Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Feb. 27, 2021 | Mar. 19, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000039368 | |
Entity Registrant Name | FULLER H B CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-27 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Feb. 27, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-09225 | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-0268370 | |
Entity Address, Address Line One | 1200 Willow Lake Boulevard | |
Entity Address, City or Town | St. Paul | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55110-5101 | |
City Area Code | 651 | |
Local Phone Number | 236-5900 | |
Title of 12(b) Security | Common Stock, par value $1.00 per share | |
Trading Symbol | FUL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 52,247,580 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | |
Net revenue | $ 725,904 | $ 646,564 |
Cost of sales | (533,540) | (476,302) |
Gross profit | 192,364 | 170,262 |
Selling, general and administrative expenses | (144,014) | (141,509) |
Other income, net | (7,869) | (4,969) |
Interest expense | (20,361) | (22,757) |
Interest income | 2,659 | 2,918 |
Income before income taxes and income from equity method investments | 38,517 | 13,883 |
Income taxes | (10,607) | (5,611) |
Income from equity method investments | 1,896 | 1,634 |
Net income including non-controlling interest | 29,806 | 9,906 |
Net income attributable to non-controlling interest | (15) | (11) |
Net income attributable to H.B. Fuller | $ 29,791 | $ 9,895 |
Basic (in dollars per share) | $ 0.57 | $ 0.19 |
Diluted (in dollars per share) | $ 0.56 | $ 0.19 |
Weighted-average common shares outstanding: | ||
Basic (in shares) | 52,492 | 51,295 |
Diluted (in shares) | 53,339 | 52,580 |
Dividends declared per common share (in dollars per share) | $ 0.163 | $ 0.160 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | |
Net income including non-controlling interest | $ 29,806 | $ 9,906 |
Foreign currency translation | 23,137 | (2,781) |
Defined benefit pension plans adjustment, net of tax | 1,375 | 2,086 |
Interest rate swaps, net of tax | 4,180 | (8,999) |
Cross-currency swaps, net of tax | (1,046) | 4,644 |
Other comprehensive income (loss) | 27,646 | (5,050) |
Comprehensive income | 57,452 | 4,856 |
Less: Comprehensive income attributable to non-controlling interest | 5 | 10 |
Comprehensive income attributable to H.B. Fuller | $ 57,447 | $ 4,846 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Feb. 27, 2021 | Nov. 28, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 81,192 | $ 100,534 |
Trade receivables (net of allowances of $12,037 and $12,905, as of February 27, 2021 and November 28, 2020, respectively) | 504,994 | 514,916 |
Inventories | 388,773 | 323,213 |
Other current assets | 101,641 | 81,113 |
Total current assets | 1,076,600 | 1,019,776 |
Property, plant and equipment | 1,443,107 | 1,428,183 |
Accumulated depreciation | (773,663) | (757,439) |
Property, plant and equipment, net | 669,444 | 670,744 |
Goodwill | 1,322,160 | 1,312,003 |
Other intangibles, net | 746,996 | 755,968 |
Other assets | 298,550 | 278,213 |
Total assets | 4,113,750 | 4,036,704 |
Current liabilities: | ||
Notes payable | 16,323 | 16,925 |
Trade payables | 373,604 | 316,460 |
Accrued compensation | 65,994 | 83,598 |
Income taxes payable | 27,793 | 29,173 |
Other accrued expenses | 84,531 | 83,976 |
Total current liabilities | 568,245 | 530,132 |
Long-term debt | 1,741,893 | 1,756,985 |
Accrued pension liabilities | 89,273 | 88,806 |
Other liabilities | 272,176 | 278,919 |
Total liabilities | 2,671,587 | 2,654,842 |
Commitments and contingencies (Note 12) | ||
H.B. Fuller stockholders' equity: | ||
Preferred stock (no shares outstanding) shares authorized – 10,045,900 | 0 | 0 |
Common stock, par value $1.00 per share, shares authorized – 160,000,000, shares outstanding – 52,155,305 and 51,906,663, as of February 27, 2021 and November 28, 2020, respectively | 52,155 | 51,907 |
Additional paid-in capital | 169,010 | 157,867 |
Retained earnings | 1,495,655 | 1,474,406 |
Accumulated other comprehensive loss | (275,203) | (302,859) |
Total H.B. Fuller stockholders' equity | 1,441,617 | 1,381,321 |
Non-controlling interest | 546 | 541 |
Total equity | 1,442,163 | 1,381,862 |
Total liabilities, non-controlling interest and total equity | $ 4,113,750 | $ 4,036,704 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Feb. 27, 2021 | Nov. 28, 2020 |
Trade receivables, allowances | $ 12,037 | $ 12,905 |
Preferred stock, shares authorized (in shares) | 10,045,900 | 10,045,900 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 |
Common stock, shares outstanding (in shares) | 52,155,305 | 51,906,663 |
Consolidated Statements of Tota
Consolidated Statements of Total Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Nov. 30, 2019 | $ 51,241 | $ 130,295 | $ 1,384,411 | $ (343,600) | $ 442 | $ 1,222,789 |
Comprehensive income (loss) | 0 | 0 | 9,895 | (5,049) | 10 | 4,856 |
Dividends | 0 | 0 | (8,313) | 0 | 0 | (8,313) |
Stock option exercises | 26 | 881 | 0 | 0 | 0 | 907 |
Share-based compensation plans and other, net | 206 | 4,821 | 0 | 0 | 0 | 5,027 |
Repurchases of common stock | (66) | (3,146) | 0 | 0 | 0 | (3,212) |
Balance at Feb. 29, 2020 | 51,407 | 132,851 | 1,385,993 | (348,649) | 452 | 1,222,054 |
Balance at Nov. 28, 2020 | 51,907 | 157,867 | 1,474,406 | (302,859) | 541 | 1,381,862 |
Comprehensive income (loss) | 0 | 0 | 29,791 | 27,656 | 5 | 57,452 |
Dividends | 0 | 0 | (8,542) | 0 | 0 | (8,542) |
Stock option exercises | 147 | 6,251 | 0 | 0 | 0 | 6,398 |
Share-based compensation plans and other, net | 150 | 7,423 | 0 | 0 | 0 | 7,573 |
Repurchases of common stock | (49) | (2,531) | 0 | 0 | 0 | (2,580) |
Balance at Feb. 27, 2021 | $ 52,155 | $ 169,010 | $ 1,495,655 | $ (275,203) | $ 546 | $ 1,442,163 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | |
Cash flows from operating activities: | ||
Net income including non-controlling interest | $ 29,806 | $ 9,906 |
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | ||
Depreciation | 17,833 | 16,595 |
Amortization | 17,896 | 17,990 |
Deferred income taxes | (2,281) | (4,035) |
Income from equity method investments, net of dividends received | (1,896) | (1,634) |
Gain on sale of assets | (16) | 0 |
Share-based compensation | 6,821 | 4,703 |
Pension and other post-retirement benefit plan activity | (7,999) | (1,120) |
Trade receivables, net | 3,318 | 33,705 |
Inventories | (63,598) | (46,947) |
Other assets | (1,871) | (32,769) |
Trade payables | 67,373 | 55,110 |
Accrued compensation | (18,146) | (21,145) |
Other accrued expenses | 753 | (3,055) |
Income taxes payable | (882) | 3,040 |
Other liabilities | 17,921 | (12,801) |
Other | 4,895 | (2,638) |
Net cash provided by operating activities | 35,849 | 34,427 |
Cash flows from investing activities: | ||
Purchased property, plant and equipment | (35,283) | (32,124) |
Purchased businesses, net of cash acquired | (5,445) | (9,500) |
Purchase of assets | 0 | (3,998) |
Proceeds from sale of property, plant and equipment | 263 | 1,516 |
Cash payments related to government grant | (1,526) | (234) |
Net cash used in investing activities | (41,991) | (44,340) |
Cash flows from financing activities: | ||
Repayment of long-term debt | (11,000) | (13,000) |
Net (payments) proceeds of notes payable | (22) | 1,497 |
Dividends paid | (8,460) | (8,222) |
Proceeds from stock options exercised | 6,398 | 907 |
Repurchases of common stock | (2,580) | (3,213) |
Net cash used in financing activities | (15,664) | (22,031) |
Effect of exchange rate changes on cash and cash equivalents | 2,464 | (1,509) |
Net change in cash and cash equivalents | (19,342) | (33,453) |
Cash and cash equivalents at beginning of period | 100,534 | 112,191 |
Cash and cash equivalents at end of period | $ 81,192 | $ 78,738 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1: Overview The accompanying unaudited interim Consolidated Financial Statements of H.B. Fuller Company and Subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10 10 X. not not may The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from these estimates. These unaudited interim Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10 November 28, 2020 Change in Accounting Principle - Credit Losses In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 No. 2018 19, Codification Improvements to Topic 326, November 2018, No. 2019 04, Codification Improvements to Topic 326, Financial Instruments, April 2019 No. 2019 11, Codification Improvements to Topic 326, November 2019. No. 2018 19 842, Leases. No. 2019 04 No. 2019 11 No. 2016 13. No. 2016 13 No. 2016 13. first February 27, 2021. not not Trade Receivables and Allowances Trade receivables are recorded at the invoiced amount and do not not New Accounting Pronouncements Recently issued accounting standards or pronouncements have been excluded as they are not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2: STR Holdings, Inc. On January 13, 2021, first February 27, 2021. 11 not not D.H.M. Adhesives, Inc On February 3, 2020, November 27, 2021 December 3, 2022. May 30, 2020 11 not not |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | Note 3: The Company has approved restructuring plans consisting of consolidation plans, organizational changes and other actions related to the reorganization of our business into three Three Months Ended February 27, 2021 February 29, 2020 Cost of sales $ 270 $ 60 Selling, general and administrative 1,547 (17 ) $ 1,817 $ 43 The restructuring charges are all recorded in Corporate Unallocated for segment reporting. A summary of the restructuring liability is presented below: Employee-Related Asset-Related Other Total Balance at November 30, 2019 $ 9,830 $ - $ 924 $ 10,754 Expenses incurred 2,898 - 1,681 4,579 Cash payments (7,051 ) - (2,357 ) (9,408 ) Foreign currency translation 157 - - 157 Balance at November 28, 2020 5,834 - 248 6,082 Expenses incurred 223 135 1,459 1,817 Non-cash charges - (135 ) - (135 ) Cash payments (1,979 ) - (1,583 ) (3,562 ) Foreign currency translation 11 - - 11 Balance at February 27, 2021 $ 4,089 $ - $ 124 $ 4,213 Non-cash charges include accelerated depreciation resulting from the cessation of use of certain long-lived assets. Restructuring liabilities have been classified as a component of other accrued expenses in the Consolidated Balance Sheets. |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4: The composition of inventories is as follows: February 27, November 28, 2021 2020 Raw materials $ 187,214 $ 151,026 Finished goods 201,559 172,187 Total inventories $ 388,773 $ 323,213 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5: The goodwill activity for the three February 27, 2021 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Balance at November 28, 2020 $ 332,909 $ 667,863 $ 311,231 $ 1,312,003 Acquisition - 849 - 849 Currency impact 2,076 7,021 211 9,308 Balance at February 27, 2021 $ 334,985 $ 675,733 $ 311,442 $ 1,322,160 Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, are as follows: February 27, 2021 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 117,137 $ 942,271 $ 64,003 $ 11,456 $ 1,134,867 Accumulated amortization (55,793 ) (296,582 ) (30,981 ) (5,041 ) (388,397 ) Net identifiable intangibles $ 61,344 $ 645,689 $ 33,022 $ 6,415 $ 746,470 November 28, 2020 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 113,775 $ 933,943 $ 63,266 $ 11,410 $ 1,122,394 Accumulated amortization (53,216 ) (279,586 ) (29,368 ) (4,775 ) (366,945 ) Net identifiable intangibles $ 60,559 $ 654,357 $ 33,898 $ 6,635 $ 755,449 Amortization expense with respect to amortizable intangible assets was $17,896 and $17,990 for the three February 27, 2021 February 29, 2020 Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for the next five Remainder Fiscal Year 2021 2022 2023 2024 2025 Thereafter Amortization expense $ 53,296 $ 69,644 $ 66,743 $ 61,662 $ 59,013 $ 436,112 Non-amortizable intangible assets as of February 27, 2021 November 28, 2020 February 27, 2021 November 28, 2020 |
Note 6 - Components of Net Peri
Note 6 - Components of Net Periodic Benefit Related to Pension and Other Postretirement Benefit Plans | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 6: Three Months Ended February 27, 2021 and February 29, 2020 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic cost (benefit): 2021 2020 2021 2020 2021 2020 Service cost $ - $ - $ 833 $ 725 $ 5 $ 18 Interest cost 2,325 2,935 733 794 205 284 Expected return on assets (7,781 ) (6,440 ) (3,077 ) (2,842 ) (2,235 ) (1,994 ) Amortization: Prior service cost (benefit) (1 ) (1 ) 17 16 - - Actuarial loss 799 1,799 1,022 950 18 15 Net periodic benefit $ (4,658 ) $ (1,707 ) $ (472 ) $ (357 ) $ (2,007 ) $ (1,677 ) Service cost is included with employee compensation cost in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Income. The components of our net periodic defined benefit pension and postretirement benefit costs other than service cost are presented in other income, net in the Consolidated Statements of Income. |
Note 7 - Accumulated Other Comp
Note 7 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income (Loss) Disclosure [Text Block] | Note 7: The following table provides details of total comprehensive income (loss): Three Months Ended February 27, 2021 Three Months Ended February 29, 2020 Non- Non- controlling controlling H.B. Fuller Stockholders Interest H.B. Fuller Stockholders Interest Pre-tax Tax Net Net Pre-tax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interest $ 29,791 $ 15 $ 9,895 $ 11 Foreign currency translation adjustment¹ $ 23,147 $ - 23,147 (10 ) $ (2,780 ) $ - (2,780 ) (1 ) Defined benefit pension plans adjustment² 1,855 (480 ) 1,375 - 2,779 (693 ) 2,086 - Interest rate swap³ 5,537 (1,357 ) 4,180 - (11,900 ) 2,901 (8,999 ) - Cross currency swaps³ (1,062 ) 16 (1,046 ) - 4,746 (102 ) 4,644 - Other comprehensive income (loss) $ 29,477 $ (1,821 ) $ 27,656 $ (10 ) $ (7,155 ) $ 2,106 $ (5,049 ) $ (1 ) Comprehensive income $ 57,447 $ 5 $ 4,846 $ 10 ¹ Income taxes are not ² Loss reclassified from accumulated other comprehensive income ("AOCI") into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales and SG&A expense. ³ Income (loss) reclassified from AOCI into earnings is reported in other income (expense), net. The components of accumulated other comprehensive loss is as follows: February 27, 2021 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (82,983 ) $ (82,858 ) $ (125 ) Interest rate swap, net of taxes of $6,796 (20,923 ) (20,923 ) - Cash flow hedges, net of taxes of ($105) 6,923 6,923 - Defined benefit pension plans adjustment, net of taxes of $80,176 (160,004 ) (160,004 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (275,328 ) $ (275,203 ) $ (125 ) November 28, 2020 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (106,140 ) $ (106,005 ) $ (135 ) Interest rate swap, net of taxes of $8,153 (25,103 ) (25,103 ) - Cash flow hedges, net of taxes of ($121) 7,969 7,969 - Defined benefit pension plans adjustment, net of taxes of $80,656 (161,379 ) (161,379 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (302,994 ) $ (302,859 ) $ (135 ) |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8: As of February 27, 2021 November 28, 2020 February 27, 2021 November 28, 2020 Income tax expense for the three February 27, 2021 three February 27, 2021 Income tax expense for the three February 29, 2020 three February 29, 2020 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 9: A reconciliation of the common share components for the basic and diluted earnings per share calculations is as follows: Three Months Ended February 27, February 29, (Shares in thousands) 2021 2020 Weighted-average common shares - basic 52,492 51,295 Equivalent shares from share-based compensations plans 847 1,285 Weighted-average common and common equivalent shares diluted 53,339 52,580 Basic earnings per share is calculated by dividing net income attributable to H.B. Fuller by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per share is based upon the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to share-based compensation awards. We use the treasury stock method to calculate the effect of outstanding shares, which computes total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award and (b) the amount of unearned share-based compensation costs attributed to future services. Share-based compensation awards for which total employee proceeds exceed the average market price over the applicable period have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. Share-based compensation awards for 2,789,184 and 3,606,776 shares for the three February 27, 2021 February 29, 2020 |
Note 10 - Financial Instruments
Note 10 - Financial Instruments | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 10: Overview As a result of being a global enterprise, our earnings, cash flows and financial position are exposed to foreign currency risk from foreign currency denominated receivables and payables. We use foreign currency forward contracts, cross-currency swaps and interest rate swaps to manage risks associated with foreign currency exchange rates and interest rates. We do not no We are exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts and interest rate swap agreements. We select investment-grade multinational banks and financial institutions as counterparties for derivative transactions and monitor the credit quality of each of these banks on a periodic basis as warranted. We do not Cash Flow Hedges As of February 27, 2021 October 20, 2017 2021 2022. February 27, 2021 $2,302 two $6,923 February 27, 2021 February 27, 2021 twelve February 27, 2021 not not The following table summarizes the cross-currency swaps outstanding as of February 27, 2021 Fiscal Year of Notional Expiration Interest Rate Value Fair Value Pay EUR 2021 2.75% $ 133,340 $ (1,945 ) Receive USD 4.9330% Pay EUR 2022 3.00% $ 267,860 $ (357 ) Receive USD 5.1803% Total $ 401,200 $ (2,302 ) On February 27, 2018, October 20, 2017, October 20, 2020, February 27, 2021 On April 23, 2018, The amounts of pretax gains (losses) recognized in Comprehensive Income related to derivative instruments designated as cash flow hedges are as follows: Three Months Ended February 27, 2021 February 29, 2020 Cross-currency swap contracts $ (1,062 ) $ 4,746 Interest rate swap contracts 5,537 (11,900 ) Fair Value Hedges On February 12, 2021, October 20, 2020 1 February 27, 2021 Derivatives Not We use foreign currency forward contracts to offset our exposure to the change in value of certain foreign currency denominated assets and liabilities held at foreign subsidiaries that are remeasured at the end of each period. Although the contracts are effective economic hedges, they are not 11 As of February 27, 2021 March 1, 2021 October 19, 2021. The amounts of pretax (losses) gains recognized in other income, net related to derivative instruments not three February 27, 2021 February 29, 2020 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 February 27, 2021 no |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 11: Overview Estimates of fair value for financial assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three three ● Level 1: ● Level 2: not ● Level 3: Balances Measured at Fair Value on a Recurring Basis The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis as of February 27, 2021 November 28, 2020 February 27, Fair Value Measurements Using: Description 2021 Level 1 Level 2 Level 3 Assets: Marketable securities $ 5,863 $ 5,863 $ - $ - Foreign exchange contracts 1,175 - 1,175 - Liabilities: Foreign exchange contracts $ 6,400 $ - $ 6,400 $ - Cross-currency cash flow hedges 2,302 - 2,302 - Interest rate swaps, cash flow hedges 27,718 - 27,718 - Interest rate swaps, fair value hedges 4,494 - 4,494 - Contingent consideration 7,500 - - 7,500 November 28, Fair Value Measurements Using: Description 2020 Level 1 Level 2 Level 3 Assets: Marketable securities $ 22,560 $ 22,560 $ - $ - Foreign exchange contract assets 2,320 - 2,320 - Cross-currency cash flow hedge assets 2,823 - 2,823 - Liabilities: Foreign exchange contracts $ 5,251 $ - $ 5,251 $ - Cross-currency cash flow hedges 280 - 280 Interest rate swaps, cash flow hedges 33,256 - 33,256 - Contingent consideration 5,800 - - 5,800 We use the income approach in calculating the fair value of our contingent consideration liability related to the D.H.M. acquisition using a real option model with Level 3 The valuation of our contingent consideration liabilities related to the acquisitions of D.H.M. and STR resulted in a fair value of $5,800 and $1,700, respectively, as of February 27, 2021. 2 Amounts Balance at November 28, 2020 $ 5,800 Acquisition 1,700 Mark to market adjustment - Balance at February 27, 2021 $ 7,500 Long-term debt had an estimated fair value of $1,764,401 and $1,811,562 as of February 27, 2021 November 28, 2020 not |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 12: Environmental Matters From time to time, we become aware of compliance matters relating to, or receive notices from, federal, state or local entities regarding possible or alleged violations of environmental, health or safety laws and regulations. We review the circumstances of each individual site, considering the number of parties involved, the level of potential liability or our contribution relative to the other parties, the nature and magnitude of the hazardous substances involved, the method and extent of remediation, the estimated legal and consulting expense with respect to each site and the time period over which any costs would likely be incurred. Also, from time to time, we are identified as a potentially responsible party (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and/or similar state laws that impose liability for costs relating to the clean up of contamination resulting from past spills, disposal or other release of hazardous substances. We are also subject to similar laws in some of the countries where current and former facilities are located. Our environmental, health and safety department monitors compliance with applicable laws on a global basis. To the extent we can reasonably estimate the amount of our probable liabilities for environmental matters, we establish an undiscounted financial provision. We recorded liabilities of $7,814 and $8,099 as of February 27, 2021 November 28, 2020 February 27, 2021 November 28, 2020 Currently, we are involved in various environmental investigations, clean up activities and administrative proceedings and lawsuits. In particular, we are currently deemed a PRP in conjunction with numerous other parties, in a number of government enforcement actions associated with landfills and/or hazardous waste sites. As a PRP, we may not Other Legal Proceedings From time to time and in the ordinary course of business, we are a party to, or a target of, lawsuits, claims, investigations and proceedings, including product liability, personal injury, contract, patent and intellectual property, environmental, health and safety, tax and employment matters. While we are unable to predict the outcome of these matters, we have concluded, based upon currently available information, that the ultimate resolution of any pending matter, individually or in the aggregate, including the asbestos litigation described in the following paragraphs, will not We have been named as a defendant in lawsuits in which plaintiffs have alleged injury due to products containing asbestos manufactured more than 30 A significant portion of the defense costs and settlements in asbestos-related litigation is paid by third 1976 third third third In addition to the indemnification arrangements with third A summary of the number of and settlement amounts for asbestos-related lawsuits and claims is as follows: Three Months Ended 3 Years Ended February 27, 2021 February 29, 2020 November 28, 2020 Lawsuits and claims settled 2 2 19 Settlement amounts $ 85 $ 30 $ 944 Insurance payments received or expected to be received $ 55 $ 21 $ 660 We do not Based on currently available information, we have concluded that the resolution of any pending matter, including asbestos-related litigation, individually or in the aggregate, will not |
Note 13 - Segments
Note 13 - Segments | 3 Months Ended |
Feb. 27, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 13: We are required to report segment information in the same way that we internally organize our business for assessing performance and making decisions regarding allocation of resources. Revenue, operating income and adjusted EBITDA of each of our segments are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. Corporate expenses are allocated to each operating segment. Corporate assets are not We have three may may not not The table below provides certain information regarding net revenue and operating income (loss) for each of our operating segments. Operating income is identified as gross profit less SG&A expenses. Three Months Ended February 27, 2021 February 29, 2020 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 335,669 $ 29,912 $ 312,512 $ 22,664 Engineering Adhesives 312,663 30,417 248,895 15,365 Construction Adhesives 77,572 (4,703 ) 85,157 (1,373 ) Total segment $ 725,904 $ 55,626 $ 646,564 $ 36,656 Corporate Unallocated - (7,276 ) - (7,903 ) Total $ 725,904 $ 48,350 $ 646,564 $ 28,753 Consistent with our internal management reporting, Corporate Unallocated amounts in the tables above include charges that are not The table below provides a reconciliation of operating income to income before income taxes and income from equity method investments: Three Months Ended February 27, February 29, 2021 2020 Operating income $ 48,350 $ 28,753 Other income, net 7,869 4,969 Interest expense (20,361 ) (22,757 ) Interest income 2,659 2,918 Income before income taxes and income from equity method investments $ 38,517 $ 13,883 The adjusted EBITDA information presented below does not not Three Months Ended February 27, 2021 February 29, 2020 Adjusted EBITDA Hygiene, Health and Consumable Adhesives $ 44,606 $ 35,896 Engineering Adhesives 48,168 30,916 Construction Adhesives 6,286 8,873 Corporate Unallocated 1,813 2,092 Total 100,873 77,777 Adjusted items: Adjustments 5,264 7,895 Interest expense 20,392 22,761 Interest income (2,659 ) (2,918 ) Income taxes 12,583 5,592 Depreciation and amortization expense 35,502 34,552 Total 71,082 67,882 Net income attributable to H.B. Fuller $ 29,791 $ 9,895 We view the following disaggregation of net revenue by geographic region as useful to understanding the composition of revenue recognized during the respective reporting periods: Three Months Ended February 27, 2021 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 182,022 $ 113,126 $ 67,032 $ - $ 362,180 EIMEA 95,973 101,759 4,727 - 202,459 Asia Pacific 57,674 97,778 5,813 - 161,265 $ 335,669 $ 312,663 $ 77,572 $ - $ 725,904 Three Months Ended February 29, 2020 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 173,275 $ 105,373 $ 74,258 $ - $ 352,906 EIMEA 92,382 83,676 6,126 - 182,184 Asia Pacific 46,855 59,846 4,773 - 111,474 $ 312,512 $ 248,895 $ 85,157 $ - $ 646,564 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Feb. 27, 2021 | |
Accounting Policies [Abstract] | |
Changes in Accounting Principles, Policy [Policy Text Block] | Change in Accounting Principle - Credit Losses In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 No. 2018 19, Codification Improvements to Topic 326, November 2018, No. 2019 04, Codification Improvements to Topic 326, Financial Instruments, April 2019 No. 2019 11, Codification Improvements to Topic 326, November 2019. No. 2018 19 842, Leases. No. 2019 04 No. 2019 11 No. 2016 13. No. 2016 13 No. 2016 13. first February 27, 2021. not not |
Accounts Receivable [Policy Text Block] | Trade Receivables and Allowances Trade receivables are recorded at the invoiced amount and do not not |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Recently issued accounting standards or pronouncements have been excluded as they are not |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions (Tables) | 3 Months Ended |
Feb. 27, 2021 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended February 27, 2021 February 29, 2020 Cost of sales $ 270 $ 60 Selling, general and administrative 1,547 (17 ) $ 1,817 $ 43 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Employee-Related Asset-Related Other Total Balance at November 30, 2019 $ 9,830 $ - $ 924 $ 10,754 Expenses incurred 2,898 - 1,681 4,579 Cash payments (7,051 ) - (2,357 ) (9,408 ) Foreign currency translation 157 - - 157 Balance at November 28, 2020 5,834 - 248 6,082 Expenses incurred 223 135 1,459 1,817 Non-cash charges - (135 ) - (135 ) Cash payments (1,979 ) - (1,583 ) (3,562 ) Foreign currency translation 11 - - 11 Balance at February 27, 2021 $ 4,089 $ - $ 124 $ 4,213 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Feb. 27, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | February 27, November 28, 2021 2020 Raw materials $ 187,214 $ 151,026 Finished goods 201,559 172,187 Total inventories $ 388,773 $ 323,213 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Feb. 27, 2021 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | February 27, 2021 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 117,137 $ 942,271 $ 64,003 $ 11,456 $ 1,134,867 Accumulated amortization (55,793 ) (296,582 ) (30,981 ) (5,041 ) (388,397 ) Net identifiable intangibles $ 61,344 $ 645,689 $ 33,022 $ 6,415 $ 746,470 November 28, 2020 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 113,775 $ 933,943 $ 63,266 $ 11,410 $ 1,122,394 Accumulated amortization (53,216 ) (279,586 ) (29,368 ) (4,775 ) (366,945 ) Net identifiable intangibles $ 60,559 $ 654,357 $ 33,898 $ 6,635 $ 755,449 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder Fiscal Year 2021 2022 2023 2024 2025 Thereafter Amortization expense $ 53,296 $ 69,644 $ 66,743 $ 61,662 $ 59,013 $ 436,112 |
Operating Segments [Member] | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Balance at November 28, 2020 $ 332,909 $ 667,863 $ 311,231 $ 1,312,003 Acquisition - 849 - 849 Currency impact 2,076 7,021 211 9,308 Balance at February 27, 2021 $ 334,985 $ 675,733 $ 311,442 $ 1,322,160 |
Note 6 - Components of Net Pe_2
Note 6 - Components of Net Periodic Benefit Related to Pension and Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Feb. 27, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended February 27, 2021 and February 29, 2020 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic cost (benefit): 2021 2020 2021 2020 2021 2020 Service cost $ - $ - $ 833 $ 725 $ 5 $ 18 Interest cost 2,325 2,935 733 794 205 284 Expected return on assets (7,781 ) (6,440 ) (3,077 ) (2,842 ) (2,235 ) (1,994 ) Amortization: Prior service cost (benefit) (1 ) (1 ) 17 16 - - Actuarial loss 799 1,799 1,022 950 18 15 Net periodic benefit $ (4,658 ) $ (1,707 ) $ (472 ) $ (357 ) $ (2,007 ) $ (1,677 ) |
Note 7 - Accumulated Other Co_2
Note 7 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Feb. 27, 2021 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended February 27, 2021 Three Months Ended February 29, 2020 Non- Non- controlling controlling H.B. Fuller Stockholders Interest H.B. Fuller Stockholders Interest Pre-tax Tax Net Net Pre-tax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interest $ 29,791 $ 15 $ 9,895 $ 11 Foreign currency translation adjustment¹ $ 23,147 $ - 23,147 (10 ) $ (2,780 ) $ - (2,780 ) (1 ) Defined benefit pension plans adjustment² 1,855 (480 ) 1,375 - 2,779 (693 ) 2,086 - Interest rate swap³ 5,537 (1,357 ) 4,180 - (11,900 ) 2,901 (8,999 ) - Cross currency swaps³ (1,062 ) 16 (1,046 ) - 4,746 (102 ) 4,644 - Other comprehensive income (loss) $ 29,477 $ (1,821 ) $ 27,656 $ (10 ) $ (7,155 ) $ 2,106 $ (5,049 ) $ (1 ) Comprehensive income $ 57,447 $ 5 $ 4,846 $ 10 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | February 27, 2021 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (82,983 ) $ (82,858 ) $ (125 ) Interest rate swap, net of taxes of $6,796 (20,923 ) (20,923 ) - Cash flow hedges, net of taxes of ($105) 6,923 6,923 - Defined benefit pension plans adjustment, net of taxes of $80,176 (160,004 ) (160,004 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (275,328 ) $ (275,203 ) $ (125 ) November 28, 2020 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (106,140 ) $ (106,005 ) $ (135 ) Interest rate swap, net of taxes of $8,153 (25,103 ) (25,103 ) - Cash flow hedges, net of taxes of ($121) 7,969 7,969 - Defined benefit pension plans adjustment, net of taxes of $80,656 (161,379 ) (161,379 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (302,994 ) $ (302,859 ) $ (135 ) |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 3 Months Ended |
Feb. 27, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended February 27, February 29, (Shares in thousands) 2021 2020 Weighted-average common shares - basic 52,492 51,295 Equivalent shares from share-based compensations plans 847 1,285 Weighted-average common and common equivalent shares diluted 53,339 52,580 |
Note 10 - Financial Instrumen_2
Note 10 - Financial Instruments (Tables) | 3 Months Ended |
Feb. 27, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fiscal Year of Notional Expiration Interest Rate Value Fair Value Pay EUR 2021 2.75% $ 133,340 $ (1,945 ) Receive USD 4.9330% Pay EUR 2022 3.00% $ 267,860 $ (357 ) Receive USD 5.1803% Total $ 401,200 $ (2,302 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended February 27, 2021 February 29, 2020 Cross-currency swap contracts $ (1,062 ) $ 4,746 Interest rate swap contracts 5,537 (11,900 ) |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 3 Months Ended |
Feb. 27, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | February 27, Fair Value Measurements Using: Description 2021 Level 1 Level 2 Level 3 Assets: Marketable securities $ 5,863 $ 5,863 $ - $ - Foreign exchange contracts 1,175 - 1,175 - Liabilities: Foreign exchange contracts $ 6,400 $ - $ 6,400 $ - Cross-currency cash flow hedges 2,302 - 2,302 - Interest rate swaps, cash flow hedges 27,718 - 27,718 - Interest rate swaps, fair value hedges 4,494 - 4,494 - Contingent consideration 7,500 - - 7,500 November 28, Fair Value Measurements Using: Description 2020 Level 1 Level 2 Level 3 Assets: Marketable securities $ 22,560 $ 22,560 $ - $ - Foreign exchange contract assets 2,320 - 2,320 - Cross-currency cash flow hedge assets 2,823 - 2,823 - Liabilities: Foreign exchange contracts $ 5,251 $ - $ 5,251 $ - Cross-currency cash flow hedges 280 - 280 Interest rate swaps, cash flow hedges 33,256 - 33,256 - Contingent consideration 5,800 - - 5,800 |
Schedule of Fair Value, Contingent Consideration [Table Text Block] | Amounts Balance at November 28, 2020 $ 5,800 Acquisition 1,700 Mark to market adjustment - Balance at February 27, 2021 $ 7,500 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 3 Months Ended |
Feb. 27, 2021 | |
Notes Tables | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | Three Months Ended 3 Years Ended February 27, 2021 February 29, 2020 November 28, 2020 Lawsuits and claims settled 2 2 19 Settlement amounts $ 85 $ 30 $ 944 Insurance payments received or expected to be received $ 55 $ 21 $ 660 |
Note 13 - Segments (Tables)
Note 13 - Segments (Tables) | 3 Months Ended |
Feb. 27, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended February 27, 2021 February 29, 2020 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 335,669 $ 29,912 $ 312,512 $ 22,664 Engineering Adhesives 312,663 30,417 248,895 15,365 Construction Adhesives 77,572 (4,703 ) 85,157 (1,373 ) Total segment $ 725,904 $ 55,626 $ 646,564 $ 36,656 Corporate Unallocated - (7,276 ) - (7,903 ) Total $ 725,904 $ 48,350 $ 646,564 $ 28,753 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended February 27, February 29, 2021 2020 Operating income $ 48,350 $ 28,753 Other income, net 7,869 4,969 Interest expense (20,361 ) (22,757 ) Interest income 2,659 2,918 Income before income taxes and income from equity method investments $ 38,517 $ 13,883 |
Schedule of EBITDA [Table Text Block] | Three Months Ended February 27, 2021 February 29, 2020 Adjusted EBITDA Hygiene, Health and Consumable Adhesives $ 44,606 $ 35,896 Engineering Adhesives 48,168 30,916 Construction Adhesives 6,286 8,873 Corporate Unallocated 1,813 2,092 Total 100,873 77,777 Adjusted items: Adjustments 5,264 7,895 Interest expense 20,392 22,761 Interest income (2,659 ) (2,918 ) Income taxes 12,583 5,592 Depreciation and amortization expense 35,502 34,552 Total 71,082 67,882 Net income attributable to H.B. Fuller $ 29,791 $ 9,895 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended February 27, 2021 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 182,022 $ 113,126 $ 67,032 $ - $ 362,180 EIMEA 95,973 101,759 4,727 - 202,459 Asia Pacific 57,674 97,778 5,813 - 161,265 $ 335,669 $ 312,663 $ 77,572 $ - $ 725,904 Three Months Ended February 29, 2020 Hygiene, Health and Consumable Engineering Construction Corporate Adhesives Adhesives Adhesives Unallocated Total Americas $ 173,275 $ 105,373 $ 74,258 $ - $ 352,906 EIMEA 92,382 83,676 6,126 - 182,184 Asia Pacific 46,855 59,846 4,773 - 111,474 $ 312,512 $ 248,895 $ 85,157 $ - $ 646,564 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Jan. 13, 2022 | Jan. 13, 2021 | Feb. 03, 2020 | Feb. 27, 2021 | Nov. 28, 2020 | May 30, 2020 |
Goodwill, Ending Balance | $ 1,322,160 | $ 1,312,003 | ||||
STR Holdings, Inc. [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 5,445 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1,700 | |||||
Goodwill, Ending Balance | 849 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 5,900 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,196 | |||||
Business Combination, Contingent Consideration, Liability, Total | $ 1,700 | 1,700 | ||||
STR Holdings, Inc. [Member] | Forecast [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 800 | |||||
D.H.M Adhesives, Inc [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 9,500 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 8,100 | |||||
Goodwill, Ending Balance | $ 1,063 | |||||
Business Combination, Contingent Consideration, Liability, Total | 5,000 | $ 5,800 | ||||
Business Combination, Consideration Transferred, Total | $ 14,500 | |||||
D.H.M Adhesives, Inc [Member] | Customer Relationships [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 11,900 |
Note 3 - Restructuring Action_2
Note 3 - Restructuring Actions (Details Textual) | 3 Months Ended | 12 Months Ended |
Feb. 27, 2021 | Nov. 28, 2020 | |
Number of Reportable Segments | 3 | 3 |
Note 3 - Restructuring Action_3
Note 3 - Restructuring Actions - Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | Nov. 28, 2020 | |
Expenses incurred | $ 1,817 | $ 43 | $ 4,579 |
Cost of Sales [Member] | |||
Expenses incurred | 270 | 60 | |
Selling, General and Administrative Expenses [Member] | |||
Expenses incurred | $ 1,547 | $ (17) |
Note 3 - Restructuring Action_4
Note 3 - Restructuring Actions - Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | Nov. 28, 2020 | |
Balance | $ 6,082 | $ 10,754 | $ 10,754 |
Expenses incurred | 1,817 | 43 | 4,579 |
Cash payments | (3,562) | (9,408) | |
Foreign currency translation | 11 | 157 | |
Non-cash charges | (135) | ||
Balance | 4,213 | 6,082 | |
Employee Related [Member] | |||
Balance | 5,834 | 9,830 | 9,830 |
Expenses incurred | 223 | 2,898 | |
Cash payments | (1,979) | (7,051) | |
Foreign currency translation | 11 | 157 | |
Non-cash charges | 0 | ||
Balance | 4,089 | 5,834 | |
Asset Related [Member] | |||
Balance | 0 | 0 | 0 |
Expenses incurred | 135 | 0 | |
Cash payments | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Non-cash charges | (135) | ||
Balance | 0 | 0 | |
Other Restructuring [Member] | |||
Balance | 248 | $ 924 | 924 |
Expenses incurred | 1,459 | 1,681 | |
Cash payments | (1,583) | (2,357) | |
Foreign currency translation | 0 | 0 | |
Non-cash charges | 0 | ||
Balance | $ 124 | $ 248 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Feb. 27, 2021 | Nov. 28, 2020 |
Raw materials | $ 187,214 | $ 151,026 |
Finished goods | 201,559 | 172,187 |
Total inventories | $ 388,773 | $ 323,213 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 27, 2021 | Feb. 29, 2020 | Nov. 28, 2020 | |
Amortization of Intangible Assets, Total | $ 17,896 | $ 17,990 | |
Indefinite Lived Trademarks and Trade Names | $ 526 | $ 519 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Goodwill by Segment (Details) $ in Thousands | 3 Months Ended |
Feb. 27, 2021USD ($) | |
Balance | $ 1,312,003 |
Acquisition | 849 |
Currency impact | 9,308 |
Balance | 1,322,160 |
Hygiene, Health, and Consumable Adhesives [Member] | |
Balance | 332,909 |
Acquisition | 0 |
Currency impact | 2,076 |
Balance | 334,985 |
Engineering Adhesives [Member] | |
Balance | 667,863 |
Adjustments | 849 |
Currency impact | 7,021 |
Balance | 675,733 |
Construction Adhesives [Member] | |
Balance | 311,231 |
Acquisition | 0 |
Currency impact | 211 |
Balance | $ 311,442 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands | Feb. 27, 2021 | Nov. 28, 2020 |
Original cost | $ 1,134,867 | $ 1,122,394 |
Accumulated amortization | (388,397) | (366,945) |
Net identifiable intangibles | 746,470 | 755,449 |
Purchased Technology And Patents [Member] | ||
Original cost | 117,137 | 113,775 |
Accumulated amortization | (55,793) | (53,216) |
Net identifiable intangibles | 61,344 | 60,559 |
Customer Relationships [Member] | ||
Original cost | 942,271 | 933,943 |
Accumulated amortization | (296,582) | (279,586) |
Net identifiable intangibles | 645,689 | 654,357 |
Trade Names [Member] | ||
Original cost | 64,003 | 63,266 |
Accumulated amortization | (30,981) | (29,368) |
Net identifiable intangibles | 33,022 | 33,898 |
Other Intangible Assets [Member] | ||
Original cost | 11,456 | 11,410 |
Accumulated amortization | (5,041) | (4,775) |
Net identifiable intangibles | $ 6,415 | $ 6,635 |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands | Feb. 27, 2021USD ($) |
2021 | $ 53,296 |
2022 | 69,644 |
2023 | 66,743 |
2024 | 61,662 |
2025 | 59,013 |
Thereafter | $ 436,112 |
Note 6 - Components of Net Pe_3
Note 6 - Components of Net Periodic Benefit Related to Pension and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | |
Pension Plan [Member] | UNITED STATES | ||
Service cost | $ 0 | $ 0 |
Interest cost | 2,325 | 2,935 |
Expected return on assets | (7,781) | (6,440) |
Prior service cost (benefit) | (1) | (1) |
Actuarial loss | 799 | 1,799 |
Net periodic benefit | (4,658) | (1,707) |
Pension Plan [Member] | Foreign Plan [Member] | ||
Service cost | 833 | 725 |
Interest cost | 733 | 794 |
Expected return on assets | (3,077) | (2,842) |
Prior service cost (benefit) | 17 | 16 |
Actuarial loss | 1,022 | 950 |
Net periodic benefit | (472) | (357) |
Other Postretirement Benefits Plan [Member] | ||
Service cost | 5 | 18 |
Interest cost | 205 | 284 |
Expected return on assets | (2,235) | (1,994) |
Prior service cost (benefit) | 0 | 0 |
Actuarial loss | 18 | 15 |
Net periodic benefit | $ (2,007) | $ (1,677) |
Note 7 - Accumulated Other Co_3
Note 7 - Accumulated Other Comprehensive Income (Loss) - Comprehensive Income (Loss) Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 27, 2021 | Feb. 29, 2020 | ||
Net income attributable to H.B. Fuller and non-controlling interest | $ 29,791 | $ 9,895 | |
Net income attributable to H.B. Fuller and non-controlling interest | 15 | 11 | |
Foreign currency translation adjustment¹, pretax | [1] | 23,147 | (2,780) |
Foreign currency translation adjustment¹, tax | [1] | 0 | 0 |
Foreign currency translation adjustment¹ | [1] | 23,147 | (2,780) |
Foreign currency translation adjustment¹, non-controlling interests | [1] | (10) | (1) |
Defined benefit pension plans adjustment², pretax | [2] | 1,855 | 2,779 |
Defined benefit pension plans adjustment², tax | [2] | (480) | (693) |
Defined benefit pension plans adjustment² | [2] | 1,375 | 2,086 |
Interest rate swap³, pretax | [3] | 5,537 | (11,900) |
Interest rate swap³, tax | [3] | (1,357) | 2,901 |
Interest rate swap³ | [3] | 4,180 | (8,999) |
Cross currency swaps³ | [3] | (1,062) | 4,746 |
Cross currency swaps³ | [3] | 16 | (102) |
Cross currency swaps³ | [3] | (1,046) | 4,644 |
Other comprehensive income (loss), pretax | 29,477 | (7,155) | |
Other comprehensive income (loss), tax | (1,821) | 2,106 | |
Other comprehensive income (loss) | 27,656 | (5,049) | |
Other comprehensive income (loss), non-controlling interests | (10) | (1) | |
Comprehensive income | 57,447 | 4,846 | |
Comprehensive income (loss), non-controlling interests | $ 5 | $ 10 | |
[1] | Income taxes are not provided for foreign currency translation relating to permanent investments in international subsidiaries. | ||
[2] | Loss reclassified from accumulated other comprehensive income ("AOCI") into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales and SG&A expense. | ||
[3] | Income (loss) reclassified from AOCI into earnings is reported in other income (expense), net. |
Note 7 - Accumulated Other Co_4
Note 7 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Feb. 27, 2021 | Nov. 28, 2020 |
Accumulated other comprehensive loss | $ (275,203) | $ (302,859) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
Foreign currency translation adjustment | (82,983) | (106,140) |
Interest rate swap, net of taxes | (20,923) | (25,103) |
Cash flow hedges, net of taxes | 6,923 | 7,969 |
Defined benefit pension plans adjustment, net of taxes | (160,004) | (161,379) |
Reclassification of AOCI tax effects | (18,341) | (18,341) |
Accumulated other comprehensive loss | (275,328) | (302,994) |
AOCI Attributable to Parent [Member] | ||
Foreign currency translation adjustment | (82,858) | (106,005) |
Interest rate swap, net of taxes | (20,923) | (25,103) |
Cash flow hedges, net of taxes | 6,923 | 7,969 |
Defined benefit pension plans adjustment, net of taxes | (160,004) | (161,379) |
Reclassification of AOCI tax effects | (18,341) | (18,341) |
Accumulated other comprehensive loss | (275,203) | (302,859) |
AOCI Attributable to Noncontrolling Interest [Member] | ||
Foreign currency translation adjustment | (125) | (135) |
Interest rate swap, net of taxes | 0 | 0 |
Cash flow hedges, net of taxes | 0 | 0 |
Defined benefit pension plans adjustment, net of taxes | 0 | 0 |
Reclassification of AOCI tax effects | 0 | 0 |
Accumulated other comprehensive loss | $ (125) | $ (135) |
Note 7 - Accumulated Other Co_5
Note 7 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) $ in Thousands | Feb. 27, 2021USD ($) |
Tax on interest swap | $ 6,796 |
Tax on cash flow hedge | (105) |
Tax on defined benefit pension plans adjustment | $ 80,176 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 27, 2021 | Feb. 29, 2020 | Nov. 28, 2020 | |
Unrecognized Tax Benefits, Ending Balance | $ 14,556 | $ 14,569 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 3,239 | $ 2,881 | |
Effective Income Tax Rate Reconciliation, Cross Currency Swap | $ 42 | $ 2,004 | |
Effective Income Tax Rate Reconciliation, Percent, Excluding Discrete Tax Benefit | 27.40% | 25.90% |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,789,184 | 3,606,776 |
Note 9 - Earnings Per Share - E
Note 9 - Earnings Per Share - Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | |
Weighted-average common shares - basic (in shares) | 52,492 | 51,295 |
Equivalent shares from share-based compensations plans (in shares) | 847 | 1,285 |
Weighted-average common and common equivalent shares diluted (in shares) | 53,339 | 52,580 |
Note 10 - Financial Instrumen_3
Note 10 - Financial Instruments (Details Textual) $ in Thousands | Apr. 23, 2018 | Apr. 22, 2018 | Feb. 27, 2021USD ($) | Feb. 29, 2020USD ($) | Feb. 12, 2021USD ($) | Oct. 20, 2020USD ($) | Feb. 27, 2018USD ($) | Oct. 20, 2017USD ($) |
Other Operating Income (Expense) [Member] | ||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ (5,205) | $ 3,230 | ||||||
Public Notes [Member] | ||||||||
Debt Instrument, Face Amount | $ 300,000 | |||||||
Term Loan B [Member] | ||||||||
Debt Instrument, Face Amount | $ 2,150,000 | $ 2,150,000 | ||||||
Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.25% | ||||||
Cross Currency Interest Rate Contract [Member] | ||||||||
Derivative, Number of Instruments Held, Total | 6 | |||||||
Derivative, Notional Amount | $ 401,200 | 401,200 | ||||||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 2,302 | |||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance | (6,923) | |||||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 4,436 | |||||||
Cross Currency Interest Rate Contract [Member] | Other Liabilities [Member] | ||||||||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 2,302 | |||||||
Interest Rate Swap [Member] | ||||||||
Derivative, Amount of Hedged Item | 1,125,000 | $ 925,000 | $ 200,000 | $ 1,050,000 | ||||
Derivative, Fixed Interest Rate | 4.589% | 4.0275% | ||||||
Interest Rate Swap [Member] | Other Liabilities [Member] | ||||||||
Interest Rate Fair Value Hedge Liability at Fair Value | 27,718 | |||||||
Interest Rate Swap Related to Public Notes [Member] | ||||||||
Derivative, Amount of Hedged Item | $ 300,000 | |||||||
Interest Rate Swap Related to Public Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Derivative, Variable Interest Rate | 3.28% | |||||||
Interest Rate Swap Related to Public Notes [Member] | Other Liabilities [Member] | ||||||||
Interest Rate Fair Value Hedge Liability at Fair Value | $ 4,494 |
Note 10 - Financial Instrumen_4
Note 10 - Financial Instruments - Swaps Outstanding (Details) - Cross Currency Interest Rate Contract [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2021 | Oct. 20, 2017 | |
Derivative, Notional Amount | $ 401,200 | $ 401,200 |
Fair Value | $ (2,302) | |
Currency Swap 1 [Member] | ||
Fiscal Year of Expiration | 2021 | |
Interest rate minimum | 2.75% | |
Derivative, Notional Amount | $ 133,340 | |
Fair Value | $ (1,945) | |
Interest rate maximum | 4.933% | |
Currency Swap 2 [Member] | ||
Fiscal Year of Expiration | 2022 | |
Interest rate minimum | 3.00% | |
Derivative, Notional Amount | $ 267,860 | |
Fair Value | $ (357) | |
Interest rate maximum | 5.1803% |
Note 10 - Financial Instrumen_5
Note 10 - Financial Instruments - Gains (Losses) on Derivative Instruments (Details) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | |
Currency Swap [Member] | ||
Pretax gain (loss) recognized in other comprehensive income | $ (1,062) | $ 4,746 |
Interest Rate Swap [Member] | ||
Pretax gain (loss) recognized in other comprehensive income | $ 5,537 | $ (11,900) |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Feb. 27, 2021 | Jan. 13, 2021 | Nov. 28, 2020 | Feb. 03, 2020 |
Long-term Debt, Fair Value | $ 1,764,401 | $ 1,811,562 | ||
D.H.M Adhesives, Inc [Member] | ||||
Business Combination, Contingent Consideration, Liability, Total | 5,800 | $ 5,000 | ||
STR Holdings, Inc. [Member] | ||||
Business Combination, Contingent Consideration, Liability, Total | $ 1,700 | $ 1,700 |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Feb. 27, 2021 | Nov. 28, 2020 |
Assets: | ||
Marketable securities | $ 5,863 | $ 22,560 |
Foreign exchange contracts | 1,175 | 2,320 |
Cross-currency cash flow hedge assets | 2,823 | |
Liabilities: | ||
Foreign exchange contracts | 6,400 | 5,251 |
Cross-currency cash flow hedges | 2,302 | 280 |
Interest rate swaps, cash flow hedges | 27,718 | 33,256 |
Interest rate swaps, fair value hedges | 4,494 | |
Contingent consideration | 7,500 | 5,800 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Marketable securities | 5,863 | 22,560 |
Foreign exchange contracts | 0 | 0 |
Cross-currency cash flow hedge assets | 0 | |
Liabilities: | ||
Foreign exchange contracts | 0 | 0 |
Cross-currency cash flow hedges | 0 | 0 |
Interest rate swaps, cash flow hedges | 0 | 0 |
Interest rate swaps, fair value hedges | 0 | |
Contingent consideration | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Marketable securities | 0 | 0 |
Foreign exchange contracts | 1,175 | 2,320 |
Cross-currency cash flow hedge assets | 2,823 | |
Liabilities: | ||
Foreign exchange contracts | 6,400 | 5,251 |
Cross-currency cash flow hedges | 2,302 | 280 |
Interest rate swaps, cash flow hedges | 27,718 | 33,256 |
Interest rate swaps, fair value hedges | 4,494 | |
Contingent consideration | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Marketable securities | 0 | 0 |
Foreign exchange contracts | 0 | 0 |
Cross-currency cash flow hedge assets | 0 | |
Liabilities: | ||
Foreign exchange contracts | 0 | 0 |
Cross-currency cash flow hedges | 0 | |
Interest rate swaps, cash flow hedges | 0 | 0 |
Interest rate swaps, fair value hedges | 0 | |
Contingent consideration | $ 7,500 | $ 5,800 |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurements - Contingent Consideration (Details) - D.H.M Adhesives and STR Holdings [Member] $ in Thousands | 3 Months Ended |
Feb. 27, 2021USD ($) | |
Balance | $ 5,800 |
Acquisition | 1,700 |
Mark to market adjustment | 0 |
Balance | $ 7,500 |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Feb. 27, 2021 | Nov. 28, 2020 | |
Accrued Environmental Loss Contingencies, Noncurrent | $ 7,814 | $ 8,099 |
Facility in Simpsonville, South Carolina [Member] | ||
Operating Leases, Rent Expense, Total | $ 3,636 | $ 3,703 |
Note 12 - Commitments and Con_4
Note 12 - Commitments and Contingencies - Asbestos Related Lawsuits and Claims (Details) - Asbestos Related Lawsuits and Claims [Member] $ in Thousands | 3 Months Ended | 36 Months Ended | |
Feb. 27, 2021USD ($) | Feb. 29, 2020USD ($) | Nov. 28, 2020USD ($) | |
Lawsuits and claims settled | 2 | 2 | 19 |
Settlement amounts | $ 85 | $ 30 | $ 944 |
Insurance payments received or expected to be received | $ 55 | $ 21 | $ 660 |
Note 13 - Segments (Details Tex
Note 13 - Segments (Details Textual) | 3 Months Ended | 12 Months Ended |
Feb. 27, 2021 | Nov. 28, 2020 | |
Number of Reportable Segments | 3 | 3 |
Note 13 - Segments - Reportable
Note 13 - Segments - Reportable Operating Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | |
Revenue | $ 725,904 | $ 646,564 |
Operating income | 48,350 | 28,753 |
Corporate, Non-Segment [Member] | ||
Revenue | 0 | 0 |
Operating income | (7,276) | (7,903) |
Hygiene, Health, and Consumable Adhesives [Member] | ||
Revenue | 335,669 | 312,512 |
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | ||
Revenue | 335,669 | 312,512 |
Operating income | 29,912 | 22,664 |
Engineering Adhesives [Member] | ||
Revenue | 312,663 | 248,895 |
Engineering Adhesives [Member] | Operating Segments [Member] | ||
Revenue | 312,663 | 248,895 |
Operating income | 30,417 | 15,365 |
Construction Adhesives [Member] | ||
Revenue | 77,572 | 85,157 |
Construction Adhesives [Member] | Operating Segments [Member] | ||
Revenue | 77,572 | 85,157 |
Operating income | (4,703) | (1,373) |
Total Segment [Member] | ||
Revenue | 725,904 | 646,564 |
Total Segment [Member] | Operating Segments [Member] | ||
Operating income | $ 55,626 | $ 36,656 |
Note 13 - Segments - Reconcilia
Note 13 - Segments - Reconciliation of Segment Operating Income to Income From Continuing Operations Before Income Taxes and Income From Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | |
Operating income | $ 48,350 | $ 28,753 |
Other income, net | 7,869 | 4,969 |
Interest expense | (20,361) | (22,757) |
Interest income | 2,659 | 2,918 |
Income before income taxes and income from equity method investments | $ 38,517 | $ 13,883 |
Note 13 - Segments - EBITDA Inf
Note 13 - Segments - EBITDA Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | |
Adjusted EBITDA | $ 100,873 | $ 77,777 |
Interest expense | 20,361 | 22,757 |
Interest income | (2,659) | (2,918) |
Income taxes | 10,607 | 5,611 |
Net income attributable to H.B. Fuller | 29,791 | 9,895 |
Operating Segments [Member] | Hygiene, Health, and Consumable Adhesives [Member] | ||
Adjusted EBITDA | 44,606 | 35,896 |
Operating Segments [Member] | Engineering Adhesives [Member] | ||
Adjusted EBITDA | 48,168 | 30,916 |
Operating Segments [Member] | Construction Adhesives [Member] | ||
Adjusted EBITDA | 6,286 | 8,873 |
Corporate, Non-Segment [Member] | ||
Adjusted EBITDA | 1,813 | 2,092 |
Segment Reconciling Items [Member] | ||
Adjustments | 5,264 | 7,895 |
Interest expense | 20,392 | 22,761 |
Interest income | (2,659) | (2,918) |
Income taxes | 12,583 | 5,592 |
Depreciation and amortization expense | 35,502 | 34,552 |
Total | $ 71,082 | $ 67,882 |
Note 13 - Segments - Disaggrega
Note 13 - Segments - Disaggregated Revenue Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2021 | Feb. 29, 2020 | |
Revenue | $ 725,904 | $ 646,564 |
Corporate, Non-Segment [Member] | ||
Revenue | 0 | 0 |
Americas [Member] | ||
Revenue | 362,180 | 352,906 |
EIMEA [Member] | ||
Revenue | 202,459 | 182,184 |
Asia Pacific [Member] | ||
Revenue | 161,265 | 111,474 |
Hygiene, Health, and Consumable Adhesives [Member] | ||
Revenue | 335,669 | 312,512 |
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | ||
Revenue | 335,669 | 312,512 |
Hygiene, Health, and Consumable Adhesives [Member] | Americas [Member] | Operating Segments [Member] | ||
Revenue | 182,022 | 173,275 |
Hygiene, Health, and Consumable Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | ||
Revenue | 95,973 | 92,382 |
Hygiene, Health, and Consumable Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | ||
Revenue | 57,674 | 46,855 |
Engineering Adhesives [Member] | ||
Revenue | 312,663 | 248,895 |
Engineering Adhesives [Member] | Operating Segments [Member] | ||
Revenue | 312,663 | 248,895 |
Engineering Adhesives [Member] | Americas [Member] | Operating Segments [Member] | ||
Revenue | 113,126 | 105,373 |
Engineering Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | ||
Revenue | 101,759 | 83,676 |
Engineering Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | ||
Revenue | 97,778 | 59,846 |
Construction Adhesives [Member] | ||
Revenue | 77,572 | 85,157 |
Construction Adhesives [Member] | Operating Segments [Member] | ||
Revenue | 77,572 | 85,157 |
Construction Adhesives [Member] | Americas [Member] | Operating Segments [Member] | ||
Revenue | 67,032 | 74,258 |
Construction Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | ||
Revenue | 4,727 | 6,126 |
Construction Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | ||
Revenue | 5,813 | 4,773 |
Corporate Segment [Member] | Corporate, Non-Segment [Member] | ||
Revenue | 0 | 0 |
Corporate Segment [Member] | Americas [Member] | Corporate, Non-Segment [Member] | ||
Revenue | 0 | 0 |
Corporate Segment [Member] | EIMEA [Member] | Corporate, Non-Segment [Member] | ||
Revenue | 0 | 0 |
Corporate Segment [Member] | Asia Pacific [Member] | Corporate, Non-Segment [Member] | ||
Revenue | $ 0 | $ 0 |