FULLER H B CO, 10-K filed on 1/24/2024
Annual Report
v3.23.4
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 02, 2023
Jan. 17, 2024
Jun. 03, 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 --12-02    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2023    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 02, 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    
Trading Symbol FUL    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 3,600,724,541
Entity Common Stock, Shares Outstanding   54,207,966  
Auditor Name Ernst & Young LLP    
Auditor Firm ID 42    
Auditor Location Minneapolis, Minnesota    
v3.23.4
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Net revenue $ 3,510,934 $ 3,749,183 $ 3,278,031
Cost of sales (2,502,037) (2,785,484) (2,432,709)
Gross profit 1,008,897 963,699 845,322
Selling, general and administrative expenses (653,760) (640,981) (592,710)
Other income, net 9,682 12,952 32,855
Interest expense (134,602) (91,521) (78,092)
Interest income 3,943 7,779 9,476
Income from continuing operations before income taxes and income from equity method investments 234,161 251,928 216,851
Income tax expense (93,529) (77,186) (63,033)
Income from equity method investments 4,357 5,665 7,657
Net income including non-controlling interest 144,988 180,407 161,475
Net income attributable to non-controlling interest (82) (94) (82)
Net income attributable to H.B. Fuller $ 144,906 $ 180,313 $ 161,393
Earnings per share attributable to H.B. Fuller common stockholders:      
Basic (in dollars per share) $ 2.67 $ 3.37 $ 3.05
Diluted (in dollars per share) $ 2.59 $ 3.26 $ 2.97
Weighted-average common shares outstanding:      
Basic (in shares) 54,332 53,580 52,887
Diluted (in shares) 55,958 55,269 54,315
Dividends declared per common share (in dollars per share) $ 0.805 $ 0.738 $ 0.665
v3.23.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Net income including non-controlling interest $ 144,988 $ 180,407 $ 161,475
Foreign currency translation 17,322 (131,806) (26,294)
Defined benefit pension plans adjustment, net of tax 792 (15,063) 48,181
Derivatives, net of tax (14,107) (40,743) 0
Other comprehensive income (loss) 8,479 (181,171) 32,580
Comprehensive income (loss) 153,467 (764) 194,055
Less: Comprehensive income attributable to non-controlling interest 84 33 50
Comprehensive income (loss) attributable to H.B. Fuller 153,383 (797) 194,005
Interest Rate Swap [Member]      
Derivatives, net of tax [1] 4,472 9,924 15,179
Other Contract [Member]      
Derivatives, net of tax $ 0 $ (3,483) [1] $ (4,486) [1]
[1] Loss reclassified from accumulated other comprehensive income (loss) into earnings is reported in other income, net.
v3.23.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 02, 2023
Dec. 03, 2022
Current assets:    
Cash and cash equivalents $ 179,453 $ 79,910
Trade receivables, net 577,932 607,365
Inventories 442,040 491,781
Other current assets 112,678 120,319
Total current assets 1,312,103 1,299,375
Property, plant and equipment, net 824,655 733,667
Goodwill 1,486,512 1,392,627
Other intangibles, net 729,140 702,092
Other assets 371,165 335,868
Total assets [1] 4,723,575 4,463,629
Current liabilities:    
Notes payable 1,841 28,860
Trade payables 439,700 460,669
Accrued compensation 95,680 108,328
Income taxes payable 47,688 18,530
Other accrued expenses 107,902 89,345
Total current liabilities 692,811 705,732
Long-term debt, net of current maturities 1,836,590 1,736,256
Accrued pension liabilities 50,189 52,561
Other liabilities 388,072 358,286
Total liabilities 2,967,662 2,852,835
Commitments and contingencies (Note 14)
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 – 54,092,987 and 53,676,576 for 2023 and 2022, respectively 54,093 53,677
Additional paid-in capital 301,485 266,491
Retained earnings 1,842,507 1,741,359
Accumulated other comprehensive loss (442,880) (451,357)
Total H.B. Fuller stockholders' equity 1,755,205 1,610,170
Non-controlling interest 708 624
Total equity 1,755,913 1,610,794
Total liabilities, non-controlling interest and total equity $ 4,723,575 $ 4,463,629
[1] Segment assets include primarily inventory, accounts receivable, property, plant and equipment, goodwill, intangible assets and other miscellaneous assets. Corporate assets include primarily corporate property, plant and equipment, deferred tax assets, certain investments and other assets.
v3.23.4
Consolidated Balance Sheets (Parentheticals) - $ / shares
Dec. 02, 2023
Dec. 03, 2022
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) 54,092,987 53,676,576
v3.23.4
Consolidated Statements of Total Equity - 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. 28, 2020 $ 51,907 $ 157,867 $ 1,474,406 $ (302,859) $ 541 $ 1,381,862
Comprehensive income 0 0 161,393 32,612 50 194,055
Dividends 0 0 (35,198) 0 0 (35,198)
Stock option exercises 741 31,584 0 0 0 32,325
Share-based compensation plans other, net 181 26,817 0 0 0 26,998
Repurchases of common stock (51) (2,631) 0 0 0 (2,682)
Balance at Nov. 27, 2021 52,778 213,637 1,600,601 (270,247) 591 1,597,360
Comprehensive income 0 0 180,313 (181,110) 33 (764)
Dividends 0 0 (39,555) 0 0 (39,555)
Stock option exercises 658 29,464 0 0 0 30,122
Share-based compensation plans other, net 296 27,284 0 0 0 27,580
Repurchases of common stock (55) (3,894) 0 0 0 (3,949)
Balance at Dec. 03, 2022 53,677 266,491 1,741,359 (451,357) 624 1,610,794
Comprehensive income 0 0 144,906 8,477 84 153,467
Dividends 0 0 (43,758) 0 0 (43,758)
Stock option exercises 314 14,304 0 0 0 14,618
Share-based compensation plans other, net 140 23,219 0 0 0 23,359
Repurchases of common stock (38) (2,529) 0 0 0 (2,567)
Balance at Dec. 02, 2023 $ 54,093 $ 301,485 $ 1,842,507 $ (442,880) $ 708 $ 1,755,913
v3.23.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Cash flows from operating activities:      
Net income including non-controlling interest $ 144,988 $ 180,407 $ 161,475
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:      
Depreciation 80,327 72,593 72,106
Amortization 79,514 74,383 71,068
Deferred income taxes (25,114) (15,230) 16,192
Income from equity method investments, net of dividends received 1,259 (9) 2,776
Loss (gain) on sale of assets 59 (1,195) 648
Share-based compensation 19,911 24,368 22,366
Pension and other postretirement benefit plan contributions (4,346) (3,009) (3,840)
Pension and other postretirement benefit plan income (18,591) (24,021) (28,662)
Debt issuance cost write-off 2,689 0 0
Loss on fair value adjustment on contingent consideration liabilities 2,893 0 2,300
Change in assets and liabilities, net of effects of acquisitions:      
Trade receivables, net 68,721 (24,753) (124,849)
Inventories 72,576 (55,772) (135,351)
Other assets (7,927) 46,499 (79,097)
Trade payables (57,752) (22,629) 176,337
Accrued compensation (13,836) 1,135 27,741
Other accrued expenses (3,070) 6,303 1,186
Income taxes payable 41,190 (12,873) (4,137)
Other liabilities 22,918 4,104 (73,508)
Other (28,011) 6,213 108,566
Net cash provided by operating activities 378,398 256,514 213,317
Cash flows from investing activities:      
Purchased property, plant and equipment (119,137) (129,964) (96,089)
Purchased businesses, net of cash acquired (205,093) (250,807) (5,445)
Proceeds from sale of property, plant and equipment 5,029 1,556 2,896
Cash received from government grant 0 3,928 5,800
Cash outflow related to government grant 0 0 (1,822)
Net cash used in investing activities (319,201) (375,287) (94,660)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 2,233,300 335,000 0
Repayment of long-term debt (2,126,450) (159,500) (156,500)
Payment of debt issue costs (10,214) (600) 0
Net (payment on) proceeds from notes payable (28,674) 3,455 9,346
Dividends paid (43,395) (39,207) (34,859)
Contingent consideration payment (1,477) (5,000) (1,700)
Proceeds from stock options exercised 14,619 30,122 32,325
Repurchases of common stock (2,567) (3,950) (2,682)
Net cash provided by (used in) financing activities 35,142 160,320 (154,070)
Effect of exchange rate changes on cash and cash equivalents 5,204 (23,423) (3,335)
Net change in cash and cash equivalents 99,543 18,124 (38,748)
Cash and cash equivalents at beginning of year 79,910 61,786 100,534
Cash and cash equivalents at end of year 179,453 79,910 61,786
Supplemental disclosure of cash flow information:      
Dividends paid with company stock 363 348 339
Cash paid for interest, net of amount capitalized of $1,769, $1,518, and $905 for the years ended December 2, 2023, December 3, 2022 and November 27, 2021, respectively 136,959 83,527 62,753
Cash paid for income taxes, net of refunds $ 71,261 $ 73,449 $ 72,955
v3.23.4
Consolidated Statements of Cash Flows (Parentheticals) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Capitalized interest costs $ 1,769 $ 1,518 $ 905
v3.23.4
Note 1 - Nature of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Business Description and Accounting Policies [Text Block]

Note 1: Nature of Business and Summary of Significant Accounting Policies

 

Nature of Business

 

H.B. Fuller Company and our subsidiaries formulate, manufacture and market specialty adhesives, sealants, coatings, polymers, tapes, encapsulants, additives and other specialty chemical products globally, with sales operations in 35 countries in North America, Europe, Latin America, Asia Pacific, India, the Middle East and Africa.

 

We have three reportable segments: Hygiene, Health and Consumable Adhesives, Engineering Adhesives and Construction Adhesives. In 2023, as a percentage of total net revenue by operating segment, Hygiene, Health and Consumable Adhesives accounted for 46 percent, Engineering Adhesives 41 percent and Construction Adhesives 13 percent.

 

Our Hygiene, Health and Consumable Adhesives operating segment produces and supplies a full range of specialty industrial adhesives such as thermoplastic, thermoset, reactive, water-based and solvent-based products for applications in various markets, including packaging (food and beverage containers, flexible packaging, consumer goods, package integrity and re-enforcement, and non-durable goods), converting (corrugation, folding carton, tape and label, paper converting, envelopes, books, multi-wall bags, sacks, and tissue and towel), nonwoven and hygiene (disposable diapers, feminine care and medical garments) and health and beauty.

 

Our Engineering Adhesives operating segment produces and supplies high performance industrial adhesives such as reactive, light cure, two-part liquids, polyurethane, silicone, film and fast cure products to the durable assembly (appliances and filters), performance wood (windows, doors and wood flooring) and textile (footwear and sportswear), transportation, electronics, clean energy, aerospace and defense, appliance, heavy machinery and insulating glass markets.

 

Our Construction Adhesives operating segment includes products used for tile setting (adhesives, grouts, mortars, sealers and levelers), the commercial roofing industry (pressure-sensitive adhesives, tapes and sealants) and heating, ventilation and air conditioning and insulation applications (duct sealants, weather barriers and fungicidal coatings and block fillers). This operating segment also includes caulks and sealants for the consumer market and professional trade, sold through retailers, primarily in Australia.

 

Principles of Consolidation

 

The Consolidated Financial Statements include the accounts of H.B. Fuller Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. Investments in affiliated companies in which we exercise significant influence, but which we do not control, are accounted for in the Consolidated Financial Statements under the equity method of accounting. As such, consolidated net income includes our equity portion in current earnings of such companies, after elimination of intercompany profits. Investments in which we do not exercise significant influence (generally less than a 20 percent ownership interest) are accounted for using the measurement alternative.

 

Our 50 percent ownership in Sekisui-Fuller Company, Ltd., our Japan joint venture, is accounted for under the equity method of accounting as we do not exercise control over the investee. In fiscal years 2023, 2022 and 2021, this equity method investment was not significant as defined in Regulation S-X under the Securities Exchange Act of 1934. As such, financial information as of  December 2, 2023, December 3, 2022, and November 27, 2021 for Sekisui-Fuller Company, Ltd. is not required.

 

Our fiscal year ends on the Saturday closest to November 30. Fiscal year-end dates were  December 2, 2023, December 3, 2022, and November 27, 2021 for 2023, 2022 and 2021, respectively. Every five or six years we have a 53rd week in our fiscal year. 2022 was a 53-week year.

 

Use of Estimates

 

Preparation of the Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

Revenue Recognition

 

We sell a variety of adhesives, sealants and other specialty chemical products to a diverse customer base. The vast majority of our arrangements contain a single performance obligation to transfer manufactured goods to the customer as governed by an individual purchase order.

 

We recognize revenue at the amount of consideration to which we expect to be entitled in exchange for transferring the promised goods to the customer. The transaction price includes an estimation of any variable amounts of consideration to which we will be entitled. The most common forms of variable consideration within our arrangements are customer rebates, which are recorded as a reduction to revenue at the time of the initial sale using the expected value method. The expected value method is the sum of probability-weighted amounts in a range of possible consideration amounts and is based on a consideration of historical, current and forecast information. Changes in estimates are updated each reporting period. There are no material instances where variable consideration is constrained and not recorded at the initial time of sale. Product returns are recorded as a reduction to revenue based on historical experience and anticipated sales returns that occur in the normal course of business. We primarily have assurance-type warranties that do not result in separate performance obligations. We have elected to present revenue net of sales and other similar taxes.

 

We recognize revenue when control of goods is transferred to the customer. For the vast majority of our arrangements, control transfers at a point in time either upon shipment or upon delivery of the goods to the customer. The timing of transfer of control is determined considering the timing of the transfer of legal title, physical possession, and risks and rewards of goods to the customer.

 

We record shipping and handling revenue in net revenue and outbound shipping and handling costs in cost of goods sold. The majority of our shipping and handling activities are performed prior to transfer of control of the goods to the customer. For those arrangements where we provide shipping and handling services after control of the goods has transferred to the customer, we have elected the practical expedient allowed under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 606 to account for these activities as a fulfillment cost rather than as a separate performance obligation.

 

Provisions for sales returns are estimated based on historical experience and are adjusted for known returns, if material. Customer incentive programs (primarily volume purchase rebates) and arrangements such as cooperative advertising, slotting fees and buy-downs are recorded as a reduction of net revenue in accordance with ASC 606. Customer incentives recorded in the Consolidated Statements of Income as a reduction of net revenue were $35,896, $50,146 and $33,441 in 2023, 2022 and 2021, respectively.

 

For certain products, consigned inventory is maintained at customer locations. For this inventory, revenue is recognized in the period that the inventory is consumed. Sales to distributors require a distribution agreement or purchase order. As a normal practice, distributors do not have a right of return.

 

Cost of Sales

 

Cost of sales includes raw materials, container costs, direct labor, manufacturing overhead, freight costs and other less significant indirect costs related to the production of our products.

 

Selling, General and Administrative Expenses

 

Selling, general and administrative (“SG&A”) expenses include sales and marketing, research and development, technical and customer service, finance, legal, human resources, general management and similar expenses.

 

Income Taxes

 

The income tax provision is computed based on income before income from equity method investments included in the Consolidated Statement of Income. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Enacted statutory tax rates applicable to future years are applied to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances reduce deferred tax assets when it is not more-likely-than-not that a tax benefit will be realized. See Note 11 for further information.

 

Acquisition Accounting

 

As we enter into business combinations, we perform acquisition accounting requirements including the following:

 

 

●

Identifying the acquirer,

 

●

Determining the acquisition date,

 

●

Recognizing and measuring the identifiable assets acquired and the liabilities assumed, and

 

●

Recognizing and measuring goodwill or a gain from a bargain purchase

 

We complete valuation procedures and record the resulting fair value of the acquired assets and assumed liabilities based upon the valuation of the business enterprise and the tangible and intangible assets acquired. Enterprise value allocation methodology requires management to make assumptions and apply judgment to estimate the fair value of assets acquired and liabilities assumed. If estimates or assumptions used to complete the enterprise valuation and estimates of the fair value of the acquired assets and assumed liabilities significantly differed from assumptions made, the resulting difference could materially affect the fair value of net assets.

 

The calculation of the fair value of the tangible assets, including property, plant and equipment, utilizes the cost approach, which computes the cost to replace the asset, less accrued depreciation resulting from physical deterioration, functional obsolescence and external obsolescence. The calculation of the fair value of the identified intangible assets is determined using cash flow models following the income approach or a discounted market-based methodology approach. Significant inputs include estimated revenue growth rates, gross margins, operating expenses and estimated attrition, royalty and discount rates. Goodwill is recorded as the difference in the fair value of the acquired assets and assumed liabilities and the purchase price.

 

Cash Equivalents

 

Cash equivalents are highly liquid instruments with an original maturity of three months or less. We review cash and cash equivalent balances on a bank by bank basis to identify book overdrafts. Book overdrafts occur when the amount of outstanding checks exceed the cash deposited at a given bank. Book overdrafts, if any, are included in trade payables in our Consolidated Balance Sheets and in operating activities in our Consolidated Statements of Cash Flows.

 

Restrictions on Cash

 

There were no restrictions on cash as of December 2, 2023 or December 3, 2022. There are no contractual or regulatory restrictions on the ability of consolidated and unconsolidated subsidiaries to transfer funds to us, except for typical statutory restrictions which prohibit distributions in excess of net capital or similar tests. The majority of our cash in non-U.S. locations is considered indefinitely reinvested.

 

Trade Receivables and Allowances

 

Trade receivables are recorded at the invoiced amount and do not bear interest. Allowances are maintained for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts. The allowance for doubtful accounts includes an estimate of future uncollectible receivables based on the aging of the receivable balance and our collection experience. The allowance also includes specific customer accounts when it is probable that the full amount of the receivable will not be collected. Current expectations of future credit losses using market and industry data are considered in the specific customer accounts. See Note 4 for further information.

 

Inventories

 

Inventories are recorded at cost (not in excess of net realizable value) as determined by the weighted-average cost method and are valued at the lower of cost or net realizable value.

 

Investments

 

Investments with a value of $9,334 and $8,957 represent the cash surrender value of life insurance contracts as of December 2, 2023 and December 3, 2022, respectively. These assets are held to primarily support supplemental pension plans and are recorded in other assets in the Consolidated Balance Sheets. The corresponding gain or loss associated with these contracts is reported in earnings each period as a component of selling, general and administrative expenses.

 

Equity Investments

 

Investments in an entity where we own less than 20% of the voting stock of the entity and do not exercise significant influence over operating and financial policies of the entity are accounted for using the measurement alternative at cost less impairment plus or minus observable price changes in orderly transactions. We have a policy in place to review our investments at least annually, to evaluate the accounting method and identify observable price changes that could indicate impairment. If we believe that an impairment exists, it is our policy to calculate the fair value of the investment and recognize as impairment any amount by which the carrying value exceeds the fair value of the investment. We recognized impairment of $303 for the year ended December 3, 2022 and did not have any impairment of our equity investments for the years ended  December 2, 2023 and November 27, 2021. The book value of the equity investments was $1,362 as of both  December 2, 2023 and  December 3, 2022.

 

Property, Plant and Equipment

 

Property, plant and equipment are carried at cost and depreciated over the useful lives of the assets using the straight-line method. Estimated useful lives range from 20 to 40 years for buildings and improvements, 3 to 20 years for machinery and equipment, and the shorter of the lease or expected life for leasehold improvements. Fully depreciated assets are retained in property and accumulated depreciation accounts until removed from service. Upon disposal, assets and related accumulated depreciation are removed. Upon sale of an asset, the difference between the proceeds and remaining net book value is charged or credited to other income, net on the Consolidated Statements of Income. Expenditures that add value or extend the life of the respective assets are capitalized, while expenditures that are typical recurring repairs and maintenance are expensed as incurred. Interest costs associated with construction and implementation of property, plant and equipment of $1,769, $1,518 and $905 were capitalized in 2023, 2022 and 2021, respectively.

 

Goodwill

 

We evaluate our goodwill for impairment annually at the beginning of the fourth quarter or earlier upon the occurrence of substantive unfavorable changes in economic conditions, industry trends, costs, cash flows or ongoing declines in market capitalization. The quantitative impairment test requires judgment, including the identification of reporting units, the assignment of assets, liabilities and goodwill to reporting units, and the determination of fair value of each reporting unit. The impairment test requires the comparison of the fair value of each reporting unit with its carrying amount, including goodwill. In performing the impairment test, we determined the fair value of our reporting units through the income approach by using discounted cash flow (“DCF”) analyses. Determining fair value requires the company to make judgments about appropriate discount rates, perpetual growth rates and the amount and timing of expected future cash flows. The cash flows employed in the DCF analysis for each reporting unit are based on the reporting unit's budget, long-term business plan and recent operating performance. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting unit and market conditions. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is considered to not be impaired. If the carrying value exceeds estimated fair value, an impairment charge is recorded for any excess of the carrying value over the estimated fair value. Based on the analysis performed for our fiscal 2023 annual impairment test, there were no indications of impairment for any of our reporting units. See Note 5 for further information.

 

Intangible Assets

 

Intangible assets include patents, customer lists, technology, trademarks and other intangible assets acquired from independent parties and are amortized on a straight-line basis with estimated useful lives ranging from 3 to 20 years. The straight-line method of amortization of these assets reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained in each reporting period.

 

Impairment of Long-Lived Assets

 

Our long-lived assets are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not be recoverable. An impairment loss would be measured and recognized when the carrying amount of an asset (asset group) exceeds the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and its eventual disposition. The impairment loss to be recorded would be the excess of the asset's carrying value over its fair value. Fair value is generally determined using a DCF analysis or other valuation technique. Costs related to internally developed intangible assets are expensed as incurred.

 

Foreign Currency Translation

 

Assets and liabilities of non-U.S. functional currency entities are translated to U.S. dollars at period-end exchange rates, and the resulting gains and losses arising from the translation of those net assets are recorded as a cumulative translation adjustment, a component of accumulated other comprehensive income (loss) in stockholders' equity. Revenues and expenses are translated using average exchange rates during the year. Foreign currency transaction gains and losses are included in other income, net in the Consolidated Statements of Income.

 

We consider a subsidiary’s sales price drivers, currency denomination of sales transactions and inventory purchases to be the primary indicators in determining a foreign subsidiary’s functional currency. Our subsidiaries in certain European countries have a functional currency different than their local currency. All other foreign subsidiaries, which are located in North America, Latin America, Europe, India, the Middle East and Africa ("EIMEA") and Asia Pacific, have the same local and functional currency.

 

Pension and Other Postretirement Benefits

 

We sponsor defined-benefit pension plans in both the U.S. and non-U.S. entities. Also in the U.S., we sponsor other postretirement plans for health care and life insurance benefits. Expenses and liabilities for the pension plans and other postretirement plans are actuarially calculated. These calculations are based on our assumptions related to the discount rate, expected return on assets, projected salary increases, health care cost trend rates and mortality rates. The discount rate assumption is determined using an actuarial yield curve approach, which results in a discount rate that reflects the characteristics of the plan. The approach identifies a broad population of corporate bonds that meet the quality and size criteria for the particular plan. We use this approach rather than a specific index that has a certain set of bonds that may or may not be representative of the characteristics of our particular plan. Our expected long-term rate of return on U.S. plan assets was based on our target asset allocation assumption of 55 percent equities and 45 percent fixed income. Management, in conjunction with our external financial advisors, determines the expected long-term rate of return on plan assets by considering the expected future returns and volatility levels for each asset class that are based on historical returns and forward-looking observations. The expected long-term rate of return on plan assets assumption used in each non-U.S. plan is determined on a plan-by-plan basis for each local jurisdiction and is based on expected future returns for the investment mix of assets currently in the portfolio for that plan. Management, in conjunction with our external financial advisors, develops expected rates of return for each plan, considers expected long-term returns for each asset category in the plan, reviews expectations for inflation for each local jurisdiction, and estimates the impact of active management of the plan’s assets. Note 10 includes disclosure of assumptions employed in these measurements for both the non-U.S. and U.S. plans.

 

Asset Retirement Obligations

 

We recognize asset retirement obligations ("ARO") in the period in which we have an existing legal obligation associated with the retirement of a tangible long-lived asset, and the amount can be reasonably estimated. The ARO is recognized at fair value when the liability is incurred. Upon initial recognition of a liability, that cost is capitalized as part of the related long-lived asset and depreciated on a straight-line basis over the remaining estimated useful life of the related asset. We have recognized a liability related to special handling of asbestos related materials in certain facilities for which we have plans or expectation of plans to undertake a major renovation or demolition project that would require the removal of asbestos or have plans or expectation of plans to exit a facility. In addition, we have determined that we have facilities with some level of asbestos that will require abatement action in the future. Once the probability and timeframe of an action are determined, we apply certain assumptions to determine the related liability and asset. These assumptions include the use of inflation rates, the use of credit adjusted risk-free discount rates and the estimation of costs to handle asbestos related materials. The recorded liability is required to be adjusted for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. The asset retirement obligation liability was $3,147 and $2,888 at December 2, 2023 and December 3, 2022, respectively.

 

Environmental Costs

 

Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments are made, or remedial efforts are probable, and the costs can be reasonably estimated. The timing of these accruals is generally no later than the completion of feasibility studies.

 

Contingent Consideration Liability

 

Concurrent with business acquisitions, we enter into agreements that require us to pay the sellers a certain amount based upon a formula related to the entity’s financial results. The change in fair value of the contingent consideration liability is recorded in SG&A expenses in the Consolidated Statements of Income.

 

Share-based Compensation

 

We have various share-based compensation programs which provide for equity awards, including non-qualified stock options, incentive stock options, restricted stock units, performance awards and deferred compensation. We use the straight-line attribution method to recognize compensation expense associated with share-based awards based on the fair value on the date of grant, net of the estimated forfeiture rate. Expense is recognized over the requisite service period related to each award, which is the period between the grant date and the earlier of the award’s stated vesting term or the date the employee is eligible for early retirement based on the terms of the plan. The fair value of stock options is estimated using the Black-Scholes option pricing model. All of our stock compensation expense is recorded in SG&A expenses in the Consolidated Statements of Income. See Note 9 for additional information.

 

Earnings per Share

 

Basic earnings per share is calculated by dividing net income attributable to H.B. Fuller by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per share is based upon the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to share-based compensation awards. We use the treasury stock method to calculate the effect of outstanding awards, which computes total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award 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. The computations for basic and diluted earnings per share are as follows:

 

(in thousands, except per share data)

 

2023

  

2022

  

2021

 

Net income attributable to H.B. Fuller

 $144,906  $180,313  $161,393 
             

Weighted-average common shares – basic

  54,332   53,580   52,887 

Equivalent shares from share-based compensation plans

  1,626   1,689   1,428 

Weighted-average common and common equivalent shares – diluted

  55,958   55,269   54,315 
             

Basic earnings per share

 $2.67  $3.37  $3.05 

Diluted earnings per share

 $2.59  $3.26  $2.97 

 

Share-based compensation awards for 1,089,054, 707,197 and 1,535,503 shares for 2023, 2022 and 2021, respectively, were excluded from the diluted earnings per share calculation because they were antidilutive.

 

Financial Instruments and Derivatives

 

As a part of our ongoing operations, we are exposed to market risks such as changes in foreign currency exchange rates and interest rates. To manage these risks, we may enter into derivative transactions pursuant to our established policies.

 

Our objective is to balance, where possible, non-functional currency denominated assets to non-functional currency denominated liabilities to have a natural hedge and minimize foreign exchange impacts. We minimize risks from foreign currency exchange rate fluctuations through normal operating and financing activities and, when deemed appropriate, through the use of derivative instruments. Derivatives consisted primarily of forward currency contracts used to manage foreign currency denominated assets and liabilities. For derivative instruments outstanding that were not designated as hedges for accounting purposes, the gains and losses related to mark-to-market adjustments were recognized as other income or expense in the income statement during the periods the derivative instruments were outstanding. To manage exposure to currency rate movements on expected cash flows, the company may enter into cross-currency swap agreements. 

 

The company manages interest expense using a mix of fixed and floating rate debt.  To manage exposure to interest rate movements and to reduce borrowing costs, the company may enter into interest rate swap agreements.

 

Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income, based on the type of derivative, and whether the instrument is designated and effective as a hedge transaction. Gains or losses on derivative instruments reported in accumulated other comprehensive income (loss) are reclassified to earnings in the period the hedged item affects earnings. Any ineffectiveness is recognized in earnings in the current period. We maintain master netting arrangements that allow us to net settle contracts with the same counterparties; we do not elect to offset amounts in our Consolidated Balance Sheet.  These arrangements generally do not call for collateral. We do not enter into any speculative positions with regard to derivative instruments. See Note 12 for further information regarding our financial instruments.

 

Purchase of Company Common Stock

 

Under the Minnesota Business Corporation Act, repurchased stock is included in authorized shares, but is not included in shares outstanding. The excess of the repurchase cost over par value is charged to additional paid-in capital. When additional paid-in capital is exhausted, the excess reduces retained earnings. We indirectly repurchased 113,868, 49,869 and 47,481 shares of common stock in 2023, 2022 and 2021, respectively, through a net-settlement feature in connection with the statutory minimum tax withholding related to vesting of restricted stock.

 

New Accounting Pronouncements

 

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. This guidance requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. Our effective date of this ASU is our fiscal year ending November 28, 2026. We are evaluating the effect that this guidance will have on our Consolidated Financial Statements. 

 

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires enhanced disclosures regarding significant segment expenses and other segment items. The guidance requires public entities to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. Our effective date of this ASU is our fiscal year ending November 29, 2025. We are evaluating the effect that this guidance will have on our Consolidated Financial Statements. 

 

In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of the financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs.  Our effective date of this ASU is our fiscal year ending December 1, 2024. We are evaluating the effect that this guidance will have on our Consolidated Financial Statements. 

 

Recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the company.

 
v3.23.4
Note 2 - Acquisitions
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Mergers, Acquisitions and Dispositions Disclosures [Text Block]

Note 2: Acquisitions

 

Sanglier Ltd.

 

On September 8, 2023, we acquired the assets of Sanglier Ltd. (“Sanglier”) for a base purchase price of 13,339 British pound sterling, or approximately $16,632 which was funded through existing cash. This includes a holdback amount of 2,100 British pound sterling that will be paid on the 18-month anniversary of the closing date. Sanglier, headquartered in Mansfield, United Kingdom, is a manufacturer and filler of sprayable (aerosol and cannister) industrial adhesives. The acquisition of Sanglier expands our innovation capabilities and product portfolio across the United 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 December 2, 2023 and includes intangible assets of $10,695 and other net assets of $5,937. Sanglier is included in our Construction Adhesives operating segment.

 

Adhezion Biomedical LLC

 

On June 23, 2023, we acquired Adhezion Biomedical LLC (“Adhezion”) for a base purchase price of $80,802 which was funded through borrowings on our credit facility. This includes a holdback amount of $780 that will be paid on the 12-month anniversary of the closing date. The agreement includes a payment of contingent consideration up to $15,000 following the completion of certain performance goals and conditions. Adhezion, headquartered in Wyomissing, Pennsylvania, is a manufacturer of cyanoacrylate-based healthcare adhesives and infection prevention products. The acquisition of Adhezion positions us for expansion in the healthcare adhesives industry and creates a solid, unique platform from which to scale and innovate in the healthcare adhesives industry. The acquisition fair value measurement was preliminary as of December 2, 2023 and includes intangible assets of $38,500, goodwill of $38,389 and other net assets of $3,913. Goodwill represents expected synergies from combining Adhezion with our existing business. As of December 2, 2023, the amount of goodwill that is deductible for tax purposes is $25,702. Adhezion is included in our Hygiene, Health and Consumable Adhesives operating segment.

 

XChem International LLC

 

On June 12, 2023, we acquired XChem International LLC ("XChem") for a base purchase price of approximately $14,591 which was funded through borrowings on our credit facility. This includes a holdback amount of $1,650 that will be paid on the 18-month anniversary of the closing date. XChem, headquartered in Ras Al-Khaimah, United Arab Emirates, is a manufacturer of adhesives and sealants for construction-related applications. The acquisition of XChem provides our construction adhesives global business with additional manufacturing presence for certain brands outside the U.S. and broadens our construction adhesives portfolio of highly specified applications and diversifies it toward both non-U.S. and infrastructure-oriented markets. The acquisition fair value measurement was preliminary as of December 2, 2023 and includes intangible assets of $4,400, goodwill of $4,783 and other net assets of $5,408. Goodwill represents expected synergies from combining XChem with our existing business. Goodwill is not deductible for tax purposes. XChem is included in our Construction Adhesives operating segment.

 

Beardow Adams Holdings Ltd.

 

On May 1, 2023, we acquired Beardow Adams Holdings Ltd. (“Beardow Adams”) for a total purchase price of 80,738 British pound sterling, or approximately $100,885, which was funded through borrowings on our credit facility. This includes a holdback amount of 8,000 British pound sterling that will be paid on the 18-month anniversary of the closing date. Beardow Adams, based in the United Kingdom, develops and manufactures adhesives, sealants and coatings, principally in the fields of packaging and related applications. The acquisition of Beardow Adams is expected to accelerate profitable growth in many of our core end markets and generate business synergies through better raw material pricing, production optimization and an expanded distribution platform. The acquisition fair value measurement was preliminary as of December 2, 2023 and includes intangible assets of $37,611, goodwill of $25,674 and other net assets of $37,600. Goodwill represents expected synergies from combining Beardow Adams with our existing business. As of December 2, 2023, the amount of goodwill that is deductible for tax purposes is $2,998. The remaining goodwill is not deductible for tax purposes. Beardow Adams is included in our Hygiene, Health and Consumable Adhesives operating segment.

 

Aspen Research Corporation

 

On January 31, 2023, we acquired the assets of Aspen Research Corporation (“Aspen”) for a total purchase price of $9,761, which was funded through existing cash. This includes a holdback amount of $500 that will be paid on the 18-month anniversary of the closing date. Aspen, located in Maple Grove, Minnesota, is a contract research organization that develops and manufactures innovative solutions for some of the adhesives used in our insulating glass market. Aspen is known for their superior understanding of materials science, engineering and analytical testing and specializes in custom materials manufacturing for chemicals and adhesives products. The acquisition of Aspen is expected to expand our Engineering Adhesives footprint in North America and strengthen our capabilities in the insulating glass market, in addition to bringing additive continuous flow, process manufacturing capabilities that we plan to leverage. The acquisition fair value measurement was final as of December 2, 2023 and includes intangible assets of $4,900, goodwill of $3,832 and other net assets of $1,029. Goodwill represents expected synergies from combining Aspen with our existing business. Goodwill is deductible for tax purposes. Aspen is included in our Engineering Adhesives operating segment.

 

Lemtapes Oy

 

On December 15, 2022, we acquired Lemtapes Oy (“Lemtapes”) for a total purchase price of $8,922 Euro, or approximately $9,482 which was funded through existing cash. This includes a holdback amount of 850 Euro that will be paid on the 18-month anniversary of the closing date. Lemtapes, located in Valkeakoski, Finland, is a solutions provider of ecological, innovative tapes and adhesives for the packaging and plywood industries. The acquisition of Lemtapes is expected to reinforce our strategic position in Europe, especially for our adhesives coated solutions products. This acquisition will also accelerate our growth strategy of fast-growing, high margin businesses while adding technology capabilities and strong customer relationships. The acquisition fair value measurement was final as of December 2, 2023 and includes intangible assets of $5,526, goodwill of $3,028 and other net assets of $928. Goodwill represents expected synergies from combining Lemtapes with our existing business. Goodwill is not deductible for tax purposes. Lemtapes is included in our Hygiene, Health and Consumable Adhesives operating segment.

 

GSSI Sealants

 

On October 24, 2022, we acquired GSSI Sealants, Inc. ("GSSI") for a total purchase price of $7,701, which was funded through existing cash. This includes a holdback amount of $1,050 that was paid on the 12-month anniversary of the closing date. In addition, we recorded a liability for contingent consideration of $870, to be paid following the completion of certain performance goals and conditions. GSSI, headquartered in Houston, Texas, is a manufacturer of premier elastomeric butyl rubber sealant tapes. The acquisition of GSSI is expected to support our strategy to expand our Construction Adhesives business selectively via high margin applications. The acquisition fair value measurement was final as of September 2, 2023 and includes intangible assets of $3,400, goodwill of $1,123 and other net assets of $3,178. Goodwill represents expected synergies from combining GSSI with our existing business. Goodwill is not deductible for tax purposes. See Note 13 for further discussion of the fair value of the contingent consideration. GSSI is included in our Construction Adhesives operating segment.

 

ZKLT Polymer Co.

 

On August 16, 2022, we acquired ZKLT Polymer Co., Ltd. ("ZKLT") for a base purchase price of 143,965 Chinese renminbi, or approximately $21,260, which was funded through existing cash. This includes a holdback of 27,000 Chinese renminbi, or approximately $3,987, half of which was paid on the 12-month anniversary of the closing date and half to be paid on the 18-month anniversary of the closing date. In addition, we recorded a liability for contingent consideration of 30,000 Chinese renminbi, or approximately $4,132, which was paid in the fourth quarter of 2023 following the completion of certain performance goals and conditions. ZKLT, headquartered in Chongquin City, China, is a manufacturer of liquid adhesives primarily for the automotive market. The acquisition of ZKLT is expected to add unique technology, strong customer relationships and a strategic manufacturing location to further strengthen our presence in central China. The acquisition fair value measurement was final as of September 2, 2023 and includes intangible assets of $5,183, goodwill of $5,992 and other net assets of $10,085. Goodwill represents expected synergies from combining ZKLT with our existing business. Goodwill is not deductible for tax purposes. See Note 13 for further discussion of the fair value of the contingent consideration. ZKLT is included in our Engineering Adhesives operating segment.

 

Apollo
 
On January 26, 2022, we acquired Apollo Chemicals Limited, Apollo Roofing Solutions Limited and Apollo Construction Solutions Limited (collectively, "Apollo") for a total purchase price of 152,714 British pound sterling, or approximately $205,592, which was funded through borrowings on our credit facility. Apollo, headquartered in Tamworth, UK, is a manufacturer of liquid adhesives, coatings and primers for the roofing, industrial and construction markets. Apollo is expected to enhance our position in key high-value, high-margin markets in the UK and throughout Europe. The acquisition fair value measurement was final as of December 3, 2022 and includes intangible assets of $76,198, goodwill of $119,358 and other net assets of $10,036. Goodwill represents expected synergies from combining Apollo with our existing business. Goodwill is not deductible for tax purposes. The acquisition is included in our Construction Adhesives operating segment.

 

Fourny NV

 

On January 11, 2022, we acquired Fourny NV ("Fourny") for a base purchase price of 12,867 Euro, or approximately $14,627, which was funded through existing cash. The agreement required us to pay an additional holdback amount 18 months following the date of acquisition and during the three months ended September 2, 2023 we paid $3,060. Fourny, headquartered in Willebroek, Belgium, is a manufacturer of construction adhesives. Fourny is expected to enhance our position in key high-value, high-margin markets in Europe. The acquisition fair value measurement was final as of December 3, 2022 and includes intangible assets of $10,117, goodwill of $6,455 and other net assets of $1,391. Goodwill represents expected synergies from combining Fourny with our existing business. Goodwill is not deductible for tax purposes. Fourny is included in our Construction Adhesives operating segment.

 

All acquisitions, individually and in the aggregate, are not material and therefore pro forma financial information is not provided.
v3.23.4
Note 3 - Restructuring Actions
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Restructuring and Related Activities Disclosure [Text Block]

Note 3: Restructuring Actions

 

During fiscal year 2023, the Company approved restructuring plans (the "Plans") related to organizational changes and other actions to optimize operations and integrate acquired businesses. The Plans began to be implemented in the second quarter of fiscal year 2023 and are currently expected to be completed during fiscal year 2026, with the majority of the charges recognized and cash payments occurring in fiscal 2023 and 2024. In implementing the Plans, the Company currently expects to incur pre-tax costs of approximately $39,100 to $44,100 for severance and related employee costs globally, other restructuring costs related to the streamlining of processes and the payment of anticipated income taxes in certain jurisdictions related to the Plans. 

 

The following table summarizes the pre-tax distribution of charges under these restructuring plans by income statement classification:

 

  

December 2, 2023

  

December 3, 2022

  

November 27, 2021

 

Cost of sales

 $15,012  $(152) $(188)

Selling, general and administrative

  9,575   (297)  975 
  $24,587  $(449) $787 

 

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 November 27, 2021

 $1,095  $-  $-  $1,095 

Expense incurred

  (449)  -   -   (449)

Non-cash charges

  -   -   -   0 

Cash payments

  (529)  -   -   (529)

Foreign currency translation

  (60)  -   -   (60)

Balance at December 3, 2022

 $57  $-  $-  $57 

Expense 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 

 

Non-cash charges include accelerated depreciation resulting from the cessation of use of certain long-lived assets, the recording of a provision related to the discontinuance of certain products and lease termination payments. Restructuring liabilities have been classified as a component of other accrued expenses on the Consolidated Balance Sheets.
v3.23.4
Note 4 - Supplemental Financial Statement Information
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Additional Financial Information Disclosure [Text Block]

Note 4: Supplemental Financial Statement Information

 

Statement of Income Information

 

Additional details of income statement amounts for 2023, 2022 and 2021 are as follows:

 

  

2023

  

2022

  

2021

 

Foreign currency transaction losses, net

 $(11,615) $(12,935) $(5,962)

Gain (loss) on disposal of assets

  (58)  1,416   (648)

Net periodic pension benefit

  20,246   26,787   32,070 

Other, net

  1,109   (2,316)  7,395 

Total other income, net

 $9,682  $12,952  $32,855 
             

Research and development expenses (included in SG&A expenses)

 $48,640  $44,853  $39,344 

 

Balance Sheet Information

 

Additional details of balance sheet amounts as of  December 2, 2023 and December 3, 2022 are as follows:

 

  

2023

  

2022

 

Inventories

        

Raw materials

 $206,140  $237,071 

Finished goods

  235,900   254,710 

Total inventories

 $442,040  $491,781 
         

Other current assets

        

Other receivables

 $40,760  $36,338 

Prepaid income taxes

  12,327   27,169 

Prepaid taxes other than income taxes

  34,455   29,322 

Prepaid expenses

  25,136   27,490 

Total other current assets

 $112,678  $120,319 
         

Property, plant and equipment

        

Land

 $91,320  $84,320 

Buildings and improvements

  447,428   405,037 

Machinery and equipment

  1,058,916   957,371 

Construction in progress

  157,371   133,010 

Total, at cost

  1,755,035   1,579,738 

Accumulated depreciation

  (930,380)  (846,071)

Net property, plant and equipment

 $824,655  $733,667 
         

Other assets

        

Investments in company owned life insurance

 $9,334  $8,957 

Equity method investments

  37,562   42,143 

Equity investments

  1,362   1,362 

Long-term deferred income taxes

  42,949   39,048 

Prepaid pension costs

  92,323   86,616 

Postretirement other than pension asset

  113,431   98,848 

Operating lease right-of-use assets

  47,433   32,440 

Other long-term receivables

  14,013   9,262 

Other long-term assets

  12,758   17,192 

Total other assets

 $371,165  $335,868 
         

Other accrued expenses

        

Taxes other than income taxes

 $22,497  $14,642 

Miscellaneous services

  8,319   7,092 

Customer rebates

  17,938   24,915 

Interest

  5,819   7,498 

Product liability

  175   154 

Contingent consideration liability

  1,370   1,977 

Current operating lease liabilities

  11,277   9,794 

Current obligations of finance leases

  16,184   1,541 

Accrued expenses

  24,323   21,732 

Total other accrued expenses

 $107,902  $89,345 
         

Other liabilities

        

Asset retirement obligations

 $3,147  $2,888 

Long-term deferred income taxes

  176,385   183,190 

Long-term income tax liability

  19,225   22,202 

Long-term deferred compensation

  9,884   9,957 

Postretirement other than pension

  1,893   2,021 

Noncurrent operating lease liabilities

  36,879   23,421 

Environmental liabilities

  2,563   3,064 

Net investment hedge liabilities

  72,589   54,046 

Other long-term liabilities

  65,507   57,497 

Total other liabilities

 $388,072  $358,286 

 

Additional details on the trade receivables allowance for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts for 2023, 2022 and 2021 are as follows:

 

  

2023

  

2022

  

2021

 

Balance at beginning of year

 $10,939  $9,935  $12,905 

Charged to expenses and other adjustments

  1,224   1,794   (546)

Write-offs

  (1,522)  (851)  (2,278)

Foreign currency translation effect

  439   61   (146)

Balance at end of year

 $11,080  $10,939  $9,935 

 

Statement of Comprehensive Income Information

 

The following tables provides details of total comprehensive income (loss):

 

  

December 2, 2023

 
              

Non-controlling

 
  

H.B. Fuller Stockholders

  

Interest

 
  

Pretax

  

Tax

  

Net

  

Net

 

Net income attributable to H.B. Fuller and non-controlling interests

  -   -  $144,906  $82 

Other comprehensive income (loss)

                

Foreign currency translation adjustment1

 $17,320   -   17,320   2 

Defined benefit pension plans adjustment2

  1,554   (762)  792   - 

Interest rate swap3

  5,932   (1,460)  4,472   - 

Net investment hedges3

  (18,555)  4,448   (14,107)  - 

Other comprehensive income (loss)

 $6,251  $2,226  $8,477  $2 

Comprehensive income

         $153,383  $84 

 

  

December 3, 2022

 
              

Non-controlling

 
  

H.B. Fuller Stockholders

  

Interest

 
  

Pretax

  

Tax

  

Net

  

Net

 

Net income attributable to H.B. Fuller and non-controlling interests

  -   -  $180,313  $94 

Other comprehensive income (loss)

                

Foreign currency translation adjustment1

 $(131,745)  -   (131,745)  (61)

Defined benefit pension plans adjustment2

  (18,881)  3,818   (15,063)  - 

Interest rate swap3

  13,148   (3,224)  9,924   - 

Other cash flow hedges3

  (3,536)  53   (3,483)  - 

Net investment hedges3

  (54,040)  13,297   (40,743)  - 

Other comprehensive income

 $(195,054) $13,944  $(181,110) $(61)

Comprehensive income

         $(797) $33 

 

  

November 27, 2021

 
              

Non-controlling

 
  

H.B. Fuller Stockholders

  

Interest

 
  

Pretax

  

Tax

  

Net

  

Net

 

Net income attributable to H.B. Fuller and non-controlling interests

  -   -  $161,393  $82 

Other comprehensive income (loss)

                

Foreign currency translation adjustment1

 $(26,262)  -   (26,262)  (32)

Defined benefit pension plans adjustment2

  64,912   (16,731)  48,181   - 

Interest rate swap3

  20,109   (4,930)  15,179   - 

Other cash flow hedges3

  (4,554)  68   (4,486)  - 

Other comprehensive (loss) income

 $54,205  $(21,593) $32,612  $(32)

Comprehensive income

         $194,005  $50 

 

1 Income taxes are not provided for foreign currency translation relating to indefinite investments in international subsidiaries.

 

2 Loss reclassified from accumulated other comprehensive income (loss) 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 expenses.

 

3 Loss reclassified from accumulated other comprehensive income (loss) into earnings is reported in other income, net.

 

Statement of Total Equity Information

 

Components of accumulated other comprehensive income (loss) are as follows:

 

  

December 2, 2023

 
          

Non-

 
      

H.B. Fuller

  

controlling

 
  

Total

  

Stockholders

  

Interests

 

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)  - 

Total accumulated other comprehensive loss

 $(442,924) $(442,880) $(44)

 

  

December 3, 2022

 
          

Non-

 
      

H.B. Fuller

  

controlling

 
  

Total

  

Stockholders

  

Interests

 

Foreign currency translation adjustment

 $(264,054) $(264,012) $(42)

Defined benefit pension plans adjustment, net of taxes of $67,744

  (128,261)  (128,261)  - 

Net investment hedges, net of taxes of $13,297

  (40,743)  (40,743)  - 

Reclassification of AOCI tax effects

  (18,341)  (18,341)  - 

Total accumulated other comprehensive loss

 $(451,399) $(451,357) $(42)

 

  

November 27, 2021

 
          

Non-

 
      

H.B. Fuller

  

controlling

 
  

Total

  

Stockholders

  

Interests

 

Foreign currency translation adjustment

 $(132,370) $(132,267) $(103)

Defined benefit pension plans adjustment, net of taxes of $63,925

  (113,198)  (113,198)  - 

Interest rate swap, net of taxes of $3,224

  (9,924)  (9,924)  - 

Cash flow hedges, net of taxes of ($53)

  3,483   3,483   - 

Reclassification of AOCI tax effects

  (18,341)  (18,341)  - 

Total accumulated other comprehensive loss

 $(270,350) $(270,247) $(103)
v3.23.4
Note 5 - Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

Note 5: Goodwill and Other Intangible Assets

 

Goodwill balances by reportable segment consisted of the following:

 

                 
  

Hygiene, Health

             
  

and Consumable

  

Engineering

  

Construction

     
  

Adhesives

  

Adhesives

  

Adhesives

  

Total

 

As of December 3, 2022

 $328,962  $637,910  $425,755  $1,392,627 

Acquisitions

  67,523   5,983   6,179   79,685 

Foreign currency translation effect

  6,113   7,252   835   14,200 

As of December 2, 2023

 $402,598  $651,145  $432,769  $1,486,512 

 

We evaluate our goodwill for impairment annually at the beginning of the fourth quarter or earlier upon the occurrence of substantive unfavorable changes in economic conditions, industry trends, costs, cash flows, or ongoing declines in market capitalization. The quantitative impairment test requires judgment, including the identification of reporting units, the assignment of assets, liabilities and goodwill to reporting units, and the determination of fair value of each reporting unit. The impairment test requires the comparison of the fair value of each reporting unit with its carrying amount, including goodwill. In performing the impairment test, we determined the fair value of our reporting units through the income approach by using DCF analyses. Determining fair value requires the company to make judgments about appropriate discount rates, perpetual growth rates and the amount and timing of expected future cash flows. The cash flows employed in the DCF analysis for each reporting unit are based on the reporting unit's budget, long-term business plan and recent operating performance. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting unit and market conditions. Based on the analysis performed during the fourth quarter of 2023, there were no indications of impairment for any of our reporting units.

 

Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, are as follows:

 

  

Purchased

                 
  

Technology

  

Customer

             

Amortizable Intangible Assets

 

and Patents

  

Relationships

  

Tradename

  

All Other

  

Total

 

As of December 2, 2023

                    

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 

Weighted-average useful lives (in years)

  13   16   13   13   16 

As of December 3, 2022

                    

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 

Weighted-average useful lives (in years)

  13   17   13   13   16 

 

Amortization expense with respect to amortizable intangible assets was $79,514, $74,383 and $71,068 in 2023, 2022 and 2021, respectively.

 

Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for the next five fiscal years are as follows:

 

Fiscal Year

 

2024

  

2025

  

2026

  

2027

  

2028

  

Thereafter

 

Amortization Expense

 $77,288  $77,678  $70,957  $67,652  $67,356  $367,735 

 

The above amortization expense forecast is an estimate. Actual amounts may change from such estimated amounts due to fluctuations in foreign currency exchange rates, additional intangible asset acquisitions, potential impairment, accelerated amortization or other events.

 

Non-amortizable intangible assets as of  December 2, 2023 and December 3, 2022 were $474 and $459, respectively, and relate to trademarks and trade names. The change in non-amortizable assets in 2023 compared to 2022 was due to changes in foreign currency exchange rates.
v3.23.4
Note 6 - Leases
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Lessee, Operating and Finance Leases [Text Block]

Note 6: Leases

 

As a lessee, the company leases office, manufacturing and warehouse space, and equipment. Certain lease agreements include rental payments adjusted annually based on changes in an inflation index. Our leases do not contain material residual value guarantees or material restrictive covenants. Lease expense is recognized on a straight-line basis over the lease term. We determine if an arrangement is a lease upon inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The right to control the use of an asset includes the right to obtain substantially all of the economic benefits of the underlying asset and the right to direct how and for what purpose the asset is used.

 

Operating lease and finance lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is the company’s incremental borrowing rate. We determine the incremental borrowing rate for each lease based primarily on its lease term and the economic environment of the applicable country or region.

 

Certain leases include one or more options to renew, with terms that can extend the lease term up to five years. We include options to renew the lease as part of the right-of-use lease asset and liability when it is reasonably certain we will exercise the option. In addition, certain leases contain termination options with an associated penalty. In general, the company is not reasonably certain to exercise such options.

 

For the measurement and classification of lease agreements, we group lease and non-lease components into a single lease component for all underlying asset classes. Variable lease payments primarily include payments for non-lease components, such as maintenance costs, payments for leased assets used beyond their non-cancelable lease term as adjusted for contractual options to terminate or renew, and payments for non-components such as sales tax. Certain leases contain immaterial variable lease payments based on usage.

 

The components of lease expense are as follows:

 

  

December 2, 2023

  

December 3, 2022

 

Operating lease cost

 $13,883  $12,026 

Finance lease cost:

        

Amortization of assets

  2,045   1,535 

Interest on lease liabilities

  1,077   261 

Variable lease cost

  8,554   6,481 

Total net lease cost

 $25,559  $20,303 

 

Supplemental balance sheet information related to leases is as follows:

 

 

Location on

        
 

Balance Sheet

 

December 2, 2023

  

December 3, 2022

 

Operating leases:

         

Operating lease right-of-use assets

Other assets

 $47,433  $32,440 
         

Current operating lease liabilities

Other accrued expenses

  11,277   9,794 

Noncurrent operating lease liabilities

Other liabilities

  36,879   23,421 

Total operating lease liabilities

 $48,156  $33,215 
         

Finance leases:

         

Equipment right-of-use assets

Property, plant and equipment

 $11,681  $11,150 

Building right-of-use asset

Property, plant and equipment

 $14,230  $- 
         

Current obligations of finance leases

Other accrued expenses

 $16,184  $1,541 

Finance leases, net of current obligations

Other liabilities

  6,534   7,507 

Total finance lease liabilities

 $22,718  $9,048 

 

As of December 2, 2023, the weighted average remaining lease term is 9.4 years and the weighted average discount rate is 4.2% for the company's operating lease agreements. The weighted average remaining lease term is 4.0 years and the weighted average discount rate is 5.9% for the company's finance lease agreements.

 

Supplemental information related to leases is as follows:

 

  

December 2, 2023

  

December 3, 2022

 

Cash paid amounts included in the measurement of lease liabilities:

        

Operating cash flows from operating leases

 $11,745  $15,209 

Operating cash flows from finance leases

  1,077   261 

Financing cash flows from finance leases

  268   607 
         

Non-cash investing and financing activities - 

        

    additions to right-of-use assets obtained from:

        

New operating lease liabilities

 $26,687  $15,442 

New finance lease liabilities

  15,015   1,258 

 

Maturities of lease liabilities are as follows:

 

  

December 2, 2023

 

Fiscal Year

 

Finance Leases

  

Operating Leases

 

2024

 $16,535  $12,993 

2025

  1,618   9,452 

2026

  1,441   7,085 

2027

  1,151   5,126 

2028

  684   3,505 

2029 and beyond

  2,376   18,869 

Total

  23,805   57,031 

Less: amounts representing interest

  (1,087)  (8,875)

Present value of future minimum payments

  22,718   48,156 

Less: current obligations

  (16,184)  (11,277)

Noncurrent lease liabilities

 $6,534  $36,879 

 
v3.23.4
Note 7 - Notes Payable, Long-term Debt and Lines of Credit
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 7: Notes Payable, Long-Term Debt and Lines of Credit

 

Notes Payable

 

Notes payable were $1,841 and $28,860 at December 2, 2023 and December 3, 2022, respectively. This amount primarily represents various foreign subsidiaries’ other short-term borrowings that were not part of committed lines. The weighted-average interest rates on short-term borrowings outstanding at December 2, 2023 were approximately 10.75 percent, 16.2 percent in 2022 and 8.1 percent in 2021. Fair values of these short-term obligations approximate their carrying values due to their short maturity. There were no funds drawn from the short-term committed lines at December 2, 2023.

 

Long-Term Debt

 

  

Weighted-Average

  

Fiscal Year

  

Balance at

  

Balance at

 
  

Interest Rate at

  

Maturity

  

December 2,

  

December 3,

 

Long-Term Debt

 

December 2, 2023

  

Date

  

2023

  

2022

 

Revolving credit facility

  6.95%  2028  $-  $175,500 

Term Loan A1

  6.95%  2028   487,500   - 

Term Loan B2

  7.60%  2030   796,000   1,001,150 

Public Notes3

  4.00%  2027   300,000   300,000 

Public Notes4

  4.25%  2028   300,000   300,000 

Other, including debt issuance cost and discount

          (46,910)  (40,394)

Total debt

         $1,836,590  $1,736,256 

Less: current maturities

          -   - 

Total long-term debt, excluding current maturities

         $1,836,590  $1,736,256 

 

1 Term Loan A, due on February 15, 2028, $500,000 variable rate at the Secured Overnight Financing Rate ("SOFR") plus an adjustment of 0.10 percent and an interest rate spread of 1.50 percent based on a leverage grid (6.95 percent at December 2, 2023).

 

2 Term Loan B, due on February 15, 2030, $800,000 variable rate at the SOFR plus 2.25 percent with a SOFR floor of 0.50 percent (7.60 percent at December 2, 2023).

 

3 Public Notes, due February 15, 2027, $300,000 4.00 percent fixed.

 

4 Public Notes, due October 15, 2028, $300,000 4.25 percent fixed; swapped to a floating rate as detailed below.

 

On February 15, 2023, we entered into a credit agreement with a consortium of financial institutions (“Second Amended and Restated Credit Agreement”) which replaces our existing revolving credit agreement under the amended and restated revolving credit agreement dated October 20, 2020 and also replaces our secured term loan credit agreement dated October 20, 2017. The Second Amended and Restated Credit Agreement provides for a new senior secured term loan A facility in an aggregate principal amount of $500,000 (“Term Loan A”), a new senior secured term loan B facility in an aggregate principal amount of $800,000 (“Term Loan B”) and amendments to and extension of our existing senior secured revolving credit facility with an aggregate commitment in the amount of $700,000 (“Revolving Credit Facility”). A portion of the proceeds of the combined facilities, (the “Credit Facilities”) was used to pay off the existing term loan and revolver. Additionally, we wrote off $2,689 of debt issuance costs related to this payoff which was recorded in interest expense for the year ended December 2, 2023. The Credit Facilities will generally be used to finance working capital needs and acquisitions, and for general corporate purposes. All of our obligations under the Credit Facilities are secured by a first-lien security interest in substantially all personal property and material real property of the Company and its material U.S. subsidiaries, and are guaranteed by all of the Company’s material U.S. subsidiaries.

 

Term Loans

 

Interest on Term Loan A is payable at a rate of SOFR plus an adjustment of 0.10 percent and an interest rate spread of 1.50 percent (6.95 percent at December 2, 2023). The interest rate spread is based on a secured leverage grid. Term Loan A matures on February 15, 2028. At December 2, 2023, a balance of $487,500 was outstanding on the Term Loan A. On  August 16, 2023, we amended the Term Loan B agreement to an interest rate of SOFR plus an interest rate spread of 2.25 percent with a SOFR floor of 0.50 percent (7.60 percent at December 2, 2023). Term Loan B matures on February 15, 2030. At December 2, 2023, a balance of $796,000 was outstanding on the Term Loan B.  

 

On January 12, 2023, we entered into an interest rate swap agreement to convert $400,000 of our variable rate 1-month LIBOR rate debt to a fixed rate of 3.6895 percent. On February 28, 2023, after entering into the Second Amended and Restated Credit Agreement, we amended the interest rate swap agreement to 1-month SOFR and a fixed rate of 3.7260 in accordance with the practical expedients included in ASC 848, Reference Rate Reform. See Note 12 for further discussion of this interest rate swap.

 

On March 16, 2023, we entered into an interest rate swap agreement to convert $300,000 of our 1-month SOFR rate debt to a fixed rate of 3.7210 percent and to convert $100,000 of our 1-month SOFR rate debt to a fixed rate of 3.8990 percent. See Note 12 for further discussion of this interest rate swap.

 

Public Notes

 

On February 14, 2017, we issued $300,000 aggregate principal of 10-year unsecured public notes (“10-year Public Notes”) due February 15, 2027 with a fixed coupon of 4.00 percent. Proceeds from this debt issuance were used to repay $138,000 outstanding under the revolving credit facility at that time and prepay $158,750 of our Term Loan A under the credit agreement at that time. On February 14, 2017, we entered into an interest rate swap agreement to convert $150,000 of the 10-year Public Notes to a variable interest rate of 1-month LIBOR plus 1.86 percent and on May 1, 2020, we terminated the swap. See Note 12 for further discussion of this interest rate swap.

 

On October 20, 2020, we issued $300,000 aggregate principal of 8-year unsecured public notes (“8-year Public Notes”) due October 15, 2028 with a fixed coupon of 4.25 percent. Proceeds from this debt issuance were used to prepay $300,000 of our Term Loan B at that time. On February 12, 2021, we entered into interest rate swap agreements to convert our 8-year Public Notes to a variable interest rate of 1-month LIBOR plus 3.28 percent. See Note 12 for further discussion of these interest rate swaps.

 

The Public Notes are senior unsecured obligations of the company and will rank equally with the company’s other unsecured and unsubordinated debt from time to time outstanding.

 

Fair Value of Long-Term Debt

 

Long-term debt had an estimated fair value of $1,785,199 and $1,713,257 as of December 2, 2023 and December 3, 2022, respectively. The fair value of long-term debt is based on quoted market prices for the same or similar issues or on the current rates offered for debt of similar maturities. The estimated fair value of these long-term obligations is not necessarily indicative of the amount that would be realized in a current market exchange.

 

Long-term Debt Maturities

 

Maturities of long-term debt for the next five fiscal years are as follows:

 

Fiscal Year

 

2024

  

2025

  

2026

  

2027

  

2028

  

Thereafter

 

Long-term debt obligations

 $-  $-  $-  $300,000  $787,500  $796,000 

 

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 1.50 percent (6.95 percent at  December 2, 2023). A facility fee of 20 basis points of the unused commitment under the Revolving Credit Facility is payable quarterly. The interest rate spread and the facility fee are based on a secured leverage grid. At December 2, 2023, there was no balance outstanding on the Revolving Credit Facility. The Revolving Credit Facility matures on February 15, 2028. 

 

As of December 2, 2023, amounts related to our revolving credit facility was as follows:

 

  

Committed

  

Drawn

  

Unused

 

Revolving credit facility

 $700,000  $-  $690,032 

 

The secured, multi-currency revolving credit facility can be drawn upon for general corporate purposes up to a maximum of $700,000, less issued letters of credit. At December 2, 2023, letters of credit reduced the available amount under the revolving credit facility 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 greater than 4.75 to 1.00 for our fiscal quarters ending on or prior to June 1, 2024 and then 4.50 to 1.00 thereafter. We are also required to maintain an interest coverage ratio of not less than 2.00 to 1.00. 

 

Restrictive covenants include, but are not limited to, limitations on secured and unsecured borrowings, interest coverage, intercompany transfers and investments, third party investments, dispositions of assets, leases, liens, dividends and distributions, and contains a maximum total debt to trailing twelve months EBITDA requirement. Certain covenants become less restrictive after meeting leverage or other financial ratios. In addition, we cannot be a member of any consolidated group as defined for income tax purposes other than with our subsidiaries.


We are subject to mandatory prepayments in the first quarter of each fiscal year equal to 50 percent of Excess Cash Flow, as defined in the Second Amended and Restated Credit Agreement, of the prior fiscal year less any voluntary prepayments made during that fiscal year. The Excess Cash Flow Percentage shall be reduced to 25 percent when our Secured Leverage Ratio is below 4.25:1.00 and to 0 percent when our Secured Leverage Ratio is below 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. The principal balance of the Term Loan A loans will be repayable in quarterly installments as follows: (i) with respect to the first eight fiscal quarters ended after the effective date of the Second Amended and Restated Credit Agreement, 1.25 percent of the aggregate principal amount of the original principal of the Term Loan A loans, (ii) with respect to the eight fiscal quarters ended after the end of the period set forth in the preceding clause (i), 1.875 percent of the aggregate principal amount of the original principal amount of the Term Loan A loans, and (iii) thereafter, 2.5 percent of the original principal amount of the Term Loan A loans, with the balance due at maturity on February 15, 2028.

 

The Indenture under which the Public Notes have been issued contains covenants imposing certain limitations on the ability of the company to incur liens or enter into sales and leaseback transactions. It also provides for customary events of default (subject in certain cases to customary grace and cure periods), which include among other things nonpayment, breach of covenants in the Indenture and certain events of bankruptcy and insolvency. If an event of default occurs and is continuing with respect to the Public Notes, the Trustee or holders of at least 25% in principal amount outstanding of the Public Notes may declare the principal and the accrued and unpaid interest, if any, on all of the outstanding Public Notes to be due and payable. These covenants and events of default are subject to a number of important qualifications, limitations and exceptions that are described in the Indenture.

 
v3.23.4
Note 8 - Stockholders' Equity
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Equity [Text Block]

Note 8: Stockholders' Equity

 

Preferred Stock

 

The Board of Directors is authorized to issue up to 10,045,900 shares of preferred stock that may be issued in one or more series and with such stated value and terms as the Board of Directors may determine.

 

Common Stock

 

There were 160,000,000 shares of common stock with a par value of $1.00 authorized and 54,092,987 and 53,676,576 shares issued and outstanding at December 2, 2023 and December 3, 2022, respectively.

 

On April 7, 2022, the Board of Directors authorized a new share repurchase program of up to $300,000 of our outstanding common shares for a period of up to five years. Under the program, we are authorized to repurchase shares for cash on the open market, from time to time, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The timing of such repurchases is dependent on price, market conditions and applicable regulatory requirements. Upon repurchase of the shares, we reduce our common stock for the par value of the shares with the excess being applied against additional paid-in capital. This authorization replaces the April 6, 2017 authorization to repurchase shares. We did not repurchase any shares during 2023, 2022 and 2021 under our share repurchase program. Up to $300,000 of our outstanding common shares may still be repurchased under the current share repurchase program.

 

Common Shares Outstanding

 

2023

  

2022

  

2021

 

Beginning balance

  53,676,576   52,777,753   51,906,663 

Stock options exercised

  314,832   657,789   740,731 

Deferred compensation paid

  102,108   118,429   19,895 

Restricted units vested

  113,339   172,474   157,945 

Shares withheld for taxes

  (113,868)  (49,869)  (47,481)

Ending balance

  54,092,987   53,676,576   52,777,753 
v3.23.4
Note 9 - Accounting for Share-based Compensation
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

Note 9: Accounting for Share-Based Compensation

 

Overview

 

We have various share-based compensation programs, which provide for equity awards including non-qualified stock options, incentive stock options, restricted stock units, performance awards and deferred compensation. These equity awards fall under several plans and are described below.

 

Share-based Compensation Plans

 

We currently grant stock options and restricted stock units under equity compensation and deferred compensation plans.

 

Stock options are granted to officers and key employees at prices not less than the fair market value at the date of grant. Non-qualified stock options are generally exercisable beginning one year from the date of grant in cumulative yearly amounts of 33.3 percent. Incentive stock options are based on certain performance-based criteria and are generally exercisable at a stated date when the performance criteria is measured. Stock options generally have a contractual term of 10 years. Options exercised represent newly issued shares.

 

Restricted stock awards are nonvested stock-based awards that include grants of restricted stock units. Restricted stock awards are independent of option grants and are subject to forfeiture if employment terminates prior to the release of the restrictions. Time-based restricted stock awards generally vest beginning one year from the date of grant or 33.3 percent per year for three years, depending on the grant. Performance-based restricted stock awards vest three years from the date of grant. During the vesting period, ownership of the shares cannot be transferred.

 

Restricted stock units have dividend equivalent rights equal to the cash dividend paid on restricted stock shares. However, restricted stock units do not have voting rights of common stock and are not considered issued and outstanding upon grant. Restricted stock units become newly issued shares when vested. The dividend equivalent rights for restricted stock units are forfeitable.

 

We expense the cost, which is the grant date fair market value, of the restricted stock units ratably over the period during which the restrictions lapse. The grant date fair value is our closing stock price on the date of grant.

 

We are required to recognize compensation expense when an employee is eligible to retire. We consider employees eligible to retire at age 55 and after 10 years of service. Awards granted to retirement-eligible employees are forfeited if the retirement-eligible employees retire prior to 180 days after the grant. Accordingly, the related compensation expense is recognized during the 180 day period for awards granted to retirement-eligible employees or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period.

 

2020 Master Incentive Plan

 

This plan allows for granting of awards to any employee, officer, non-employee director, consultant, independent contractor or advisor providing services to us or any of our affiliates, or any person to whom an offer of employment or engagement with us or any of our affiliates has been made. The plan permits granting of (a) stock options; (b) stock appreciation rights; (c) restricted stock and restricted stock units; (d) performance awards; (e) dividend equivalents; (f) other awards based on our common stock, including shares for amounts employees or non-employee directors deferred under the deferred compensation plans. There were 3,413,652 common shares available for grant as of December 2, 2023.

 

2018 Master Incentive Plan

 

This plan allows for granting of awards to employees. The plan permits granting of (a) stock options; (b) stock appreciation rights; (c) restricted stock and restricted stock units; (d) performance awards; (e) dividend equivalents; (f) other awards based on our common stock, including shares for amounts employees deferred under the Key Employee Deferred Compensation Plan.

 

Year 2016 Master Incentive Plan

 

This plan allows for granting of awards to employees. The plan permits granting of (a) stock options; (b) stock appreciation rights; (c) restricted stock awards; (d) performance awards; (e) dividend equivalents; and (f) other awards based on our common stock, including shares for amounts employees deferred under the Key Employee Deferred Compensation Plan.

 

2009 Directors’ Stock Incentive Plan

 

This plan permits granting of (a) shares for amounts non-employee directors defer under the Directors’ Deferred Compensation Plan and (b) discretionary grants of restricted stock, stock options, stock appreciation rights, performance awards and other stock awards.      

 

Directors' Deferred Compensation Plan

 

This plan allows non-employee directors to defer all or a portion of their retainer and meeting fees in a number of investment choices, including units representing shares of our common stock. We provide a 10 percent match on deferred compensation invested in these units. These units are required to be paid out in our common stock.

 

Key Employee Deferred Compensation Plan

 

This plan allows key employees to defer a portion of their eligible compensation in a number of investment choices, including units representing shares of company common stock. We provide a 10 percent match on deferred compensation invested in these units.

 

Grant-Date Fair Value

 

We use the Black-Scholes option-pricing model to calculate the grant-date fair value of stock option awards. The fair value of options granted during 2023, 2022 and 2021 were calculated using the following assumptions:

 

  

2023

  

2022

  

2021

 

Expected life (in years)

  5.00   5.00   5.00 

Weighted-average expected volatility

  35.28%  33.35%  32.50%

Expected volatility range

  35.09-35.69%  33.33-34.34%  32.48% - 32.94% 

Risk-free interest rate

  3.48-4.72%  1.53-4.06%  0.39% - 1.20% 

Weighted-average expected dividend

  1.20%  0.95%  1.26%

Expected dividend yield range

  1.13-1.22%  0.94-1.23%  0.92% - 1.27% 

Weighted-average fair value of grants

 $22.41  $20.91  $13.29 

 

Expected life – We use historical employee exercise and option expiration data to estimate the expected life assumption for the Black-Scholes grant-date valuation. We believe that this historical data is currently the best estimate of the expected term of a new option. We use a weighted-average expected life for all awards.

 

Expected volatility – Volatility is calculated using our stock’s historical volatility for the same period of time as the expected life. We have no reason to believe that its future volatility will differ from the past.

 

Risk-free interest rate – The rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the same period of time as the expected life.

 

Expected dividend yield – The calculation is based on the total expected annual dividend payout divided by the closing stock price on the date of grant.

 

Expense

 

We use the straight-line attribution method to recognize share-based compensation expense for option awards and restricted stock units with graded and cliff vesting. Incentive stock options and performance awards are based on certain performance-based metrics and the expense is adjusted quarterly, based on our projections of the achievement of those metrics. The amount of share-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. The expense is recognized over the requisite service period, which for us is the period between the grant date and the earlier of the award’s stated vesting term or the date the employee is eligible for early vesting based on the terms of the plans.

 

Total share-based compensation expense was $19,911, $24,368 and $22,366 for 2023, 2022 and 2021, respectively. All share-based compensation was recorded as SG&A expense.

 

As of December 2, 2023, $7,526 of unrecognized compensation costs related to unvested stock option awards is expected to be recognized over a weighted-average period of 0.9 years. Unrecognized compensation costs related to unvested restricted stock units was $8,940 which is expected to be recognized over a weighted-average period of 0.68 years.

 

Stock Option Activity

 

The stock option activity for the years ended  December 2, 2023, December 3, 2022, and November 27, 2021 is summarized below:

 

      

Weighted-

 
      

Average

 
  

Options

  

Exercise Price

 

Outstanding at November 28, 2020

  5,545,915  $47.34 

Granted

  1,237,094   53.33 

Exercised

  (740,731)  43.64 

Forfeited or cancelled

  (1,069,886)  56.33 

Outstanding at November 27, 2021

  4,972,392  $47.45 

Granted

  549,458   72.75 

Exercised

  (657,789)  45.79 

Forfeited or cancelled

  (40,991)  61.31 

Outstanding at December 3, 2022

  4,823,070  $50.42 

Granted

  471,975   68.27 

Exercised

  (314,832)  46.43 

Forfeited or cancelled

  (38,328)  63.52 

Outstanding at December 2, 2023

  4,941,885  $52.28 

 

The fair value of options granted during 2023, 2022 and 2021 was $10,577, $5,400 and $17,250, respectively. Total intrinsic value of options exercised during 2023, 2022 and 2021 was $8,015, $16,877 and $15,261, respectively. For options outstanding at December 2, 2023, the weighted-average remaining contractual life was 5.6 years and the aggregate intrinsic value was $121,640. There were 3,926,049 options exercisable at December 2, 2023, with a weighted-average remaining contractual life of 4.9 years and an aggregate intrinsic value of $108,853. Intrinsic value is the difference between our closing stock price on the respective trading day and the exercise price, multiplied by the number of options exercised. Proceeds received from option exercises during the year ended  December 2, 2023, December 3, 2022, and November 27, 2021 were $14,619, $30,122 and $32,325, respectively. The company’s actual tax benefits realized for the tax deductions related to the exercise of stock options for 2023, 2022 and 2021 was $1,885, $3,687 and $3,874, respectively.

 

Restricted Stock Unit Activity

 

The nonvested restricted stock unit activity for the years ended  December 2, 2023, December 3, 2022, and November 27, 2021 is summarized below:

 

          

Weighted-

 
      

Weighted-

  

Average

 
      

Average

  

Remaining

 
      

Grant

  

Contractual

 
      

Date Fair

  

Life

 
  

Units

  

Value

  

(in Years)

 

Nonvested at November 28, 2020

  432,349  $46.22   0.8 

Granted

  356,779   54.49   3.2 

Vested

  (157,945)  48.69   - 

Forfeited

  (78,818)  47.79   0.8 

Nonvested at November 27, 2021

 $552,365  $50.63   1.9 

Granted

  179,603   67.92   3.2 

Vested

  (172,474)  46.74   - 

Forfeited

  (68,374)  45.83   0.1 

Nonvested at December 3, 2022

 $491,120  $58.98   0.7 

Granted

  187,185   63.32   2.2 

Vested

  (113,339)  53.83   - 

Forfeited

  (36,276)  44.48   0.2 

Nonvested at December 2, 2023

 $528,690  $62.61   0.7 

 

Total fair value of restricted stock units vested during 2023, 2022, and 2021 was $6,101, $8,062 and $7,691, respectively. The total fair value of nonvested restricted stock at  December 2, 2023 was $33,101.

 

We indirectly repurchased 37,715, 55,081 and 50,799 shares during 2023, 2022 and 2021, respectively, through a net-settlement feature in connection with the statutory minimum tax withholding related to vesting of restricted stock. The company’s actual tax benefits realized for the tax deductions related to the restricted stock vested for 2023, 2022 and 2021 was $1,396, $2,569 and $1,439, respectively.

 

Deferred Compensation Activity

 

Deferred compensation units are fully vested at the date of contribution. The deferred compensation units outstanding for the years ended  December 2, 2023, December 3, 2022, and November 27, 2021 is summarized below:

 

  

Non-employee

         
  

Directors

  

Employees

  

Total

 

Units outstanding November 28, 2020

  455,265   44,553   499,818 

Participant contributions

  13,036   10,487   23,523 

Company match contributions1

  20,118   1,049   21,167 

Payouts

  (19,895)  (7,728)  (27,623)

Units outstanding November 27, 2021

  468,524   48,361   516,885 

Participant contributions

  89,054   12,985   102,039 

Company match contributions1

  26,843   1,299   28,142 

Payouts

  (118,429)  (6,073)  (124,502)

Units outstanding December 3, 2022

  465,992   56,572   522,564 

Participant contributions

  13,187   12,219   25,406 

Company match contributions1

  18,899   1,222   20,121 

Payouts

  (102,108)  (6,826)  (108,934)

Units outstanding December 2, 2023

  395,970   63,187   459,157 

 

1 The non-employee directors’ company match includes 17,580, 17,937 and 18,814 deferred compensation units paid as discretionary awards to all non-employee directors in 2023, 2022 and 2021, respectively.

 

The fair value of non-employee directors’ company matches for 2023, 2022 and 2021 was $172, $172 and $163, respectively. The fair value of the non-employee directors’ discretionary award was $1,200, $1,080 and $1,215 for 2023, 2022 and 2021, respectively. The fair value of employee company matches was $79, $86 and $61 for 2023, 2022 and 2021, respectively.
v3.23.4
Note 10 - Pension and Postretirement Benefits
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Retirement Benefits [Text Block]

Note 10: Pension and Postretirement Benefits

 

Defined Contribution Plan

 

All U.S. employees have the option of contributing up to 75 percent of their pre-tax earnings to a 401(k) plan, subject to IRS limitations. We match up to the first 4 percent of each employee's pre-tax earnings, based on the employee’s contributions. All U.S. employees are eligible for a separate annual non-discretionary retirement contribution to the 401(k) plan of 1 percent of pay, that is invested based on the election of the individual participant. The 1 percent contribution is in addition to our 4 percent matching contribution described above and is in lieu of participation in our defined benefit pension plan. The total contribution to the 401(k) plan for 2023 was $14,221 which included the cost of the 4 percent company match of $9,853 and the additional 1 percent contribution of $4,368. The total contributions to the 401(k) plan were $12,113 and $12,488 in 2022 and 2021, respectively.

 

All U.S. employees are eligible to receive an annual discretionary non-elective contribution to the 401(k) plan of up to 3 percent based on achieving the company’s earnings per share target. This discretionary contribution is in addition to the contributions described above. There was no discretionary non-elective contribution for 2023 and a discretionary non-elective contribution of $950 was accrued for 2022.

 

The defined contribution plan liability recorded in the Consolidated Balance Sheets was $11,626 and $12,263 in 2023 and 2022, respectively, for the U.S. Plan and several statutorily required non-U.S. Plans.

 

Defined Benefit Plans

 

Noncontributory defined benefit pension plans cover all U.S. employees employed prior to January 1, 2007. Benefits for these plans are based primarily on each employee’s years of service and average compensation. During 2011, we made significant changes to our U.S. pension plan. The changes included: benefits under the plan were locked-in using service and salary as of May 31, 2011, participants no longer earn benefits for future service and salary as they had in the past, affected participants receive a three percent increase to the locked-in benefit for every year they continue to work for us and we are making a retirement contribution of three percent of eligible compensation to the 401(k) Plan for those participants.  The funding policy is consistent with the funding requirements of federal law and regulations. Plan assets consist principally of listed equity securities and bonds. During 2020, we amended the U.S. pension plan to add a program for eligible employees to take a lump sum distribution. No amounts were paid under this program in 2023 or 2022. Other U.S. postretirement benefits are funded through a Voluntary Employees' Beneficiaries Association Trust.

 

Health care and life insurance benefits are provided for eligible retired employees and their eligible dependents. These benefits are provided through various insurance companies and health care providers. Costs are accrued during the years the employee renders the necessary service.

 

Certain non-U.S. subsidiaries provide pension benefits for their employees consistent with local practices and regulations. These plans are primarily defined benefit plans covering substantially all employees upon completion of a specified period of service. Benefits for these plans are generally based on years of service and annual compensation.

 

Following is a reconciliation of the beginning and ending balances of the benefit obligation and fair value of plan assets as of December 2, 2023 and December 3, 2022:

 

  

Pension Benefits

  

Other Postretirement

 
  

U.S. Plans

  

Non-U.S. Plans

  

Benefits

 
  

2023

  

2022

  

2023

  

2022

  

2023

  

2022

 

Change in projected benefit obligation

                        

Benefit obligation at beginning of year

 $269,874  $361,212  $154,850  $238,400  $24,173  $31,262 

Service cost

  -   -   1,670   2,765   -   - 

Interest cost

  13,901   9,653   5,726   2,893   1,205   748 

Participant contributions

  -   -   -   -   232   296 

Actuarial gain1

  (7,298)  (80,296)  (12,435)  (57,159)  (611)  (5,395)

Curtailments

  -   -   -   231   -   - 

Settlement payments

  (141)  (200)  (252)  (7,988)  -   - 

Benefits paid

  (20,946)  (20,495)  (7,663)  (8,370)  (2,866)  (2,738)

Foreign currency translation effect

  -   -   4,900   (15,922)  -   - 

Benefit obligation at end of year

  255,390   269,874   146,796   154,850   22,133   24,173 
                         

Change in plan assets

                        

Fair value of plan assets at beginning of year

  326,786   409,811   141,908   216,623   120,782   135,701 

Actual return on plan assets

  12,811   (63,562)  (5,545)  (45,328)  15,160   (12,613)

Employer contributions

  1,228   1,232   1,744   1,640   145   136 

Participant contributions

  -   -   -   -   232   296 

Settlement payments

  (141)  (200)  -   -   -   - 

Benefits paid2

  (20,946)  (20,495)  (7,663)  (8,369)  (2,866)  (2,738)

Foreign currency translation effect

  -   -   4,178   (22,658)  -   - 

Fair value of plan assets at end of year

  319,738   326,786   134,622   141,908   133,453   120,782 

Plan assets in excess of (less than) benefit obligation as of year end

 $64,348  $56,912  $(12,174) $(12,942) $111,320  $96,608 

 

1 Actuarial gain in 2023 and 2022 for the U.S. Plans is primarily due to assumption changes. Actuarial gain in 2023 and 2022 for the Non-U.S. Plans are due to both assumption changes and plan experience.

2 Amount excludes benefit payments made from sources other than plan assets.

 

Amounts in accumulated other comprehensive income (loss) that have not been recognized as components of net periodic benefit cost

 

Pension Benefits

  

Other Postretirement

 
  

U.S. Plans

  

Non-U.S. Plans

  

Benefits

 
  

2023

  

2022

  

2023

  

2022

  

2023

  

2022

 

Unrecognized actuarial loss (gain)

 $143,522  $137,351  $49,128  $49,306  $(14,442) $(8,530)

Unrecognized prior service cost

  -   -   1,196   1,219   -   - 

Ending balance

 $143,522  $137,351  $50,324  $50,525  $(14,442) $(8,530)

 

  

Pension Benefits

  

Other Postretirement

 
  

U.S. Plans

  

Non-U.S. Plans

  

Benefits

 
  

2023

  

2022

  

2023

  

2022

  

2023

  

2022

 

Statement of financial position as of fiscal year-end

                        

Non-current assets

 $76,677  $69,826  $15,635  $16,790  $113,431  $98,848 

Accrued benefit cost

                        

Current liabilities

  (1,239)  (1,248)  (1,464)  (1,727)  (218)  (218)

Non-current liabilities

  (11,089)  (11,666)  (26,345)  (28,006)  (1,893)  (2,021)

Ending balance

 $64,349  $56,912  $(12,174) $(12,943) $111,320  $96,609 

 

The accumulated benefit obligation of the U.S. pension and other postretirement plans was $273,197 at  December 2, 2023 and $289,049 at December 3, 2022. The accumulated benefit obligation of the non-U.S. pension plans was $141,402 at  December 2, 2023 and $148,927 at December 3, 2022.

 

The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of December 2, 2023 and December 3, 2022:

 

  

Pension Benefits and Other Postretirement Benefits

 
  

U.S. Plans

  

Non-U.S. Plans

 
  

2023

  

2022

  

2023

  

2022

 

Accumulated benefit obligation

 $12,329  $12,914  $35,034  $36,820 

Fair value of plan assets

  -   -   9,700   9,617 

 

The following amounts relate to pension plans with projected benefit obligations in excess of plan assets as of December 2, 2023 and December 3, 2022:

 

  

Pension Benefits and Other Postretirement Benefits

 
  

U.S. Plans

  

Non-U.S. Plans

 
  

2023

  

2022

  

2023

  

2022

 

Projected benefit obligation

 $12,329  $12,914  $37,510  $39,350 

Fair value of plan assets

  -   -  $9,700   9,617 

 

Information about the expected cash flows is as follows:

 

   

Pension Benefits

  

Other

 
       

Non-U.S.

  

Postretirement

 
   

U.S. Plans

  

Plans

  

Benefits

 

Employer contributions

             

2024

  $-  $5  $- 

Expected benefit payments

             

2024

   21,330   8,387   2,723 

2025

   21,351   8,470   2,622 

2026

   21,251   8,651   2,512 

2027

   21,168   8,948   2,382 
2028- 2033   121,219   53,787   11,487 

 

The components of our net period defined benefit pension and postretirement benefit costs other than service cost are presented as non-operating expenses and service cost is presented in operating expenses.

 

Components of net periodic benefit cost and other supplemental information for the years ended  December 2, 2023, December 3, 2022, and November 27, 2021 are as follows:

 

  

Pension Benefits

  

Other

 
  

U.S. Plans

  

Non-U.S. Plans

  

Postretirement Benefits

 

Net periodic cost (benefit)

 

2023

  

2022

  

2021

  

2023

  

2022

  

2021

  

2023

  

2022

  

2021

 

Service cost

 $-  $-  $-  $1,670  $2,765  $3,280  $-  $-  $21 

Interest cost

  13,901   9,653   9,299   5,726   2,893   2,941   1,205   748   822 

Expected return on assets

  (28,821)  (29,018)  (31,123)  (7,027)  (6,465)  (12,348)  (9,859)  (11,084)  (8,945)

Amortization:

                                    

Prior service (benefit) cost

  -   (3)  (3)  62   63   69   -   -   - 

Actuarial loss (gain)

  2,541   4,132   3,198   1,993   2,411   4,053   -   (3,445)  73 

Settlement charge

  -   -   -   19   3,329   -   -   -   - 

Net periodic (benefit) cost

 $(12,379) $(15,237) $(18,629) $2,443  $4,996  $(2,005) $(8,654) $(13,781) $(8,029)

 

  

Pension Benefits

  

Other

 
  

U.S. Plans

  

Non-U.S. Plans

  

Postretirement Benefits

 

Weighted-average assumptions used to determine benefit obligations

 

2023

  

2022

  

2021

  

2023

  

2022

  

2021

  

2023

  

2022

  

2021

 

Discount rate

  5.66%  5.36%  2.75%  4.37%  3.70%  1.27%  5.61%  5.29%  2.51%

Rate of compensation increase1

  0.00%  0.00%  0.00%  1.82%  1.83%  1.48%  N/A   N/A   N/A 

 

Weighted-average assumptions used to determine net costs for years ended

 

2023

  

2022

  

2021

  

2023

  

2022

  

2021

  

2023

  

2022

  

2021

 

Discount rate

  5.36%  2.75%  2.50%  3.71%  1.29%  1.19%  5.29%  2.51%  2.19%

Expected return on plan assets

  7.75%  7.00%  7.24%  5.02%  3.49%  6.15%  8.25%  8.25%  8.25%

Rate of compensation increase1

  0.00%  0.00%  0.00%  1.82%  1.68%  1.67%  0.00%  0.00%  0.00%

 

1 Under the U.S. pension plan, the compensation amount was locked-in as of May 31, 2011 and thus the benefit no longer includes compensation increases. 

 

The discount rate assumption is determined using an actuarial yield curve approach, which results in a discount rate that reflects the characteristics of the plan. The approach identifies a broad population of corporate bonds that meet the quality and size criteria for the particular plan. We use this approach rather than a specific index that has a certain set of bonds that may or may not be representative of the characteristics of our particular plan. A higher discount rate reduces the present value of the pension obligations. The discount rate for the U.S. pension plan was 5.66 percent at December 2, 2023, 5.36 percent at  December 3, 2022 and 2.76 percent at November 27, 2021. Net periodic pension cost for a given fiscal year is based on assumptions developed at the end of the previous fiscal year. A discount rate change of 0.5 percentage points at  December 2, 2023 would impact U.S. pension and other postretirement plan (income) expense by approximately $149 (pre-tax) in fiscal 2024. Discount rates for non-U.S. plans are determined in a manner consistent with the U.S. plans.

 

For the U.S. pension plan, we adopted the Adjusted Pri-2012 base mortality table projected generationally using scale MP-2021.

 

The expected long-term rate of return on plan assets assumption for the U.S. pension plan was 7.75 percent in 2023, 7.00 percent in 2022 and 7.25 percent in 2021. Our expected long-term rate of return on U.S. plan assets was based on our target asset allocation assumption of 55 percent equities and 45 percent fixed-income. Management, in conjunction with our external financial advisors, determines the expected long-term rate of return on plan assets by considering the expected future returns and volatility levels for each asset class that are based on historical returns and forward-looking observations. For 2023, the expected long-term rate of return on the target equities allocation was 8.50 percent and the expected long-term rate of return on the target fixed-income allocation was 5.60 percent. The total plan rate of return assumption included an estimate of the effect of diversification and the plan expense. A change of 0.5 percentage points for the expected return on assets assumption would impact U.S. net pension and other postretirement plan expense by approximately $2,266 (pre-tax).

 

Management, in conjunction with our external financial advisors, uses the actual historical rates of return of the asset categories to assess the reasonableness of the expected long-term rate of return on plan assets.

 

The expected long-term rate of return on plan assets assumption for non-U.S. pension plans was a weighted-average of 5.02 percent in 2023 compared to 3.49 percent in 2022 and 6.15 percent in 2021. The expected long-term rate of return on plan assets assumption used in each non-U.S. plan is determined on a plan-by-plan basis for each local jurisdiction and is based on expected future returns for the investment mix of assets currently in the portfolio for that plan. Management, in conjunction with our external financial advisors, develops expected rates of return for each plan, considers expected long-term returns for each asset category in the plan, reviews expectations for inflation for each local jurisdiction, and estimates the effect of active management of the plan’s assets. Our largest non-U.S. pension plans are in the United Kingdom and Germany. The expected long-term rate of return on plan assets for the United Kingdom was 4.50 percent and the expected long-term rate of return on plan assets for Germany was 5.50 percent. Management, in conjunction with our external financial advisors, uses actual historical returns of the asset portfolio to assess the reasonableness of the expected rate of return for each plan.

 

Assumed health care trend rates

 

2023

  

2022

  

2021

 

Health care cost trend rate assumed for next year

  6.25%  6.50%  6.50%

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)

  5.75%  5.75%  5.00%

Fiscal year that the rate reaches the ultimate trend rate

 2026  2026  2028 

 

The asset allocation for the company’s U.S. and non-U.S. pension plans at the end of 2023 and 2022 follows.

 

  

U.S. Pension Plans

  

Non-U.S. Pension Plans

  

Other Postretirement Plans

 
      

Percentage of

      

Percentage of

      

Percentage of

 
      

Plan Assets at

      

Plan Assets at

      

Plan Assets at

 
  

Target

  

Year-End

  

Target

  

Year-End

  

Target

  

Year-End

 

Asset Category

 

2023

  

2023

  

2022

  

2023

  

2023

  

2022

  

2023

  

2023

  

2022

 

Equities

  55.0%  53.8%  53.1%  21.0%  22.0%  25.5%  0.0%  0.0%  0.0%

Fixed income

  45.0%  44.9%  45.8%  79.0%  77.2%  70.0%  0.0%  0.0%  0.0%

Insurance

  0.0%  0.0%  0.1%  0.0%  0.0%  0.0%  100.0%  99.5%  98.9%

Cash1

  0.0%  1.3%  1.0%  0.0%  0.8%  4.5%  0.0%  0.5%  1.1%

Total

  100%  100%  100%  100%  100%  100%  100%  100%  100%

 

Plan Asset Management

 

Plan assets are held in trust and invested in mutual funds, separately managed accounts and other commingled investment vehicles holding U.S. and non-U.S. equity securities, fixed income securities and other investment classes. We employ a total return approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. Futures and options may also be used to enhance risk-adjusted long-term returns while improving portfolio diversification and duration. Risk management is accomplished through diversification across asset classes, utilization of multiple investment managers and general plan-specific investment policies. Risk tolerance is established through careful consideration of the plan liabilities, plan funded status and our assessment of our overall liquidity position. This asset allocation policy mix is reviewed annually and actual versus target allocations are monitored regularly and rebalanced on an as-needed basis. Plan assets are invested using a combination of active and passive investment strategies. Passive, or “indexed” strategies, attempt to mimic rather than exceed the investment performance of a market benchmark. The plans’ active investment strategies employ multiple investment management firms which in aggregate cover a range of investment styles and approaches. Performance is monitored and compared to relevant benchmarks on a regular basis.

 

The U.S. pension plans consist of two plans: a pension plan and a supplemental executive retirement plan (“SERP”). There were no assets in the SERP in 2023 and 2022. Consequently, all of the data disclosed in the asset allocation table for the U.S. pension plans pertain to our U.S. pension plan.

 

During 2023, we maintained our assets within the allowed ranges of the target asset allocation mix of 55 percent equities and 45 percent fixed income plus or minus 5 percent and continued our focus to reduce volatility of plan assets in future periods and to more closely match the duration of the assets with the duration of the liabilities of the plan.

 

The non-U.S. pension plans consist of all the pension plans administered outside the U.S., principally consisting of plans in Germany and the United Kingdom. During 2023, we maintained our assets for the non-U.S. pension plans at the specific target asset allocation mix determined for each plan plus or minus the allowed rate and continued our focus to reduce volatility of plan assets in future periods and to more closely match the duration of the assets with the duration of the liabilities of the individual plans. We plan to maintain the portfolios at their respective target asset allocations in 2024.

 

Other postretirement benefits plans consist of two U.S. plans: a retiree medical health care plan and a group term life insurance plan. There were no assets in the group term life insurance plan for 2023 and 2022. Consequently, all of the data disclosed in the asset allocation table for other postretirement plans pertain to our retiree medical health care plan. Our investment strategy for other postretirement benefit plans is to own insurance policies that maintain an asset allocation nearly completely in equities. These equities are invested in a passive portfolio indexed to the S&P 500.

 

Fair Value of Plan Assets

 

The following table presents plan assets categorized within a three-level fair value hierarchy as described in Note 13.

 

  

December 2, 2023

 

U.S. Pension Plans

 

Level 1

  

Level 2

  

Level 3

  

Total Assets

 

Equities

 $-  $172,166  $-  $172,166 

Fixed income

  -   129,044   -   129,044 

Cash

  4,054   -   -   4,054 

Total categorized in the fair value hierarchy

  4,054   301,210   -   305,264 

Other investments measured at NAV1

  -   -   -   14,474 

Total

 $4,054  $301,210  $-  $319,738 

 

Non-U.S. Pension Plans

 

Level 1

  

Level 2

  

Level 3

  

Total Assets

 

Equities

 $29,601  $-  $-  $29,601 

Fixed income

  40,686   -   726   41,412 

Cash

  1,137   -   -   1,137 

Total categorized in the fair value hierarchy

  71,424   -   726   72,150 
Other investments measured at NAV1              62,472 

Total

 $71,424  $-  $726  $134,622 

 

Other Postretirement Benefits

 

Level 1

  

Level 2

  

Level 3

  

Total Assets

 

Insurance

 $-  $-  $132,754  $132,754 

Cash

  699   -   -   699 

Total

 $699  $-  $132,754  $133,453 

 

  

December 3, 2022

 

U.S. Pension Plans

 

Level 1

  

Level 2

  

Level 3

  

Total Assets

 

Equities

 $-  $152,084  $21,525  $173,609 

Fixed income

  -   126,114   23,547   149,661 

Insurance

  -   -   179   179 

Cash

  3,337   -   -   3,337 

Total categorized in the fair value hierarchy

  3,337   278,198   45,251   326,786 

 

Non-U.S. Pension Plans

 

Level 1

  

Level 2

  

Level 3

  

Total Assets

 

Equities

 $28,422  $-  $-  $28,422 

Fixed income

  41,515   -   703   42,218 

Cash

  491   -   -   491 

Total categorized in the fair value hierarchy

  70,428   -   703   71,131 

Other investments measured at NAV1

              70,777 

Total

 $70,428  $-  $703  $141,908 

 

Other Postretirement Benefits

 

Level 1

  

Level 2

  

Level 3

  

Total Assets

 

Insurance

 $-  $-  $119,446  $119,446 

Cash

  1,336   -   -   1,336 

Total

 $1,336  $-  $119,446  $120,782 

 

1 In accordance with ASC Topic 820-10, Fair Value Measurement, certain investments that are measured at NAV (Net Asset Value per share) (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts represented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

 

The definitions of fair values of our pension and other postretirement benefit plan assets at  December 2, 2023 and December 3, 2022 by asset category are as follows:

 

Equities—Primarily publicly traded common stock for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: (i) U.S. and non-U.S. equity securities and mutual funds valued at closing prices from national exchanges; and (ii) commingled funds valued at unit values or net asset values provided by the investment managers, which are based on the fair value of the underlying investments. Funds valued at net asset value have various investment strategies including seeking maximum total returns consistent with prudent investment management, seeking current income consistent with preservation of capital and daily liquidity and seeking to approximate the risk and return characterized by a specific index fund. There are no restrictions for redeeming holdings out of these funds and the funds have no unfunded commitments.

 

Fixed income—Primarily corporate and government debt securities for purposes of total return and managing fixed income exposure to policy allocations. Investments include (i) mutual funds valued at closing prices from national exchanges, (ii) corporate and government debt securities valued at closing prices from national exchanges, (iii) commingled funds valued at unit values or net asset value provided by the investment managers, which are based on the fair value of the underlying investments, and (iv) an annuity contract, the value of which is determined by the provider and represents the amount the plan would receive if the contract were cashed out at year-end.

 

Insurance—Insurance contracts for purposes of funding postretirement medical benefits. Fair values are the cash surrender values as determined by the providers which are the amounts the plans would receive if the contracts were cashed out at year end.

 

Cash–Cash balances on hand, accrued income and pending settlements of transactions for purposes of handling plan payments. Fair values are the cash balances as reported by the Trustees of the plans.

 

The following is a roll forward of the Level 3 investments of our pension and postretirement benefit plan assets during the years ended December 2, 2023 and December 3, 2022:

 

  

Fixed Income

 

U.S. Pension Plans

 

2023

  

2022

 

Level 3 balance at beginning of year

 $45,251  $186 

Net transfers (out of)/into level 3

  (45,072) $16,564 

Purchases, sales, issuances and settlements, net

  (179)  28,501 

Level 3 balance at end of year

 $-  $45,251 

 

  

Fixed Income

 

Non-U.S. Pension Plans

 

2023

  

2022

 

Level 3 balance at beginning of year

 $703  $749 

Net transfers into level 3

  -   7 

Net losses

  -   (1)

Currency change effect

  23   (52)

Level 3 balance at end of year

 $726  $703 

 

  

Insurance

 

Other Postretirement Benefits

 

2023

  

2022

 

Level 3 balance at beginning of year

 $119,446  $135,484 

Net transfers out of level 3

  -   (1,992)

Purchases, sales, issuances and settlements, net

  (1,144)  (1,122)

Net gains/(losses)

  14,452   (12,924)

Level 3 balance at end of year

 $132,754  $119,446 
v3.23.4
Note 11 - Income Taxes
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

 

Note 11: Income Taxes

 

Income before income taxes and income from equity method investments

 

2023

  

2022

  

2021

 

United States

 $15,276  $63,718  $14,989 

Non-U.S.

  218,885   188,210   201,862 

Total

 $234,161  $251,928  $216,851 

 

Components of the provision for income tax expense (benefit)

 

2023

  

2022

  

2021

 

Current:

            

U.S. federal

 $18,347  $12,181  $10,310 

State

  5,529   3,389   2,265 

Non-U.S.

  87,449   63,750   57,801 
   111,325   79,320   70,376 

Deferred:

            

U.S. federal

  (100)  8,150   (6,891)

State

  (4,111)  (1,767)  (350)

Non-U.S.

  (13,585)  (8,517)  (102)
   (17,796)  (2,134)  (7,343)

Total

 $93,529  $77,186  $63,033 

 

Reconciliation of effective income tax

 

2023

  

2022

  

2021

 

Tax at statutory U.S. federal income tax rate

 $49,174  $52,760  $45,539 

State income taxes, net of federal benefit

  1,137   1,252   1,444 

Foreign dividend repatriation1 

  21,730   2,596   1,104 

Foreign operations

  12,558   1,868   19,673 

Executive compensation over $1.0 million

  784   2,847   2,507 

Non-U.S. stock option expense

  730   525   575 

Change in valuation allowance

  725   3,187   (9,572)

Research and development tax credit

  (1,400)  (927)  (993)

Foreign-derived intangible income

  (2,665)  (2,786)  (2,617)

Global intangible low-taxed income

  2,345   1,890   2,334 

Provision to return

  1,336   840   1,122 

Cross currency swap

  -   7,020   3,931 

Contingency reserve

  5,951   5,909   (2,139)

Other

  1,124   205   125 

Total income tax expense

 $93,529  $77,186  $63,033 

 

1 Foreign dividend repatriation line includes impact of withholding tax recorded on earnings that are no longer permanently reinvested.

 

Deferred income tax balances at each year-end related to:

 

2023

  

2022

 

Deferred tax assets:

        

Pension and other post-retirement benefit plans

 $5,306  $6,752 

Employee benefit costs

  27,672   25,196 

Foreign tax credit carryforward

  6,538   7,884 

Tax loss carryforwards

  25,894   22,948 

Leases

  12,716   8,538 

Hedging activity

  18,638   13,299 

Interest deduction limitation

  37,519   17,736 

Other

  33,022   28,840 

Gross deferred tax assets

  167,305   131,193 

Less: valuation allowance

  (15,595)  (14,424)

Total net deferred tax assets

  151,710   116,769 

Deferred tax liability:

        

Depreciation and amortization

  (209,266)  (215,219)

Pension and other post-retirement benefit plans

  (41,444)  (37,362)

Undistributed earnings of non-U.S. subsidiaries

  (21,926)  - 

Leases

  (12,510)  (8,329)

Total deferred tax liability

  (285,146)  (260,910)

Net deferred tax liability

 $(133,436) $(144,141)

 

The difference between the change in the deferred tax liability on the balance sheet and the deferred tax provision is primarily related to the defined benefit pension plan adjustment and hedges recorded in accumulated other comprehensive income (loss) offset by liabilities established in purchase accounting.

 

Valuation allowances primarily relate to foreign net operating loss carryforwards and branch foreign tax credit carryforwards where the future potential benefits do not meet the more-likely-than-not realization test. The increase in the valuation allowance is primarily related to a decrease in foreign net operating losses for which the Company does not expect to receive a full tax benefit.

 

Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those deferred tax assets and liabilities are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more-likely-than-not to be realized. We believe it is more-likely-than-not that reversal of deferred tax liabilities and forecasted income will be sufficient to fully recover the net deferred tax assets not already offset by a valuation allowance. In the event that all or part of the gross deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made.

 

U.S. income taxes have not been provided on approximately $1,154,354 of undistributed earnings of non-U.S. subsidiaries. We intend to indefinitely reinvest these undistributed earnings. Cash available in the United States has historically been sufficient and we expect it will continue to be sufficient to fund U.S. cash flow requirements. In the event these earnings are later distributed to the U.S., such distributions would likely result in additional U.S. tax.

 

While non-U.S. operations have been profitable overall, there are cumulative tax losses of $81,655 in various countries. These tax losses can be carried forward to offset the income tax liabilities on future income in these countries. Cumulative tax losses of $60,269 can be carried forward indefinitely, while the remaining $21,386 of tax losses must be utilized during 2024 to 2041.

 

The U.S. has a branch foreign tax credit carryforward of $4,465. A valuation allowance has been recorded against this foreign tax credit carryforward to reflect that this amount is not more-likely-than-not to be realized.

 

The table below sets forth the changes to our gross unrecognized tax benefit as a result of uncertain tax positions, excluding accrued interest.  We do not anticipate that the total unrecognized tax benefits will change significantly within the next twelve months.

 

  

2023

  

2022

 

Balance at beginning of year

 $17,582  $13,281 

Tax positions related to the current year:

        

Additions

  723   469 
         

Tax positions related to prior years:

        

Additions

  5,658   5,885 

Reductions

  (965)  (1,019)

Settlements

  (8,156)  - 

Lapses in applicable statutes of limitation

  (588)  (1,034)

Balance at end of year

 $14,254  $17,582 

 

Included in the balance of unrecognized tax benefits as of  December 2, 2023 and December 3, 2022 are potential benefits of $10,338 and $12,663 respectively, that, if recognized, would affect the effective tax rate.

 

We report accrued interest and penalties related to unrecognized tax benefits in income tax expense. For the year ended December 2, 2023, we recognized a net benefit for interest and penalties of $824 relating to unrecognized tax benefits and had net accumulated accrued interest and penalties of $6,708 as of December 2, 2023. For the year ended December 3, 2022, we recognized a net benefit for interest and penalties of $2,760 relating to unrecognized tax benefits and had net accumulated accrued interest and penalties of $6,275 as of December 3, 2022.

 

We are subject to U.S. federal income tax as well as income tax in numerous state and foreign jurisdictions. We are no longer subject to U.S. federal tax examination for years prior to 2020 or Swiss income tax examination for years prior to 2020. During the second quarter of 2016, H.B. Fuller (China) Adhesives, Ltd. was notified of a transfer pricing audit covering the calendar years 2005 through 2014. We are in various stages of examination and appeal in other foreign jurisdictions. Although the final outcomes of these examinations cannot currently be determined, we believe that we have recorded adequate liabilities with respect to these examinations.
v3.23.4
Note 12 - Financial Instruments
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 12: Financial Instruments

 

Overview

 

As a result of being a global enterprise, foreign currency exchange rates and fluctuations in those rates may affect the Company's net investment in foreign subsidiaries and our earnings, cash flows and financial position are exposed to foreign currency risk from foreign currency denominated receivables and payables.

 

We use foreign currency forward contracts, cross-currency swaps, interest rate swaps and net investment hedges to manage risks associated with foreign currency exchange rates and interest rates. We do not hold derivative financial instruments of a speculative nature or for trading purposes. We record derivatives as assets and liabilities on the balance sheet at fair value. Changes in fair value are recognized immediately in earnings unless the derivative qualifies and is designated as a hedge. Cash flows from derivatives are classified in the Consolidated Statement of Cash Flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships. The company evaluates hedge effectiveness at inception and on an ongoing basis. If a derivative is no longer expected to be effective, hedge accounting is discontinued. Hedge ineffectiveness, if any, is recorded in earnings.

 

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 anticipate nonperformance by any of these counterparties, and valuation allowances, if any, are de minimis.

 

Cash Flow Hedges

 

On January 12, 2023, we entered into an interest rate swap agreement to convert $400,000 of our variable rate 1-month LIBOR rate debt to a fixed rate of 3.6895 percent that matures on January 12, 2028. On February 28, 2023, after refinancing our debt, we amended the interest rate swap agreement to our 1-month SOFR rate debt to a fixed rate of 3.7260 in accordance with the practical expedients included in ASC 848, Reference Rate Reform. The combined fair value of the interest rate swap was an asset of $2,458 at December 2, 2023 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, we entered into an interest rate swap agreement to convert $300,000 of our 1-month SOFR rate debt to a fixed rate of 3.7210 percent that matures on February 15, 2028. The combined fair value of the interest rate swap was an asset of $1,174 at December 2, 2023 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 swaps.

 

On March 16, 2023, we entered into an interest rate swap agreement to convert $100,000 of our 1-month SOFR rate debt to a fixed rate of 3.8990 percent that matures on February 15, 2028. The combined fair value of the interest rate swap was a liability of $63 at December 2, 2023 and was included in other liabilities 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 these interest rate swaps. 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 swaps.

 

The amounts of pretax gains (losses) recognized in comprehensive income related to derivative instruments designated as cash flow hedges are as follows:

 

  

December 2, 2023

  

December 3, 2022

  

November 27, 2021

 

Cross-currency swap contracts

 $-  $(3,536) $(4,554)

Interest rate swap contracts

 $5,932  $13,148  $20,109 

Net investment hedges

 $(18,555) $(54,040)  - 

 

Fair Value Hedges

 

On February 12, 2021, we entered into interest rate swap agreements to convert our $300,000 Public Notes that were issued on October 20, 2020 to a variable interest rate of 1-month LIBOR plus 3.28 percent. On June 30, 2023, 1-month LIBOR rates ceased to exist and the IBOR Fallbacks Protocol published by the International Swaps and Derivatives Association ("ISDA") took effect as outlined in the interest rate swap agreement. As a result, the interest rate swap agreements were converted to Overnight SOFR plus 3.28 percent. We applied the practical expedients included in ASC 848, Reference Rate Reform. See Note 7 for further discussion on the issuance of our Public Notes. These interest rate swap agreements mature on October 15, 2028. The combined fair value of the interest rate swaps was a liability of $41,532 at  December 2, 2023, and was included in other liabilities in the Consolidated Balance Sheets. The swaps were designated for hedge accounting treatment as fair value hedges. We apply the short cut method and assume hedge effectiveness. Changes in the fair value of a hypothetically perfect swap with terms that match the critical terms of our $300,000 fixed rate Public Notes are compared with the change in the fair value of the swaps. 

 

On February 14, 2017, we entered into an interest rate swap agreement to convert $150,000 of our $300,000 Public Notes that were issued on February 14, 2017 to a variable interest rate of 1-month LIBOR plus 1.86 percent. The swap was designated for hedge accounting treatment as a fair value hedge. We applied 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 $150,000 fixed rate Public Notes are compared with the change in the fair value of the swap. On May 1, 2020, we terminated the swap agreement. Upon termination, we received $15,808 in cash. The remaining swap liability will be accounted for as a discount on long-term debt and will be amortized to interest expense over the remaining life of the Public Notes of seven years.

 

Net Investment Hedges

 

On October 17, 2022, we entered into a float-to-float cross-currency interest rate swap agreement with a notional amount of €307,173 maturing in October 2028. On October 20, 2022, we entered into fixed-to-fixed cross-currency interest rate swap agreements for a total notional amount of €300,000 with tranches maturing in August 2025, August 2026 and February 2027. On June 30, 2023, 1-month LIBOR rates ceased to exist and the IBOR Fallbacks Protocol published by the International Swaps and Derivatives Association (ISDA) took effect as outlined in the interest rate swap agreement. As a result, the 1-month LIBOR leg of the float-to-float agreement was converted to Overnight SOFR plus 3.28 percent. On July 17, 2023, we amended the 1-month EURIBOR leg of the float-to-float agreement to Overnight ESTR plus 3.2195 percent. We applied the practical expedients included in ASC 848, Reference Rate Reform. As of December 2, 2023, the combined fair value of the swaps was a liability of $72,589 and was included in other liabilities in the Consolidated Balance Sheets. The cross-currency interest rate swaps hedge a portion of the Company’s investment in Euro denominated foreign subsidiaries.

 

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 $54,850 as of December 2, 2023. The amounts of pretax loss recognized in comprehensive income related to the net investment hedge was $18,712 in 2023. As of December 2, 2023, we did not reclassify any gains or losses into earnings from net investment hedges and we do not expect to reclassify any such gain or loss into earnings within the next twelve months. No amounts related to net investment hedges have been excluded from the assessment of hedge effectiveness.

 

Derivatives Not Designated As Hedging Instruments

 

The company uses foreign currency forward contracts to offset its 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 designated as accounting hedges. Foreign currency forward contracts are recorded as assets and liabilities on the balance sheet at fair value. Changes in the value of these derivatives are recognized immediately in earnings, thereby offsetting the current earnings effect of the related foreign currency denominated assets and liabilities. See Note 13 for fair value amounts of these derivative instruments.

 

As of December 2, 2023, we had forward foreign currency contracts maturing between December 4, 2023 and May 13, 2024. The mark-to-market effect associated with these contracts was largely offset by the underlying transaction gains and losses resulting from the foreign currency exposures for which these contracts relate.

 

The amounts of pretax gains (losses) recognized in other income, net related to derivative instruments not designated as hedging instruments are as follows:

 

  

December 2, 2023

  

December 3, 2022

  

November 27, 2021

 

Foreign currency forward contracts

 $8,497  $5,711  $(357)

 

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 December 2, 2023, there were no significant concentrations of credit risk.
v3.23.4
Note 13 - Fair Value Measurements
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 13: Fair Value Measurements

 

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 broad levels. The following is a brief description of those three levels:

 

 

●

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

 

●

Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

 

●

Level 3: Unobservable inputs that reflect management’s assumptions, and include situations where there is little, if any, market activity for the asset or liability.

 

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 December 2, 2023 and December 3, 2022, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

 

      

Fair Value Measurements

 
      

Using:

 
  

December 2,

             

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 liability

  72,589   -   72,589   - 

Contingent consideration liability

  1,370   -   -   1,370 
                 

 

      

Fair Value Measurements

 
      

Using:

 
  

December 3,

             

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  $- 

Cross-currency cash flow hedge liabilities

  42,542   -   42,542   - 

Interest rate swaps, cash flow hedge liabilities

  54,046   -   54,046   - 

Contingent consideration liability

  1,977   -   -   1,977 

 

The valuation of our contingent consideration liability related to the acquisitions of GSSI and TissueSeal was $870 and $500, respectively, as of December 2, 2023. As of December 2, 2023, the agreement provisions for the ZKLT contingent consideration were met, and as a result, $4,132 was paid during 2023. Adjustments to the fair value of contingent consideration are recorded to selling, general and administrative expenses in the Statement of Income. See Note 2 for further discussion regarding our acquisitions.

 

Contingent consideration liability

 

2023

 

Level 3 balance at beginning of year

 $1,977 

Fair value adjustment

  3,763 

Payment of contingent consideration

  (4,132)

Mark to market adjustment

  (238)

Level 3 balance at end of year

 $1,370 

 

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) inputs. The fair value of the intangible assets was calculated using either the income or cost approach. Significant inputs include estimated revenue growth rates, gross margins, operating expenses, attrition rate, royalty rate and discount rate.  

 

See Note 2 for further discussion regarding our acquisitions.

 

See Note 7 for discussion regarding the fair value of debt.
v3.23.4
Note 14 - Commitments and Contingencies
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

Note 14: Commitments and Contingencies

 

Environmental Matters 

 

From time to time, we become aware of compliance matters relating to, or receive notices from, federal, state or local entities regarding possible or alleged violations of environmental, health or safety laws and regulations. We review the circumstances of each individual site, considering the number of parties involved, the level of potential liability or our contribution relative to the other parties, the nature and magnitude of the hazardous substances involved, the method and extent of remediation, the estimated legal and consulting expense with respect to each site and the time period over which any costs would likely be incurred. Also, from time to time, we are identified as a potentially responsible party (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") and/or similar state laws that impose liability for costs relating to the clean up of contamination resulting from past spills, disposal or other release of hazardous substances. We are also subject to similar laws in some of the countries where current and former facilities are located. Our environmental, health and safety department monitors compliance with applicable laws on a global basis. To the extent we can reasonably estimate the amount of our probable liabilities for environmental matters, we establish an undiscounted financial provision. We recorded liabilities of $5,034 and $5,754 as of December 2, 2023 and December 3, 2022, respectively, for probable and reasonably estimable environmental remediation costs. Of the amount reserved, $2,301 and $2,789 as of December 2, 2023 and December 3, 2022, respectively, is attributable to a facility we own in Simpsonville, South Carolina as a result of our Royal Adhesives acquisition that is a designated site under CERCLA.

 

Currently we are involved in various environmental investigations, clean up activities and administrative proceedings and lawsuits. In particular, we are currently deemed a PRP in conjunction with numerous other parties, in a number of government enforcement actions associated with landfills and/or hazardous waste sites. As a PRP, we may be required to pay a share of the costs of investigation and clean up of these sites. In addition, we are engaged in environmental remediation and monitoring efforts at a number of current and former operating facilities. While uncertainties exist with respect to the amounts and timing of the ultimate environmental liabilities, based on currently available information, we have concluded that these matters, individually or in the aggregate, will not have a material adverse effect on our results of operations, financial condition or cash flow.

 

Other Legal Proceedings 

 

From time to time and in the ordinary course of business, we are a party to, or a target of, lawsuits, claims, investigations and proceedings, including product liability, personal injury, contract, patent and intellectual property, environmental, health and safety, tax and employment matters. While we are unable to predict the outcome of these matters, we have concluded, based upon currently available information, that the ultimate resolution of any pending matter, individually or in the aggregate, including the asbestos litigation described in the following paragraphs, will not have a material adverse effect on our results of operations, financial condition or cash flow.

 

We have been named as a defendant in lawsuits in which plaintiffs have alleged injury due to products containing asbestos manufactured more than 35 years ago. The plaintiffs generally bring these lawsuits against multiple defendants and seek damages (both actual and punitive) in very large amounts. In many cases, plaintiffs are unable to demonstrate that they have suffered any compensable injuries or that the injuries suffered were the result of exposure to products manufactured by us. We are typically dismissed as a defendant in such cases without payment. If the plaintiff presents evidence indicating that compensable injury occurred as a result of exposure to our products, the case is generally settled for an amount that reflects the seriousness of the injury, the length, intensity and character of exposure to products containing asbestos, the number and solvency of other defendants in the case, and the jurisdiction in which the case has been brought.

 

A significant portion of the defense costs and settlements in asbestos-related litigation is paid by third parties, including indemnification pursuant to the provisions of a 1976 agreement under which we acquired a business from a third party. Currently, this third party is defending and paying settlement amounts, under a reservation of rights, in most of the asbestos cases tendered to the third party.

 

In addition to the indemnification arrangements with third parties, we have insurance policies that generally provide coverage for asbestos liabilities, including defense costs. Historically, insurers have paid a significant portion of our defense costs and settlements in asbestos-related litigation. However, certain of our insurers are insolvent.  We have entered into cost-sharing agreements with our insurers that provide for the allocation of defense costs and settlements and judgments in asbestos-related lawsuits. These agreements require, among other things, that we fund a share of settlements and judgments allocable to years in which the responsible insurer is insolvent.

 

A summary of the number of and settlement amounts for asbestos-related lawsuits and claims is as follows:

 

  

Year Ended

  

Year Ended

  

Year Ended

 
  

December 2,

  

December 3,

  

November 27,

 
  

2023

  

2022

  

2021

 

Lawsuits and claims settled

  9   7   2 

Settlement amounts

 $4,200  $296  $85 

Insurance payments received or expected to be received

 $2,379  $195  $55 

 

We do not believe that it would be meaningful to disclose the aggregate number of asbestos-related lawsuits filed against us because relatively few of these lawsuits are known to involve exposure to asbestos-containing products that we manufactured. Rather, we believe it is more meaningful to disclose the number of lawsuits that are settled and result in a payment to the plaintiff. To the extent we can reasonably estimate the amount of our probable liabilities for pending asbestos-related claims, we establish a financial provision and a corresponding receivable for insurance recoveries. 

 

Based on currently available information, we have concluded that the resolution of any pending matter, including asbestos-related litigation, individually or in the aggregate, will not have a material adverse effect on our results of operations, financial condition or cash flow.

 
v3.23.4
Note 15 - Segments
 12 Months Ended
Dec. 02, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 15: Segments

 

We are required to report segment information in the same way that we internally organize our business for assessing performance and making decisions regarding allocation of resources. 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 allocated to the operating segments. Inter-segment revenues are recorded at cost plus a markup for administrative costs.

 

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 or may not have been focused on that particular component for a particular reporting period. The costs for these allocated resources are not tracked on a “where-used” basis as financial performance is assessed at the total operating segment level.

 

Reportable operating segment financial information for all periods presented is as follows:

 

  

2023

  

2022

  

2021

 

Net revenue

            

Hygiene, Health and Consumable Adhesives

 $1,601,487  $1,695,934  $1,472,756 

Engineering Adhesives

  1,428,744   1,532,639   1,371,756 

Construction Adhesives

  480,703   520,610   433,519 

Total

 $3,510,934  $3,749,183  $3,278,031 
             

Segment operating income (loss)

            

Hygiene, Health and Consumable Adhesives

 $215,088  $165,786  $138,366 

Engineering Adhesives

  187,346   168,873   135,913 

Construction Adhesives

  5,961   22,989   14,148 

           Total segment

  408,395   357,648   288,427 

Corporate Unallocated1

  (53,258)  (34,930)  (35,815)

Total

 $355,137  $322,718  $252,612 
             

Depreciation and amortization

            

Hygiene, Health and Consumable Adhesives

 $53,398  $46,374  $45,919 

Engineering Adhesives

  63,143   58,307   61,082 

Construction Adhesives

  41,915   41,713   35,002 

Corporate Unallocated1

  1,384   582   1,171 

Total

 $159,840  $146,976  $143,174 
             

Total assets2

            

Hygiene, Health and Consumable Adhesives

 $1,661,122  $1,488,277     

Engineering Adhesives

  1,627,715   1,610,015     

Construction Adhesives

  990,296   987,610     

Corporate

  444,442   377,727     

Total

 $4,723,575  $4,463,629     
             

Capital expenditures

            

Hygiene, Health and Consumable Adhesives

 $67,933  $110,877     

Engineering Adhesives

  14,888   (2,302)    

Construction Adhesives

  4,540   (5,772)    

Corporate

  31,776   27,161     

Total

 $119,137  $129,964     

 

1 Consistent with our internal management reporting, Corporate Unallocated amounts in the tables above include net revenue and charges that are not allocated to the Company’s reportable segments.

 

2 Segment assets include primarily inventory, accounts receivable, property, plant and equipment, goodwill, intangible assets and other miscellaneous assets. Corporate assets include primarily corporate property, plant and equipment, deferred tax assets, certain investments and other assets.

 

Reconciliation of segment operating income to income before income taxes and income from equity method investments:

 

  

2023

  

2022

  

2021

 

Segment operating income

 $355,137  $322,718  $252,612 

Other income, net

  9,682   12,952   32,855 

Interest expense

  (134,602)  (91,521)  (78,092)

Interest income

  3,943   7,779   9,476 

Income before income taxes and income from equity method investments

 $234,160  $251,928  $216,851 

 

Financial information about geographic areas

 

  

Net Revenue

 
  

2023

  

2022

  

2021

 

United States

 $1,551,846  $1,692,903  $1,421,623 

China

  430,948   462,587   433,998 

Germany

  393,029   419,141   409,193 

Countries with more than 10 percent of total

  2,375,823   2,574,631   2,264,814 

All other countries with less than 10 percent of total

  1,135,111   1,174,552   1,013,217 

Total

 $3,510,934  $3,749,183  $3,278,031 

 

  

Property, Plant and Equipment, net

 
  

2023

  

2022

  

2021

 

United States

 $425,765  $375,353  $331,864 

Germany

  114,266   107,903   120,548 

China

  110,061   101,563   96,300 

All other countries with less than 10 percent of total

  174,563   148,848   146,655 

Total

 $824,655  $733,667  $695,367 

 

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:

 

  

December 2, 2023

 
  

Hygiene, Health and Consumable

  

Engineering

  

Construction

  

Corporate

     
  

Adhesives

  

Adhesives

  

Adhesives

  

Unallocated

  

Total

 

Americas

 $919,024  $577,751  $363,517  $-  $1,860,292 

EIMEA

  476,397   460,327   85,738   -   1,022,462 

Asia Pacific

  206,066   390,666   31,448   -   628,180 
  $1,601,487  $1,428,744  $480,703  $-  $3,510,934 

 

  

December 3, 2022

 
  

Hygiene, Health and Consumable

  

Engineering

  

Construction

  

Corporate

     
  

Adhesives

  

Adhesives

  

Adhesives

  

Unallocated

  

Total

 

Americas

 $1,003,179  $630,484  $411,951  $-  $2,045,614 

EIMEA

  471,299   478,573   78,773   -   1,028,645 

Asia Pacific

  221,456   423,582   29,886   -   674,924 
  $1,695,934  $1,532,639  $520,610  $-  $3,749,183 

 

  

November 27, 2021

 
  

Hygiene, Health and Consumable

  

Engineering

  

Construction

  

Corporate

     
  

Adhesives

  

Adhesives

  

Adhesives

  

Unallocated

  

Total

 

Americas

 $826,172  $504,626  $384,576  $-  $1,715,374 

EIMEA

  425,324   470,466   22,156   -   917,946 

Asia Pacific

  221,260   396,664   26,787   -   644,711 
  $1,472,756  $1,371,756  $433,519  $-  $3,278,031 
v3.23.4
Insider Trading Arrangements
 12 Months Ended
Dec. 02, 2023
Insider Trading Arr Line Items  
Material Terms of Trading Arrangement [Text Block]

Item 9B. Other Information

 

Rule 10b5-1 Plan Adoptions and Modifications

 

None.
Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
v3.23.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 02, 2023
Accounting Policies [Abstract]  
Consolidation, Policy [Policy Text Block]

Principles of Consolidation

 

The Consolidated Financial Statements include the accounts of H.B. Fuller Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. Investments in affiliated companies in which we exercise significant influence, but which we do not control, are accounted for in the Consolidated Financial Statements under the equity method of accounting. As such, consolidated net income includes our equity portion in current earnings of such companies, after elimination of intercompany profits. Investments in which we do not exercise significant influence (generally less than a 20 percent ownership interest) are accounted for using the measurement alternative.

 

Our 50 percent ownership in Sekisui-Fuller Company, Ltd., our Japan joint venture, is accounted for under the equity method of accounting as we do not exercise control over the investee. In fiscal years 2023, 2022 and 2021, this equity method investment was not significant as defined in Regulation S-X under the Securities Exchange Act of 1934. As such, financial information as of  December 2, 2023, December 3, 2022, and November 27, 2021 for Sekisui-Fuller Company, Ltd. is not required.

 

Our fiscal year ends on the Saturday closest to November 30. Fiscal year-end dates were  December 2, 2023, December 3, 2022, and November 27, 2021 for 2023, 2022 and 2021, respectively. Every five or six years we have a 53rd week in our fiscal year. 2022 was a 53-week year.

 
Use of Estimates, Policy [Policy Text Block]

Use of Estimates

 

Preparation of the Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 
Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

 

We sell a variety of adhesives, sealants and other specialty chemical products to a diverse customer base. The vast majority of our arrangements contain a single performance obligation to transfer manufactured goods to the customer as governed by an individual purchase order.

 

We recognize revenue at the amount of consideration to which we expect to be entitled in exchange for transferring the promised goods to the customer. The transaction price includes an estimation of any variable amounts of consideration to which we will be entitled. The most common forms of variable consideration within our arrangements are customer rebates, which are recorded as a reduction to revenue at the time of the initial sale using the expected value method. The expected value method is the sum of probability-weighted amounts in a range of possible consideration amounts and is based on a consideration of historical, current and forecast information. Changes in estimates are updated each reporting period. There are no material instances where variable consideration is constrained and not recorded at the initial time of sale. Product returns are recorded as a reduction to revenue based on historical experience and anticipated sales returns that occur in the normal course of business. We primarily have assurance-type warranties that do not result in separate performance obligations. We have elected to present revenue net of sales and other similar taxes.

 

We recognize revenue when control of goods is transferred to the customer. For the vast majority of our arrangements, control transfers at a point in time either upon shipment or upon delivery of the goods to the customer. The timing of transfer of control is determined considering the timing of the transfer of legal title, physical possession, and risks and rewards of goods to the customer.

 

We record shipping and handling revenue in net revenue and outbound shipping and handling costs in cost of goods sold. The majority of our shipping and handling activities are performed prior to transfer of control of the goods to the customer. For those arrangements where we provide shipping and handling services after control of the goods has transferred to the customer, we have elected the practical expedient allowed under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 606 to account for these activities as a fulfillment cost rather than as a separate performance obligation.

 

Provisions for sales returns are estimated based on historical experience and are adjusted for known returns, if material. Customer incentive programs (primarily volume purchase rebates) and arrangements such as cooperative advertising, slotting fees and buy-downs are recorded as a reduction of net revenue in accordance with ASC 606. Customer incentives recorded in the Consolidated Statements of Income as a reduction of net revenue were $35,896, $50,146 and $33,441 in 2023, 2022 and 2021, respectively.

 

For certain products, consigned inventory is maintained at customer locations. For this inventory, revenue is recognized in the period that the inventory is consumed. Sales to distributors require a distribution agreement or purchase order. As a normal practice, distributors do not have a right of return.

 
Cost of Goods and Service [Policy Text Block]

Cost of Sales

 

Cost of sales includes raw materials, container costs, direct labor, manufacturing overhead, freight costs and other less significant indirect costs related to the production of our products.

 
Selling, General and Administrative Expenses, Policy [Policy Text Block]

Selling, General and Administrative Expenses

 

Selling, general and administrative (“SG&A”) expenses include sales and marketing, research and development, technical and customer service, finance, legal, human resources, general management and similar expenses.

 
Income Tax, Policy [Policy Text Block]

Income Taxes

 

The income tax provision is computed based on income before income from equity method investments included in the Consolidated Statement of Income. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Enacted statutory tax rates applicable to future years are applied to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances reduce deferred tax assets when it is not more-likely-than-not that a tax benefit will be realized. See Note 11 for further information.

 
Business Combinations Policy [Policy Text Block]

Acquisition Accounting

 

As we enter into business combinations, we perform acquisition accounting requirements including the following:

 

 

●

Identifying the acquirer,

 

●

Determining the acquisition date,

 

●

Recognizing and measuring the identifiable assets acquired and the liabilities assumed, and

 

●

Recognizing and measuring goodwill or a gain from a bargain purchase

 

We complete valuation procedures and record the resulting fair value of the acquired assets and assumed liabilities based upon the valuation of the business enterprise and the tangible and intangible assets acquired. Enterprise value allocation methodology requires management to make assumptions and apply judgment to estimate the fair value of assets acquired and liabilities assumed. If estimates or assumptions used to complete the enterprise valuation and estimates of the fair value of the acquired assets and assumed liabilities significantly differed from assumptions made, the resulting difference could materially affect the fair value of net assets.

 

The calculation of the fair value of the tangible assets, including property, plant and equipment, utilizes the cost approach, which computes the cost to replace the asset, less accrued depreciation resulting from physical deterioration, functional obsolescence and external obsolescence. The calculation of the fair value of the identified intangible assets is determined using cash flow models following the income approach or a discounted market-based methodology approach. Significant inputs include estimated revenue growth rates, gross margins, operating expenses and estimated attrition, royalty and discount rates. Goodwill is recorded as the difference in the fair value of the acquired assets and assumed liabilities and the purchase price.

 
Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents

 

Cash equivalents are highly liquid instruments with an original maturity of three months or less. We review cash and cash equivalent balances on a bank by bank basis to identify book overdrafts. Book overdrafts occur when the amount of outstanding checks exceed the cash deposited at a given bank. Book overdrafts, if any, are included in trade payables in our Consolidated Balance Sheets and in operating activities in our Consolidated Statements of Cash Flows.

 
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restrictions on Cash

 

There were no restrictions on cash as of December 2, 2023 or December 3, 2022. There are no contractual or regulatory restrictions on the ability of consolidated and unconsolidated subsidiaries to transfer funds to us, except for typical statutory restrictions which prohibit distributions in excess of net capital or similar tests. The majority of our cash in non-U.S. locations is considered indefinitely reinvested.

 
Accounts Receivable [Policy Text Block]

Trade Receivables and Allowances

 

Trade receivables are recorded at the invoiced amount and do not bear interest. Allowances are maintained for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts. The allowance for doubtful accounts includes an estimate of future uncollectible receivables based on the aging of the receivable balance and our collection experience. The allowance also includes specific customer accounts when it is probable that the full amount of the receivable will not be collected. Current expectations of future credit losses using market and industry data are considered in the specific customer accounts. See Note 4 for further information.

 
Inventory, Policy [Policy Text Block]

Inventories

 

Inventories are recorded at cost (not in excess of net realizable value) as determined by the weighted-average cost method and are valued at the lower of cost or net realizable value.

 
Investment, Policy [Policy Text Block]

Investments

 

Investments with a value of $9,334 and $8,957 represent the cash surrender value of life insurance contracts as of December 2, 2023 and December 3, 2022, respectively. These assets are held to primarily support supplemental pension plans and are recorded in other assets in the Consolidated Balance Sheets. The corresponding gain or loss associated with these contracts is reported in earnings each period as a component of selling, general and administrative expenses.

 
Equity Securities without Readily Determinable Fair Value [Policy Text Block]

Equity Investments

 

Investments in an entity where we own less than 20% of the voting stock of the entity and do not exercise significant influence over operating and financial policies of the entity are accounted for using the measurement alternative at cost less impairment plus or minus observable price changes in orderly transactions. We have a policy in place to review our investments at least annually, to evaluate the accounting method and identify observable price changes that could indicate impairment. If we believe that an impairment exists, it is our policy to calculate the fair value of the investment and recognize as impairment any amount by which the carrying value exceeds the fair value of the investment. We recognized impairment of $303 for the year ended December 3, 2022 and did not have any impairment of our equity investments for the years ended  December 2, 2023 and November 27, 2021. The book value of the equity investments was $1,362 as of both  December 2, 2023 and  December 3, 2022.

 
Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment

 

Property, plant and equipment are carried at cost and depreciated over the useful lives of the assets using the straight-line method. Estimated useful lives range from 20 to 40 years for buildings and improvements, 3 to 20 years for machinery and equipment, and the shorter of the lease or expected life for leasehold improvements. Fully depreciated assets are retained in property and accumulated depreciation accounts until removed from service. Upon disposal, assets and related accumulated depreciation are removed. Upon sale of an asset, the difference between the proceeds and remaining net book value is charged or credited to other income, net on the Consolidated Statements of Income. Expenditures that add value or extend the life of the respective assets are capitalized, while expenditures that are typical recurring repairs and maintenance are expensed as incurred. Interest costs associated with construction and implementation of property, plant and equipment of $1,769, $1,518 and $905 were capitalized in 2023, 2022 and 2021, respectively.

 
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

 

We evaluate our goodwill for impairment annually at the beginning of the fourth quarter or earlier upon the occurrence of substantive unfavorable changes in economic conditions, industry trends, costs, cash flows or ongoing declines in market capitalization. The quantitative impairment test requires judgment, including the identification of reporting units, the assignment of assets, liabilities and goodwill to reporting units, and the determination of fair value of each reporting unit. The impairment test requires the comparison of the fair value of each reporting unit with its carrying amount, including goodwill. In performing the impairment test, we determined the fair value of our reporting units through the income approach by using discounted cash flow (“DCF”) analyses. Determining fair value requires the company to make judgments about appropriate discount rates, perpetual growth rates and the amount and timing of expected future cash flows. The cash flows employed in the DCF analysis for each reporting unit are based on the reporting unit's budget, long-term business plan and recent operating performance. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting unit and market conditions. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is considered to not be impaired. If the carrying value exceeds estimated fair value, an impairment charge is recorded for any excess of the carrying value over the estimated fair value. Based on the analysis performed for our fiscal 2023 annual impairment test, there were no indications of impairment for any of our reporting units. See Note 5 for further information.

 
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Intangible Assets

 

Intangible assets include patents, customer lists, technology, trademarks and other intangible assets acquired from independent parties and are amortized on a straight-line basis with estimated useful lives ranging from 3 to 20 years. The straight-line method of amortization of these assets reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained in each reporting period.

 
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets

 

Our long-lived assets are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not be recoverable. An impairment loss would be measured and recognized when the carrying amount of an asset (asset group) exceeds the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and its eventual disposition. The impairment loss to be recorded would be the excess of the asset's carrying value over its fair value. Fair value is generally determined using a DCF analysis or other valuation technique. Costs related to internally developed intangible assets are expensed as incurred.

 
Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation

 

Assets and liabilities of non-U.S. functional currency entities are translated to U.S. dollars at period-end exchange rates, and the resulting gains and losses arising from the translation of those net assets are recorded as a cumulative translation adjustment, a component of accumulated other comprehensive income (loss) in stockholders' equity. Revenues and expenses are translated using average exchange rates during the year. Foreign currency transaction gains and losses are included in other income, net in the Consolidated Statements of Income.

 

We consider a subsidiary’s sales price drivers, currency denomination of sales transactions and inventory purchases to be the primary indicators in determining a foreign subsidiary’s functional currency. Our subsidiaries in certain European countries have a functional currency different than their local currency. All other foreign subsidiaries, which are located in North America, Latin America, Europe, India, the Middle East and Africa ("EIMEA") and Asia Pacific, have the same local and functional currency.

 
Pension and Other Postretirement Plans, Policy [Policy Text Block]

Pension and Other Postretirement Benefits

 

We sponsor defined-benefit pension plans in both the U.S. and non-U.S. entities. Also in the U.S., we sponsor other postretirement plans for health care and life insurance benefits. Expenses and liabilities for the pension plans and other postretirement plans are actuarially calculated. These calculations are based on our assumptions related to the discount rate, expected return on assets, projected salary increases, health care cost trend rates and mortality rates. The discount rate assumption is determined using an actuarial yield curve approach, which results in a discount rate that reflects the characteristics of the plan. The approach identifies a broad population of corporate bonds that meet the quality and size criteria for the particular plan. We use this approach rather than a specific index that has a certain set of bonds that may or may not be representative of the characteristics of our particular plan. Our expected long-term rate of return on U.S. plan assets was based on our target asset allocation assumption of 55 percent equities and 45 percent fixed income. Management, in conjunction with our external financial advisors, determines the expected long-term rate of return on plan assets by considering the expected future returns and volatility levels for each asset class that are based on historical returns and forward-looking observations. The expected long-term rate of return on plan assets assumption used in each non-U.S. plan is determined on a plan-by-plan basis for each local jurisdiction and is based on expected future returns for the investment mix of assets currently in the portfolio for that plan. Management, in conjunction with our external financial advisors, develops expected rates of return for each plan, considers expected long-term returns for each asset category in the plan, reviews expectations for inflation for each local jurisdiction, and estimates the impact of active management of the plan’s assets. Note 10 includes disclosure of assumptions employed in these measurements for both the non-U.S. and U.S. plans.

 
Asset Retirement Obligation [Policy Text Block]

Asset Retirement Obligations

 

We recognize asset retirement obligations ("ARO") in the period in which we have an existing legal obligation associated with the retirement of a tangible long-lived asset, and the amount can be reasonably estimated. The ARO is recognized at fair value when the liability is incurred. Upon initial recognition of a liability, that cost is capitalized as part of the related long-lived asset and depreciated on a straight-line basis over the remaining estimated useful life of the related asset. We have recognized a liability related to special handling of asbestos related materials in certain facilities for which we have plans or expectation of plans to undertake a major renovation or demolition project that would require the removal of asbestos or have plans or expectation of plans to exit a facility. In addition, we have determined that we have facilities with some level of asbestos that will require abatement action in the future. Once the probability and timeframe of an action are determined, we apply certain assumptions to determine the related liability and asset. These assumptions include the use of inflation rates, the use of credit adjusted risk-free discount rates and the estimation of costs to handle asbestos related materials. The recorded liability is required to be adjusted for changes resulting from the passage of time and/or revisions to the timing or the amount of the original estimate. The asset retirement obligation liability was $3,147 and $2,888 at December 2, 2023 and December 3, 2022, respectively.

 
Environmental Costs, Policy [Policy Text Block]

Environmental Costs

 

Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments are made, or remedial efforts are probable, and the costs can be reasonably estimated. The timing of these accruals is generally no later than the completion of feasibility studies.

 
Commitments and Contingencies, Policy [Policy Text Block]

Contingent Consideration Liability

 

Concurrent with business acquisitions, we enter into agreements that require us to pay the sellers a certain amount based upon a formula related to the entity’s financial results. The change in fair value of the contingent consideration liability is recorded in SG&A expenses in the Consolidated Statements of Income.

 
Share-Based Payment Arrangement [Policy Text Block]

Share-based Compensation

 

We have various share-based compensation programs which provide for equity awards, including non-qualified stock options, incentive stock options, restricted stock units, performance awards and deferred compensation. We use the straight-line attribution method to recognize compensation expense associated with share-based awards based on the fair value on the date of grant, net of the estimated forfeiture rate. Expense is recognized over the requisite service period related to each award, which is the period between the grant date and the earlier of the award’s stated vesting term or the date the employee is eligible for early retirement based on the terms of the plan. The fair value of stock options is estimated using the Black-Scholes option pricing model. All of our stock compensation expense is recorded in SG&A expenses in the Consolidated Statements of Income. See Note 9 for additional information.

 
Earnings Per Share, Policy [Policy Text Block]

Earnings per Share

 

Basic earnings per share is calculated by dividing net income attributable to H.B. Fuller by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per share is based upon the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to share-based compensation awards. We use the treasury stock method to calculate the effect of outstanding awards, which computes total employee proceeds as the sum of (a) the amount the employee must pay upon exercise of the award 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. The computations for basic and diluted earnings per share are as follows:

 

(in thousands, except per share data)

 

2023

  

2022

  

2021

 

Net income attributable to H.B. Fuller

 $144,906  $180,313  $161,393 
             

Weighted-average common shares – basic

  54,332   53,580   52,887 

Equivalent shares from share-based compensation plans

  1,626   1,689   1,428 

Weighted-average common and common equivalent shares – diluted

  55,958   55,269   54,315 
             

Basic earnings per share

 $2.67  $3.37  $3.05 

Diluted earnings per share

 $2.59  $3.26  $2.97 

 

Share-based compensation awards for 1,089,054, 707,197 and 1,535,503 shares for 2023, 2022 and 2021, respectively, were excluded from the diluted earnings per share calculation because they were antidilutive.

 
Derivatives, Policy [Policy Text Block]

Financial Instruments and Derivatives

 

As a part of our ongoing operations, we are exposed to market risks such as changes in foreign currency exchange rates and interest rates. To manage these risks, we may enter into derivative transactions pursuant to our established policies.

 

Our objective is to balance, where possible, non-functional currency denominated assets to non-functional currency denominated liabilities to have a natural hedge and minimize foreign exchange impacts. We minimize risks from foreign currency exchange rate fluctuations through normal operating and financing activities and, when deemed appropriate, through the use of derivative instruments. Derivatives consisted primarily of forward currency contracts used to manage foreign currency denominated assets and liabilities. For derivative instruments outstanding that were not designated as hedges for accounting purposes, the gains and losses related to mark-to-market adjustments were recognized as other income or expense in the income statement during the periods the derivative instruments were outstanding. To manage exposure to currency rate movements on expected cash flows, the company may enter into cross-currency swap agreements. 

 

The company manages interest expense using a mix of fixed and floating rate debt.  To manage exposure to interest rate movements and to reduce borrowing costs, the company may enter into interest rate swap agreements.

 

Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income, based on the type of derivative, and whether the instrument is designated and effective as a hedge transaction. Gains or losses on derivative instruments reported in accumulated other comprehensive income (loss) are reclassified to earnings in the period the hedged item affects earnings. Any ineffectiveness is recognized in earnings in the current period. We maintain master netting arrangements that allow us to net settle contracts with the same counterparties; we do not elect to offset amounts in our Consolidated Balance Sheet.  These arrangements generally do not call for collateral. We do not enter into any speculative positions with regard to derivative instruments. See Note 12 for further information regarding our financial instruments.

 
Purchase of Company Common Stock [Policy Text Block]

Purchase of Company Common Stock

 

Under the Minnesota Business Corporation Act, repurchased stock is included in authorized shares, but is not included in shares outstanding. The excess of the repurchase cost over par value is charged to additional paid-in capital. When additional paid-in capital is exhausted, the excess reduces retained earnings. We indirectly repurchased 113,868, 49,869 and 47,481 shares of common stock in 2023, 2022 and 2021, respectively, through a net-settlement feature in connection with the statutory minimum tax withholding related to vesting of restricted stock.

 
New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

 

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. This guidance requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. Our effective date of this ASU is our fiscal year ending November 28, 2026. We are evaluating the effect that this guidance will have on our Consolidated Financial Statements. 

 

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU requires enhanced disclosures regarding significant segment expenses and other segment items. The guidance requires public entities to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. Our effective date of this ASU is our fiscal year ending November 29, 2025. We are evaluating the effect that this guidance will have on our Consolidated Financial Statements. 

 

In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of the financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs.  Our effective date of this ASU is our fiscal year ending December 1, 2024. We are evaluating the effect that this guidance will have on our Consolidated Financial Statements. 

 

Recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the company.
v3.23.4
Note 1 - Nature of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

(in thousands, except per share data)

 

2023

  

2022

  

2021

 

Net income attributable to H.B. Fuller

 $144,906  $180,313  $161,393 
             

Weighted-average common shares – basic

  54,332   53,580   52,887 

Equivalent shares from share-based compensation plans

  1,626   1,689   1,428 

Weighted-average common and common equivalent shares – diluted

  55,958   55,269   54,315 
             

Basic earnings per share

 $2.67  $3.37  $3.05 

Diluted earnings per share

 $2.59  $3.26  $2.97 
v3.23.4
Note 3 - Restructuring Actions (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Restructuring and Related Costs [Table Text Block]
  

December 2, 2023

  

December 3, 2022

  

November 27, 2021

 

Cost of sales

 $15,012  $(152) $(188)

Selling, general and administrative

  9,575   (297)  975 
  $24,587  $(449) $787 
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]
  

Employee-

             
  

Related

  

Asset-Related

  

Other

  

Total

 

Balance at November 27, 2021

 $1,095  $-  $-  $1,095 

Expense incurred

  (449)  -   -   (449)

Non-cash charges

  -   -   -   0 

Cash payments

  (529)  -   -   (529)

Foreign currency translation

  (60)  -   -   (60)

Balance at December 3, 2022

 $57  $-  $-  $57 

Expense 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 
v3.23.4
Note 4 - Supplemental Financial Statement Information (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Schedule of Income Statement Supplemental Disclosures [Table Text Block]
  

2023

  

2022

  

2021

 

Foreign currency transaction losses, net

 $(11,615) $(12,935) $(5,962)

Gain (loss) on disposal of assets

  (58)  1,416   (648)

Net periodic pension benefit

  20,246   26,787   32,070 

Other, net

  1,109   (2,316)  7,395 

Total other income, net

 $9,682  $12,952  $32,855 
             

Research and development expenses (included in SG&A expenses)

 $48,640  $44,853  $39,344 
Schedule of Balance Sheet Supplemental Disclosures [Table Text Block]
  

2023

  

2022

 

Inventories

        

Raw materials

 $206,140  $237,071 

Finished goods

  235,900   254,710 

Total inventories

 $442,040  $491,781 
         

Other current assets

        

Other receivables

 $40,760  $36,338 

Prepaid income taxes

  12,327   27,169 

Prepaid taxes other than income taxes

  34,455   29,322 

Prepaid expenses

  25,136   27,490 

Total other current assets

 $112,678  $120,319 
         

Property, plant and equipment

        

Land

 $91,320  $84,320 

Buildings and improvements

  447,428   405,037 

Machinery and equipment

  1,058,916   957,371 

Construction in progress

  157,371   133,010 

Total, at cost

  1,755,035   1,579,738 

Accumulated depreciation

  (930,380)  (846,071)

Net property, plant and equipment

 $824,655  $733,667 
         

Other assets

        

Investments in company owned life insurance

 $9,334  $8,957 

Equity method investments

  37,562   42,143 

Equity investments

  1,362   1,362 

Long-term deferred income taxes

  42,949   39,048 

Prepaid pension costs

  92,323   86,616 

Postretirement other than pension asset

  113,431   98,848 

Operating lease right-of-use assets

  47,433   32,440 

Other long-term receivables

  14,013   9,262 

Other long-term assets

  12,758   17,192 

Total other assets

 $371,165  $335,868 
         

Other accrued expenses

        

Taxes other than income taxes

 $22,497  $14,642 

Miscellaneous services

  8,319   7,092 

Customer rebates

  17,938   24,915 

Interest

  5,819   7,498 

Product liability

  175   154 

Contingent consideration liability

  1,370   1,977 

Current operating lease liabilities

  11,277   9,794 

Current obligations of finance leases

  16,184   1,541 

Accrued expenses

  24,323   21,732 

Total other accrued expenses

 $107,902  $89,345 
         

Other liabilities

        

Asset retirement obligations

 $3,147  $2,888 

Long-term deferred income taxes

  176,385   183,190 

Long-term income tax liability

  19,225   22,202 

Long-term deferred compensation

  9,884   9,957 

Postretirement other than pension

  1,893   2,021 

Noncurrent operating lease liabilities

  36,879   23,421 

Environmental liabilities

  2,563   3,064 

Net investment hedge liabilities

  72,589   54,046 

Other long-term liabilities

  65,507   57,497 

Total other liabilities

 $388,072  $358,286 
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
  

2023

  

2022

  

2021

 

Balance at beginning of year

 $10,939  $9,935  $12,905 

Charged to expenses and other adjustments

  1,224   1,794   (546)

Write-offs

  (1,522)  (851)  (2,278)

Foreign currency translation effect

  439   61   (146)

Balance at end of year

 $11,080  $10,939  $9,935 
Comprehensive Income (Loss) [Table Text Block]
  

December 2, 2023

 
              

Non-controlling

 
  

H.B. Fuller Stockholders

  

Interest

 
  

Pretax

  

Tax

  

Net

  

Net

 

Net income attributable to H.B. Fuller and non-controlling interests

  -   -  $144,906  $82 

Other comprehensive income (loss)

                

Foreign currency translation adjustment1

 $17,320   -   17,320   2 

Defined benefit pension plans adjustment2

  1,554   (762)  792   - 

Interest rate swap3

  5,932   (1,460)  4,472   - 

Net investment hedges3

  (18,555)  4,448   (14,107)  - 

Other comprehensive income (loss)

 $6,251  $2,226  $8,477  $2 

Comprehensive income

         $153,383  $84 
  

December 3, 2022

 
              

Non-controlling

 
  

H.B. Fuller Stockholders

  

Interest

 
  

Pretax

  

Tax

  

Net

  

Net

 

Net income attributable to H.B. Fuller and non-controlling interests

  -   -  $180,313  $94 

Other comprehensive income (loss)

                

Foreign currency translation adjustment1

 $(131,745)  -   (131,745)  (61)

Defined benefit pension plans adjustment2

  (18,881)  3,818   (15,063)  - 

Interest rate swap3

  13,148   (3,224)  9,924   - 

Other cash flow hedges3

  (3,536)  53   (3,483)  - 

Net investment hedges3

  (54,040)  13,297   (40,743)  - 

Other comprehensive income

 $(195,054) $13,944  $(181,110) $(61)

Comprehensive income

         $(797) $33 
  

November 27, 2021

 
              

Non-controlling

 
  

H.B. Fuller Stockholders

  

Interest

 
  

Pretax

  

Tax

  

Net

  

Net

 

Net income attributable to H.B. Fuller and non-controlling interests

  -   -  $161,393  $82 

Other comprehensive income (loss)

                

Foreign currency translation adjustment1

 $(26,262)  -   (26,262)  (32)

Defined benefit pension plans adjustment2

  64,912   (16,731)  48,181   - 

Interest rate swap3

  20,109   (4,930)  15,179   - 

Other cash flow hedges3

  (4,554)  68   (4,486)  - 

Other comprehensive (loss) income

 $54,205  $(21,593) $32,612  $(32)

Comprehensive income

         $194,005  $50 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

December 2, 2023

 
          

Non-

 
      

H.B. Fuller

  

controlling

 
  

Total

  

Stockholders

  

Interests

 

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)  - 

Total accumulated other comprehensive loss

 $(442,924) $(442,880) $(44)
  

December 3, 2022

 
          

Non-

 
      

H.B. Fuller

  

controlling

 
  

Total

  

Stockholders

  

Interests

 

Foreign currency translation adjustment

 $(264,054) $(264,012) $(42)

Defined benefit pension plans adjustment, net of taxes of $67,744

  (128,261)  (128,261)  - 

Net investment hedges, net of taxes of $13,297

  (40,743)  (40,743)  - 

Reclassification of AOCI tax effects

  (18,341)  (18,341)  - 

Total accumulated other comprehensive loss

 $(451,399) $(451,357) $(42)
  

November 27, 2021

 
          

Non-

 
      

H.B. Fuller

  

controlling

 
  

Total

  

Stockholders

  

Interests

 

Foreign currency translation adjustment

 $(132,370) $(132,267) $(103)

Defined benefit pension plans adjustment, net of taxes of $63,925

  (113,198)  (113,198)  - 

Interest rate swap, net of taxes of $3,224

  (9,924)  (9,924)  - 

Cash flow hedges, net of taxes of ($53)

  3,483   3,483   - 

Reclassification of AOCI tax effects

  (18,341)  (18,341)  - 

Total accumulated other comprehensive loss

 $(270,350) $(270,247) $(103)
v3.23.4
Note 5 - Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Schedule of Goodwill [Table Text Block]
                 
  

Hygiene, Health

             
  

and Consumable

  

Engineering

  

Construction

     
  

Adhesives

  

Adhesives

  

Adhesives

  

Total

 

As of December 3, 2022

 $328,962  $637,910  $425,755  $1,392,627 

Acquisitions

  67,523   5,983   6,179   79,685 

Foreign currency translation effect

  6,113   7,252   835   14,200 

As of December 2, 2023

 $402,598  $651,145  $432,769  $1,486,512 
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]
  

Purchased

                 
  

Technology

  

Customer

             

Amortizable Intangible Assets

 

and Patents

  

Relationships

  

Tradename

  

All Other

  

Total

 

As of December 2, 2023

                    

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 

Weighted-average useful lives (in years)

  13   16   13   13   16 

As of December 3, 2022

                    

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 

Weighted-average useful lives (in years)

  13   17   13   13   16 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Fiscal Year

 

2024

  

2025

  

2026

  

2027

  

2028

  

Thereafter

 

Amortization Expense

 $77,288  $77,678  $70,957  $67,652  $67,356  $367,735 
v3.23.4
Note 6 - Leases (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Lease, Cost [Table Text Block]
  

December 2, 2023

  

December 3, 2022

 

Operating lease cost

 $13,883  $12,026 

Finance lease cost:

        

Amortization of assets

  2,045   1,535 

Interest on lease liabilities

  1,077   261 

Variable lease cost

  8,554   6,481 

Total net lease cost

 $25,559  $20,303 
Lessee, Supplemental Balance Sheet Information and Weighted Average [Table Text Block]
 

Location on

        
 

Balance Sheet

 

December 2, 2023

  

December 3, 2022

 

Operating leases:

         

Operating lease right-of-use assets

Other assets

 $47,433  $32,440 
         

Current operating lease liabilities

Other accrued expenses

  11,277   9,794 

Noncurrent operating lease liabilities

Other liabilities

  36,879   23,421 

Total operating lease liabilities

 $48,156  $33,215 
         

Finance leases:

         

Equipment right-of-use assets

Property, plant and equipment

 $11,681  $11,150 

Building right-of-use asset

Property, plant and equipment

 $14,230  $- 
         

Current obligations of finance leases

Other accrued expenses

 $16,184  $1,541 

Finance leases, net of current obligations

Other liabilities

  6,534   7,507 

Total finance lease liabilities

 $22,718  $9,048 
Lessee, Supplemental Cash Flow Information [Table Text Block]
  

December 2, 2023

  

December 3, 2022

 

Cash paid amounts included in the measurement of lease liabilities:

        

Operating cash flows from operating leases

 $11,745  $15,209 

Operating cash flows from finance leases

  1,077   261 

Financing cash flows from finance leases

  268   607 
         

Non-cash investing and financing activities - 

        

    additions to right-of-use assets obtained from:

        

New operating lease liabilities

 $26,687  $15,442 

New finance lease liabilities

  15,015   1,258 
Lessee, Operating and Finance Leases, Liabilities, Maturity [Table Text Block]
  

December 2, 2023

 

Fiscal Year

 

Finance Leases

  

Operating Leases

 

2024

 $16,535  $12,993 

2025

  1,618   9,452 

2026

  1,441   7,085 

2027

  1,151   5,126 

2028

  684   3,505 

2029 and beyond

  2,376   18,869 

Total

  23,805   57,031 

Less: amounts representing interest

  (1,087)  (8,875)

Present value of future minimum payments

  22,718   48,156 

Less: current obligations

  (16,184)  (11,277)

Noncurrent lease liabilities

 $6,534  $36,879 
v3.23.4
Note 7 - Notes Payable, Long-term Debt and Lines of Credit (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Schedule of Debt [Table Text Block]
  

Weighted-Average

  

Fiscal Year

  

Balance at

  

Balance at

 
  

Interest Rate at

  

Maturity

  

December 2,

  

December 3,

 

Long-Term Debt

 

December 2, 2023

  

Date

  

2023

  

2022

 

Revolving credit facility

  6.95%  2028  $-  $175,500 

Term Loan A1

  6.95%  2028   487,500   - 

Term Loan B2

  7.60%  2030   796,000   1,001,150 

Public Notes3

  4.00%  2027   300,000   300,000 

Public Notes4

  4.25%  2028   300,000   300,000 

Other, including debt issuance cost and discount

          (46,910)  (40,394)

Total debt

         $1,836,590  $1,736,256 

Less: current maturities

          -   - 

Total long-term debt, excluding current maturities

         $1,836,590  $1,736,256 
Schedule of Maturities of Long-Term Debt [Table Text Block]

Fiscal Year

 

2024

  

2025

  

2026

  

2027

  

2028

  

Thereafter

 

Long-term debt obligations

 $-  $-  $-  $300,000  $787,500  $796,000 
Schedule of Line of Credit Facilities [Table Text Block]
  

Committed

  

Drawn

  

Unused

 

Revolving credit facility

 $700,000  $-  $690,032 
v3.23.4
Note 8 - Stockholders' Equity (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]

Common Shares Outstanding

 

2023

  

2022

  

2021

 

Beginning balance

  53,676,576   52,777,753   51,906,663 

Stock options exercised

  314,832   657,789   740,731 

Deferred compensation paid

  102,108   118,429   19,895 

Restricted units vested

  113,339   172,474   157,945 

Shares withheld for taxes

  (113,868)  (49,869)  (47,481)

Ending balance

  54,092,987   53,676,576   52,777,753 
v3.23.4
Note 9 - Accounting for Share-based Compensation (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block]
  

2023

  

2022

  

2021

 

Expected life (in years)

  5.00   5.00   5.00 

Weighted-average expected volatility

  35.28%  33.35%  32.50%

Expected volatility range

  35.09-35.69%  33.33-34.34%  32.48% - 32.94% 

Risk-free interest rate

  3.48-4.72%  1.53-4.06%  0.39% - 1.20% 

Weighted-average expected dividend

  1.20%  0.95%  1.26%

Expected dividend yield range

  1.13-1.22%  0.94-1.23%  0.92% - 1.27% 

Weighted-average fair value of grants

 $22.41  $20.91  $13.29 
Share-Based Payment Arrangement, Option, Activity [Table Text Block]
      

Weighted-

 
      

Average

 
  

Options

  

Exercise Price

 

Outstanding at November 28, 2020

  5,545,915  $47.34 

Granted

  1,237,094   53.33 

Exercised

  (740,731)  43.64 

Forfeited or cancelled

  (1,069,886)  56.33 

Outstanding at November 27, 2021

  4,972,392  $47.45 

Granted

  549,458   72.75 

Exercised

  (657,789)  45.79 

Forfeited or cancelled

  (40,991)  61.31 

Outstanding at December 3, 2022

  4,823,070  $50.42 

Granted

  471,975   68.27 

Exercised

  (314,832)  46.43 

Forfeited or cancelled

  (38,328)  63.52 

Outstanding at December 2, 2023

  4,941,885  $52.28 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
          

Weighted-

 
      

Weighted-

  

Average

 
      

Average

  

Remaining

 
      

Grant

  

Contractual

 
      

Date Fair

  

Life

 
  

Units

  

Value

  

(in Years)

 

Nonvested at November 28, 2020

  432,349  $46.22   0.8 

Granted

  356,779   54.49   3.2 

Vested

  (157,945)  48.69   - 

Forfeited

  (78,818)  47.79   0.8 

Nonvested at November 27, 2021

 $552,365  $50.63   1.9 

Granted

  179,603   67.92   3.2 

Vested

  (172,474)  46.74   - 

Forfeited

  (68,374)  45.83   0.1 

Nonvested at December 3, 2022

 $491,120  $58.98   0.7 

Granted

  187,185   63.32   2.2 

Vested

  (113,339)  53.83   - 

Forfeited

  (36,276)  44.48   0.2 

Nonvested at December 2, 2023

 $528,690  $62.61   0.7 
Schedule of Deferred Compensation Arrangement with Individual, Share-Based Payments [Table Text Block]
  

Non-employee

         
  

Directors

  

Employees

  

Total

 

Units outstanding November 28, 2020

  455,265   44,553   499,818 

Participant contributions

  13,036   10,487   23,523 

Company match contributions1

  20,118   1,049   21,167 

Payouts

  (19,895)  (7,728)  (27,623)

Units outstanding November 27, 2021

  468,524   48,361   516,885 

Participant contributions

  89,054   12,985   102,039 

Company match contributions1

  26,843   1,299   28,142 

Payouts

  (118,429)  (6,073)  (124,502)

Units outstanding December 3, 2022

  465,992   56,572   522,564 

Participant contributions

  13,187   12,219   25,406 

Company match contributions1

  18,899   1,222   20,121 

Payouts

  (102,108)  (6,826)  (108,934)

Units outstanding December 2, 2023

  395,970   63,187   459,157 
v3.23.4
Note 10 - Pension and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]
  

Pension Benefits

  

Other Postretirement

 
  

U.S. Plans

  

Non-U.S. Plans

  

Benefits

 
  

2023

  

2022

  

2023

  

2022

  

2023

  

2022

 

Change in projected benefit obligation

                        

Benefit obligation at beginning of year

 $269,874  $361,212  $154,850  $238,400  $24,173  $31,262 

Service cost

  -   -   1,670   2,765   -   - 

Interest cost

  13,901   9,653   5,726   2,893   1,205   748 

Participant contributions

  -   -   -   -   232   296 

Actuarial gain1

  (7,298)  (80,296)  (12,435)  (57,159)  (611)  (5,395)

Curtailments

  -   -   -   231   -   - 

Settlement payments

  (141)  (200)  (252)  (7,988)  -   - 

Benefits paid

  (20,946)  (20,495)  (7,663)  (8,370)  (2,866)  (2,738)

Foreign currency translation effect

  -   -   4,900   (15,922)  -   - 

Benefit obligation at end of year

  255,390   269,874   146,796   154,850   22,133   24,173 
                         

Change in plan assets

                        

Fair value of plan assets at beginning of year

  326,786   409,811   141,908   216,623   120,782   135,701 

Actual return on plan assets

  12,811   (63,562)  (5,545)  (45,328)  15,160   (12,613)

Employer contributions

  1,228   1,232   1,744   1,640   145   136 

Participant contributions

  -   -   -   -   232   296 

Settlement payments

  (141)  (200)  -   -   -   - 

Benefits paid2

  (20,946)  (20,495)  (7,663)  (8,369)  (2,866)  (2,738)

Foreign currency translation effect

  -   -   4,178   (22,658)  -   - 

Fair value of plan assets at end of year

  319,738   326,786   134,622   141,908   133,453   120,782 

Plan assets in excess of (less than) benefit obligation as of year end

 $64,348  $56,912  $(12,174) $(12,942) $111,320  $96,608 
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]

Amounts in accumulated other comprehensive income (loss) that have not been recognized as components of net periodic benefit cost

 

Pension Benefits

  

Other Postretirement

 
  

U.S. Plans

  

Non-U.S. Plans

  

Benefits

 
  

2023

  

2022

  

2023

  

2022

  

2023

  

2022

 

Unrecognized actuarial loss (gain)

 $143,522  $137,351  $49,128  $49,306  $(14,442) $(8,530)

Unrecognized prior service cost

  -   -   1,196   1,219   -   - 

Ending balance

 $143,522  $137,351  $50,324  $50,525  $(14,442) $(8,530)
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]
  

Pension Benefits

  

Other Postretirement

 
  

U.S. Plans

  

Non-U.S. Plans

  

Benefits

 
  

2023

  

2022

  

2023

  

2022

  

2023

  

2022

 

Statement of financial position as of fiscal year-end

                        

Non-current assets

 $76,677  $69,826  $15,635  $16,790  $113,431  $98,848 

Accrued benefit cost

                        

Current liabilities

  (1,239)  (1,248)  (1,464)  (1,727)  (218)  (218)

Non-current liabilities

  (11,089)  (11,666)  (26,345)  (28,006)  (1,893)  (2,021)

Ending balance

 $64,349  $56,912  $(12,174) $(12,943) $111,320  $96,609 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]
  

Pension Benefits and Other Postretirement Benefits

 
  

U.S. Plans

  

Non-U.S. Plans

 
  

2023

  

2022

  

2023

  

2022

 

Accumulated benefit obligation

 $12,329  $12,914  $35,034  $36,820 

Fair value of plan assets

  -   -   9,700   9,617 
  

Pension Benefits and Other Postretirement Benefits

 
  

U.S. Plans

  

Non-U.S. Plans

 
  

2023

  

2022

  

2023

  

2022

 

Projected benefit obligation

 $12,329  $12,914  $37,510  $39,350 

Fair value of plan assets

  -   -  $9,700   9,617 
Schedule of Expected Benefit Payments [Table Text Block]
   

Pension Benefits

  

Other

 
       

Non-U.S.

  

Postretirement

 
   

U.S. Plans

  

Plans

  

Benefits

 

Employer contributions

             

2024

  $-  $5  $- 

Expected benefit payments

             

2024

   21,330   8,387   2,723 

2025

   21,351   8,470   2,622 

2026

   21,251   8,651   2,512 

2027

   21,168   8,948   2,382 
2028- 2033   121,219   53,787   11,487 
Schedule of Net Benefit Costs [Table Text Block]
  

Pension Benefits

  

Other

 
  

U.S. Plans

  

Non-U.S. Plans

  

Postretirement Benefits

 

Net periodic cost (benefit)

 

2023

  

2022

  

2021

  

2023

  

2022

  

2021

  

2023

  

2022

  

2021

 

Service cost

 $-  $-  $-  $1,670  $2,765  $3,280  $-  $-  $21 

Interest cost

  13,901   9,653   9,299   5,726   2,893   2,941   1,205   748   822 

Expected return on assets

  (28,821)  (29,018)  (31,123)  (7,027)  (6,465)  (12,348)  (9,859)  (11,084)  (8,945)

Amortization:

                                    

Prior service (benefit) cost

  -   (3)  (3)  62   63   69   -   -   - 

Actuarial loss (gain)

  2,541   4,132   3,198   1,993   2,411   4,053   -   (3,445)  73 

Settlement charge

  -   -   -   19   3,329   -   -   -   - 

Net periodic (benefit) cost

 $(12,379) $(15,237) $(18,629) $2,443  $4,996  $(2,005) $(8,654) $(13,781) $(8,029)
Defined Benefit Plan, Assumptions [Table Text Block]
  

Pension Benefits

  

Other

 
  

U.S. Plans

  

Non-U.S. Plans

  

Postretirement Benefits

 

Weighted-average assumptions used to determine benefit obligations

 

2023

  

2022

  

2021

  

2023

  

2022

  

2021

  

2023

  

2022

  

2021

 

Discount rate

  5.66%  5.36%  2.75%  4.37%  3.70%  1.27%  5.61%  5.29%  2.51%

Rate of compensation increase1

  0.00%  0.00%  0.00%  1.82%  1.83%  1.48%  N/A   N/A   N/A 

Weighted-average assumptions used to determine net costs for years ended

 

2023

  

2022

  

2021

  

2023

  

2022

  

2021

  

2023

  

2022

  

2021

 

Discount rate

  5.36%  2.75%  2.50%  3.71%  1.29%  1.19%  5.29%  2.51%  2.19%

Expected return on plan assets

  7.75%  7.00%  7.24%  5.02%  3.49%  6.15%  8.25%  8.25%  8.25%

Rate of compensation increase1

  0.00%  0.00%  0.00%  1.82%  1.68%  1.67%  0.00%  0.00%  0.00%
Schedule of Health Care Cost Trend Rates [Table Text Block]

Assumed health care trend rates

 

2023

  

2022

  

2021

 

Health care cost trend rate assumed for next year

  6.25%  6.50%  6.50%

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)

  5.75%  5.75%  5.00%

Fiscal year that the rate reaches the ultimate trend rate

 2026  2026  2028 
Schedule of Allocation of Plan Assets [Table Text Block]
  

U.S. Pension Plans

  

Non-U.S. Pension Plans

  

Other Postretirement Plans

 
      

Percentage of

      

Percentage of

      

Percentage of

 
      

Plan Assets at

      

Plan Assets at

      

Plan Assets at

 
  

Target

  

Year-End

  

Target

  

Year-End

  

Target

  

Year-End

 

Asset Category

 

2023

  

2023

  

2022

  

2023

  

2023

  

2022

  

2023

  

2023

  

2022

 

Equities

  55.0%  53.8%  53.1%  21.0%  22.0%  25.5%  0.0%  0.0%  0.0%

Fixed income

  45.0%  44.9%  45.8%  79.0%  77.2%  70.0%  0.0%  0.0%  0.0%

Insurance

  0.0%  0.0%  0.1%  0.0%  0.0%  0.0%  100.0%  99.5%  98.9%

Cash1

  0.0%  1.3%  1.0%  0.0%  0.8%  4.5%  0.0%  0.5%  1.1%

Total

  100%  100%  100%  100%  100%  100%  100%  100%  100%
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]
  

December 2, 2023

 

U.S. Pension Plans

 

Level 1

  

Level 2

  

Level 3

  

Total Assets

 

Equities

 $-  $172,166  $-  $172,166 

Fixed income

  -   129,044   -   129,044 

Cash

  4,054   -   -   4,054 

Total categorized in the fair value hierarchy

  4,054   301,210   -   305,264 

Other investments measured at NAV1

  -   -   -   14,474 

Total

 $4,054  $301,210  $-  $319,738 

Non-U.S. Pension Plans

 

Level 1

  

Level 2

  

Level 3

  

Total Assets

 

Equities

 $29,601  $-  $-  $29,601 

Fixed income

  40,686   -   726   41,412 

Cash

  1,137   -   -   1,137 

Total categorized in the fair value hierarchy

  71,424   -   726   72,150 
Other investments measured at NAV1              62,472 

Total

 $71,424  $-  $726  $134,622 

Other Postretirement Benefits

 

Level 1

  

Level 2

  

Level 3

  

Total Assets

 

Insurance

 $-  $-  $132,754  $132,754 

Cash

  699   -   -   699 

Total

 $699  $-  $132,754  $133,453 
  

December 3, 2022

 

U.S. Pension Plans

 

Level 1

  

Level 2

  

Level 3

  

Total Assets

 

Equities

 $-  $152,084  $21,525  $173,609 

Fixed income

  -   126,114   23,547   149,661 

Insurance

  -   -   179   179 

Cash

  3,337   -   -   3,337 

Total categorized in the fair value hierarchy

  3,337   278,198   45,251   326,786 

Non-U.S. Pension Plans

 

Level 1

  

Level 2

  

Level 3

  

Total Assets

 

Equities

 $28,422  $-  $-  $28,422 

Fixed income

  41,515   -   703   42,218 

Cash

  491   -   -   491 

Total categorized in the fair value hierarchy

  70,428   -   703   71,131 

Other investments measured at NAV1

              70,777 

Total

 $70,428  $-  $703  $141,908 

Other Postretirement Benefits

 

Level 1

  

Level 2

  

Level 3

  

Total Assets

 

Insurance

 $-  $-  $119,446  $119,446 

Cash

  1,336   -   -   1,336 

Total

 $1,336  $-  $119,446  $120,782 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]
  

Fixed Income

 

U.S. Pension Plans

 

2023

  

2022

 

Level 3 balance at beginning of year

 $45,251  $186 

Net transfers (out of)/into level 3

  (45,072) $16,564 

Purchases, sales, issuances and settlements, net

  (179)  28,501 

Level 3 balance at end of year

 $-  $45,251 
  

Fixed Income

 

Non-U.S. Pension Plans

 

2023

  

2022

 

Level 3 balance at beginning of year

 $703  $749 

Net transfers into level 3

  -   7 

Net losses

  -   (1)

Currency change effect

  23   (52)

Level 3 balance at end of year

 $726  $703 
  

Insurance

 

Other Postretirement Benefits

 

2023

  

2022

 

Level 3 balance at beginning of year

 $119,446  $135,484 

Net transfers out of level 3

  -   (1,992)

Purchases, sales, issuances and settlements, net

  (1,144)  (1,122)

Net gains/(losses)

  14,452   (12,924)

Level 3 balance at end of year

 $132,754  $119,446 
v3.23.4
Note 11 - Income Taxes (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Income before income taxes and income from equity method investments

 

2023

  

2022

  

2021

 

United States

 $15,276  $63,718  $14,989 

Non-U.S.

  218,885   188,210   201,862 

Total

 $234,161  $251,928  $216,851 
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Components of the provision for income tax expense (benefit)

 

2023

  

2022

  

2021

 

Current:

            

U.S. federal

 $18,347  $12,181  $10,310 

State

  5,529   3,389   2,265 

Non-U.S.

  87,449   63,750   57,801 
   111,325   79,320   70,376 

Deferred:

            

U.S. federal

  (100)  8,150   (6,891)

State

  (4,111)  (1,767)  (350)

Non-U.S.

  (13,585)  (8,517)  (102)
   (17,796)  (2,134)  (7,343)

Total

 $93,529  $77,186  $63,033 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Reconciliation of effective income tax

 

2023

  

2022

  

2021

 

Tax at statutory U.S. federal income tax rate

 $49,174  $52,760  $45,539 

State income taxes, net of federal benefit

  1,137   1,252   1,444 

Foreign dividend repatriation1 

  21,730   2,596   1,104 

Foreign operations

  12,558   1,868   19,673 

Executive compensation over $1.0 million

  784   2,847   2,507 

Non-U.S. stock option expense

  730   525   575 

Change in valuation allowance

  725   3,187   (9,572)

Research and development tax credit

  (1,400)  (927)  (993)

Foreign-derived intangible income

  (2,665)  (2,786)  (2,617)

Global intangible low-taxed income

  2,345   1,890   2,334 

Provision to return

  1,336   840   1,122 

Cross currency swap

  -   7,020   3,931 

Contingency reserve

  5,951   5,909   (2,139)

Other

  1,124   205   125 

Total income tax expense

 $93,529  $77,186  $63,033 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred income tax balances at each year-end related to:

 

2023

  

2022

 

Deferred tax assets:

        

Pension and other post-retirement benefit plans

 $5,306  $6,752 

Employee benefit costs

  27,672   25,196 

Foreign tax credit carryforward

  6,538   7,884 

Tax loss carryforwards

  25,894   22,948 

Leases

  12,716   8,538 

Hedging activity

  18,638   13,299 

Interest deduction limitation

  37,519   17,736 

Other

  33,022   28,840 

Gross deferred tax assets

  167,305   131,193 

Less: valuation allowance

  (15,595)  (14,424)

Total net deferred tax assets

  151,710   116,769 

Deferred tax liability:

        

Depreciation and amortization

  (209,266)  (215,219)

Pension and other post-retirement benefit plans

  (41,444)  (37,362)

Undistributed earnings of non-U.S. subsidiaries

  (21,926)  - 

Leases

  (12,510)  (8,329)

Total deferred tax liability

  (285,146)  (260,910)

Net deferred tax liability

 $(133,436) $(144,141)
Summary of Income Tax Contingencies [Table Text Block]
  

2023

  

2022

 

Balance at beginning of year

 $17,582  $13,281 

Tax positions related to the current year:

        

Additions

  723   469 
         

Tax positions related to prior years:

        

Additions

  5,658   5,885 

Reductions

  (965)  (1,019)

Settlements

  (8,156)  - 

Lapses in applicable statutes of limitation

  (588)  (1,034)

Balance at end of year

 $14,254  $17,582 
v3.23.4
Note 12 - Financial Instruments (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Derivative Instruments, Gain (Loss) [Table Text Block]
  

December 2, 2023

  

December 3, 2022

  

November 27, 2021

 

Cross-currency swap contracts

 $-  $(3,536) $(4,554)

Interest rate swap contracts

 $5,932  $13,148  $20,109 

Net investment hedges

 $(18,555) $(54,040)  - 
  

December 2, 2023

  

December 3, 2022

  

November 27, 2021

 

Foreign currency forward contracts

 $8,497  $5,711  $(357)
v3.23.4
Note 13 - Fair Value Measurements (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
      

Fair Value Measurements

 
      

Using:

 
  

December 2,

             

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 liability

  72,589   -   72,589   - 

Contingent consideration liability

  1,370   -   -   1,370 
                 
      

Fair Value Measurements

 
      

Using:

 
  

December 3,

             

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  $- 

Cross-currency cash flow hedge liabilities

  42,542   -   42,542   - 

Interest rate swaps, cash flow hedge liabilities

  54,046   -   54,046   - 

Contingent consideration liability

  1,977   -   -   1,977 
Contingent Consideration Liability [Member]  
Notes Tables  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Contingent consideration liability

 

2023

 

Level 3 balance at beginning of year

 $1,977 

Fair value adjustment

  3,763 

Payment of contingent consideration

  (4,132)

Mark to market adjustment

  (238)

Level 3 balance at end of year

 $1,370 
v3.23.4
Note 14 - Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Schedule of Loss Contingencies by Contingency [Table Text Block]
  

Year Ended

  

Year Ended

  

Year Ended

 
  

December 2,

  

December 3,

  

November 27,

 
  

2023

  

2022

  

2021

 

Lawsuits and claims settled

  9   7   2 

Settlement amounts

 $4,200  $296  $85 

Insurance payments received or expected to be received

 $2,379  $195  $55 
v3.23.4
Note 15 - Segments (Tables)
 12 Months Ended
Dec. 02, 2023
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

2023

  

2022

  

2021

 

Net revenue

            

Hygiene, Health and Consumable Adhesives

 $1,601,487  $1,695,934  $1,472,756 

Engineering Adhesives

  1,428,744   1,532,639   1,371,756 

Construction Adhesives

  480,703   520,610   433,519 

Total

 $3,510,934  $3,749,183  $3,278,031 
             

Segment operating income (loss)

            

Hygiene, Health and Consumable Adhesives

 $215,088  $165,786  $138,366 

Engineering Adhesives

  187,346   168,873   135,913 

Construction Adhesives

  5,961   22,989   14,148 

           Total segment

  408,395   357,648   288,427 

Corporate Unallocated1

  (53,258)  (34,930)  (35,815)

Total

 $355,137  $322,718  $252,612 
             

Depreciation and amortization

            

Hygiene, Health and Consumable Adhesives

 $53,398  $46,374  $45,919 

Engineering Adhesives

  63,143   58,307   61,082 

Construction Adhesives

  41,915   41,713   35,002 

Corporate Unallocated1

  1,384   582   1,171 

Total

 $159,840  $146,976  $143,174 
             

Total assets2

            

Hygiene, Health and Consumable Adhesives

 $1,661,122  $1,488,277     

Engineering Adhesives

  1,627,715   1,610,015     

Construction Adhesives

  990,296   987,610     

Corporate

  444,442   377,727     

Total

 $4,723,575  $4,463,629     
             

Capital expenditures

            

Hygiene, Health and Consumable Adhesives

 $67,933  $110,877     

Engineering Adhesives

  14,888   (2,302)    

Construction Adhesives

  4,540   (5,772)    

Corporate

  31,776   27,161     

Total

 $119,137  $129,964     
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
  

2023

  

2022

  

2021

 

Segment operating income

 $355,137  $322,718  $252,612 

Other income, net

  9,682   12,952   32,855 

Interest expense

  (134,602)  (91,521)  (78,092)

Interest income

  3,943   7,779   9,476 

Income before income taxes and income from equity method investments

 $234,160  $251,928  $216,851 
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]
  

Net Revenue

 
  

2023

  

2022

  

2021

 

United States

 $1,551,846  $1,692,903  $1,421,623 

China

  430,948   462,587   433,998 

Germany

  393,029   419,141   409,193 

Countries with more than 10 percent of total

  2,375,823   2,574,631   2,264,814 

All other countries with less than 10 percent of total

  1,135,111   1,174,552   1,013,217 

Total

 $3,510,934  $3,749,183  $3,278,031 
  

Property, Plant and Equipment, net

 
  

2023

  

2022

  

2021

 

United States

 $425,765  $375,353  $331,864 

Germany

  114,266   107,903   120,548 

China

  110,061   101,563   96,300 

All other countries with less than 10 percent of total

  174,563   148,848   146,655 

Total

 $824,655  $733,667  $695,367 
Disaggregation of Revenue [Table Text Block]
  

December 2, 2023

 
  

Hygiene, Health and Consumable

  

Engineering

  

Construction

  

Corporate

     
  

Adhesives

  

Adhesives

  

Adhesives

  

Unallocated

  

Total

 

Americas

 $919,024  $577,751  $363,517  $-  $1,860,292 

EIMEA

  476,397   460,327   85,738   -   1,022,462 

Asia Pacific

  206,066   390,666   31,448   -   628,180 
  $1,601,487  $1,428,744  $480,703  $-  $3,510,934 
  

December 3, 2022

 
  

Hygiene, Health and Consumable

  

Engineering

  

Construction

  

Corporate

     
  

Adhesives

  

Adhesives

  

Adhesives

  

Unallocated

  

Total

 

Americas

 $1,003,179  $630,484  $411,951  $-  $2,045,614 

EIMEA

  471,299   478,573   78,773   -   1,028,645 

Asia Pacific

  221,456   423,582   29,886   -   674,924 
  $1,695,934  $1,532,639  $520,610  $-  $3,749,183 
  

November 27, 2021

 
  

Hygiene, Health and Consumable

  

Engineering

  

Construction

  

Corporate

     
  

Adhesives

  

Adhesives

  

Adhesives

  

Unallocated

  

Total

 

Americas

 $826,172  $504,626  $384,576  $-  $1,715,374 

EIMEA

  425,324   470,466   22,156   -   917,946 

Asia Pacific

  221,260   396,664   26,787   -   644,711 
  $1,472,756  $1,371,756  $433,519  $-  $3,278,031 
v3.23.4
Note 1 - Nature of Business and Summary of Significant Accounting Policies (Details Textual)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
USD ($)
shares
Dec. 03, 2022
USD ($)
shares
Nov. 27, 2021
USD ($)
shares
Number of Countries in which Entity Operates 35    
Number of Reportable Segments 3    
Contract with Customers, Net Revenue Reduction, Customer Incentives $ 35,896 $ 50,146 $ 33,441
Cash Surrender Value of Life Insurance 9,334 8,957  
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount 0 303 0
Equity Securities without Readily Determinable Fair Value, Amount 1,362 1,362  
Interest Costs Capitalized $ 1,769 $ 1,518 $ 905
Finite-Lived Intangible Asset, Useful Life (Year) 16 years 16 years  
Asset Retirement Obligations, Noncurrent $ 3,147 $ 2,888  
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares 1,089,054 707,197 1,535,503
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | shares 113,868 49,869 47,481
Defined Benefit Plan, Equity Securities [Member]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 55.00%    
Fixed Income Funds [Member]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 45.00%    
Minimum [Member]      
Finite-Lived Intangible Asset, Useful Life (Year) 3 years    
Maximum [Member]      
Finite-Lived Intangible Asset, Useful Life (Year) 20 years    
Building and Building Improvements [Member] | Minimum [Member]      
Property, Plant and Equipment, Useful Life (Year) 20 years    
Building and Building Improvements [Member] | Maximum [Member]      
Property, Plant and Equipment, Useful Life (Year) 40 years    
Machinery and Equipment [Member] | Minimum [Member]      
Property, Plant and Equipment, Useful Life (Year) 3 years    
Machinery and Equipment [Member] | Maximum [Member]      
Property, Plant and Equipment, Useful Life (Year) 20 years    
Sekisui Fuller Company Ltd [Member]      
Equity Method Investment, Ownership Percentage 50.00%    
Revenue Benchmark [Member] | Hygiene, Health, and Consumable Adhesives [Member] | Product Concentration Risk [Member]      
Concentration Risk, Percentage 46.00%    
Revenue Benchmark [Member] | Engineering Adhesives [Member] | Product Concentration Risk [Member]      
Concentration Risk, Percentage 41.00%    
Revenue Benchmark [Member] | Construction Adhesives [Member] | Product Concentration Risk [Member]      
Concentration Risk, Percentage 13.00%    
v3.23.4
Note 1 - Nature of Business and Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Net income attributable to H.B. Fuller $ 144,906 $ 180,313 $ 161,393
Weighted-average common shares – basic (in shares) 54,332 53,580 52,887
Equivalent shares from share-based compensation plans (in shares) 1,626 1,689 1,428
Weighted-average common and common equivalent shares – diluted (in shares) 55,958 55,269 54,315
Basic earnings per share (in dollars per share) $ 2.67 $ 3.37 $ 3.05
Diluted earnings per share (in dollars per share) $ 2.59 $ 3.26 $ 2.97
v3.23.4
Note 2 - Acquisitions (Details Textual)
€ in Thousands, ¥ in Thousands, £ in Thousands, $ in Thousands
 3 Months Ended
Dec. 02, 2023
USD ($)
Sep. 08, 2023
USD ($)
Sep. 08, 2023
GBP (£)
Jun. 23, 2023
USD ($)
May 01, 2023
USD ($)
May 01, 2023
GBP (£)
Jan. 31, 2023
USD ($)
Dec. 15, 2022
USD ($)
Dec. 15, 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 (€)
Sep. 02, 2023
USD ($)
Dec. 03, 2022
USD ($)
Aug. 16, 2022
CNY (¥)
Goodwill $ 1,486,512                                 $ 1,392,627  
Payments to Acquire Businesses, Gross                         $ 205,592 £ 152,714          
Adhezion [Member]                                      
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 3,913                                    
Business Combination, Consideration Transferred       80,802                              
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High       $ 15,000                              
Goodwill 38,389                                    
Business Acquisition, Goodwill, Expected Tax Deductible Amount 25,702                                    
Xchem [Member]                                      
Payments to Acquire Businesses, Holdback Amount 1,650                                    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 4,400                                    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets 5,408                                    
Business Combination, Consideration Transferred 14,591                                    
Goodwill 4,783                                    
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 37,611                                    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets 37,600                                    
Goodwill 25,674                                    
Business Acquisition, Goodwill, Expected Tax Deductible Amount 2,998                                    
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                    
GSSI Sealants, Inc. [Member]                                      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill                                 $ 3,400    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets                                 1,123    
Business Combination, Consideration Transferred                   $ 7,701                  
Business Acquisition, Holdback Amount, Paid on 12 Month                   1,050                  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability                   $ 870                  
ZKLT Polymer Co., Ltd [Member]                                      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill                                 5,183    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets                                 10,085    
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High                     $ 4,132               ¥ 30,000
Goodwill                                 5,992    
Payments to Acquire Businesses, Gross                     21,260 ¥ 143,965              
Business Combination, Required Payments Each 12 and 18 month                     $ 3,987 ¥ 27,000              
Apollo [Member]                                      
Business Acquisition, Goodwill, Expected Tax Deductible Amount                         $ 0            
Apollo [Member] | Trademarks and Trade Names [Member]                                      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill                                   76,198  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets                                   10,036  
Goodwill                                   119,358  
Fourny NV [Member] | BELGIUM                                      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill                                   10,117  
Goodwill                                   6,455  
Business Acquisition, Goodwill, Expected Tax Deductible Amount                                   0  
Payments to Acquire Businesses, Gross                             $ 14,627 € 12,867 $ 3,060    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents                                   1,391  
Construction Adhesives [Member]                                      
Goodwill 432,769                                 425,755  
Construction Adhesives [Member] | Certain Assets of the Sanglier Group [Member]                                      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 10,695                                    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets $ 5,937                                    
Construction Adhesives [Member] | GSSI Sealants, Inc. [Member]                                      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets                                   $ 3,178  
Construction Adhesives [Member] | Certain Assets of the Sanglier Group [Member]                                      
Asset Acquisition, Consideration Transferred   $ 16,632 £ 13,339                                
Payments to Acquire Businesses, Holdback Amount | £     £ 2,100                                
v3.23.4
Note 3 - Restructuring Actions (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Restructuring Charges $ 24,587 $ (449) $ 787
Minimum [Member]      
Restructuring Charges 39,100    
Maximum [Member]      
Restructuring Charges $ 44,100    
v3.23.4
Note 3 - Restructuring Actions - Restructuring Charges (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Restructuring Charges $ 24,587 $ (449) $ 787
Cost of Sales [Member]      
Restructuring Charges 15,012 (152) (188)
Selling, General and Administrative Expenses [Member]      
Restructuring Charges $ 9,575 $ (297) $ 975
v3.23.4
Note 3 - Restructuring Actions - Restructuring Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Balance $ 57 $ 1,095  
Restructuring Charges 24,587 (449) $ 787
Non-cash charges (1,822) 0  
Cash payments (9,836) (529)  
Foreign currency translation (1,263) (60)  
Balance 11,723 57 1,095
Employee Related [Member]      
Balance 57 1,095  
Restructuring Charges 22,731 (449)  
Non-cash charges 0 0  
Cash payments (9,802) (529)  
Foreign currency translation (1,263) (60)  
Balance 11,723 57 1,095
Asset Related [Member]      
Balance 0 0  
Restructuring Charges 1,369 0  
Non-cash charges (1,369) 0  
Cash payments 0 0  
Foreign currency translation 0 0  
Balance 0 0 0
Other Restructuring [Member]      
Balance 0 0  
Restructuring Charges 487 0  
Non-cash charges (453) 0  
Cash payments (34) 0  
Foreign currency translation 0 0  
Balance $ 0 $ 0 $ 0
v3.23.4
Note 4 - Supplemental Financial Statement Information - Statement of Income Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Foreign currency transaction losses, net $ (11,615) $ (12,935) $ (5,962)
Gain (loss) on disposal of assets (58) 1,416 (648)
Net periodic pension benefit 20,246 26,787 32,070
Other, net 1,109 (2,316) 7,395
Total other income, net 9,682 12,952 32,855
Selling, General and Administrative Expenses [Member]      
Research and development expenses (included in SG&A expenses) $ 48,640 $ 44,853 $ 39,344
v3.23.4
Note 4 - Supplemental Financial Statement Information - Balance Sheet Information (Details) - USD ($)
$ in Thousands
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Raw materials $ 206,140 $ 237,071  
Finished goods 235,900 254,710  
Total inventories 442,040 491,781  
Other receivables 40,760 36,338  
Prepaid income taxes 12,327 27,169  
Prepaid taxes other than income taxes 34,455 29,322  
Prepaid expenses 25,136 27,490  
Total other current assets 112,678 120,319  
Land 91,320 84,320  
Buildings and improvements 447,428 405,037  
Machinery and equipment 1,058,916 957,371  
Construction in progress 157,371 133,010  
Total, at cost 1,755,035 1,579,738  
Accumulated depreciation (930,380) (846,071)  
Net property, plant and equipment 824,655 733,667 $ 695,367
Investments in company owned life insurance 9,334 8,957  
Equity method investments 37,562 42,143  
Equity Securities without Readily Determinable Fair Value, Amount 1,362 1,362  
Long-term deferred income taxes 42,949 39,048  
Operating lease right-of-use assets 47,433 32,440  
Other long-term receivables 14,013 9,262  
Other long-term assets 12,758 17,192  
Total other assets 371,165 335,868  
Taxes other than income taxes 22,497 14,642  
Miscellaneous services 8,319 7,092  
Customer rebates 17,938 24,915  
Interest 5,819 7,498  
Product liability 175 154  
Contingent consideration liability 1,370 1,977  
Current operating lease liabilities 11,277    
Current obligations of finance leases 16,184    
Accrued expenses 24,323 21,732  
Total other accrued expenses 107,902 89,345  
Asset Retirement Obligations, Noncurrent 3,147 2,888  
Long-term deferred income taxes 176,385 183,190  
Long-term income tax liability 19,225 22,202  
Long-term deferred compensation 9,884 9,957  
Postretirement other than pension 1,893 2,021  
Noncurrent operating lease liabilities 36,879    
Environmental liabilities 2,563 3,064  
Other long-term liabilities 65,507 57,497  
Total other liabilities 388,072 358,286  
Cross Currency Interest Rate Contract [Member]      
Net investment hedge liabilities 72,589 54,046  
Other Accrued Expenses [Member]      
Current operating lease liabilities 11,277 9,794  
Current obligations of finance leases 16,184 1,541  
Other Noncurrent Liabilities [Member]      
Noncurrent operating lease liabilities 36,879 23,421  
Pension Plan [Member]      
Prepaid postretirement costs 92,323 86,616  
Other Postretirement Benefits Plan [Member]      
Prepaid postretirement costs $ 113,431 $ 98,848  
v3.23.4
Note 4 - Supplemental Financial Statement Information - Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Balance $ 10,939 $ 9,935 $ 12,905
Charged to expenses and other adjustments 1,224 1,794 (546)
Write-offs (1,522) (851) (2,278)
Foreign currency translation effect 439 61 (146)
Balance $ 11,080 $ 10,939 $ 9,935
v3.23.4
Note 4 - Supplemental Financial Statement Information - Comprehensive Income (Loss) Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Net income attributable to H.B. Fuller $ 144,906 $ 180,313 $ 161,393
Net income including non-controlling interests, non-controlling interests net 82 94 82
Foreign currency translation adjustment, pretax [1] 17,320 (131,745) (26,262)
Foreign currency translation adjustment, net [1] 17,320 (131,745) (26,262)
Foreign currency translation adjustment1 [1] 2 (61) (32)
Defined benefit pension plans adjustment, pretax [2] 1,554 (18,881) 64,912
Defined benefit pension plans adjustment, tax [2] (762) 3,818 (16,731)
Defined benefit pension plans adjustment, net [2] 792 (15,063) 48,181
Derivative, net (14,107) (40,743) 0
Other comprehensive income (loss), pretax 6,251 (195,054) 54,205
Other comprehensive income (loss), tax 2,226 13,944 (21,593)
Other comprehensive income (loss), net 8,477 (181,110) 32,612
Other comprehensive income (loss), non-controlling interests net 2 (61) (32)
Comprehensive income (loss), net 153,383 (797) 194,005
Comprehensive income (loss), non-controlling interests net 84 33 50
Defined benefit pension plans adjustment2 [2] (762) 3,818 (16,731)
Interest Rate Swap [Member]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax [3] 5,932 13,148 20,109
Derivative, tax [3] (1,460) (3,224) (4,930)
Derivative, net [3] 4,472 9,924 15,179
Net Investment Hedges [Member]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax [3] (18,555) (54,040)  
Derivative, tax [3] 4,448 13,297  
Derivative, net [3] (14,107) (40,743)  
Other Contract [Member]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax [3]   (3,536) (4,554)
Derivative, tax [3]   53 68
Derivative, net $ 0 $ (3,483) [3] $ (4,486) [3]
[1] Income taxes are not provided for foreign currency translation relating to indefinite investments in international subsidiaries.
[2] Loss reclassified from accumulated other comprehensive income (loss) 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 expenses.
[3] Loss reclassified from accumulated other comprehensive income (loss) into earnings is reported in other income, net.
v3.23.4
Note 4 - Supplemental Financial Statement Information - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Nov. 28, 2020
Before Reclassifications $ 17,744      
Before Reclassifications, tax 17,744      
Total accumulated other comprehensive loss 1,755,913 $ 1,610,794 $ 1,597,360 $ 1,381,862
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]        
Before Reclassifications (246,736) (264,054) (132,370)  
Before Reclassifications, tax (246,736) (264,054) (132,370)  
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]        
Before Reclassifications (246,692) (264,012) (132,267)  
Before Reclassifications, tax (246,692) (264,012) (132,267)  
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member]        
Before Reclassifications (44) (42) (103)  
Before Reclassifications, tax (44) (42) (103)  
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]        
Before Reclassifications (127,469) (128,261) (113,198)  
Before Reclassifications, tax (127,469) (128,261) (113,198)  
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Interest Rate Swap [Member]        
Before Reclassifications 4,472      
Before Reclassifications, tax 4,472      
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]        
Before Reclassifications (127,469) (128,261) (113,198)  
Before Reclassifications, tax (127,469) (128,261) (113,198)  
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Interest Rate Swap [Member]        
Before Reclassifications 4,472      
Before Reclassifications, tax 4,472      
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member]        
Before Reclassifications 0   0  
Before Reclassifications, tax 0   0  
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member] | Interest Rate Swap [Member]        
Before Reclassifications 0      
Before Reclassifications, tax 0      
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member] | Net Investment Hedges [Member]        
Before Reclassifications   0    
Before Reclassifications, tax   0    
AOCI Including Portion Attributable to Noncontrolling Interest [Member]        
Reclassification of AOCI tax effects (18,341) (18,341) (18,341)  
Total accumulated other comprehensive loss (442,924) (451,399) (270,350)  
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Net Investment Hedges [Member]        
Before Reclassifications   (40,743)    
Before Reclassifications, tax   (40,743)    
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]        
Before Reclassifications     3,483  
Before Reclassifications, tax     3,483  
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Interest Rate Swap [Member]        
Before Reclassifications     (9,924)  
Before Reclassifications, tax     (9,924)  
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Net Investment Hedges [Member]        
Before Reclassifications (54,850)      
Before Reclassifications, tax (54,850)      
AOCI Attributable to Parent [Member]        
Reclassification of AOCI tax effects (18,341) (18,341) (18,341)  
Total accumulated other comprehensive loss (442,880) (451,357) (270,247) $ (302,859)
AOCI Attributable to Parent [Member] | Net Investment Hedges [Member]        
Before Reclassifications   (40,743)    
Before Reclassifications, tax   (40,743)    
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]        
Before Reclassifications     3,483  
Before Reclassifications, tax     3,483  
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member]        
Before Reclassifications     (9,924)  
Before Reclassifications, tax     (9,924)  
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Net Investment Hedges [Member]        
Before Reclassifications (54,850)      
Before Reclassifications, tax (54,850)      
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member]        
Before Reclassifications     0  
Before Reclassifications, tax     0  
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | Interest Rate Swap [Member]        
Before Reclassifications     0  
Before Reclassifications, tax     0  
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | Net Investment Hedges [Member]        
Before Reclassifications 0      
Before Reclassifications, tax 0      
AOCI Attributable to Noncontrolling Interest [Member]        
Reclassification of AOCI tax effects 0   0  
Total accumulated other comprehensive loss $ (44) $ (42) $ (103)  
v3.23.4
Note 4 - Supplemental Financial Statement Information - Components of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Before Reclassifications, tax $ 17,744    
Net Investment Hedges [Member]      
Before Reclassifications, tax   $ 13,297  
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]      
Before Reclassifications, tax 66,982 67,744 $ 63,925
Before Reclassifications, tax (127,469) $ (128,261) (113,198)
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Interest Rate Swap [Member]      
Before Reclassifications, tax 4,472    
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]      
Before Reclassifications, tax     (53)
Before Reclassifications, tax     3,483
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Interest Rate Swap [Member]      
Before Reclassifications, tax (1,460)   3,224
Before Reclassifications, tax     $ (9,924)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Net Investment Hedges [Member]      
Before Reclassifications, tax $ (54,850)    
v3.23.4
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Amortization of Intangible Assets $ 79,514 $ 74,383 $ 71,068
Indefinite Lived Trademarks and Trade Names $ 474 $ 459  
v3.23.4
Note 5 - Goodwill and Other Intangible Assets - Goodwill Balance (Details)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
USD ($)
Balance at beginning of year $ 1,392,627
Acquisitions 79,685
Foreign currency translation effect 14,200
Balance at end of year 1,486,512
Hygiene, Health, and Consumable Adhesives [Member]  
Balance at beginning of year 328,962
Acquisitions 67,523
Foreign currency translation effect 6,113
Balance at end of year 402,598
Engineering Adhesives [Member]  
Balance at beginning of year 637,910
Acquisitions 5,983
Foreign currency translation effect 7,252
Balance at end of year 651,145
Construction Adhesives [Member]  
Balance at beginning of year 425,755
Acquisitions 6,179
Foreign currency translation effect 835
Balance at end of year $ 432,769
v3.23.4
Note 5 - Goodwill and Other Intangible Assets - Amortizable Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 02, 2023
Dec. 03, 2022
Original cost $ 1,200,628 $ 1,184,112
Accumulated amortization (471,962) (482,479)
Net identifiable intangibles $ 728,666 $ 701,633
Weighted-average useful lives (in years) (Year) 16 years 16 years
Purchased Technology And Patents [Member]    
Original cost $ 144,763 $ 118,727
Accumulated amortization (59,631) (66,433)
Net identifiable intangibles $ 85,132 $ 52,294
Weighted-average useful lives (in years) (Year) 13 years 13 years
Customer Relationships [Member]    
Original cost $ 986,470 $ 1,004,008
Accumulated amortization (382,220) (388,394)
Net identifiable intangibles $ 604,250 $ 615,614
Weighted-average useful lives (in years) (Year) 16 years 17 years
Trade Names [Member]    
Original cost $ 58,484 $ 50,324
Accumulated amortization (23,099) (21,401)
Net identifiable intangibles $ 35,385 $ 28,923
Weighted-average useful lives (in years) (Year) 13 years 13 years
Other Intangible Assets [Member]    
Original cost $ 10,911 $ 11,053
Accumulated amortization (7,012) (6,251)
Net identifiable intangibles $ 3,899 $ 4,802
Weighted-average useful lives (in years) (Year) 13 years 13 years
v3.23.4
Note 5 - Goodwill and Other Intangible Assets - Estimated Aggregate Amortization Expense (Details)
$ in Thousands
Dec. 02, 2023
USD ($)
2023 $ 77,288
2024 77,678
2025 70,957
2026 67,652
2027 67,356
Thereafter $ 367,735
v3.23.4
Note 6 - Leases (Details Textual)
Dec. 02, 2023
Lessee, Operating and Finance Leases, Renewal Term (Year) 5 years
Operating Lease, Weighted Average Remaining Lease Term (Year) 9 years 4 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent 4.20%
Finance Lease, Weighted Average Remaining Lease Term (Year) 4 years
Finance Lease, Weighted Average Discount Rate, Percent 5.90%
v3.23.4
Note 6 - Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Operating lease cost $ 13,883 $ 12,026
Amortization of assets 2,045 1,535
Interest on lease liabilities 1,077 261
Variable lease cost 8,554 6,481
Total net lease cost $ 25,559 $ 20,303
v3.23.4
Note 6 - Leases - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Dec. 02, 2023
Dec. 03, 2022
Operating lease right-of-use assets $ 47,433 $ 32,440
Current operating lease liabilities 11,277  
Noncurrent operating lease liabilities 36,879  
Total operating lease liabilities 48,156 33,215
Current obligations of finance leases 16,184  
Finance leases, net of current obligations 6,534  
Total finance lease liabilities 22,718 9,048
Other Assets [Member]    
Operating lease right-of-use assets 47,433 32,440
Other Accrued Expenses [Member]    
Current operating lease liabilities 11,277 9,794
Current obligations of finance leases 16,184 1,541
Other Liabilities [Member]    
Noncurrent operating lease liabilities 36,879 23,421
Finance leases, net of current obligations 6,534 7,507
Property, Plant and Equipment, Net [Member] | Equipment [Member]    
Finance right-of-use assets 11,681 11,150
Property, Plant and Equipment, Net [Member] | Building [Member]    
Finance right-of-use assets $ 14,230 $ 0
v3.23.4
Note 6 - Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Operating cash flows from operating leases $ 11,745 $ 15,209
Operating cash flows from finance leases 1,077 261
Financing cash flows from finance leases 268 607
New operating lease liabilities 26,687 15,442
New finance lease liabilities $ 15,015 $ 1,258
v3.23.4
Note 6 - Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 02, 2023
Dec. 03, 2022
2024, Finance Leases $ 16,535  
2024, Operating Lease 12,993  
2025, Finance Leases 1,618  
2025, Operating Lease 9,452  
2026, Finance Leases 1,441  
2026, Operating Lease 7,085  
2027, Finance Leases 1,151  
2027, Operating Lease 5,126  
2028, Finance Leases 684  
2028, Operating Lease 3,505  
2029 and beyond, Finance Leases 2,376  
2029 and beyond, Operating Leases 18,869  
Total, Finance Leases 23,805  
Total, Operating Leases 57,031  
Less: amounts representing interest, Finance Leases (1,087)  
Less: amounts representing interest, Operating Leases (8,875)  
Present value of future minimum payments, Finance Leases 22,718 $ 9,048
Present value of future minimum payments 48,156 $ 33,215
Less: current obligations, Finance Leases (16,184)  
Less: current obligations, Operating Leases (11,277)  
Noncurrent lease liabilities, Finance Leases 6,534  
Noncurrent lease liabilities, Operating Leases $ 36,879  
v3.23.4
Note 7 - Notes Payable, Long-term Debt and Lines of Credit (Details Textual) - USD ($)
 12 Months Ended
Dec. 15, 2023
Dec. 02, 2023
Aug. 16, 2023
Feb. 15, 2023
Oct. 20, 2020
Feb. 14, 2017
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Mar. 16, 2023
Feb. 28, 2023
Jan. 13, 2023
Jan. 12, 2023
Feb. 27, 2018
Notes Payable, Current   $ 1,841,000         $ 1,841,000 $ 28,860,000            
Deferred Debt Issuance Cost, Writeoff             2,689,000 0 $ 0          
Long-Term Debt, Fair Value   1,785,199,000         1,785,199,000 1,713,257,000            
Interest Rate Swap [Member]                            
Derivative, Amount of Hedged Item           $ 150,000,000       $ 300,000,000   $ 400,000,000 $ 400,000,000 $ 85,000
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%        
Term Loan A [Member]                            
Debt Instrument, Face Amount       $ 500,000,000                    
Long-Term Debt, Gross [1]   $ 487,500,000         487,500,000 0            
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   6.95%   1.50%                    
Term Loan B [Member]                            
Debt Instrument, Face Amount       $ 800,000,000                    
Long-Term Debt, Gross [2]   $ 796,000,000         796,000,000 1,001,150,000            
Term Loan B [Member] | SOFR Credit Adjustment [Member]                            
Debt Instrument, Basis Spread on Variable Rate       2.25%                    
Term Loan B [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]                            
Debt Instrument, Basis Spread on Variable Rate   7.60% 2.25% 0.50%                    
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%                    
The 10-year Public Notes [Member]                            
Debt Instrument, Face Amount           $ 300,000,000                
Debt Instrument, Basis Spread on Variable Rate           1.86%                
Debt Instrument, Interest Rate, Stated Percentage           4.00%                
Debt Instrument, Term (Year)           10 years                
The 8-year Public Notes [Member]                            
Debt Instrument, Face Amount         $ 300,000,000                  
Debt Instrument, Interest Rate, Stated Percentage         4.25%                  
Long-Term Debt, Gross [3]   $ 300,000,000         300,000,000 300,000,000            
Debt Instrument, Term (Year)         8 years                  
Repayments of Debt         $ 300,000                  
The 8-year Public Notes [Member] | London Interbank Offered Rate (LIBOR) 1 [Member]                            
Debt Instrument, Basis Spread on Variable Rate         3.28%                  
Term Loan [Member]                            
Repayments of Debt           $ 158,750,000                
Public Notes [Member]                            
Debt Instrument, Term (Year)           10 years                
Second Amended and Restated Credit Agreement [Member]                            
Debt Instrument, Mandatory Prepayments of Excess Cashflow, Percentage       50.00%                    
Debt Instrument, Mandatory Prepayments of Excess Cashflow When Secured Leverage Ratio Is Below 4.25, Percentage       25.00%                    
Debt Instrument, Mandatory Prepayments of Excess Cashflow When Secured Leverage Ratio Is Below 3.75, Percentage       0.00%                    
Second Amended and Restated Credit Agreement [Member] | Term Loan B [Member]                            
Debt Instrument, Periodic Payment, Percentage of Principal       1.00%                    
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%                    
Revolving Credit Facility [Member]                            
Line of Credit, Current   0         0              
Line of Credit Facility, Maximum Borrowing Capacity   700,000,000   $ 700,000,000     700,000,000              
Deferred Debt Issuance Cost, Writeoff             2,689,000              
Long-Term Debt, Gross   0         0 $ 175,500,000            
Repayments of Lines of Credit           $ 138,000,000                
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.20%                          
Long-Term Line of Credit, Total   0         0              
Letters of Credit Outstanding, Amount   $ 9,968,000         $ 9,968,000              
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       4.5                    
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   6.95%   1.50%                    
Notes Payable [Member]                            
Short-Term Debt, Weighted Average Interest Rate, at Point in Time   10.75%         10.75% 16.20% 8.10%          
[1] Term Loan A, due on February 15, 2028, $500,000 variable rate at the Secured Overnight Financing Rate ("SOFR") plus an adjustment of 0.10 percent and an interest rate spread of 1.50 percent based on a leverage grid (6.95 percent at December 2, 2023).
[2] Term Loan B, due on February 15, 2028, $800,000 variable rate at the SOFR plus 2.25 percent with a SOFR floor of 0.50 percent (7.60 percent at December 2, 2023).
[3] Public Notes, due October 15, 2028, $300,000 4.25 percent fixed; swapped to a floating rate as detailed below.
v3.23.4
Note 7 - Notes Payable, Long-term Debt and Lines of Credit - Long-term Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Other, including debt issuance cost and discount $ (46,910) $ (40,394)
Long-term debt 1,836,590 1,736,256
Less: current maturities 0 0
Total long-term debt, excluding current maturities $ 1,836,590 1,736,256
The 10-year Public Notes [Member]    
Long-term weighted-average interest rate [1] 4.00%  
Loan maturity date [1] 2027  
Long-term debt, gross [1] $ 300,000 300,000
Term Loan A [Member]    
Long-term weighted-average interest rate [2] 6.95%  
Loan maturity date [2] 2028  
Long-term debt, gross [2] $ 487,500 0
Term Loan B [Member]    
Long-term weighted-average interest rate [3] 7.60%  
Loan maturity date [3] 2030  
Long-term debt, gross [3] $ 796,000 1,001,150
The 8-year Public Notes [Member]    
Long-term weighted-average interest rate [4] 4.25%  
Loan maturity date [4] 2028  
Long-term debt, gross [4] $ 300,000 300,000
Revolving Credit Facility [Member]    
Long-term weighted-average interest rate 6.95%  
Loan maturity date 2028  
Long-term debt, gross $ 0 $ 175,500
[1] Public Notes, due February 15, 2027, $300,000 4.00 percent fixed.
[2] Term Loan A, due on February 15, 2028, $500,000 variable rate at the Secured Overnight Financing Rate ("SOFR") plus an adjustment of 0.10 percent and an interest rate spread of 1.50 percent based on a leverage grid (6.95 percent at December 2, 2023).
[3] Term Loan B, due on February 15, 2028, $800,000 variable rate at the SOFR plus 2.25 percent with a SOFR floor of 0.50 percent (7.60 percent at December 2, 2023).
[4] Public Notes, due October 15, 2028, $300,000 4.25 percent fixed; swapped to a floating rate as detailed below.
v3.23.4
Note 7 - Notes Payable, Long-term Debt and Lines of Credit - Maturities of Long-term Debt (Details)
$ in Thousands
Dec. 02, 2023
USD ($)
2024 $ 0
2025 0
2026 0
2027 300,000
2028 787,500
Thereafter $ 796,000
v3.23.4
Note 7 - Notes Payable, Long-term Debt and Lines of Credit - Lines of Credit (Details) - Revolving Credit Facility [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Feb. 15, 2023
Committed $ 700,000 $ 700,000
Drawn 0  
Unused $ 690,032  
v3.23.4
Note 8 - Stockholders' Equity (Details Textual) - USD ($)
$ / shares in Units, $ in Billions
 12 Months Ended
Apr. 07, 2022
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Preferred Stock, Shares Authorized (in shares)   10,045,900 10,045,900  
Common Stock, Shares Authorized (in shares)   160,000,000 160,000,000  
Common Stock, Par or Stated Value Per Share (in dollars per share)   $ 1 $ 1  
Common Stock, Shares, Issued (in shares)   54,092,987 53,676,576  
Stock Repurchased During Period, Shares (in shares)   0 0 0
The 2017 Share Repurchase Program [Member]        
Stock Repurchase Program, Authorized Amount $ 0.3      
Stock Repurchase Program, Period in Force (Year) 5 years      
Stock Repurchase Program, Remaining Authorized Repurchase Amount     $ 0.3  
v3.23.4
Note 8 - Stockholders' Equity - Common Stock Outstanding (Details) - shares
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Beginning balance (in shares) 53,676,576 52,777,753 51,906,663
Stock options exercised (in shares) 314,832 657,789 740,731
Deferred compensation paid (in shares) 102,108 118,429 19,895
Restricted units vested (in shares) 113,339 172,474 157,945
Shares withheld for taxes (in shares) (113,868) (49,869) (47,481)
Ending balance (in shares) 54,092,987 53,676,576 52,777,753
v3.23.4
Note 9 - Accounting for Share-based Compensation (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Fair Value Options Granted During Period Value Share-based Compensation $ 10,577 $ 5,400 $ 17,250
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value $ 8,015 16,877 15,261
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) 5 years 7 months 6 days    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value $ 121,640    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) 3,926,049    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) 4 years 10 months 24 days    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value $ 108,853    
Proceeds, Issuance of Shares, Share-Based Payment Arrangement, Including Option Exercised 14,619 30,122 32,325
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit 1,885 $ 3,687 $ 3,874
Total Fair Value of Nonvested Restricted Stock $ 33,101    
Repurchased Restricted Stock Shares (in shares) 37,715 55,081 50,799
Selling, General and Administrative Expenses [Member]      
Share-Based Payment Arrangement, Expense $ 19,911 $ 24,368 $ 22,366
Non Employee Directors [Member]      
Deferred Compensation Plan, Matching Percentage 10.00%    
Deferred Compensation Arrangement with Individual, Discretionary Awards, Employer Contribution Units Paid (in shares) 17,580 17,937 18,814
Deferred Compensation Arrangement with Individual, Employer Matches Contribution Fair Value $ 172 $ 172 $ 163
Deferred Compensation Arrangement with Individual, Discretionary Awards Employer Contribution, Fair Value $ 1,200 1,080 1,215
Employees [Member]      
Deferred Compensation Plan, Matching Percentage 10.00%    
Deferred Compensation Arrangement with Individual, Employer Matches Contribution Fair Value $ 79 86 61
2020 Master Incentive Plan [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) 3,413,652    
Share-Based Payment Arrangement, Option [Member]      
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 7,526    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) 10 months 24 days    
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 1 year    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage 33.30%    
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) 10 years    
Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 3 years    
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit $ 1,396 2,569 1,439
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value $ 6,101 $ 8,062 $ 7,691
Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche One [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 1 year    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage 33.30%    
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) 3 years    
Restricted Stock Units (RSUs) [Member]      
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 8,940    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) 8 months 4 days    
v3.23.4
Note 9 - Accounting for Share-based Compensation - Fair Value of Options Granted (Details) - $ / shares
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Expected life (Year) 5 years 5 years 5 years
Weighted-average expected volatility 35.28% 33.35% 32.50%
Weighted-average expected dividend 1.20% 0.95% 1.26%
Weighted-average fair value of grants (in dollars per share) $ 22.41 $ 20.91 $ 13.29
Minimum [Member]      
Expected volatility range 35.09% 33.33% 32.48%
Risk-free interest rate 3.48% 1.53% 0.39%
Expected dividend yield range 1.13% 0.94% 0.92%
Maximum [Member]      
Expected volatility range 35.69% 34.34% 32.94%
Risk-free interest rate 4.72% 4.06% 1.20%
Expected dividend yield range 1.22% 1.23% 1.27%
v3.23.4
Note 9 - Accounting for Share-based Compensation - Stock Option Activity (Details) - $ / shares
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Outstanding Options (in shares) 4,823,070 4,972,392 5,545,915
Outstanding Options, weighted-average exercise price (in dollars per share) $ 50.42 $ 47.45 $ 47.34
Granted (in shares) 471,975 549,458 1,237,094
Granted, weighted-average exercise price (in dollars per share) $ 68.27 $ 72.75 $ 53.33
Exercised (in shares) (314,832) (657,789) (740,731)
Exercised, weighted-average exercise price (in dollars per share) $ 46.43 $ 45.79 $ 43.64
Forfeited or cancelled (in shares) (38,328) (40,991) (1,069,886)
Forfeited or cancelled, weighted-average exercise price (in dollars per share) $ 63.52 $ 61.31 $ 56.33
Outstanding Options (in shares) 4,941,885 4,823,070 4,972,392
Outstanding Options, weighted-average exercise price (in dollars per share) $ 52.28 $ 50.42 $ 47.45
v3.23.4
Note 9 - Accounting for Share-based Compensation - Nonvested Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Nov. 28, 2020
Nonvested (in shares) 491,120 552,365 432,349  
Nonvested, Weighted average grant date fair value (in dollars per share) $ 58.98 $ 50.63 $ 46.22  
Nonvested, Weighted average remaining contractual life (Year) 8 months 12 days 8 months 12 days 1 year 10 months 24 days 9 months 18 days
Granted (in shares) 187,185 179,603 356,779  
Granted, Weighted average grant date fair value (in dollars per share) $ 63.32 $ 67.92 $ 54.49  
Granted, Weighted average remaining contractual life (Year) 2 years 2 months 12 days 3 years 2 months 12 days 3 years 2 months 12 days  
Vested (in shares) (113,339) (172,474) (157,945)  
Vested, Weighted average grant date fair value (in dollars per share) $ 53.83 $ 46.74 $ 48.69  
Forfeited (in shares) (36,276) (68,374) (78,818)  
Forfeited, Weighted average grant date fair value (in dollars per share) $ 44.48 $ 45.83 $ 47.79  
Forfeited, Weighted average remaining contractual life (Year) 2 months 12 days 1 month 6 days 9 months 18 days  
Nonvested (in shares) 528,690 491,120 552,365 432,349
Nonvested, Weighted average grant date fair value (in dollars per share) $ 62.61 $ 58.98 $ 50.63 $ 46.22
v3.23.4
Note 9 - Accounting for Share-based Compensation - Deferred Compensation Units (Details) - shares
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Units outstanding (in shares) 522,564 516,885 499,818
Participant contributions (in shares) 25,406 102,039 23,523
Company match contributions1 (in shares) [1] 20,121 28,142 21,167
Payouts (in shares) (108,934) (124,502) (27,623)
Units outstanding (in shares) 459,157 522,564 516,885
Non Employee Directors [Member]      
Units outstanding (in shares) 465,992 468,524 455,265
Participant contributions (in shares) 13,187 89,054 13,036
Company match contributions1 (in shares) [1] 18,899 26,843 20,118
Payouts (in shares) (102,108) (118,429) (19,895)
Units outstanding (in shares) 395,970 465,992 468,524
Employees [Member]      
Units outstanding (in shares) 56,572 48,361 44,553
Participant contributions (in shares) 12,219 12,985 10,487
Company match contributions1 (in shares) [1] 1,222 1,299 1,049
Payouts (in shares) (6,826) (6,073) (7,728)
Units outstanding (in shares) 63,187 56,572 48,361
[1] The non-employee directors’ company match includes 17,937, 18,814 and 21,323 deferred compensation units paid as discretionary awards to all non-employee directors in 2022, 2021 and 2020, respectively.
v3.23.4
Note 10 - Pension and Postretirement Benefits (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent 75.00%    
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 4.00%    
Defined Contribution Plan, Annual Retirement Percentage 1.00%    
Defined Contribution Plan, Cost $ 14,221 $ 12,113 $ 12,488
Defined Contribution Plan, Employer Discretionary Contribution Amount 0 950  
Liability, Defined Benefit Plan $ 11,626 12,263  
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Increase (decrease) in Discount Rate 0.50%    
Impact on Pension and Other Postretirement Benefit Expense from a Change in Discount Rate $ 149    
Supplemental Executive Retirement Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Group Term Life Insurance Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance $ 0 0  
Equity Funds [Member] | Supplemental Executive Retirement Plan [Member]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 55.00%    
Fixed Income Funds [Member]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 45.00%    
Fixed Income Funds [Member] | Supplemental Executive Retirement Plan [Member]      
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 45.00%    
UNITED STATES      
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement, Total   0  
Defined Benefit Plan, Accumulated Benefit Obligation $ 273,197 $ 289,049  
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 5.66% 5.36% 2.76%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Increase (decrease) in Discount Rate 0.50%    
Impact on Pension and Other Postretirement Benefit Expense from a Change in Discount Rate $ 2,266    
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets 7.75% 7.00% 7.25%
UNITED STATES | Equity Funds [Member]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets 8.50%    
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 55.00%    
UNITED STATES | Fixed Income Funds [Member]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets 5.60%    
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 45.00%    
UNITED KINGDOM      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets 4.50%    
GERMANY      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets 5.50%    
Foreign Plan [Member]      
Defined Benefit Plan, Accumulated Benefit Obligation $ 141,402 $ 148,927  
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets 5.02% 3.49% 6.15%
Four Percent Match [Member]      
Defined Contribution Plan, Cost $ 9,853    
One Percent Match [Member]      
Defined Contribution Plan, Cost $ 4,368    
v3.23.4
Note 10 - Pension and Postretirement Benefits - Change in Benefit Obligation and Plan Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
UNITED STATES      
Settlement payments   $ 0  
Pension Plan [Member] | UNITED STATES      
Benefit obligation at beginning of year $ 269,874 361,212  
Service cost 0 0 $ 0
Interest cost 13,901 9,653 9,299
Participant contributions 0 0  
Actuarial gain1 [1] (7,298) (80,296)  
Curtailments 0 0  
Settlement payments (141) (200)  
Benefits paid (20,946) (20,495)  
Foreign currency translation effect 0 0  
Benefit obligation at end of year 255,390 269,874 361,212
Level 3 balance 326,786 409,811  
Actual return on plan assets 12,811 (63,562)  
Employer contributions 1,228 1,232  
Participant contributions 0 0  
Settlement payments (141) (200)  
Benefits paid [2] (20,946) (20,495)  
Foreign currency translation effect 0 0  
Level 3 balance 319,738 326,786 409,811
Plan assets in excess of (less than) benefit obligation as of year end 64,348 56,912  
Pension Plan [Member] | Foreign Plan [Member]      
Benefit obligation at beginning of year 154,850 238,400  
Service cost 1,670 2,765 3,280
Interest cost 5,726 2,893 2,941
Participant contributions 0 0  
Actuarial gain1 [1] (12,435) (57,159)  
Curtailments 0 231  
Settlement payments (252) (7,988)  
Benefits paid (7,663) (8,370)  
Foreign currency translation effect 4,900 (15,922)  
Benefit obligation at end of year 146,796 154,850 238,400
Level 3 balance 141,908 216,623  
Actual return on plan assets (5,545) (45,328)  
Employer contributions 1,744 1,640  
Participant contributions 0 0  
Settlement payments 0 0  
Benefits paid [2] (7,663) (8,369)  
Foreign currency translation effect 4,178 (22,658)  
Level 3 balance 134,622 141,908 216,623
Plan assets in excess of (less than) benefit obligation as of year end (12,174) (12,942)  
Other Postretirement Benefits Plan [Member]      
Benefit obligation at beginning of year 24,173 31,262  
Service cost 0 0 21
Interest cost 1,205 748 822
Participant contributions 232 296  
Actuarial gain1 [1] (611) (5,395)  
Curtailments 0 0  
Settlement payments 0 0  
Benefits paid (2,866) (2,738)  
Foreign currency translation effect 0 0  
Benefit obligation at end of year 22,133 24,173 31,262
Level 3 balance 120,782 135,701  
Actual return on plan assets 15,160 (12,613)  
Employer contributions 145 136  
Participant contributions 232 296  
Settlement payments 0 0  
Benefits paid [2] (2,866) (2,738)  
Foreign currency translation effect 0 0  
Level 3 balance 133,453 120,782 $ 135,701
Plan assets in excess of (less than) benefit obligation as of year end $ 111,320 $ 96,608  
[1] Actuarial gain in 2022 and 2021 for the U.S. Plans is primarily due to assumption changes. Actuarial gain in 2022 and 2021 for the Non-U.S. Plans are due to both assumption changes and plan experience.
[2] Amount excludes benefit payments made from sources other than plan assets.
v3.23.4
Note 10 - Pension and Postretirement Benefits - Amounts in Accumulated Other Comprehensive Income That Have Not Been Recognized as Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands
Dec. 02, 2023
Dec. 03, 2022
Pension Plan [Member] | UNITED STATES    
Unrecognized actuarial loss (gain) $ 143,522 $ 137,351
Unrecognized prior service cost 0 0
Ending balance 143,522 137,351
Pension Plan [Member] | Foreign Plan [Member]    
Unrecognized actuarial loss (gain) 49,128 49,306
Unrecognized prior service cost 1,196 1,219
Ending balance 50,324 50,525
Other Postretirement Benefits Plan [Member]    
Unrecognized actuarial loss (gain) (14,442) (8,530)
Unrecognized prior service cost 0 0
Ending balance $ (14,442) $ (8,530)
v3.23.4
Note 10 - Pension and Postretirement Benefits - Statement of Financial Position as of Fiscal Year End (Details) - USD ($)
$ in Thousands
Dec. 02, 2023
Dec. 03, 2022
Non-current liabilities $ (50,189) $ (52,561)
Pension Plan [Member]    
Prepaid postretirement costs 92,323 86,616
Pension Plan [Member] | UNITED STATES    
Prepaid postretirement costs 76,677 69,826
Current liabilities (1,239) (1,248)
Non-current liabilities (11,089) (11,666)
Ending balance 64,349 56,912
Pension Plan [Member] | Foreign Plan [Member]    
Prepaid postretirement costs 15,635 16,790
Current liabilities (1,464) (1,727)
Non-current liabilities (26,345) (28,006)
Ending balance (12,174) (12,943)
Other Postretirement Benefits Plan [Member]    
Prepaid postretirement costs 113,431 98,848
Current liabilities (218) (218)
Non-current liabilities (1,893) (2,021)
Ending balance $ 111,320 $ 96,609
v3.23.4
Note 10 - Pension and Postretirement Benefits - Pension Plans With Accumulated Benefit and Projected Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan [Member] - USD ($)
$ in Thousands
Dec. 02, 2023
Dec. 03, 2022
UNITED STATES    
Accumulated benefit obligation $ 12,329 $ 12,914
Fair value of plan assets 0 0
Projected benefit obligation 12,329 12,914
Fair value of plan assets 0 0
Foreign Plan [Member]    
Accumulated benefit obligation 35,034 36,820
Fair value of plan assets 9,700 9,617
Projected benefit obligation 37,510 39,350
Fair value of plan assets $ 9,700 $ 9,617
v3.23.4
Note 10 - Pension and Postretirement Benefits - Expected Cash Flows for Employer Contributions and Expected Benefit Payments (Details)
$ in Thousands
Dec. 02, 2023
USD ($)
Pension Plan [Member] | UNITED STATES  
2024 $ 0
2024 21,330
2025 21,351
2026 21,251
2027 21,168
2028- 2033 121,219
Pension Plan [Member] | Foreign Plan [Member]  
2024 5
2024 8,387
2025 8,470
2026 8,651
2027 8,948
2028- 2033 53,787
Other Postretirement Benefits Plan [Member]  
2024 0
2024 2,723
2025 2,622
2026 2,512
2027 2,382
2028- 2033 $ 11,487
v3.23.4
Note 10 - Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Net periodic (benefit) cost $ (8,654) $ (13,781) $ (8,029)
UNITED STATES      
Net periodic (benefit) cost (12,379) (15,237) (18,629)
Foreign Plan [Member]      
Net periodic (benefit) cost 2,443 4,996 (2,005)
Pension Plan [Member] | UNITED STATES      
Service cost 0 0 0
Interest cost 13,901 9,653 9,299
Expected return on assets (28,821) (29,018) (31,123)
Prior service (benefit) cost 0 (3) (3)
Actuarial loss (gain) 2,541 4,132 3,198
Settlement charge 0 0 0
Pension Plan [Member] | Foreign Plan [Member]      
Service cost 1,670 2,765 3,280
Interest cost 5,726 2,893 2,941
Expected return on assets (7,027) (6,465) (12,348)
Prior service (benefit) cost 62 63 69
Actuarial loss (gain) 1,993 2,411 4,053
Settlement charge 19 3,329 0
Other Postretirement Benefits Plan [Member]      
Service cost 0 0 21
Interest cost 1,205 748 822
Expected return on assets (9,859) (11,084) (8,945)
Prior service (benefit) cost 0 0 0
Actuarial loss (gain) 0 (3,445) 73
Settlement charge $ 0 $ 0 $ 0
v3.23.4
Note 10 - Pension and Postretirement Benefits - Weighted-average Assumption Used to Determine Benefit Obligations and Net Costs (Details)
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
UNITED STATES      
Discount rate 5.66% 5.36% 2.76%
Expected return on plan assets 7.75% 7.00% 7.25%
Foreign Plan [Member]      
Expected return on plan assets 5.02% 3.49% 6.15%
Pension Plan [Member] | UNITED STATES      
Discount rate 5.66% 5.36% 2.75%
Rate of compensation increase [1] 0.00% 0.00% 0.00%
Discount rate 5.36% 2.75% 2.50%
Expected return on plan assets 7.75% 7.00% 7.24%
Rate of compensation increase [1] 0.00% 0.00% 0.00%
Pension Plan [Member] | Foreign Plan [Member]      
Discount rate 4.37% 3.70% 1.27%
Rate of compensation increase [1] 1.82% 1.83% 1.48%
Discount rate 3.71% 1.29% 1.19%
Expected return on plan assets 5.02% 3.49% 6.15%
Rate of compensation increase [1] 1.82% 1.68% 1.67%
Other Postretirement Benefits Plan [Member]      
Discount rate 5.61% 5.29% 2.51%
Discount rate 5.29% 2.51% 2.19%
Expected return on plan assets 8.25% 8.25% 8.25%
[1] Under the U.S. pension plan, the compensation amount was locked-in as of May 31, 2011 and thus the benefit no longer includes compensation increases. The 4.50 percent rate for 2020 and 2019 is for the supplemental executive retirement plan only; for 2021, there is no compensation increase as subsequent to November 27, 2021, there were no active employees in the supplemental executive retirement plan.
v3.23.4
Note 10 - Pension and Postretirement Benefits - Assume Health Care Trend Rates (Details)
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Health care cost trend rate assumed for next year 6.25% 6.50% 6.50%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.75% 5.75% 5.00%
Fiscal year that the rate reaches the ultimate trend rate 2026 2026 2028
v3.23.4
Note 10 - Pension and Postretirement Benefits - Asset Allocation (Details)
Dec. 02, 2023
Dec. 03, 2022
Equity Funds [Member] | UNITED STATES    
Defined Benefit Plan, Target Plan Asset Allocation 55.00%  
Fixed Income Funds [Member]    
Defined Benefit Plan, Target Plan Asset Allocation 45.00%  
Fixed Income Funds [Member] | UNITED STATES    
Defined Benefit Plan, Target Plan Asset Allocation 45.00%  
Pension Plan [Member] | UNITED STATES    
Defined Benefit Plan, Target Plan Asset Allocation 100.00%  
Percentage of Plan Assets at Year End 100.00% 100.00%
Pension Plan [Member] | Foreign Plan [Member]    
Defined Benefit Plan, Target Plan Asset Allocation 100.00%  
Percentage of Plan Assets at Year End 100.00% 100.00%
Pension Plan [Member] | Equity Funds [Member] | UNITED STATES    
Defined Benefit Plan, Target Plan Asset Allocation 55.00%  
Percentage of Plan Assets at Year End 53.80% 53.10%
Pension Plan [Member] | Equity Funds [Member] | Foreign Plan [Member]    
Defined Benefit Plan, Target Plan Asset Allocation 21.00%  
Percentage of Plan Assets at Year End 22.00% 25.50%
Pension Plan [Member] | Fixed Income Funds [Member] | UNITED STATES    
Defined Benefit Plan, Target Plan Asset Allocation 45.00%  
Percentage of Plan Assets at Year End 44.90% 45.80%
Pension Plan [Member] | Fixed Income Funds [Member] | Foreign Plan [Member]    
Defined Benefit Plan, Target Plan Asset Allocation 79.00%  
Percentage of Plan Assets at Year End 77.20% 70.00%
Pension Plan [Member] | Insurance [Member] | UNITED STATES    
Defined Benefit Plan, Target Plan Asset Allocation 0.00%  
Percentage of Plan Assets at Year End 0.00% 0.10%
Pension Plan [Member] | Insurance [Member] | Foreign Plan [Member]    
Defined Benefit Plan, Target Plan Asset Allocation 0.00%  
Percentage of Plan Assets at Year End 0.00% 0.00%
Pension Plan [Member] | Cash [Member] | UNITED STATES    
Defined Benefit Plan, Target Plan Asset Allocation [1] 0.00%  
Percentage of Plan Assets at Year End [1] 1.30% 1.00%
Pension Plan [Member] | Cash [Member] | Foreign Plan [Member]    
Defined Benefit Plan, Target Plan Asset Allocation [1] 0.00%  
Percentage of Plan Assets at Year End [1] 0.80% 4.50%
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan, Target Plan Asset Allocation 100.00%  
Percentage of Plan Assets at Year End 100.00% 100.00%
Other Postretirement Benefits Plan [Member] | Equity Funds [Member]    
Defined Benefit Plan, Target Plan Asset Allocation 0.00%  
Percentage of Plan Assets at Year End 0.00% 0.00%
Other Postretirement Benefits Plan [Member] | Fixed Income Funds [Member]    
Defined Benefit Plan, Target Plan Asset Allocation 0.00%  
Percentage of Plan Assets at Year End 0.00% 0.00%
Other Postretirement Benefits Plan [Member] | Insurance [Member]    
Defined Benefit Plan, Target Plan Asset Allocation 100.00%  
Percentage of Plan Assets at Year End 99.50% 98.90%
Other Postretirement Benefits Plan [Member] | Cash [Member]    
Defined Benefit Plan, Target Plan Asset Allocation [1] 0.00%  
Percentage of Plan Assets at Year End [1] 0.50% 1.10%
[1] Negative cash for 2021 represents unsettled pending trades within an investment that are classified in cash and cash equivalents until settled.
v3.23.4
Note 10 - Pension and Postretirement Benefits - Fair Value of Plan Assets (Details) - USD ($)
$ in Thousands
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance $ 133,453 $ 120,782 $ 135,701
UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 319,738 326,786 409,811
Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 134,622 141,908 216,623
Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 699 1,336  
Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 4,054 3,337  
Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 71,424 70,428  
Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 301,210 278,198  
Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 132,754 119,446 135,484
Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 45,251 186
Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 726 703 $ 749
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 133,453 120,782  
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 305,264 326,786  
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 72,150 71,131  
Fair Value Measured at Net Asset Value Per Share [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 14,474    
Fair Value Measured at Net Asset Value Per Share [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance [1] 62,472 70,777  
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 29,601 28,422  
Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 172,166 152,084  
Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 21,525  
Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Equity Funds [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 172,166 173,609  
Equity Funds [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 29,601 28,422  
Insurance [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Insurance [Member] | Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance   0  
Insurance [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Insurance [Member] | Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance   0  
Insurance [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 132,754 119,446  
Insurance [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance   179  
Insurance [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 132,754 119,446  
Insurance [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance   179  
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 40,686 41,515  
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 129,044 126,114  
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 23,547  
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 726 703  
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 129,044 149,661  
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 41,412 42,218  
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 699 1,336  
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 4,054 3,337  
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 1,137 491  
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 0 0  
Cash [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 699 1,336  
Cash [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance 4,054 3,337  
Cash [Member] | Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Foreign Plan [Member] | Pension Plan [Member]      
Defined Benefit Plan, Plan Assets, Amount, Ending Balance $ 1,137 $ 491  
[1] In accordance with ASC Topic 820-10, Fair Value Measurement, certain investments that are measured at NAV (Net Asset Value per share) (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts represented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.
v3.23.4
Note 10 - Pension and Postretirement Benefits - Changes in the Level 3 Plan Assets of Pension and Other Postretirement Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Pension Plan [Member] | UNITED STATES    
Level 3 balance $ 326,786 $ 409,811
Currency change effect 0 0
Level 3 balance 319,738 326,786
Pension Plan [Member] | Foreign Plan [Member]    
Level 3 balance 141,908 216,623
Currency change effect 4,178 (22,658)
Level 3 balance 134,622 141,908
Other Postretirement Benefits Plan [Member]    
Level 3 balance 120,782 135,701
Currency change effect 0 0
Level 3 balance 133,453 120,782
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | UNITED STATES    
Level 3 balance 45,251 186
Net transfers (out of)/into level 3 (45,072) 16,564
Purchases, sales, issuances and settlements, net (179) 28,501
Level 3 balance 0 45,251
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | Foreign Plan [Member]    
Level 3 balance 703 749
Net transfers (out of)/into level 3 0 7
Net losses 0 (1)
Currency change effect 23 (52)
Level 3 balance 726 703
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefits Plan [Member]    
Level 3 balance 119,446 135,484
Net transfers (out of)/into level 3 0 (1,992)
Purchases, sales, issuances and settlements, net (1,144) (1,122)
Net losses 14,452 (12,924)
Level 3 balance $ 132,754 $ 119,446
v3.23.4
Note 11 - Income Taxes (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
May 28, 2016
Dec. 02, 2023
Dec. 03, 2022
Undistributed Earnings, Basic   $ 1,154,354  
Unrecognized Tax Benefits that Would Impact Effective Tax Rate   10,338 $ 12,663
Income Tax Examination, Penalties and Interest Expense   824 2,760
Income Tax Examination, Penalties and Interest Accrued   6,708 $ 6,275
Income Tax Examination, Year under Examination 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014    
Branch Foreign Tax Credit Carryforward [Member]      
Tax Credit Carryforward, Amount   4,465  
Foreign Tax Authority [Member]      
Operating Loss Carryforwards   81,655  
Foreign Tax Authority [Member] | Indefinite [Member]      
Operating Loss Carryforwards   60,269  
Foreign Tax Authority [Member] | Tax Period 2023 to 2041 [Member]      
Operating Loss Carryforwards   $ 21,386  
v3.23.4
Note 11 - Income Taxes - Income From Continuing Operations Before Income Tax and Income From Equity Method Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
United States $ 15,276 $ 63,718 $ 14,989
Non-U.S. 218,885 188,210 201,862
Income from continuing operations before income taxes and income from equity method investments $ 234,161 $ 251,928 $ 216,851
v3.23.4
Note 11 - Income Taxes - Components of the Provision for Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
U.S. federal $ 18,347 $ 12,181 $ 10,310
State 5,529 3,389 2,265
Non-U.S. 87,449 63,750 57,801
Total current 111,325 79,320 70,376
U.S. federal (100) 8,150 (6,891)
State (4,111) (1,767) (350)
Non-U.S. (13,585) (8,517) (102)
Total deferred (17,796) (2,134) (7,343)
Total $ 93,529 $ 77,186 $ 63,033
v3.23.4
Note 11 - Income Taxes - Reconciliation of Effective Income Tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Tax at statutory U.S. federal income tax rate $ 49,174 $ 52,760 $ 45,539
State income taxes, net of federal benefit 1,137 1,252 1,444
Foreign dividend repatriation1 21,730 2,596 1,104
Foreign operations 12,558 1,868 19,673
Executive compensation over $1.0 million 784 2,847 2,507
Non-U.S. stock option expense 730 525 575
Change in valuation allowance 725 3,187 (9,572)
Research and development tax credit (1,400) (927) (993)
Foreign-derived intangible income (2,665) (2,786) (2,617)
Global intangible low-taxed income 2,345 1,890 2,334
Provision to return 1,336 840 1,122
Cross currency swap 0 7,020 3,931
Contingency reserve 5,951 5,909 (2,139)
Other 1,124 205 125
Total income tax expense $ 93,529 $ 77,186 $ 63,033
v3.23.4
Note 11 - Income Taxes - Deferred Income Tax Balances (Details) - USD ($)
$ in Thousands
Dec. 02, 2023
Dec. 03, 2022
Pension and other post-retirement benefit plans $ 5,306 $ 6,752
Employee benefit costs 27,672 25,196
Foreign tax credit carryforward 6,538 7,884
Tax loss carryforwards 25,894 22,948
Leases 12,716 8,538
Hedging activity 18,638 13,299
Interest deduction limitation 37,519 17,736
Other 33,022 28,840
Gross deferred tax assets 167,305 131,193
Less: valuation allowance (15,595) (14,424)
Total net deferred tax assets 151,710 116,769
Depreciation and amortization (209,266) (215,219)
Pension and other post-retirement benefit plans (41,444) (37,362)
Undistributed earnings of non-U.S. subsidiaries (21,926) 0
Leases (12,510) (8,329)
Total deferred tax liability (285,146) (260,910)
Net deferred tax liability $ (133,436) $ (144,141)
v3.23.4
Note 11 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Balance at beginning of year $ 17,582 $ 13,281
Additions 723 469
Additions 5,658 5,885
Reductions (965) (1,019)
Settlements (8,156) 0
Lapses in applicable statutes of limitation (588) (1,034)
Balance at end of year $ 14,254 $ 17,582
v3.23.4
Note 12 - Financial Instruments (Details Textual)
€ in Thousands, $ in Thousands
 12 Months Ended
May 01, 2020
USD ($)
Dec. 02, 2023
USD ($)
Dec. 03, 2022
USD ($)
Nov. 27, 2021
USD ($)
Jul. 17, 2023
Jun. 30, 2023
Mar. 16, 2023
USD ($)
Feb. 28, 2023
Jan. 13, 2023
USD ($)
Jan. 12, 2023
USD ($)
Oct. 20, 2022
EUR (€)
Oct. 17, 2022
EUR (€)
Feb. 12, 2021
USD ($)
Feb. 27, 2018
USD ($)
Feb. 14, 2017
USD ($)
Public Notes [Member]                              
Debt Instrument, Face Amount $ 150,000 $ 300,000                         $ 300,000
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) $ 15,808                            
Amortization Period of Deferred Gain (Loss) on Discontinuation of Fair Value Hedge (Year) 7 years                            
Interest Rate Swap [Member]                              
Derivative, Amount of Hedged Item             $ 300,000   $ 400,000 $ 400,000       $ 85 150,000
Derivative, Fixed Interest Rate             3.721% 3.726% 3.6895% 3.6895%          
Interest Rate Cash Flow Hedge Asset at Fair Value   2,458                          
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax [1]   5,932 $ 13,148 $ 20,109                      
Interest Rate Swap [Member] | Other Liabilities [Member]                              
Interest Rate Cash Flow Hedge Asset at Fair Value   1,174                          
Interest Rate Swap 2 [Member]                              
Derivative, Amount of Hedged Item             $ 100,000                
Derivative, Fixed Interest Rate             3.899%                
Interest Rate Swap 2 [Member] | Other Liabilities [Member]                              
Interest Rate Cash Flow Hedge Asset at Fair Value   63                          
Interest Rate Swap Related to Public Notes [Member]                              
Derivative, Amount of Hedged Item                         $ 300,000   $ 150,000
Interest Rate Swap Related to Public Notes [Member] | London Interbank Offered Rate (LIBOR) 1 [Member]                              
Derivative, Variable Interest Rate                         3.28%   1.86%
Interest Rate Swap Related to Public Notes [Member] | Other Liabilities [Member]                              
Interest Rate Fair Value Hedge Liability at Fair Value   41,532                          
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   (54,850)                          
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member]                              
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax   (18,712)                          
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%                    
Cross Currency Interest Rate Contract [Member] | Other Liabilities [Member]                              
Interest Rate Fair Value Hedge Liability at Fair Value   $ 72,589                          
[1] Loss reclassified from accumulated other comprehensive income (loss) into earnings is reported in other income, net.
v3.23.4
Note 12 - Financial Instruments - Gains (Losses) on Derivative Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Interest Rate Swap [Member]      
Derivative instruments [1] $ 5,932 $ 13,148 $ 20,109
Net Investment Hedges [Member]      
Derivative instruments [1] (18,555) (54,040)  
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Operating Income (Expense) [Member]      
Foreign currency forward contracts 8,497 5,711 (357)
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Currency Swap [Member]      
Derivative instruments 0 (3,536) (4,554)
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]      
Derivative instruments 5,932 13,148 20,109
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Net Investment Hedges [Member]      
Derivative instruments $ (18,555) $ (54,040) $ 0
[1] Loss reclassified from accumulated other comprehensive income (loss) into earnings is reported in other income, net.
v3.23.4
Note 13 - Fair Value Measurements (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Payment for Contingent Consideration Liability, Financing Activities $ 1,477 $ 5,000 $ 1,700
GSSI Sealants, Inc. [Member]      
Business Combination, Contingent Consideration, Liability 870    
Tissue Seal, LLC [Member]      
Business Combination, Contingent Consideration, Liability 500    
ZKLT Polymer Co., Ltd [Member]      
Payment for Contingent Consideration Liability, Financing Activities $ 4,132    
v3.23.4
Note 13 - Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands
Dec. 02, 2023
Dec. 03, 2022
Assets:    
Marketable securities $ 19,314 $ 4,013
Foreign exchange contract assets 13,501 10,282
Interest Rate Cash Flow Hedge Asset at Fair Value 3,632  
Liabilities:    
Foreign exchange contract liabilities 5,004 4,570
Interest rate swaps, cash flow hedge liabilities 63 54,046
Interest rate swaps, fair value hedge liabilities 41,532  
Net investment hedge liability 72,589  
Contingent consideration liability 1,370 1,977
Cross-currency cash flow hedge liabilities   42,542
Fair Value, Inputs, Level 1 [Member]    
Assets:    
Marketable securities 19,314 4,013
Interest Rate Cash Flow Hedge Asset at Fair Value 0  
Liabilities:    
Interest rate swaps, fair value hedge liabilities 0  
Net investment hedge liability 0  
Contingent consideration liability 0  
Cross-currency cash flow hedge liabilities   0
Fair Value, Inputs, Level 2 [Member]    
Assets:    
Foreign exchange contract assets 13,501 10,282
Interest Rate Cash Flow Hedge Asset at Fair Value 3,632  
Liabilities:    
Foreign exchange contract liabilities 5,004 4,570
Interest rate swaps, cash flow hedge liabilities 63 54,046
Interest rate swaps, fair value hedge liabilities 41,532  
Net investment hedge liability 72,589  
Contingent consideration liability 0  
Cross-currency cash flow hedge liabilities   42,542
Fair Value, Inputs, Level 3 [Member]    
Assets:    
Interest Rate Cash Flow Hedge Asset at Fair Value 0  
Liabilities:    
Interest rate swaps, fair value hedge liabilities 0  
Net investment hedge liability 0  
Contingent consideration liability $ 1,370 1,977
Cross-currency cash flow hedge liabilities   $ 0
v3.23.4
Note 13 - Fair Value Measurements - Contingent Consideration (Details) - Contingent Consideration Liability [Member]
$ in Thousands
 12 Months Ended
Dec. 02, 2023
USD ($)
Balance $ 1,977
Fair value adjustment 3,763
Payment of contingent consideration (4,132)
Mark to market adjustment (238)
Level 3 balance at end of year $ 1,370
v3.23.4
Note 14 - Commitments and Contingencies (Details Textual) - USD ($)
$ in Thousands
Dec. 02, 2023
Dec. 03, 2022
Accrued Environmental Loss Contingencies, Noncurrent $ 5,034 $ 5,754
Facility in Simpsonville, South Carolina [Member]    
Accrual for Environmental Loss Contingencies $ 2,301 $ 2,789
v3.23.4
Note 14 - Commitments and Contingencies - Asbestos Related Lawsuits and Claims (Details) - Asbestos Related Lawsuits and Claims [Member]
Pure in Thousands, $ in Thousands
 12 Months Ended
Dec. 02, 2023
USD ($)
Dec. 03, 2022
USD ($)
Nov. 27, 2021
USD ($)
Lawsuits and claims settled 9 7 2
Settlement amounts $ 4,200 $ 296 $ 85
Insurance payments received or expected to be received $ 2,379 $ 195 $ 55
v3.23.4
Note 15 - Segments (Details Textual)
 12 Months Ended
Dec. 02, 2023
Number of Reportable Segments 3
v3.23.4
Note 15 - Segments - Reportable Operating Segment Financial Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Revenue $ 3,510,934 $ 3,749,183 $ 3,278,031
Segment operating income 355,137 322,718 252,612
Depreciation and amortization 159,840 146,976 143,174
Assets [1] 4,723,575 4,463,629  
Capital expenditures 119,137 129,964  
Corporate, Non-Segment [Member]      
Revenue 0 0 0
Segment operating income [2] (53,258) (34,930) (35,815)
Depreciation and amortization [2] 1,384 582 1,171
Assets [1] 444,442 377,727  
Capital expenditures 31,776 27,161  
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member]      
Revenue 1,601,487 1,695,934 1,472,756
Segment operating income 215,088 165,786 138,366
Depreciation and amortization 53,398 46,374 45,919
Assets [1] 1,661,122 1,488,277  
Capital expenditures 67,933 110,877  
Engineering Adhesives [Member] | Operating Segments [Member]      
Revenue 1,428,744 1,532,639 1,371,756
Segment operating income 187,346 168,873 135,913
Depreciation and amortization 63,143 58,307 61,082
Assets [1] 1,627,715 1,610,015  
Capital expenditures 14,888 (2,302)  
Construction Adhesives [Member] | Operating Segments [Member]      
Revenue 480,703 520,610 433,519
Segment operating income 5,961 22,989 14,148
Depreciation and amortization 41,915 41,713 35,002
Assets [1] 990,296 987,610  
Capital expenditures 4,540 (5,772)  
Total Segment [Member]      
Segment operating income $ 408,395 $ 357,648 $ 288,427
[1] Segment assets include primarily inventory, accounts receivable, property, plant and equipment, goodwill, intangible assets and other miscellaneous assets. Corporate assets include primarily corporate property, plant and equipment, deferred tax assets, certain investments and other assets.
[2] 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.
v3.23.4
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
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Segment operating income $ 355,137 $ 322,718 $ 252,612
Other income, net 9,682 12,952 32,855
Interest expense (134,602) (91,521) (78,092)
Interest income 3,943 7,779 9,476
Income from continuing operations before income taxes and income from equity method investments $ 234,161 $ 251,928 $ 216,851
v3.23.4
Note 15 - Segments - Financial Information About Geographic Areas (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Revenue $ 3,510,934 $ 3,749,183 $ 3,278,031
Property, plant and equipment, net 824,655 733,667 695,367
UNITED STATES      
Revenue 1,551,846 1,692,903 1,421,623
Property, plant and equipment, net 425,765 375,353 331,864
CHINA      
Revenue 430,948 462,587 433,998
Property, plant and equipment, net 110,061 101,563 96,300
GERMANY      
Revenue 393,029 419,141 409,193
Property, plant and equipment, net 114,266 107,903 120,548
Countries with More Than 10 Percent of Total [Member]      
Revenue 2,375,823 2,574,631 2,264,814
All Other Countries With Less than 10 Percent of Total [Member]      
Revenue 1,135,111 1,174,552 1,013,217
Property, plant and equipment, net $ 174,563 $ 148,848 $ 146,655
v3.23.4
Note 15 - Segments - Disaggregated Revenue Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 02, 2023
Dec. 03, 2022
Nov. 27, 2021
Revenue $ 3,510,934 $ 3,749,183 $ 3,278,031
Corporate, Non-Segment [Member]      
Revenue 0 0 0
Americas [Member]      
Revenue 1,860,292 2,045,614 1,715,374
Americas [Member] | Corporate, Non-Segment [Member]      
Revenue 0 0 0
EIMEA [Member]      
Revenue 1,022,462 1,028,645 917,946
EIMEA [Member] | Corporate, Non-Segment [Member]      
Revenue 0 0 0
Asia Pacific [Member]      
Revenue 628,180 674,924 644,711
Asia Pacific [Member] | Corporate, Non-Segment [Member]      
Revenue 0 0 0
Hygiene, Health, and Consumable Adhesives [Member] | Operating Segments [Member]      
Revenue 1,601,487 1,695,934 1,472,756
Hygiene, Health, and Consumable Adhesives [Member] | Americas [Member] | Operating Segments [Member]      
Revenue 919,024 1,003,179 826,172
Hygiene, Health, and Consumable Adhesives [Member] | EIMEA [Member] | Operating Segments [Member]      
Revenue 476,397 471,299 425,324
Hygiene, Health, and Consumable Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member]      
Revenue 206,066 221,456 221,260
Engineering Adhesives [Member] | Operating Segments [Member]      
Revenue 1,428,744 1,532,639 1,371,756
Engineering Adhesives [Member] | Americas [Member] | Operating Segments [Member]      
Revenue 577,751 630,484 504,626
Engineering Adhesives [Member] | EIMEA [Member] | Operating Segments [Member]      
Revenue 460,327 478,573 470,466
Engineering Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member]      
Revenue 390,666 423,582 396,664
Construction Adhesives [Member] | Operating Segments [Member]      
Revenue 480,703 520,610 433,519
Construction Adhesives [Member] | Americas [Member] | Operating Segments [Member]      
Revenue 363,517 411,951 384,576
Construction Adhesives [Member] | EIMEA [Member] | Operating Segments [Member]      
Revenue 85,738 78,773 22,156
Construction Adhesives [Member] | Asia Pacific [Member] | Operating Segments [Member]      
Revenue $ 31,448 $ 29,886 $ 26,787