchased 375,000 shares for $15,292 and during 2012 we repurchased 100,000 shares for $2,999 under this program. See Note 9 to the Consolidated Financial Statements for further information. | ||||||||
Recently Adopted Accounting Pronouncements: In February 2013, the FASB issued Accounting Standards Update (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 Consolidated Financial Statements or parenthetically on the face of the 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 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 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 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. |
Significant_Accounting_Policie1
Significant Accounting Policies (Table) | 12 Months Ended | |||||||
Nov. 29, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Equity Method Investment Summarized Financial Information [Table Text Block] | As of November 29, 2014 | As of November 30, 2013 | ||||||
Current assets | $ | 82,195 | $ | 89,053 | ||||
Non-current assets | 21,257 | 21,152 | ||||||
Current liabilities | 37,021 | 42,835 | ||||||
Non-current liabilities | 1,787 | 2,090 | ||||||
For the year ended November 29, 2014 | For the year ended November 30, 2013 | |||||||
Net revenue | $ | 181,999 | $ | 194,705 | ||||
Gross profit | 47,955 | 54,672 | ||||||
Net income | 14,024 | 16,760 | ||||||
Earnings Per Share [Table Text Block] | (shares in thousands) | 2014 | 2013 | 2012 | ||||
Net income attributable to H.B. Fuller | $ | 49,773 | $ | 96,761 | $ | 125,622 | ||
Weighted-average common shares – basic | 50,006 | 49,893 | 49,571 | |||||
Equivalent shares from share-based compensation plans | 1,249 | 1,243 | 1,047 | |||||
Weighted-average common and common equivalent shares – diluted | 51,255 | 51,136 | 50,618 |
Aquisitions_and_Divestitures_T
Aquisitions and Divestitures (Table) | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Discontinued Operations Table [Abstract] | |||||||||
Discontinued operations income statement and balance sheet items (Table) | Fiscal Years | ||||||||
29-Nov-14 | 30-Nov-13 | 1-Dec-12 | |||||||
Net revenue | $ | - | $ | - | $ | 73,143 | |||
Income from operations | - | - | 8,235 | ||||||
Gain on sale of discontinued operations | - | - | 66,179 | ||||||
Income taxes | - | 1,211 | -16,846 | ||||||
Net income from discontinued operations | $ | - | $ | 1,211 | $ | 57,568 | |||
29-Nov-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] | |||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Preliminary | ||||||||
Valuation | |||||||||
November 29, | |||||||||
2014 | |||||||||
Current assets | $ | 6,502 | |||||||
Property, plant and equipment | 7,976 | ||||||||
Goodwill | 7,443 | ||||||||
Other intangibles | |||||||||
Customer relationships | 4,300 | ||||||||
Technology | 1,500 | ||||||||
Trademarks/trade names | 200 | ||||||||
Current liabilities | -1,738 | ||||||||
Total purchase price | $ | 26,183 | |||||||
Preliminary Valuation November 30, 2013 | Purchase 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) | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Share-based Compensation [Abstract] | ||||||||||||
Fair value of options granted [TableText Block] | 2014 | 2013 | 2012 | |||||||||
Expected life (in years) | 4.75 | 4.75 | 4.75 | |||||||||
Weighted-average expected volatility | 33.83% | 47.28% | 51.60% | |||||||||
Expected volatility range | 31.61% - 37.06% | 39.25% - 48.02% | 48.79% - 51.76% | |||||||||
Risk-free interest rate | 1.52% | 0.77% | 0.71% | |||||||||
Expected dividend yield | 0.85% | 0.87% | 1.05% | |||||||||
Weighted-average fair value of grants | $13.82 | $15.05 | $11.52 | |||||||||
Schedule of Share-based compensation stock options activity [TableText Block] | Weighted- | |||||||||||
Average | ||||||||||||
Options | Exercise Price | |||||||||||
Outstanding at December 1, 2012 | 2,429,750 | $ | 21.63 | |||||||||
Granted | 493,173 | 40.07 | ||||||||||
Exercised | -462,427 | 19.23 | ||||||||||
Forfeited or cancelled | -30,535 | 28.57 | ||||||||||
Outstanding at November 30, 2013 | 2,429,961 | $ | 25.74 | |||||||||
Granted | 477,606 | 48.06 | ||||||||||
Exercised | -330,179 | 20.75 | ||||||||||
Forfeited or cancelled | -42,915 | 38.59 | ||||||||||
Outstanding at November 29, 2014 | 2,534,473 | $ | 30.39 | |||||||||
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 December 1, 2012 | 141,184 | 245,231 | 386,415 | $ | 25.41 | 0.9 | ||||||
Granted | 62,701 | 186,352 | 249,053 | 39.66 | 1.7 | |||||||
Vested | -66,446 | -113,411 | -179,857 | 37.85 | - | |||||||
Forfeited | -2,208 | -5,727 | -7,935 | 32.17 | 1.4 | |||||||
Nonvested at November 30, 2013 | 135,231 | 312,445 | 447,676 | $ | 33.76 | 1.2 | ||||||
Granted | 126,536 | - | 126,536 | 48.84 | 1.2 | |||||||
Vested | -68,293 | -114,044 | -182,337 | 48.16 | - | |||||||
Forfeited | -4,813 | -9,779 | -14,592 | 37.8 | 1.1 | |||||||
Nonvested at November 29, 2014 | 188,661 | 188,622 | 377,283 | $ | 40.7 | 1 | ||||||
Summary of deferred compensation units [Table Text Block] | Non-employee | |||||||||||
Directors | Employees | Total | ||||||||||
Units outstanding December 1, 2012 | 338,769 | 68,662 | 407,431 | |||||||||
Participant contributions | 14,145 | 2,299 | 16,444 | |||||||||
Company match contributions1 | 14,802 | 256 | 15,058 | |||||||||
Payouts | -55,036 | -9,929 | -64,965 | |||||||||
Units outstanding November 30, 2013 | 312,680 | 61,288 | 373,968 | |||||||||
Participant contributions | 14,347 | 4,429 | 18,776 | |||||||||
Company match contributions1 | 16,613 | 492 | 17,105 | |||||||||
Payouts | -1,093 | -13,906 | -14,999 | |||||||||
Units outstanding November 29, 2014 | 342,547 | 52,303 | 394,850 |
Supplemental_Financial_Stateme1
Supplemental Financial Statement Information (Table) | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Supplemental Financial Statement Information [Abstract] | ||||||||||||
Supplemental Financial Statement Information [Table Text Block] | Note 4: Supplemental Financial Statement Information | |||||||||||
Statement of Income Information | ||||||||||||
Additional details of income statement amounts for 2014, 2013 and 2012 follow. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Foreign currency transaction losses, net | $ | -2,546 | $ | -4,106 | $ | -1,204 | ||||||
Interest income | 344 | 737 | 1,731 | |||||||||
Gain on disposal of fixed assets | 2,769 | 323 | 555 | |||||||||
Other, net | 149 | -705 | -298 | |||||||||
Total other income (expense), net | $ | 716 | $ | -3,751 | $ | 784 | ||||||
Research and development expenses (included in selling, general and administrative expenses) | $ | 21,245 | $ | 24,570 | $ | 21,254 | ||||||
Balance Sheet Information | ||||||||||||
Additional details of balance sheet amounts as of November 29, 2014 and November 30, 2013 follow. | ||||||||||||
Inventories | 2014 | 2013 | ||||||||||
Raw materials | $ | 133,476 | $ | 119,536 | ||||||||
Finished goods | 140,014 | 122,584 | ||||||||||
LIFO reserve | -22,200 | -20,583 | ||||||||||
Total inventories | $ | 251,290 | $ | 221,537 | ||||||||
Other current assets | ||||||||||||
Other receivables | $ | 15,059 | $ | 20,728 | ||||||||
Prepaid income taxes | 9,505 | 8,604 | ||||||||||
Prepaid taxes other than income taxes | 30,797 | 19,957 | ||||||||||
Deferred income taxes | 20,924 | 18,867 | ||||||||||
Prepaid expenses | 12,547 | 11,828 | ||||||||||
Assets held for sale | 4,273 | 5,062 | ||||||||||
Total other current assets | $ | 93,105 | $ | 85,046 | ||||||||
Property, plant and equipment | ||||||||||||
Land | $ | 65,367 | $ | 57,991 | ||||||||
Buildings and improvements | 293,440 | 258,403 | ||||||||||
Machinery and equipment | 710,180 | 603,520 | ||||||||||
Construction in progress | 37,364 | 112,878 | ||||||||||
Total, at cost | 1,106,351 | 1,032,792 | ||||||||||
Accumulated depreciation | -603,717 | -598,405 | ||||||||||
Net property, plant and equipment | $ | 502,634 | $ | 434,387 | ||||||||
Other assets | ||||||||||||
Investments and company owned life insurance | $ | 10,950 | $ | 11,963 | ||||||||
Equity method investments | 37,487 | 40,700 | ||||||||||
Cost method investments | 1,671 | 1,674 | ||||||||||
Long-term deferred income taxes | 40,142 | 28,465 | ||||||||||
Prepaid pension costs | 7,588 | 38,363 | ||||||||||
Prepaid postretirement other than pension | 12,054 | 6,858 | ||||||||||
Other long-term assets | 39,434 | 33,420 | ||||||||||
Total other assets | $ | 149,326 | $ | 161,443 | ||||||||
Income taxes payable | ||||||||||||
Current income taxes payable | $ | 10,961 | $ | 8,936 | ||||||||
Current deferred income taxes | 2,800 | 1,894 | ||||||||||
Total income taxes payable | $ | 13,761 | $ | 10,830 | ||||||||
Other accrued expenses | ||||||||||||
Taxes other than income taxes | $ | 19,427 | $ | 17,943 | ||||||||
Interest | 4,548 | 4,471 | ||||||||||
Product liability | 1,691 | 1,175 | ||||||||||
Accrued expenses | 25,383 | 22,977 | ||||||||||
Total other accrued expenses | $ | 51,049 | $ | 46,566 | ||||||||
Other liabilities | ||||||||||||
Asset retirement obligation | $ | 2,515 | $ | 3,236 | ||||||||
Long-term deferred income taxes | 16,718 | 20,599 | ||||||||||
Long-term deferred compensation | 5,635 | 5,285 | ||||||||||
Postretirement other than pension | 3,146 | 3,159 | ||||||||||
Other long-term liabilities | 13,761 | 19,556 | ||||||||||
Total other liabilities | $ | 41,775 | $ | 51,835 | ||||||||
Schedule Of Trade Receivables Allowance [Table Text Block] | Additional details on the trade receivables allowance for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts for 2014, 2013 and 2012 follow. | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 8,538 | $ | 7,513 | $ | 4,272 | ||||||
Charged to expenses | 3,998 | 3,267 | 3,680 | |||||||||
Write-offs | -1,866 | -2,369 | -368 | |||||||||
Effect of exchange rates | -424 | 127 | -71 | |||||||||
Balance at end of year | $ | 10,246 | $ | 8,538 | $ | 7,513 | ||||||
Schedule Of Comprehensive Income Loss [Table Text Block] | Statement of Comprehensive Income (Loss) Information | |||||||||||
The following tables provides details of total comprehensive income (loss): | ||||||||||||
29-Nov-14 | ||||||||||||
H.B. Fuller Stockholders | Non-controlling Interests | |||||||||||
Pretax | Tax | Net | Net | |||||||||
Net income including non-controlling interests | $ | 49,773 | $ | 378 | ||||||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustment¹ | $ | -38,673 | - | -38,673 | -14 | |||||||
Reclassification to earnings: | ||||||||||||
Defined benefit pension plans adjustment² | -56,268 | 19,394 | -36,874 | |||||||||
Interest rate swap³ | 56 | -15 | 41 | |||||||||
Cash-flow hedges³ | 158 | -42 | 116 | |||||||||
Other comprehensive income (loss) | $ | -94,727 | $ | 19,337 | -75,390 | -14 | ||||||
Comprehensive income (loss) | $ | -25,617 | $ | 364 | ||||||||
30-Nov-13 | ||||||||||||
H.B. Fuller Stockholders | Non-controlling Interests | |||||||||||
Pretax | Tax | Net | Net | |||||||||
Net income including non-controlling interests | $ | 96,761 | $ | 425 | ||||||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustment¹ | $ | -876 | - | -876 | -55 | |||||||
Reclassification to earnings: | ||||||||||||
Defined benefit pension plans adjustment² | 106,647 | -38,451 | 68,196 | |||||||||
Interest rate swap³ | 57 | -16 | 41 | |||||||||
Cash-flow hedges³ | 494 | -191 | 303 | |||||||||
Other comprehensive income (loss) | $ | 106,322 | $ | -38,658 | 67,664 | -55 | ||||||
Comprehensive income | $ | 164,425 | $ | 370 | ||||||||
1-Dec-12 | ||||||||||||
H.B. Fuller Stockholders | Non-controlling Interests | |||||||||||
Pretax | Tax | Net | Net | |||||||||
Net income including non-controlling interests | $ | 125,622 | $ | 233 | ||||||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustment¹ | $ | -2,985 | - | -2,985 | 28 | |||||||
Reclassification to earnings: | ||||||||||||
Defined benefit pension plans adjustment² | -73,358 | 26,075 | -47,283 | |||||||||
Interest rate swap³ | 57 | -16 | 41 | |||||||||
Cash-flow hedges³ | -642 | 248 | -394 | |||||||||
Other comprehensive income (loss) | $ | -76,928 | $ | 26,307 | -50,621 | 28 | ||||||
Comprehensive income | $ | 75,001 | $ | 261 | ||||||||
¹ Income taxes are not provided for foreign currency translation relating to indefinite 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. | ||||||||||||
Statement of Total Equity Information (Table) | Statement of Total Equity Information | |||||||||||
Components of accumulated other comprehensive income (loss) follow. | ||||||||||||
29-Nov-14 | ||||||||||||
Total | H.B. Fuller Stockholders | Non-controlling Interests | ||||||||||
Foreign currency translation adjustment | $ | 11,184 | $ | 11,205 | $ | -21 | ||||||
Interest rate swap, net of taxes of $21 | -53 | -53 | - | |||||||||
Cash-flow hedges, net of taxes of $15 | 25 | 25 | - | |||||||||
Defined benefit pension plans adjustment, net of taxes of $84,604 | -158,529 | -158,529 | - | |||||||||
Total accumulated other comprehensive income (loss) | $ | -147,373 | $ | -147,352 | $ | -21 | ||||||
30-Nov-13 | ||||||||||||
Total | H.B. Fuller Stockholders | Non-controlling Interests | ||||||||||
Foreign currency translation adjustment | $ | 49,871 | $ | 49,878 | $ | -7 | ||||||
Interest rate swap, net of taxes of $36 | -94 | -94 | - | |||||||||
Cash-flow hedges, net of taxes of $57 | -91 | -91 | - | |||||||||
Defined benefit pension plans adjustment, net of taxes of $65,210 | -121,655 | -121,655 | - | |||||||||
Total accumulated other comprehensive income (loss) | $ | -71,969 | $ | -71,962 | $ | -7 | ||||||
1-Dec-12 | ||||||||||||
Total | H.B. Fuller Stockholders | Non-controlling Interests | ||||||||||
Foreign currency translation adjustment | $ | 50,802 | $ | 50,754 | $ | 48 | ||||||
Interest rate swap, net of taxes of $52 | -135 | -135 | - | |||||||||
Cash-flow hedges, net of taxes of $248 | -394 | -394 | - | |||||||||
Defined benefit pension plans adjustment net of taxes of $103,661 | -189,851 | -189,851 | - | |||||||||
Total accumulated other comprehensive income (loss) | $ | -139,578 | $ | -139,626 | $ | 48 |
Special_Charges_Net_Table
Special Charges, Net (Table) | 12 Months Ended | |||||||||
Nov. 29, 2014 | ||||||||||
Special Charges Table [Abstract] | ||||||||||
Special Charges [Table Text Block] | Fiscal Years | |||||||||
2014 | 2013 | 2012 | ||||||||
Acquisition and transformation related costs: | ||||||||||
Professional services | $ | 7,946 | $ | 8,698 | $ | 24,647 | ||||
Financing availability costs | - | - | 4,300 | |||||||
Foreign currency option contract | - | - | 841 | |||||||
Gain on foreign currency forward contracts | - | - | -11,621 | |||||||
Other related costs | 8,272 | 8,736 | 2,010 | |||||||
Restructuring costs: | ||||||||||
Workforce reduction costs | 3,233 | 9,784 | 28,087 | |||||||
Facility exit costs | 32,050 | 17,869 | 4,203 | |||||||
Special charges, net | $ | 51,501 | $ | 45,087 | $ | 52,467 | ||||
Accrued Restructuring Costs (Table) | 2014 | 2013 | ||||||||
Balance at beginning of year | $ | 18,057 | $ | 19,848 | ||||||
Restructuring charges | 3,233 | 9,784 | ||||||||
Cash payments | -19,911 | -12,595 | ||||||||
Foreign currency translation adjustment | -363 | 1,020 | ||||||||
Balance at end of year | $ | 1,016 | $ | 18,057 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Table) | 12 Months Ended | ||||||||||||||||||
Nov. 29, 2014 | |||||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | |||||||||||||||||||
Operating segment goodwill balances [Table Text Block] | 2014 | 2013 | |||||||||||||||||
Americas Adhesives | $ | 71,325 | $ | 72,117 | |||||||||||||||
EIMEA | 139,666 | 151,675 | |||||||||||||||||
Asia Pacific | 24,201 | 25,974 | |||||||||||||||||
Construction Products | 20,780 | 13,337 | |||||||||||||||||
Total | $ | 255,972 | $ | 263,103 | |||||||||||||||
Additional details on the goodwill balance for 2014 and 2013 follow. | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Balance at beginning of year | $ | 263,103 | $ | 254,345 | |||||||||||||||
ProSpec acquisition | 7,443 | - | |||||||||||||||||
Engent, Inc. acquisition | - | 247 | |||||||||||||||||
Forbo Industrial Adhesives | - | 343 | |||||||||||||||||
Plexbond Quimica, S.A. acquisition | 151 | 3,626 | |||||||||||||||||
Foreign currency translation effect | -14,725 | 4,542 | |||||||||||||||||
Balance at end of year | $ | 255,972 | $ | 263,103 | |||||||||||||||
Amortizable intangible assets [Table Text Block] | Amortizable Intangible Assets | Purchased Technology & Patents | Customer Relationships | All Other | Total | ||||||||||||||
As of November 29, 2014 | |||||||||||||||||||
Original cost | $ | 43,915 | $ | 219,517 | $ | 52,529 | $ | 315,961 | |||||||||||
Accumulated amortization | -11,944 | -88,164 | -20,458 | -120,566 | |||||||||||||||
Net identifiable intangibles | $ | 31,971 | $ | 131,353 | $ | 32,071 | $ | 195,395 | |||||||||||
Weighted-average useful lives (in years) | 11 | 18 | 12 | 16 | |||||||||||||||
As of November 30, 2013 | |||||||||||||||||||
Original cost | $ | 45,710 | $ | 231,696 | $ | 43,780 | $ | 321,186 | |||||||||||
Accumulated amortization | -9,706 | -77,192 | -15,480 | -102,378 | |||||||||||||||
Net identifiable intangibles | $ | 36,004 | $ | 154,504 | $ | 28,300 | $ | 218,808 | |||||||||||
Weighted-average useful lives (in years) | 11 | 17 | 13 | 16 | |||||||||||||||
Estimated aggregate amortization expense [Table Text Block] | Fiscal Year | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||
Amortization Expense | $ | 21,049 | $ | 20,747 | $ | 20,459 | $ | 20,087 | $ | 17,748 | $ | 95,305 |
Notes_Payable_LongTerm_Debt_an1
Notes Payable, Long-Term Debt and Lines of Credit (Tables) | 12 Months Ended | |||||||||||||
Nov. 29, 2014 | ||||||||||||||
Notes Payable Long Term Debt And Lines Of Credit [Abstract] | ||||||||||||||
Long-Term Debt [Table Text Block] | Long-Term Debt | |||||||||||||
Weighted-Average | ||||||||||||||
Interest Rate at | Fiscal Year | |||||||||||||
Long-Term Debt | 29-Nov-14 | Maturity Date | 2014 | 2013 | ||||||||||
Revolving credit line | 1.24% | 2019 | $ | 143,000 | $ | - | ||||||||
Term Loan | - | 2017 | - | 66,250 | ||||||||||
Senior Notes, Series A1 | 1.91% | 2017 | 17,805 | 18,215 | ||||||||||
Senior Notes, Series B2 | 1.79% | 2017 | 34,738 | 35,551 | ||||||||||
Senior Notes, Series C3 | 3.11% | 2020 | 37,192 | 37,299 | ||||||||||
Senior Notes, Series D4 | 5.61% | 2020 | 65,000 | 65,000 | ||||||||||
Senior Notes, Series E5 | 4.12% | 2022 | 250,000 | 250,000 | ||||||||||
Total debt | $ | 547,735 | $ | 472,315 | ||||||||||
Lines of Credit [Table Text Block] | Term | Committed | Drawn | Unused | ||||||||||
Long-term lines of credit | $ | 300,000 | $ | -143,000 | $ | 157,000 | ||||||||
Maturities of Long-term Debt [Table Text Block] | Fiscal Year | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||
Long-term debt obligations | $ | - | $ | - | $ | 52,543 | $ | - | $ | 143,000 | $ | 352,192 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Nov. 29, 2014 | |||||||||||
Income Taxes Disclosure [Abstract] | |||||||||||
Income taxes disclosure [Table Text Block] | Note 8: Income Taxes | ||||||||||
Income from continuing operations before income taxes and income from equity method investments | 2014 | 2013 | 2012 | ||||||||
United States | $ | 55,567 | $ | 81,788 | $ | 69,287 | |||||
Non-U.S. | 23,745 | 45,756 | 20,261 | ||||||||
Total | $ | 79,312 | $ | 127,544 | $ | 89,548 | |||||
Components of the provision for income tax expense (benefit) | 2014 | 2013 | 2012 | ||||||||
Current: | |||||||||||
U.S. federal | $ | 8,771 | $ | 16,999 | $ | 25,637 | |||||
State | 1,290 | 1,372 | 2,663 | ||||||||
Non-U.S. | 20,133 | 11,930 | 18,999 | ||||||||
30,194 | 30,301 | 47,299 | |||||||||
Deferred: | |||||||||||
U.S. federal | 8,106 | 8,101 | -12,314 | ||||||||
State | 1,069 | 2,244 | -398 | ||||||||
Non-U.S. | -5,021 | -697 | -4,108 | ||||||||
4,154 | 9,648 | -16,820 | |||||||||
Total | $ | 34,348 | $ | 39,949 | $ | 30,479 | |||||
Reconciliation of effective income tax | 2014 | 2013 | 2012 | ||||||||
Statutory U.S. federal income tax rate | $ | 27,759 | $ | 44,641 | $ | 31,342 | |||||
State income taxes, net of federal benefit | 1,534 | 2,351 | 1,472 | ||||||||
Foreign dividend repatriation | 760 | 467 | -9,004 | ||||||||
Foreign operations | -8,287 | -12,598 | -7,911 | ||||||||
Interest income not taxable in the U.S. | -1,649 | -1,789 | -1,802 | ||||||||
Change in valuation allowance | 3,317 | 1,819 | 5,502 | ||||||||
Tax impact of special charges, net | 11,773 | 5,998 | 10,209 | ||||||||
Other | -859 | -940 | 671 | ||||||||
Total | $ | 34,348 | $ | 39,949 | $ | 30,479 | |||||
Deferred income tax balances at each year-end related to | 2014 | 2013 | |||||||||
Depreciation and amortization | $ | -47,152 | $ | -45,917 | |||||||
Employee benefit costs | 45,920 | 35,686 | |||||||||
Foreign tax credit carryforward | 12,355 | 14,567 | |||||||||
Tax loss carryforwards | 21,851 | 20,781 | |||||||||
Other | 24,234 | 14,343 | |||||||||
57,208 | 39,460 | ||||||||||
Valuation allowance | -16,364 | -14,621 | |||||||||
Net deferred tax assets | $ | 40,844 | $ | 24,839 | |||||||
Summary of Income Tax Contingencies [Table Text Block] | 2014 | 2013 | |||||||||
Balance at beginning of year | $ | 5,151 | $ | 4,886 | |||||||
Tax positions related to the current year: | |||||||||||
Additions | 600 | 900 | |||||||||
Tax positions related to prior years: | |||||||||||
Additions | 178 | 378 | |||||||||
Reductions | -177 | -160 | |||||||||
Settlements | -13 | -105 | |||||||||
Lapses in applicable statutes of limitation | -952 | -748 | |||||||||
Balance at end of year | $ | 4,787 | $ | 5,151 |
Stockholders_Equity_Table
Stockholders' Equity (Table) | 12 Months Ended | ||||||
Nov. 29, 2014 | |||||||
Stockholders' Equity [Abstract] | |||||||
Common Shares Outstanding [Table Text Block] | Common Shares Outstanding | 2014 | 2013 | 2012 | |||
Beginning balance | 50,228,543 | 49,903,266 | 49,449,579 | ||||
Stock options exercised | 330,179 | 462,427 | 430,000 | ||||
Shares swapped for stock option exercises | - | - | -3,619 | ||||
Deferred compensation paid | 9,957 | 51,521 | 19,389 | ||||
Restricted units vested | 69,624 | 67,828 | 53,927 | ||||
Restricted shares granted | - | 186,352 | 128,427 | ||||
Shares withheld for taxes | -67,593 | -62,124 | -54,289 | ||||
Restricted shares forfeited | -9,907 | -5,727 | -20,148 | ||||
Shares repurchased under repurchase program | -250,000 | -375,000 | -100,000 | ||||
Ending balance | 50,310,803 | 50,228,543 | 49,903,266 |
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||
Nov. 29, 2014 | |||||||||||||||||||
Pension And Postretirement Benefits [Abstract] | |||||||||||||||||||
Change in projected benefit obligation and plan assets [Table Text Block] | Pension Benefits | Other Postretirement | |||||||||||||||||
U.S. Plans | Non-U.S. Plans | Benefits | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Change in projected benefit obligation | |||||||||||||||||||
Benefit obligation at beginning of year | $ | 347,668 | $ | 394,623 | $ | 206,407 | $ | 204,180 | $ | 50,811 | $ | 63,206 | |||||||
Service cost | 93 | 106 | 1,699 | 1,799 | 434 | 623 | |||||||||||||
Interest cost | 16,086 | 14,719 | 7,626 | 7,486 | 2,143 | 2,133 | |||||||||||||
Participant contributions | - | - | - | - | 350 | 523 | |||||||||||||
Actuarial (gain)/loss | 62,014 | -44,510 | 30,312 | -3,633 | 3,948 | -11,524 | |||||||||||||
Curtailments | - | -796 | -100 | -436 | - | - | |||||||||||||
Settlement | - | - | -1,638 | -1,325 | - | - | |||||||||||||
Benefits paid | -17,266 | -16,474 | -8,377 | -7,927 | -3,316 | -4,150 | |||||||||||||
Currency change effect | - | - | -15,713 | 6,263 | - | - | |||||||||||||
Benefit obligation at end of year | 408,595 | 347,668 | 220,216 | 206,407 | 54,370 | 50,811 | |||||||||||||
Change in plan assets | |||||||||||||||||||
Fair value of plan assets at beginning of year | 358,233 | 332,308 | 182,152 | 164,086 | 54,196 | 42,569 | |||||||||||||
Actual return on plan assets | 41,874 | 40,905 | 20,657 | 16,473 | 8,621 | 11,964 | |||||||||||||
Employer contributions | 1,494 | 1,494 | 7,856 | 2,027 | 3,225 | 3,290 | |||||||||||||
Participant contributions | - | - | - | - | 350 | 523 | |||||||||||||
Benefits paid¹ | -17,266 | -16,474 | -8,377 | -5,871 | -3,316 | -4,150 | |||||||||||||
Currency change effect | - | - | -14,078 | 5,437 | - | - | |||||||||||||
Fair value of plan assets at end of year | 384,335 | 358,233 | 188,210 | 182,152 | 63,076 | 54,196 | |||||||||||||
Plan assets in excess of (less than) benefit obligation as of year end | $ | -24,260 | $ | -10,565 | $ | -32,006 | $ | -24,255 | $ | 8,706 | $ | 3,385 | |||||||
1 Amount excludes benefit payments made from sources other than plan assets. | |||||||||||||||||||
Amounts in accumulated other comprehensive income that have not been recognized as components of net periodic benefit cost [Table Text Block] | |||||||||||||||||||
Amounts in accumulated othercomprehensive income (loss) that have not been recognized as components of net periodic benefit cost | Pension Benefits | Other Postretirement | |||||||||||||||||
U.S. Plans | Non-U.S. Plans | Benefits | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Unrecognized actuarial loss | $ | 140,009 | $ | 100,579 | $ | 82,598 | $ | 64,290 | $ | 23,348 | $ | 25,988 | |||||||
Unrecognized prior service cost (benefit) | 119 | 147 | -17 | -21 | -2,546 | -6,317 | |||||||||||||
Ending balance | $ | 140,128 | $ | 100,726 | $ | 82,581 | $ | 64,269 | $ | 20,802 | $ | 19,671 | |||||||
Statement of financial position as of fiscal year-end [Table Text Block] | |||||||||||||||||||
Pension Benefits | Other Postretirement | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Benefits | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Statement of financial position as of fiscal year-end | |||||||||||||||||||
Non-current assets | $ | - | $ | 29,560 | $ | 7,592 | $ | 8,959 | $ | 12,054 | $ | 6,858 | |||||||
Accrued benefit cost | |||||||||||||||||||
Current liabilities | -1,510 | -1,505 | -1,248 | -2,711 | -201 | -314 | |||||||||||||
Non-current liabilities | -22,750 | -17,490 | -38,350 | -30,503 | -3,146 | -3,159 | |||||||||||||
Ending balance | $ | -24,260 | $ | 10,565 | $ | -32,006 | $ | -24,255 | $ | 8,707 | $ | 3,385 | |||||||
Pension plans with accumulated benefit and projected benefit obligations in excess of plan assets [Table Text Block] | The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of November 29, 2014 and November 30, 2013: | ||||||||||||||||||
Pension Benefits and Other Postretirement Benefits | |||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Accumulated benefit obligation | $ | 20,568 | $ | 18,673 | $ | 122,860 | $ | 116,265 | |||||||||||
Fair value of plan assets | - | - | 91,990 | 91,708 | |||||||||||||||
The following amounts relate to pension plans with projected benefit obligations in excess of plan assets as of November 29, 2014 and November 30, 2013: | |||||||||||||||||||
Pension Benefits and Other Postretirement Benefits | |||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Projected benefit obligation | $ | 408,595 | $ | 18,996 | $ | 131,588 | $ | 124,922 | |||||||||||
Fair value of plan assets | 384,335 | - | 91,990 | 91,708 | |||||||||||||||
Expected cash flows for employer contributions and benefit payments [Table Text Block] | Information about the expected cash flows follows: | ||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Postretirement Benefits | |||||||||||||||||
Employer contributions | |||||||||||||||||||
2015 | $ | - | $ | 658 | $ | 3,000 | |||||||||||||
Expected benefit payments | |||||||||||||||||||
2015 | $ | 18,108 | $ | 7,908 | $ | 3,432 | |||||||||||||
2016 | 18,689 | 8,048 | 3,452 | ||||||||||||||||
2017 | 19,372 | 8,374 | 3,478 | ||||||||||||||||
2018 | 20,000 | 8,505 | 3,500 | ||||||||||||||||
2019 | 20,517 | 8,643 | 3,524 | ||||||||||||||||
2020-2024 | 110,995 | 46,852 | 17,647 | ||||||||||||||||
Net periodic cost (benefit) [Table Text Block] | Components of net periodic benefit cost and other supplemental information for the years ended November 29, 2014, November 30, 2013 and December 1, 2012 follow: | ||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Postretirement Benefits | |||||||||||||||||
Net periodic cost (benefit) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||
Service cost | $ | 93 | $ | 106 | $ | 90 | $ | 1,699 | $ | 1,799 | $ | 1,457 | $ | 434 | $ | 623 | $ | 541 | |
Interest cost | 16,086 | 14,719 | 16,098 | 7,626 | 7,486 | 8,222 | 2,143 | 2,133 | 2,469 | ||||||||||
Expected return on assets | -23,865 | -22,720 | -23,758 | -10,749 | -9,390 | -8,021 | -4,742 | -3,725 | -3,263 | ||||||||||
Amortization: | |||||||||||||||||||
Prior service cost | 29 | 49 | 49 | -4 | -4 | -4 | -3,771 | -4,134 | -4,693 | ||||||||||
Actuarial (gain)/ loss | 4,575 | 6,742 | 3,858 | 3,056 | 3,778 | 2,487 | 2,709 | 5,717 | 5,155 | ||||||||||
Divestitures | - | - | - | - | - | 7 | - | - | - | ||||||||||
Curtailment (gain)/loss | - | 102 | - | - | 53 | 46 | - | - | - | ||||||||||
Settlement charge/(credit) | - | - | - | 246 | 153 | 65 | - | - | - | ||||||||||
Net periodic benefit cost (benefit) | $ | -3,082 | $ | -1,002 | $ | -3,663 | $ | 1,874 | $ | 3,875 | $ | 4,259 | $ | -3,227 | $ | 614 | $ | 209 | |
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year [Table Text Block] | Pension Benefits | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Postretirement benefits | |||||||||||||||||
Amounts expected to be amortized from accumulated othercomprehensive income into net periodic benefit costs over next fiscalyear as of November 29, 2014 | |||||||||||||||||||
Amortization of prior service cost (benefit) | $ | 29 | $ | -4 | $ | -2,505 | |||||||||||||
Amortization of net actuarial (gain) loss | 5,628 | 3,722 | 2,431 | ||||||||||||||||
$ | 5,657 | $ | 3,718 | $ | -74 | ||||||||||||||
Weighted-average assumption used to determine benefit obligations and net costs [Table Text Block] | Pension Benefits | Other | |||||||||||||||||
Weighted-average assumptions used to | U.S. Plans | Non-U.S. Plans | Postretirement Benefits | ||||||||||||||||
Determine benefit obligations | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||
Discount rate | 4.08% | 4.74% | 3.81% | 2.90% | 3.74% | 3.79% | 3.84% | 4.34% | 3.46% | ||||||||||
Rate of compensation increase1 | 4.50% | 4.50% | 4.50% | 1.67% | 1.84% | 1.87% | N/A | N/A | N/A | ||||||||||
Weighted-average assumptions used to | |||||||||||||||||||
Determine net costs for years ended | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||
Discount rate | 4.74% | 3.81% | 5.05% | 3.77% | 3.74% | 5.26% | 4.33% | 3.46% | 4.73% | ||||||||||
Expected return on plan assets | 7.75% | 7.75% | 8.00% | 6.17% | 5.96% | 6.08% | 8.75% | 8.75% | 8.75% | ||||||||||
Rate of compensation increase | 4.50% | 4.50% | 5.00% | 1.67% | 1.84% | 1.86% | N/A | N/A | N/A | ||||||||||
Assumed health care trend rates [Table Text Block] | Assumed health care trend rates | 2014 | 2013 | 2012 | |||||||||||||||
Health care cost trend rate assumed for next year | 6.50% | 7.25% | 7.25% | ||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 5.00% | ||||||||||||||||
Fiscal year that the rate reaches the ultimate trend rate | 2018 | 2019 | 2018 | ||||||||||||||||
Sensitivity information [Table Text Block] | One-Percentage Point | ||||||||||||||||||
Increase | Decrease | ||||||||||||||||||
Effect on service and interest cost components – annual | $ | 1 | $ | -106 | |||||||||||||||
Effect on accumulated postretirement benefit obligation | $ | 29 | $ | -2,598 | |||||||||||||||
Asset allocation and fair value of plan assets [Table Text Block] | The asset allocation for the company’s U.S. and non-U.S. pension plans at the end of 2014 and 2013 follows. | ||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | Other Postretirement Plans | |||||||||||||||||
Target | Percentage of Plan Assets at Year-End | Target | Percentage of Plan Assets at Year-End | Target | Percentage of Plan Assets at Year-End | ||||||||||||||
Asset Category | 2014 | 2014 | 2013 | 2014 | 2014 | 2013 | 2014 | 2014 | 2013 | ||||||||||
Equities | 60.00% | 60.20% | 61.90% | 50.40% | 49.80% | 50.20% | 0.00% | 0.00% | 0.00% | ||||||||||
Fixed income | 40.00% | 38.90% | 37.30% | 48.20% | 46.70% | 46.40% | 0.00% | 0.00% | 0.00% | ||||||||||
Real Estate | 0.00% | 0.00% | 0.00% | 1.40% | 1.10% | 1.10% | 0.00% | 0.00% | 0.00% | ||||||||||
Insurance | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | 98.30% | 99.40% | ||||||||||
Cash | 0.00% | 0.90% | 0.80% | 0.00% | 2.40% | 2.30% | 0.00% | 1.70% | 0.60% | ||||||||||
Total | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | ||||||||||
29-Nov-14 | |||||||||||||||||||
U.S. Pension Plans | Level 1 | Level 2 | Level 3 | Total Assets | |||||||||||||||
Equities | $ | 138,308 | $ | 93,056 | $ | - | $ | 231,364 | |||||||||||
Fixed income | 27,782 | 121,450 | 407 | 149,639 | |||||||||||||||
Cash | 3,332 | - | - | 3,332 | |||||||||||||||
Total | $ | 169,422 | $ | 214,506 | $ | 407 | $ | 384,335 | |||||||||||
Non-U.S. Pension Plans | Level 1 | Level 2 | Level 3 | Total Assets | |||||||||||||||
Equities | $ | 34,362 | $ | 59,504 | $ | - | $ | 93,866 | |||||||||||
Fixed income | 48,346 | 39,006 | 582 | 87,934 | |||||||||||||||
Real Estate | - | - | 2,160 | 2,160 | |||||||||||||||
Cash | 4,464 | - | - | 4,464 | |||||||||||||||
Total | $ | 87,172 | $ | 98,510 | $ | 2,742 | $ | 188,424 | |||||||||||
Other Postretirement Benefits | Level 1 | Level 2 | Level 3 | Total Assets | |||||||||||||||
Insurance | $ | - | $ | - | $ | 61,980 | $ | 61,980 | |||||||||||
Cash | 1,096 | - | - | 1,096 | |||||||||||||||
Total | $ | 1,096 | $ | - | $ | 61,980 | $ | 63,076 | |||||||||||
30-Nov-13 | |||||||||||||||||||
U.S. Pension Plans | Level 1 | Level 2 | Level 3 | Total Assets | |||||||||||||||
Equities | $ | 132,768 | $ | 88,946 | $ | - | $ | 221,714 | |||||||||||
Fixed income | 50,925 | 82,411 | 463 | 133,799 | |||||||||||||||
Cash | 2,720 | - | - | 2,720 | |||||||||||||||
Total | $ | 186,413 | $ | 171,357 | $ | 463 | $ | 358,233 | |||||||||||
Non-U.S. Pension Plans | Level 1 | Level 2 | Level 3 | Total Assets | |||||||||||||||
Equities | $ | 34,045 | $ | 57,380 | $ | - | $ | 91,425 | |||||||||||
Fixed income | 48,767 | 35,158 | 590 | 84,515 | |||||||||||||||
Real Estate | - | - | 1,940 | 1,940 | |||||||||||||||
Cash | 4,272 | - | - | 4,272 | |||||||||||||||
Total | $ | 87,084 | $ | 92,538 | $ | 2,530 | $ | 182,152 | |||||||||||
Other Postretirement Benefits | Level 1 | Level 2 | Level 3 | Total Assets | |||||||||||||||
Insurance | $ | - | $ | - | $ | 53,875 | $ | 53,875 | |||||||||||
Cash | 321 | - | - | 321 | |||||||||||||||
Total | $ | 321 | $ | - | $ | 53,875 | $ | 54,196 | |||||||||||
Level 3 investments roll forward [Table Text Block] | U.S. Pension Plans | Fixed Income | Total | ||||||||||||||||
Level 3 balance at beginning of year | $ | 463 | $ | 463 | |||||||||||||||
Purchases, sales, issuances and settlements, net | -56 | -56 | |||||||||||||||||
Level 3 balance at end of year | $ | 407 | $ | 407 | |||||||||||||||
Non-U.S. Pension Plans | Fixed Income | Real Estate | Total | ||||||||||||||||
Level 3 balance at beginning of year | $ | 590 | $ | 1,940 | $ | 2,530 | |||||||||||||
Net transfers into / (out of) level 3 | 34 | -15 | 19 | ||||||||||||||||
Net gains | 11 | 340 | 351 | ||||||||||||||||
Currency change effect | -53 | -105 | -158 | ||||||||||||||||
Level 3 balance at end of year | $ | 582 | $ | 2,160 | $ | 2,742 | |||||||||||||
Other Postretirement Benefits | Insurance | Total | |||||||||||||||||
Level 3 balance at beginning of year | $ | 53,875 | $ | 53,875 | |||||||||||||||
Net transfers into / (out of) level 3 | -142 | -142 | |||||||||||||||||
Purchases, sales, issuances and settlements, net | -409 | -409 | |||||||||||||||||
Net gains | 8,656 | 8,656 | |||||||||||||||||
Level 3 balance at end of year | $ | 61,980 | $ | 61,980 |
Financial_Instruments_Table
Financial Instruments (Table) | 12 Months Ended | |||||||
Nov. 29, 2014 | ||||||||
Cross Currency Swaps [Abstract] | ||||||||
Cross Currency Swaps (Table) | Fiscal Year of Expiration | Interest Rate | Notional Value | Fair Value | ||||
Pay EURReceive USD | 2015 | 4.30%4.45% | $98,738 | $5,408 | ||||
Total | $98,738 | $5,408 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Commitments And Contingencies [Abstract] | |||||||||
Operating Leases of Lessee Disclosure [Table Text Block] | Fiscal Year | 2015 | 2016 | 2017 | 2018 | 2019 | Remainder | Total Minimum Lease Payments | |
Operating Leases | $8,408 | $4,236 | $2,341 | $1,264 | $1,007 | $649 | $17,905 | ||
Professional And Contract Services Expense [Text Block] | Year Ended | Year Ended | Year Ended | ||||||
November 29, | November 30, | December 1, | |||||||
2014 | 2013 | 2012 | |||||||
Lawsuits and claims settled | 9 | 6 | 9 | ||||||
Settlement amounts | $ | 843 | $ | 371 | $ | 540 | |||
Insurance payments received or expected to be received | $ | 687 | $ | 279 | $ | 391 |
Fair_Value_Measurements_Table
Fair Value Measurements (Table) | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Fair Value Measurements [Abstract] | |||||||||
Schedule of Fair Value Measurements [Table Text Block] | Fair Value Measurements Using: | ||||||||
November 29, | |||||||||
Description | 2014 | Level 1 | Level 2 | Level 3 | |||||
Assets: | |||||||||
Marketable securities | $ | 748 | $ | 748 | $ | - | $ | - | |
Derivative assets | 1,007 | - | 1,007 | - | |||||
Interest rate swaps | 4,726 | - | 4,726 | - | |||||
Cash-flow hedges | 5,408 | - | 5,408 | - | |||||
Liabilities: | |||||||||
Derivative liabilities | $ | 433 | $ | - | $ | 433 | $ | - | |
Contingent consideration liabilities, continuing operations | 196 | - | - | 196 | |||||
Contingent consideration liabilities, discontinued operations | 5,000 | - | - | 5,000 | |||||
Fair Value Measurements Using: | |||||||||
November 30, | |||||||||
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 liabilities, continuing operations | 566 | - | - | 566 | |||||
Contingent consideration liabilities, discontinued operations | 5,000 | - | - | 5,000 |
Operating_Segments_Tables
Operating Segments (Tables) | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Operating Segments Abstract | ||||||||||||
Segment Reporting | 2014 | 2013 | 2012 | |||||||||
Net revenue | ||||||||||||
Americas Adhesives | $ | 920,679 | $ | 902,573 | $ | 838,615 | ||||||
EIMEA | 719,787 | 733,211 | 672,423 | |||||||||
Asia Pacific | 275,809 | 252,608 | 228,121 | |||||||||
Construction Products | 188,179 | 158,576 | 147,080 | |||||||||
Total | $ | 2,104,454 | $ | 2,046,968 | $ | 1,886,239 | ||||||
Inter-segment sales | ||||||||||||
Americas Adhesives | $ | 23,569 | $ | 22,120 | $ | 26,096 | ||||||
EIMEA | 19,089 | 13,918 | 9,228 | |||||||||
Asia Pacific | 14,402 | 13,034 | 14,818 | |||||||||
Construction Products | 1,474 | 800 | 462 | |||||||||
Segment operating income | ||||||||||||
Americas Adhesives | $ | 103,339 | $ | 123,265 | $ | 112,368 | ||||||
EIMEA | 30,521 | 51,526 | 34,483 | |||||||||
Asia Pacific | 9,317 | 9,771 | 7,356 | |||||||||
Construction Products | 6,664 | 10,940 | 8,334 | |||||||||
Total | $ | 149,841 | $ | 195,502 | $ | 162,541 | ||||||
Depreciation and amortization | ||||||||||||
Americas Adhesives | $ | 22,180 | $ | 20,832 | $ | 18,852 | ||||||
EIMEA | 24,363 | 20,420 | 18,399 | |||||||||
Asia Pacific | 7,230 | 6,522 | 6,238 | |||||||||
Construction Products | 11,751 | 11,021 | 11,001 | |||||||||
Total | $ | 65,524 | $ | 58,795 | $ | 54,490 | ||||||
Total assets1 | ||||||||||||
Americas Adhesives | $ | 474,691 | $ | 471,520 | $ | 465,253 | ||||||
EIMEA | 787,194 | 759,757 | 674,665 | |||||||||
Asia Pacific | 238,627 | 218,471 | 197,999 | |||||||||
Construction Products | 198,276 | 175,489 | 179,508 | |||||||||
Corporate | 168,353 | 245,926 | 267,030 | |||||||||
Discontinued Operations | 1,865 | 1,865 | 1,865 | |||||||||
Total | $ | 1,869,006 | $ | 1,873,028 | $ | 1,786,320 | ||||||
Capital expenditures | ||||||||||||
Americas Adhesives | $ | 18,045 | $ | 26,225 | $ | 15,036 | ||||||
EIMEA | 71,926 | 63,512 | 13,402 | |||||||||
Asia Pacific | 22,377 | 10,150 | 3,511 | |||||||||
Construction Products | 2,073 | 1,737 | 1,762 | |||||||||
Corporate | 25,373 | 22,664 | 2,202 | |||||||||
Total | $ | 139,794 | $ | 124,288 | $ | 35,913 | ||||||
1Segment assets include primarily inventory, accounts receivable, property, plant and equipment and other miscellaneous assets. Corporate assets include primarily corporate property, plant and equipment, deferred tax assets, certain investments and other assets. | ||||||||||||
Reconciliation of segment operating income to income from continuing operations before income taxes and income from equity method investments | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Segment operating income | $ | 149,841 | $ | 195,502 | $ | 162,541 | ||||||
Special charges, net | -51,501 | -45,087 | -52,467 | |||||||||
Asset impairment charges | - | - | -1,517 | |||||||||
Other income (expense), net | 716 | -3,751 | 784 | |||||||||
Interest expense | -19,744 | -19,120 | -19,793 | |||||||||
Income from continuing operations before income taxes and income from equity method investments | $ | 79,312 | $ | 127,544 | $ | 89,548 | ||||||
Financial information about geographic areas | ||||||||||||
Net Revenue | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 878,058 | $ | 855,053 | $ | 802,362 | ||||||
All other countries with less than 10 percent of total | 1,226,396 | 1,191,915 | 1,083,877 | |||||||||
Total | $ | 2,104,454 | $ | 2,046,968 | $ | 1,886,239 | ||||||
Property, Plant and Equipment, net | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 205,412 | $ | 185,260 | $ | 158,973 | ||||||
Germany | 116,301 | 86,335 | 42,434 | |||||||||
All other countries with less than 10 percent of total | 180,921 | 162,792 | 127,609 | |||||||||
Total | $ | 502,634 | $ | 434,387 | $ | 329,016 |
Redeemable_NonControlling_Inte1
Redeemable Non-Controlling Interest (Table) | 12 Months Ended | |||||
Nov. 29, 2014 | ||||||
Redeemable Noncontrolling Interest Table [Abstract] | ||||||
Redeemable Non-Controlling Interest [Table Text Block] | ||||||
2014 | 2013 | |||||
Balance at beginning of year | $ | 4,717 | $ | 3,981 | ||
Net income attributed to redeemable non-controlling interest | 357 | 351 | ||||
Accretion adjustment to redemption value | - | 48 | ||||
Increase in non-controlling shareholder ownership | - | 384 | ||||
Distributions to non-controlling shareholder | - | -244 | ||||
Foreign currency translation adjustment | -420 | 196 | ||||
Balance at end of year | $ | 4,654 | $ | 4,717 |
Quarterly_Data_Tables
Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Nov. 29, 2014 | Nov. 30, 2013 | |||||||||||||||||||||||||
Quarterly Data (unaudited) [Abstract] | ||||||||||||||||||||||||||
Quarterly Data (unaudited) [Table Text Block] | 2014 | ##SL | 2014 | ##SL | ||||||||||||||||||||||
(In thousands, except per share amounts) | Q1 | Q2 | Q3 | Q4 | 1 | (In thousands, except per share amounts) | Q1 | Q2 | Q3 | Q4 | 1 | |||||||||||||||
Net revenue | $ | 485,981 | $ | 544,034 | $ | 526,765 | $ | 547,674 | Net revenue | $ | 485,981 | $ | 544,034 | $ | 526,765 | $ | 547,674 | |||||||||
Gross profit | 133,045 | 142,655 | 125,154 | 132,436 | Gross profit | 133,045 | 142,655 | 125,154 | 132,436 | |||||||||||||||||
Selling, general and administrative expenses | -96,799 | -96,372 | -96,779 | -93,499 | Selling, general and administrative expenses | -96,799 | -96,372 | -96,779 | -93,499 | |||||||||||||||||
Special charges, net | -11,734 | -13,538 | -12,343 | -13,886 | Special charges, net | -11,734 | -13,538 | -12,343 | -13,886 | |||||||||||||||||
Income from continuing operations | $ | 14,649 | $ | 20,626 | $ | 4,084 | $ | 10,792 | Income from continuing operations | $ | 14,649 | $ | 20,626 | $ | 4,084 | $ | 10,792 | |||||||||
Basic Income per share | $ | 0.29 | $ | 0.41 | $ | 0.08 | $ | 0.22 | Basic Income per share | $ | 0.29 | $ | 0.41 | $ | 0.08 | $ | 0.22 | |||||||||
Diluted Income per share | $ | 0.28 | $ | 0.4 | $ | 0.08 | $ | 0.21 | Diluted Income per share | $ | 0.28 | $ | 0.4 | $ | 0.08 | $ | 0.21 | |||||||||
Weighted-average common shares outstanding | Weighted-average common shares outstanding | |||||||||||||||||||||||||
Basic | 49,910 | 49,956 | 50,053 | 50,107 | Basic | 49,910 | 49,956 | 50,053 | 50,107 | |||||||||||||||||
Diluted | 51,255 | 51,175 | 51,297 | 51,296 | Diluted | 51,255 | 51,175 | 51,297 | 51,296 | |||||||||||||||||
1 Includes correction of errors. See Note 16 to the Consolidated Financial Statements. | 1 Includes correction of errors. See Note 16 to the Consolidated Financial Statements. | |||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||
(In thousands, except per share amounts) | Q1 | Q2 | Q3 | Q4 | (In thousands, except per share amounts) | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||
Net revenue | $ | 479,842 | $ | 519,016 | $ | 514,579 | $ | 533,531 | Net revenue | $ | 479,842 | $ | 519,016 | $ | 514,579 | $ | 533,531 | |||||||||
Gross profit | 133,376 | 146,616 | 144,507 | 145,672 | Gross profit | 133,376 | 146,616 | 144,507 | 145,672 | |||||||||||||||||
Selling, general and administrative expenses | -97,640 | -93,806 | -90,604 | -92,619 | Selling, general and administrative expenses | -97,640 | -93,806 | -90,604 | -92,619 | |||||||||||||||||
Special charges, net | -5,333 | -10,843 | -12,775 | -16,136 | Special charges, net | -5,333 | -10,843 | -12,775 | -16,136 | |||||||||||||||||
Income from continuing operations | $ | 20,774 | $ | 26,048 | $ | 27,150 | $ | 22,003 | Income from continuing operations | $ | 20,774 | $ | 26,048 | $ | 27,150 | $ | 22,003 | |||||||||
Basic Income per share | $ | 0.42 | $ | 0.52 | $ | 0.54 | $ | 0.44 | Basic Income per share | $ | 0.42 | $ | 0.52 | $ | 0.54 | $ | 0.44 | |||||||||
Diluted Income per share | $ | 0.41 | $ | 0.51 | $ | 0.53 | $ | 0.42 | Diluted Income per share | $ | 0.41 | $ | 0.51 | $ | 0.53 | $ | 0.42 | |||||||||
Weighted-average common shares outstanding | Weighted-average common shares outstanding | |||||||||||||||||||||||||
Basic | 49,817 | 49,935 | 49,913 | 49,909 | Basic | 49,817 | 49,935 | 49,913 | 49,909 | |||||||||||||||||
Diluted | 51,027 | 51,152 | 51,127 | 51,236 | Diluted | 51,027 | 51,152 | 51,127 | 51,236 |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Revenue Recognition Rebates [Abstract] | |||||||||||
Rebates | $12,428,000 | $11,552,000 | $9,707,000 | ||||||||
Inventories - LIFO [Abstract] | |||||||||||
Percentage of LIFO Inventory | 37.00% | 37.00% | |||||||||
Liquidations of LIFO layers | 0 | 0 | 0 | ||||||||
Investments [Abstract] | |||||||||||
Cash surrender value of life insurance contracts | 7,196,000 | 7,196,000 | |||||||||
Cost method investments | 1,671,000 | 1,674,000 | 1,671,000 | 1,674,000 | |||||||
Impairment of cost method investments | 0 | 0 | 1,517,000 | ||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Capitalized interest costs | 2,725,000 | 1,921,000 | 151,000 | ||||||||
Amortizable intangible assets [Line Items] | |||||||||||
Finite Lived Intangible Asset Useful Life | 16 years | 16 years | |||||||||
Asset Retirement Obligations [Abstract] | |||||||||||
Asset retirement obligation liability | 2,515,000 | 3,236,000 | 2,515,000 | 3,236,000 | |||||||
Earnings Per Share Reconciliation [Line Items] | |||||||||||
Net income attributable to H.B. Fuller | 49,773,000 | 96,761,000 | 125,622,000 | ||||||||
Weighted-average common shares - basic | 50,107,000 | 50,053,000 | 49,956,000 | 49,910,000 | 49,909,000 | 49,913,000 | 49,935,000 | 49,817,000 | 50,006,000 | 49,893,000 | 49,571,000 |
Equivalent Shares From Share Based Compensations Plans | 1,249,000 | 1,243,000 | 1,047,000 | ||||||||
Weighted-average common and common equivalent shares-diluted | 51,296,000 | 51,297,000 | 51,175,000 | 51,255,000 | 51,236,000 | 51,127,000 | 51,152,000 | 51,027,000 | 51,255,000 | 51,136,000 | 50,618,000 |
Antidilutive shares not used in calculating diluted earnings per share calculations | 421,810 | 112,367 | 7,372 | ||||||||
Share Repurchase Program [Abstract] | |||||||||||
Number of shares repurchased | 67,593 | 62,124 | 54,289 | ||||||||
Shares repurchased | 375,000 | 100,000 | |||||||||
Total Value Repurchased Shares | 12,254,000 | 15,292,000 | 2,999,000 | ||||||||
Maximum [Member] | |||||||||||
Amortizable intangible assets [Line Items] | |||||||||||
Finite Lived Intangible Asset Useful Life | 20 years | ||||||||||
Minimum [Member] | |||||||||||
Amortizable intangible assets [Line Items] | |||||||||||
Finite Lived Intangible Asset Useful Life | 3 years | ||||||||||
Building and Improvements [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property Plant And Equipment Useful Life | 40 years | ||||||||||
Building and Improvements [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property Plant And Equipment Useful Life | 20 years | ||||||||||
Machinery and Equipment [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property Plant And Equipment Useful Life | 20 years | ||||||||||
Machinery and Equipment [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property Plant And Equipment Useful Life | 3 years | ||||||||||
Sekisui Fuller Company Ltd [Member] | |||||||||||
Equity Method Investments [Line Items] | |||||||||||
Ownership Percentage | 50.00% | 50.00% | |||||||||
Current Assets | 82,195,000 | 89,053,000 | 82,195,000 | 89,053,000 | |||||||
Noncurrent Assets | 21,257,000 | 21,152,000 | 21,257,000 | 21,152,000 | |||||||
Current Liabilities | 37,021,000 | 42,835,000 | 37,021,000 | 42,835,000 | |||||||
Noncurrent Liabilities | 1,787,000 | 2,090,000 | 1,787,000 | 2,090,000 | |||||||
Revenue | 181,999,000 | 194,705,000 | |||||||||
Gross Profit | 47,955,000 | 54,672,000 | |||||||||
Net Income | $14,024,000 | $16,760,000 |
Acquistions_and_Divestitures_D
Acquistions and Divestitures (Details) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||
Sep. 01, 2012 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | Nov. 29, 2014 | Nov. 29, 2014 | Nov. 29, 2014 | Nov. 29, 2014 | Jun. 02, 2012 | Jun. 02, 2012 | Dec. 01, 2012 | Dec. 01, 2012 | Jun. 01, 2013 | Dec. 01, 2012 | Nov. 29, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | ProSpec [Member] | ProSpec [Member] | ProSpec [Member] | ProSpec [Member] | Forbo Group [Member] | Forbo Group [Member] | Forbo Group [Member] | Forbo Group [Member] | Engent Inc [Member] | Engent Inc [Member] | Plexbond [Member] | Plexbond [Member] | Plexbond [Member] | Plexbond [Member] | Plexbond [Member] | Plexbond [Member] | Plexbond [Member] | |
USD ($) | Developed technology [Members] | Customer relationships [Member] | Trademarks [Member] | USD ($) | CHF | Trademarks [Member] | Other intangibles [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Customer relationships [Member] | Customer relationships [Member] | Non-competition agreements [Member] | Non-competition agreements [Member] | |||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||
Purchase price | $26,183,000 | $403,100,000 | 368,514,000 | $7,881,000 | $10,239,000 | $10,390,000 | |||||||||||||||
Total purchase price net of cash acquired | 26,334,000 | 8,614,000 | 412,606,000 | ||||||||||||||||||
Acquisition related costs | 532,000 | ||||||||||||||||||||
Acquisition Related Financing [Abstract] | |||||||||||||||||||||
Proceeds from long-term debt | 560,000,000 | 107,034,000 | 584,208,000 | ||||||||||||||||||
Purchase price allocation [Abstract] | |||||||||||||||||||||
Current assets | 6,502,000 | 5,179,000 | |||||||||||||||||||
Property, plant and equipment | 7,976,000 | 1,471,000 | 2,275,000 | ||||||||||||||||||
Goodwill | 255,972,000 | 263,103,000 | 254,345,000 | 7,443,000 | 3,626,000 | ||||||||||||||||
Other intangibles | 6,000,000 | 1,500,000 | 4,300,000 | 200,000 | 21,880,000 | 479,000 | 4,094,000 | 3,529,000 | 565,000 | ||||||||||||
Other assets | 608,000 | ||||||||||||||||||||
Current liabilities | -1,738,000 | -3,684,000 | |||||||||||||||||||
Other liabilities | -1,859,000 | ||||||||||||||||||||
Total purchase price | 26,183,000 | 403,100,000 | 368,514,000 | 7,881,000 | 10,239,000 | 10,390,000 | |||||||||||||||
Goodwill purchase price adjustment | 151,000 | ||||||||||||||||||||
Expected life of acquired intangibles in years | 6 years | 9 years | 15 years | 10 years | 8 years | ||||||||||||||||
Goodwill Deductible For Tax Purposes Over Fifteen Years | 7,443,000 | ||||||||||||||||||||
Discontinued Operations Information [Line Items] | |||||||||||||||||||||
Cash proceeds | 118,459,000 | ||||||||||||||||||||
Discontinued operations income statement items | |||||||||||||||||||||
Net revenue | 0 | 0 | 73,143,000 | ||||||||||||||||||
Income from operations | 0 | 0 | 8,235,000 | ||||||||||||||||||
Gain on sale of discontinued operations | 0 | 0 | 66,179,000 | ||||||||||||||||||
Income taxes | 0 | 1,211,000 | -16,846,000 | ||||||||||||||||||
Net Income (loss) from discontinued operations | 0 | 1,211,000 | 57,568,000 | ||||||||||||||||||
Tax on sale | 15,119,000 | ||||||||||||||||||||
Discontinued operations balance sheet items | |||||||||||||||||||||
Current assets of discontinuted operations | 1,865,000 | 1,865,000 | |||||||||||||||||||
Current liabilities of discontinued operations | $5,000,000 | $5,000,000 |
Accounting_for_Sharebased_Comp2
Accounting for Sharebased Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
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 | 33.83% | 47.28% | 51.60% |
Expected volatility (Low) | 31.61% | 39.25% | 48.79% |
Expected volatility (High) | 37.06% | 48.02% | 51.76% |
Risk-free interest rate | 1.52% | 0.77% | 0.71% |
Expected dividend yield | 0.85% | 0.87% | 1.05% |
Weighted-average fair value of grants | $13.82 | $15.05 | $11.52 |
Share-based compensation expense recognition [Abstract] | |||
Share-based compensation expense | $13,376 | $12,317 | $9,728 |
APIC Pool for tax deficiencies | 18,799 | ||
Excess tax benefit recognized | 3,357 | 2,676 | 1,263 |
Unrecognized compensation costs related to unvested stock option awards | 7,303 | ||
The weighted average period over which unrecognized share-based compensation costs are expected to be reported. | 1 year 7 months 6 days | ||
Unrecognized compensation costs related to unvested restricted stock awards | 3,426 | ||
The weighted average period over which unrecognized compensation costs related to unvested restricted stock awards | 1 year 0 months 0 days | ||
Unrecognized compensation costs related to unvested restricted unit awards | 4,668 | ||
The weighted average period over which unrecognized compensation costs related to unvested restricted unit awards | 0 years 10 months 24 days | ||
Summary of option activity [Roll Forward] | |||
Outstanding beginning balance | 2,429,961 | 2,429,750 | |
Granted | 477,606 | 493,173 | |
Exercised | -330,179 | -462,427 | -430,000 |
Forfeited or Cancelled | -42,915 | -30,535 | |
Outstanding ending balance | 2,534,473 | 2,429,961 | 2,429,750 |
Weighted-average exercise price activity [Abstract] | |||
Outstanding beginning balance | $25.74 | $21.63 | |
Granted | $48.06 | $40.07 | |
Exercised | $20.75 | $19.23 | |
Forfeited or Cancelled | $38.59 | $28.57 | |
Outstanding ending balance | $30.39 | $25.74 | $21.63 |
Nonvested Restricted Activity [Line Items] | |||
Nonvested beginning balance | 447,676 | 386,415 | |
Restricted shares granted | 0 | 186,352 | 128,427 |
Vested | -182,337 | -179,857 | |
Forfeited | -9,907 | -5,727 | -20,148 |
Nonvested ending balance | 377,283 | 447,676 | 386,415 |
Fair value of nonvested restricted stock | 8,782 | 6,807 | 4,626 |
Total fair value of nonvested restricted stock | 15,354 | ||
Schedule Of Share Based Compensation Nonemployee Director Stock Award Plan Activity Units [Line Items] | |||
Units outstanding beginning | 373,968 | 407,431 | |
Participant contributions | 18,776 | 16,444 | |
Company match contributions | 17,105 | 15,058 | |
Payouts | -14,999 | -64,965 | |
Units outstanding ending | 394,850 | 373,968 | 407,431 |
Directors Deferred Compensation 10 Percent Match | 0.1 | ||
Other Share Based Activity [Abstract] | |||
Fair values of options granted | 6,599 | 7,425 | 6,318 |
Total intrinsic value of options exercised | 8,915 | 9,842 | 5,191 |
Proceeds received from option exercises | 6,852 | 8,891 | 7,401 |
Repurchased restricted stock shares | 67,593 | 62,124 | 54,289 |
Non Employee Directors [Member] | |||
Schedule Of Share Based Compensation Nonemployee Director Stock Award Plan Activity Units [Line Items] | |||
Units outstanding beginning | 312,680 | 338,769 | |
Participant contributions | 14,347 | 14,145 | |
Company match contributions | 16,613 | 14,802 | |
Payouts | -1,093 | -55,036 | |
Units outstanding ending | 342,547 | 312,680 | |
Deferred compensation units paid as discretionary awards | 15,019 | 11,908 | |
Fair value of company match | 130 | 49 | 78 |
Fair value of discretionary award | 720 | 480 | 560 |
Employees [Member] | |||
Schedule Of Share Based Compensation Nonemployee Director Stock Award Plan Activity Units [Line Items] | |||
Units outstanding beginning | 61,288 | 68,662 | |
Participant contributions | 4,429 | 2,299 | |
Company match contributions | 492 | 256 | |
Payouts | -13,906 | -9,929 | |
Units outstanding ending | 52,303 | 61,288 | |
Fair value of company match | $19 | $8 | $14 |
Nonvested restricted stock units [Member] | |||
Nonvested Restricted Activity [Line Items] | |||
Nonvested beginning balance | 135,231 | 141,184 | |
Restricted shares granted | 126,536 | 62,701 | |
Vested | -68,293 | -66,446 | |
Forfeited | -4,813 | -2,208 | |
Nonvested ending balance | 188,661 | 135,231 | |
Nonvested restricted stock shares [Member] | |||
Nonvested Restricted Activity [Line Items] | |||
Nonvested beginning balance | 312,445 | 245,231 | |
Restricted shares granted | 0 | 186,352 | |
Vested | -114,044 | -113,411 | |
Forfeited | -9,779 | -5,727 | |
Nonvested ending balance | 188,622 | 312,445 | |
Weighted Average Grant Date Fair Value [Member] | |||
Nonvested Restricted Activity [Line Items] | |||
Granted weighted average grant date fair value | $48.84 | $39.66 | |
Vested weighted average grant date fair value | $48.16 | $37.85 | |
Forfeited weighted average grant date fair value | $37.80 | $32.17 | |
Nonvested restricted stock weighted average remaining contractual life (in years) [Member] | |||
Nonvested Restricted Activity [Line Items] | |||
Weighted Average Remaining Contractual Life Beginning | 1 year 2 months 12 days | 0 years 10 months 24 days | |
Weighted Average Remaining Contractual Life Granted | 1 year 2 months 12 days | 1 year 8 months 12 days | |
Weighted Average Remaining Contractual Life Forfeited | 1 year 1 month 6 days | 1 year 4 months 24 days | |
Weighted Average Remaining Contractual Life Vested | 0 years | 0 years | |
Weighted Average Remaining Contractual Life Ending | 1 year 2 months 12 days | 0 years 10 months 24 days | |
Stock Option [Member] | |||
Nonvested Restricted Activity [Line Items] | |||
Maximum Share Based Contractual Term | 10 years | ||
Restricted Stock Shares [Member] | |||
Nonvested Restricted Activity [Line Items] | |||
Vesting Schedule | 33.30% |
Supplemental_Financial_Stateme2
Supplemental Financial Statement Information (Details) (USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Other income (expense), net [Abstract] | |||
Foreign currency transaction gains (losses), net | ($2,546,000) | ($4,106,000) | ($1,204,000) |
Interest income | 344,000 | 737,000 | 1,731,000 |
Gain on disposal of fixed assets | 2,769,000 | 323,000 | 555,000 |
Other, net | 149,000 | -705,000 | -298,000 |
Other income (expense), net | 716,000 | -3,751,000 | 784,000 |
Research and development expense | 21,245,000 | 24,570,000 | 21,254,000 |
Inventories [Abstract] | |||
Raw materials | 133,476,000 | 119,536,000 | |
Finished goods | 140,014,000 | 122,584,000 | |
LIFO reserve | -22,200,000 | -20,583,000 | |
Total inventories | 251,290,000 | 221,537,000 | |
Other Current Assets [Abstract] | |||
Other receivables | 15,059,000 | 20,728,000 | |
Prepaid income taxes | 9,505,000 | 8,604,000 | |
Prepaid taxes other than income taxes | 30,797,000 | 19,957,000 | |
Deferred income tax asset | 20,924,000 | 18,867,000 | |
Prepaid expenses | 12,547,000 | 11,828,000 | |
Assets held for sale | 4,273,000 | 5,062,000 | |
Total other current assets | 93,105,000 | 85,046,000 | |
Property, Plant and Equipment [Abstract] | |||
Land | 65,367,000 | 57,991,000 | |
Buildings and improvements | 293,440,000 | 258,403,000 | |
Machinery and equipment | 710,180,000 | 603,520,000 | |
Construction in progress | 37,364,000 | 112,878,000 | |
Total, at cost | 1,106,351,000 | 1,032,792,000 | |
Accumulated depreciation | -603,717,000 | -598,405,000 | |
Property, plant and equipment, net | 502,634,000 | 434,387,000 | 329,016,000 |
Other Assets [Abstract] | |||
Investments and company owned life insurance | 10,950,000 | 11,963,000 | |
Equity method investments | 37,487,000 | 40,700,000 | |
Cost method investments | 1,671,000 | 1,674,000 | |
Long-term deferred tax asset | 40,142,000 | 28,465,000 | |
Prepaid pension costs | 7,588,000 | 38,363,000 | |
Prepaid postretirement other than pension | 12,054,000 | 6,858,000 | |
Other long-term assets | 39,434,000 | 33,420,000 | |
Total other assets | 149,326,000 | 161,443,000 | |
Income taxes payable [Abstract] | |||
Current Income Taxes Payable | 10,961,000 | 8,936,000 | |
Current deferred income tax liability | 2,800,000 | 1,894,000 | |
Total Income taxes payable | 13,761,000 | 10,830,000 | |
Other accrued expenses [Abstract] | |||
Taxes other than income taxes | 19,427,000 | 17,943,000 | |
Interest | 4,548,000 | 4,471,000 | |
Product liability | 1,691,000 | 1,175,000 | |
Accrued expenses | 25,383,000 | 22,977,000 | |
Total other accrued expenses | 51,049,000 | 46,566,000 | |
Other Liabilities [Abstract] | |||
Asset retirement obligation | 2,515,000 | 3,236,000 | |
Long-term deferred tax liability | 16,718,000 | 20,599,000 | |
Long-term deferred compensation | 5,635,000 | 5,285,000 | |
Postretirement other than pension | 3,146,000 | 3,159,000 | |
Other long-term liabilities | 13,761,000 | 19,556,000 | |
Total other liabilities | 41,775,000 | 51,835,000 | |
Trade Accounts Receivable Allowance [Abstract] | |||
Balance at beginning of year | 8,538,000 | 7,513,000 | 4,272,000 |
Charged to expense | 3,998,000 | 3,267,000 | 3,680,000 |
Write-offs | -1,866,000 | -2,369,000 | -368,000 |
Effect of exchange rates | -424,000 | 127,000 | -71,000 |
Balance at end of year | 10,246,000 | 8,538,000 | 7,513,000 |
Comprehensive Income [Line Items] | |||
Net income including non-controlling interests | 49,773,000 | 96,761,000 | 125,622,000 |
Reclassification to earnings net of tax [Abstract] | |||
Defined benefit pensio plans adjustment net of tax | -36,874,000 | 68,196,000 | -47,283,000 |
Cash-flow hedges, net of tax | 116,000 | 303,000 | -394,000 |
Comprehensive income | -25,253,000 | 164,795,000 | 75,262,000 |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Foreign currency translation adjustment | 11,184,000 | 49,871,000 | 50,802,000 |
Interest rate swap, net of taxes | -53,000 | -94,000 | -135,000 |
Cash-flow hedges, net of taxes | 25,000 | -91,000 | -394,000 |
Defined benefit pension plans adjustment, net of taxes | -158,529,000 | -121,655,000 | -189,851,000 |
Total accumulated other comprehensive income (loss) | -147,373,000 | -71,969,000 | -139,578,000 |
Taxes on interest rate swap | 21,000 | 36,000 | 52,000 |
Tax on cash-flow hedges | 15,000 | 57,000 | 248,000 |
Taxes on defined benefit pension plans adjustment | 84,604,000 | 65,210,000 | 103,661,000 |
Parent [Member] | |||
Other comprehensive income (loss) [Abstract] | |||
Foreign currency translation adjustment | -38,673,000 | -876,000 | -2,985,000 |
Reclassification to earnings: [Abstract] | |||
Defined benefit pension plans adjustment | -56,268,000 | 106,647,000 | -73,358,000 |
Interest Rate swap | 56,000 | 57,000 | 57,000 |
Cash-flow hedges | 158,000 | 494,000 | -642,000 |
Other comprehensive income (loss) | -94,727,000 | 106,322,000 | -76,928,000 |
Other comprehensive income (loss) tax [Abstract] | |||
Foreign currency translation adjustment tax | 0 | 0 | 0 |
Reclassification to earnings tax: [Abstract] | |||
Defined benefit pension plans adjustment tax | 19,394,000 | -38,451,000 | 26,075,000 |
Interest rate swap tax | -15,000 | -16,000 | -16,000 |
Cash-flow hedges tax | -42,000 | -191,000 | 248,000 |
Other comprehensive income (loss) tax | 19,337,000 | -38,658,000 | 26,307,000 |
Other comprehensive (loss) net of tax [Abstract] | |||
Foreign currency translation adjustment net of tax | -38,673,000 | -876,000 | -2,985,000 |
Reclassification to earnings net of tax [Abstract] | |||
Defined benefit pensio plans adjustment net of tax | -36,874,000 | 68,196,000 | -47,283,000 |
Interest rate swap net of tax | 41,000 | 41,000 | 41,000 |
Cash-flow hedges, net of tax | 116,000 | 303,000 | -394,000 |
Other comprehensive income (loss) net of tax | -75,390,000 | 67,664,000 | -50,621,000 |
Comprehensive income | -25,617,000 | 164,425,000 | 75,001,000 |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Foreign currency translation adjustment | 11,205,000 | 49,878,000 | 50,754,000 |
Interest rate swap, net of taxes | -53,000 | -94,000 | -135,000 |
Cash-flow hedges, net of taxes | 25,000 | -91,000 | -394,000 |
Defined benefit pension plans adjustment, net of taxes | -158,529,000 | -121,655,000 | -189,851,000 |
Total accumulated other comprehensive income (loss) | -147,352,000 | -71,962,000 | -139,626,000 |
Non-controlling Interest [Member] | |||
Comprehensive Income [Line Items] | |||
Net income including non-controlling interests | 378,000 | 425,000 | 233,000 |
Other comprehensive income (loss) [Abstract] | |||
Foreign currency translation adjustment | -14,000 | -55,000 | 28,000 |
Reclassification to earnings net of tax [Abstract] | |||
Other comprehensive income (loss) net of tax | -14,000 | -55,000 | 28,000 |
Comprehensive income | 364,000 | 370,000 | 261,000 |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Foreign currency translation adjustment | -21,000 | -7,000 | 48,000 |
Interest rate swap, net of taxes | 0 | 0 | 0 |
Cash-flow hedges, net of taxes | 0 | 0 | 0 |
Defined benefit pension plans adjustment, net of taxes | 0 | 0 | 0 |
Total accumulated other comprehensive income (loss) | ($21,000) | ($7,000) | $48,000 |
Special_Charges_Net_Details
Special Charges, Net (Details) | 12 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | Mar. 03, 2012 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
USD ($) | USD ($) | USD ($) | CHF | Cash costs [Member] | Cash costs [Member] | Cash costs [Member] | Noncash [Member] | Noncash [Member] | Noncash [Member] | Business Integration Project [Member] | Business Integration Project [Member] | Business Integration Project [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Special Charges [Line Items] | |||||||||||||
Profesional services | $7,946 | $8,698 | $24,647 | ||||||||||
Financing availability costs | 0 | 0 | 4,300 | ||||||||||
Foreign currency option contract | 0 | 0 | 841 | ||||||||||
Loss (gain) on foreign currency forward contract | 0 | 0 | -11,621 | ||||||||||
Other related costs | 8,272 | 8,736 | 2,010 | ||||||||||
Workforce reduction costs | 3,233 | 9,784 | 28,087 | ||||||||||
Facility exit costs | 25,187 | 11,804 | 1,033 | 6,863 | 6,065 | 3,170 | 32,050 | 17,869 | 4,203 | ||||
Special charges, net | 51,501 | 45,087 | 52,467 | 51,501 | 45,087 | 52,467 | |||||||
Acquisition Purchase Price Hedging [Abstract] | |||||||||||||
Forward currency contracts for acquisition | 370,000 | ||||||||||||
Restructuring charges [Line Items] | |||||||||||||
Restructuring Reserve | 18,057 | 19,848 | |||||||||||
Restructuring Charges | 3,233 | 9,784 | |||||||||||
Cash payments | -19,911 | -12,595 | |||||||||||
Foreign currency translation adjustment | -363 | 1,020 | |||||||||||
Restructuring Reserve | 1,016 | 18,057 | 19,848 | ||||||||||
Restructuring Costs Included In Accrued Compensation | 17,312 | ||||||||||||
Restructuring Costs Included In Other Liabilities | $745 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Goodwill [Line Items] | |||
Balance at | $263,103,000 | $254,345,000 | |
Currency effect | -14,725,000 | 4,542,000 | |
Balance at | 255,972,000 | 263,103,000 | 254,345,000 |
Amortizable intangible assets [Line Items] | |||
Original cost | 315,961,000 | 321,186,000 | |
Accumulated amortization | -120,566,000 | -102,378,000 | |
Net identifiable intangibles | 195,395,000 | 218,808,000 | |
Finite Lived Intangible Asset Useful Life | 16 years | 16 years | |
Amortization expense | 23,240,000 | 22,508,000 | 18,703,000 |
Future estimated aggregate amortization expense [Abstract] | |||
2015 | 21,049,000 | ||
2016 | 20,747,000 | ||
2017 | 20,459,000 | ||
2018 | 20,087,000 | ||
2019 | 17,748,000 | ||
Thereafter | 95,305,000 | ||
Non-amortizable intangible assets [Abstract] | |||
Trademarks/trade names | 543,000 | 593,000 | |
Purchased Technology And Patents [Member] | |||
Amortizable intangible assets [Line Items] | |||
Original cost | 43,915,000 | 45,710,000 | |
Accumulated amortization | -11,944,000 | -9,706,000 | |
Net identifiable intangibles | 31,971,000 | 36,004,000 | |
Finite Lived Intangible Asset Useful Life | 11 years | 11 years | |
Customer relationships [Member] | |||
Amortizable intangible assets [Line Items] | |||
Original cost | 219,517,000 | 231,696,000 | |
Accumulated amortization | -88,164,000 | -77,192,000 | |
Net identifiable intangibles | 131,353,000 | 154,504,000 | |
Finite Lived Intangible Asset Useful Life | 18 years | 17 years | |
Other intangibles [Member] | |||
Amortizable intangible assets [Line Items] | |||
Original cost | 52,529,000 | 43,780,000 | |
Accumulated amortization | -20,458,000 | -15,480,000 | |
Net identifiable intangibles | 32,071,000 | 28,300,000 | |
Finite Lived Intangible Asset Useful Life | 12 years | 13 years | |
North America Adhesives [Member] | |||
Goodwill [Line Items] | |||
Balance at | 71,325,000 | 72,117,000 | |
Construction Products [Member] | |||
Goodwill [Line Items] | |||
Balance at | 20,780,000 | 13,337,000 | |
EIMEA [Member] | |||
Goodwill [Line Items] | |||
Balance at | 139,666,000 | 151,675,000 | |
Asia Pacific [Member] | |||
Goodwill [Line Items] | |||
Balance at | 24,201,000 | 25,974,000 | |
ProSpec [Member] | |||
Goodwill [Line Items] | |||
Acquitsion | 7,443,000 | 0 | |
Engent [Member] | |||
Goodwill [Line Items] | |||
Acquitsion | 0 | 247,000 | |
Forbo Industrial Adhesives [Member] | |||
Goodwill [Line Items] | |||
Acquitsion | 0 | 343,000 | |
Plexbond Acquisition [Member] | |||
Goodwill [Line Items] | |||
Acquitsion | $151,000 | $3,626,000 |
Notes_Payable_LongTerm_Debt_an2
Notes Payable, Long-Term Debt and Lines of Credit (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 02, 2012 | Nov. 29, 2014 | Nov. 30, 2013 | Feb. 27, 2010 | Dec. 01, 2012 |
Debt and Capital Lease Obligations [Line Items] | |||||
Long-term Debt | $547,735 | $472,315 | |||
Current portion | 0 | 0 | |||
Long term debt, excluding current installments | 547,735 | 472,315 | |||
Long-term debt estimated fair value | 606,194 | 515,287 | |||
Line of Credit Facility [Abstract] | |||||
Revolving credit facility | 300,000 | ||||
Line of credit drawn | -143,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 157,000 | ||||
Line of credit interest rate | LIBOR plus 1.075 percent | ||||
Line of credit facility fee | 0.18% | ||||
Maturities of Long-term Debt [Abstract] | |||||
Repayments in the next twelve months | 0 | ||||
Repayments in year two | 0 | ||||
Repayments in year three | 52,543 | ||||
Repayments in year four | 0 | ||||
Repayments in year five | 143,000 | ||||
Repayments thereafter | 352,192 | ||||
Notes Payable [Abstract] | |||||
Notes Payable, Current | 27,149 | ||||
Short-term Debt, Weighted Average Interest Rate | 11.30% | 8.90% | 11.30% | ||
Debt Instrument Name Revolving Credit Line [Member] | |||||
Debt and Capital Lease Obligations [Line Items] | |||||
Long-term weighted average interest rate | 1.24% | ||||
Loan Maturity Date | 2019 | ||||
Long-term Debt | 143,000 | 0 | |||
Debt Instrument Name Term Loan B [Member] | |||||
Debt and Capital Lease Obligations [Line Items] | |||||
Loan Maturity Date | 2017 | ||||
Long-term Debt | 0 | 66,250 | |||
Debt Instrument Name Senior Notes Series A [Member] | |||||
Debt and Capital Lease Obligations [Line Items] | |||||
Long-term weighted average interest rate | 1.91% | ||||
Loan Maturity Date | 2017 | ||||
Long-term Debt | 17,805 | 18,215 | |||
Original amount | 17,000 | ||||
Original interest rate | 5.13% | ||||
Interest rate description | 6-month LIBOR (in arrears) plus 1.59 percent | ||||
Debt Instrument Name Senior Notes Series B [Member] | |||||
Debt and Capital Lease Obligations [Line Items] | |||||
Long-term weighted average interest rate | 1.79% | ||||
Loan Maturity Date | 2017 | ||||
Long-term Debt | 34,738 | 35,551 | |||
Original amount | 33,000 | ||||
Original interest rate | 5.13% | ||||
Interest rate description | 6-month LIBOR (in arrears) plus 1.47 percent | ||||
Debt Instrument Name Senior Notes Series C [Member] | |||||
Debt and Capital Lease Obligations [Line Items] | |||||
Long-term weighted average interest rate | 3.11% | ||||
Loan Maturity Date | 2020 | ||||
Long-term Debt | 37,192 | 37,299 | |||
Original amount | 35,000 | ||||
Original interest rate | 5.61% | ||||
Interest rate description | 6-month LIBOR (in arrears) plus 1.78 percent | ||||
Debt Instrument Name Senior Notes Series D [Member] | |||||
Debt and Capital Lease Obligations [Line Items] | |||||
Long-term weighted average interest rate | 5.61% | ||||
Loan Maturity Date | 2020 | ||||
Long-term Debt | 65,000 | 65,000 | |||
Original amount | 65,000 | ||||
Original interest rate | 5.61% | ||||
Debt Instrument Name Senior Notes Series E [Member] | |||||
Debt and Capital Lease Obligations [Line Items] | |||||
Long-term weighted average interest rate | 4.12% | ||||
Loan Maturity Date | 2022 | ||||
Long-term Debt | 250,000 | $250,000 | $250,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Changes to gross unrecognized tax benefit | |||
Balance as of the beginning of the year | $5,151,000 | $4,886,000 | |
Current year tax positions additions | 600,000 | 900,000 | |
Prior year tax positions additions | 178,000 | 378,000 | |
Prior year tax positions reductions | -177,000 | -160,000 | |
Prior year tax positions settlements | -13,000 | -105,000 | |
Lapses in applicable statutes of limitation | -952,000 | -748,000 | |
Balance at end of year | 4,787,000 | 5,151,000 | 4,886,000 |
Potential benefits if recognized would affect the effective tax rate | 4,347,000 | ||
Interest and penalties relating to unrecognized tax benefits | 136,000 | 36,000 | |
Net accumulated accrued interest and penalties relating to unrecognized tax benefits | 452,000 | 591,000 | |
Components of the provisions for income tax expense (benefit) [Abstract] | |||
Current U.S. Federal tax expense (benefit) | 8,771,000 | 16,999,000 | 25,637,000 |
Current state tax expense (benefit) | 1,290,000 | 1,372,000 | 2,663,000 |
Current Non-U.S. tax expense (benefit) | 20,133,000 | 11,930,000 | 18,999,000 |
Total current income tax expense (benefit) | 30,194,000 | 30,301,000 | 47,299,000 |
Deferred U.S. federal income tax expense (benefit) | 8,106,000 | 8,101,000 | -12,314,000 |
Deferred state income tax expense (benefit) | 1,069,000 | 2,244,000 | -398,000 |
Deferred non-U.S. income tax expense (benefit) | -5,021,000 | -697,000 | -4,108,000 |
Total deferred income taxes | 4,154,000 | 9,648,000 | -16,820,000 |
Total income taxes | 34,348,000 | 39,949,000 | 30,479,000 |
Deferred income tax balances at each year-end related to [Abstract] | |||
Depreciation and amortization | -47,152,000 | -45,917,000 | |
Employee benefit costs | 45,920,000 | 35,686,000 | |
Foreign tax credit carryforward | 12,355,000 | 14,567,000 | |
Tax loss carryforwards | 21,851,000 | 20,781,000 | |
Other | 24,234,000 | 14,343,000 | |
Total deferred income tax balances before valuation allowance | 57,208,000 | 39,460,000 | |
Valuation allowance | -16,364,000 | -14,621,000 | |
Net deferred tax assets | 40,844,000 | 24,839,000 | |
Change in valuation allowance | 1,743,000 | ||
Foreign Cumulative Tax Losses [Abstract] | |||
Foreign Cumulative Tax Losses Amount | 84,982,000 | ||
Foreign Cumulative Tax Losses Carryforward Indefinitely | 45,039,000 | ||
Foreign cumulative tax losses to be utilized during 2014 to 2021 | 39,943,000 | ||
Foreign Tax Credit Carryforward With Expiration Date | 12,355,000 | ||
Income before income taxes and income from equity method investments [Abstract] | |||
United States income before income taxes and income from equity method investments | 55,567,000 | 81,788,000 | 69,287,000 |
Non-US income before income taxes and income from equity method investments | 23,745,000 | 45,756,000 | 20,261,000 |
Total income before income taxes and income from equity method investments | 79,312,000 | 127,544,000 | 89,548,000 |
Reconciliation of effective income tax rate | |||
Statutory U.S. federal income tax rate | 27,759,000 | 44,641,000 | 31,342,000 |
State income taxes, net of federal benefit | 1,534,000 | 2,351,000 | 1,472,000 |
Foreign dividend repatriation | 760,000 | 467,000 | -9,004,000 |
Foreign operations | -8,287,000 | -12,598,000 | -7,911,000 |
Interest income not taxable in the U.S. | -1,649,000 | -1,789,000 | -1,802,000 |
Change in valuation Tax Allowance | 3,317,000 | 1,819,000 | 5,502,000 |
Tax impact of special charges | 11,773,000 | 5,998,000 | 10,209,000 |
Other Income Tax Reconciliation | -859,000 | -940,000 | 671,000 |
Total income taxes | 34,348,000 | 39,949,000 | 30,479,000 |
Undistributed Earnings [Abstract] | |||
Undistributed earnings of non-U.S. subsidiaries | $421,604,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | Dec. 03, 2011 |
Common Stock [Abstract] | ||||
Common Stock Authorized | 160,000,000 | |||
Common Stock Par Value | $1 | |||
Common stock outstanding | 50,310,803 | 50,228,543 | 49,903,266 | |
Shares repurchased | 375,000 | 100,000 | ||
Total Value Repurchased Shares | $12,254 | $15,292 | $2,999 | |
Stock Repurchase Program Remaining Authorized Repurchase Amount | 61,964 | |||
Beginning balance | 50,228,543 | 49,903,266 | 49,449,579 | |
Exercised | -330,179 | -462,427 | -430,000 | |
Shares Swapped For Stock Option Exercises | 0 | 0 | -3,619 | |
Deferred compensation paid | 9,957 | 51,521 | 19,389 | |
Restricted units vested | 69,624 | 67,828 | 53,927 | |
Restricted shares granted | 0 | 186,352 | 128,427 | |
Shares withheld for taxes | -67,593 | -62,124 | -54,289 | |
Forfeited | -9,907 | -5,727 | -20,148 | |
Shares repurchased under repurchase plan | 375,000 | 100,000 | ||
Ending balance | 50,310,803 | 50,228,543 | 49,903,266 | |
Features of Convertible Preferred Stock [Abstract] | ||||
Preferred Stock, Redemption Price Per Share | $95 | |||
Preferred Stock [Abstract] | ||||
Preferred Stock Shares Authorized | 10,045,900 | |||
Repurchase Of Noncontrolling Interest [Line Items] | ||||
Net income attributable to H.B. Fuller | 49,773 | 96,761 | 125,622 | |
Total Stockholders Equity [Member] | ||||
Repurchase Of Noncontrolling Interest [Line Items] | ||||
Net income attributable to H.B. Fuller | 49,773 | 96,761 | 125,622 | |
Decrease in additional paid-in-capital for repurchase of non-controlling interest | $0 | $0 |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefits (Details) (USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Schedule Of Defined Contribution Plan [Line Items] | |||
Maximum Employee Contribution | 75.00% | ||
Employer match percentage | 4.00% | ||
Annual percentage contribution | 3.00% | ||
401K Contribution | $9,414,000 | $8,022,000 | $6,606,000 |
Defined Contribution Pension Liabilities | 5,989,000 | 5,269,000 | |
Defined Contribution Pension Liabilities | 5,989,000 | 5,269,000 | |
Pension Benefits US Plans [Member] | |||
Change in projected benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 347,668,000 | 394,623,000 | |
Service cost | 93,000 | 106,000 | 90,000 |
Interest cost | 16,086,000 | 14,719,000 | 16,098,000 |
Participant contributions | 0 | 0 | |
Actuarial (gain)/loss | 62,014,000 | -44,510,000 | |
Curtailments | 0 | -796,000 | |
Settlement | 0 | 0 | |
Benefits paid | -17,266,000 | -16,474,000 | |
Currency change effect | 0 | 0 | |
Benefit obligation at end of year | 408,595,000 | 347,668,000 | 394,623,000 |
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 358,233,000 | 332,308,000 | |
Actual return on plan assets | 41,874,000 | 40,905,000 | |
Employer contributions | 1,494,000 | 1,494,000 | |
Participant contributions | 0 | 0 | |
Other Plan Assets | 0 | 0 | |
Plan assets benefits paid | -17,266,000 | -16,474,000 | |
Currency change effect | 0 | ||
Fair value of plan assets at end of year | 384,335,000 | 358,233,000 | 332,308,000 |
Plan assets in excess of (less than) benefit obligation as of year end | -24,260,000 | -10,565,000 | |
Pension Benefits Foreign Pension Plans [Member] | |||
Change in projected benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 206,407,000 | 204,180,000 | |
Service cost | 1,699,000 | 1,799,000 | 1,457,000 |
Interest cost | 7,626,000 | 7,486,000 | 8,222,000 |
Participant contributions | 0 | 0 | |
Actuarial (gain)/loss | 30,312,000 | -3,633,000 | |
Curtailments | -100,000 | 436,000 | |
Settlement | -1,638,000 | -1,325,000 | |
Benefits paid | -8,377,000 | -7,927,000 | |
Currency change effect | -15,713,000 | 6,263,000 | |
Benefit obligation at end of year | 220,216,000 | 206,407,000 | 204,180,000 |
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 182,152,000 | 164,086,000 | 164,086,000 |
Actual return on plan assets | 20,657,000 | 16,473,000 | |
Employer contributions | 7,856,000 | 2,027,000 | |
Participant contributions | 0 | 0 | |
Other Plan Assets | 0 | 0 | |
Plan assets benefits paid | -8,377,000 | -5,871,000 | |
Currency change effect | -14,078,000 | 5,437,000 | |
Fair value of plan assets at end of year | 188,424,000 | 182,152,000 | 164,086,000 |
Plan assets in excess of (less than) benefit obligation as of year end | -32,006,000 | -24,255,000 | |
Pension Benefits Other Postretirement [Member] | |||
Change in projected benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 50,811,000 | 63,206,000 | |
Service cost | 434,000 | 623,000 | 541,000 |
Interest cost | 2,143,000 | 2,133,000 | 2,469,000 |
Participant contributions | 350,000 | 523,000 | |
Actuarial (gain)/loss | 3,948,000 | 11,524,000 | |
Curtailments | 0 | 0 | |
Settlement | 0 | 0 | |
Benefits paid | -3,316,000 | -4,150,000 | |
Currency change effect | 0 | 0 | |
Benefit obligation at end of year | 54,370,000 | 50,811,000 | 63,206,000 |
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 54,196,000 | 42,569,000 | |
Actual return on plan assets | 8,621,000 | 11,964,000 | |
Employer contributions | 3,225,000 | 3,290,000 | |
Participant contributions | 350,000 | 523,000 | |
Other Plan Assets | -350,000 | -523,000 | |
Plan assets benefits paid | -3,316,000 | -4,150,000 | |
Fair value of plan assets at end of year | 63,076,000 | 54,196,000 | 42,569,000 |
Plan assets in excess of (less than) benefit obligation as of year end | 8,706,000 | 3,385,000 | |
Three Percent Match [Member] | |||
Schedule Of Defined Contribution Plan [Line Items] | |||
401K Contribution | 4,742,000 | ||
Four Percent Match [Member] | |||
Schedule Of Defined Contribution Plan [Line Items] | |||
401K Contribution | $4,672,000 |
Pension_and_Postretirement_Ben3
Pension and Postretirement Benefits (Details) 2 (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Statement of financial position as of fiscal year-end [Abstract] | ||
Non-current liabilities | ($67,193) | ($52,922) |
Pension Benefits US Plans [Member] | ||
Amounts in accumulated other comprehensive income that have not been recognized as components of net periodic benefit cost [Abstract] | ||
Unrecognized actuarial loss | 140,009 | 100,579 |
Unrecognized prior service cost (benefit) | 119 | 147 |
Ending balance | 140,128 | 100,726 |
Statement of financial position as of fiscal year-end [Abstract] | ||
Non-current assets | 0 | 29,560 |
Current liabilities | -1,510 | -1,505 |
Non-current liabilities | -22,750 | -17,490 |
Ending balance | -24,260 | 10,565 |
Pension Benefits Foreign Pension Plans [Member] | ||
Amounts in accumulated other comprehensive income that have not been recognized as components of net periodic benefit cost [Abstract] | ||
Unrecognized actuarial loss | 82,598 | 64,290 |
Unrecognized prior service cost (benefit) | -17 | -21 |
Ending balance | 82,581 | 64,269 |
Statement of financial position as of fiscal year-end [Abstract] | ||
Non-current assets | 7,592 | 8,959 |
Current liabilities | -1,248 | -2,711 |
Non-current liabilities | -38,350 | -30,503 |
Ending balance | -32,006 | -24,255 |
Accumulated benefit obligation | 211,488 | 197,750 |
Pension Benefits Other Postretirement [Member] | ||
Amounts in accumulated other comprehensive income that have not been recognized as components of net periodic benefit cost [Abstract] | ||
Unrecognized actuarial loss | 23,348 | 25,988 |
Unrecognized prior service cost (benefit) | -2,546 | -6,317 |
Ending balance | 20,802 | 19,671 |
Statement of financial position as of fiscal year-end [Abstract] | ||
Non-current assets | 12,054 | 6,858 |
Current liabilities | -201 | -314 |
Non-current liabilities | -3,146 | -3,159 |
Ending balance | 8,707 | 3,385 |
Pension Benefits US Plans and Other Postretirement Plans [Member] | ||
Statement of financial position as of fiscal year-end [Abstract] | ||
Accumulated benefit obligation | $445,701 | $385,819 |
Pension_and_Postretirement_Ben4
Pension and Postretirement Benefits (Details) 3 (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Pension Benefits US Plans [Member] | |||
Expected cash flows [Abstract] | |||
Employer contributions for the next fiscal year | $0 | ||
Expected benefit payments in the next fiscal year | 18,108 | ||
Expected benefit payments in two fiscal years | 18,689 | ||
Expected benefit payments in three fiscal years | 19,372 | ||
Expected benefit payments in four fiscal years | 20,000 | ||
Expected benefit payments in five fiscal years | 20,517 | ||
Expected benefit payments thereafter | 110,995 | ||
Net periodic cost (benefit) [Abstract] | |||
Service cost | 93 | 106 | 90 |
Interest cost | 16,086 | 14,719 | 16,098 |
Expected return on assets | -23,865 | -22,720 | -23,758 |
Amorization of Prior service cost | 29 | 49 | 49 |
Amortization of Actuarial (gain)/loss | 4,575 | 6,742 | 3,858 |
Divestitures | 0 | 0 | 0 |
Curtailment (gain)/loss | 0 | 102 | 0 |
Settlement | 0 | 0 | 0 |
Net periodic cost (benefit) | -3,082 | -1,002 | -3,663 |
Pension Benefits Foreign Pension Plans [Member] | |||
Pension plans with accumulated benefit obligations in excess of plan assets [Abstract] | |||
Accumulated benefit obligation | 122,860 | 116,265 | |
Fair value of plan assets | 91,990 | 91,708 | |
Pension plans with projected benefit obligations in excess of plan assets [Abstract] | |||
Projected benefit obligation | 131,588 | 124,922 | |
Fair value of plan assets | 91,990 | 91,708 | |
Expected cash flows [Abstract] | |||
Employer contributions for the next fiscal year | 658 | ||
Expected benefit payments in the next fiscal year | 7,908 | ||
Expected benefit payments in two fiscal years | 8,048 | ||
Expected benefit payments in three fiscal years | 8,374 | ||
Expected benefit payments in four fiscal years | 8,505 | ||
Expected benefit payments in five fiscal years | 8,643 | ||
Expected benefit payments thereafter | 46,852 | ||
Net periodic cost (benefit) [Abstract] | |||
Service cost | 1,699 | 1,799 | 1,457 |
Interest cost | 7,626 | 7,486 | 8,222 |
Expected return on assets | -10,749 | -9,390 | -8,021 |
Amorization of Prior service cost | -4 | -4 | -4 |
Amortization of Actuarial (gain)/loss | 3,056 | 3,778 | 2,487 |
Divestitures | 0 | 0 | 7 |
Curtailment (gain)/loss | 0 | 53 | 46 |
Settlement | 246 | 153 | 65 |
Net periodic cost (benefit) | 1,874 | 3,875 | 4,259 |
Pension Benefits Other Postretirement [Member] | |||
Expected cash flows [Abstract] | |||
Employer contributions for the next fiscal year | 3,000 | ||
Expected benefit payments in the next fiscal year | 3,432 | ||
Expected benefit payments in two fiscal years | 3,452 | ||
Expected benefit payments in three fiscal years | 3,478 | ||
Expected benefit payments in four fiscal years | 3,500 | ||
Expected benefit payments in five fiscal years | 3,524 | ||
Expected benefit payments thereafter | 17,647 | ||
Net periodic cost (benefit) [Abstract] | |||
Service cost | 434 | 623 | 541 |
Interest cost | 2,143 | 2,133 | 2,469 |
Expected return on assets | -4,742 | -3,725 | -3,263 |
Amorization of Prior service cost | -3,771 | -4,134 | -4,693 |
Amortization of Actuarial (gain)/loss | 2,709 | 5,717 | 5,155 |
Divestitures | 0 | 0 | 0 |
Curtailment (gain)/loss | 0 | 0 | 0 |
Settlement | 0 | 0 | 0 |
Net periodic cost (benefit) | -3,227 | 614 | 209 |
Pension Benefits US Plans and Other Postretirement Plans [Member] | |||
Pension plans with accumulated benefit obligations in excess of plan assets [Abstract] | |||
Accumulated benefit obligation | 20,568 | 18,673 | |
Fair value of plan assets | 0 | 0 | |
Pension plans with projected benefit obligations in excess of plan assets [Abstract] | |||
Projected benefit obligation | 408,595 | 18,996 | |
Fair value of plan assets | $384,335 | $0 |
Pension_and_Postretirement_Ben5
Pension and Postretirement Benefits (Details) 4 (USD $) | 12 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 | Dec. 03, 2011 | Nov. 29, 2014 | Mar. 01, 2014 |
Assumed health care trend rates [Abstract] | |||||
Health care cost trend assumed for next year | 6.50% | 7.25% | 7.25% | ||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 5.00% | ||
Fiscal year that the rate reaches the ultimate trend rate | 2018 | 2019 | 2018 | ||
Sensitivity information [Abstract] | |||||
Effect on service and interest cost components - annual increase | $1 | ||||
Effect on service and interest cost components - annual decrease | -106 | ||||
Effect on accumulated postretirement benefit obligation - increase | 29 | ||||
Effect on accumulated postretirement benefit obligation - decrease | -2,598 | ||||
Pension Benefits US Plans [Member] | |||||
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year [Abstract] | |||||
Amortization of prior service cost (benefit) | 29 | ||||
Amortization of net actuarial (gain) loss | 5,628 | ||||
Total amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year | 5,657 | ||||
Weighted-average assumption used to determine benefit obligations [Abstract] | |||||
Benefit obligations discount rate | 4.74% | 3.81% | 4.08% | ||
Benefit obligations rate of compensation increase | 4.50% | 4.50% | 4.50% | ||
Weighted-average assumption used to determine net costs for years ended [Abstract] | |||||
Discount rate for net costs | 3.81% | 5.05% | 4.74% | ||
Expected return on plan assets for net costs | 7.75% | 8.00% | 7.75% | ||
Rate of compensation increase for net costs | 4.50% | 5.00% | 4.50% | ||
Pension Benefits Foreign Pension Plans [Member] | |||||
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year [Abstract] | |||||
Amortization of prior service cost (benefit) | -4 | ||||
Amortization of net actuarial (gain) loss | 3,722 | ||||
Total amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year | 3,718 | ||||
Weighted-average assumption used to determine benefit obligations [Abstract] | |||||
Benefit obligations discount rate | 3.74% | 3.79% | 2.90% | ||
Benefit obligations rate of compensation increase | 1.84% | 1.87% | 1.67% | ||
Weighted-average assumption used to determine net costs for years ended [Abstract] | |||||
Discount rate for net costs | 3.74% | 5.26% | 3.77% | ||
Expected return on plan assets for net costs | 5.96% | 6.08% | 6.17% | 6.17% | |
Rate of compensation increase for net costs | 1.84% | 1.86% | 1.67% | ||
Pension Benefits Other Postretirement [Member] | |||||
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year [Abstract] | |||||
Amortization of prior service cost (benefit) | -2,505 | ||||
Amortization of net actuarial (gain) loss | 2,431 | ||||
Total amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year | -74 | ||||
Weighted-average assumption used to determine benefit obligations [Abstract] | |||||
Benefit obligations discount rate | 4.34% | 3.46% | 3.84% | ||
Weighted-average assumption used to determine net costs for years ended [Abstract] | |||||
Discount rate for net costs | 3.46% | 4.73% | 4.33% | ||
Expected return on plan assets for net costs | 8.75% | 8.75% | 8.75% | ||
Pension Benefits US Plan [Member] | |||||
Weighted-average assumption used to determine benefit obligations [Abstract] | |||||
Benefit obligations discount rate | 4.77% | 3.83% | 4.10% | ||
Pension Benefits US Plans and Other Postretirement Plans [Member] | |||||
Weighted-average assumption used to determine benefit obligations [Abstract] | |||||
Benefit obligations rate of compensation reduction | 318 | ||||
Weighted-average assumption used to determine net costs for years ended [Abstract] | |||||
Expected return on plan assets for net costs change | $2,062 | ||||
Pension Benefits Germany Pension Plans [Member] | |||||
Weighted-average assumption used to determine net costs for years ended [Abstract] | |||||
Expected return on plan assets for net costs | 5.75% | ||||
Pension Benefits United Kingdom Pension Plans [Member] | |||||
Weighted-average assumption used to determine net costs for years ended [Abstract] | |||||
Expected return on plan assets for net costs | 6.60% |
Pension_and_Postretirement_Ben6
Pension and Postretirement Benefits (Details) 5 (USD $) | 12 Months Ended | |||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 03, 2011 | Dec. 01, 2012 | |
Pension Benefits US Plans [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 100.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 100.00% | 100.00% | ||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | $358,233,000 | $332,308,000 | ||
Currency change effect | 0 | |||
Fair value of plan assets at end of year | 384,335,000 | 358,233,000 | ||
Pension Benefits US Plans [Member] | Equities [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 60.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 60.20% | 61.90% | ||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 221,714,000 | |||
Fair value of plan assets at end of year | 231,364,000 | |||
Pension Benefits US Plans [Member] | Fixed Income [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 40.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 38.90% | 37.30% | ||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 133,799,000 | |||
Fair value of plan assets at end of year | 149,639,000 | |||
Pension Benefits US Plans [Member] | Real Estate Funds [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 0.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 0.00% | 0.00% | ||
Pension Benefits US Plans [Member] | Insurance [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 0.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 0.00% | 0.00% | ||
Pension Benefits US Plans [Member] | Cash [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 0.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 0.90% | 0.80% | ||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 2,720,000 | |||
Fair value of plan assets at end of year | 3,332,000 | |||
Pension Benefits US Plans [Member] | Defined Benefit Plans Fair Value Level 1 [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 169,422,000 | 186,413,000 | ||
Pension Benefits US Plans [Member] | Defined Benefit Plans Fair Value Level 1 [Member] | Equities [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 138,308,000 | 132,768,000 | ||
Pension Benefits US Plans [Member] | Defined Benefit Plans Fair Value Level 1 [Member] | Fixed Income [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 27,782,000 | 50,925,000 | ||
Pension Benefits US Plans [Member] | Defined Benefit Plans Fair Value Level 1 [Member] | Cash [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 3,332,000 | 2,720,000 | ||
Pension Benefits US Plans [Member] | Defined Benefit Plans Fair Value Level 2 [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 214,506,000 | 171,357,000 | ||
Pension Benefits US Plans [Member] | Defined Benefit Plans Fair Value Level 2 [Member] | Equities [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 93,056,000 | 88,946,000 | ||
Pension Benefits US Plans [Member] | Defined Benefit Plans Fair Value Level 2 [Member] | Fixed Income [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 121,450,000 | 82,411,000 | ||
Pension Benefits US Plans [Member] | Defined Benefit Plans Fair Value Level 2 [Member] | Cash [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 0 | 0 | ||
Pension Benefits US Plans [Member] | Defined Benefit Plans Fair Value Level 3 [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 463,000 | |||
Purchase, sales, issuances and settlements, net | -56,000 | |||
Fair value of plan assets at end of year | 407,000 | |||
Pension Benefits US Plans [Member] | Defined Benefit Plans Fair Value Level 3 [Member] | Equities [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 0 | 0 | ||
Pension Benefits US Plans [Member] | Defined Benefit Plans Fair Value Level 3 [Member] | Fixed Income [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 463,000 | |||
Purchase, sales, issuances and settlements, net | -56,000 | |||
Fair value of plan assets at end of year | 407,000 | |||
Pension Benefits US Plans [Member] | Defined Benefit Plans Fair Value Level 3 [Member] | Cash [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 0 | 0 | ||
Pension Benefits Foreign Pension Plans [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 100.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 100.00% | 100.00% | ||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 182,152,000 | 164,086,000 | 164,086,000 | |
Currency change effect | 14,078,000 | -5,437,000 | ||
Fair value of plan assets at end of year | 188,424,000 | 182,152,000 | 164,086,000 | |
Pension Benefits Foreign Pension Plans [Member] | Equities [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 50.40% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 49.80% | 50.20% | ||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 91,425,000 | |||
Fair value of plan assets at end of year | 93,866,000 | |||
Pension Benefits Foreign Pension Plans [Member] | Fixed Income [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 48.20% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 46.70% | 46.40% | ||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 84,515,000 | |||
Fair value of plan assets at end of year | 87,934,000 | |||
Pension Benefits Foreign Pension Plans [Member] | Real Estate Funds [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 1.40% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 1.10% | 1.10% | ||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 1,940,000 | |||
Fair value of plan assets at end of year | 2,160,000 | |||
Pension Benefits Foreign Pension Plans [Member] | Insurance [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 0.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 0.00% | 0.00% | ||
Pension Benefits Foreign Pension Plans [Member] | Cash [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 0.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 2.40% | 2.30% | ||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 4,272,000 | |||
Fair value of plan assets at end of year | 4,464,000 | |||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 1 [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 87,172,000 | 87,084,000 | ||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 1 [Member] | Equities [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 34,362,000 | 34,045,000 | ||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 1 [Member] | Fixed Income [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 48,346,000 | 48,767,000 | ||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 1 [Member] | Real Estate Funds [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 0 | 0 | ||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 1 [Member] | Cash [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 4,464,000 | 4,272,000 | ||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 2 [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 98,510,000 | 92,538,000 | ||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 2 [Member] | Equities [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 59,504,000 | 57,380,000 | ||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 2 [Member] | Fixed Income [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 39,006,000 | 35,158,000 | ||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 2 [Member] | Real Estate Funds [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 0 | 0 | ||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 2 [Member] | Cash [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 0 | 0 | ||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 3 [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 2,530,000 | |||
Net transfers into/(out of) level 3 | 19,000 | |||
Currency change effect | -158,000 | |||
Defined Benefit Plan Net Gains Losses | 351,000 | |||
Fair value of plan assets at end of year | 2,742,000 | |||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 3 [Member] | Equities [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 0 | 0 | ||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 3 [Member] | Fixed Income [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 590,000 | |||
Net transfers into/(out of) level 3 | 34,000 | |||
Currency change effect | -53,000 | |||
Defined Benefit Plan Net Gains Losses | 11,000 | |||
Fair value of plan assets at end of year | 582,000 | |||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 3 [Member] | Real Estate Funds [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 1,940,000 | |||
Net transfers into/(out of) level 3 | -15,000 | |||
Currency change effect | -105,000 | |||
Defined Benefit Plan Net Gains Losses | 340,000 | |||
Fair value of plan assets at end of year | 2,160,000 | |||
Pension Benefits Foreign Pension Plans [Member] | Defined Benefit Plans Fair Value Level 3 [Member] | Cash [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 0 | 0 | ||
Pension Benefits Other Postretirement [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 100.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 100.00% | 100.00% | ||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 54,196,000 | 42,569,000 | ||
Fair value of plan assets at end of year | 63,076,000 | 42,569,000 | ||
Pension Benefits Other Postretirement [Member] | Equities [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 0.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 0.00% | 0.00% | ||
Pension Benefits Other Postretirement [Member] | Fixed Income [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 0.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 0.00% | 0.00% | ||
Pension Benefits Other Postretirement [Member] | Real Estate Funds [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 0.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 0.00% | 0.00% | ||
Pension Benefits Other Postretirement [Member] | Insurance [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 100.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 98.30% | 99.40% | ||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 53,875,000 | |||
Fair value of plan assets at end of year | 61,980,000 | |||
Pension Benefits Other Postretirement [Member] | Cash [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 0.00% | |||
Percentage of plan assets at year-end [Abstract] | ||||
Percentage of plan assets at year-end | 1.70% | 0.60% | ||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 321,000 | |||
Fair value of plan assets at end of year | 1,096,000 | |||
Pension Benefits Other Postretirement [Member] | Defined Benefit Plans Fair Value Level 1 [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 1,096,000 | 321,000 | ||
Pension Benefits Other Postretirement [Member] | Defined Benefit Plans Fair Value Level 1 [Member] | Insurance [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 0 | 0 | ||
Pension Benefits Other Postretirement [Member] | Defined Benefit Plans Fair Value Level 1 [Member] | Cash [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 1,096,000 | 321,000 | ||
Pension Benefits Other Postretirement [Member] | Defined Benefit Plans Fair Value Level 2 [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 0 | 0 | ||
Pension Benefits Other Postretirement [Member] | Defined Benefit Plans Fair Value Level 2 [Member] | Insurance [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 0 | 0 | ||
Pension Benefits Other Postretirement [Member] | Defined Benefit Plans Fair Value Level 2 [Member] | Cash [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | 0 | 0 | ||
Pension Benefits Other Postretirement [Member] | Defined Benefit Plans Fair Value Level 3 [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 53,875,000 | |||
Purchase, sales, issuances and settlements, net | -409,000 | |||
Net transfers into/(out of) level 3 | -142,000 | |||
Defined Benefit Plan Net Gains Losses | 8,656,000 | |||
Fair value of plan assets at end of year | 61,980,000 | |||
Pension Benefits Other Postretirement [Member] | Defined Benefit Plans Fair Value Level 3 [Member] | Insurance [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at beginning of year | 53,875,000 | |||
Purchase, sales, issuances and settlements, net | -409,000 | |||
Net transfers into/(out of) level 3 | -142,000 | |||
Defined Benefit Plan Net Gains Losses | 8,656,000 | |||
Fair value of plan assets at end of year | 61,980,000 | |||
Pension Benefits Other Postretirement [Member] | Defined Benefit Plans Fair Value Level 3 [Member] | Cash [Member] | ||||
Defined benefit plan fair value level 3 investment Roll forward [Abstract] | ||||
Fair value of plan assets at end of year | $0 | $0 | ||
Pension Benefits US Plan [Member] | Equities [Member] | ||||
Target asset allocations [Abstract] | ||||
Target asset allocations | 8.50% |
Financial_Instruments_Details
Financial Instruments (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | Mar. 03, 2012 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | Nov. 29, 2014 | Dec. 01, 2012 | 28-May-11 | Nov. 29, 2014 | Nov. 30, 2013 | Jun. 02, 2012 | |
USD ($) | USD ($) | USD ($) | CHF | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Second Cross Currency Swap [Member] | Foreign Exchange Option [Member] | Foreign Exchange Option [Member] | Currency Swap [Member] | Currency Swap [Member] | Currency Swap [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Financial instruments gain loss [Line Items] | |||||||||||||
Foreign currency | $574,000 | ($865,000) | $126,000 | ||||||||||
Forward currency contracts for acquisition | 370,000,000 | ||||||||||||
Notional amount foreign currency option | 98,738,000 | 100,000,000 | 151,598,000 | ||||||||||
Fair value of derivitive expensed | 841,000 | ||||||||||||
Value of hedged item in a fair value hedge | 75,000,000 | ||||||||||||
Change in Fair Value of Senior Notes | 4,735,000 | 6,065,000 | |||||||||||
The fair values of the swaps (assets) in total | 4,726,000 | 5,930,000 | |||||||||||
Hedge ineffectiveness | 126,000 | -746,000 | 362,000 | ||||||||||
Cross Currency Swaps [Abstract] | |||||||||||||
Derivative Notional Amounts | 98,738,000 | 100,000,000 | 151,598,000 | ||||||||||
Foreign Currency Cash Flow Hedge Liability At Fair Value | 4,801,000 | ||||||||||||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 5,408,000 | ||||||||||||
Cross currency hedge ineffectiveness | -10,000 | 58,000 | |||||||||||
Cross currency amount in AOCI | $116,000 | $303,000 | ($394,000) | ($25,000) | ($91,000) | ||||||||
Fiscal year of expiration | 2015 | ||||||||||||
Interest rate minimum | 4.30% | ||||||||||||
Interest rate maximum | 4.45% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Operating Leases [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Current | $8,408 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 4,236 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 2,341 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 1,264 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 1,007 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 649 | ||
Operating Leases, Future Minimum Payments Due | 17,905 | ||
Operating Leases, Rent Expense | 14,481 | 12,716 | 11,117 |
Asbestos Related Lawsuits And Claims [Member] | |||
Product Liability Contingency [Line Items] | |||
Lawsuits and claims settled | 9 | 6 | 9 |
Settlement amounts | 843 | 371 | 540 |
Insurance Payments Received Or Expected To Be Received | $687 | $279 | $391 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Fair Value Of Assets And Liabilities Measured On A Nonrecurring Basis [Line Items] | |||
Asset impairment charges | $0 | $0 | $1,517,000 |
Assets | |||
Marketable securities | 748,000 | 28,786,000 | |
Derivative assets | 1,007,000 | 533,000 | |
Interest rate swaps | 4,726,000 | 5,930,000 | |
Cash-flow hedges | 5,408,000 | ||
Liabilities [Abstract] | |||
Derivative liabilities | 433,000 | 1,399,000 | |
Cash-flow hedges | 4,801,000 | ||
Contingent consideration liability, continuing operations | 196,000 | 566,000 | |
Contingent consideration liability, discontinued operations | 5,000,000 | 5,000,000 | |
Fair Value Inputs Level 1 [Member] | |||
Assets | |||
Marketable securities | 748,000 | 28,786,000 | |
Derivative assets | 0 | 0 | |
Interest rate swaps | 0 | 0 | |
Cash-flow hedges | 0 | ||
Liabilities [Abstract] | |||
Derivative liabilities | 0 | 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 | 1,007,000 | 533,000 | |
Interest rate swaps | 4,726,000 | 5,930,000 | |
Cash-flow hedges | 5,408,000 | ||
Liabilities [Abstract] | |||
Derivative liabilities | 433,000 | 1,399,000 | |
Cash-flow hedges | 4,801,000 | ||
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 | |
Contingent consideration liability, continuing operations | 196,000 | 566,000 | |
Contingent consideration liability, discontinued operations | $5,000,000 | $5,000,000 |
Operating_Segments_Details
Operating Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Segment Reporting [Line Items] | |||||||||||
Net revenue | $547,674,000 | $526,765,000 | $544,034,000 | $485,981,000 | $533,531,000 | $514,579,000 | $519,016,000 | $479,842,000 | $2,104,454,000 | $2,046,968,000 | $1,886,239,000 |
Segment operating income | 149,841,000 | 195,502,000 | 162,541,000 | ||||||||
Depreciation and amortization | 65,524,000 | 58,795,000 | 54,490,000 | ||||||||
Total assets | 1,869,006,000 | 1,873,028,000 | 1,869,006,000 | 1,873,028,000 | 1,786,320,000 | ||||||
Capital expenditures | 139,794,000 | 124,288,000 | 35,913,000 | ||||||||
Construction Products [Member] | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net revenue | 188,179,000 | 158,576,000 | 147,080,000 | ||||||||
Inter-segment sales | 1,474,000 | 800,000 | 462,000 | ||||||||
Segment operating income | 6,664,000 | 10,940,000 | 8,334,000 | ||||||||
Depreciation and amortization | 11,751,000 | 11,021,000 | 11,001,000 | ||||||||
Total assets | 198,276,000 | 175,489,000 | 198,276,000 | 175,489,000 | 179,508,000 | ||||||
Capital expenditures | 2,073,000 | 1,737,000 | 1,762,000 | ||||||||
EIMEA [Member] | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net revenue | 719,787,000 | 733,211,000 | 672,423,000 | ||||||||
Inter-segment sales | 19,089,000 | 13,918,000 | 9,228,000 | ||||||||
Segment operating income | 30,521,000 | 51,526,000 | 34,483,000 | ||||||||
Depreciation and amortization | 24,363,000 | 20,420,000 | 18,399,000 | ||||||||
Total assets | 787,194,000 | 759,757,000 | 787,194,000 | 759,757,000 | 674,665,000 | ||||||
Capital expenditures | 71,926,000 | 63,512,000 | 13,402,000 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net revenue | 275,809,000 | 252,608,000 | 228,121,000 | ||||||||
Inter-segment sales | 14,402,000 | 13,034,000 | 14,818,000 | ||||||||
Segment operating income | 9,317,000 | 9,771,000 | 7,356,000 | ||||||||
Depreciation and amortization | 7,230,000 | 6,522,000 | 6,238,000 | ||||||||
Total assets | 238,627,000 | 218,471,000 | 238,627,000 | 218,471,000 | 197,999,000 | ||||||
Capital expenditures | 22,377,000 | 10,150,000 | 3,511,000 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Total assets | 168,353,000 | 245,926,000 | 168,353,000 | 245,926,000 | 267,030,000 | ||||||
Capital expenditures | 25,373,000 | 22,664,000 | 2,202,000 | ||||||||
Discontinuted Operations [Member] | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Total assets | 1,865,000 | 1,865,000 | 1,865,000 | 1,865,000 | 1,865,000 | ||||||
Americas Adhesives [Member] | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net revenue | 920,679,000 | 902,573,000 | 838,615,000 | ||||||||
Inter-segment sales | 23,569,000 | 22,120,000 | 26,096,000 | ||||||||
Segment operating income | 103,339,000 | 123,265,000 | 112,368,000 | ||||||||
Depreciation and amortization | 22,180,000 | 20,832,000 | 18,852,000 | ||||||||
Total assets | 474,691,000 | 471,520,000 | 474,691,000 | 471,520,000 | 465,253,000 | ||||||
Capital expenditures | $18,045,000 | $26,225,000 | $15,036,000 |
Operating_Segments_Details_2
Operating Segments (Details) 2 (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Operating Segments | |||||||||||
Segment operating income | $149,841 | $195,502 | $162,541 | ||||||||
Special charges | -13,886 | -12,343 | -13,538 | -11,734 | -16,136 | -12,775 | -10,843 | -5,333 | -51,501 | -45,087 | -52,467 |
Asset impairment charges | 0 | 0 | -1,517 | ||||||||
Other Operating Income (Expense), Net | 716 | -3,751 | 784 | ||||||||
Interest expense | -19,744 | -19,120 | -19,793 | ||||||||
Income from continuing operations before income taxes and income from equity method investments | 79,312 | 127,544 | 89,548 | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment, net | 502,634 | 434,387 | 502,634 | 434,387 | 329,016 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 878,058 | 855,053 | 802,362 | ||||||||
Property, plant and equipment, net | 205,412 | 185,260 | 205,412 | 185,260 | 158,973 | ||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment, net | 116,301 | 86,335 | 116,301 | 86,335 | 42,434 | ||||||
All other countries with less than 10 percent of total | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,226,396 | 1,191,915 | 1,083,877 | ||||||||
Property, plant and equipment, net | $180,921 | $162,792 | $180,921 | $162,792 | $127,609 |
Redeemable_NonControlling_Inte2
Redeemable Non-Controlling Interest (Details) | 12 Months Ended | |||
Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Sep. 01, 2012 | |
USD ($) | USD ($) | EUR (€) | EUR (€) | |
Redeemable Non Controlling Activity [Abstract] | ||||
Redemption option minimum | € 3,500,000 | |||
Current redemption value of the option | 3,500,000 | |||
Balance of redeemable non-controlling interest | 4,717,000 | 3,981,000 | ||
Net income (loss) attributed to redeemable non-controlling interest | 357,000 | 351,000 | ||
Accretion adjustment to redemption value | 0 | 48,000 | ||
Increase in non-controlling shareholder ownership | 0 | 384,000 | ||
Distributions to non-controlling shareholder | 0 | -244,000 | ||
Foreign currency translation adjustment | -420,000 | 196,000 | ||
Balance of redeemable non-controlling interest | $4,654,000 | $4,717,000 |
Correction_of_Errors_Details
Correction of Errors (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Nov. 29, 2014 |
Current Period Error Corrections Balance Sheet | $1,643 |
Current Period Error Correction Income Statement | 1,643 |
Other Assets Error Corrections [Member] | |
Current Period Error Corrections Balance Sheet | 6,069 |
Accumulated Other Comprehensive Income Loss Error Correction [Member] | |
Current Period Error Corrections Balance Sheet | $6,069 |
Subsequent_Event_Details
Subsequent Event (Details) | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 29, 2014 | Nov. 29, 2014 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Continental [Member] | Tonson [Member] | Debt Instrument Name Term Loan 10-31-14 [Member] |
EUR (€) | USD ($) | USD ($) | |||
Subsequent Event [Line Items] | |||||
Purchase price | € 1,700 | $230,000 | |||
Long-term Debt | 547,735 | 472,315 | 300,000 | ||
Repayments Of Lines Of Credit | $70,000 |
Quarterly_Data_Details
Quarterly Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Quarterly Data (unaudited) [Abstract] | |||||||||||
Net revenue | $547,674,000 | $526,765,000 | $544,034,000 | $485,981,000 | $533,531,000 | $514,579,000 | $519,016,000 | $479,842,000 | $2,104,454,000 | $2,046,968,000 | $1,886,239,000 |
Gross profit | 132,436,000 | 125,154,000 | 142,655,000 | 133,045,000 | 145,672,000 | 144,507,000 | 146,616,000 | 133,376,000 | 533,290,000 | 570,171,000 | 517,276,000 |
Selling, general and administrative expenses | -93,499,000 | -96,779,000 | -96,372,000 | -96,799,000 | -92,619,000 | -90,604,000 | -93,806,000 | -97,640,000 | -383,449,000 | -374,669,000 | -354,735,000 |
Special charges | -13,886,000 | -12,343,000 | -13,538,000 | -11,734,000 | -16,136,000 | -12,775,000 | -10,843,000 | -5,333,000 | -51,501,000 | -45,087,000 | -52,467,000 |
Asset impairment charges | 0 | 0 | -1,517,000 | ||||||||
Income from continuing operations | $10,792,000 | $4,084,000 | $20,626,000 | $14,649,000 | $22,003,000 | $27,150,000 | $26,048,000 | $20,774,000 | $50,151,000 | $95,975,000 | $68,287,000 |
Income from continuing operations - basic | $0.22 | $0.08 | $0.41 | $0.29 | $0.44 | $0.54 | $0.52 | $0.42 | $1 | $1.92 | $1.37 |
Income from continuing operations - diluted | $0.21 | $0.08 | $0.40 | $0.28 | $0.42 | $0.53 | $0.51 | $0.41 | $0.97 | $1.87 | $1.34 |
Weighted Average Number Of Shares Outstanding Basic And Diluted [Abstract] | |||||||||||
Basic | 50,107,000 | 50,053,000 | 49,956,000 | 49,910,000 | 49,909,000 | 49,913,000 | 49,935,000 | 49,817,000 | 50,006,000 | 49,893,000 | 49,571,000 |
Diluted | 51,296,000 | 51,297,000 | 51,175,000 | 51,255,000 | 51,236,000 | 51,127,000 | 51,152,000 | 51,027,000 | 51,255,000 | 51,136,000 | 50,618,000 |