Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 03, 2023 | Jun. 23, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000039368 | |
Entity Registrant Name | FULLER H B CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-25 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 03, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-09225 | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-0268370 | |
Entity Address, Address Line One | 1200 Willow Lake Boulevard | |
Entity Address, City or Town | St. Paul | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55110-5101 | |
City Area Code | 651 | |
Local Phone Number | 236-5900 | |
Title of 12(b) Security | Common Stock, par value $1.00 per share | |
Trading Symbol | FUL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 53,869,657 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | |
Net revenue | $ 898,239 | $ 993,258 | $ 1,707,421 | $ 1,849,739 |
Cost of sales | (641,464) | (739,737) | (1,235,838) | (1,383,326) |
Gross profit | 256,775 | 253,521 | 471,583 | 466,413 |
Selling, general and administrative expenses | (166,625) | (166,007) | (321,167) | (321,898) |
Other income, net | 605 | 0 | 3,209 | 6,142 |
Interest expense | (33,131) | (19,828) | (66,200) | (38,025) |
Interest income | 932 | 2,091 | 1,599 | 4,030 |
Income before income taxes and income from equity method investments | 58,556 | 69,777 | 89,024 | 116,662 |
Income taxes | (19,291) | (23,616) | (29,024) | (33,765) |
Income from equity method investments | 1,157 | 1,066 | 2,338 | 2,649 |
Net income including non-controlling interest | 40,422 | 47,227 | 62,338 | 85,546 |
Net income attributable to non-controlling interest | (21) | (24) | (48) | (37) |
Net income attributable to H.B. Fuller | $ 40,401 | $ 47,203 | $ 62,290 | $ 85,509 |
Earnings per share attributable to H.B. Fuller common stockholders: | ||||
Basic (in dollars per share) | $ 0.74 | $ 0.88 | $ 1.15 | $ 1.60 |
Diluted (in dollars per share) | $ 0.73 | $ 0.86 | $ 1.12 | $ 1.55 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 54,269 | 53,497 | 54,222 | 53,425 |
Diluted (in shares) | 55,717 | 55,078 | 55,818 | 55,237 |
Dividends declared per common share (in dollars per share) | $ 0.205 | $ 0.190 | $ 0.395 | $ 0.358 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | ||
Net income including non-controlling interest | $ 40,422 | $ 47,227 | $ 62,338 | $ 85,546 | |
Foreign currency translation | 26,410 | (84,110) | 22,774 | (77,579) | |
Defined benefit pension plans adjustment, net of tax | 858 | 2,803 | 1,709 | 3,292 | |
Derivatives, net of tax | (5,384) | 0 | (5,683) | 0 | |
Other comprehensive income (loss) | 12,396 | (79,170) | 17,647 | (68,002) | |
Comprehensive income (loss) | 52,818 | (31,943) | 79,985 | 17,544 | |
Less: Comprehensive income attributable to non-controlling interest | 6 | 12 | 43 | 16 | |
Comprehensive income (loss) attributable to H.B. Fuller | 52,812 | (31,955) | 79,942 | 17,528 | |
Interest Rate Swap [Member] | |||||
Derivatives, net of tax | (9,488) | 3,347 | (1,153) | 9,578 | |
Cross Currency Interest Rate Contract [Member] | |||||
Derivatives, net of tax | [1] | $ 0 | $ (1,210) | $ 0 | $ (3,293) |
[1]Income (loss) reclassified from AOCI into earnings is reported in other income, net. |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 03, 2023 | Dec. 03, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 103,183 | $ 79,910 |
Trade receivables (net of allowances of $11,512 and $10,939, as of June 3, 2023 and December 3, 2022, respectively) | 586,609 | 607,365 |
Inventories | 499,275 | 491,781 |
Other current assets | 128,885 | 120,319 |
Total current assets | 1,317,952 | 1,299,375 |
Property, plant and equipment | 1,673,871 | 1,579,738 |
Accumulated depreciation | (886,459) | (846,071) |
Property, plant and equipment, net | 787,412 | 733,667 |
Goodwill | 1,441,414 | 1,392,627 |
Other intangibles, net | 721,564 | 702,092 |
Other assets | 349,705 | 335,868 |
Total assets | 4,618,047 | 4,463,629 |
Current liabilities | ||
Notes payable | 30,307 | 28,860 |
Trade payables | 436,376 | 460,669 |
Accrued compensation | 66,749 | 108,328 |
Income taxes payable | 28,229 | 18,530 |
Other accrued expenses | 99,171 | 89,345 |
Total current liabilities | 660,832 | 705,732 |
Long-term debt | 1,852,036 | 1,736,256 |
Accrued pension liabilities | 53,546 | 52,561 |
Other liabilities | 368,476 | 358,286 |
Total liabilities | 2,934,890 | 2,852,835 |
Commitments and contingencies (Note 13) | ||
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 – 53,859,908 and 53,676,576 as of June 3, 2023 and December 3, 2022, respectively | 53,860 | 53,677 |
Additional paid-in capital | 280,120 | 266,491 |
Retained earnings | 1,782,215 | 1,741,359 |
Accumulated other comprehensive loss | (433,705) | (451,357) |
Total H.B. Fuller stockholders' equity | 1,682,490 | 1,610,170 |
Non-controlling interest | 667 | 624 |
Total equity | 1,683,157 | 1,610,794 |
Total liabilities, non-controlling interest and total equity | $ 4,618,047 | $ 4,463,629 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 03, 2023 | Dec. 03, 2022 |
Trade receivables, allowances | $ 11,512 | $ 10,939 |
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) | 53,859,908 | 53,676,576 |
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. 27, 2021 | $ 52,778 | $ 213,637 | $ 1,600,601 | $ (270,247) | $ 591 | $ 1,597,360 |
Comprehensive income | 0 | 0 | 38,306 | 11,177 | 4 | 49,487 |
Dividends | 0 | 0 | (8,964) | 0 | 0 | (8,964) |
Stock option exercises | 126 | 5,628 | 0 | 0 | 0 | 5,754 |
Share-based compensation plans and other, net | 187 | 5,601 | 0 | 0 | 0 | 5,788 |
Repurchases of common stock | (49) | (3,528) | 0 | 0 | 0 | (3,577) |
Balance at Feb. 26, 2022 | 53,042 | 221,338 | 1,629,943 | (259,070) | 595 | 1,645,848 |
Balance at Nov. 27, 2021 | 52,778 | 213,637 | 1,600,601 | (270,247) | 591 | 1,597,360 |
Comprehensive income | 17,544 | |||||
Balance at May. 28, 2022 | 53,153 | 232,253 | 1,666,969 | (338,228) | 607 | 1,614,754 |
Balance at Feb. 26, 2022 | 53,042 | 221,338 | 1,629,943 | (259,070) | 595 | 1,645,848 |
Comprehensive income | 0 | 0 | 47,203 | (79,158) | 12 | (31,943) |
Dividends | 0 | 0 | (10,177) | 0 | 0 | (10,177) |
Stock option exercises | 47 | 2,036 | 0 | 0 | 0 | 2,083 |
Share-based compensation plans and other, net | 65 | 8,910 | 0 | 0 | 0 | 8,975 |
Repurchases of common stock | (1) | (31) | 0 | 0 | 0 | (32) |
Balance at May. 28, 2022 | 53,153 | 232,253 | 1,666,969 | (338,228) | 607 | 1,614,754 |
Balance at Dec. 03, 2022 | 53,677 | 266,491 | 1,741,359 | (451,357) | 624 | 1,610,794 |
Comprehensive income | 0 | 0 | 21,889 | 5,241 | 37 | 27,167 |
Dividends | 0 | 0 | (10,305) | 0 | 0 | (10,305) |
Stock option exercises | 76 | 3,520 | 0 | 0 | 0 | 3,596 |
Share-based compensation plans and other, net | 102 | 5,221 | 0 | 0 | 0 | 5,323 |
Repurchases of common stock | (36) | (2,412) | 0 | 0 | 0 | (2,448) |
Balance at Mar. 04, 2023 | 53,819 | 272,820 | 1,752,943 | (446,116) | 661 | 1,634,127 |
Balance at Dec. 03, 2022 | 53,677 | 266,491 | 1,741,359 | (451,357) | 624 | 1,610,794 |
Comprehensive income | 79,985 | |||||
Balance at Jun. 03, 2023 | 53,860 | 280,120 | 1,782,215 | (433,705) | 667 | 1,683,157 |
Balance at Mar. 04, 2023 | 53,819 | 272,820 | 1,752,943 | (446,116) | 661 | 1,634,127 |
Comprehensive income | 0 | 0 | 40,401 | 12,411 | 6 | 52,818 |
Dividends | 0 | 0 | (11,129) | 0 | 0 | (11,129) |
Stock option exercises | 13 | 584 | 0 | 0 | 0 | 597 |
Share-based compensation plans and other, net | 30 | 6,818 | 0 | 0 | 0 | 6,848 |
Repurchases of common stock | (2) | (102) | 0 | 0 | 0 | (104) |
Balance at Jun. 03, 2023 | $ 53,860 | $ 280,120 | $ 1,782,215 | $ (433,705) | $ 667 | $ 1,683,157 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 03, 2023 | May 28, 2022 | |
Cash flows from operating activities: | ||
Net income including non-controlling interest | $ 62,338 | $ 85,546 |
Adjustments to reconcile net income including non-controlling interest to net cash provided by (used in) operating activities: | ||
Depreciation | 39,163 | 36,333 |
Amortization | 37,813 | 36,412 |
Deferred income taxes | (16,831) | (4,961) |
Income from equity method investments, net of dividends received | (2,338) | (2,649) |
Debt issuance costs write-off | 2,689 | 0 |
Gain on mark to market adjustment on contingent consideration liability | (220) | 0 |
Gain on sale or disposal of assets | (42) | (1,087) |
Share-based compensation | 10,953 | 13,625 |
Pension and other post-retirement benefit plan activity | (6,226) | (9,720) |
Change in assets and liabilities, net of effects of acquisitions: | ||
Trade receivables, net | 66,896 | (35,491) |
Inventories | 8,285 | (95,413) |
Other assets | (36,951) | (21,908) |
Trade payables | (20,301) | 27,237 |
Accrued compensation | (42,190) | (40,448) |
Other accrued expenses | (9,988) | 4,402 |
Income taxes payable | 10,025 | (5,864) |
Other liabilities | 18,819 | (23,597) |
Other | (13,497) | 28,452 |
Net cash provided by (used in) operating activities | 108,397 | (9,131) |
Cash flows from investing activities: | ||
Purchased property, plant and equipment | (82,578) | (69,055) |
Purchased businesses, net of cash acquired | (103,744) | (229,314) |
Proceeds from sale of property, plant and equipment | 2,623 | 1,269 |
Cash received from government grant | 0 | 3,928 |
Net cash used in investing activities | (183,699) | (293,172) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 1,300,000 | 335,000 |
Repayment of long-term debt | (1,176,650) | 0 |
Payment of debt issuance costs | (10,214) | (600) |
Net payment of notes payable | (239) | 3,565 |
Dividends paid | (21,258) | (18,965) |
Contingent consideration payment | 0 | (5,000) |
Proceeds from stock options exercised | 4,193 | 7,837 |
Repurchases of common stock | (2,552) | (3,609) |
Net cash provided by financing activities | 93,280 | 318,228 |
Effect of exchange rate changes on cash and cash equivalents | 5,295 | (9,562) |
Net change in cash and cash equivalents | 23,273 | 6,363 |
Cash and cash equivalents at beginning of period | 79,910 | 61,786 |
Cash and cash equivalents at end of period | $ 103,183 | $ 68,149 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 03, 2023 | |
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 December 3, 2022 New Accounting Pronouncements In September 2022, No. 2022 04, Liabilities - Supplier Finance Programs (Subtopic 405 50 December 1, 2024. Recently issued accounting standards or pronouncements not not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2: Beardow Adams Holdings Ltd. On May 1, 2023, 18 Beardow Adams June 3, 2023 ts of $40,485, goodwill of $42,585 ts of $16,356. Beardow Adams Aspen Research Corporation On January 31, 2023, 18 June 3, 2023 ts of $7,777 of $2,073. A Lemtapes Oy On December 15, 2022, 18 June 3, 2023 ets of $6,535 and other net assets of $2,017. Lemta GSSI Sealants On October 24, 2022, 12 June 3, 2023 ssets of $4,523 and other net assets of $3,178. GSSI ZKLT Polymer Co. On August 16, 2022, 12 18 June 3,2023 of $5,183, goodwill of $3,902 sets of $10,085. not 12 Apollo On January 26, 2022, December 3, 2022 of $76,198, goodwill of $119,358 sets of $10,036. Goodwill is not Fourny NV On January 11, 2022, 18 December 3, 2022 not All acquisitions, individually and in the aggregate, are not not |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | Note 3: During fiscal year 2023, 2025. The following table summarizes the pre-tax distribution of restructuring charges by income statement classification: Three Months Ended Six Months Ended June 3, 2023 May 28, 2022 June 3, 2023 May 28, 2022 Cost of sales $ 2,784 $ - $ 5,085 $ (152 ) Selling, general and administrative 2,618 14 3,243 (75 ) $ 5,402 $ 14 $ 8,328 $ (227 ) The restructuring charges are all recorded in Corporate Unallocated for segment reporting purposes. A summary of the restructuring liability is presented below: Employee-Related Balance at November 27, 2021 $ 1,095 Expenses incurred (449 ) Cash payments (529 ) Foreign currency translation (60 ) Balance at December 3, 2022 $ 57 Expenses incurred 8,328 Cash payments (2,083 ) Foreign currency translation (610 ) Balance at June 3, 2023 $ 5,692 Restructuring liabilities have been classified as a component of other accrued expenses on the Consolidated Balance Sheets. |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4: The composition of inventories is as follows: June 3, December 3, 2023 2022 Raw materials $ 229,341 $ 237,071 Finished goods 269,934 254,710 Total inventories $ 499,275 $ 491,781 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5: The goodwill activity by reportable segment for the six June 3, 2023 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Balance at December 3, 2022 $ 328,962 $ 637,910 $ 425,755 $ 1,392,627 Acquisitions $ 42,585 $ - $ - 42,585 Foreign currency translation effect $ 2,222 $ 2,434 $ 1,546 6,202 Balance at June 3, 2023 $ 373,769 $ 640,344 $ 427,301 $ 1,441,414 Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, are as follows: June 3, 2023 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 105,868 $ 1,048,314 $ 52,802 $ 10,959 $ 1,217,943 Accumulated amortization (53,809 ) (415,783 ) (20,710 ) (6,544 ) (496,846 ) Net identifiable intangibles $ 52,059 $ 632,531 $ 32,092 $ 4,415 $ 721,097 December 3, 2022 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 118,727 $ 1,004,008 $ 50,324 $ 11,053 $ 1,184,112 Accumulated amortization (66,433 ) (388,394 ) (21,401 ) (6,251 ) (482,479 ) Net identifiable intangibles $ 52,294 $ 615,614 $ 28,923 $ 4,802 $ 701,633 Amortization expense with respect to amortizable intangible assets was $19,130 and $18,620 for the three June 3, 2023 May 28, 2022 six June 3, 2023 May 28, 2022 Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for the next five Remainder Fiscal Year 2023 2024 2025 2026 2027 Thereafter Amortization expense $ 68,435 $ 69,181 $ 67,465 $ 61,828 $ 59,086 $ 395,102 Non-amortizable intangible assets as of June 3, 2023 December 3, 2022 June 3, 2023 December 3, 2022 |
Note 6 - Notes Payable, Long-te
Note 6 - Notes Payable, Long-term Debt and Lines of Credit | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6: On February 15, 2023, October 20, 2020 October 20, 2017. first Term Loans Interest on Term Loan A is payable at the Secured Overnight Financing Rate ("SOFR") plus an adjustment of 0.10 percent and an interest rate spread of 1.75 percent ( 6.99 June 3, 2023). February 15, 2028. June 3, 2023). February 15, 2030. On January 12, 2023, 1 February 28, 2023, 1 848, Reference Rate Reform 11 On March 16, 2023, 1 1 11 Revolving Credit Facility Interest on the Revolving Credit Facility is payable at SOFR plus an adjustment of 0.10 percent and an interest rate spread of 1.75 percent (6.99 percent at June 3, 2023). June 3, 2023, February 15, 2028. The Revolving Credit Facility can be drawn upon for general corporate purposes up to a maximum of $700,000, less issued letters of credit. At June 3, 2023, ity by $9,968. Covenants and Other Under the Second Amended and Restated Credit Agreement, the Revolving Credit Facility and Term Loan A are subject to certain covenants and restrictions. For these facilities, we are required to maintain a secured leverage ratio, as defined in the agreement, no 1.00 June 1, 2024 1.00 not 1.00. Restrictive covenants include, but are not third twelve We are subject to mandatory prepayments in the first 4.25:1.00 3.75:1.00. The principal balance of the Term Loan B loans will be repayable in equal quarterly installments in an aggregate annual amount equal to 1 percent of the original principal amount thereof, with the balance due at maturity on February 15, 2030. first eight eight February 15, 2028. |
Note 7 - Pension and Postretire
Note 7 - Pension and Postretirement Benefits | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 7: Three Months Ended June 3, 2023 and May 28, 2022 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic (benefit) cost: 2023 2022 2023 2022 2023 2022 Service cost $ - $ - $ 413 $ 700 $ - $ - Interest cost 3,475 2,368 1,410 736 301 184 Expected return on assets (7,205 ) (7,117 ) (1,730 ) (1,644 ) (2,465 ) (2,719 ) Amortization: Prior service (benefit) cost - (1 ) 15 16 - - Actuarial loss (gain) 635 1,013 491 611 - (845 ) Settlement charge - - - 3,329 - - Net periodic (benefit) cost $ (3,095 ) $ (3,737 ) $ 599 $ 3,748 $ (2,164 ) $ (3,380 ) Six Months Ended June 3, 2023 and May 28, 2022 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic (benefit) cost: 2023 2022 2023 2022 2023 2022 Service cost $ - $ - $ 833 $ 1,420 $ - $ - Interest cost 6,951 4,735 2,846 1,525 602 367 Expected return on assets (14,412 ) (14,235 ) (3,492 ) (3,391 ) (4,929 ) (5,437 ) Amortization: Prior service (benefit) cost - (2 ) 30 32 - - Actuarial loss (gain) 1,271 2,027 990 1,260 - (1,690 ) Settlement charge - - - 3,329 - - Net periodic (benefit) cost $ (6,190 ) $ (7,475 ) $ 1,207 $ 4,175 $ (4,327 ) $ (6,760 ) 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. In the second 2022, |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income (Loss) Disclosure [Text Block] | Note 8: The following table provides details of total comprehensive income (loss): Three Months Ended June 3, 2023 Three Months Ended May 28, 2022 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 $ 40,401 $ 21 $ 47,203 $ 24 Foreign currency translation¹ $ 26,425 $ - 26,425 (15 ) $ (84,098 ) $ - (84,098 ) (12 ) Defined benefit pension plans adjustment² 1,151 (293 ) 858 - 3,872 (1,069 ) 2,803 - Interest rate swaps³ (12,584 ) 3,096 (9,488 ) - 4,435 (1,088 ) 3,347 - Cross-currency swaps³ - - - - (1,228 ) 18 (1,210 ) - Net investment hedges³ (7,141 ) 1,757 (5,384 ) - - - - - Other comprehensive income (loss) $ 7,851 $ 4,560 $ 12,411 $ (15 ) $ (77,019 ) $ (2,139 ) $ (79,158 ) $ (12 ) Comprehensive income (loss) $ 52,812 $ 6 $ (31,955 ) $ 12 Six Months Ended June 3, 2023 Six Months Ended May 28, 2022 Non- Non- controlling controlling H.B. Fuller Stockholders Interest H.B. Fuller Stockholders Interest Pretax Tax Net Net Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interest $ 62,290 $ 48 $ 85,509 $ 37 Foreign currency translation adjustment¹ $ 22,779 $ - 22,779 (5 ) $ (77,558 ) $ - (77,558 ) (21 ) Defined benefit pension plans adjustment² 2,292 (583 ) 1,709 - 4,705 (1,413 ) 3,292 - Interest rate swap³ (1,529 ) 376 (1,153 ) - 12,690 (3,112 ) 9,578 - Cross-currency swaps³ - - - - (3,343 ) 50 (3,293 ) - Net investment hedges³ (7,538 ) 1,855 (5,683 ) - - - - - Other comprehensive income (loss) $ 16,004 $ 1,648 $ 17,652 (5 ) $ (63,506 ) $ (4,475 ) (67,981 ) (21 ) Comprehensive income $ 79,942 $ 43 $ 17,528 $ 16 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, net. The components of accumulated other comprehensive loss are as follows: June 3, 2023 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (241,270 ) $ (241,233 ) $ (37 ) Interest rate swap, net of taxes of $ 376 (1,153 ) (1,153 ) - Net investment hedges, net of taxes of $ 15,152 (46,426 ) (46,426 ) - Defined benefit pension plans adjustment, net of taxes of $ 67,161 (126,552 ) (126,552 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (433,742 ) $ (433,705 ) $ (37 ) December 3, 2022 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (264,054 ) $ (264,012 ) $ (42 ) Net investment hedges, net of taxes of $ 13,297 (40,743 ) (40,743 ) - Defined benefit pension plans adjustment, net of taxes of $ 67,744 (128,261 ) (128,261 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (451,399 ) $ (451,357 ) $ (42 ) |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9: Income tax expense for the three six June 3, 2023 three six June 3, 2023 Income tax expense for the three six May 28, 2022 three six May 28, 2022 As of June 3, 2023 December 3, 2022 June 3, 2023 December 3, 2022 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 10: A reconciliation of the common share components for the basic and diluted earnings per share calculations is as follows: Three Months Ended Six Months Ended June 3, May 28, June 3, May 28, (Shares in thousands) 2023 2022 2023 2022 Weighted-average common shares - basic 54,269 53,497 54,222 53,425 Equivalent shares from share-based compensations plans 1,448 1,581 1,596 1,812 Weighted-average common and common equivalent shares diluted 55,717 55,078 55,818 55,237 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 of 1,026,155 and 658,511 shares for the three June 3, 2023 May 28, 2022 six June 3, 2023 May 28, 2022 |
Note 11 - Financial Instruments
Note 11 - Financial Instruments | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 11: Overview As a result of being a global enterprise, foreign currency exchange rates and fluctuations in those rates may We use foreign currency forward contracts, cross-currency swaps, interest rate swaps and net investment hedges to manage risks associated with foreign currency exchange rates and interest rates. We do not no We are exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts and interest rate swap agreements. We select investment-grade multinational banks and financial institutions as counterparties for derivative transactions and monitor the credit quality of each of these banks on a periodic basis as warranted. We do not Cash Flow Hedges On January 12, 2023, 1 February 28, 2023, swap agreement to our 1 848, Reference Rate Reform . The combined fair value of the interest rate swap was an asset of $322 at June 3, 2023 and was included in other assets i On March 16, 2023, 1 s a liability of $1,354 a June 3, 2023 in other liabilities On March 16, 2023, 1 liability of $709 June 3, 2023 n other liabilities in 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 Six Months Ended June 3, 2023 May 28, 2022 June 3, 2023 May 28, 2022 Cross-currency swap contracts $ - $ (1,228 ) $ - $ (3,343 ) Interest rate swap contracts (12,584 ) 4,435 (1,529 ) 12,690 Fair Value Hedges On February 12, 2021, October 20, 2020 1 October 15, 2028. ty of $42,831 a June 3, 2023 Net Investment Hedges On October 17, 2022, €307,173 October 2028. October 20, 2022, €300,000 August 2025, August 2026 February 2027. June 3, 2023 as a liability of $61,584 a other liabilities The swaps are designated as net investment hedges for accounting treatment. The net gains or losses attributable to changes in spot exchange rates are recorded in the cumulative translation adjustment within other comprehensive income (loss). The gains or losses are reclassified into earnings upon a liquidation event or deconsolidation of the foreign subsidiary. Any ineffective portions of net investment hedges are reclassified from accumulated other comprehensive income (loss) into earnings during the period of change. The amount in accumulated other comprehensive income (loss) related to net investment hedge cross-currency swaps was a loss of $46,426 June 3, 2023 dge was $7,538 six June 3, 2023 June 3, 2023 not not twelve No 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 As of June 3, 2023 between June 5, 2023 May 13, 2024 . The ma The amounts of pretax gains (losses) recognized in other income, net related to derivative instruments not six June 3, 2023 May 28, 2022 $1,276 a 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 June 3, 2023 no |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 12: 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 June 3, 2023 December 3, 2022 June 3, Fair Value Measurements Using: Description 2023 Level 1 Level 2 Level 3 Assets: Marketable securities $ 2,447 $ 2,447 $ - $ - Foreign exchange contract assets 3,231 - 3,231 - Interest rate swaps, cash flow hedge assets 322 - 322 - Liabilities: Foreign exchange contract liabilities $ 1,956 $ - 1,956 $ - Interest rate swaps, cash flow hedge liabilities 2,063 2,063 Interest rate swaps, fair value hedge liabilities 42,831 42,831 Net investment hedge liabilities 61,584 - 61,584 - Contingent consideration liabilities 1,595 - - 1,595 December 3, Fair Value Measurements Using: Description 2022 Level 1 Level 2 Level 3 Assets: Marketable securities $ 4,013 $ 4,013 $ - $ - Foreign exchange contract assets 10,282 - 10,282 - Liabilities: Foreign exchange contract liabilities $ 4,570 $ - $ 4,570 $ - Interest rate swaps, fair value hedge liabilities 42,542 - 42,542 Net investment hedge liabilities 54,046 - 54,046 - Contingent consideration liabilities 1,977 - - 1,977 The valuation of our contingent consideration liability related to the acquisitions of ZKLT and TissueSeal was $1,095 and $500, respectively, as of June 3, 2023 2 Amounts Balance at December 3, 2022 $ 1,977 Mark to market adjustment (220 ) Foreign currency translation adjustment (162 ) Balance at June 3, 2023 $ 1,595 Balances Measured at Fair Value on a Nonrecurring Basis We measure certain assets and liabilities at fair value on a nonrecurring basis. These assets include intangible assets acquired in an acquisition. The identified intangible assets of customer relationships, technology and tradenames acquired in connection with our acquisitions were measured using unobservable (Level 3 See Note 2 Balances Disclosed at Fair Value Long-term debt had an estimated fair value of $1,662,706 and $1,713,257 as of June 3, 2023 December 3, 2022 not |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13: Environmental Matters We are involved in environmental investigations, clean-up activities and administrative proceedings related to environmental compliance matters at former and current operating facilities. We have also been 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 associated with landfills and/or hazardous waste sites. As a PRP, we may June 3, 2023 December 3, 2022 June 3, 2023 December 3, 2022 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 Other Legal Proceedings From time to time and in the ordinary course of business, we are a party to, or a target of, lawsuits, claims, investigations and proceedings, including product liability, personal injury, contract, patent and intellectual property, environmental, health and safety, tax and employment matters. While we are unable to predict the outcome of these matters, we have concluded, based upon currently available information, that the ultimate resolution of any pending matter, individually or in the aggregate, including the asbestos litigation described in the following paragraphs, will not We have been named as a defendant in lawsuits in which plaintiffs have alleged injury due to products containing asbestos manufactured more than 35 A significant portion of the defense costs and settlements in asbestos-related litigation is paid by third 1976 third third third In addition to the indemnification arrangements with third A summary of the number of and settlement amounts for asbestos-related lawsuits and claims is as follows: Six Months Ended 3 Years Ended June 3, 2023 May 28, 2022 December 3, 2022 Lawsuits and claims settled 5 3 13 Settlement amounts $ 3,495 $ 206 $ 511 Insurance payments received or expected to be received $ 1,944 $ 139 $ 338 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 14 - Segments
Note 14 - Segments | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 14: We are required to report segment information in the same way that we internally organize our business for assessing performance and making decisions regarding allocation of resources. Revenue and operating income of each of our segments are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. Segment operating income is identified as gross profit less SG&A expenses. Corporate expenses, other than those included in Corporate Unallocated, are allocated to each operating segment. Consistent with our internal management reporting, Corporate Unallocated amounts include business acquisition and integration costs, organizational restructuring charges and project costs associated with our implementation of Project ONE. Corporate assets are not We have three reportable segments: Hygiene, Health and Consumable Adhesives, Engineering Adhesives and Construction Adhesives. The business components within each operating segment are managed to maximize the results of the overall operating segment rather than the results of any individual business component of the operating segment. Results of individual components of each operating segment are subject to numerous allocations of segment-wide costs that may may not not The table below provides certain information regarding net revenue and operating income (loss) for each of our operating segments. Three Months Ended June 3, 2023 May 28, 2022 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 404,486 $ 51,592 $ 437,889 $ 43,267 Engineering Adhesives 364,080 44,400 405,346 42,917 Construction Adhesives 129,673 5,969 150,023 11,285 Total segment $ 898,239 $ 101,961 $ 993,258 $ 97,469 Corporate Unallocated 1 - (11,811 ) - (9,955 ) Total $ 898,239 $ 90,150 $ 993,258 $ 87,514 Six Months Ended June 3, 2023 May 28, 2022 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 788,014 $ 96,738 $ 827,427 $ 75,480 Engineering Adhesives 697,147 76,875 759,323 75,489 Construction Adhesives 222,260 (3,664 ) 262,989 15,641 Total segment $ 1,707,421 $ 169,949 $ 1,849,739 $ 166,610 Corporate Unallocated - (19,533 ) - (22,095 ) Total $ 1,707,421 $ 150,416 $ 1,849,739 $ 144,515 1 not The table below provides a reconciliation of operating income to income before income taxes and income from equity method investments: Three Months Ended Six Months Ended June 3, May 28, June 3, May 28, 2023 2022 2023 2022 Operating income $ 90,150 $ 87,514 $ 150,416 $ 144,515 Other income, net 605 - 3,209 6,142 Interest expense (33,131 ) (19,828 ) (66,200 ) (38,025 ) Interest income 932 2,091 1,599 4,030 Income before income taxes and income from equity method investments $ 58,556 $ 69,777 $ 89,024 $ 116,662 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 June 3, 2023 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 237,325 $ 149,239 $ 101,642 $ 488,206 EIMEA 114,723 119,199 19,917 253,839 Asia Pacific 52,438 95,642 8,114 156,194 Total $ 404,486 $ 364,080 $ 129,673 $ 898,239 Three Months Ended May 28, 2022 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 255,243 $ 166,559 $ 119,420 $ 541,222 EIMEA 123,145 133,932 23,713 280,790 Asia Pacific 59,501 104,855 6,890 171,246 Total $ 437,889 $ 405,346 $ 150,023 $ 993,258 Six Months Ended June 3, 2023 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 460,944 $ 282,709 $ 172,606 $ 916,259 EIMEA 221,794 232,559 34,495 488,848 Asia Pacific 105,276 181,879 15,159 302,314 Total $ 788,014 $ 697,147 $ 222,260 $ 1,707,421 Six Months Ended May 28, 2022 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 475,938 $ 299,886 $ 214,998 $ 990,822 EIMEA 237,797 249,752 34,930 522,479 Asia Pacific 113,692 209,685 13,061 336,438 Total $ 827,427 $ 759,323 $ 262,989 $ 1,849,739 |
Note 15 - Subsequent Event
Note 15 - Subsequent Event | 6 Months Ended |
Jun. 03, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15: Acquisitions On June 12, 2023, imately $12,347. X On June 23, 2023, |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions (Tables) | 6 Months Ended |
Jun. 03, 2023 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Six Months Ended June 3, 2023 May 28, 2022 June 3, 2023 May 28, 2022 Cost of sales $ 2,784 $ - $ 5,085 $ (152 ) Selling, general and administrative 2,618 14 3,243 (75 ) $ 5,402 $ 14 $ 8,328 $ (227 ) |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Employee-Related Balance at November 27, 2021 $ 1,095 Expenses incurred (449 ) Cash payments (529 ) Foreign currency translation (60 ) Balance at December 3, 2022 $ 57 Expenses incurred 8,328 Cash payments (2,083 ) Foreign currency translation (610 ) Balance at June 3, 2023 $ 5,692 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Jun. 03, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 3, December 3, 2023 2022 Raw materials $ 229,341 $ 237,071 Finished goods 269,934 254,710 Total inventories $ 499,275 $ 491,781 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 03, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Balance at December 3, 2022 $ 328,962 $ 637,910 $ 425,755 $ 1,392,627 Acquisitions $ 42,585 $ - $ - 42,585 Foreign currency translation effect $ 2,222 $ 2,434 $ 1,546 6,202 Balance at June 3, 2023 $ 373,769 $ 640,344 $ 427,301 $ 1,441,414 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | June 3, 2023 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 105,868 $ 1,048,314 $ 52,802 $ 10,959 $ 1,217,943 Accumulated amortization (53,809 ) (415,783 ) (20,710 ) (6,544 ) (496,846 ) Net identifiable intangibles $ 52,059 $ 632,531 $ 32,092 $ 4,415 $ 721,097 December 3, 2022 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 118,727 $ 1,004,008 $ 50,324 $ 11,053 $ 1,184,112 Accumulated amortization (66,433 ) (388,394 ) (21,401 ) (6,251 ) (482,479 ) Net identifiable intangibles $ 52,294 $ 615,614 $ 28,923 $ 4,802 $ 701,633 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder Fiscal Year 2023 2024 2025 2026 2027 Thereafter Amortization expense $ 68,435 $ 69,181 $ 67,465 $ 61,828 $ 59,086 $ 395,102 |
Note 7 - Pension and Postreti_2
Note 7 - Pension and Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 03, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended June 3, 2023 and May 28, 2022 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic (benefit) cost: 2023 2022 2023 2022 2023 2022 Service cost $ - $ - $ 413 $ 700 $ - $ - Interest cost 3,475 2,368 1,410 736 301 184 Expected return on assets (7,205 ) (7,117 ) (1,730 ) (1,644 ) (2,465 ) (2,719 ) Amortization: Prior service (benefit) cost - (1 ) 15 16 - - Actuarial loss (gain) 635 1,013 491 611 - (845 ) Settlement charge - - - 3,329 - - Net periodic (benefit) cost $ (3,095 ) $ (3,737 ) $ 599 $ 3,748 $ (2,164 ) $ (3,380 ) Six Months Ended June 3, 2023 and May 28, 2022 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic (benefit) cost: 2023 2022 2023 2022 2023 2022 Service cost $ - $ - $ 833 $ 1,420 $ - $ - Interest cost 6,951 4,735 2,846 1,525 602 367 Expected return on assets (14,412 ) (14,235 ) (3,492 ) (3,391 ) (4,929 ) (5,437 ) Amortization: Prior service (benefit) cost - (2 ) 30 32 - - Actuarial loss (gain) 1,271 2,027 990 1,260 - (1,690 ) Settlement charge - - - 3,329 - - Net periodic (benefit) cost $ (6,190 ) $ (7,475 ) $ 1,207 $ 4,175 $ (4,327 ) $ (6,760 ) |
Note 8 - Accumulated Other Co_2
Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 03, 2023 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 3, 2023 Three Months Ended May 28, 2022 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 $ 40,401 $ 21 $ 47,203 $ 24 Foreign currency translation¹ $ 26,425 $ - 26,425 (15 ) $ (84,098 ) $ - (84,098 ) (12 ) Defined benefit pension plans adjustment² 1,151 (293 ) 858 - 3,872 (1,069 ) 2,803 - Interest rate swaps³ (12,584 ) 3,096 (9,488 ) - 4,435 (1,088 ) 3,347 - Cross-currency swaps³ - - - - (1,228 ) 18 (1,210 ) - Net investment hedges³ (7,141 ) 1,757 (5,384 ) - - - - - Other comprehensive income (loss) $ 7,851 $ 4,560 $ 12,411 $ (15 ) $ (77,019 ) $ (2,139 ) $ (79,158 ) $ (12 ) Comprehensive income (loss) $ 52,812 $ 6 $ (31,955 ) $ 12 Six Months Ended June 3, 2023 Six Months Ended May 28, 2022 Non- Non- controlling controlling H.B. Fuller Stockholders Interest H.B. Fuller Stockholders Interest Pretax Tax Net Net Pretax Tax Net Net Net income attributable to H.B. Fuller and non-controlling interest $ 62,290 $ 48 $ 85,509 $ 37 Foreign currency translation adjustment¹ $ 22,779 $ - 22,779 (5 ) $ (77,558 ) $ - (77,558 ) (21 ) Defined benefit pension plans adjustment² 2,292 (583 ) 1,709 - 4,705 (1,413 ) 3,292 - Interest rate swap³ (1,529 ) 376 (1,153 ) - 12,690 (3,112 ) 9,578 - Cross-currency swaps³ - - - - (3,343 ) 50 (3,293 ) - Net investment hedges³ (7,538 ) 1,855 (5,683 ) - - - - - Other comprehensive income (loss) $ 16,004 $ 1,648 $ 17,652 (5 ) $ (63,506 ) $ (4,475 ) (67,981 ) (21 ) Comprehensive income $ 79,942 $ 43 $ 17,528 $ 16 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | June 3, 2023 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (241,270 ) $ (241,233 ) $ (37 ) Interest rate swap, net of taxes of $ 376 (1,153 ) (1,153 ) - Net investment hedges, net of taxes of $ 15,152 (46,426 ) (46,426 ) - Defined benefit pension plans adjustment, net of taxes of $ 67,161 (126,552 ) (126,552 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (433,742 ) $ (433,705 ) $ (37 ) December 3, 2022 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (264,054 ) $ (264,012 ) $ (42 ) Net investment hedges, net of taxes of $ 13,297 (40,743 ) (40,743 ) - Defined benefit pension plans adjustment, net of taxes of $ 67,744 (128,261 ) (128,261 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (451,399 ) $ (451,357 ) $ (42 ) |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 03, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 3, May 28, June 3, May 28, (Shares in thousands) 2023 2022 2023 2022 Weighted-average common shares - basic 54,269 53,497 54,222 53,425 Equivalent shares from share-based compensations plans 1,448 1,581 1,596 1,812 Weighted-average common and common equivalent shares diluted 55,717 55,078 55,818 55,237 |
Note 11 - Financial Instrumen_2
Note 11 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 03, 2023 | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 3, 2023 May 28, 2022 June 3, 2023 May 28, 2022 Cross-currency swap contracts $ - $ (1,228 ) $ - $ (3,343 ) Interest rate swap contracts (12,584 ) 4,435 (1,529 ) 12,690 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 03, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 3, Fair Value Measurements Using: Description 2023 Level 1 Level 2 Level 3 Assets: Marketable securities $ 2,447 $ 2,447 $ - $ - Foreign exchange contract assets 3,231 - 3,231 - Interest rate swaps, cash flow hedge assets 322 - 322 - Liabilities: Foreign exchange contract liabilities $ 1,956 $ - 1,956 $ - Interest rate swaps, cash flow hedge liabilities 2,063 2,063 Interest rate swaps, fair value hedge liabilities 42,831 42,831 Net investment hedge liabilities 61,584 - 61,584 - Contingent consideration liabilities 1,595 - - 1,595 December 3, Fair Value Measurements Using: Description 2022 Level 1 Level 2 Level 3 Assets: Marketable securities $ 4,013 $ 4,013 $ - $ - Foreign exchange contract assets 10,282 - 10,282 - Liabilities: Foreign exchange contract liabilities $ 4,570 $ - $ 4,570 $ - Interest rate swaps, fair value hedge liabilities 42,542 - 42,542 Net investment hedge liabilities 54,046 - 54,046 - Contingent consideration liabilities 1,977 - - 1,977 |
Contingent Consideration Liability [Member] | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Amounts Balance at December 3, 2022 $ 1,977 Mark to market adjustment (220 ) Foreign currency translation adjustment (162 ) Balance at June 3, 2023 $ 1,595 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 03, 2023 | |
Notes Tables | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | Six Months Ended 3 Years Ended June 3, 2023 May 28, 2022 December 3, 2022 Lawsuits and claims settled 5 3 13 Settlement amounts $ 3,495 $ 206 $ 511 Insurance payments received or expected to be received $ 1,944 $ 139 $ 338 |
Note 14 - Segments (Tables)
Note 14 - Segments (Tables) | 6 Months Ended |
Jun. 03, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 3, 2023 May 28, 2022 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 404,486 $ 51,592 $ 437,889 $ 43,267 Engineering Adhesives 364,080 44,400 405,346 42,917 Construction Adhesives 129,673 5,969 150,023 11,285 Total segment $ 898,239 $ 101,961 $ 993,258 $ 97,469 Corporate Unallocated 1 - (11,811 ) - (9,955 ) Total $ 898,239 $ 90,150 $ 993,258 $ 87,514 Six Months Ended June 3, 2023 May 28, 2022 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 788,014 $ 96,738 $ 827,427 $ 75,480 Engineering Adhesives 697,147 76,875 759,323 75,489 Construction Adhesives 222,260 (3,664 ) 262,989 15,641 Total segment $ 1,707,421 $ 169,949 $ 1,849,739 $ 166,610 Corporate Unallocated - (19,533 ) - (22,095 ) Total $ 1,707,421 $ 150,416 $ 1,849,739 $ 144,515 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended June 3, May 28, June 3, May 28, 2023 2022 2023 2022 Operating income $ 90,150 $ 87,514 $ 150,416 $ 144,515 Other income, net 605 - 3,209 6,142 Interest expense (33,131 ) (19,828 ) (66,200 ) (38,025 ) Interest income 932 2,091 1,599 4,030 Income before income taxes and income from equity method investments $ 58,556 $ 69,777 $ 89,024 $ 116,662 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 3, 2023 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 237,325 $ 149,239 $ 101,642 $ 488,206 EIMEA 114,723 119,199 19,917 253,839 Asia Pacific 52,438 95,642 8,114 156,194 Total $ 404,486 $ 364,080 $ 129,673 $ 898,239 Three Months Ended May 28, 2022 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 255,243 $ 166,559 $ 119,420 $ 541,222 EIMEA 123,145 133,932 23,713 280,790 Asia Pacific 59,501 104,855 6,890 171,246 Total $ 437,889 $ 405,346 $ 150,023 $ 993,258 Six Months Ended June 3, 2023 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 460,944 $ 282,709 $ 172,606 $ 916,259 EIMEA 221,794 232,559 34,495 488,848 Asia Pacific 105,276 181,879 15,159 302,314 Total $ 788,014 $ 697,147 $ 222,260 $ 1,707,421 Six Months Ended May 28, 2022 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 475,938 $ 299,886 $ 214,998 $ 990,822 EIMEA 237,797 249,752 34,930 522,479 Asia Pacific 113,692 209,685 13,061 336,438 Total $ 827,427 $ 759,323 $ 262,989 $ 1,849,739 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) € in Thousands, ¥ in Thousands | Jul. 11, 2023 USD ($) | Jul. 11, 2023 EUR (€) | May 01, 2023 USD ($) | May 01, 2023 GBP (£) | Jan. 31, 2023 USD ($) | Dec. 16, 2022 USD ($) | Dec. 16, 2022 EUR (€) | Oct. 24, 2022 USD ($) | Aug. 16, 2022 USD ($) | Aug. 16, 2022 CNY (¥) | Jan. 26, 2022 USD ($) | Jan. 26, 2022 GBP (£) | Jan. 11, 2022 USD ($) | Jan. 11, 2022 EUR (€) | Jun. 03, 2023 USD ($) | Dec. 03, 2022 USD ($) | Aug. 16, 2022 CNY (¥) |
Goodwill | $ 1,441,414,000 | $ 1,392,627,000 | |||||||||||||||
Construction Adhesives [Member] | |||||||||||||||||
Goodwill | 427,301,000 | 425,755,000 | |||||||||||||||
Beardow Adams [Member] | |||||||||||||||||
Payments to Acquire Businesses, Gross | $ 99,426 | £ 79,570 | |||||||||||||||
Payments to Acquire Businesses, Holdback Amount | £ | £ 8,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 40,485 | ||||||||||||||||
Goodwill | $ 42,585 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 16,356 | ||||||||||||||||
Aspen Research Corporation [Member] | |||||||||||||||||
Payments to Acquire Businesses, Gross | $ 9,850,000 | ||||||||||||||||
Payments to Acquire Businesses, Holdback Amount | $ 500,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 7,777 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,073 | ||||||||||||||||
Lemtapes [Member] | |||||||||||||||||
Payments to Acquire Businesses, Gross | 8,552 | € 8,048 | |||||||||||||||
Payments to Acquire Businesses, Holdback Amount | € | € 850 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 6,535 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 2,017 | ||||||||||||||||
GSSI Sealants, Inc. [Member] | |||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 7,701,000 | ||||||||||||||||
Business Acquisition, Holdback Amount, Paid on 12 Month | $ 1,050,000 | ||||||||||||||||
GSSI Sealants, Inc. [Member] | Construction Adhesives [Member] | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,523,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 3,178,000 | ||||||||||||||||
ZKLT Polymer Co., Ltd [Member] | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,183,000 | ||||||||||||||||
Goodwill | 3,902,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 10,085,000 | ||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 15,183,000 | ¥ 102,812 | |||||||||||||||
Business Combination, Required Payments Each 12 and 18 month | 3,987,000 | ¥ 27,000 | |||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 4,430,000 | ¥ 30,000 | |||||||||||||||
Apollo [Member] | UNITED KINGDOM | |||||||||||||||||
Payments to Acquire Businesses, Gross | $ 205,592,000 | £ 152,714,000 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 76,198,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 10,036,000 | ||||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | ||||||||||||||||
Apollo [Member] | UNITED KINGDOM | Trademarks and Trade Names [Member] | |||||||||||||||||
Goodwill | 119,358,000 | ||||||||||||||||
Fourny NV [Member] | BELGIUM | |||||||||||||||||
Payments to Acquire Businesses, Gross | $ 14,627,000 | € 12,867 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 10,117,000 | ||||||||||||||||
Goodwill | 6,455,000 | ||||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 1,391,000 | ||||||||||||||||
Fourny NV [Member] | BELGIUM | Forecast [Member] | |||||||||||||||||
Payments to Acquire Businesses, Gross | $ 3,524,000 | € 3,100 |
Note 3 - Restructuring Action_2
Note 3 - Restructuring Actions - Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | |
Expenses incurred | $ 5,402 | $ 14 | $ 8,328 | $ (227) |
Cost of Sales [Member] | ||||
Expenses incurred | 2,784 | 0 | 5,085 | (152) |
Selling, General and Administrative Expenses [Member] | ||||
Expenses incurred | $ 2,618 | $ 14 | $ 3,243 | $ (75) |
Note 3 - Restructuring Action_3
Note 3 - Restructuring Actions - Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | Dec. 03, 2022 | |
Expenses incurred | $ 5,402 | $ 14 | $ 8,328 | $ (227) | |
Employee Related [Member] | |||||
Balance | 57 | $ 1,095 | $ 1,095 | ||
Expenses incurred | 8,328 | (449) | |||
Cash payments | (2,083) | (529) | |||
Foreign currency translation | (610) | (60) | |||
Balance | $ 5,692 | $ 5,692 | $ 57 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Jun. 03, 2023 | Dec. 03, 2022 |
Raw materials | $ 229,341 | $ 237,071 |
Finished goods | 269,934 | 254,710 |
Total inventories | $ 499,275 | $ 491,781 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | Dec. 03, 2022 | |
Amortization of Intangible Assets | $ 19,130 | $ 18,620 | $ 37,813 | $ 36,412 | |
Indefinite Lived Trademarks and Trade Names | $ 467,000 | $ 467,000 | $ 459,000 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Goodwill Balance (Details) $ in Thousands | 6 Months Ended |
Jun. 03, 2023 USD ($) | |
Balance | $ 1,392,627 |
Acquisitions | 42,585 |
Foreign currency translation effect | 6,202 |
Balance | 1,441,414 |
Hygiene, Health, and Consumable Adhesives [Member] | |
Balance | 328,962 |
Acquisitions | 42,585 |
Foreign currency translation effect | 2,222 |
Balance | 373,769 |
Engineering Adhesives [Member] | |
Balance | 637,910 |
Acquisitions | 0 |
Foreign currency translation effect | 2,434 |
Balance | 640,344 |
Construction Adhesives [Member] | |
Balance | 425,755 |
Acquisitions | 0 |
Foreign currency translation effect | 1,546 |
Balance | $ 427,301 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 03, 2023 | Dec. 03, 2022 |
Original cost | $ 1,217,943 | $ 1,184,112 |
Accumulated amortization | (496,846) | (482,479) |
Net identifiable intangibles | 721,097 | 701,633 |
Purchased Technology And Patents [Member] | ||
Original cost | 105,868 | 118,727 |
Accumulated amortization | (53,809) | (66,433) |
Net identifiable intangibles | 52,059 | 52,294 |
Customer Relationships [Member] | ||
Original cost | 1,048,314 | 1,004,008 |
Accumulated amortization | (415,783) | (388,394) |
Net identifiable intangibles | 632,531 | 615,614 |
Trade Names [Member] | ||
Original cost | 52,802 | 50,324 |
Accumulated amortization | (20,710) | (21,401) |
Net identifiable intangibles | 32,092 | 28,923 |
Other Intangible Assets [Member] | ||
Original cost | 10,959 | 11,053 |
Accumulated amortization | (6,544) | (6,251) |
Net identifiable intangibles | $ 4,415 | $ 4,802 |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands | Jun. 03, 2023 USD ($) |
2023 | $ 68,435 |
2024 | 69,181 |
2025 | 67,465 |
2026 | 61,828 |
2027 | 59,086 |
Thereafter | $ 395,102 |
Note 6 - Notes Payable, Long-_2
Note 6 - Notes Payable, Long-term Debt and Lines of Credit (Details Textual) - USD ($) | 3 Months Ended | |||||||
Feb. 15, 2023 | Jun. 03, 2023 | Mar. 16, 2023 | Mar. 04, 2023 | Feb. 28, 2023 | Jan. 13, 2023 | Jan. 12, 2023 | Feb. 15, 2022 | |
Interest Rate Swap [Member] | ||||||||
Derivative, Amount of Hedged Item | $ 300,000,000 | $ 400,000,000 | $ 400,000,000 | |||||
Derivative, Fixed Interest Rate | 3.721% | 3.726% | 3.6895% | 3.6895% | ||||
Interest Rate Swap 2 [Member] | ||||||||
Derivative, Amount of Hedged Item | $ 100,000,000 | |||||||
Derivative, Fixed Interest Rate | 3.899% | |||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 700,000,000 | $ 700,000,000 | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 25% | |||||||
Long-Term Line of Credit, Total | $ 0 | |||||||
Letters of Credit Outstanding, Amount | $ 9,968 | |||||||
Debt Instrument, Covenant, Secured Leverage Ratio for Fiscal Quarters Ending on or Prior to June 1, 2024 | 4.75 | |||||||
Debt Instrument, Covenant, Secured Leverage Ratio for Fiscal Quarters Ending After June 1, 2024 | 4.50 | |||||||
Debt Instrument, Covenant, Interest Coverage Ratio | 2 | |||||||
Revolving Credit Facility [Member] | SOFR Credit Adjustment [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 6.99% | ||||||
Term Loan A [Member] | ||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||
Term Loan A [Member] | SOFR Credit Adjustment [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||
Term Loan A [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 6.99% | ||||||
Term Loan B [Member] | ||||||||
Debt Instrument, Face Amount | $ 800,000,000 | |||||||
Term Loan B [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||
Term Loan B [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | 7.64% | ||||||
Second Amended and Restated Credit Agreement [Member] | ||||||||
Debt Instrument, Mandatory Prepayments of Excess Cashflow, Percentage | 50% | |||||||
Debt Instrument, Mandatory Prepayments of Excess Cashflow When Secured Leverage Ratio Is Below 4.25, Percentage | 25% | |||||||
Debt Instrument, Mandatory Prepayments of Excess Cashflow When Secured Leverage Ratio Is Below 3.75, Percentage | 0% | |||||||
Second Amended and Restated Credit Agreement [Member] | Term Loan B [Member] | ||||||||
Debt Instrument, Periodic Payment, Percentage of Principal | 1% | |||||||
Second Amended and Restated Credit Agreement [Member] | Term Loan A [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument, Periodic Payment, Percentage of Principal | 1.25% | |||||||
Second Amended and Restated Credit Agreement [Member] | Term Loan A [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||
Debt Instrument, Periodic Payment, Percentage of Principal | 1.875% | |||||||
Second Amended and Restated Credit Agreement [Member] | Term Loan A [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||
Debt Instrument, Periodic Payment, Percentage of Principal | 2.50% |
Note 7 - Pension and Postreti_3
Note 7 - Pension and Postretirement Benefits (Details Textual) | 6 Months Ended |
May 28, 2022 USD ($) | |
Nonoperating Income (Expense) [Member] | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (3,329) |
Note 7 - Pension and Postreti_4
Note 7 - Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | |
UNITED STATES | ||||
Net periodic (benefit) cost | $ (3,095) | $ (3,737) | $ (6,190) | $ (7,475) |
Foreign Plan [Member] | ||||
Net periodic (benefit) cost | 599 | 3,748 | 1,207 | 4,175 |
Pension Plan [Member] | UNITED STATES | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 3,475 | 2,368 | 6,951 | 4,735 |
Expected return on assets | (7,205) | (7,117) | (14,412) | (14,235) |
Prior service (benefit) cost | 0 | (1) | 0 | (2) |
Actuarial loss (gain) | 635 | 1,013 | 1,271 | 2,027 |
Settlement charge | 0 | 0 | 0 | 0 |
Pension Plan [Member] | Foreign Plan [Member] | ||||
Service cost | 413 | 700 | 833 | 1,420 |
Interest cost | 1,410 | 736 | 2,846 | 1,525 |
Expected return on assets | (1,730) | (1,644) | (3,492) | (3,391) |
Prior service (benefit) cost | 15 | 16 | 30 | 32 |
Actuarial loss (gain) | 491 | 611 | 990 | 1,260 |
Settlement charge | 0 | 3,329 | 0 | 3,329 |
Other Postretirement Benefits Plan [Member] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 301 | 184 | 602 | 367 |
Expected return on assets | (2,465) | (2,719) | (4,929) | (5,437) |
Prior service (benefit) cost | 0 | 0 | 0 | 0 |
Actuarial loss (gain) | 0 | (845) | 0 | (1,690) |
Settlement charge | 0 | 0 | 0 | 0 |
Net periodic (benefit) cost | $ (2,164) | $ (3,380) | $ (4,327) | $ (6,760) |
Note 8 - Accumulated Other Co_3
Note 8 - Accumulated Other Comprehensive Income (Loss) - Comprehensive Income (Loss) Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | ||
Net income attributable to H.B. Fuller and non-controlling interest | $ 40,401 | $ 47,203 | $ 62,290 | $ 85,509 | |
Net income attributable to H.B. Fuller and non-controlling interest | 21 | 24 | 48 | 37 | |
Foreign currency translation adjustment¹, pretax | 26,425 | (84,098) | 22,779 | (77,558) | |
Foreign currency translation¹ | 26,425 | (84,098) | 22,779 | (77,558) | |
Foreign currency translation adjustment¹, non-controlling interests | (15) | (12) | (5) | (21) | |
Defined benefit pension plans adjustment², pretax | [1] | 1,151 | 3,872 | 2,292 | 4,705 |
Defined benefit pension plans adjustment², tax | [1] | (293) | (1,069) | (583) | (1,413) |
Defined benefit pension plans adjustment² | [1] | 858 | 2,803 | 1,709 | 3,292 |
Cash flow hedge | (5,384) | 0 | (5,683) | 0 | |
Other comprehensive income (loss), pretax | 7,851 | (77,019) | 16,004 | (63,506) | |
Other comprehensive income (loss), tax | 4,560 | (2,139) | 1,648 | (4,475) | |
Other comprehensive income (loss) | 12,411 | (79,158) | 17,652 | (67,981) | |
Other comprehensive income (loss), non-controlling interests | (15) | (12) | (5) | (21) | |
Comprehensive income (loss) | 52,812 | (31,955) | 79,942 | 17,528 | |
Comprehensive income (loss), non-controlling interests | 6 | 12 | 43 | 16 | |
Foreign currency translation adjustment¹, non-controlling interests | (15) | (12) | (5) | (21) | |
Interest Rate Swap [Member] | |||||
Cash flow hedge, pretax³ | (12,584) | 4,435 | (1,529) | 12,690 | |
Cash flow hedge, tax³ | 3,096 | (1,088) | 376 | (3,112) | |
Cash flow hedge | (9,488) | 3,347 | (1,153) | 9,578 | |
Cash flow hedge, tax³ | 3,096 | (1,088) | 376 | (3,112) | |
Derivative instruments | (12,584) | 4,435 | (1,529) | 12,690 | |
Cross Currency Interest Rate Contract [Member] | |||||
Cash flow hedge, pretax³ | [2] | 0 | (1,228) | 0 | (3,343) |
Cash flow hedge, tax³ | [2] | 0 | 18 | 0 | 50 |
Cash flow hedge | [2] | 0 | (1,210) | 0 | (3,293) |
Cash flow hedge, tax³ | [2] | 0 | 18 | 0 | 50 |
Derivative instruments | [2] | 0 | (1,228) | 0 | $ (3,343) |
Net Investment Hedges [Member] | |||||
Cash flow hedge, pretax³ | (7,141) | 0 | (7,538) | ||
Cash flow hedge, tax³ | 1,757 | 0 | 1,855 | ||
Cash flow hedge | 0 | ||||
Cash flow hedge, tax³ | 1,757 | 0 | 1,855 | ||
Derivative instruments | (7,141) | $ 0 | (7,538) | ||
Net Investment Hedge [Member] | |||||
Cash flow hedge | $ (5,384) | $ (5,683) | |||
[1]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.[2]Income (loss) reclassified from AOCI into earnings is reported in other income, net. |
Note 8 - Accumulated Other Co_4
Note 8 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 03, 2023 | Dec. 03, 2022 | Mar. 04, 2023 | May 28, 2022 | Feb. 26, 2022 | Nov. 27, 2021 | |
Accumulated other comprehensive loss | $ 1,683,157 | $ 1,610,794 | $ 1,634,127 | $ 1,614,754 | $ 1,645,848 | $ 1,597,360 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Before Reclassifications | (241,270) | (264,054) | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||
Before Reclassifications | (241,233) | (264,012) | ||||
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | ||||||
Before Reclassifications | (37) | (42) | ||||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Interest Rate Swap [Member] | ||||||
Before Reclassifications | (1,153) | |||||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Net Investment Hedges [Member] | ||||||
Before Reclassifications | (46,426) | (40,743) | ||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | ||||||
Before Reclassifications | (1,153) | |||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Net Investment Hedges [Member] | ||||||
Before Reclassifications | (46,426) | (40,743) | ||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | Interest Rate Swap [Member] | ||||||
Before Reclassifications | 0 | |||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | Net Investment Hedges [Member] | ||||||
Before Reclassifications | 0 | 0 | ||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Before Reclassifications | (126,552) | (128,261) | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
Before Reclassifications | (126,552) | (128,261) | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member] | ||||||
Before Reclassifications | 0 | 0 | ||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Reclassification of AOCI tax effects | (18,341) | (18,341) | ||||
Accumulated other comprehensive loss | (433,742) | (451,399) | ||||
AOCI Attributable to Parent [Member] | ||||||
Reclassification of AOCI tax effects | (18,341) | (18,341) | ||||
Accumulated other comprehensive loss | (433,705) | (451,357) | $ (446,116) | $ (338,228) | $ (259,070) | $ (270,247) |
AOCI Attributable to Noncontrolling Interest [Member] | ||||||
Reclassification of AOCI tax effects | 0 | 0 | ||||
Accumulated other comprehensive loss | $ (37) | $ (42) |
Note 8 - Accumulated Other Co_5
Note 8 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 03, 2023 | Dec. 03, 2022 | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||
Before Reclassifications, tax | $ 67,161 | $ 67,744 |
Interest Rate Swap [Member] | ||
Before Reclassifications, tax | 376 | |
Net Investment Hedges [Member] | ||
Before Reclassifications, tax | $ 15,152 | |
Net Investment Hedges [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||
Before Reclassifications, tax | $ 13,297 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | Dec. 03, 2022 | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 2,042 | $ 4,149 | $ 2,888 | $ 1,248 | |
Effective Income Tax Rate Reconciliation, Percent, Excluding Discrete Tax Benefit | 29.50% | 27.90% | 29.40% | 27.90% | |
Unrecognized Tax Benefits | $ 16,434 | $ 16,434 | $ 17,582 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 5,933 | $ 5,933 | $ 5,680 |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,026,155 | 658,511 | 1,156,557 | 744,479 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | |
Weighted-average common shares - basic (in shares) | 54,269 | 53,497 | 54,222 | 53,425 |
Equivalent shares from share-based compensations plans (in shares) | 1,448 | 1,581 | 1,596 | 1,812 |
Weighted-average common and common equivalent shares diluted (in shares) | 55,717 | 55,078 | 55,818 | 55,237 |
Note 11 - Financial Instrumen_3
Note 11 - Financial Instruments (Details Textual) € in Thousands | 3 Months Ended | 6 Months Ended | |||||||||||
Jun. 03, 2023 USD ($) | May 28, 2022 USD ($) | Jun. 03, 2023 USD ($) | May 28, 2022 USD ($) | Mar. 16, 2023 USD ($) | Feb. 28, 2023 | Jan. 13, 2023 USD ($) | Jan. 12, 2023 USD ($) | Dec. 03, 2022 USD ($) | Oct. 20, 2022 EUR (€) | Oct. 17, 2022 EUR (€) | Feb. 12, 2021 USD ($) | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 1,276,000 | $ 5,089,000 | |||||||||||
Public Notes [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | ||||||||||||
Interest Rate Swap [Member] | |||||||||||||
Derivative, Amount of Hedged Item | $ 300,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||||||
Derivative, Fixed Interest Rate | 3.721% | 3.726% | 3.6895% | 3.6895% | |||||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 322,000 | 322,000 | |||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (12,584,000) | $ 4,435,000 | (1,529,000) | 12,690,000 | |||||||||
Interest Rate Swap [Member] | Other Liabilities [Member] | |||||||||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 1,354 | 1,354 | |||||||||||
Interest Rate Swap 2 [Member] | |||||||||||||
Derivative, Amount of Hedged Item | $ 100,000,000 | ||||||||||||
Derivative, Fixed Interest Rate | 3.899% | ||||||||||||
Interest Rate Swap 2 [Member] | Other Liabilities [Member] | |||||||||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 709,000 | 709,000 | |||||||||||
Interest Rate Swap Related to Public Notes [Member] | |||||||||||||
Derivative, Amount of Hedged Item | $ 300,000,000 | ||||||||||||
Interest Rate Swap Related to Public Notes [Member] | London Interbank Offered Rate (LIBOR) 1 [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 | 42,831,000 | 42,831,000 | |||||||||||
Cross Currency Interest Rate Contract [Member] | |||||||||||||
Derivative, Notional Amount | € | € 300,000 | € 307,173 | |||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | [1] | 0 | (1,228,000) | 0 | $ (3,343,000) | ||||||||
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | |||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 46,426,000 | ||||||||||||
Cross Currency Interest Rate Contract [Member] | Other Liabilities [Member] | |||||||||||||
Interest Rate Fair Value Hedge Liability at Fair Value | 61,584,000 | 61,584,000 | |||||||||||
Net Investment Hedges [Member] | |||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (7,141,000) | $ 0 | $ (7,538,000) | ||||||||||
[1]Income (loss) reclassified from AOCI into earnings is reported in other income, net. |
Note 11 - Financial Instrumen_4
Note 11 - Financial Instruments - Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | |
Interest Rate Swap [Member] | ||||
Derivative instruments | $ (12,584) | $ 4,435 | $ (1,529) | $ 12,690 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||||
Derivative instruments | 0 | (1,228) | 0 | (3,343) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative instruments | $ (12,584) | $ 4,435 | $ (1,529) | $ 12,690 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 03, 2023 | Dec. 03, 2022 |
Long-Term Debt, Fair Value | $ 1,662,706 | $ 1,713,257 | |
ZKLT Polymer Co., Ltd [Member] | |||
Business Combination, Contingent Consideration, Liability | $ 1,095 | ||
Tissue Seal, LLC [Member] | |||
Business Combination, Contingent Consideration, Liability | $ 500 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 03, 2023 | Dec. 03, 2022 |
Assets: | ||
Marketable securities | $ 2,447 | $ 4,013 |
Foreign exchange contract assets | 3,231 | 10,282 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 322 | |
Liabilities: | ||
Foreign exchange contract liabilities | 1,956 | 4,570 |
Interest rate swaps, cash flow hedge liabilities | 2,063 | |
Interest rate swaps, fair value hedge liabilities | 42,831 | 42,542 |
Contingent consideration liabilities | 1,595 | 1,977 |
Net Investment Hedges [Member] | ||
Liabilities: | ||
Net investment hedge liabilities | 61,584 | 54,046 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Marketable securities | 2,447 | 4,013 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | |
Liabilities: | ||
Interest rate swaps, cash flow hedge liabilities | ||
Interest rate swaps, fair value hedge liabilities | ||
Contingent consideration liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Net Investment Hedges [Member] | ||
Liabilities: | ||
Net investment hedge liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Foreign exchange contract assets | 3,231 | 10,282 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 322 | |
Liabilities: | ||
Foreign exchange contract liabilities | 1,956 | 4,570 |
Interest rate swaps, cash flow hedge liabilities | 2,063 | |
Interest rate swaps, fair value hedge liabilities | 42,831 | 42,542 |
Contingent consideration liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Net Investment Hedges [Member] | ||
Liabilities: | ||
Net investment hedge liabilities | 61,584 | 54,046 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | |
Liabilities: | ||
Interest rate swaps, cash flow hedge liabilities | ||
Interest rate swaps, fair value hedge liabilities | ||
Contingent consideration liabilities | 1,595 | 1,977 |
Fair Value, Inputs, Level 3 [Member] | Net Investment Hedges [Member] | ||
Liabilities: | ||
Net investment hedge liabilities | $ 0 | $ 0 |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements - Contingent Consideration (Details) - Contingent Consideration Liability [Member] $ in Thousands | 6 Months Ended |
Jun. 03, 2023 USD ($) | |
Balance | $ 1,977 |
Mark to market adjustment | (220) |
Foreign currency translation adjustment | (162) |
Balance | $ 1,595 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jun. 03, 2023 | Mar. 04, 2023 | Dec. 03, 2022 |
Accrued Environmental Loss Contingencies, Noncurrent | $ 5,530 | $ 5,754 | |
Facility in Simpsonville, South Carolina [Member] | |||
Accrual for Environmental Loss Contingencies, Ending Balance | $ 2,640 | $ 2,789 |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingencies - Asbestos Related Lawsuits and Claims (Details) - Asbestos Related Lawsuits and Claims [Member] Pure in Thousands, $ in Thousands | 6 Months Ended | 36 Months Ended | |
Jun. 03, 2023 USD ($) | May 28, 2022 USD ($) | Dec. 03, 2022 USD ($) | |
Lawsuits and claims settled | 5 | 3 | 13 |
Settlement amounts | $ 3,495 | $ 206 | $ 511 |
Insurance payments received or expected to be received | $ 1,944 | $ 139 | $ 338 |
Note 14 - Segments (Details Tex
Note 14 - Segments (Details Textual) | 3 Months Ended |
Jun. 03, 2023 | |
Number of Reportable Segments | 3 |
Note 14 - Segments - Reportable
Note 14 - Segments - Reportable Operating Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | ||||
Revenue | $ 898,239 | $ 993,258 | $ 1,707,421 | $ 1,849,739 | |||
Operating income | 90,150 | 87,514 | 150,416 | 144,515 | |||
Corporate, Non-Segment [Member] | |||||||
Revenue | [1] | 0 | 0 | ||||
Operating income | (11,811) | [1] | (9,955) | [1] | (19,533) | (22,095) | |
Hygiene, Health, and Consumable Adhesives [Member] | |||||||
Revenue | 404,486 | 437,889 | 788,014 | 827,427 | |||
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | |||||||
Revenue | 404,486 | 437,889 | 788,014 | 827,427 | |||
Operating income | 51,592 | 43,267 | 96,738 | 75,480 | |||
Engineering Adhesives [Member] | |||||||
Revenue | 364,080 | 405,346 | 697,147 | 759,323 | |||
Engineering Adhesives [Member] | Operating Segments [Member] | |||||||
Revenue | 364,080 | 405,346 | 697,147 | 759,323 | |||
Operating income | 44,400 | 42,917 | 76,875 | 75,489 | |||
Construction Adhesives [Member] | |||||||
Revenue | 129,673 | 150,023 | 222,260 | 262,989 | |||
Construction Adhesives [Member] | Operating Segments [Member] | |||||||
Revenue | 129,673 | 150,023 | 222,260 | 262,989 | |||
Operating income | 5,969 | 11,285 | (3,664) | 15,641 | |||
Total Segment [Member] | |||||||
Revenue | 898,239 | 993,258 | 1,707,421 | 1,849,739 | |||
Total Segment [Member] | Operating Segments [Member] | |||||||
Operating income | $ 101,961 | $ 97,469 | $ 169,949 | $ 166,610 | |||
[1]Consistent with our internal management reporting, Corporate Unallocated amounts in the tables above include charges that are not allocated to the Company’s reportable segments. |
Note 14 - Segments - Reconcilia
Note 14 - 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 | 6 Months Ended | ||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | |
Operating income | $ 90,150 | $ 87,514 | $ 150,416 | $ 144,515 |
Other income, net | 605 | 0 | 3,209 | 6,142 |
Interest expense | (33,131) | (19,828) | (66,200) | (38,025) |
Interest income | 932 | 2,091 | 1,599 | 4,030 |
Income before income taxes and income from equity method investments | $ 58,556 | $ 69,777 | $ 89,024 | $ 116,662 |
Note 14 - Segments - Disaggrega
Note 14 - Segments - Disaggregated Revenue Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 03, 2023 | May 28, 2022 | Jun. 03, 2023 | May 28, 2022 | ||
Revenue | $ 898,239 | $ 993,258 | $ 1,707,421 | $ 1,849,739 | |
Corporate, Non-Segment [Member] | |||||
Revenue | [1] | 0 | 0 | ||
Americas [Member] | Corporate, Non-Segment [Member] | |||||
Revenue | 488,206 | 541,222 | 916,259 | 990,822 | |
EIMEA [Member] | Corporate, Non-Segment [Member] | |||||
Revenue | 253,839 | 280,790 | 488,848 | 522,479 | |
Asia Pacific [Member] | Corporate, Non-Segment [Member] | |||||
Revenue | 156,194 | 171,246 | 302,314 | 336,438 | |
Hygiene, Health, and Consumable Adhesives [Member] | |||||
Revenue | 404,486 | 437,889 | 788,014 | 827,427 | |
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | |||||
Revenue | 404,486 | 437,889 | 788,014 | 827,427 | |
Hygiene, Health, and Consumable Adhesives [Member] | Americas [Member] | Operating Segments [Member] | |||||
Revenue | 237,325 | 255,243 | 460,944 | 475,938 | |
Hygiene, Health, and Consumable Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | |||||
Revenue | 114,723 | 123,145 | 221,794 | 237,797 | |
Hygiene, Health, and Consumable Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | |||||
Revenue | 52,438 | 59,501 | 105,276 | 113,692 | |
Engineering Adhesives [Member] | |||||
Revenue | 364,080 | 405,346 | 697,147 | 759,323 | |
Engineering Adhesives [Member] | Operating Segments [Member] | |||||
Revenue | 364,080 | 405,346 | 697,147 | 759,323 | |
Engineering Adhesives [Member] | Americas [Member] | Operating Segments [Member] | |||||
Revenue | 149,239 | 166,559 | 282,709 | 299,886 | |
Engineering Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | |||||
Revenue | 119,199 | 133,932 | 232,559 | 249,752 | |
Engineering Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | |||||
Revenue | 95,642 | 104,855 | 181,879 | 209,685 | |
Construction Adhesives [Member] | |||||
Revenue | 129,673 | 150,023 | 222,260 | 262,989 | |
Construction Adhesives [Member] | Operating Segments [Member] | |||||
Revenue | 129,673 | 150,023 | 222,260 | 262,989 | |
Construction Adhesives [Member] | Americas [Member] | Operating Segments [Member] | |||||
Revenue | 101,642 | 119,420 | 172,606 | 214,998 | |
Construction Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | |||||
Revenue | 19,917 | 23,713 | 34,495 | 34,930 | |
Construction Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | |||||
Revenue | $ 8,114 | $ 6,890 | $ 15,159 | $ 13,061 | |
[1]Consistent with our internal management reporting, Corporate Unallocated amounts in the tables above include charges that are not allocated to the Company’s reportable segments. |
Note 15 - Subsequent Event (Det
Note 15 - Subsequent Event (Details Textual) - Subsequent Event [Member] - USD ($) $ in Thousands | Jun. 23, 2023 | Jun. 12, 2023 |
Xchem [Member] | ||
Business Combination, Consideration Transferred, Total | $ 12,347 | |
Adhezion [Member] | ||
Business Combination, Consideration Transferred, Total | $ 80,038 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 15,000 |