Document and Entity Information
Document and Entity Information - May. 30, 2015 - shares | Total |
Document And Entity Information [Abstract] | |
Document type | 10-Q |
Document period end date | May 30, 2015 |
Amendment flag | false |
Entity registrant name | FULLER H B CO |
Entity central index key | 39,368 |
Entity current reporting status | Yes |
Entity voluntary filers | No |
Current fiscal year end date | --11-28 |
Entity filer category | Large Accelerated Filer |
Entity well known seasoned issuer | Yes |
Entity common stock shares outstanding | 50,514,295 |
Document fiscal year focus | 2,015 |
Document fiscal period focus | Q2 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
May. 30, 2015 | May. 29, 2014 | May. 30, 2015 | May. 31, 2014 | |
Consolidated Statements of Income | ||||
Net revenue | $ 540,762,000 | $ 544,034,000 | $ 1,011,423,000 | $ 1,030,015,000 |
Cost of sales | (391,825,000) | (401,379,000) | (746,280,000) | (754,315,000) |
Gross profit | 148,937,000 | 142,655,000 | 265,143,000 | 275,700,000 |
Selling, general and administrative expenses | (100,582,000) | (96,372,000) | (195,415,000) | (193,171,000) |
Special charges, net | (934,000) | (13,538,000) | (3,295,000) | (25,272,000) |
Asset impairment charges | 0 | 0 | ||
Other income (expense), net | (569,000) | (204,000) | (206,000) | (1,254,000) |
Interest expense | (6,215,000) | (4,760,000) | (12,317,000) | (8,886,000) |
Income from continuing operations before income taxes and income from equity method investments | 40,637,000 | 27,781,000 | 53,910,000 | 47,117,000 |
Income taxes | (15,387,000) | (8,838,000) | (20,156,000) | (15,379,000) |
Income from equity method investments | 1,366,000 | 1,683,000 | 2,657,000 | 3,537,000 |
Income from continuing operations | 26,616,000 | 20,626,000 | 36,411,000 | 35,275,000 |
(Income) loss from discontinued operations, net of tax | (1,300,000) | 0 | (1,300,000) | 0 |
Net income including non-controlling interests | 25,316,000 | 20,626,000 | 35,111,000 | 35,275,000 |
Non-controlling interest | (144,000) | (89,000) | (229,000) | (167,000) |
Net income attributable to H.B. Fuller | $ 25,172,000 | $ 20,537,000 | $ 34,882,000 | $ 35,108,000 |
Earnings per share attributable to H.B. Fuller common stockholders: | ||||
Income from continuing operations, basic share | $ 0.53 | $ 0.41 | $ 0.72 | $ 0.7 |
Income (loss) from discontinued operations, basic share | (0.03) | 0 | (0.03) | 0 |
Basic earnings per share | 0.5 | 0.41 | 0.69 | 0.7 |
Income from continuing operations, diluted share | 0.51 | 0.4 | 0.7 | 0.69 |
Income (loss) from discontinued operations, diluted share | (0.03) | 0 | (0.03) | 0 |
Diluted earnings per share | $ 0.49 | $ 0.4 | $ 0.68 | $ 0.69 |
Weighted-average common shares outstanding: | ||||
Basic | 50,345 | 49,956 | 50,267 | 49,933 |
Diluted | 51,471 | 51,175 | 51,425 | 51,215 |
Dividends declared per common share | $ 0.13 | $ 0.12 | $ 0.25 | $ 0.22 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
May. 30, 2015 | May. 29, 2014 | May. 30, 2015 | May. 31, 2014 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income including non-controlling interests | $ 25,316,000 | $ 20,626,000 | $ 35,111,000 | $ 35,275,000 |
Other comprehensive income | ||||
Foreign currency translation | (4,651,000) | (1,377,000) | (37,920,000) | (830,000) |
Defined benefit pension plans adjustment, net of tax | 1,528,000 | 1,021,000 | 3,055,000 | 2,039,000 |
Interest rate swap, net of tax | 10,000 | 10,000 | 20,000 | 20,000 |
Cash-flow hedges, net of taxes | 0 | 29,000 | (25,000) | 32,000 |
Other comprehensive income (loss) | (3,113,000) | (317,000) | (34,870,000) | 1,261,000 |
Comprehensive income (loss) | 22,203,000 | 20,309,000 | 241,000 | 36,536,000 |
Comprehensive income attributable to non-controlling interests | 218,000 | 97,000 | 313,000 | 164,000 |
Comprehensive income (loss) attributable to H.F. Fuller | $ 21,985,000 | $ 20,212,000 | $ (72,000) | $ 36,372,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | May. 30, 2015 | Nov. 29, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 79,463,000 | $ 77,569,000 |
Trade receivables, net of allowances | 356,409,000 | 341,307,000 |
Inventories | 265,620,000 | 251,290,000 |
Other current assets | 90,518,000 | 93,105,000 |
Current assets of discontinued operations | 2,706,000 | 1,865,000 |
Total current assets | 794,716,000 | 765,136,000 |
Property, plant and equipment | 1,129,060,000 | 1,106,506,000 |
Accumulated depreciation | (596,326,000) | (603,872,000) |
Property, plant and equipment, net | 532,734,000 | 502,634,000 |
Goodwill | 401,012,000 | 255,972,000 |
Other intangibles, net | 218,415,000 | 195,938,000 |
Other assets | 143,882,000 | 149,326,000 |
Long-term assets of discontinued operations | 0 | 0 |
Total assets | 2,090,759,000 | 1,869,006,000 |
Current liabilities: | ||
Notes payable | 36,527,000 | 27,149,000 |
Current maturities of long-term debt | 18,750,000 | 0 |
Trade payables | 191,930,000 | 174,494,000 |
Accrued compensation | 41,909,000 | 45,746,000 |
Income taxes payable | 11,307,000 | 13,761,000 |
Other accrued expenses | 49,410,000 | 51,049,000 |
Current liabilities of discontinued operations | 8,000,000 | 5,000,000 |
Total current liabilities | 357,833,000 | 317,199,000 |
Long-term debt, excluding current maturities | 681,622,000 | 547,735,000 |
Accrued pension liabilities | 58,292,000 | 67,193,000 |
Other liabilities | 98,091,000 | 41,775,000 |
Long-term liabilities of discontinued operations | 0 | 0 |
Total liabilities | 1,195,838,000 | 973,902,000 |
Commitments and contingencies | 0 | 0 |
Redeemable non-controlling interest | 4,249,000 | 4,654,000 |
H.B. Fuller stockholders' equity: | ||
Preferred stock (no shares outstanding) Shares authorized 10,045,900 | 0 | 0 |
Common stock | 50,509,000 | 50,311,000 |
Additional paid-in capital | 63,558,000 | 53,269,000 |
Retained earnings | 955,998,000 | 933,819,000 |
Accumulated other comprehensive income (loss) | (182,306,000) | (147,352,000) |
Total H.B. Fuller stockholders' equity | 887,759,000 | 890,047,000 |
Non-controlling interests | 2,913,000 | 403,000 |
Total equity | 890,672,000 | 890,450,000 |
Total liabilities, redeemable non-controlling interest and total equity | $ 2,090,759,000 | $ 1,869,006,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | May. 30, 2015 | Nov. 29, 2014 |
Statement of Financial Position Parentheticals [Abstract] | ||
Allowance for Doubtful Accounts | $ 9,743 | $ 10,246 |
Preferred Stock Shares Authorized | 10,045,900 | |
Common Stock Par Value | $ 1 | |
Common Stock Authorized | 160,000,000 | |
Common Stock Outstanding | 50,509,286 | 50,310,803 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity - USD ($) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Balance at, at Nov. 30, 2013 | $ 930,461,000 | $ 50,229,000 | $ 44,490,000 | $ 907,308,000 | $ (71,962,000) | $ 396,000 |
Comprehensive income (loss) | (25,253,000) | 49,773,000 | (75,390,000) | 364,000 | ||
Dividends | (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 |
Comprehensive income (loss) | 241,000 | 34,325,000 | (34,954,000) | 313,000 | ||
Dividends | 12,703,000 | 12,703,000 | ||||
Stock option exercises | 3,951,000 | 174,000 | 3,777,000 | |||
Share-based compensation plans other, net | 7,833,000 | 78,000 | 7,755,000 | |||
Tax benefit on share-based compensation plans | 910,000 | 910,000 | ||||
Repurchase of common stock | 2,207,000 | 54,000 | 2,153,000 | |||
Non-controlling interest assumed | 14,197,000 | 14,197,000 | ||||
Recognition of non-controlling interest redemption liability | (11,773,000) | (11,773,000) | ||||
Redeemable non-controlling interest | 151,000 | 151,000 | ||||
Non-controlling interest | 76,000 | 76,000 | ||||
Balance at, at May. 30, 2015 | $ 890,672,000 | $ 50,509,000 | $ 63,558,000 | $ 955,998,000 | $ (182,306,000) | $ 2,913,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
May. 30, 2015 | May. 31, 2014 | |
Cash flows from operating activities from continuing operations: | ||
Net income including non-controlling interests | $ 35,111,000 | $ 35,275,000 |
(Income) loss from discontinued operations, net of tax | 1,300,000 | 0 |
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities from continuing operations: | ||
Depreciation | 23,603,000 | 22,073,000 |
Amortization | 13,147,000 | 11,578,000 |
Deferred income taxes | 1,916,000 | (586,000) |
(Income) from equity method investments, net of dividends received | (2,657,000) | (3,537,000) |
Share-based compensation | 7,319,000 | 7,148,000 |
Excess tax benefit from share-based compensation | (910,000) | (2,450,000) |
Non cash charge for the sale of inventories revalued at the date of acquisition | 2,416,000 | 0 |
Asset impairment charges | 0 | 0 |
Change in assets and liabilities, net of effects of acquisitions and discontinued operations: | ||
Trade receivables, net | 2,542,000 | (23,847,000) |
Inventories | (14,293,000) | (60,635,000) |
Other assets | 5,817,000 | (12,569,000) |
Trade payables | 30,326,000 | 27,122,000 |
Accrued compensation | (3,573,000) | (24,921,000) |
Other accrued expenses | 2,401,000 | 5,601,000 |
Income taxes payable | (1,033,000) | (3,990,000) |
Accrued / prepaid pensions | (4,990,000) | (9,071,000) |
Other liabilities | (1,882,000) | (3,211,000) |
Other | 19,656,000 | 2,180,000 |
Net cash provided by (used in) operating activities from continuing operations | 116,216,000 | (33,840,000) |
Cash flows from investing activities from continuing operations: | ||
Purchased property, plant and equipment | (38,917,000) | (82,142,000) |
Purchased business | (217,572,000) | (151,000) |
Proceeds from sale of property, plant and equipment | 1,073,000 | 1,797,000 |
Net cash provided by (used in) investing activities from continuing operations | (255,416,000) | (80,496,000) |
Cash flows from financing activities from continuing operations: | ||
Proceeds from long-term debt | 337,000,000 | 175,000,000 |
Repayment of long-term debt | (183,750,000) | (110,000,000) |
Net proceeds (repayments) from notes payable | 2,485,000 | 9,039,000 |
Dividends paid | (12,605,000) | (11,024,000) |
Distribution to redeemable non-controlling interest | 0 | 0 |
Proceeds from stock options exercised | 3,951,000 | 4,651,000 |
Excess tax benefit from share-based compensation | 910,000 | 2,450,000 |
Proceeds from issuance of redeemable non-controlling interest | 0 | 0 |
Repurchases of common stock | (2,207,000) | (15,449,000) |
Net cash provided by (used in) financing activities from continuing operations | 145,784,000 | 54,667,000 |
Effect of exchange rate changes | (4,690,000) | (408,000) |
Net change in cash and cash equivalents from continuing operations | 1,894,000 | (60,077,000) |
Cash and cash equivalents at beginning of period | 77,569,000 | |
Cash and cash equivalents at end of period | 79,463,000 | 95,044 |
Supplemental disclosure of cash flow information: | ||
Dividends paid with company stock | 98,000 | 81,000 |
Cash paid for interest | 13,624,000 | 11,844,000 |
Cash paid for income taxes | $ 12,041,000 | $ 9,493,000 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
May. 30, 2015 | May. 29, 2014 | |
Statement of Cash Flows Parentheticals [Abstract] | ||
Capitalized interest | $ 36 | $ 1,950 |
Accounting Policies
Accounting Policies | 6 Months Ended |
May. 30, 2015 | |
Accounting Policies [Abstract] | |
Accounting Policies Disclosure | Note 1 : Accounting Policies The accompanying unaudited interim Condensed C onsolidated F inancial S tatements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information necessary for a fair presentation of results of operations, comprehensive income, financial position, and cash flows in conformity with U.S. generally accepted accounting principles. In our opinion, the unaudited interim Condensed C ons olidated F inancial S tatements reflect all adjustments of a normal recurring nature considered necessa ry for the fair presentation of the results for the periods presented. Operating results for interim periods are not necessarily indicative of results tha t may be expected for the fiscal year as a whole. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets, liabilit ies, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from these estimates. These unaudited interim Condensed C onsolidated F inancial S tatements should be read in conjunction with the C onsolidated Financial S tatements and N otes thereto included in our Annual Report on Form 10-K for the year ended November 29 , 2014 as filed with the Securities and Exchange Commission. New Accounting Pronouncements: In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Interest-Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issue Costs.” This guidance requires debt issue costs to be presented as a direct deduction from the carrying amount of debt, consistent with debt discounts. This is a change from the current presentation of classifying debt issue costs as a deferred charge. Our effective date for adoption is our fiscal yea r beginning December 3, 2017. We have evaluated the effect that ASU No. 2015-03 will have on our condensed consolidated financial statements and related disclosures and determined it will not have a material impact. In May 2014, the FASB issued ASU No. 2 014-09, “ 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 recogniti on 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 standar d permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU No. 2014-09 will have on our condensed consolidated financial statements and related disclosures. We have not yet selected a transit ion method nor have we determined the effect of the standard on our ongoing financial reporting. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
May. 30, 2015 | |
Acquisitions and Divestitures Abstract | |
Acquisitions and Divestitures Disclosure | Note 2 : Acquisitions and Divestitures Acquisitions Continental Products Limited: On February 3 , 201 5 we acquired the equity of Continental Products Limited, a provider of industrial adhesives , based in Nairobi, Kenya. The acquisition supports our growth strategy for emerging markets and delivers specialty adhesive products to key customers in East and Central Africa. The purchase price of € 1 , 459 or approximately $1,647, net of cash acquired of € 329 or $371, was funded thr ough existing cash and was recorded in our EIMEA (Europe, India, Middle East and Africa) operating segment. We incurred acquisition related costs of approximately $16, which were recorded as selling, general and administrative expenses in the Condensed Co nsolidated Statements of Income. The following table summarizes the final fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition: Preliminary Valuation February 28, 2015 Fair Value Adjustments Final Valuation Current assets $ 1,439 $ (82) $ 1,357 Property, plant and equipment 183 (40) 143 Goodwill 418 44 462 Other intangibles Customer relationships 416 416 Noncompetition agreements 30 30 Other assets 7 7 Current liabilities (591) (591) Other liabilities (189) 12 (177) Total purchase price $ 1,713 $ (66) $ 1,647 The expected lives of the acquired intangible assets are 13 years for customer relationships and 3 years for noncompetition agreements. Tonsan Adhesive, Inc. On February 2, 2015 we acquired 95 percent of the equity of Tonsan Adhesive, Inc., an independent engineering adhesives provider based in Beijing, China. The acquisition strengthens our customer relationships in the high-value, fast growing engineering adhesives markets. The purchase price was 1.4 billion Chinese renminbi or approximately $215,925, net of cash acquired of $7,754, which was financed with the proceeds from our January 28, 2015 term loan and was recorde d in our Asia Pacific operating segment. We incurred acquisition related costs of approximately $373, which were recorded as selling, general and administrative expenses in the Condensed Consolidated Statements of Income. Concurrent with the acquisitio n, we entered into an agreement to acquire the remaining 5 percent of Tonsan’s equity beginning February 1, 2019 for 82 million Chinese renminbi or approximately $13,038. In addition, the agreement requires us to pay up to 418 million Chinese renminbi or a pproximately $66,848 in contingent consideration based upon a formula related to the Tonsan’s gross profit in fiscal 2018. The fair values of the agreement to purchase the remaining equity and the contingent consideration based upon a discounted cash flow model were $11,773 and $37,630, respectively. The acquisition fair value measurement was preliminary as of May 30, 2015, subject to the completion of the valuation of Tonsan Adhesive Inc. and further management reviews and assessment of the preliminary fa ir values of the assets acquired and liabilities assumed. We expect the fair value measurement process to be completed in the third quarter of 2015. The following table summarizes the preliminary fair value measurement of the assets acquired and liabilit ies assumed as of the date of acquisition: Preliminary Valuation February 28, 2015 Purchase Price and Fair Value Adjustments Preliminary Valuation May 30, 2015 Current assets $ 50,922 $ (1,090) $ 49,832 Property, plant and equipment 58,549 58,549 Goodwill 155,232 3,115 158,347 Other intangibles Developed technology 18,500 18,500 Customer relationships 12,400 12,400 Trademarks/trade names 10,900 10,900 Other assets 139 139 Current liabilities (30,590) (428) (31,018) Other liabilities (49,497) (454) (49,951) Redeemable non-controlling interests (10,630) (1,143) (11,773) Total purchase price $ 215,925 $ - $ 215,925 The expected lives of the acquired intangible assets are 7 years for developed technology, 6 years for customer relationships and 14 years for trademarks/trade names. Based on fair value measurement of the assets acquired and liabilities assumed, we allocated $158,347 to goodwill for the expected synergies from combining Tonsan with our existing business. The goodwill was assigned to our Asia Pacific operating segment. 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 wa s funded through existing cash and was recorded in our Construction Products operating segment. The following table summarizes the final fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition: Final Valuation 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 Divest it ures Central America Paints : On August 6, 2012 we completed the sale of our Central America Paints business to Compania Global de Pinturas S.A., a company of Inversiones Mundial S.A. The assets and liabilities of this business are presented on the 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 v alued at fair value based on level 3 inputs. The original 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. Subsequent to the end of th e second quarter, we entered into an agreement to settle various matters related to the divesture of the Paints business, including the settlement of the contingent consideration, for $8,000. As a result of this agreement, we recorded a loss from disconti nued operations, net of tax of $1,300, in the second quarter of 2015. On June 26, 2015, $8,000 was paid related to this agreement. |
Accounting for Sharebased Compe
Accounting for Sharebased Compensation | 6 Months Ended |
May. 30, 2015 | |
Disclosure Of Share Based Compensation [Abstract] | |
Share Based Compensation Note | Note 3 : Accounting for Share-Based Compensation Overview: We have various share-based compensation programs, which provide for equity awards including stock options, restricted stock shares, restricted stock units and deferred compensation. These equity awards fall under several plans and are described in detail in our Annual Report on Form 10-K for the year ended November 29, 2014 . Grant-Date Fair Value: We use the Black-Scholes option-pricing model to calculate the grant-date fair value of an award. The fair value of options granted during the 13 weeks and 26 weeks ended May 30, 2015 and May 31, 2014 were calculated using the following weighted average assumptions: 13 Weeks Ended 26 Weeks Ended May 30, 2015 May 31, 2014 May 30, 2015 May 31, 2014 Expected life (in years) 4.75 4.75 4.61 4.75 Weighted-average expected volatility 30.23% 32.70% 30.91% 34.17% Expected volatility 30.23% 32.70% 25.50% - 31.67% 32.70% - 37.06% Risk-free interest rate 1.43% 1.64% 1.26% 1.51% Expected dividend yield 1.22% 0.84% 1.17% 0.82% Weighted-average fair value of grants $10.31 $13.33 $10.21 $14.21 Expected life – We use historical employee exercise and option expiration data to estimate the expected life assumption for the Black-Scholes gr ant-date valuation. We believe that this historical data is currently the best estimate of the expected term of a new option. We use a weighted-average expected life for all awards. Expected volatility – Volatility is calculated using our historical volatility for the same period o f time as the expected life. We have no reason to believe that our future volatility will differ materially from the past. Risk-free interest rate – The rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the same peri od of time as the expected life. Expected dividend yield – The calculation is based on the total expected annual dividend payout divided by the average stock price. Expense Recognition: We use the straight-line attribution method to recognize share-ba sed compensation expense for option awards , restricted stock share and restricted stock units with graded and cliff vesting. The amount of share-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Total share-base d compensation expense of $ 3,058 and $ 3,163 was included in our Condensed C onsolidated S tatements of I ncome for the 13 weeks ended May 30, 2015 and May 31, 2014 , respectively. Total sha re-base d compensation expense of $ 7,319 and $ 7,148 was included in our Condensed C onsolidated S tatements of I ncome for the 26 weeks ended May 30, 2015 and May 31, 2014 , respectively. All share-based compensation expense was recorded as selling, general and administrative expense . For the 13 weeks ended May 30, 2015 and May 31, 2014 there was $ 513 and $ 837 of excess tax benefit recognized, respectively. For the 26 weeks ended May 30, 2015 and May 31, 2014 there was $ 910 and $ 2,450 of excess tax benefit recognized, respectively. As of May 30, 2015 , there was $ 10,521 of unrecognized compensation costs related to unvested stock option awards, which is expected to be recognized over a weighted-aver age period of 2.1 years. Unrecognized compensation costs related to unvested re stricted stock shares was $ 1,994 which is expected to be recognized over a weighted-average period of 1.3 years . Unre cognized compensation costs related to unvested restricted stock units was $ 7,861 which is expected to be recognized over a weighted-average period of 1.7 years. Share-based Activity A summary of option activity as of May 30, 2015 and changes during the 26 weeks then ended is presented below: Weighted- Average Options Exercise Price Outstanding at November 29, 2014 2,534,473 $ 30.39 Granted 704,180 41.17 Exercised (173,576) 22.76 Forfeited or cancelled (43,927) 41.66 Outstanding at May 30, 2015 3,021,150 $ 33.18 The total fair values of options granted during the 13 weeks ended May 30, 2015 and May 31, 2014 were $ 9 and $ 106 , respectively. Total intrinsic values of options exercised during the 13 weeks ended May 30, 2015 and May 31, 2014 were $ 2,223 and $ 3,119 , respectively. Intrinsic value is the difference between our closing stock price on the respective trading day and the exercise price, multiplied by the number of options exercised. The total fair values of options granted during the 26 weeks ended May 30, 2015 and May 31, 2014 were $ 7,189 and $ 5,899 , respectively. Total intrinsic values of options exercised during the 26 weeks ended May 30, 2015 and May 31, 2014 were $ 3,549 and $ 5,792 , respectively. Proceeds received from option exercises during the 13 weeks ended May 30, 2015 and May 31, 2014 were $ 2,267 and $ 2,646 , respectively and $ 3,951 and $ 4,651 during the 26 weeks ended May 30, 2015 and May 31, 2014 , respectively. A summary of nonvested restricted stock as of May 30, 2015 and changes during the 26 weeks then ended is presented below: Weighted- Weighted- Average Average Remaining Grant Contractual Date Fair Life Units Shares Total Value (in Years) Nonvested at November 29, 2014 188,661 188,622 377,283 $ 40.70 1.0 Granted 142,260 - 142,260 41.00 1.7 Vested (80,959) (67,294) (148,253) 40.90 - Forfeited (7,353) (8,638) (15,991) 39.49 1.1 Nonvested at May 30, 2015 242,609 112,690 355,299 $ 42.20 1.5 Total fair values of restricted stock vested during the 13 weeks ended May 30, 2015 and May 31, 2014 were $ 64 and $ 251 , respectively. Total fair values of restricted stock vested during the 26 weeks ended May 30, 2015 and May 31, 2014 were $ 6,064 and $ 8,541 , respectively. The total fair value of nonvested restricted stock at May 30, 2015 was $ 14,993 . We repurchased 86 and 2,249 restricted stock shares during the 13 weeks ended May 30, 2015 and May 31, 2014 , respectively and 54,003 and 66,312 during the 26 weeks ended May 30, 2015 and May 31, 2014 , respectively. The repurchases relate to statutory minimum tax withholding. We have a Directors’ De ferred Compensation plan that allows non-employee directors to defer all or a portion of their directors’ compensation in a number of investment choices, including units representing shares of our common stock. We also have a Key Employee Deferred Compens ation Plan that allows key employees to defer a portion of their eligible compensation in a number of investment choices, including units, representing shares of our common stock. We provide a 10 percent match on deferred compensation invested into units, representing shares of our common stock. A summary of deferred compensation units as of May 30, 2015 , and changes during the 26 weeks then ended is presented below: Non-employee Directors Employees Total Units outstanding November 29, 2014 342,547 52,303 394,850 Participant contributions 9,438 2,310 11,748 Company match contributions 944 231 1,175 Payouts (302) (7,627) (7,929) Units outstanding May 30, 2015 352,627 47,217 399,844 Deferred compensation units are fully vested at the date of contribution. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
May. 30, 2015 | |
Earnings per Share Abstract | |
Earnings Per Share Disclosure | Note 4: Earnings Per Share A reconciliation of the common share components for the basic and diluted earnings per share calculations follows: 13 Weeks Ended 26 Weeks Ended May 30, May 31, May 30, May 31, (Shares in thousands) 2015 2014 2015 2014 Weighted-average common shares - basic 50,345 49,956 50,267 49,933 Equivalent shares from share-based compensations plans 1,126 1,219 1,158 1,282 Weighted-average common and common equivalent shares - diluted 51,471 51,175 51,425 51,215 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 th e effect of outstanding shares, which computes total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award, (b) the amount of unearned share-based compensation costs attributed to future services and (c) the amount of tax benefits, if any, that would be credited to additional paid-in capital assuming exercise of the award. Share-based compensation awards for which total employee proceeds exceed the average market price over the applicable period have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. Options to purchase 437,798 and 442,616 shares of common stock at a weighted-average exercise price of $ 48.59 for the 13 weeks and 26 weeks ended May 30, 2015 , respectively, were excluded from the diluted earnings per share calculations because they were antidilutive. Options to purchase 407,145 shares of common stock a t a weighted-average exercise price of $ 48.93 for the 13 weeks and 26 weeks ended May 31, 2014 were excluded from the diluted earnings per share calculations because they were antidilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
May. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income Loss Disclosure [Text Block] | Note 5: Accumulated Other Comprehensive Income (Loss) The following table provides details of total comprehensive income (loss): 13 Weeks Ended May 30, 2015 13 Weeks Ended May 31, 2014 H.B. Fuller Stockholders Non-controlling Interests H.B. Fuller Stockholders Non-controlling Interests Pretax Tax Net Net Pretax Tax Net Net Net income including non-controlling interests $ 25,172 $ 144 $ 20,537 $ 89 Other comprehensive income (loss) Foreign currency translation adjustment ¹ $ (4,725) - (4,725) 74 $ (1,385) - (1,385) 8 Reclassification to earnings: Defined benefit pension plans adjustment ² 2,326 (798) 1,528 1,670 (649) 1,021 Interest rate swap ³ 5 5 10 14 (4) 10 Cash-flow hedges ³ - - - 47 (18) 29 Other comprehensive income (loss) $ (2,394) $ (793) (3,187) 74 $ 346 $ (671) (325) 8 Comprehensive income (loss) $ 21,985 $ 218 $ 20,212 $ 97 26 Weeks Ended May 30, 2015 26 Weeks Ended May 31, 2014 H.B. Fuller Stockholders Non-controlling Interests H.B. Fuller Stockholders Non-controlling Interests Pretax Tax Net Net Pretax Tax Net Net Net income including non-controlling interests $ 34,882 $ 229 $ 35,108 $ 167 Other comprehensive income (loss) Foreign currency translation adjustment ¹ $ (38,004) - (38,004) 84 $ (827) - (827) (3) Reclassification to earnings: Defined benefit pension plans adjustment ² 4,651 (1,596) 3,055 3,326 (1,287) 2,039 Interest rate swap ³ 21 (1) 20 28 (8) 20 Cash-flow hedges ³ (31) 6 (25) 53 (21) 32 Other comprehensive income (loss) $ (33,363) $ (1,591) (34,954) 84 $ 2,580 $ (1,316) 1,264 (3) Comprehensive income $ (72) $ 313 $ 36,372 $ 164 ¹ Income taxes are not provided for foreign currency translation relating to permanent investments in international subsidiaries. ² Loss reclassified from AOCI into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales, SG&A and special charges. ³ Loss reclassified from AOCI into earnings is reported in other income (expense), net. The components of accumulated other comprehensive loss follow: May 30, 2015 Total H.B. Fuller Stockholders Non-controlling Interests Foreign currency translation adjustment $ (26,736) $ (26,799) $ 63 Defined benefit pension plans adjustment, net of taxes of $83,007 (155,474) (155,474) - Interest rate swap, net of taxes of $20 (33) (33) - Accumulated other comprehensive income (loss) $ (182,243) $ (182,306) $ 63 November 29, 2014 Total H.B. Fuller Stockholders Non-controlling Interests Foreign currency translation adjustment $ 11,184 $ 11,205 $ (21) Defined benefit pension plans adjustment, net of taxes of $84,604 (158,529) (158,529) - Interest rate swap, net of taxes of $21 (53) (53) - Cash-flow hedges, net of taxes of $15 25 25 - Accumulated other comprehensive income (loss) $ (147,373) $ (147,352) $ (21) |
Special Charges, net
Special Charges, net | 6 Months Ended |
May. 30, 2015 | |
Special Charges [Abstract] | |
Special Charges Disclosure [Text Block] | Note 6 : Special Charges , net The integration of th e Forbo industrial adhesives business we acquired in March 2012 involve d a significant amount of restructuring and capital investment to optimize the new combined entity. In addition, we have taken a series of actions in our existing EIMEA operating segment to improve the profitability and future growth prospects of this oper ating segment. W e combined these two initiatives into a single project which we refer to as the “Business Integration Project”. During the 13 weeks ended May 30, 2015 and May 31, 2014 , w e incurred special charges , net of $ 934 and $ 13,538 , respectively f or cost s relat ed to the Business Integration P roject. During the 26 weeks ended May 30, 2015 and May 31, 2014 , w e incurred special charges , net of $ 3,295 and $ 25,272 , respectively f or cost s relat e d to the Business Integration P roject. The following table provides detail of special charges, net: 13 Weeks Ended 26 Weeks Ended May 30, 2015 May 31, 2014 May 30, 2015 May 31, 2014 Acquisition and transformation related costs $ 75 $ 2,578 $ 547 $ 4,286 Workforce reduction costs (270) 899 (214) 2,958 Facility exit costs 1,111 7,326 2,640 12,452 Other related costs 18 2,735 322 5,576 Special charges, net $ 934 $ 13,538 $ 3,295 $ 25,272 Acquisition and transformation related costs of $75 for the 13 weeks ended May 30, 2015 and $2,578 for the 13 weeks ended May 31, 2014 include costs related to organization consulting, financial advisory and legal services necessary to integrate the Forbo industrial adhesives business into our existing operating segments. For the 26 weeks ended May 30, 2015 and May 31, 2014 we incurred acquisition and transformation related costs of $547 and $4,286, respectively . During the 13 weeks ended May 30, 2015 , we reco rded a net reversal of workforce reduction costs of $ 270 and we incurred cash facility exit costs of $429 and a non-cash facility exit costs of $ 682 and other incremental transformation related costs of $18 including the cost of personnel directly working on the integration. During the 13 weeks ended May 31, 2014 , we incurred workforce reduction costs of $ 899, cash facility exit costs of $5,708, non-cash facility exit costs of $ 1,618 and other incremental transformation related costs of $2,735 including the co st of personnel directly working on the integration. During the 26 weeks ended May 30, 2015 , we recorded a net reversal of workforce reduction costs of $ 214 and we incurred cash facility exit costs of $1,823 and a non-cash facility exit costs of $ 817 an d other incremental transformation related costs of $322 including the cost of personnel directly working on the integration. During the 26 weeks ended May 31, 2014 , we incurred workforce reduction costs of $ 2,958, cash facility exit costs of $9,282, no n-cash facility exit costs of $ 3,170 and other incremental transformation related costs of $5,576 including the cost of personnel directly working on the integration. |
Components of Net Periodic Cost
Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans | 6 Months Ended |
May. 30, 2015 | |
Components of Net Periodic Cost (Benefit) Related to Pension and Other Postretirement Benefit Plans Abstract | |
Components of Net Periodic Cost (Benefit) Related to Pension and Other Postretirement Benefit Plans Disclosure | Note 7: Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans 13 Weeks Ended May 30, 2015 and May 31, 2014 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic cost (benefit): 2015 2014 2015 2014 2015 2014 Service cost $ 26 $ 24 $ 473 $ 438 $ 112 $ 109 Interest cost 4,080 4,021 1,461 1,924 511 536 Expected return on assets (6,421) (5,967) (2,573) (2,736) (1,378) (1,185) Amortization: Prior service cost 7 7 (1) (1) (626) (943) Actuarial loss (gain) 1,407 1,144 781 784 608 678 Net periodic (benefit) cost $ (901) $ (771) $ 141 $ 409 $ (773) $ (805) 26 Weeks Ended May 30, 2015 and May 31, 2014 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic cost (benefit): 2015 2014 2015 2014 2015 2014 Service cost $ 53 $ 47 $ 980 $ 868 $ 224 $ 217 Interest cost 8,161 8,043 2,977 3,817 1,021 1,072 Expected return on assets (12,841) (11,933) (5,240) (5,426) (2,755) (2,371) Amortization: Prior service cost 14 14 (2) (2) (1,252) (1,886) Actuarial loss (gain) 2,814 2,288 1,612 1,556 1,216 1,355 Net periodic (benefit) cost $ (1,799) $ (1,541) $ 327 $ 813 $ (1,546) $ (1,613) |
Inventories
Inventories | 6 Months Ended |
May. 30, 2015 | |
Inventories Abstract | |
Inventories Disclosure | Note 8: Inventories The composition of inventories follows: May 30, November 30, 2015 2014 Raw materials $ 135,260 $ 133,476 Finished goods 147,985 140,014 LIFO reserve (17,625) (22,200) Total inventories $ 265,620 $ 251,290 |
Financial Instruments
Financial Instruments | 6 Months Ended |
May. 30, 2015 | |
Financial Instruments Abstract | |
Financial Instruments Disclosure | Note 9 : Financial Instruments As a result of being a global enterprise, our earnings, cash flows and financial position are exposed to foreign currency risk from foreign currency denominated receivables and payables. These items are denominated in various foreign currencies, including the Euro, British pound sterling, Canadian dollar, Chinese renminbi , Japanese yen, Australian dollar, Argentine peso, Brazilian real, Colombian peso, Mexican peso, Turkish lira, Egyptian pound, Indian ru pee 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 foreig n 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 en ter 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. F oreign currency derivative instruments outstanding are not designated as hedges for accounting purposes. T he gains and losses related to mark-to-market adjustments are recognized as other income or expense in the income statement during the periods in which the derivative instruments are outstanding. See Note 14 to Condensed Consolidated Financial Sta tements for fair value amounts of these derivative instruments. As of May 30, 2015 , we had forward foreign currency c ontracts maturing between June 5, 2015 and January 28 , 2016. The mark-to-market effect associated with these contracts, on a net basis, was a gain of $ 7,430 at May 30, 2015 . These gains were largely offset by the underlying transaction gains and losses resulting from the foreign currency exposures for which these contracts relate. We have interest rate swap agreements to convert $ 75,000 of our Senior Notes to variable int erest rates. The change in fair value of the Senior Notes , attributable to the change in the risk being hedged, was a liability of $ 4,065 at May 30, 2015 and was included in long-term debt in the Condensed Consolidated Balance Sheets. The fair values of the swaps in total were an asset of $ 4,108 at May 30, 2015 and were included in other assets in the Condensed C onsolidated Balance S heet s . The swaps were designated for hedge accounting treatmen t as fair value hedges . The changes in the fair value of the swap and the fair value of the Senior Notes attributable to the change in the risk being hedged are recorded as other income (expense), net in the Condensed Consolidated Statements of Income. I n 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 May 30, 2015 resulted in a pretax gain of $ 52 as the fair value of the interest rate swaps increased by more than the change in the fair value of the Senior Notes attributable to the change in the risk being hedged. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of entities in the customer base and their dispersion across many different industries and countries. As of May 30, 2015 , there were no significant concentrations of credit risk. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
May. 30, 2015 | |
Commitments and Contingencies Abstract | |
Commitments and Contingencies Disclosure | Note 10 : Commitments and Contingencies Environmental Matters: From time to time, we become aware of compliance matters relating to, or receive notices from, federal, state or local entities regarding possible or alleged violations of environmental, health or safety laws and regulations. We review the circumstances of each individual site, considering the number of parties involved, the level of potential liability or contribution of us relative to the other parties, the nature and magnitude of the hazardous substances involved, the method and extent of remediation, the estimated legal and consulting expense with respect to each site and the time period over which any costs would likely be incurred. Also, from time to time, we are identified as a "potentially responsible party" (PRP) under the Comprehensive Environme ntal 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 t o 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 ou r 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 dee med 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 sit es. 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 an d 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 produc ts 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 th at 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 indicatin g 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 pursuan t 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 cos ts 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, settlement s 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 ou r 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 addre ss 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 settlemen t agreement depended on the outcome of an appeal of two issues to the United States Eighth Circuit Court of Appeals. During the second quarter of 2015, we entered into an additional settlement with the parties to the coverage litigation, which resulted in the appeal being dismissed. Therefore, this litigation has now been fully resolved. A summary of the number of and settlement amounts for asbestos-related lawsuits and claims is as follows: 26 Weeks Ended 3 Years Ended ($ in thousands) May 30, 2015 May 31, 2014 November 29, 2014 Lawsuits and claims settled 5 4 24 Settlement amounts $ 438 $ 178 $ 1,754 Insurance payments received or expected to be received $ 354 $ 155 $ 1,357 We do not believe that it would be meaningful to disclose the aggregate number of asbestos-related lawsuits filed against us because relatively few of these lawsuits are known to involve exposure to asbestos-containing products that we manufactured. Rather, we believe it is more meaningful to disclose the number of lawsuits that are settled and result in a payment to the plaintiff. To the extent we can reasonably estimate the amount of our probable liabilities for pending asbestos-related claims, we establish a financial provision and a corresponding receivable for insurance recoveries. Based on currently available information, we have concluded that the resolution of any pending matter, including asbestos-related litigation, individually or in the aggregate, will not have a material adverse effect on our results of operations, financial condition or cash flow. |
Operating Segments
Operating Segments | 6 Months Ended |
May. 30, 2015 | |
Operating Segments Abstract | |
Segment Reporting Disclosure | Note 11 : Operating Segments We are required to report segment information in the same way that we internally organize our business for assessing performance and making decisions regarding allocation of resources. We evaluate the performance of each of our operating segments based on segment operating income, which is defined as gross profit less selling, general and administrative (SG&A) expenses. Segment operating income excludes special charges, net. Corporate expenses are fully allocated to each operating segment. Inter-segment revenues are recorded at cost plus a markup for administrative costs. Operating results of each segment are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocat ed to the segments and assess their performance. The tables below provide certain information regarding net revenue and segment operating income of each of our operating segments: 13 Weeks Ended May 30, 2015 May 31, 2014 Inter- Segment Inter- Segment Trade Segment Operating Trade Segment Operating Revenue Revenue Income Revenue Revenue Income Americas Adhesives $ 228,526 $ 6,320 $ 34,809 $ 236,985 $ 5,774 $ 31,889 EIMEA 151,520 3,111 1,647 189,656 4,427 10,156 Asia Pacific 95,101 3,967 5,325 67,948 3,107 1,758 Construction Products 65,615 247 6,574 49,445 691 2,480 Total $ 540,762 $ 48,355 $ 544,034 $ 46,283 26 Weeks Ended May 30, 2015 May 31, 2014 Inter- Segment Inter- Segment Trade Segment Operating Trade Segment Operating Revenue Revenue Income Revenue Revenue Income Americas Adhesives $ 432,469 $ 11,703 $ 55,597 $ 446,651 $ 11,453 $ 57,095 EIMEA 299,082 7,661 925 361,215 8,533 18,596 Asia Pacific 165,094 7,433 4,839 132,995 6,579 3,546 Construction Products 114,778 423 8,367 89,154 963 3,292 Total $ 1,011,423 $ 69,728 $ 1,030,015 $ 82,529 13 Weeks Ended 26 Weeks Ended May 30, May 31, May 30, May 31, 2015 2014 2015 2014 Segment operating income $ 48,355 $ 46,283 $ 69,728 $ 82,529 Special charges, net (934) (13,538) (3,295) (25,272) Other income (expense), net (569) (204) (206) (1,254) Interest expense (6,215) (4,760) (12,317) (8,886) Income from continuing operations before income taxes and income from equity method investments $ 40,637 $ 27,781 $ 53,910 $ 47,117 |
Income Taxes
Income Taxes | 6 Months Ended |
May. 30, 2015 | |
Income Taxes Abstract | |
Income Taxes Disclosure | Note 12 : Income Taxes As of May 30, 2015, we had a $5,499 liability recorded under FASB ASC 740, “Income Taxes” for gross unrecognized tax benefits (excluding interest) compared to $4,787 as of November 29, 2014. As of May 30, 2015, we had accrued $545 of gross interest relating to unrecognized tax benefits. During the second quarter of 2015 our recorded liability for gross unrecognized tax benefits increased by $395. |
Goodwill
Goodwill | 6 Months Ended |
May. 30, 2015 | |
Goodwill Disclosure [Abstract] | |
Goodwill Disclosure | Note 13 : Goodwill A summary of goodwill activity for the first six months of 2015 is presented below: Balance at November 29, 2014 $ 255,972 Tonsan Adhesive, Inc. acquisition 158,347 Continental Products Limited acquisition 462 Currency impact (13,769) Balance at May 30, 2015 $ 401,012 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
May. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements Disclosure | Note 14 : Fair Value Measurements The following table s present information about our financial assets and liabilities that are measured at fair value on a recurring basis as of May 30, 2015 and November 29, 2014 , 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. May 30, Fair Value Measurements Using: Description 2015 Level 1 Level 2 Level 3 Assets: Marketable securities $ 909 $ 909 $ - $ - Derivative assets 8,577 - 8,577 - Interest rate swaps 4,108 - 4,108 - Liabilities: Derivative liabilities $ 1,147 $ - $ 1,147 $ - Contingent consideration liability, continuing operations 38,216 - - 38,216 Contingent consideration liability, discontinued operations 8,000 - - 8,000 November 29, Fair Value Measurements Using: 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 liability, continuing operations 196 - - 196 Contingent consideration liability, discontinued operations 5,000 - - 5,000 |
Share Repurchase Program
Share Repurchase Program | 6 Months Ended |
May. 30, 2015 | |
Share Repurchase Program Disclosure [Abstract] | |
Share Repurchase Program [Text Block] | Note 15 : Share Repurchase Program On September 30, 2010, the Board of Directors authorized a share repurchase program of up to $ 100,000 of our outstanding common shares. Under the program, we are authorized to repurchase shares for cash on the open market, from time to time, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The t iming of such repurchases is dependent on price, market conditions and applicable regulatory requirements. Upon repurchase of the shares, we reduced our common stock for the par value of the shares with the excess being applied against additional paid-in capital. Under this program, we did not repurchase any shares during the first six months of 2015 or during the second quarter of 2014. During the first six months of 2014 we repurchased shares under this program, with an aggregate value of $ 12,254 . Of this amount, $ 250 reduced common stock and $ 12,004 reduced additional paid-in capital. |
Redeemable Non-Controlling Inte
Redeemable Non-Controlling Interest | 6 Months Ended |
May. 30, 2015 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Non-Controlling Interest Disclosure | Note 16 : Redeemable Non-Controlling Interest We account for the non-controlling interest in H.B. Fuller Kimya San. Tic A.S. (HBF Kimya ) as a redeemable non-controlling interest because both the non-controlling shareholder and H.B. Fuller have an option, exercisable beginning August 1, 2018, to require the redemption of the shares owned by the non-controlling shareholder at a price determined by a formula based on 24 months trailing EBITDA. Since the option makes the redemption of the non-c ontrolling ownership shares of HBF Kimya outside of our control, these shares are classified as a redeemable non-controlling interest in temporary equity in the Condensed Consolidated Balance Sheets. The non-controlling shareholder is entitled to increase his ownership by 1 percent per year for 5 years up to a maximum of 13 percent ownership based on the achievement of profitability targets in each year. The option is subject to a minimum price of €3,500. The redemption value of the option, if it were cur rently redeemable, is estimated to be €3,500. The results of operations for the HBF Kimya non-controlling interest is consolidated in our financial statements. Both the non-controlling interest and the accretion adjustment to redemption value are includ ed in net income attributable to non-controlling interests in the Condensed Consolidated Statements of Income and in the carrying value of the redeemable non-controlling interest on the Condensed Consolidated Balance Sheets. The acquisition of the 95 pe rcent of the equity of Tonsan Adhesive, Inc. and concurrent agreement to acquire the remaining 5 percent in the future, resulted in the assumption of a non-controlling interest for the remaining equity. Based on requirements to redeem this non-controlling interest beginning February 1, 2019, the non-controlling interest was immediately recognized as a liability and reclassified to other liabilities. The fair value of the non-controlling interest as of the date of acquisition was $1 1 , 773 . As of May 30, 2015 t he redeemable non-controlling interests were: Total Balance at November 29, 2014 $ 4,654 Non-controlling interest assumed 11,773 Recognition of non-controlling interest redemption liability (11,773) Net income (loss) attributed to redeemable non-controlling interest 151 Foreign currency translation adjustment (556) Balance at May 30, 2015 $ 4,249 |
Aquisitions and Divestitures (T
Aquisitions and Divestitures (Table) | 6 Months Ended |
May. 30, 2015 | |
Purchase price allocation [Abstract] | |
Purchased Goodwill by Segment (Table) | Preliminary Valuation February 28, 2015 Fair Value Adjustments Final Valuation Current assets $ 1,439 $ (82) $ 1,357 Property, plant and equipment 183 (40) 143 Goodwill 418 44 462 Other intangibles Customer relationships 416 416 Noncompetition agreements 30 30 Other assets 7 7 Current liabilities (591) (591) Other liabilities (189) 12 (177) Total purchase price $ 1,713 $ (66) $ 1,647 Preliminary Valuation February 28, 2015 Purchase Price and Fair Value Adjustments Preliminary Valuation May 30, 2015 Current assets $ 50,922 $ (1,090) $ 49,832 Property, plant and equipment 58,549 58,549 Goodwill 155,232 3,115 158,347 Other intangibles Developed technology 18,500 18,500 Customer relationships 12,400 12,400 Trademarks/trade names 10,900 10,900 Other assets 139 139 Current liabilities (30,590) (428) (31,018) Other liabilities (49,497) (454) (49,951) Redeemable non-controlling interests (10,630) (1,143) (11,773) Total purchase price $ 215,925 $ - $ 215,925 Final Valuation 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 |
Accounting for Sharebased Com26
Accounting for Sharebased Compensation (Tables) | 6 Months Ended |
May. 30, 2015 | |
Share-based Compensation [Abstract] | |
Fair value of options granted [TableText Block] | 13 Weeks Ended 26 Weeks Ended May 30, 2015 May 31, 2014 May 30, 2015 May 31, 2014 Expected life (in years) 4.75 4.75 4.61 4.75 Weighted-average expected volatility 30.23% 32.70% 30.91% 34.17% Expected volatility 30.23% 32.70% 25.50% - 31.67% 32.70% - 37.06% Risk-free interest rate 1.43% 1.64% 1.26% 1.51% Expected dividend yield 1.22% 0.84% 1.17% 0.82% Weighted-average fair value of grants $10.31 $13.33 $10.21 $14.21 |
Schedule of Share-based compensation stock options activity [TableText Block] | Weighted- Average Options Exercise Price Outstanding at November 29, 2014 2,534,473 $ 30.39 Granted 704,180 41.17 Exercised (173,576) 22.76 Forfeited or cancelled (43,927) 41.66 Outstanding at May 30, 2015 3,021,150 $ 33.18 |
Summary of nonvested restricted stock [Table Text Block] | Weighted- Weighted- Average Average Remaining Grant Contractual Date Fair Life Units Shares Total Value (in Years) Nonvested at November 29, 2014 188,661 188,622 377,283 $ 40.70 1.0 Granted 142,260 - 142,260 41.00 1.7 Vested (80,959) (67,294) (148,253) 40.90 - Forfeited (7,353) (8,638) (15,991) 39.49 1.1 Nonvested at May 30, 2015 242,609 112,690 355,299 $ 42.20 1.5 |
Summary of deferred compensation units [Table Text Block] | Non-employee Directors Employees Total Units outstanding November 29, 2014 342,547 52,303 394,850 Participant contributions 9,438 2,310 11,748 Company match contributions 944 231 1,175 Payouts (302) (7,627) (7,929) Units outstanding May 30, 2015 352,627 47,217 399,844 |
Earnings Per Share (Table)
Earnings Per Share (Table) | 6 Months Ended |
May. 30, 2015 | |
Earnings Per Share Table [Abstract] | |
Earnings Per Share [Table Text Block] | Note 4: Earnings Per Share A reconciliation of the common share components for the basic and diluted earnings per share calculations follows: 13 Weeks Ended 26 Weeks Ended May 30, May 31, May 30, May 31, (Shares in thousands) 2015 2014 2015 2014 Weighted-average common shares - basic 50,345 49,956 50,267 49,933 Equivalent shares from share-based compensations plans 1,126 1,219 1,158 1,282 Weighted-average common and common equivalent shares - diluted 51,471 51,175 51,425 51,215 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
May. 30, 2015 | |
Accumulated Other Comprehensive Income Loss Tables [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Note 5: Accumulated Other Comprehensive Income (Loss) The following table provides details of total comprehensive income (loss): 13 Weeks Ended May 30, 2015 13 Weeks Ended May 31, 2014 H.B. Fuller Stockholders Non-controlling Interests H.B. Fuller Stockholders Non-controlling Interests Pretax Tax Net Net Pretax Tax Net Net Net income including non-controlling interests $ 25,172 $ 144 $ 20,537 $ 89 Other comprehensive income (loss) Foreign currency translation adjustment ¹ $ (4,725) - (4,725) 74 $ (1,385) - (1,385) 8 Reclassification to earnings: Defined benefit pension plans adjustment ² 2,326 (798) 1,528 1,670 (649) 1,021 Interest rate swap ³ 5 5 10 14 (4) 10 Cash-flow hedges ³ - - - 47 (18) 29 Other comprehensive income (loss) $ (2,394) $ (793) (3,187) 74 $ 346 $ (671) (325) 8 Comprehensive income (loss) $ 21,985 $ 218 $ 20,212 $ 97 26 Weeks Ended May 30, 2015 26 Weeks Ended May 31, 2014 H.B. Fuller Stockholders Non-controlling Interests H.B. Fuller Stockholders Non-controlling Interests Pretax Tax Net Net Pretax Tax Net Net Net income including non-controlling interests $ 34,882 $ 229 $ 35,108 $ 167 Other comprehensive income (loss) Foreign currency translation adjustment ¹ $ (38,004) - (38,004) 84 $ (827) - (827) (3) Reclassification to earnings: Defined benefit pension plans adjustment ² 4,651 (1,596) 3,055 3,326 (1,287) 2,039 Interest rate swap ³ 21 (1) 20 28 (8) 20 Cash-flow hedges ³ (31) 6 (25) 53 (21) 32 Other comprehensive income (loss) $ (33,363) $ (1,591) (34,954) 84 $ 2,580 $ (1,316) 1,264 (3) Comprehensive income $ (72) $ 313 $ 36,372 $ 164 ¹ Income taxes are not provided for foreign currency translation relating to permanent investments in international subsidiaries. ² Loss reclassified from AOCI into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales, SG&A and special charges. ³ Loss reclassified from AOCI into earnings is reported in other income (expense), net. The components of accumulated other comprehensive loss follow: May 30, 2015 Total H.B. Fuller Stockholders Non-controlling Interests Foreign currency translation adjustment $ (26,736) $ (26,799) $ 63 Defined benefit pension plans adjustment, net of taxes of $83,007 (155,474) (155,474) - Interest rate swap, net of taxes of $20 (33) (33) - Accumulated other comprehensive income (loss) $ (182,243) $ (182,306) $ 63 November 29, 2014 Total H.B. Fuller Stockholders Non-controlling Interests Foreign currency translation adjustment $ 11,184 $ 11,205 $ (21) Defined benefit pension plans adjustment, net of taxes of $84,604 (158,529) (158,529) - Interest rate swap, net of taxes of $21 (53) (53) - Cash-flow hedges, net of taxes of $15 25 25 - Accumulated other comprehensive income (loss) $ (147,373) $ (147,352) $ (21) |
Special Charges (Tables)
Special Charges (Tables) | 6 Months Ended |
May. 30, 2015 | |
Special Charges Table [Abstract] | |
Special Charges [Table Text Block] | 13 Weeks Ended 26 Weeks Ended May 30, 2015 May 31, 2014 May 30, 2015 May 31, 2014 Acquisition and transformation related costs $ 75 $ 2,578 $ 547 $ 4,286 Workforce reduction costs (270) 899 (214) 2,958 Facility exit costs 1,111 7,326 2,640 12,452 Other related costs 18 2,735 322 5,576 Special charges, net $ 934 $ 13,538 $ 3,295 $ 25,272 |
Components of Net Periodic Co30
Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans (Tables) | 6 Months Ended |
May. 30, 2015 | |
Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans [Abstract] | |
Schedule of Pension Benefit Plans and Other Postretirement Benefit Plans Disclosure | Note 7: Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans 13 Weeks Ended May 30, 2015 and May 31, 2014 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic cost (benefit): 2015 2014 2015 2014 2015 2014 Service cost $ 26 $ 24 $ 473 $ 438 $ 112 $ 109 Interest cost 4,080 4,021 1,461 1,924 511 536 Expected return on assets (6,421) (5,967) (2,573) (2,736) (1,378) (1,185) Amortization: Prior service cost 7 7 (1) (1) (626) (943) Actuarial loss (gain) 1,407 1,144 781 784 608 678 Net periodic (benefit) cost $ (901) $ (771) $ 141 $ 409 $ (773) $ (805) 26 Weeks Ended May 30, 2015 and May 31, 2014 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic cost (benefit): 2015 2014 2015 2014 2015 2014 Service cost $ 53 $ 47 $ 980 $ 868 $ 224 $ 217 Interest cost 8,161 8,043 2,977 3,817 1,021 1,072 Expected return on assets (12,841) (11,933) (5,240) (5,426) (2,755) (2,371) Amortization: Prior service cost 14 14 (2) (2) (1,252) (1,886) Actuarial loss (gain) 2,814 2,288 1,612 1,556 1,216 1,355 Net periodic (benefit) cost $ (1,799) $ (1,541) $ 327 $ 813 $ (1,546) $ (1,613) |
Inventories (Table)
Inventories (Table) | 6 Months Ended |
May. 30, 2015 | |
Inventories Table [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Note 8: Inventories The composition of inventories follows: May 30, November 30, 2015 2014 Raw materials $ 135,260 $ 133,476 Finished goods 147,985 140,014 LIFO reserve (17,625) (22,200) Total inventories $ 265,620 $ 251,290 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
May. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Product Liability Contingencies [Table Text Block] | 26 Weeks Ended 3 Years Ended ($ in thousands) May 30, 2015 May 31, 2014 November 29, 2014 Lawsuits and claims settled 5 4 24 Settlement amounts $ 438 $ 178 $ 1,754 Insurance payments received or expected to be received $ 354 $ 155 $ 1,357 |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
May. 30, 2015 | |
Operating Segments Abstract | |
Segment Reporting | 13 Weeks Ended May 30, 2015 May 31, 2014 Inter- Segment Inter- Segment Trade Segment Operating Trade Segment Operating Revenue Revenue Income Revenue Revenue Income Americas Adhesives $ 228,526 $ 6,320 $ 34,809 $ 236,985 $ 5,774 $ 31,889 EIMEA 151,520 3,111 1,647 189,656 4,427 10,156 Asia Pacific 95,101 3,967 5,325 67,948 3,107 1,758 Construction Products 65,615 247 6,574 49,445 691 2,480 Total $ 540,762 $ 48,355 $ 544,034 $ 46,283 26 Weeks Ended May 30, 2015 May 31, 2014 Inter- Segment Inter- Segment Trade Segment Operating Trade Segment Operating Revenue Revenue Income Revenue Revenue Income Americas Adhesives $ 432,469 $ 11,703 $ 55,597 $ 446,651 $ 11,453 $ 57,095 EIMEA 299,082 7,661 925 361,215 8,533 18,596 Asia Pacific 165,094 7,433 4,839 132,995 6,579 3,546 Construction Products 114,778 423 8,367 89,154 963 3,292 Total $ 1,011,423 $ 69,728 $ 1,030,015 $ 82,529 |
Reconciliation of operating income to income before income taxes and income from equity method investments | 13 Weeks Ended 26 Weeks Ended May 30, May 31, May 30, May 31, 2015 2014 2015 2014 Segment operating income $ 48,355 $ 46,283 $ 69,728 $ 82,529 Special charges, net (934) (13,538) (3,295) (25,272) Other income (expense), net (569) (204) (206) (1,254) Interest expense (6,215) (4,760) (12,317) (8,886) Income from continuing operations before income taxes and income from equity method investments $ 40,637 $ 27,781 $ 53,910 $ 47,117 |
Goodwill (Table)
Goodwill (Table) | 6 Months Ended |
May. 30, 2015 | |
Goodwill Table [Abstract] | |
Purchased Goodwill by Segment (Table) | Balance at November 29, 2014 $ 255,972 Tonsan Adhesive, Inc. acquisition 158,347 Continental Products Limited acquisition 462 Currency impact (13,769) Balance at May 30, 2015 $ 401,012 |
Fair Value Measurements (Table)
Fair Value Measurements (Table) | 6 Months Ended |
May. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements [Table Text Block] | May 30, Fair Value Measurements Using: Description 2015 Level 1 Level 2 Level 3 Assets: Marketable securities $ 909 $ 909 $ - $ - Derivative assets 8,577 - 8,577 - Interest rate swaps 4,108 - 4,108 - Liabilities: Derivative liabilities $ 1,147 $ - $ 1,147 $ - Contingent consideration liability, continuing operations 38,216 - - 38,216 Contingent consideration liability, discontinued operations 8,000 - - 8,000 November 29, Fair Value Measurements Using: 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 liability, continuing operations 196 - - 196 Contingent consideration liability, discontinued operations 5,000 - - 5,000 |
Redeemable Non-Controlling In36
Redeemable Non-Controlling Interest (Table) | 6 Months Ended |
May. 30, 2015 | |
Redeemable Noncontrolling Interest Table [Abstract] | |
Redeemable Non-Controlling Interest [Table Text Block] | Total Balance at November 29, 2014 $ 4,654 Non-controlling interest assumed 11,773 Recognition of non-controlling interest redemption liability (11,773) Net income (loss) attributed to redeemable non-controlling interest 151 Foreign currency translation adjustment (556) Balance at May 30, 2015 $ 4,249 |
Acquistions and Divestitures (D
Acquistions and Divestitures (Details) | 3 Months Ended | 6 Months Ended | |||||||||
May. 30, 2015USD ($) | May. 30, 2015CNY (¥) | May. 30, 2015EUR (€) | May. 30, 2015USD ($) | May. 31, 2014USD ($) | May. 30, 2015USD ($) | Feb. 28, 2015USD ($) | Feb. 03, 2015USD ($) | Feb. 02, 2015USD ($) | Nov. 29, 2014USD ($) | Feb. 28, 2013USD ($) | |
Business Acquisition [Line Items] | |||||||||||
Total purchase price net of cash acquired | $ 217,572,000 | $ 151,000 | |||||||||
Remaining Equity Fair Value | $ 11,773,000 | ||||||||||
Maximum additional consideration | 66,848,000 | ||||||||||
Contingent Consideration Liability Fair Value Disclosure | 37,630,000 | ||||||||||
Purchase price allocation [Abstract] | |||||||||||
Goodwill | 401,012,000 | $ 255,972,000 | |||||||||
Contingent consideration liabilities | (8,000,000) | ||||||||||
Discontinued operations balance sheet items | |||||||||||
Current assets of discontinued operations | 2,706,000 | 1,865,000 | |||||||||
Long-term assets of discontinued operations | 0 | 0 | |||||||||
Current liabilities of discontinued operations | 8,000,000 | 5,000,000 | |||||||||
Long-term liabilities of discontinued operations | 0 | $ 0 | |||||||||
Tonsan Adhesive Inc [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total purchase price net of cash acquired | ¥ 1,400,000 | 215,925,000 | |||||||||
Cash acquired from acquisition | 7,754,000 | ||||||||||
Acquisition related costs | 373,000 | $ 373 | |||||||||
Remaining Equity Fair Value | 82,000,000 | 13,038,000 | |||||||||
Maximum additional consideration | 418,000,000 | 66,848,000 | |||||||||
Contingent Consideration Liability Fair Value Disclosure | 37,630,000 | ||||||||||
Purchase price allocation [Abstract] | |||||||||||
Current assets | 50,922,000 | $ 50,922,000 | |||||||||
Property, plant and equipment | 58,549,000 | 58,549,000 | |||||||||
Goodwill | 155,232,000 | 155,232,000 | |||||||||
Other intangibles, net | 139,000 | ||||||||||
Other assets acquired | 139,000 | (30,590,000) | |||||||||
Current liabilities | 30,590,000 | 49,497,000 | |||||||||
Other liabilities | 49,497,000 | 10,630,000 | |||||||||
Contingent consideration liabilities | ¥ (418,000,000,000) | (66,848,000) | (215,925,000) | ||||||||
Tonsan Adhesive Inc [Member] | Customer relationships [Member] | Goodwill Asia Pacific [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Other intangibles, net | 12,400 | ||||||||||
Tonsan Adhesive Inc [Member] | Trademarks [Member] | Goodwill Asia Pacific [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Other intangibles, net | 10,900,000 | ||||||||||
Tonsan Adhesive Inc [Member] | Other intangibles [Member] | Goodwill Asia Pacific [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Other intangibles, net | 18,500 | ||||||||||
Tonsan Adhesive Inc [Member] | Other intangibles [Member] | Remaining Earn Out Period [Member] | Minimum [Member] | Goodwill Asia Pacific [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Current assets | 50,922 | ||||||||||
Property, plant and equipment | 58,549 | ||||||||||
Goodwill | 155,232 | ||||||||||
Other assets acquired | 139 | ||||||||||
Current liabilities | 30,590 | ||||||||||
Other liabilities | 49,497 | ||||||||||
Contingent consideration liabilities | 10,630 | ||||||||||
Continental Products Limited [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total purchase price net of cash acquired | € 1,459,000 | 1,647,000 | |||||||||
Cash acquired from acquisition | € 329,000 | $ 371,000 | |||||||||
Acquisition related costs | $ 16,000 | $ 16 | |||||||||
Purchase price allocation [Abstract] | |||||||||||
Current assets | 1,357,000 | 1,439,000 | |||||||||
Property, plant and equipment | 143,000 | 183,000 | |||||||||
Goodwill | 462,000 | 418,000 | |||||||||
Other assets acquired | 7,000 | 7,000 | |||||||||
Current liabilities | 591,000 | 591,000 | |||||||||
Other liabilities | 177,000 | 189,000 | |||||||||
Contingent consideration liabilities | 0 | ||||||||||
Current assets purchase price adjustment | (82,000) | $ (82,000) | |||||||||
Property, plant and equipment purchase price adjustment | (40,000) | (40,000) | |||||||||
Goodwill purchase price adjustment | 44,000 | $ 44,000 | |||||||||
Other liabilities purchase price adjustment | 12,000 | ||||||||||
Total purchase price adjustment | (66,000) | ||||||||||
Continental Products Limited [Member] | Goodwill EIMEA [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total acquisition cost | 1,713 | ||||||||||
Cash acquired from acquisition | $ 371 | ||||||||||
Acquisition related costs | 16 | ||||||||||
Purchase price allocation [Abstract] | |||||||||||
Total purchase price | 1,713 | ||||||||||
Continental Products Limited [Member] | Customer relationships [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Other intangibles, net | 416,000 | 416,000 | |||||||||
Continental Products Limited [Member] | Customer relationships [Member] | Goodwill EIMEA [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Other intangibles, net | 416 | ||||||||||
Continental Products Limited [Member] | Trademarks [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Other intangibles, net | 0 | ||||||||||
Continental Products Limited [Member] | Non-competition agreements [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Other intangibles, net | 30,000 | $ 30,000 | |||||||||
Continental Products Limited [Member] | Non-competition agreements [Member] | Goodwill EIMEA [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Other intangibles, net | 30 | ||||||||||
Continental Products Limited [Member] | Other intangibles [Member] | Remaining Earn Out Period [Member] | Minimum [Member] | Goodwill EIMEA [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Current assets | 1,439 | ||||||||||
Property, plant and equipment | 183 | ||||||||||
Goodwill | 418 | ||||||||||
Other assets acquired | 7 | ||||||||||
Current liabilities | 591 | ||||||||||
ProSpec Construction Products [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total acquisition cost | 26,183,000 | ||||||||||
Purchase price allocation [Abstract] | |||||||||||
Current assets | 6,502,000 | ||||||||||
Property, plant and equipment | 7,976,000 | ||||||||||
Goodwill | 7,443,000 | ||||||||||
Other intangibles, net | 6,000,000 | ||||||||||
Current liabilities | (1,738,000) | ||||||||||
Total purchase price | 26,183,000 | ||||||||||
ProSpec Construction Products [Member] | Customer relationships [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Other intangibles, net | 4,300,000 | ||||||||||
ProSpec Construction Products [Member] | Trademarks [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Other intangibles, net | 200,000 | ||||||||||
ProSpec Construction Products [Member] | Other intangibles [Member] | |||||||||||
Purchase price allocation [Abstract] | |||||||||||
Other intangibles, net | $ 1,500,000 |
Accounting for Sharebased Com38
Accounting for Sharebased Compensation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May. 30, 2015 | May. 29, 2014 | May. 30, 2015 | May. 31, 2014 | |
Assumptions to calculate fair value options [Abstract] | ||||
Expected life | 4 years 9 months | 4 years 9 months | 4 years 7 months 10 days | 4 years 9 months |
Weighted-average expected volatility | 30.23% | 32.70% | 30.91% | 34.17% |
Expected volatility | 30.23% | 32.70% | ||
Expected volatility (Low) | 25.50% | 32.70% | ||
Expected volatility (High) | 31.67% | 37.06% | ||
Risk-free interest rate | 1.43% | 1.64% | 1.26% | 1.51% |
Expected dividend yield | 1.22% | 0.84% | 1.17% | 0.82% |
Weighted-average fair value of grants | $ 10.31 | $ 13.33 | $ 10.21 | $ 14.21 |
Nonvested Restricted Activity [Line Items] | ||||
Nonvested beginning balance | 377,283 | |||
Schedule Of Share Based Compensation Nonemployee Director Stock Award Plan Activity Units [Line Items] | ||||
Units outstanding beginning | 394,850 | |||
Participant contributions | 11,748 | |||
Company match contributions | 1,175 | |||
Payouts | (7,929) | |||
Units outstanding ending | 399,844 | 399,844 | ||
Other Share Based Activity [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 3,119,000 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | $ 2,646,000 | |||
Repurchased restricted stock shares | 2,249 | |||
Share-based compensation expense recognition [Abstract] | ||||
Share-based compensation expense | $ 3,058,000 | $ 3,163,000 | ||
Excess tax benefit recognized | 513,000 | $ 837,000 | ||
Unrecognized compensation costs related to unvested stock option awards | 1,994 | $ 1,994 | ||
Unrecognized compensation costs related to unvested restricted stock awards | 10,521 | 10,521 | ||
Restricted Unit Unrecognized Costs | $ 7,861 | $ 7,861 | ||
Summary of option activity [Roll Forward] | ||||
Outstanding beginning balance | 2,534,473 | |||
Granted | 704,180 | |||
Exercised | (173,576) | |||
Forfeited or Cancelled | (43,927) | |||
Outstanding ending balance | 3,021,150 | 3,021,150 | ||
Weighted-average exercise price activity [Abstract] | ||||
Outstanding beginning balance | $ 30.39 | |||
Granted | $ 41.17 | |||
Exercised | 22.76 | |||
Forfeited or Cancelled | 41.66 | |||
Outstanding ending balance | $ 33.18 | $ 33.18 | ||
Nonvested restricted stock units [Member] | ||||
Nonvested Restricted Activity [Line Items] | ||||
Nonvested beginning balance | 188,661 | |||
Granted | 142,260 | |||
Vested | (80,959) | |||
Forfeited | (7,353) | |||
Total fair value of nonvested restricted stock | $ 242,609,000 | $ 242,609,000 | ||
Nonvested restricted stock shares [Member] | ||||
Nonvested Restricted Activity [Line Items] | ||||
Nonvested beginning balance | 188,622 | |||
Granted | 0 | |||
Vested | (67,294) | |||
Forfeited | (8,638) | |||
Total fair value of nonvested restricted stock | $ 112,690,000 | $ 112,690,000 | ||
Weighted-Average Grant Date Fair Value [Member] | ||||
Nonvested Restricted Activity [Line Items] | ||||
Nonvested beginning balance | 40.7 | |||
Granted weighted average grant date fair value | $ 41 | |||
Vested weighted average grant date fair value | 40.9 | |||
Forfeited weighted average grant date fair value | $ 39.49 | |||
Total fair value of nonvested restricted stock | $ 42.2 | $ 42.2 | ||
Nonvested restricted stock weighted-average remaining contractual life (in years) [Member] | ||||
Nonvested Restricted Activity [Line Items] | ||||
Weighted Average Remaining Contractual Life Granted | 1 year 10 months 24 days | |||
Weighted Average Remaining Contractual Life Forfeited | 1 year 1 month 6 days | |||
Weighted Average Remaining Contractual Life Vested | ||||
Non Employee Directors [Member] | ||||
Schedule Of Share Based Compensation Nonemployee Director Stock Award Plan Activity Units [Line Items] | ||||
Units outstanding beginning | 342,547 | |||
Participant contributions | 9,438 | 9,438 | ||
Company match contributions | 944 | 944 | ||
Payouts | (302) | (302) | ||
Units outstanding ending | 352,627 | 352,627 | ||
Employees [Member] | ||||
Schedule Of Share Based Compensation Nonemployee Director Stock Award Plan Activity Units [Line Items] | ||||
Units outstanding beginning | 52,303 | |||
Participant contributions | 2,310 | 2,310 | ||
Company match contributions | 231 | 231 | ||
Payouts | (7,627) | (7,627) | ||
Units outstanding ending | 47,217 | 47,217 |
Earnings Per Share (Details)
Earnings Per Share (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
May. 30, 2015 | May. 29, 2014 | May. 30, 2015 | May. 31, 2014 | |
Earnings Per Share Antidilutive Shares [Line Items] | ||||
Antidilutive shares not used in calculating diluted earnings per share calculations | 437,798 | 407,145 | 442,616 | 407,145 |
Antidilutive Weighted Average Share Price Excluded From Computation Of Earnings Per Share Amount | $ 48.59 | $ 48.93 | $ 48.59 | $ 48.93 |
Earnings Per Share Reconciliation [Line Items] | ||||
Weighted-average common shares - basic | 50,345 | 49,956 | 50,267 | 49,933 |
Equivalent Shares From Share Based Compensations Plans | 1,126 | 1,219 | 1,158 | 1,282 |
Weighted-average common and common equivalent shares - diluted | 51,471 | 51,175 | 51,425 | 51,215 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
May. 30, 2015 | May. 29, 2014 | May. 30, 2015 | May. 31, 2014 | May. 31, 2014 | Nov. 29, 2014 | |
Total comprehensive income (loss) [Abstract] | ||||||
Net income attributable to HB Fuller | $ 25,172,000 | $ 20,537,000 | $ 34,882,000 | $ 35,108,000 | ||
Net (income) loss attributable to non-controlling interests | 144,000 | 89,000 | 229,000 | 167,000 | ||
Other compreshensive income (loss) before tax [Abstract] | ||||||
Foreign currency translation adjustment | $ (827) | |||||
Reclassification To Earnings Before Tax [Abstract] | ||||||
Defined benefit pension plans adjustment | 3,326 | |||||
Interest rate swap | (28) | |||||
Cash-flow hedges | (53) | |||||
Other compreshensive income (loss) tax [Abstract] | ||||||
Foreign currency translation adjustment | 0 | |||||
Reclassification To Earnings Tax [Abstract] | ||||||
Defined benefit pension plans adjustment | (1,287) | |||||
Interest rate swap | 8 | |||||
Cash-flow hedges | 21 | |||||
Other compreshensive income (loss) net [Abstract] | ||||||
Foreign currency translation adjustment | (827) | |||||
Reclassification To Earnings Net [Abstract] | ||||||
Defined benefit pension plans adjustment | 1,528,000 | 1,021,000 | 3,055,000 | 2,039,000 | ||
Interest rate swap | 20 | |||||
Cross currency amount in AOCI | 0 | 29,000 | (25,000) | 32,000 | ||
Comprehensive income (loss) | 22,203,000 | 20,309,000 | 241,000 | 36,536,000 | $ (25,253,000) | |
Components of accumulated other comprehensive income (loss) [Abstract] | ||||||
Foreign currency translation adjustment | (26,736,000) | (26,736,000) | 11,184,000 | |||
Defined benefit pension plans adjustment, net of taxes | (155,474,000) | (155,474,000) | (158,529,000) | |||
Interest rate swap, net of taxes | (33,000) | (33,000) | (53,000) | |||
Cash-flow hedges, net of taxes | 25,000 | |||||
Total accumulated other comprehensive income (loss) | (182,243,000) | (182,243,000) | (147,373,000) | |||
Tax on defined benefit pension plans adjustment | 83,007,000 | 83,007,000 | 84,604,000 | |||
Tax on interest rate swap | 0 | 0 | 15,000 | |||
Tax on cash-flow hedges | 20,000 | 20,000 | 21,000 | |||
H.B Fuller Stockholders [Member] | ||||||
Other compreshensive income (loss) before tax [Abstract] | ||||||
Foreign currency translation adjustment | (4,725,000) | (1,385,000) | (38,004,000) | (827) | (827,000) | |
Reclassification To Earnings Before Tax [Abstract] | ||||||
Defined benefit pension plans adjustment | 2,326,000 | 1,670,000 | 4,651,000 | 3,326 | 3,326,000 | |
Interest rate swap | 5,000 | 14,000 | 21,000 | 28 | 28,000 | |
Cash-flow hedges | 0 | 47,000 | (31,000) | 53 | 53,000 | |
Other comprehensive income (loss) | (2,394,000) | 346,000 | (33,363,000) | 2,580 | 2,580,000 | |
Other compreshensive income (loss) tax [Abstract] | ||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | 0 | |
Reclassification To Earnings Tax [Abstract] | ||||||
Defined benefit pension plans adjustment | (798,000) | (649,000) | (1,596,000) | (1,287) | (1,287,000) | |
Interest rate swap | 5,000 | (4,000) | (1,000) | (8) | (8,000) | |
Cash-flow hedges | 0 | (18,000) | 6,000 | (21) | (21,000) | |
Other comprehensive income (loss) | (793,000) | (671,000) | (1,591,000) | (1,316) | (1,316,000) | |
Other compreshensive income (loss) net [Abstract] | ||||||
Foreign currency translation adjustment | (4,725,000) | (1,385,000) | (38,004,000) | (827) | (827,000) | |
Reclassification To Earnings Net [Abstract] | ||||||
Defined benefit pension plans adjustment | 1,528,000 | 1,021,000 | 3,055,000 | 2,039 | 2,039,000 | |
Interest rate swap | 10,000 | 10,000 | 20,000 | 20 | 20,000 | |
Cross currency amount in AOCI | 0 | 29,000 | (25,000) | 32 | 32,000 | |
Other comprehensive income (loss) | (3,187,000) | (325,000) | (34,954,000) | 1,264 | 1,264,000 | |
Comprehensive income (loss) | 21,985,000 | 20,212,000 | (72,000) | 36,372 | 36,372,000 | |
Components of accumulated other comprehensive income (loss) [Abstract] | ||||||
Foreign currency translation adjustment | (26,799,000) | (26,799,000) | 11,205,000 | |||
Defined benefit pension plans adjustment, net of taxes | (155,474,000) | (155,474,000) | (158,529,000) | |||
Interest rate swap, net of taxes | (33,000) | (33,000) | (53,000) | |||
Cash-flow hedges, net of taxes | 0 | 0 | 25,000 | |||
Total accumulated other comprehensive income (loss) | (182,306,000) | (182,306,000) | (147,352,000) | |||
Noncontrolling Interest [Member] | ||||||
Other compreshensive income (loss) net [Abstract] | ||||||
Foreign currency translation adjustment | 74,000 | 8,000 | 84,000 | (3) | (3,000) | |
Reclassification To Earnings Net [Abstract] | ||||||
Other comprehensive income (loss) | 74,000 | 8,000 | 84,000 | (3) | (3,000) | |
Comprehensive income (loss) | 218,000 | $ 97,000 | 313,000 | $ 164 | $ 164,000 | |
Components of accumulated other comprehensive income (loss) [Abstract] | ||||||
Foreign currency translation adjustment | 63,000 | 63,000 | (21,000) | |||
Defined benefit pension plans adjustment, net of taxes | 0 | 0 | 0 | |||
Interest rate swap, net of taxes | 0 | 0 | 0 | |||
Cash-flow hedges, net of taxes | 0 | 0 | 0 | |||
Total accumulated other comprehensive income (loss) | $ 63,000 | $ 63,000 | $ (21,000) |
Special Charges (Details)
Special Charges (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May. 30, 2015 | May. 29, 2014 | May. 30, 2015 | May. 31, 2014 | |
Special Charges Details [Abstract] | ||||
Professional Services | $ 18,000 | $ 2,735,000 | $ 322,000 | $ 5,576,000 |
Other related costs | 75,000 | 2,578,000 | 547,000 | 4,286,000 |
Workforce reduction costs | (270,000) | 899,000 | (214,000) | 2,958,000 |
Facility exit costs | 1,111,000 | 7,326,000 | 2,640,000 | 12,452,000 |
Special charges, net | 934,000 | 13,538,000 | 3,295,000 | 25,272,000 |
Cash [Member] | ||||
Restructuring costs [Line Items] | ||||
Facility shut down costs | 429,000 | 5,708,000 | 1,823,000 | 9,282,000 |
Noncash [Member] | ||||
Restructuring costs [Line Items] | ||||
Facility shut down costs | $ 682,000 | $ 1,618,000 | $ 817,000 | $ 3,107,000 |
Components of Net Periodic Co42
Components of Net Periodic Cost (Benefit) related to Pension and Other Postretirement Benefit Plans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May. 30, 2015 | May. 29, 2014 | May. 30, 2015 | May. 31, 2014 | |
Pension Benefits US Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 26,000 | $ 24,000 | $ 53,000 | $ 47,000 |
Interest cost | 4,080,000 | 4,021,000 | 8,161,000 | 8,043,000 |
Expected return on assets | (6,421,000) | (5,967,000) | (12,841,000) | (11,933,000) |
Amorization of Prior service cost | 7,000 | 7,000 | 14,000 | 14,000 |
Amortization of Actuarial (gain)/loss | 1,407,000 | 1,144,000 | 2,814,000 | 2,288,000 |
Net periodic cost (benefit) | (901,000) | (771,000) | (1,799,000) | (1,541,000) |
Pension Benefits Foreign Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 473,000 | 438,000 | 980,000 | 868,000 |
Interest cost | 1,461,000 | 1,924,000 | 2,977,000 | 3,817,000 |
Expected return on assets | (2,573,000) | (2,736,000) | (5,240,000) | (5,426,000) |
Amorization of Prior service cost | (1,000) | (1,000) | (2,000) | (2,000) |
Amortization of Actuarial (gain)/loss | 781,000 | 784,000 | 1,612,000 | 1,556,000 |
Net periodic cost (benefit) | 141,000 | 409,000 | 327,000 | 813,000 |
Other Postretirement [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 112,000 | 109,000 | 224,000 | 217,000 |
Interest cost | 511,000 | 536,000 | 1,021,000 | 1,072,000 |
Expected return on assets | (1,378,000) | (1,185,000) | (2,755,000) | (2,371,000) |
Amorization of Prior service cost | (626,000) | (943,000) | (1,252,000) | (1,886,000) |
Amortization of Actuarial (gain)/loss | 608,000 | 678,000 | 1,216,000 | 1,355,000 |
Net periodic cost (benefit) | $ (773,000) | $ (805,000) | $ (1,546,000) | $ (1,613,000) |
Inventories (Details)
Inventories (Details) - USD ($) | May. 30, 2015 | Nov. 29, 2014 |
Inventory, Net [Abstract] | ||
Raw materials | $ 135,260,000 | $ 133,476,000 |
Fiinished goods | 147,985,000 | 140,014,000 |
LIFO reserve | (17,625,000) | (22,200,000) |
Total Inventory | $ 265,620,000 | $ 251,290,000 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) | 6 Months Ended | |
May. 30, 2015 | Nov. 29, 2014 | |
Cross Currency Swaps [Abstract] | ||
Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cross Currency Swap | $ 25,000 | |
Hedge ineffectiveness | $ 52,000 | |
Interest Rate Swap [Member] | ||
Cross Currency Swaps [Abstract] | ||
Value of hedged item in a fair value hedge | 75,000 | |
Change in Fair Value of Senior Notes | $ (4,065,000) | |
Second Cross Currency Swap [Member] | ||
Cross Currency Swaps [Abstract] | ||
Interest rate minimum | 4.30% | |
Interest rate maximum | 4.45% |
Commitments and Contingencies45
Commitments and Contingencies (Details) | 6 Months Ended | 36 Months Ended | |
May. 30, 2015USD ($) | May. 31, 2014USD ($) | Nov. 29, 2014USD ($) | |
Product Liability Contingency [Line Items] | |||
Lawsuits and claims settled | 5 | 4 | 24 |
Settlement amounts | $ 438,000 | $ 178,000 | $ 1,754,000 |
Insurance Payments Received Or Expected To Be Received | $ 354,000 | $ 155,000 | $ 1,357,000 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May. 30, 2015 | May. 29, 2014 | May. 30, 2015 | May. 31, 2014 | |
Segment Reporting [Line Items] | ||||
Net revenue | $ 540,762,000 | $ 544,034,000 | $ 1,011,423,000 | $ 1,030,015,000 |
Segment operating income | 48,355,000 | 46,283,000 | 69,728,000 | 82,529,000 |
Americas Adhesives [Member] | ||||
Segment Reporting [Line Items] | ||||
Net revenue | 228,526,000 | 236,985,000 | 432,469,000 | 446,651,000 |
Inter-Segment Revenue | 6,320,000 | 5,774,000 | 11,703,000 | 11,453,000 |
Segment operating income | 34,809,000 | 31,889,000 | 55,597,000 | 57,095,000 |
Construction Products [Member] | ||||
Segment Reporting [Line Items] | ||||
Net revenue | 65,615,000 | 49,445,000 | 114,778,000 | 89,154,000 |
Inter-Segment Revenue | 247,000 | 691,000 | 423,000 | 963,000 |
Segment operating income | 6,574,000 | 2,480,000 | 8,367,000 | 3,292,000 |
EIMEA [Member] | ||||
Segment Reporting [Line Items] | ||||
Net revenue | 151,520,000 | 189,656,000 | 299,082,000 | 361,215,000 |
Inter-Segment Revenue | 3,111,000 | 4,427,000 | 7,661,000 | 8,533,000 |
Segment operating income | 1,647,000 | 10,156,000 | 925,000 | 18,596,000 |
Asia Pacific [Member] | ||||
Segment Reporting [Line Items] | ||||
Net revenue | 95,101,000 | 67,948,000 | 165,094,000 | 132,995,000 |
Inter-Segment Revenue | 3,967,000 | 3,107,000 | 7,433,000 | 6,579,000 |
Segment operating income | $ 5,325,000 | $ 1,758,000 | $ 4,839,000 | $ 3,546,000 |
Operating Segments (Details) 2
Operating Segments (Details) 2 - USD ($) | 3 Months Ended | 6 Months Ended | ||
May. 30, 2015 | May. 29, 2014 | May. 30, 2015 | May. 31, 2014 | |
Operating Segments Abstract | ||||
Segment operating income | $ 48,355,000 | $ 46,283,000 | $ 69,728,000 | $ 82,529,000 |
Special charges, net | (934,000) | (13,538,000) | (3,295,000) | (25,272,000) |
Asset impairment charges | 0 | 0 | ||
Other Operating Income (Expense), Net | (569,000) | (204,000) | (206,000) | (1,254,000) |
Interest expense | (6,215,000) | (4,760,000) | (12,317,000) | (8,886,000) |
Income from continuing operations before income taxes and income from equity method investments | $ 40,637,000 | $ 27,781,000 | $ 53,910,000 | $ 47,117,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | |
May. 30, 2015 | Nov. 29, 2014 | |
Income Taxes [Line Items] | ||
Gross unrecognized tax benefits liability | $ 5,499,000 | $ 4,787,000 |
Net interest and penalties relating to unrecognized tax benefits | 545,000 | |
Recorded liability for unrecognized tax benefits, net, increased | $ 395,000 |
Goodwill (Details)
Goodwill (Details) | 6 Months Ended |
May. 30, 2015USD ($) | |
Goodwill [Line Items] | |
Balance at | $ 255,972,000 |
Currency Impact | (13,769,000) |
Balance at | 401,012,000 |
Continental Acquisition [Member] | |
Goodwill [Line Items] | |
Goodwill Acquired During Period | 462,000 |
Tonsan Acquisition [Member] | |
Goodwill [Line Items] | |
Goodwill Acquired During Period | $ 158,347,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 6 Months Ended | ||
May. 30, 2015 | May. 31, 2014 | Nov. 29, 2014 | |
Assets | |||
Marketable securities | $ 909,000 | $ 748,000 | |
Derivative assets | 8,577,000 | 1,007,000 | |
Liabilities [Abstract] | |||
Derivative liabilities | 1,147,000 | 433,000 | |
Contingent Consideration Liability Continuing Operations Fair Value Disclosure | 38,216,000 | 196,000 | |
Contingent consideration liability, discontinued operations | 8,000,000 | 5,000,000 | |
Fair Value Of Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | |||
Asset impairment charges | 0 | $ 0 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets | |||
Marketable securities | 909,000 | 748,000 | |
Derivative assets | 0 | 0 | |
Liabilities [Abstract] | |||
Derivative liabilities | 0 | 0 | |
Contingent Consideration Liability Continuing Operations Fair Value Disclosure | 0 | 0 | |
Contingent consideration liability, discontinued operations | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets | |||
Marketable securities | 0 | 0 | |
Derivative assets | 8,577,000 | 1,007,000 | |
Liabilities [Abstract] | |||
Derivative liabilities | 1,147,000 | 433,000 | |
Contingent Consideration Liability Continuing Operations Fair Value Disclosure | 0 | 0 | |
Contingent consideration liability, discontinued operations | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets | |||
Marketable securities | 0 | 0 | |
Derivative assets | 0 | 0 | |
Liabilities [Abstract] | |||
Derivative liabilities | 0 | 0 | |
Contingent Consideration Liability Continuing Operations Fair Value Disclosure | 38,216,000 | 196,000 | |
Contingent consideration liability, discontinued operations | $ 8,000,000 | $ 5,000,000 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
May. 30, 2015 | May. 30, 2015 | May. 31, 2014 | |
Share Repurchase Program [Line Items] | |||
Total Value Of Repurchased Shares | $ 0 | $ 0 | $ 12,254,000 |
Decreased Value Of Common Stock Shares Repurchased | 250,000 | ||
Decreased Value Of Additional Paid In Capital For Shares Repurchased | $ 12,004,000 |
Redeemable Non-Controlling In52
Redeemable Non-Controlling Interest (Details) € in Thousands | 3 Months Ended | 6 Months Ended | ||||
May. 30, 2015USD ($) | May. 30, 2015USD ($) | May. 31, 2014USD ($) | May. 30, 2015EUR (€) | May. 30, 2015USD ($) | Nov. 29, 2014USD ($) | |
Redeemable Noncontrolling Interest [Line Item] | ||||||
Cash paid by minority owner | $ 0 | $ 0 | ||||
Current redemption value of the option | € | € 3,500 | |||||
Net income (loss) attributed to redeemable non-controlling interest | $ 151 | 151,000 | ||||
Increase in non-controlling shareholder ownership | (10,630,000) | 11,773,000 | ||||
Distributions to non-controlling shareholder | 10,630,000 | 11,773,000 | ||||
Foreign currency translation adjustment | $ (556) | $ (556,000) | ||||
Balance of redeemable non-controlling interest | $ 4,249,000 | $ 4,654,000 |
Out Of Period Adjustments (Deta
Out Of Period Adjustments (Details) | 3 Months Ended |
May. 31, 2014USD ($) | |
Out Of Period Adjustments [Line Items] | |
Out Of Period Adjustments Cost Of Goods Sold | $ 1,646 |
Out Of Period Adjustments Income Tax Expense Benefit | (629) |
Out Of Period Adjustments Tax Benefits | $ 1,010 |