Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 01, 2024 | Jun. 21, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000039368 | |
Entity Registrant Name | FULLER H B CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-30 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 01, 2024 | |
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 $1.00 per share | |
Trading Symbol | FUL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 54,521,587 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | |
Net revenue | $ 917,107 | $ 898,239 | $ 1,727,525 | $ 1,707,421 |
Cost of sales | (635,055) | (641,464) | (1,206,237) | (1,235,838) |
Gross profit | 282,052 | 256,775 | 521,288 | 471,583 |
Selling, general and administrative expenses | (181,456) | (166,625) | (353,817) | (321,167) |
Other income, net | 3,634 | 605 | 5,135 | 3,209 |
Interest expense | (32,314) | (33,131) | (64,216) | (66,200) |
Interest income | 1,199 | 932 | 2,506 | 1,599 |
Income before income taxes and income from equity method investments | 73,115 | 58,556 | 110,896 | 89,024 |
Income taxes | (22,418) | (19,291) | (30,231) | (29,024) |
Income from equity method investments | 600 | 1,157 | 1,644 | 2,338 |
Net income including non-controlling interest | 51,297 | 40,422 | 82,309 | 62,338 |
Net income attributable to non-controlling interest | (33) | (21) | (54) | (48) |
Net income attributable to H.B. Fuller | $ 51,264 | $ 40,401 | $ 82,255 | $ 62,290 |
Earnings per share attributable to H.B. Fuller common stockholders: | ||||
Basic (in dollars per share) | $ 0.93 | $ 0.74 | $ 1.5 | $ 1.15 |
Diluted (in dollars per share) | $ 0.91 | $ 0.73 | $ 1.45 | $ 1.12 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 54,946 | 54,269 | 54,824 | 54,222 |
Diluted (in shares) | 56,636 | 55,717 | 56,604 | 55,818 |
Dividends declared per common share (in dollars per share) | $ 0.223 | $ 0.205 | $ 0.428 | $ 0.395 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | |
Net income including non-controlling interest | $ 51,297 | $ 40,422 | $ 82,309 | $ 62,338 |
Other comprehensive (loss) income | ||||
Foreign currency translation | (26,926) | 26,410 | (46,288) | 22,774 |
Defined benefit pension plans adjustment, net of tax | 419 | 858 | 2,538 | 1,709 |
Other comprehensive (loss) income | (16,188) | 12,396 | (32,106) | 17,647 |
Comprehensive income | 35,109 | 52,818 | 50,203 | 79,985 |
Less: Comprehensive income attributable to non-controlling interest | 1 | 6 | 13 | 43 |
Comprehensive income attributable to H.B. Fuller | 35,108 | 52,812 | 50,190 | 79,942 |
Interest Rate Swap [Member] | ||||
Other comprehensive (loss) income | ||||
Derivatives, net of tax | 10,196 | (9,488) | 7,731 | (1,153) |
Net Investment Hedges [Member] | ||||
Other comprehensive (loss) income | ||||
Derivatives, net of tax | $ 123 | $ (5,384) | $ 3,913 | $ (5,683) |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 01, 2024 | Dec. 02, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 114,823 | $ 179,453 |
Trade receivables (net of allowances of $12,523 and $11,080, as of June 1, 2024 and December 2, 2023, respectively) | 571,134 | 577,932 |
Inventories | 496,085 | 442,040 |
Other current assets | 109,021 | 112,678 |
Total current assets | 1,291,063 | 1,312,103 |
Property, plant and equipment | 1,813,723 | 1,755,035 |
Accumulated depreciation | (974,875) | (930,380) |
Property, plant and equipment, net | 838,848 | 824,655 |
Goodwill | 1,578,297 | 1,486,512 |
Other intangibles, net | 813,063 | 729,140 |
Other assets | 397,839 | 371,165 |
Total assets | 4,919,110 | 4,723,575 |
Current liabilities | ||
Notes payable | 1,396 | 1,841 |
Trade payables | 474,095 | 439,700 |
Accrued compensation | 78,343 | 95,680 |
Income taxes payable | 46,883 | 47,688 |
Other accrued expenses | 83,350 | 107,902 |
Total current liabilities | 684,067 | 692,811 |
Long-term debt | 2,023,520 | 1,836,590 |
Accrued pension liabilities | 50,848 | 50,189 |
Other liabilities | 368,561 | 388,072 |
Total liabilities | 3,126,996 | 2,967,662 |
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 – 54,507,836 and 54,092,987 as of June 1, 2024 and December 2, 2023, respectively | 54,508 | 54,093 |
Additional paid-in capital | 310,458 | 301,485 |
Retained earnings | 1,901,372 | 1,842,507 |
Accumulated other comprehensive loss | (474,945) | (442,880) |
Total H.B. Fuller stockholders' equity | 1,791,393 | 1,755,205 |
Non-controlling interest | 721 | 708 |
Total equity | 1,792,114 | 1,755,913 |
Total liabilities, non-controlling interest and total equity | $ 4,919,110 | $ 4,723,575 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 01, 2024 | Dec. 02, 2023 |
Trade receivables, allowances | $ 12,523 | $ 11,080 |
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) | 54,507,836 | 54,092,987 |
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 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 |
Balance at Dec. 02, 2023 | 54,093 | 301,485 | 1,842,507 | (442,880) | 708 | 1,755,913 |
Comprehensive income | 0 | 0 | 30,991 | (15,909) | 12 | 15,094 |
Dividends | 0 | 0 | (11,246) | 0 | 0 | (11,246) |
Stock option exercises | 200 | 8,777 | 0 | 0 | 0 | 8,977 |
Share-based compensation plans and other, net | 225 | 5,490 | 0 | 0 | 0 | 5,715 |
Repurchases of common stock | (80) | (6,128) | 0 | 0 | 0 | (6,208) |
Balance at Mar. 02, 2024 | 54,438 | 309,624 | 1,862,252 | (458,789) | 720 | 1,768,245 |
Balance at Dec. 02, 2023 | 54,093 | 301,485 | 1,842,507 | (442,880) | 708 | 1,755,913 |
Comprehensive income | 50,203 | |||||
Balance at Jun. 01, 2024 | 54,508 | 310,458 | 1,901,372 | (474,945) | 721 | 1,792,114 |
Balance at Mar. 02, 2024 | 54,438 | 309,624 | 1,862,252 | (458,789) | 720 | 1,768,245 |
Comprehensive income | 0 | 0 | 51,264 | (16,156) | 1 | 35,109 |
Dividends | 0 | 0 | (12,144) | 0 | 0 | (12,144) |
Stock option exercises | 189 | 9,123 | 0 | 0 | 0 | 9,312 |
Share-based compensation plans and other, net | 81 | 7,111 | 0 | 0 | 0 | 7,192 |
Repurchases of common stock | (200) | (15,400) | 0 | 0 | 0 | (15,600) |
Balance at Jun. 01, 2024 | $ 54,508 | $ 310,458 | $ 1,901,372 | $ (474,945) | $ 721 | $ 1,792,114 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 01, 2024 | Jun. 03, 2023 | |
Cash flows from operating activities: | ||
Net income including non-controlling interest | $ 82,309 | $ 62,338 |
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | ||
Depreciation | 45,099 | 39,163 |
Amortization | 39,574 | 37,813 |
Deferred income taxes | (24,117) | (16,831) |
Income from equity method investments, net of dividends received | (1,644) | (2,338) |
Debt issuance costs write-off | 0 | 2,689 |
Loss on fair value adjustment on contingent consideration liability | 0 | (220) |
Gain on sale or disposal of assets | (166) | (42) |
Share-based compensation | 11,930 | 10,953 |
Pension and other post-retirement benefit plan activity | (4,370) | (6,226) |
Change in assets and liabilities, net of effects of acquisitions: | ||
Trade receivables, net | 22,639 | 66,896 |
Inventories | (56,512) | 8,285 |
Other assets | (22,328) | (36,951) |
Trade payables | 38,781 | (20,301) |
Accrued compensation | (16,424) | (42,190) |
Other accrued expenses | (7,002) | (9,988) |
Income taxes payable | (11,218) | 10,025 |
Other liabilities | (1,786) | 18,819 |
Other | 34,210 | (13,497) |
Net cash provided by operating activities | 128,975 | 108,397 |
Cash flows from investing activities: | ||
Purchased property, plant and equipment | (90,181) | (82,578) |
Purchased businesses, net of cash acquired | (254,287) | (103,744) |
Proceeds from sale of property, plant and equipment | 694 | 2,623 |
Net cash used in investing activities | (343,774) | (183,699) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 1,497,000 | 1,300,000 |
Repayment of long-term debt | (1,305,500) | (1,176,650) |
Payment of debt issuance costs | (3,493) | (10,214) |
Net payment of notes payable | (376) | (239) |
Dividends paid | (23,295) | (21,258) |
Proceeds from stock options exercised | 18,289 | 4,193 |
Repurchases of common stock | (21,809) | (2,552) |
Net cash provided by financing activities | 160,816 | 93,280 |
Effect of exchange rate changes on cash and cash equivalents | (10,647) | 5,295 |
Net change in cash and cash equivalents | (64,630) | 23,273 |
Cash and cash equivalents at beginning of period | 179,453 | 79,910 |
Cash and cash equivalents at end of period | $ 114,823 | $ 103,183 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 01, 2024 | |
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 2, 2023 New Accounting Pronouncements In December 2023, No. 2023 09, Income Taxes (Topic 740 November 28, 2026. In November 2023, No. 2023 07, Segment Reporting (Topic 280 November 29, 2025. Supplier Finance Program In September 2022, No. 2022 04, Liabilities - Supplier Finance Programs (Subtopic 405 50 2022 04 December 15, 2022, first November 30, 2024, 2022 04. 10 We have agreements with third third may, one no no not June 1, 2024 Recently issued accounting standards or pronouncements not not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 6 Months Ended |
Jun. 01, 2024 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2: ND Industries, Inc. On May 20, 2024, 4 closing date. ND Industries, headquartered in Clawson, Michigan, is a leading provider of specialty adhesives and fastener locking and sealing solutions serving customers in the automotive, electronics, aerospace and other industries. The acquisition of ND Industries is The acquisition fair value measurement was preliminary as of June 1, 2024 . ND Industries is included in our The following table summarizes the fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition: Amounts Current assets $ 15,417 Property, plant and equipment 21,888 Goodwill 89,825 Other intangibles Customer relationships 113,200 Trademarks/trade names 4,800 Technology 11,800 Other assets 662 Current liabilities (1,442 ) Other liabilities (416 ) Total $ 255,734 The expected useful lives of the acquired intangible assets are 12 years. Based on the fair value measurement of the assets acquired and liabilities assumed, we allocated $89,825 to goodwill for the expected synergies from combining ND Industries with our existing business. Such goodwill is deductible for tax purposes. The goodwill was assigned to our Engineering Adhesives operating segment. Sanglier Ltd. On September 8, 2023, 18 ited Kingdom and Europe transforming adhesives applications to enable sprayable delivery providing end users with an opportunity to greatly improve labor efficiency. The acquisition fair value measurement was preliminary as of June 1, 2024 and includes intangible assets of $7,354, goodwill of $3,362 and other net assets of $5,944. Sanglier is included in our Construction Adhesives operating segment. Adhezion Biomedical LLC On June 23, 2023, 12 June 1, 2024 XChem International LLC On June 12, 2023, 18 June 1, 2024 not Beardow Adams Holdings Ltd. On May 1, 2023, 18 June 1, 2024 not Aspen Research Corporation On January 31, 2023, 18 December 2, 2023 Lemtapes Oy December 15, 2022, 18 December 2, 2023 not All acquisitions, individually and in the aggregate, are not not |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions | 6 Months Ended |
Jun. 01, 2024 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | Note 3: During fiscal year 2023, second 2023 2026, 2023 2024. The following table summarizes the pre-tax distribution of charges under these restructuring plans by income statement classification: Three Months Ended Six Months Ended June 1, 2024 June 3, 2023 June 1, 2024 June 3, 2023 Cost of sales $ 1,279 $ 2,784 $ 4,194 $ 5,085 Selling, general and administrative 1,279 2,618 2,444 3,243 $ 2,558 $ 5,402 $ 6,638 $ 8,328 The restructuring charges are all recorded in Corporate Unallocated for segment reporting purposes. A summary of the restructuring liability is presented below: Employee-Related Asset-Related Other Total Balance at December 3, 2022 $ 57 $ - $ - $ 57 Expenses incurred 22,731 1,369 487 24,587 Non-cash charges - (1,369 ) (453 ) (1,822 ) Cash payments (9,802 ) - (34 ) (9,836 ) Foreign currency translation (1,263 ) - - (1,263 ) Balance at December 2, 2023 $ 11,723 $ - $ - $ 11,723 Expenses incurred 2,918 3,607 113 6,638 Non-cash charges - (3,607 ) (102 ) (3,709 ) Cash payments (9,017 ) - (11 ) (9,028 ) Foreign currency translation (140 ) - - (140 ) Balance at June 1, 2024 $ 5,484 $ - $ - $ 5,484 Non-cash charges primarily include accelerated depreciation resulting from the cessation of use of certain long-lived assets and inventory disposals. 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. 01, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4: The composition of inventories is as follows: June 1, December 2, 2024 2023 Raw materials $ 225,908 $ 206,140 Finished goods 270,177 235,900 Total inventories $ 496,085 $ 442,040 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 01, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5: The goodwill activity by reportable segment for the six June 1, 2024 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Balance at December 2, 2023 $ 402,598 $ 651,145 $ 432,769 $ 1,486,512 Acquisitions $ 1,674 $ 89,825 $ 2,897 94,396 Foreign currency translation effect $ (719 ) $ (1,999 ) $ 107 (2,611 ) Balance at June 1, 2024 $ 403,553 $ 738,971 $ 435,773 $ 1,578,297 Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, are as follows: June 1, 2024 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 144,456 $ 1,068,558 $ 62,944 $ 9,887 $ 1,285,845 Accumulated amortization (52,568 ) (387,964 ) (26,320 ) (6,402 ) (473,254 ) Net identifiable intangibles $ 91,888 $ 680,594 $ 36,624 $ 3,485 $ 812,591 December 2, 2023 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 144,763 $ 986,470 $ 58,484 $ 10,911 $ 1,200,628 Accumulated amortization (59,631 ) (382,220 ) (23,099 ) (7,012 ) (471,962 ) Net identifiable intangibles $ 85,132 $ 604,250 $ 35,385 $ 3,899 $ 728,666 Amortization expense with respect to amortizable intangible assets was $19,219 and $19,130 for the three June 1, 2024 June 3, 2023 six June 1, 2024 June 3, 2023 Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for the next five Remainder Fiscal Year 2024 2025 2026 2027 2028 Thereafter Amortization expense $ 40,716 $ 87,399 $ 80,670 $ 77,359 $ 77,103 $ 449,344 The above amortization expense forecast is an estimate. Actual amounts may Non-amortizable intangible assets as of June 1, 2024 December 2, 2023 June 1, 2024 December 2, 2023 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 6 Months Ended |
Jun. 01, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6: On March 4, 2024, February 15, 2023, June 1, 2024). February 15, 2030 |
Note 7 - Components of Net Peri
Note 7 - Components of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans | 6 Months Ended |
Jun. 01, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 7: Three Months Ended June 1, 2024 and June 3, 2023 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic (benefit) cost: 2024 2023 2024 2023 2024 2023 Service cost $ - $ - $ 347 $ 413 $ - $ - Interest cost 3,464 3,475 1,560 1,410 291 301 Expected return on assets (6,555 ) (7,205 ) (1,627 ) (1,730 ) (2,727 ) (2,465 ) Amortization: Prior service cost - - 16 15 - - Actuarial loss 1,159 635 510 491 - - Net periodic (benefit) cost $ (1,932 ) $ (3,095 ) $ 806 $ 599 $ (2,436 ) $ (2,164 ) Six Months Ended June 1, 2024 and June 3, 2023 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic (benefit) cost: 2024 2023 2024 2023 2024 2023 Service cost $ - $ - $ 697 $ 833 $ - $ - Interest cost 6,928 6,951 3,129 2,846 583 602 Expected return on assets (13,110 ) (14,412 ) (3,264 ) (3,492 ) (5,454 ) (4,929 ) Amortization: Prior service (benefit) cost - - 32 30 - - Actuarial loss (gain) 2,318 1,271 1,024 990 - - Net periodic (benefit) cost $ (3,864 ) $ (6,190 ) $ 1,618 $ 1,207 $ (4,871 ) $ (4,327 ) 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 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 01, 2024 | |
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 1, 2024 Three Months Ended June 3, 2023 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 $ 51,264 $ 33 $ 40,401 $ 21 Foreign currency translation¹ $ (26,894 ) $ - (26,894 ) (32 ) $ 26,425 $ - 26,425 (15 ) Defined benefit pension plans adjustment² 555 (136 ) 419 - 1,151 (293 ) 858 - Interest rate swaps³ 13,493 (3,297 ) 10,196 - (12,584 ) 3,096 (9,488 ) - Net investment hedges³ 163 (40 ) 123 - (7,141 ) 1,757 (5,384 ) - Other comprehensive (loss) income $ (12,683 ) $ (3,473 ) $ (16,156 ) $ (32 ) $ 7,851 $ 4,560 $ 12,411 $ (15 ) Comprehensive income $ 35,108 $ 1 $ 52,812 $ 6 Six Months Ended June 1, 2024 Six Months Ended June 3, 2023 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 $ 82,255 $ 54 $ 62,290 $ 48 Foreign currency translation adjustment¹ $ (165,302 ) $ - (46,247 ) (41 ) $ 22,779 $ - 22,779 (5 ) Defined benefit pension plans adjustment² 3,376 (838 ) 2,538 - 2,292 (583 ) 1,709 - Interest rate swap³ 10,217 (2,486 ) 7,731 - (1,529 ) 376 (1,153 ) - Net investment hedges³ 5,188 (1,275 ) 3,913 - (7,538 ) 1,855 (5,683 ) - Other comprehensive income (loss) $ (146,521 ) $ (4,599 ) $ (32,065 ) $ (41 ) $ 16,004 $ 1,648 $ 17,652 $ (5 ) Comprehensive income (loss) $ 50,190 $ 13 $ 79,942 $ 43 The components of accumulated other comprehensive loss are as follows: June 1, 2024 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (292,943 ) $ (292,940 ) $ (3 ) Defined benefit pension plans adjustment, net of taxes of $ 66,144 (124,930 ) (124,930 ) - Interest rate swap, net of taxes of ($ 3,946 12,203 12,203 - Net investment hedges, net of taxes of $ 16,469 (50,937 ) (50,937 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (474,948 ) $ (474,945 ) $ (3 ) December 2, 2023 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (246,736 ) $ (246,692 ) $ (44 ) Defined benefit pension plans adjustment, net of taxes of $ 66,982 (127,469 ) (127,469 ) - Interest rate swap, net of taxes of ($ 1,460 4,472 4,472 - Net investment hedges, net of taxes of $ 17,744 (54,850 ) (54,850 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (442,924 ) $ (442,880 ) $ (44 ) |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 01, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9: Income tax expense for the three six June 1, 2024 three six June 1, 2024 Income tax expense for the three six June 3, 2023 three six June 3, 2023 As of June 1, 2024 December 2, 2023 June 1, 2024 December 2, 2023 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 6 Months Ended |
Jun. 01, 2024 | |
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 1, June 3, June 1, June 3, (Shares in thousands) 2024 2023 2024 2023 Weighted-average common shares - basic 54,946 54,269 54,824 54,222 Equivalent shares from share-based compensations plans 1,690 1,448 1,780 1,596 Weighted-average common and common equivalent shares diluted 56,636 55,717 56,604 55,818 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 787,801 and 1,026,155 shares for the three June 1, 2024 June 3, 2023 six June 1, 2024 June 3, 2023 |
Note 11 - Financial Instruments
Note 11 - Financial Instruments | 6 Months Ended |
Jun. 01, 2024 | |
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 January 12, 2028. February 28, 2023, he interest rate swap agreement to our 1 848, Reference Rate Reform . The combined fair value of the interest rate swap was an asset of $8,454 at June 1, 2024 and was included in other assets in the Consolidated Balance Sheets. The swap was designated for hedge accounting treatment as a cash flow hedge. We are applying the hypothetical derivative method to assess hedge effectiveness for this interest rate swap. Changes in the fair value of a hypothetically perfect swap with terms that match the critical terms of our variable rate debt are compared with the change in the fair value of the swap. On March 16, 2023, 1 February 15, 2028. June 1, 2024 and was included in other assets in the Consolidated Balance Sheets. The swap was designated for hedge accounting treatment as a cash flow hedge. We are applying the hypothetical deriv On March 16, 2023, 1 February 15, 2028. was an asset of $1,527 a June 1, 2024 n other assets 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 1, 2024 June 3, 2023 June 1, 2024 June 3, 2023 Interest rate swap contracts 13,493 (12,584 ) 10,217 (1,529 ) Fair Value Hedges On February 12, 2021, October 20, 2020 1 June 30, 2023, 1 848, Reference Rate Reform October 15, 2028. ty of $42,374 a June 1, 2024 Net Investment Hedges On October 17, 2022, €307,173 October 2028. October 20, 2022, €300,000 August 2025, August 2026 February 2027. June 30, 2023, 1 t. As a result, the 1 percent. On July 17, 2023, 1 percent. We applied the practical expedients included in ASC 848, Reference Rate Reform June 1, 2024 , the combined fair value of the swaps w as a liability of $67,411 and was included in other liabilities in the C 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. 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 sw aps was a loss of $50,937 of June 1, 2024 dge was $163 f three June 1, 2024 June 1, 2024 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 12 As of June 1, 2024 betw June 3, 2024 February 5, 2025. The ma The amounts of pretax gains (losses) recognized in other income, net related to derivative instruments not six June 1, 2024 June 3, 2023 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 1, 2024 no |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 6 Months Ended |
Jun. 01, 2024 | |
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 1, 2024 December 2, 2023 June 1, Fair Value Measurements Using: Description 2024 Level 1 Level 2 Level 3 Assets: Marketable securities $ 3,228 $ 3,228 $ - $ - Foreign exchange contract assets 4,289 - 4,289 - Interest rate swaps, cash flow hedge assets 16,149 - 16,149 - Liabilities: Foreign exchange contract liabilities $ 4,026 $ - 4,026 $ - Interest rate swaps, fair value hedge liabilities 42,374 - 42,374 - Net investment hedge liabilities 67,411 - 67,411 - Contingent consideration liability 500 - - 500 December 2, Fair Value Measurements Using: Description 2023 Level 1 Level 2 Level 3 Assets: Marketable securities $ 19,314 $ 19,314 $ - $ - Foreign exchange contract assets 13,501 - 13,501 - Interest rate swaps, cash flow hedge assets 3,632 - 3,632 - Liabilities: Foreign exchange contract liabilities $ 5,004 $ - $ 5,004 $ - Interest rate swaps, cash flow hedge liabilities 63 - 63 Interest rate swaps, fair value hedge liabilities 41,532 - 41,532 Net investment hedge liabilities 72,589 - 72,589 - Contingent consideration liabilities 1,370 - - 1,370 The valuation of our contingent consideration liability related to the acquisition of TissueSeal and was $500 as of June 1, 2024 first 2024. 2 Amounts Balance at December 2, 2023 $ 1,370 Contingent consideration payment (870 ) Balance at June 1, 2024 $ 500 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 $2,008,768 and $1,785,199 as of June 1, 2024 December 2, 2023 not |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Jun. 01, 2024 | |
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 1, 2024 December 2, 2023 June 1, 2024 December 2, 2023 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 1, 2024 June 3, 2023 December 2, 2023 Lawsuits and claims settled 7 5 18 Settlement amounts $ 1,033 $ 3,495 $ 4,581 Insurance payments received or expected to be received $ 730 $ 1,944 $ 2,629 We do not In February 2024, Rouse et al. v. H.B. Fuller Company et al. third one September 2022. not June 1, 2024 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 - Share Repurchase Prog
Note 14 - Share Repurchase Program | 6 Months Ended |
Jun. 01, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 14: On April 22, 2022, five second 2024, first 2024 first six 2023. |
Note 15 - Segments
Note 15 - Segments | 6 Months Ended |
Jun. 01, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 15: 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 implementing a global Enterprise Resource Planning (“ERP”) system that we refer to as Project ONE. 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. Three Months Ended June 1, 2024 June 3, 2023 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 393,111 $ 50,488 $ 404,486 $ 51,592 Engineering Adhesives 373,518 51,822 364,080 44,400 Construction Adhesives 150,478 10,418 129,673 5,969 Total segment $ 917,107 $ 112,728 $ 898,239 $ 101,961 Corporate Unallocated 1 - (12,132 ) - (11,811 ) Total $ 917,107 $ 100,596 $ 898,239 $ 90,150 Six Months Ended June 1, 2024 June 3, 2023 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 760,804 $ 97,366 $ 788,014 $ 96,738 Engineering Adhesives 702,283 86,655 697,147 76,875 Construction Adhesives 264,438 7,799 222,260 (3,664 ) Total segment $ 1,727,525 $ 191,820 $ 1,707,421 $ 169,949 Corporate Unallocated - (24,349 ) - (19,533 ) Total $ 1,727,525 $ 167,471 $ 1,707,421 $ 150,416 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 1, June 3, June 1, June 3, 2024 2023 2024 2023 Operating income $ 100,596 $ 90,150 $ 167,471 $ 150,416 Other income, net 3,634 605 5,135 3,209 Interest expense (32,314 ) (33,131 ) (64,216 ) (66,200 ) Interest income 1,199 932 2,506 1,599 Income before income taxes and income from equity method investments $ 73,115 $ 58,556 $ 110,896 $ 89,024 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 1, 2024 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 227,068 $ 159,216 $ 112,284 $ 498,568 EIMEA 112,631 116,468 29,523 258,622 Asia Pacific 53,412 97,834 8,671 159,917 Total $ 393,111 $ 373,518 $ 150,478 $ 917,107 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 Six Months Ended June 1, 2024 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 443,374 $ 292,267 $ 194,816 $ 930,457 EIMEA 216,520 221,599 54,508 492,627 Asia Pacific 100,910 188,417 15,114 304,441 Total $ 760,804 $ 702,283 $ 264,438 $ 1,727,525 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 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 01, 2024 | Jun. 01, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | Item 5. Rule 10b5 1 None. | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 6 Months Ended |
Jun. 01, 2024 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Amounts Current assets $ 15,417 Property, plant and equipment 21,888 Goodwill 89,825 Other intangibles Customer relationships 113,200 Trademarks/trade names 4,800 Technology 11,800 Other assets 662 Current liabilities (1,442 ) Other liabilities (416 ) Total $ 255,734 |
Note 3 - Restructuring Actions
Note 3 - Restructuring Actions (Tables) | 6 Months Ended |
Jun. 01, 2024 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Six Months Ended June 1, 2024 June 3, 2023 June 1, 2024 June 3, 2023 Cost of sales $ 1,279 $ 2,784 $ 4,194 $ 5,085 Selling, general and administrative 1,279 2,618 2,444 3,243 $ 2,558 $ 5,402 $ 6,638 $ 8,328 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Employee-Related Asset-Related Other Total Balance at December 3, 2022 $ 57 $ - $ - $ 57 Expenses incurred 22,731 1,369 487 24,587 Non-cash charges - (1,369 ) (453 ) (1,822 ) Cash payments (9,802 ) - (34 ) (9,836 ) Foreign currency translation (1,263 ) - - (1,263 ) Balance at December 2, 2023 $ 11,723 $ - $ - $ 11,723 Expenses incurred 2,918 3,607 113 6,638 Non-cash charges - (3,607 ) (102 ) (3,709 ) Cash payments (9,017 ) - (11 ) (9,028 ) Foreign currency translation (140 ) - - (140 ) Balance at June 1, 2024 $ 5,484 $ - $ - $ 5,484 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Jun. 01, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 1, December 2, 2024 2023 Raw materials $ 225,908 $ 206,140 Finished goods 270,177 235,900 Total inventories $ 496,085 $ 442,040 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 01, 2024 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Balance at December 2, 2023 $ 402,598 $ 651,145 $ 432,769 $ 1,486,512 Acquisitions $ 1,674 $ 89,825 $ 2,897 94,396 Foreign currency translation effect $ (719 ) $ (1,999 ) $ 107 (2,611 ) Balance at June 1, 2024 $ 403,553 $ 738,971 $ 435,773 $ 1,578,297 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | June 1, 2024 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 144,456 $ 1,068,558 $ 62,944 $ 9,887 $ 1,285,845 Accumulated amortization (52,568 ) (387,964 ) (26,320 ) (6,402 ) (473,254 ) Net identifiable intangibles $ 91,888 $ 680,594 $ 36,624 $ 3,485 $ 812,591 December 2, 2023 Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Trade Names Other Total Original cost $ 144,763 $ 986,470 $ 58,484 $ 10,911 $ 1,200,628 Accumulated amortization (59,631 ) (382,220 ) (23,099 ) (7,012 ) (471,962 ) Net identifiable intangibles $ 85,132 $ 604,250 $ 35,385 $ 3,899 $ 728,666 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder Fiscal Year 2024 2025 2026 2027 2028 Thereafter Amortization expense $ 40,716 $ 87,399 $ 80,670 $ 77,359 $ 77,103 $ 449,344 |
Note 7 - Components of Net Pe_2
Note 7 - Components of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 01, 2024 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended June 1, 2024 and June 3, 2023 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic (benefit) cost: 2024 2023 2024 2023 2024 2023 Service cost $ - $ - $ 347 $ 413 $ - $ - Interest cost 3,464 3,475 1,560 1,410 291 301 Expected return on assets (6,555 ) (7,205 ) (1,627 ) (1,730 ) (2,727 ) (2,465 ) Amortization: Prior service cost - - 16 15 - - Actuarial loss 1,159 635 510 491 - - Net periodic (benefit) cost $ (1,932 ) $ (3,095 ) $ 806 $ 599 $ (2,436 ) $ (2,164 ) Six Months Ended June 1, 2024 and June 3, 2023 Other Pension Benefits Postretirement U.S. Plans Non-U.S. Plans Benefits Net periodic (benefit) cost: 2024 2023 2024 2023 2024 2023 Service cost $ - $ - $ 697 $ 833 $ - $ - Interest cost 6,928 6,951 3,129 2,846 583 602 Expected return on assets (13,110 ) (14,412 ) (3,264 ) (3,492 ) (5,454 ) (4,929 ) Amortization: Prior service (benefit) cost - - 32 30 - - Actuarial loss (gain) 2,318 1,271 1,024 990 - - Net periodic (benefit) cost $ (3,864 ) $ (6,190 ) $ 1,618 $ 1,207 $ (4,871 ) $ (4,327 ) |
Note 8 - Accumulated Other Co_2
Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 01, 2024 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended June 1, 2024 Three Months Ended June 3, 2023 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 $ 51,264 $ 33 $ 40,401 $ 21 Foreign currency translation¹ $ (26,894 ) $ - (26,894 ) (32 ) $ 26,425 $ - 26,425 (15 ) Defined benefit pension plans adjustment² 555 (136 ) 419 - 1,151 (293 ) 858 - Interest rate swaps³ 13,493 (3,297 ) 10,196 - (12,584 ) 3,096 (9,488 ) - Net investment hedges³ 163 (40 ) 123 - (7,141 ) 1,757 (5,384 ) - Other comprehensive (loss) income $ (12,683 ) $ (3,473 ) $ (16,156 ) $ (32 ) $ 7,851 $ 4,560 $ 12,411 $ (15 ) Comprehensive income $ 35,108 $ 1 $ 52,812 $ 6 Six Months Ended June 1, 2024 Six Months Ended June 3, 2023 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 $ 82,255 $ 54 $ 62,290 $ 48 Foreign currency translation adjustment¹ $ (165,302 ) $ - (46,247 ) (41 ) $ 22,779 $ - 22,779 (5 ) Defined benefit pension plans adjustment² 3,376 (838 ) 2,538 - 2,292 (583 ) 1,709 - Interest rate swap³ 10,217 (2,486 ) 7,731 - (1,529 ) 376 (1,153 ) - Net investment hedges³ 5,188 (1,275 ) 3,913 - (7,538 ) 1,855 (5,683 ) - Other comprehensive income (loss) $ (146,521 ) $ (4,599 ) $ (32,065 ) $ (41 ) $ 16,004 $ 1,648 $ 17,652 $ (5 ) Comprehensive income (loss) $ 50,190 $ 13 $ 79,942 $ 43 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | June 1, 2024 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (292,943 ) $ (292,940 ) $ (3 ) Defined benefit pension plans adjustment, net of taxes of $ 66,144 (124,930 ) (124,930 ) - Interest rate swap, net of taxes of ($ 3,946 12,203 12,203 - Net investment hedges, net of taxes of $ 16,469 (50,937 ) (50,937 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (474,948 ) $ (474,945 ) $ (3 ) December 2, 2023 Non- H.B. Fuller controlling Total Stockholders Interest Foreign currency translation adjustment $ (246,736 ) $ (246,692 ) $ (44 ) Defined benefit pension plans adjustment, net of taxes of $ 66,982 (127,469 ) (127,469 ) - Interest rate swap, net of taxes of ($ 1,460 4,472 4,472 - Net investment hedges, net of taxes of $ 17,744 (54,850 ) (54,850 ) - Reclassification of AOCI tax effects (18,341 ) (18,341 ) - Accumulated other comprehensive loss $ (442,924 ) $ (442,880 ) $ (44 ) |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 01, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 1, June 3, June 1, June 3, (Shares in thousands) 2024 2023 2024 2023 Weighted-average common shares - basic 54,946 54,269 54,824 54,222 Equivalent shares from share-based compensations plans 1,690 1,448 1,780 1,596 Weighted-average common and common equivalent shares diluted 56,636 55,717 56,604 55,818 |
Note 11 - Financial Instrumen_2
Note 11 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 01, 2024 | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 1, 2024 June 3, 2023 June 1, 2024 June 3, 2023 Interest rate swap contracts 13,493 (12,584 ) 10,217 (1,529 ) |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 01, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 1, Fair Value Measurements Using: Description 2024 Level 1 Level 2 Level 3 Assets: Marketable securities $ 3,228 $ 3,228 $ - $ - Foreign exchange contract assets 4,289 - 4,289 - Interest rate swaps, cash flow hedge assets 16,149 - 16,149 - Liabilities: Foreign exchange contract liabilities $ 4,026 $ - 4,026 $ - Interest rate swaps, fair value hedge liabilities 42,374 - 42,374 - Net investment hedge liabilities 67,411 - 67,411 - Contingent consideration liability 500 - - 500 December 2, Fair Value Measurements Using: Description 2023 Level 1 Level 2 Level 3 Assets: Marketable securities $ 19,314 $ 19,314 $ - $ - Foreign exchange contract assets 13,501 - 13,501 - Interest rate swaps, cash flow hedge assets 3,632 - 3,632 - Liabilities: Foreign exchange contract liabilities $ 5,004 $ - $ 5,004 $ - Interest rate swaps, cash flow hedge liabilities 63 - 63 Interest rate swaps, fair value hedge liabilities 41,532 - 41,532 Net investment hedge liabilities 72,589 - 72,589 - Contingent consideration liabilities 1,370 - - 1,370 |
Contingent Consideration Liability [Member] | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Amounts Balance at December 2, 2023 $ 1,370 Contingent consideration payment (870 ) Balance at June 1, 2024 $ 500 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 01, 2024 | |
Notes Tables | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | Six Months Ended 3 Years Ended June 1, 2024 June 3, 2023 December 2, 2023 Lawsuits and claims settled 7 5 18 Settlement amounts $ 1,033 $ 3,495 $ 4,581 Insurance payments received or expected to be received $ 730 $ 1,944 $ 2,629 |
Note 15 - Segments (Tables)
Note 15 - Segments (Tables) | 6 Months Ended |
Jun. 01, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 1, 2024 June 3, 2023 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 393,111 $ 50,488 $ 404,486 $ 51,592 Engineering Adhesives 373,518 51,822 364,080 44,400 Construction Adhesives 150,478 10,418 129,673 5,969 Total segment $ 917,107 $ 112,728 $ 898,239 $ 101,961 Corporate Unallocated 1 - (12,132 ) - (11,811 ) Total $ 917,107 $ 100,596 $ 898,239 $ 90,150 Six Months Ended June 1, 2024 June 3, 2023 Net Operating Net Operating Revenue Income (Loss) Revenue Income (Loss) Hygiene, Health and Consumable Adhesives $ 760,804 $ 97,366 $ 788,014 $ 96,738 Engineering Adhesives 702,283 86,655 697,147 76,875 Construction Adhesives 264,438 7,799 222,260 (3,664 ) Total segment $ 1,727,525 $ 191,820 $ 1,707,421 $ 169,949 Corporate Unallocated - (24,349 ) - (19,533 ) Total $ 1,727,525 $ 167,471 $ 1,707,421 $ 150,416 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended June 1, June 3, June 1, June 3, 2024 2023 2024 2023 Operating income $ 100,596 $ 90,150 $ 167,471 $ 150,416 Other income, net 3,634 605 5,135 3,209 Interest expense (32,314 ) (33,131 ) (64,216 ) (66,200 ) Interest income 1,199 932 2,506 1,599 Income before income taxes and income from equity method investments $ 73,115 $ 58,556 $ 110,896 $ 89,024 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 1, 2024 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 227,068 $ 159,216 $ 112,284 $ 498,568 EIMEA 112,631 116,468 29,523 258,622 Asia Pacific 53,412 97,834 8,671 159,917 Total $ 393,111 $ 373,518 $ 150,478 $ 917,107 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 Six Months Ended June 1, 2024 Hygiene, Health and Consumable Engineering Construction Adhesives Adhesives Adhesives Total Americas $ 443,374 $ 292,267 $ 194,816 $ 930,457 EIMEA 216,520 221,599 54,508 492,627 Asia Pacific 100,910 188,417 15,114 304,441 Total $ 760,804 $ 702,283 $ 264,438 $ 1,727,525 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 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) $ in Thousands | Jun. 01, 2024 USD ($) |
Purchase Obligation | $ 4,710 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) € in Thousands, £ in Thousands, $ in Thousands | May 20, 2024 USD ($) | Sep. 08, 2023 USD ($) | Sep. 08, 2023 GBP (£) | Jun. 23, 2023 USD ($) | Jun. 12, 2023 USD ($) | May 01, 2023 USD ($) | May 01, 2023 GBP (£) | Jan. 31, 2023 USD ($) | Dec. 15, 2022 USD ($) | Dec. 15, 2022 EUR (€) | Jun. 01, 2024 USD ($) | Mar. 02, 2024 USD ($) | Dec. 02, 2023 USD ($) |
Goodwill | $ 1,578,297 | $ 1,486,512 | |||||||||||
ND Industries [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 662 | ||||||||||||
Goodwill | 89,825 | ||||||||||||
Adhezion [Member] | |||||||||||||
Business Combination, Consideration Transferred | $ 80,802 | ||||||||||||
Payments to Acquire Businesses, Holdback Amount | 780 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 38,500 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 4,713 | ||||||||||||
Goodwill | 37,589 | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 15,000 | ||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 25,717 | ||||||||||||
Xchem [Member] | |||||||||||||
Business Combination, Consideration Transferred | $ 14,496 | ||||||||||||
Payments to Acquire Businesses, Holdback Amount | $ 1,650 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,600 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 5,578 | ||||||||||||
Goodwill | 4,318 | ||||||||||||
Beardow Adams [Member] | |||||||||||||
Payments to Acquire Businesses, Holdback Amount | £ | £ 8,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 35,425 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 37,312 | ||||||||||||
Goodwill | 28,148 | ||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 3,561 | ||||||||||||
Payments to Acquire Businesses, Gross | $ 100,885 | £ 80,738 | |||||||||||
Aspen Research Corporation [Member] | |||||||||||||
Payments to Acquire Businesses, Holdback Amount | $ 500 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,900 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,029 | ||||||||||||
Goodwill | 3,832 | ||||||||||||
Payments to Acquire Businesses, Gross | $ 9,761 | ||||||||||||
Lemtapes [Member] | |||||||||||||
Payments to Acquire Businesses, Holdback Amount | € | € 850 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,526 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 928 | ||||||||||||
Goodwill | 3,028 | ||||||||||||
Payments to Acquire Businesses, Gross | $ 9,482 | € 8,922 | |||||||||||
Engineering Adhesives [Member] | |||||||||||||
Goodwill | 738,971 | 651,145 | |||||||||||
Engineering Adhesives [Member] | ND Industries [Member] | |||||||||||||
Business Combination, Consideration Transferred | $ 255,734 | ||||||||||||
Payments to Acquire Businesses, Holdback Amount | 1,446 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 12 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 89,825 | ||||||||||||
Construction Adhesives [Member] | |||||||||||||
Goodwill | $ 435,773 | $ 432,769 | |||||||||||
Construction Adhesives [Member] | Certain Assets of the Sanglier Group [Member] | |||||||||||||
Payments to Acquire Businesses, Holdback Amount | £ | £ 2,100 | ||||||||||||
Asset Acquisition, Consideration Transferred | $ 16,660 | £ 13,361 | |||||||||||
Construction Adhesives [Member] | Certain Assets of the Sanglier Group [Member] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 7,354 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 5,944 | ||||||||||||
Goodwill | $ 3,362 |
Note 2 - Acquisitions - Schedul
Note 2 - Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 01, 2024 | Dec. 02, 2023 |
Goodwill | $ 1,578,297 | $ 1,486,512 |
ND Industries [Member] | ||
Current assets | 15,417 | |
Property, plant and equipment | 21,888 | |
Goodwill | 89,825 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 662 | |
Current liabilities | (1,442) | |
Other liabilities | (416) | |
Total | 255,734 | |
ND Industries [Member] | Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 113,200 | |
ND Industries [Member] | Trademarks and Trade Names [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,800 | |
ND Industries [Member] | Technology-Based Intangible Assets [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 11,800 |
Note 3 - Restructuring Action_2
Note 3 - Restructuring Actions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | Dec. 02, 2023 | |
Restructuring Charges | $ 2,558 | $ 5,402 | $ 6,638 | $ 8,328 | $ 24,587 |
Minimum [Member] | |||||
Restructuring Charges | 39,100 | ||||
Maximum [Member] | |||||
Restructuring Charges | $ 44,100 |
Note 3 - Restructuring Action_3
Note 3 - Restructuring Actions - Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | Dec. 02, 2023 | |
Expenses incurred | $ 2,558 | $ 5,402 | $ 6,638 | $ 8,328 | $ 24,587 |
Cost of Sales [Member] | |||||
Expenses incurred | 1,279 | 2,784 | 4,194 | 5,085 | |
Selling, General and Administrative Expenses [Member] | |||||
Expenses incurred | $ 1,279 | $ 2,618 | $ 2,444 | $ 3,243 |
Note 3 - Restructuring Action_4
Note 3 - Restructuring Actions - Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | Dec. 02, 2023 | |
Balance | $ 11,723 | $ 57 | $ 57 | ||
Expenses incurred | $ 2,558 | $ 5,402 | 6,638 | 8,328 | 24,587 |
Non-cash charges | (3,709) | (1,822) | |||
Cash payments | (9,028) | (9,836) | |||
Foreign currency translation | (140) | (1,263) | |||
Balance | 5,484 | 5,484 | 11,723 | ||
Employee Related [Member] | |||||
Balance | 11,723 | 57 | 57 | ||
Expenses incurred | 2,918 | 22,731 | |||
Non-cash charges | 0 | 0 | |||
Cash payments | (9,017) | (9,802) | |||
Foreign currency translation | (140) | (1,263) | |||
Balance | 5,484 | 5,484 | 11,723 | ||
Asset Related [Member] | |||||
Balance | 0 | 0 | 0 | ||
Expenses incurred | 3,607 | 1,369 | |||
Non-cash charges | (3,607) | (1,369) | |||
Cash payments | 0 | 0 | |||
Foreign currency translation | 0 | 0 | |||
Balance | 0 | 0 | 0 | ||
Other Restructuring [Member] | |||||
Balance | 0 | $ 0 | 0 | ||
Expenses incurred | 113 | 487 | |||
Non-cash charges | (102) | (453) | |||
Cash payments | (11) | (34) | |||
Foreign currency translation | 0 | 0 | |||
Balance | $ 0 | $ 0 | $ 0 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Jun. 01, 2024 | Dec. 02, 2023 |
Raw materials | $ 225,908 | $ 206,140 |
Finished goods | 270,177 | 235,900 |
Total inventories | $ 496,085 | $ 442,040 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | Dec. 02, 2023 | |
Amortization of Intangible Assets | $ 19,219 | $ 19,130 | $ 39,574 | $ 37,813 | |
Indefinite Lived Trademarks and Trade Names | $ 472 | $ 472 | $ 474 |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Goodwill Balance (Details) $ in Thousands | 6 Months Ended |
Jun. 01, 2024 USD ($) | |
Balance | $ 1,486,512 |
Acquisitions | 94,396 |
Foreign currency translation effect | (2,611) |
Balance | 1,578,297 |
Hygiene, Health, and Consumable Adhesives [Member] | |
Balance | 402,598 |
Acquisitions | 1,674 |
Foreign currency translation effect | (719) |
Balance | 403,553 |
Engineering Adhesives [Member] | |
Balance | 651,145 |
Acquisitions | 89,825 |
Foreign currency translation effect | (1,999) |
Balance | 738,971 |
Construction Adhesives [Member] | |
Balance | 432,769 |
Acquisitions | 2,897 |
Foreign currency translation effect | 107 |
Balance | $ 435,773 |
Note 5 - Goodwill and Other I_5
Note 5 - Goodwill and Other Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 01, 2024 | Dec. 02, 2023 |
Original cost | $ 1,285,845 | $ 1,200,628 |
Accumulated amortization | (473,254) | (471,962) |
Net identifiable intangibles | 812,591 | 728,666 |
Purchased Technology And Patents [Member] | ||
Original cost | 144,456 | 144,763 |
Accumulated amortization | (52,568) | (59,631) |
Net identifiable intangibles | 91,888 | 85,132 |
Customer Relationships [Member] | ||
Original cost | 1,068,558 | 986,470 |
Accumulated amortization | (387,964) | (382,220) |
Net identifiable intangibles | 680,594 | 604,250 |
Trade Names [Member] | ||
Original cost | 62,944 | 58,484 |
Accumulated amortization | (26,320) | (23,099) |
Net identifiable intangibles | 36,624 | 35,385 |
Other Intangible Assets [Member] | ||
Original cost | 9,887 | 10,911 |
Accumulated amortization | (6,402) | (7,012) |
Net identifiable intangibles | $ 3,485 | $ 3,899 |
Note 5 - Goodwill and Other I_6
Note 5 - Goodwill and Other Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands | Jun. 01, 2024 USD ($) |
2024 | $ 40,716 |
2025 | 87,399 |
2026 | 80,670 |
2027 | 77,359 |
2028 | 77,103 |
Thereafter | $ 449,344 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) - USD ($) $ in Millions | Jun. 01, 2024 | Mar. 04, 2024 |
Term Loan B [Member] | ||
Debt Instrument, Face Amount | $ 794 | |
Term Loan B [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 7.33% | 2% |
Term Loan B [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Term Loan B First Tranche [Member] | ||
Debt Instrument, Face Amount | $ 200 | |
Amended Term Loan B [Member] | ||
Debt Instrument, Face Amount | $ 994 | |
Debt Instrument, Interest Rate Margin, Increase (Decrease) | 0.25% | |
Amended Term Loan B [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2% | |
Amended Term Loan B [Member] | Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1% |
Note 7 - Components of Net Pe_3
Note 7 - 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 | 6 Months Ended | ||
Jun. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | |
UNITED STATES | ||||
Net periodic (benefit) cost | $ (1,932) | $ (3,095) | $ (3,864) | $ (6,190) |
Foreign Plan [Member] | ||||
Net periodic (benefit) cost | 806 | 599 | 1,618 | 1,207 |
Pension Plan [Member] | UNITED STATES | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 3,464 | 3,475 | 6,928 | 6,951 |
Expected return on assets | (6,555) | (7,205) | (13,110) | (14,412) |
Prior service cost | 0 | 0 | 0 | 0 |
Actuarial loss | 1,159 | 635 | 2,318 | 1,271 |
Pension Plan [Member] | Foreign Plan [Member] | ||||
Service cost | 347 | 413 | 697 | 833 |
Interest cost | 1,560 | 1,410 | 3,129 | 2,846 |
Expected return on assets | (1,627) | (1,730) | (3,264) | (3,492) |
Prior service cost | 16 | 15 | 32 | 30 |
Actuarial loss | 510 | 491 | 1,024 | 990 |
Other Postretirement Benefits Plan [Member] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 291 | 301 | 583 | 602 |
Expected return on assets | (2,727) | (2,465) | (5,454) | (4,929) |
Prior service cost | 0 | 0 | 0 | 0 |
Actuarial loss | 0 | 0 | 0 | 0 |
Net periodic (benefit) cost | $ (2,436) | $ (2,164) | $ (4,871) | $ (4,327) |
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. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | |
Net income attributable to H.B. Fuller and non-controlling interest | $ 51,264 | $ 40,401 | $ 82,255 | $ 62,290 |
Net income attributable to H.B. Fuller and non-controlling interest, non-controlling interest | 33 | 21 | 54 | 48 |
Foreign currency translation¹, pretax | (26,894) | 26,425 | ||
Foreign currency translation¹ | (26,894) | 26,425 | ||
Foreign currency translation adjustment¹, non-controlling interest | (32) | (15) | ||
Defined benefit pension plans adjustment², pretax | 555 | 1,151 | 3,376 | 2,292 |
Defined benefit pension plans adjustment², tax | (136) | (293) | (838) | (583) |
Defined benefit pension plans adjustment² | 419 | 858 | 2,538 | 1,709 |
Other comprehensive (loss) income, pretax | (12,683) | 7,851 | (146,521) | 16,004 |
Other comprehensive (loss) income, tax | (3,473) | 4,560 | (4,599) | 1,648 |
Other comprehensive (loss) income | (16,156) | 12,411 | (32,065) | 17,652 |
Other comprehensive (loss) income, non-controlling interest | (32) | (15) | (41) | (5) |
Comprehensive income | 35,108 | 52,812 | 50,190 | 79,942 |
Less: Comprehensive income attributable to non-controlling interest | 1 | 6 | 13 | 43 |
Other comprehensive income (loss) | (16,156) | 12,411 | (32,065) | 17,652 |
Interest Rate Swap [Member] | ||||
Defined benefit pension plans adjustment² | 10,196 | (9,488) | 7,731 | (1,153) |
Cash flow hedge³, pretax | 13,493 | (12,584) | 10,217 | (1,529) |
Cash flow hedge³, tax | (3,297) | 3,096 | (2,486) | 376 |
Net Investment Hedge [Member] | ||||
Defined benefit pension plans adjustment² | 123 | (5,384) | 3,913 | (5,683) |
Cash flow hedge³, pretax | 163 | (7,141) | 5,188 | (7,538) |
Cash flow hedge³, tax | $ (40) | $ 1,757 | $ (1,275) | $ 1,855 |
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. 01, 2024 | Dec. 02, 2023 | Mar. 02, 2024 | Jun. 03, 2023 | Mar. 04, 2023 | Dec. 03, 2022 | |
Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,792,114 | $ 1,755,913 | $ 1,768,245 | $ 1,683,157 | $ 1,634,127 | $ 1,610,794 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Before Reclassifications | (292,943) | (246,736) | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||
Before Reclassifications | (292,940) | (246,692) | ||||
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | ||||||
Before Reclassifications | (3) | (44) | ||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Before Reclassifications | (124,930) | (127,469) | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
Before Reclassifications | (124,930) | (127,469) | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member] | ||||||
Before Reclassifications | 0 | 0 | ||||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Interest Rate Swap [Member] | ||||||
Before Reclassifications | 12,203 | 4,472 | ||||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Net Investment Hedges [Member] | ||||||
Before Reclassifications | (50,937) | (54,850) | ||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | ||||||
Before Reclassifications | 12,203 | 4,472 | ||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Net Investment Hedges [Member] | ||||||
Before Reclassifications | (50,937) | (54,850) | ||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | Interest Rate Swap [Member] | ||||||
Before Reclassifications | 0 | 0 | ||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | Net Investment Hedges [Member] | ||||||
Before Reclassifications | 0 | 0 | ||||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Reclassification of AOCI tax effects | (18,341) | (18,341) | ||||
Equity, Including Portion Attributable to Noncontrolling Interest | (474,948) | (442,924) | ||||
AOCI Attributable to Parent [Member] | ||||||
Reclassification of AOCI tax effects | (18,341) | (18,341) | ||||
Equity, Including Portion Attributable to Noncontrolling Interest | (474,945) | (442,880) | $ (458,789) | $ (433,705) | $ (446,116) | $ (451,357) |
AOCI Attributable to Noncontrolling Interest [Member] | ||||||
Reclassification of AOCI tax effects | 0 | 0 | ||||
Equity, Including Portion Attributable to Noncontrolling Interest | $ (3) | $ (44) |
Note 8 - Accumulated Other Co_5
Note 8 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 01, 2024 | Dec. 02, 2023 | |
Before Reclassifications, tax | $ 66,144 | |
Interest Rate Swap [Member] | ||
Before Reclassifications, tax | (3,946) | |
Net Investment Hedges [Member] | ||
Before Reclassifications, tax | $ 16,469 | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||
Before Reclassifications, tax | $ 66,982,000 | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Interest Rate Swap [Member] | ||
Before Reclassifications, tax | (1,460,000) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Net Investment Hedges [Member] | ||
Before Reclassifications, tax | $ 17,744,000 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | Dec. 02, 2023 | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 1,317 | $ 2,042 | $ 1,210 | $ 2,888 | |
Effective Income Tax Rate Reconciliation, Percent, Excluding Discrete Tax Benefit | 28.90% | 29.50% | 28.40% | 29.40% | |
Unrecognized Tax Benefits | $ 14,097 | $ 14,097 | $ 14,254 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 6,797 | $ 6,797 | $ 6,310 |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 787,801 | 1,026,155 | 1,110,664 | 1,156,557 |
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. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | |
Weighted-average common shares - basic (in shares) | 54,946 | 54,269 | 54,824 | 54,222 |
Equivalent shares from share-based compensations plans (in shares) | 1,690 | 1,448 | 1,780 | 1,596 |
Weighted-average common and common equivalent shares diluted (in shares) | 56,636 | 55,717 | 56,604 | 55,818 |
Note 11 - Financial Instrumen_3
Note 11 - Financial Instruments (Details Textual) € in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 01, 2024 USD ($) | Jun. 03, 2023 USD ($) | Jun. 01, 2024 USD ($) | Jun. 03, 2023 USD ($) | Jul. 17, 2023 | Jun. 30, 2023 | Mar. 16, 2023 USD ($) | Feb. 28, 2023 | Jan. 12, 2023 USD ($) | Oct. 20, 2022 EUR (€) | Oct. 17, 2022 EUR (€) | Feb. 12, 2021 USD ($) | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 263 | $ 1,276 | ||||||||||
Public Notes [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 300,000 | 300,000 | ||||||||||
Interest Rate Swap [Member] | ||||||||||||
Derivative, Amount of Hedged Item | $ 400,000 | |||||||||||
Derivative, Fixed Interest Rate | 3.726% | 3.6895% | ||||||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 8,454 | 8,454 | ||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 13,493 | $ (12,584) | 10,217 | $ (1,529) | ||||||||
Interest Rate Swap 2 [Member] | ||||||||||||
Derivative, Amount of Hedged Item | $ 300,000 | |||||||||||
Derivative, Fixed Interest Rate | 3.721% | |||||||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 6,168 | 6,168 | ||||||||||
Interest Rate Swap 3 [Member] | ||||||||||||
Derivative, Amount of Hedged Item | $ 100,000 | |||||||||||
Derivative, Fixed Interest Rate | 3.899% | |||||||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 1,527 | 1,527 | ||||||||||
Interest Rate Swap Related to Public Notes [Member] | ||||||||||||
Derivative, Amount of Hedged Item | $ 300,000 | |||||||||||
Interest Rate Cash Flow Hedge Liability at Fair Value | 42,374 | 42,374 | ||||||||||
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] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||
Derivative, Variable Interest Rate | 3.28% | |||||||||||
Cross Currency Interest Rate Contract [Member] | ||||||||||||
Interest Rate Cash Flow Hedge Liability at Fair Value | 67,411 | 67,411 | ||||||||||
Derivative, Notional Amount | € | € 300,000 | € 307,173 | ||||||||||
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | ||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (50,937) | |||||||||||
Cross Currency Interest Rate Contract [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||
Derivative, Variable Interest Rate | 3.28% | |||||||||||
Cross Currency Interest Rate Contract [Member] | Euro Short Term Rate (ESTR) Overnight Index Swap Rate [Member] | ||||||||||||
Derivative, Variable Interest Rate | 3.2195% | |||||||||||
Net Investment Hedges [Member] | ||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 163 |
Note 11 - Financial Instrumen_4
Note 11 - Financial Instruments - Gains (Losses) on Derivative Instruments (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | |
Derivative instruments | $ 13,493 | $ (12,584) | $ 10,217 | $ (1,529) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative instruments | $ 13,493 | $ (12,584) | $ 10,217 | $ (1,529) |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 02, 2024 | Jun. 01, 2024 | Dec. 02, 2023 | |
Long-Term Debt, Fair Value | $ 2,008,768 | $ 1,785,199 | |
Tissue Seal, LLC [Member] | |||
Business Combination, Contingent Consideration, Liability | $ 500 | ||
GSSI Sealants, Inc. [Member] | |||
Payment for Contingent Consideration Liability, Financing Activities | $ 870 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 01, 2024 | Dec. 02, 2023 |
Assets: | ||
Marketable securities | $ 3,228 | $ 19,314 |
Foreign exchange contract assets | 4,289 | 13,501 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 16,149 | 3,632 |
Interest rate swaps, cash flow hedge assets | 16,149 | 3,632 |
Liabilities: | ||
Foreign exchange contract liabilities | 4,026 | 5,004 |
Interest rate swaps, fair value hedge liabilities | 42,374 | 41,532 |
Net investment hedge liabilities | 67,411 | 72,589 |
Contingent consideration liability | 500 | 1,370 |
Interest rate swaps, cash flow hedge liabilities | 63 | |
Interest rate swaps, fair value hedge liabilities | 42,374 | 41,532 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Marketable securities | 3,228 | 19,314 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Interest rate swaps, cash flow hedge assets | 0 | 0 |
Liabilities: | ||
Interest rate swaps, fair value hedge liabilities | 0 | 0 |
Net investment hedge liabilities | 0 | 0 |
Contingent consideration liability | 0 | 0 |
Interest rate swaps, fair value hedge liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Foreign exchange contract assets | 4,289 | 13,501 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 16,149 | 3,632 |
Interest rate swaps, cash flow hedge assets | 16,149 | 3,632 |
Liabilities: | ||
Foreign exchange contract liabilities | 4,026 | 5,004 |
Interest rate swaps, fair value hedge liabilities | 42,374 | 41,532 |
Net investment hedge liabilities | 67,411 | 72,589 |
Contingent consideration liability | 0 | 0 |
Interest rate swaps, cash flow hedge liabilities | 63 | |
Interest rate swaps, fair value hedge liabilities | 42,374 | 41,532 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Interest rate swaps, cash flow hedge assets | 0 | 0 |
Liabilities: | ||
Interest rate swaps, fair value hedge liabilities | 0 | |
Net investment hedge liabilities | 0 | 0 |
Contingent consideration liability | 500 | 1,370 |
Interest rate swaps, fair value hedge liabilities | $ 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. 01, 2024 USD ($) | |
Balance | $ 1,370 |
Contingent consideration payment | (870) |
Balance | $ 500 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jun. 01, 2024 | Dec. 02, 2023 |
Accrued Environmental Loss Contingencies, Noncurrent | $ 4,426 | $ 5,034 |
Facility in Simpsonville, South Carolina [Member] | ||
Accrual for Environmental Loss Contingencies | $ 1,745 | $ 2,301 |
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. 01, 2024 USD ($) | Jun. 03, 2023 USD ($) | Dec. 02, 2023 USD ($) | |
Lawsuits and claims settled | 7 | 5 | 18 |
Settlement amounts | $ 1,033 | $ 3,495 | $ 4,581 |
Insurance payments received or expected to be received | $ 730 | $ 1,944 | $ 2,629 |
Note 14 - Share Repurchase Pr_2
Note 14 - Share Repurchase Program (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 22, 2022 | Jun. 01, 2024 | Mar. 02, 2024 | Jun. 03, 2023 | Mar. 04, 2023 | Jun. 03, 2023 | |
Stock Repurchased During Period, Value | $ 15,600 | $ 6,208 | $ 104 | $ 2,448 | ||
Common Stock [Member] | ||||||
Stock Repurchased During Period, Value | 200 | 80 | 2 | 36 | ||
Additional Paid-in Capital [Member] | ||||||
Stock Repurchased During Period, Value | 15,400 | $ 6,128 | $ 102 | $ 2,412 | ||
The 2022 Share Repurchase Program [Member] | ||||||
Share Repurchase Program, Authorized, Amount | $ 300,000 | |||||
Share Repurchase Program, Period in Force (Year) | 5 years | |||||
Stock Repurchased During Period, Value | 14,262 | |||||
Stock Repurchased During Period, Shares (in shares) | 0 | 0 | ||||
The 2022 Share Repurchase Program [Member] | Common Stock [Member] | ||||||
Stock Repurchased During Period, Value | 183 | |||||
The 2022 Share Repurchase Program [Member] | Additional Paid-in Capital [Member] | ||||||
Stock Repurchased During Period, Value | $ 14,079 |
Note 15 - Segments (Details Tex
Note 15 - Segments (Details Textual) | 6 Months Ended |
Jun. 01, 2024 | |
Number of Reportable Segments | 3 |
Note 15 - Segments - Reportable
Note 15 - Segments - Reportable Operating Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | |||
Revenue | $ 917,107 | $ 898,239 | $ 1,727,525 | $ 1,707,421 | ||
Operating income | 100,596 | 90,150 | 167,471 | 150,416 | ||
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||||
Revenue | 0 | [1] | 0 | [1] | 0 | 0 |
Operating income | (12,132) | [1] | (11,811) | [1] | (24,349) | (19,533) |
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | ||||||
Revenue | 393,111 | 404,486 | 760,804 | 788,014 | ||
Operating income | 50,488 | 51,592 | 97,366 | 96,738 | ||
Engineering Adhesives [Member] | Operating Segments [Member] | ||||||
Revenue | 373,518 | 364,080 | 702,283 | 697,147 | ||
Operating income | 51,822 | 44,400 | 86,655 | 76,875 | ||
Construction Adhesives [Member] | Operating Segments [Member] | ||||||
Revenue | 150,478 | 129,673 | 264,438 | 222,260 | ||
Operating income | 10,418 | 5,969 | 7,799 | (3,664) | ||
Total Segment [Member] | Operating Segments [Member] | ||||||
Revenue | 917,107 | 898,239 | 1,727,525 | 1,707,421 | ||
Operating income | $ 112,728 | $ 101,961 | $ 191,820 | $ 169,949 | ||
[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 - Segments - Reconcilia
Note 15 - 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. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | |
Operating income | $ 100,596 | $ 90,150 | $ 167,471 | $ 150,416 |
Other income, net | 3,634 | 605 | 5,135 | 3,209 |
Interest expense | (32,314) | (33,131) | (64,216) | (66,200) |
Interest income | 1,199 | 932 | 2,506 | 1,599 |
Income before income taxes and income from equity method investments | $ 73,115 | $ 58,556 | $ 110,896 | $ 89,024 |
Note 15 - Segments - Disaggrega
Note 15 - Segments - Disaggregated Revenue Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 01, 2024 | Jun. 03, 2023 | Jun. 01, 2024 | Jun. 03, 2023 | |||
Revenue | $ 917,107 | $ 898,239 | $ 1,727,525 | $ 1,707,421 | ||
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||||
Revenue | 0 | [1] | 0 | [1] | 0 | 0 |
Americas [Member] | Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||||
Revenue | 498,568 | 488,206 | 930,457 | 916,259 | ||
EIMEA [Member] | Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||||
Revenue | 258,622 | 253,839 | 492,627 | 488,848 | ||
Asia Pacific [Member] | Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||||
Revenue | 159,917 | 156,194 | 304,441 | 302,314 | ||
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member] | ||||||
Revenue | 393,111 | 404,486 | 760,804 | 788,014 | ||
Hygiene, Health, and Consumable Adhesives [Member] | Americas [Member] | Operating Segments [Member] | ||||||
Revenue | 227,068 | 237,325 | 443,374 | 460,944 | ||
Hygiene, Health, and Consumable Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | ||||||
Revenue | 112,631 | 114,723 | 216,520 | 221,794 | ||
Hygiene, Health, and Consumable Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | ||||||
Revenue | 53,412 | 52,438 | 100,910 | 105,276 | ||
Engineering Adhesives [Member] | Operating Segments [Member] | ||||||
Revenue | 373,518 | 364,080 | 702,283 | 697,147 | ||
Engineering Adhesives [Member] | Americas [Member] | Operating Segments [Member] | ||||||
Revenue | 159,216 | 149,239 | 292,267 | 282,709 | ||
Engineering Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | ||||||
Revenue | 116,468 | 119,199 | 221,599 | 232,559 | ||
Engineering Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | ||||||
Revenue | 97,834 | 95,642 | 188,417 | 181,879 | ||
Construction Adhesives [Member] | Operating Segments [Member] | ||||||
Revenue | 150,478 | 129,673 | 264,438 | 222,260 | ||
Construction Adhesives [Member] | Americas [Member] | Operating Segments [Member] | ||||||
Revenue | 112,284 | 101,642 | 194,816 | 172,606 | ||
Construction Adhesives [Member] | EIMEA [Member] | Operating Segments [Member] | ||||||
Revenue | 29,523 | 19,917 | 54,508 | 34,495 | ||
Construction Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member] | ||||||
Revenue | $ 8,671 | $ 8,114 | $ 15,114 | $ 15,159 | ||
[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. |