10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended November 28, 2015

OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission file number: 001-09225

H.B. FULLER COMPANY

(Exact name of registrant as specified in its charter)

Minnesota (State or other jurisdiction of  incorporation or organization)	41-0268370 (I.R.S. Employer Identification No.)
1200 Willow Lake Boulevard, St. Paul, Minnesota (Address of principal executive offices)	55110-5101 (Zip Code)
Registrant’s telephone number, including area code: (651) 236-5900 Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Name of each exchange on which registered
Common Stock, par value $1.00 per share	New York Stock Exchange
Preferred Stock Purchase Rights	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: none

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. [X] Yes [  ] No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. [  ] Yes [X] No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [  ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes [  ] No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to the Form 10-K. [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [X]	Accelerated filer [  ]
Non-accelerated filer [  ] (Do not check if a smaller reporting company)	Smaller reporting company [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     [  ] Yes [X] No

The aggregate market value of the Common Stock, par value $1.00 per share, held by non-affiliates of the registrant as of May 30, 2015 was approximately $2,108,178,575 (based on the closing price of such stock as quoted on the New York Stock Exchange of $42.11 on such date).

The number of shares outstanding of the Registrant’s Common Stock, par value $1.00 per share, was 50,075,532 as of January 21, 2016.

DOCUMENTS INCORPORATED BY REFERENCE

Part III incorporates information by reference to portions of the registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on April 7, 2016.

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H.B. FULLER COMPANY

2015 Annual Report on Form 10-K

Table of Contents

PART I
Item 1.	Business	3
Item 1A.	Risk Factors	7
Item 1B.	Unresolved Staff Comments	10
Item 2.	Properties	10
Item 3.	Legal Proceedings	11
Item 4.	Mine Safety Disclosures	12
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	12
Item 6.	Selected Financial Data	14
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 8.	Financial Statements and Supplementary Data	35
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	77
Item 9A.	Controls and Procedures	77
Item 9B.	Other Information	78
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	78
Item 11.	Executive Compensation	78
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	78
Item 13.	Certain Relationships and Related Transactions and Director Independence	78
Item 14.	Principal Accountant Fees and Services	78
PART IV
Item 15.	Exhibits and Financial Statement Schedules	79
	Signatures	82

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PART I

Item 1. Business

H.B. Fuller Company was founded in 1887 and incorporated as a Minnesota corporation in 1915. Our stock is traded on the New York Stock Exchange (NYSE) under the ticker symbol FUL. As used herein, “H.B. Fuller”, “we”, “us”, “our”, “management” or “company” includes H.B. Fuller and its subsidiaries unless otherwise indicated. Where we refer to 2015, 2014 and 2013 herein, the reference is to our fiscal years ended November 28, 2015, November 29, 2014 and November 30, 2013, respectively.

We are a leading worldwide formulator, manufacturer and marketer of adhesives, sealants and other specialty chemical products. Sales operations span 36 countries in North America, Europe, Latin America, the Asia Pacific region, India, the Middle East and Africa. Industrial adhesives represent our core product offering. Customers use our adhesives products in manufacturing common consumer and industrial goods, including food and beverage containers, disposable diapers, windows, doors, flooring, appliances, sportswear, footwear, multi-wall bags, water filtration products, insulation, textiles and electronics. Our adhesives help improve the performance of our customers’ products or improve their manufacturing processes. We also provide our customers with technical support and unique solutions designed to address their specific needs. We have established a variety of product offerings for residential construction markets, such as tile-setting adhesives, grout, sealants and related products, which are sold primarily in our Construction Products operating segment.

Recent Acquisitions

On February 3, 2015 we acquired Continental Products Limited, a provider of industrial adhesives, based in Nairobi, Kenya for $1.6 million. The acquisition supports our growth strategy for emerging markets and delivers specialty adhesive products to key customers in East and Central Africa.

On February 2, 2015 we acquired 95 percent of Tonsan Adhesive, Inc., an independent engineering adhesives provider based in Beijing, China for $215.9 million. The acquisition strengthens our customer relationships in the engineering adhesives markets. Concurrent with the acquisition, we entered into an agreement to acquire the remaining 5 percent of Tonsan’s equity beginning February 1, 2019 for 82 million Chinese renminbi or approximately $13.0 million. In addition, the agreement requires us to pay up to 418 million Chinese renminbi, or approximately $66.8 million, in contingent consideration based upon a formula related to Tonsan’s gross profit in fiscal 2018. The fair values of the agreement to purchase the remaining equity and the contingent consideration based upon a discounted cash flow model as of the date of acquisition were $11.8 million and $7.7 million, respectively.

Operating Segment Information

Our business is reported in four operating segments - Americas Adhesives, EIMEA (Europe, India, Middle East and Africa), Asia Pacific and Construction Products. In 2015, as a percentage of total net revenue by operating segment, Americas Adhesives was 42 percent, EIMEA 29 percent, Asia Pacific 18 percent and Construction Products 11 percent.

Our Americas Adhesives, EIMEA and Asia Pacific operating segments produce and supply industrial adhesives products for applications in various markets, including durable assembly (appliances, filters, construction, automotive, electronics, windows, doors, wood flooring, textile such as footwear, sportswear), packaging (food and beverage containers, flexible packaging, consumer goods, package integrity and re-enforcement, durable and non-durable goods), converting (corrugation, folding carton, tape and label, paper converting, envelopes, books, multi-wall bags, sacks, tissue and towel) and nonwoven and hygiene (disposable diapers, feminine care and medical garments). Our Construction Products operating segment includes products used for tile setting (adhesives, grouts, mortars, sealers, levelers), flooring, and heating, ventilation and air conditioning and insulation applications (duct sealants, weather barriers and fungicidal coatings, block fillers).

The Americas Adhesives operating segment includes a full range of specialty adhesives such as thermoplastic, thermoset, reactive, water-based and solvent-based products. Sales are made primarily through a direct sales force with a smaller portion of sales through distributors.

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The EIMEA operating segment is comprised of an adhesives component with the same range of products as the Americas Adhesives operating segment. EIMEA adhesives sales are made through both a direct sales force and distributors.

The Asia Pacific operating segment is similar to that of the Americas Adhesives operating segment, with one exception. The Asia Pacific operating segment also includes caulks and sealants for the consumer market and professional trade, sold through retailers, primarily in Australia. Other adhesives sales are made through a direct sales force and distributors.

The Construction Products operating segment provides floor preparation, grouts and mortars for tile setting as well as sealants and related products for heating, ventilation and air conditioning installations. Construction Products sales are made primarily through distributors, wholesalers, big box retailers and a direct sales force.

Financial information with respect to our operating segments and geographic areas is set forth in Note 14 to the Consolidated Financial Statements.

Non-U.S. Operations

The principal markets, products and methods of distribution outside the United States vary with each of our regional operations generally maintaining integrated business units that contain dedicated supplier networks, manufacturing, logistics and sales organizations. The vast majority of the products sold within any region are produced within the region, and the respective regions do not import significant amounts of product from other regions. At the end of 2015, we had sales offices and manufacturing plants in 20 countries outside the United States and satellite sales offices in another 15 countries.

We have detailed Code of Conduct policies that we apply across all of our operations around the world. This set of policies represents a set of common values that apply to all employees and all of our business dealings. We have adopted policies and processes, and conduct employee training, all of which are intended to ensure compliance with various economic sanctions and export controls, including the regulations of the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). We do not conduct any business in countries that are subject to U.S. economic sanctions such as Cuba, Iran, North Korea, Sudan and Syria.

Competition

Many of our markets are highly competitive. However, we compete effectively due to the quality and breadth of our adhesives, sealants and specialty chemical portfolio and the experience and expertise of our commercial organizations. Within the adhesives and other specialty chemical markets, we believe few suppliers have comparable global reach and corresponding ability to deliver quality and consistency to multinational customers. Our competition is made up generally of two types of companies: (1) similar multinational suppliers and (2) regional or specialty suppliers that typically compete in only one region or within a narrow geographic area within a region. The multinational competitors typically maintain a broad product offering and range of technology, while regional or specialty companies tend to have limited or more focused product ranges and technology.

Principal competitive factors in the sale of adhesives and other specialty chemicals are product performance, supply assurance, technical service, quality, price and customer service.

Customers

We have cultivated strong, integrated relationships with a diverse set of customers worldwide. Our customers are among the technology and market leaders in consumer goods, construction, and industrial markets. We pride ourselves on long-term, collaborative customer relationships and a diverse portfolio of customers in which no single customer accounted for more than 10 percent of consolidated net revenue.

Our leading customers include manufacturers of food and beverages, hygiene products, clothing, major appliances, electronics, automobiles, filters, construction materials, wood flooring, furniture, cabinetry, windows, doors, tissue and towel, corrugation, tube winding, packaging, labels and tapes.

Our products are delivered directly to customers primarily from our manufacturing plants, with additional deliveries made through distributors and retailers.

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Backlog

No significant backlog of unfilled orders existed at November 28, 2015 or November 29, 2014.

Raw Materials

We use several principal raw materials in our manufacturing processes, including tackifying resins, polymers, synthetic rubbers, vinyl acetate monomer and plasticizers. We generally avoid sole source supplier arrangements for raw materials.

The majority of our raw materials are petroleum/natural gas based derivatives. Under normal conditions, raw materials are available on the open market. Prices and availability are subject to supply and demand market mechanisms. Raw material costs are primarily determined by the balance of supply against the aggregate demand from the adhesives industry and other industries that use the same raw material streams. The cost of crude oil and natural gas, the primary feedstocks for our raw materials, can also impact the cost of our raw materials.

Patents, Trademarks and Licenses

Much of the technology we use in our products and manufacturing processes is available in the public domain. For technology not available in the public domain, we rely on trade secrets and patents when appropriate to protect our competitive position. We also license some patented technology from other sources. Our business is not materially dependent upon licenses or similar rights or on any single patent or group of related patents.

We enter into agreements with many employees to protect rights to technology and intellectual property. Confidentiality commitments also are routinely obtained from customers, suppliers and others to safeguard proprietary information.

We own numerous trademarks and service marks in various countries. Trademarks, such as H.B. Fuller®, Swift®, Advantra®, Clarity®, Sesame®, TEC®, Plasticola®, Foster®, Rakoll®, Rapidex®, Full-Care^TM, Liquamelt®, Thermonex®, Tile-Perfect® and TONSAN® are important in marketing products. Many of our trademarks and service marks are registered. U.S. trademark registrations are for a term of ten years and are renewable every ten years as long as the trademarks are used in the regular course of trade.

Research and Development

Our investment in research and development creates new and innovative adhesive technology platforms, enhances product performance, ensures a competitive cost structure and leverages available raw materials. New product development is a key research and development outcome, providing higher-value solutions to existing customers or meeting new customers’ needs. Projects are developed in local laboratories in each region, where we understand our customer base the best. Platform developments are coordinated globally through our network of laboratories.

Through designing and developing new polymers and new formulations, we expect to continue to grow in our current markets. We also develop new applications for existing products and technologies, and improve manufacturing processes to enhance productivity and product quality. Research and development efforts are closely aligned to customer needs, but we do not engage in customer sponsored activities. We foster open innovation, seek supplier-driven new technology and use relationships with academic and other institutions to enhance our capabilities.

Research and development expenses were $26.2 million, $21.2 million and $24.6 million in 2015, 2014 and 2013, respectively. Research and development costs are included in selling, general and administrative expenses.

Environmental, Health and Safety

We comply with applicable regulations relating to environmental protection and workers' safety. This includes regular review of and upgrades to environmental, health and safety policies, practices and procedures as well as improved production methods to minimize our facilities’ outgoing waste, based on evolving societal standards and increased environmental understanding.

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Environmental expenditures to comply with environmental regulations over the next two years are estimated to be approximately $9.9 million, including approximately $1.9 million of capital expenditures. See additional disclosure under Item 3. Legal Proceedings.

Seasonality

Our Americas Adhesives, EIMEA and Construction Products operating segments have historically had lower net revenue in winter months, which is primarily our first fiscal quarter, partially due to the seasonal decline in construction activities. There also are many international holidays in our first quarter, reducing available shipping days.

Employees

We employed approximately 4,400 individuals on November 28, 2015, of which approximately 1,500 were located in the United States.

Executive Officers of the Registrant

The following table shows the name, age and business experience for the past five years of the executive officers as of January 15, 2016. Unless otherwise noted, the positions described are positions with the company or its subsidiaries.

Name	Age	Positions	Period Served
James J. Owens	51	President and Chief Executive Officer Senior Vice President, Americas Senior Vice President, North America	November 2010 - Present January 2010 - November 2010 September 2008 - January 2010
Heather A. Campe	42	Vice President, Asia Pacific Vice President and General Manager, Asia Director, Business Nonwoven Director, Business Envelope, Graphic Arts & Tobacco	June 2014 - Present January 2013 - May 2014 November 2010 - January 2013 March 2009 - October 2010
Elin E. Gabriel	52	Vice President, Global Operations Chief Operating Officer, Alvogen (a multinational pharmaceuticals company)	June 2014 - Present 2010 - 2013
James R. Giertz	58	Executive Vice President, Chief Financial Officer Senior Vice President, Chief Financial Officer	October 2013 - Present March 2008 - October 2013
Traci L. Jensen	49	Senior Vice President, Americas Adhesives Vice President, Americas Adhesives Vice President, North America	January 2013 - Present November 2011 - January 2013 2010 - 2011
Timothy J. Keenan	58	Vice President, General Counsel and Corporate Secretary	December 2006 - Present
Steven Kenny	54	Senior Vice President, Emerging Markets Senior Vice President, Europe, India, Middle East and Africa (EIMEA)	June 2015 - Present October 2009 - June 2015
Patrick M. Kivits	48	Senior Vice President, EIMEA Corporate Vice President and General Manager , Henkel Corporation (global manufacturer of adhesives, sealants and surface treatments) Vice President, Henkel AG & Co. KGaA	September 2015 - Present 2013 - September 2015 2011 - 2013
Ann B. Parriott	57	Vice President, Human Resources	January 2006 - Present
Hassan H. Rmaile	38	Vice President, Chief Technology and Innovation Officer Chief Technology and Innovation Officer Global Vice President, Growth Platforms, Ashland Inc. (global manufacturer of specialty chemical products)	July 2015 - Present October 2012 - July 2015 2011 – October 2012
Patrick J. Trippel	56	Senior Vice President, Market Development Senior Vice President, Construction Materials Senior Vice President and General Manager, Global General Industries, Henkel Corporation (global manufacturer of adhesives, sealants and surface treatments)	April 2013 - Present April 2011 - April 2013 2009 - 2011

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The Board of Directors elects the executive officers annually.

Available Information

For more information about us, visit our website at: www.hbfuller.com.

We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (SEC) via EDGAR. Our SEC filings are available free of charge to the public at our website as soon as reasonably practicable after they have been filed with or furnished to the SEC.

Item 1A. Risk Factors

As a global manufacturer of adhesives, sealants and other specialty chemical products, we operate in a business environment that is subject to various risks and uncertainties. Below are the most significant factors that could adversely affect our business, financial condition and results of operations.

Adverse conditions in the global economy could negatively impact our customers and therefore our financial results. 

An economic downturn in the businesses or geographic areas in which we sell our products could reduce demand for these products and result in a decrease in sales volume that could have a negative impact on our results of operations. Product demand often depends on end-use markets. Economic conditions that reduce consumer confidence or discretionary spending may reduce product demand. Challenging economic conditions may also impair the ability of customers to pay for products they have purchased, and as a result, our reserves for doubtful accounts and write-offs of accounts receivable may increase.

Increases in prices and declines in the availability of raw materials could negatively impact our financial results. 

In 2015, raw material costs made up over 75 percent of our cost of sales. Accordingly, changes in the cost of raw materials can significantly impact our earnings. Raw materials needed to manufacture products are obtained from a number of suppliers and many of the raw materials are petroleum and natural gas based derivatives. Under normal market conditions, these raw materials are generally available on the open market from a variety of producers. While alternate supplies of most key raw materials are available, supplier production outages may lead to strained supply-demand situations for certain raw materials. The substitution of key raw materials requires us to identify new supply sources, reformulate, retest and may require seeking re-approval from our customers using those products. From time to time, the prices and availability of these raw materials may fluctuate, which could impair our ability to procure necessary materials, or increase the cost of manufacturing products. If the prices of raw materials increase in a short period of time, we may be unable to pass these increases on to our customers in a timely manner and could experience reductions to our profit margins. Based on 2015 financial results, a hypothetical one percent change in our raw material costs would have resulted in a change in net income of approximately $7.3 million or $0.14 per diluted share.

Uncertainties in foreign social, political and economic conditions and fluctuations in foreign currency may adversely affect our results. 

Approximately 57 percent, or $1.2 billion, of our net revenue was generated outside the United States in 2015. International operations could be adversely affected by changes in social, political and economic conditions, especially in the Middle East, Russia, China and other developing or emerging markets where we do business. The Tonsan aquisition significantly increased our net revenue in China, thus increasing our potential exposure to changes in its social, political and economic conditions. In addition, trade protection measures, anti-bribery and anti-corruption regulations, restrictions on repatriation of earnings, differing intellectual property rights and changes in legal and regulatory requirements that restrict the sales of products or increase costs could adversely affect our results of operations.

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Fluctuations in exchange rates between the U.S. dollar and other currencies could potentially result in increases or decreases in net revenue, cost of raw materials and earnings and may adversely affect the value of our assets outside the United States. In 2015 the change in foreign currencies negatively impacted our net revenue by approximately $126.0 million. In 2015 we spent approximately $1.2 billion for raw materials worldwide of which approximately $638.8 million was purchased outside the United States. Based on 2015 financial results, a hypothetical one percent change in our cost of sales due to foreign currency rate changes would have resulted in a change in net income of approximately $5.2 million or $0.10 per diluted share. Although we utilize risk management tools, including hedging, as appropriate, to mitigate market fluctuations in foreign currencies, any changes in strategy in regard to risk management tools can also affect sales revenue, expenses and results of operations and there can be no assurance that such measures will result in cost savings or that all market fluctuation exposure will be eliminated.

We experience substantial competition in each of the operating segments and geographic areas in which we operate.

Our wide variety of products are sold in numerous markets, each of which is highly competitive. Our competitive position in markets is, in part, subject to external factors. For example, supply and demand for certain of our products is driven by end-use markets and worldwide capacities which, in turn, impact demand for and pricing of our products. Many of our direct competitors are part of large multinational companies and may have more resources than we do. Any increase in competition may result in lost market share or reduced prices, which could result in reduced profit margins. This may impair the ability to grow or even to maintain current levels of revenues and earnings. While we have an extensive customer base, loss of certain top customers could adversely affect our financial condition and results of operations until such business is replaced, and no assurances can be made that we would be able to regain or replace any lost customers.

Failure to develop new products and protect our intellectual property could negatively impact our future performance and growth.

Ongoing innovation and product development are important factors in our competitiveness. Failure to create new products and generate new ideas could negatively impact our ability to grow and deliver strong financial results. We continually apply for and obtain U.S. and foreign patents to protect the results of our research for use in our operations and licensing. We are party to a substantial number of patent licenses and other technology agreements. We rely on patents, confidentiality agreements and internal security measures to protect our intellectual property. Failure to protect this intellectual property could negatively affect our future performance and growth.

We may be required to record impairment charges on our long-lived assets.

Weak demand may cause underutilization of our manufacturing capacity or elimination of product lines; contract terminations or customer shutdowns may force sale or abandonment of facilities and equipment; or other events associated with weak economic conditions or specific product or customer events may require us to record an impairment on tangible assets, such as facilities and equipment, as well as intangible assets, such as intellectual property or goodwill, which would have a negative impact on our financial results.

We have lawsuits and claims against us with uncertain outcomes.

Our operations from time to time are parties to or targets of lawsuits, claims, investigations and proceedings, including product liability, personal injury, asbestos, patent and intellectual property, commercial, contract, environmental, antitrust, health and safety, and employment matters, which are handled and defended in the ordinary course of business. The results of any future litigation or settlement of such lawsuits and claims are inherently unpredictable, but such outcomes could be adverse and material in amount. See Item 3. Legal Proceedings for a discussion of current litigation.

Costs and expenses resulting from compliance with environmental laws and regulations may negatively impact our operations and financial results. 

We are subject to numerous environmental laws and regulations that impose various environmental controls on us or otherwise relate to environmental protection, the sale and export of certain chemicals or hazardous materials, and various health and safety matters. The costs of complying with these laws and regulations can be significant and may increase as applicable requirements and their enforcement become more stringent and new rules are implemented. Adverse developments and/or periodic settlements could negatively impact our results of operations and cash flows. See Item 3. Legal Proceedings for a discussion of current environmental matters.

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Additional income tax expense or exposure to additional income tax liabilities could have a negative impact on our financial results.

We are subject to income tax laws and regulations in the United States and various foreign jurisdictions.  Significant judgment is required in evaluating and estimating our provision and accruals for these taxes.  Our income tax liabilities are dependent upon the location of earnings among these different jurisdictions.  Our income tax provision and income tax liabilities could be adversely affected by the jurisdictional mix of earnings, changes in valuation of deferred tax assets and liabilities and changes in tax laws and regulations.  In the ordinary course of our business, we are also subject to continuous examinations of our income tax returns by tax authorities.  Although we believe our tax estimates are reasonable, the final results of any tax examination or related litigation could be materially different from our related historical income tax provisions and accruals.  Adverse developments in an audit, examination, litigation related to previously filed tax returns, or in the relevant jurisdiction’s tax laws, regulations, administrative practices, principles and interpretations could have a material effect on our results of operations and cash flows in the period or periods for which that development occurs, as well as for prior and subsequent periods. 

Distressed financial markets may result in dramatic deflation of asset valuations and a general disruption in capital markets. 

Adverse equity market conditions and volatility in the credit markets could have a negative impact on the value of our pension trust assets and our future estimated pension liabilities, and other postretirement benefit plans. In addition, we could be required to provide increased pension plan funding. As a result, our financial results could be negatively impacted. Reduced access to capital markets may affect our ability to invest in strategic growth initiatives such as acquisitions. In addition, the reduced credit availability could limit our customers’ ability to invest in their businesses, refinance maturing debt obligations, or meet their ongoing working capital needs. If these customers do not have sufficient access to the financial markets, demand for our products may decline.

Catastrophic events could disrupt our operations or the operations of our suppliers or customers, having a negative impact on our financial results.

Unexpected events, including natural disasters and severe weather events, fires or explosions at our facilities or those of our suppliers, acts of war or terrorism, supply disruptions or breaches of security of our information technology systems could increase the cost of doing business or otherwise harm our operations, our customers and our suppliers. Such events could reduce demand for our products or make it difficult or impossible for us to receive raw materials from suppliers and deliver products to our customers.

A failure in our information technology systems could negatively impact our business.

We rely on information technology to record and process transactions, manage our business and maintain the financial accuracy of our records. Our computer systems are subject to damage or interruption from various sources, including power outages, computer and telecommunications failures, computer viruses, security breaches, vandalism, catastrophic events and human error. Interruptions of our computer systems could disrupt our business and could result in the loss of business and cause us to incur additional expense.

Information technology security threats are increasing in frequency and sophistication. Our information technology systems could be breached by unauthorized outside parties or misused by employees or other insiders intent on extracting sensitive information, corrupting information or disrupting business processes. Such unauthorized access could compromise confidential information, disrupt our business, harm our reputation, result in the loss of assets, customer confidence and business and have a negative impact on our financial results.

We are in the process of implementing a global Enterprise Resource Planning (ERP) system, which we refer to as Project ONE, that will upgrade and standardize our information system. The implementation is expected to occur in phases over the next several years. The North America adhesives business went live in 2014, and the implementation process proved to be more difficult than we originally anticipated resulting in disruptions in our manufacturing network, lower productivity and deteriorated customer service levels. By the end of 2014, most of the problems associated with the software implementation had been remediated and the business was stable and running at capacity with productivity levels approaching the levels experienced prior to the new software implementation.

In late 2014, we suspended any further implementation projects in other geographic regions until we complete the optimization of the current platform in North America. We are preparing a revised implementation plan that leverages the experiences of our first go-live event and reduces the risk of significant business interruption. We expect to start subsequent implementations in the second half of 2016 with completion of the second phase expected in early 2017.

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Any delays or other failure to achieve our implementation goals may adversely impact our financial results. In addition, the failure to either deliver the application on time or anticipate the necessary readiness and training needs could lead to business disruption and loss of business. Failure or abandonment of any part of the ERP system could result in a write-off of part or all of the costs that have been capitalized on the project.

The inability to attract and retain qualified personnel could adversely impact our business.

Sustaining and growing our business depends on the recruitment, development and retention of qualified employees. The inability to recruit and retain key personnel or the unexpected loss of key personnel may adversely affect our operations.

The inability to make or effectively integrate future acquisitions may affect our results.

As part of our growth strategy, we intend to pursue additional acquisitions of complementary businesses or products and joint ventures. The ability to grow through acquisitions or joint ventures depends upon our ability to identify, negotiate, complete and integrate suitable acquisitions or joint venture arrangements. If we fail to successfully integrate acquisitions into our existing business, our results of operations and our cash flows could be adversely affected.

Item 1B. Unresolved Staff Comments

None.

Item 2. Properties

Principal executive offices and central research facilities are located in the St. Paul, Minnesota area. These facilities are company-owned and contain 247,630 square feet. Manufacturing operations are carried out at 21 plants located throughout the United States and at 24 plants located in 19 other countries. In addition, numerous sales and service offices are located throughout the world. We believe that the properties owned or leased are suitable and adequate for our business. Operating capacity varies by product line, but additional production capacity is available for most product lines by increasing the number of shifts worked. The following is a list of our manufacturing plants as of November 28, 2015 (each of the listed properties are owned by us, unless otherwise specified):

Region	Manufacturing Sq Ft	Region	Manufacturing Sq Ft
Americas Adhesives		Asia Pacific
California - Roseville	82,202	Australia - Dandenong South, VIC	71,280
Georgia - Covington	73,500	Republic of China - Beijing	78,120
- Norcross1	21,755	- Beijing1	5,597
- Tucker	69,000	- Guangzhou	36,055
Illinois - Seneca	24,621	- Nanjing	55,224
Kentucky - Paducah	252,500	- Suzhou	73,622
Michigan - Grand Rapids	65,689	- Yantai	23,890
Minnesota - Fridley	15,850	Malaysia - Selongor	21,900
- Vadnais Heights	53,145	Philippines - Manila	9,295
Ohio - Blue Ash	102,000	Asia Pacific Total	374,983
Texas - Mesquite	25,000
Washington - Vancouver	35,768	EIMEA
Argentina - Buenos Aires	10,367	Austria - Wels1, 2	66,500
Brazil - Sorocaba, SP2	7,535	Egypt - 6th of October City	8,525
- Curitiba1	9,896	Finland - Espoo	5,575
Chile - Maipu, Santiago	64,099	France - Blois	48,438
Colombia - Rionegro	17,072	- Surbourg	21,743
Americas Adhesives Total	929,999	Germany - Lueneburg	64,249
		- Nienburg	139,248
Construction Products		- Pirmasens2	48,438
California - La Mirada	15,206	Greece - Lamia	11,560
Florida - Gainesville	6,800	India - Pune	38,782
Georgia - Dalton	72,000	Italy - Borgolavezzaro2	24,219
Illinois - Aurora	149,000	- Pianezze	36,500
- Palatine	55,000	Portugal - Mindelo	90,193
New Jersey - Edison	9,780	Spain - Vigo²	19,375
Pennsylvania - Fairless Hills	19,229	United Kingdom - Dukinfield	17,465
Texas - Eagle Lake	26,000	EIMEA Total	640,810
- Houston	11,000
Construction Products Total	364,015

1 Leased Property

2 Idle Property

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Item 3. Legal Proceedings

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 a financial provision. 

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. However, adverse developments and/or periodic settlements could negatively impact the results of operations or cash flows in one or more future periods.

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 30 years ago. The plaintiffs generally bring these lawsuits against multiple defendants and seek damages (both actual and punitive) in very large amounts. In many cases, plaintiffs are unable to demonstrate 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.

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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
	November 28,		November 29,		November 30,
($ in millions)	2015		2014		2013
Lawsuits and claims settled		10		9		6
Settlement amounts	$	0.9	$	0.8	$	0.4
Insurance payments received or expected to be received	$	0.7	$	0.7	$	0.3

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.  However, adverse developments and/or periodic settlements could negatively impact the results of operations or cash flows in one or more future periods.

Item 4. Mine Safety Disclosures

Not applicable.

Part II.

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Our common stock is traded on the New York Stock Exchange under the symbol FUL. As of January 21, 2016, there were 1,805 common shareholders of record for our common stock. The following table shows the high and low sales price per share of our stock and the dividends declared for the fiscal quarters.

	High and Low Sales Price
	2015				2014				Dividends (Per Share)
	High		Low		High		Low		2015		2014
First quarter	$	45.99	$	38.16	$	53.31	$	44.55	$	0.120	$	0.100
Second quarter		45.54		40.53		49.82		44.51		0.130		0.120
Third quarter		48.32		34.57		51.27		43.75		0.130		0.120
Fourth quarter		40.35		30.72		48.00		36.92		0.130		0.120

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There are no significant contractual restrictions on our ability to declare or pay dividends. We currently expect that comparable dividends on our common stock will continue to be paid in the future.

Issuer Purchases of Equity Securities

Information on our purchases of equity securities during the fourth quarter of 2015 follows:

Period	(a) Total Number of Shares Purchased1		(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of a Publicly Announced Plan or Program		(d) Maximum Approximate Dollar Value of Shares that may yet be Purchased Under the Plan or Program (thousands)
August 30, 2015 - October 3, 2015		180,064	$	33.11		180,000	$	56,004
October 4, 2015 - October 31, 2015		320,000	$	34.71		320,000	$	44,897
November 1, 2015 - November 28, 2015		194	$	39.77		-	$	44,897

¹   The number of shares purchased relates to 258 shares withheld to satisfy employees’ withholding taxes upon vesting of restricted stock and 500,000 shares purchased under the 2010 share repurchase plan. See Note 9 to the Consolidated Financial Statements for more information.

Total Shareholder Return Graph

The line graph below compares the cumulative total shareholder return on our common stock for the last five fiscal years with cumulative total return on the S&P SmallCap 600 Index and Dow Jones U.S. Specialty Chemicals Index. This graph assumes a $100 investment in each of H.B. Fuller, the S&P SmallCap 600 Index and the Dow Jones U.S. Specialty Chemicals Index at the close of trading on November 27, 2010, and also assumes the reinvestment of all dividends.

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Item 6. Selected Financial Data

The following selected financial data has been derived from our audited Consolidated Financial Statements and should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and related notes included elsewhere in the Form 10-K.

(Dollars in thousands, except per share amounts)	Fiscal Years3
	2015		2014		2013		2012		2011
Net revenue	$	2,083,660	$	2,104,454	$	2,046,968	$	1,886,239	$	1,444,085
Income from continuing operations1	$	88,397	$	50,151	$	95,975	$	68,287	$	80,215
Percent of net revenue		4.2		2.4		4.7		3.6		5.6
Total assets	$	2,042,252	$	1,869,006	$	1,873,028	$	1,786,320	$	1,227,709
Long-term debt, excluding current maturities	$	669,606	$	547,735	$	472,315	$	475,112	$	179,611
Total H.B. Fuller stockholders' equity	$	872,920	$	890,047	$	930,065	$	778,273	$	705,204
Per Common Share:
Income from continuing operations:
Basic	$	1.75	$	1.00	$	1.92	$	1.37	$	1.64
Diluted	$	1.71	$	0.97	$	1.87	$	1.34	$	1.61
Dividends declared and paid	$	0.510	$	0.460	$	0.385	$	0.330	$	0.295
Book value4	$	17.43	$	17.69	$	18.52	$	15.60	$	14.26
Number of employees		4,425		3,650		3,676		3,727		2,754

¹ 2015, 2014, 2013, 2012 and 2011 include after-tax charges of $4.7 million, $45.2 million, $35.3 million, $35.4 million and $5.8 million, respectively, related to special charges, net.

² 2011 contained 53 weeks

³ All amounts have been adjusted for discontinued operations.

⁴ Book value is calculated by dividing total H.B. Fuller stockholders' equity by the number of common stock shares outstanding as of our fiscal year end.

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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

H.B. Fuller Company is a global formulator, manufacturer and marketer of adhesives and other specialty chemical products. We manage our business through four operating segments - Americas Adhesives, EIMEA (Europe, India, Middle East and Africa), Asia Pacific and Construction Products.

The Americas Adhesives, EIMEA and Asia Pacific operating segments manufacture and supply adhesives products in the assembly, packaging, converting, nonwoven and hygiene, performance wood, flooring, textile, flexible packaging, graphic arts, envelope, automotive and electronics markets. The Construction Products operating segment provides floor preparation, grouts and mortars for tile setting as well as sealants and related products for heating, ventilation and air conditioning installations.

The integration of the industrial adhesives business we acquired in March 2012 involved a significant amount of restructuring and capital investment to optimize the new combined entity. In addition to this acquisition, we announced our intentions to take a series of actions in our existing EIMEA operating segment to improve the profitability and future growth prospects of this operating segment. We combined these two initiatives into a single project which we refer to as the Business Integration Project.

Total Company: When reviewing our financial statements, it is important to understand how certain external factors impact us. These factors include:

● Changes in the prices of our raw materials that are primarily derived from refining crude oil and natural gas

● Global supply of and demand for raw materials

● Economic growth rates, and

● Currency exchange rates compared to the U.S. dollar

We purchase thousands of raw materials, the majority of which are petroleum/natural gas derivatives. The price of these derivatives impact the cost of our raw materials. However, the supply of and demand for key raw materials has a greater impact on our costs. As demand increases in high-growth areas, the supply of key raw materials may tighten, resulting in certain materials being put on allocation. Natural disasters, such as hurricanes, also can have an impact as key raw material producers are shut down for extended periods of time. We continually monitor capacity utilization figures, market supply and demand conditions, feedstock costs and inventory levels, as well as derivative and intermediate prices, which affect our raw materials. With over 75 percent of our cost of sales accounted for by raw materials, our financial results are extremely sensitive to changing costs in this area.

In 2015, we generated 43 percent of our net revenue in the United States and 29 percent in EIMEA. The pace of economic growth in these areas directly impacts certain industries to which we supply products. For example, adhesives-related revenues from durable goods customers in areas such as appliances, furniture and other woodworking applications tend to fluctuate with the overall economic activity. In business components such as Construction Products and insulating glass, revenues tend to move with more specific economic indicators such as housing starts and other construction-related activity.

The movement of foreign currency exchange rates as compared to the U.S. dollar impacts the translation of the foreign entities’ financial statements into U.S. dollars. As foreign currencies weaken against the dollar, our revenues and costs decrease as the foreign currency-denominated financial statements translate into fewer dollars. The fluctuations of the Euro against the U.S. dollar have the largest impact on our financial results as compared to all other currencies. In 2015, the currency fluctuations had a negative impact on net revenue of approximately $126.0 million as compared to 2014.

Key financial results and transactions for 2015 included the following:

● Net revenue decreased 1.0 percent from 2014 primarily driven by a 6.0 percent decrease in currency offset by a 4.5 percent increase in sales volume and a 0.5 percent increase in product pricing.

● Gross profit margin increased to 27.3 percent from 25.3 percent in 2014.

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● Cash flow generated by operating activities from continuing operations was $210.5 million in 2015 as compared to $29.7 million in 2014 and $132.7 million in 2013.

● We acquired 95 percent of the equity of Tonsan Adhesive, Inc. on February 2, 2015 for $215.9 million.      

The global economic conditions were mixed in 2015. We experienced generally favorable end market conditions in Asian markets, particularly in China, and in the Construction Products related markets in North America. The end market conditions in China deteriorated in the second half of 2015 due to a reduced rate of growth. End market demand for our core adhesives products in the Americas and EIMEA were generally flat to slightly positive, with some end market segments up and others declining. Our total year constant currency sales growth, which we define as the combined variances from product pricing, sales volume and small acquisitions, increased 5.0 percent for 2015 compared to 2014.

In 2015 our diluted earnings per share from continuing operations was $1.71 per share compared to $0.97 per share in 2014 and $1.87 per share in 2013. The higher earnings per share from continuing operations in 2015 compared to 2014 resulted from lower special charges, lower business integration costs that were not classified as special charges, lower raw material costs and lower production inefficiencies related to the Business Integration Project and ERP system implementation costs in North America.

Special charges, net in 2015 were $4.7 million for costs related to the Business Integration Project. On an after-tax basis, the special charges, net resulted in a $4.7 million negative impact on net income and a negative $0.09 effect on diluted earnings per share. Special charges, net in 2014 were $51.5 million for costs related to the Business Integration Project. On an after-tax basis, the special charges, net resulted in a $45.2 million negative impact on net income and a negative $0.88 effect on diluted earnings per share. In 2013 we had special charges, net of $45.1 million for costs related to the Business Integration Project. On an after-tax basis, the special charges, net resulted in a $35.3 million negative impact on net income and a negative $0.69 effect on diluted earnings per share. See Note 5 to the Consolidated Financial Statements for more information.

Project ONE: In December of 2012 our Board of Directors approved a multi-year project to replace and enhance our existing core information technology platforms. The scope for this project includes most of the basic transaction processing for the company including customer orders, procurement, manufacturing, and financial reporting. The project envisions harmonized business processes for all of our operating segments supported with one standard software configuration. The execution of this project, which we refer to as Project ONE, is being supported by internal resources and consulting services.

During 2013 a project team was formed and the global blueprint for the software configuration was designed and built. In the latter half of 2013 and in the early months of 2014, the global blueprint was applied to the specific requirements of our North America adhesives business, the software was tested and the user groups were trained. On April 6, 2014, our North America adhesives business went live. The implementation process proved to be more difficult than we originally anticipated resulting in disruptions in our manufacturing network, lower productivity and deteriorated customer service levels. By the end of 2014, most of the problems associated with the software implementation had been remediated and the business was stable and running at capacity with productivity levels approaching the levels experienced prior to the new software implementation.

In late 2014 we suspended any further implementation projects in other geographic regions until we complete the optimization of the current platform in North America. We are preparing a revised implementation plan that leverages the experiences of our first go-live event and reduces the risk of significant business interruption. We expect to start subsequent implementations in 2016.

The original capital expenditure plan for Project ONE was approximately $60.0 million. In the fourth quarter of 2015, we received a cash settlement of $12.8 million as a result of an arbitration proceeding related to our initial implementation of Project ONE. Of this amount, $12.0 million was related to capital expenditures, which allowed us to reduce our total project-to-date capital expenditures to $31.3 million. Given the complexity of the initial implementation, we anticipate that the total investment to complete the project will exceed our original estimate. We will have a revised estimate of the total project costs and the expected completion timetable later in 2016 when the revised implementation plan is complete.

Our current plan is to proceed with the second phase implementation in our Latin America region with the project commencing in the second half of 2016 and completion expected in early 2017. Subsequent phases of the global implementation will be evaluated following the completion of this second implementation.

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2016 Outlook: Our key long term financial metrics remain unchanged: constant currency revenue growth, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) margin, growth in earnings per share and Return on Invested Capital (ROIC). EBITDA is a non-GAAP financial measure defined on a consolidated basis as gross profit, less Selling, General and Administrative (SG&A) expense, plus depreciation expense, plus amortization expense. EBITDA excludes special charges, net. EBITDA margin is a non-GAAP financial measure defined as EBITDA divided by net revenue. ROIC is a non-GAAP financial measure defined as (gross profit less SG&A expense, less taxes at the effective tax rate plus income from equity method investments, calculated using trailing 12 month information) divided by (the sum of notes payable, current maturities of long-term debt, long-term debt, redeemable non-controlling interest and total equity).

In 2016 we expect modest constant currency revenue growth of about 4 percent, mainly supported by continued growth in our Asia Pacific and Construction Products segments. Our Asia Pacific segment will benefit from a full year of the acquired Tonsan business as well as continued end market expansion, though at a slower rate. We anticipate slightly positive constant currency revenue growth in the Americas Adhesives and EIMEA operating segments. We expect that the strengthening of the US dollar relative to various currencies will dampen our revenue growth rate in 2016 relative to 2015 by up to 3 percentage points. Our gross profit margin is expected to increase in 2016, primarily driven by continuous productivity improvement in our manufacturing network, especially in Europe, plus the carry over benefit of lower raw material costs that were realized in the second half of 2015. SG&A expenses should increase at a rate in line with the increase in net revenue. Overall, we expect our EBITDA margin to be approximately 14 percent for the full year.

We expect total 2016 capital expenditures to be approximately $60.0 million, slightly above our long term expectations of ongoing capital requirements of about 2 to 2.5 percent of net revenue.

Critical Accounting Policies and Significant Estimates: Management’s discussion and analysis of our results of operations and financial condition are based upon the Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. We believe the critical accounting policies and areas that require the most significant judgments and estimates to be used in the preparation of the Consolidated Financial Statements are pension and other postretirement plan assumptions; goodwill impairment assessment; long-lived assets recoverability; product, environmental and other litigation liabilities; and income tax accounting.

Pension and Other Postretirement Plan Assumptions: 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 and health care cost trend rates. Note 10 to the Consolidated Financial Statements includes disclosure of assumptions employed in these measurements for both the non-U.S. and U.S. plans.

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 4.30 percent at November 28, 2015, as compared to 4.10 percent at November 29, 2014 and 4.77 percent at November 30, 2013. 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 reduction of 0.5 percentage points at November 28, 2015 would increase U.S. pension and other postretirement plan expense approximately $0.3 million (pre-tax) in fiscal 2016. Discount rates for non-U.S. plans are determined in a manner consistent with the U.S. plan.

The expected long-term rate of return on plan assets assumption for the U.S. pension plan was 7.75 percent in 2015, 2014 and 2013.  Our expected long-term rate of return on U.S. plan assets was based on our target asset allocation assumption of 60 percent equities and 40 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 2015 the expected long-term rate of return on the target equities allocation was 8.5 percent and the expected long-term rate of return on the target fixed-income allocation was 5.0 percent. The total plan rate of return assumption included an estimate of the effect of diversification and the plan expense. For 2016, the expected long-term rate of return on assets will continue to be 7.75 percent with an expected long-term rate of return on the target equities allocation of 8.5 percent and an expected long-term rate of return on target fixed-income allocation of 5.0 percent. 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 $2.0 million (pre-tax).

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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 most recent 10-year and 20-year historical equity returns are shown in the table below.  Our expected rate of return on our total portfolio is consistent with the historical patterns observed over longer time frames.

U.S. Pension Plan Historical actual rates of return	Total Portfolio			Equities			Fixed Income
10-year period		6.0	%		5.4	%		8.0	%
20-year period		8.6	%		8.3	%		(*)8.0	%

(*) Beginning in 2006, our target allocation migrated from 100 percent equities to our current allocation of 60 percent equities and 40 percent fixed-income. The historical actual rate of return for the fixed income of 8.0 percent is since inception (9 years, 11 months).

The expected long-term rate of return on plan assets assumption for non-U.S. pension plans was a weighted-average of 6.22 percent in 2015 compared to 6.17 percent in 2014 and 5.96 percent in 2013. 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 6.75 percent and the expected long-term rate of return on plan assets for Germany was 5.75 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.

The projected salary increase assumption is based on historic trends and comparisons to the external market. Higher rates of increase result in higher pension expenses. As this rate is also a long-term expected rate, it is less likely to change on an annual basis. In the U.S., we have used the rate of 4.50 percent for 2015, 2014 and 2013. Benefits under the U.S. Pension Plan were locked-in as of May 31, 2011 and no longer include compensation increases. The 4.50 percent rate is for the supplemental executive retirement plan only.

Goodwill: Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a purchase business combination. Goodwill is assigned to reporting units at the date the goodwill is initially recorded. Once goodwill has been assigned to a reporting unit, it no longer retains its association with a particular acquisition, and all the activities within a reporting unit are available to support the value of goodwill. Accounting standards require us to test goodwill for impairment annually or more often if circumstances or events indicate a change in the estimated fair value may have occurred.

The goodwill impairment analysis is a two-step process. The first step used to identify potential impairment involves comparing each reporting unit’s estimated fair value to its carrying value, including goodwill. We use a discounted cash flow approach to estimate the fair value of our reporting units. Our judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures and working capital requirements. 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, there is an indication of potential impairment and the second step is performed to measure the amount of impairment.

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The second step of the process, if required, involves the calculation of an implied fair value of goodwill for each reporting unit for which step one indicated impairment. The implied fair value of goodwill is determined in a manner similar to how goodwill is calculated in a business combination, by measuring the excess of the estimated fair value of the reporting unit as calculated in step one, over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss cannot exceed the carrying value of goodwill assigned to a reporting unit, and the loss establishes a new basis in the goodwill. Subsequent reversal of goodwill impairment losses is not permitted.

In the fourth quarter of 2015, we conducted the required annual test of goodwill for impairment. We performed the goodwill impairment analysis on our reporting units by using a discount rate determined by management to result in the most representative fair value of the business as a whole. There were no indications of impairment in any of our reporting units. We also performed a sensitivity analysis by using a discount rate at the high end of our range to confirm the reasonableness of our goodwill impairment analysis. No indications of impairment in any of our reporting units were indicated by the sensitivity analysis.

Of the goodwill balance of $354.2 million as of November 28, 2015, $67.1 million is allocated to the Americas Adhesives reporting unit, $122.6 million is allocated to the EIMEA reporting unit, $143.7 million is allocated to the Asia Pacific reporting unit and $20.8 million is allocated to the Construction Products reporting unit. In all four of these reporting units, the calculated fair value substantially exceeded the carrying value of the net assets. 

If the economy or business environment falter and we are unable to achieve our assumed revenue growth rates or profit margin percentages, our projections used would need to be remeasured, which could impact the carrying value of our goodwill in one or more of our reporting units. See Note 6 to the Consolidated Financial Statements.

Recoverability of Long-Lived Assets: The assessment of the recoverability of long-lived assets reflects our assumptions and estimates. Factors that we must estimate when performing impairment tests include sales volume, prices, inflation, currency exchange rates, tax rates and capital spending. Significant judgment is involved in estimating these factors, and they include inherent uncertainties. The measurement of the recoverability of these assets is dependent upon the accuracy of the assumptions used in making these estimates and how the estimates compare to the eventual future operating performance of the specific businesses to which the assets are attributed.

Judgments made by us include the expected useful lives of long-lived assets. The ability to realize undiscounted cash flows in excess of the carrying amounts of such assets is affected by factors such as the ongoing maintenance and improvement of the assets, changes in economic conditions and changes in operating performance.

Product, Environmental and Other Litigation Liabilities: As disclosed in Item 3. Legal Proceedings and in Note 1 and Note 12 to the Consolidated Financial Statements, we are subject to various claims, lawsuits and other legal proceedings. Reserves for loss contingencies associated with these matters are established when it is determined that a liability is probable and the amount can be reasonably estimated. The assessment of the probable liabilities is based on the facts and circumstances known at the time that the financial statements are being prepared. For cases in which it is determined that a liability is probable but only a range for the potential loss exists, the minimum amount of the range is recorded and subsequently adjusted as better information becomes available.

For cases in which insurance coverage is available, the gross amount of the estimated liabilities is accrued, and a receivable is recorded for any probable estimated insurance recoveries. A discussion of environmental, product and other litigation liabilities is disclosed in Item 3. Legal Proceedings and Note 12 to the Consolidated Financial Statements.

Based upon currently available facts, we do not believe that the ultimate resolution of any pending legal proceeding, individually or in the aggregate, will have a material adverse effect on our long-term financial condition. However, adverse developments and/or periodic settlements could negatively affect our results of operations or cash flows in one or more future quarters.

Income Tax Accounting: As part of the process of preparing the Consolidated Financial Statements, we are required to estimate income taxes in each of the jurisdictions in which we operate. The process involves estimating actual current tax expense along with assessing temporary differences resulting from differing treatment of items for book and tax purposes. These temporary differences result in deferred tax assets and liabilities, which are included in the Consolidated Balance Sheets. We record a valuation allowance to reduce our deferred tax assets to the amount that is more-likely-than-not to be realized. We have considered future taxable income and ongoing tax planning strategies in assessing the need for the valuation allowance. Increases in the valuation allowance result in additional expense to be reflected within the tax provision in the Consolidated Statements of Income. As of November 28, 2015, the valuation allowance to reduce deferred tax assets totaled $14.4 million.

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We recognize tax benefits for tax positions for which it is more-likely-than-not that the tax position will be sustained by the applicable tax authority at the largest amount of tax benefit that is greater than fifty percent likely of being realized upon ultimate settlement. We do not recognize a financial statement benefit for a tax position that does not meet the more-likely-than-not threshold. We believe that our liabilities for income taxes reflect the most likely outcome. It is difficult to predict the final outcome or the timing of the resolution of any particular tax position. Future changes in judgment related to the resolution of tax positions will impact earnings in the quarter of such change. We adjust our income tax liabilities related to tax positions in light of changing facts and circumstances. Settlement with respect to a tax position would usually require cash. Based upon our analysis of tax positions taken on prior year returns and expected tax positions to be taken for the current year tax returns, we have identified gross uncertain tax positions of $4.9 million as of November 28, 2015.

We have not recorded U.S. deferred income taxes for certain of our non-U.S. subsidiaries undistributed earnings as such amounts are intended to be indefinitely reinvested outside of the U.S. Should we change our business strategies related to these non-U.S. subsidiaries, additional U.S. tax liabilities could be incurred. It is not practical to estimate the amount of these additional tax liabilities. See Note 8 to the Consolidated Financial Statements for further information on income tax accounting.

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 are 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, estimated attrition rate, and a discount rate.  Goodwill is recorded as the difference in the fair value of the acquired assets and assumed liabilities and the purchase price.

Results of Operations
Net revenue
($ in millions)	2015		2014		2013		2015 vs 2014			2014 vs 2013
Net revenue	$	2,083.7	$	2,104.5	$	2,047.0		(1.0%	)		2.8	%

Net revenue in 2015 decreased 1.0 percent from 2014. The 2014 net revenue was 2.8 percent higher than the net revenue in 2013. We review variances in net revenue in terms of changes related to product pricing, sales volume, changes in foreign currency exchange rates and major acquisitions. The pricing/sales volume variance and small acquisitions including Tonsan Adhesive, Inc., Continental Products Limited and ProSpec construction products are viewed as constant currency growth. The following table shows the net revenue variance analysis for the past two years:

	2015 vs 2014			2014 vs 2013
Product pricing		0.5	%		(0.4	)%
Sales volume		4.5	%		3.5	%
Currency		(6.0	)%		(0.3	)%
		(1.0	)%		2.8	%

Constant currency growth was 5.0 percent in 2015 compared to 2014. The 5.0 percent constant currency growth in 2015 was driven by 39.8 percent growth in Asia Pacific, 23.8 percent growth in Construction Products offset by a 3.9 percent decrease in Americas Adhesives and 1.9 percent decrease in EIMEA. The majority of the negative currency impact was driven by the weakening of the Euro, Turkish lira, Canadian dollar and Australian dollar against the U.S. dollar.

Constant currency growth was 3.1 percent in 2014 compared to 2013. The 3.1 percent constant currency growth in 2014 was driven by 18.7 percent growth in Construction Products, 11.2 percent growth in Asia Pacific and 2.4 percent growth in Americas Adhesives. The majority of the negative currency impact was driven by the devaluation of the Australian dollar and the Canadian dollar compared to the U.S. dollar.

Cost of sales
($ in millions)	2015			2014			2013			2015 vs 2014			2014 vs 2013
Raw materials	$	1,161.3		$	1,213.5		$	1,161.6			(4.3	)%		4.5	%
Other manufacturing costs		354.3			357.7			315.2			(1.0	)%		13.5	%
Cost of sales	$	1,515.6		$	1,571.2		$	1,476.8			(3.5	)%		6.4	%
Percent of net revenue		72.7	%		74.7	%		72.1	%

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Raw material costs as a percentage of net revenue decreased 200 basis points in 2015 compared to 2014, reflecting decreases in raw materials costs as well as changes in product pricing and sales mix. Other manufacturing costs as a percentage of revenue remained flat compared to last year. As a result, cost of sales as a percentage of net revenue decreased 200 basis points compared to 2014.

Raw material costs as a percentage of net revenue increased 100 basis points in 2014 relative to 2013, reflecting increases in raw materials costs as well as changes in product pricing and sales mix. Other manufacturing costs as a percentage of revenue increased 160 basis points in 2014 compared to 2013 mainly driven by cost associated with the implementation of our ERP system as well as business integration costs that are not classified as special charges. As a result, cost of sales as a percentage of net revenue increased 260 basis points in 2014 compared to 2013.

Gross profit
($ in millions)	2015			2014			2013			2015 vs 2014			2014 vs 2013
Gross profit	$	568.0		$	533.3		$	570.2			6.5	%		(6.5	)%
Percent of net revenue		27.3	%		25.3	%		27.9	%

Gross profit in 2015 increased $34.7 million compared to 2014 and gross profit margin increased 200 basis points. The decrease in the cost of raw materials was the main factor for the increase in gross profit.

Gross profit in 2014 decreased $36.9 million compared to 2013 and gross profit margin declined 260 basis points. The increases in raw materials in addition to the cost associated with the implementation of our ERP system as well as business integration costs that were not classified as special charges were the main factors to the gross profit reduction.

Selling, general and administrative (SG&A) expenses

($ in millions)	2015			2014			2013			2015 vs 2014			2014 vs 2013
SG&A	$	397.6		$	383.4		$	374.7			3.7	%		2.3	%
Percent of net revenue		19.1	%		18.2	%		18.3	%

SG&A expenses for 2015 increased $14.2 million or 3.7 percent compared to 2014. The added expense from the Tonsan acquisition partially offset by foreign currency exchange rates were the main drivers for the increase. 

SG&A expenses for 2014 increased $8.7 million or 2.3 percent compared to 2013. As a percentage of net revenue, SG&A expenses decreased 10 basis points in 2014 due to ongoing cost control efforts offsetting higher spending for Project ONE.

We make SG&A expense plans at the beginning of each fiscal year and barring significant changes in business conditions or our outlook for the future, we maintain these spending plans for the entire year. Management routinely monitors our SG&A spending relative to these fiscal year plans for each operating segment and for the company overall. We feel it is important to maintain a consistent spending program in this area as many of the activities within the SG&A category such as the sales force, technology development, and customer service are critical elements of our business strategy.

Special Charges, net
($ in millions)	2015		2014		2013
Special Charges, net	$	4.7	$	51.5	$	45.1

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The following table provides detail of special charges, net:

($ in millions)	2015		2014		2013
Acquisition and transformation related costs	$	0.7	$	7.9	$	8.7
Workforce reduction costs		-		3.2		9.8
Facility exit costs		3.7		32.1		17.9
Other related costs		0.3		8.3		8.7
Special charges, net	$	4.7	$	51.5	$	45.1

The integration of the industrial adhesives business we acquired in March 2012 involved a significant amount of restructuring and capital investment to optimize the new combined entity. In addition to this acquisition, we announced our intentions to take a series of actions in our existing EIMEA operating segment to improve the profitability and future growth prospects of this operating segment. We combined these two initiatives into a single project which we refer to as the Business Integration Project. During the years ended November 28, 2015, November 29, 2014 and November 30, 2013, we incurred special charges, net of $4.7 million, $51.5 million and $45.1 million, respectively, for costs related to the Business Integration Project.

Acquisition and transformation related costs of 0.7 million for the year ended November 28, 2015, $7.9 million for the year ended November 29, 2014 and $8.7 million for the year ended November 30, 2013 include costs related to organization consulting, financial advisory and legal services necessary to integrate the acquired business into our existing operating segments.

During the year ended November 28, 2015, we incurred cash facility exit costs of $2.2 million, non-cash facility exit costs of $1.5 million and other incremental transformation related costs of $0.3 million including the cost of personnel directly working on the integration. During the year ended November 29, 2014, we incurred workforce reduction costs of $3.2 million, cash facility exit costs of $25.2 million, non-cash facility exit costs of $6.9 million and other incremental transformation related costs of $8.3 million including the cost of personnel directly working on the integration. During the year ended November 30, 2013, we incurred workforce reduction costs of $9.8 million, cash facility exit costs of $11.8 million, non-cash facility exit costs of $6.1 million and other incremental transformation related costs of $8.7 million including the cost of personnel directly working on the integration.

We present operating segment information consistent with how we organize our business internally, assess performance and make decisions regarding the allocation of resources. Segment operating income is defined as gross profit less selling, general and administrative expenses. Because this definition excludes special charges, we have not allocated special charges to the operating segments or included them in Management’s Discussion & Analysis of operating segment results. For informational purposes only, the following table provides the special charges, net attributable to each operating segment for the periods presented:

($ in millions)	2015			2014		2013
Americas Adhesives	$	(1.4	)	$	3.1	$	7.9
EIMEA		5.7			44.2		36.2
Asia Pacific		0.1			2.4		0.6
Company-wide		0.3			1.8		0.4
Special Charges, net	$	4.7		$	51.5	$	45.1

We expect total project costs will be approximately $164.0 million. The following table provides detail of costs incurred inception-to-date as of November 28, 2015 for the Business Integration Project:

	Costs Incurred Inception-to-Date
($ in millions)	As of November 28, 2015
Acquisition and transformation related costs	$	43.0
Work force reduction costs		41.1
Cash facility exit costs		40.2
Non-cash facility exit costs		17.7
Other related costs	19.3
Business Integration Project	$	161.3

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Non-cash costs are primarily related to accelerated depreciation of long-lived assets.

Other income (expense), net
($ in millions)	2015			2014		2013
Other income (expense), net	$	(2.5	)	$	0.7	$	(3.8	)

Currency transaction and remeasurement losses were $3.5 million, $2.5 million and $4.1 million in 2015, 2014 and 2013, respectively. Interest income was $0.5 million in 2015 compared to $0.4 million in 2014 and $0.7 million in 2013. Gains on disposal of fixed assets were $0.3 million, $2.8 million and $0.3 million in 2015, 2014 and 2013, respectively.

Interest expense
($ in millions)	2015		2014		2013
Interest expense	$	25.0	$	19.7	$	19.1

Interest expense was $25.0 million in 2015 compared to $19.7 million in 2014 and $19.1 million in 2013. The higher interest expense in 2015 compared to 2014 was due to higher average debt balances resulting from the Tonsan acquisition and lower capitalized interest on capital projects, offset by lower average interest rates. The higher interest expense in 2014 compared to 2013 was due to higher average debt balances, partially offset by higher capitalized interest on capital projects. We capitalized interest of $0.1 million, $2.7 million and $1.9 million in 2015, 2014 and 2013, respectively.

Income taxes
($ in millions)	2015			2014			2013
Income taxes	$	55.9		$	34.3		$	39.9
Effective tax rate		40.4	%		43.3	%		31.3	%

Income tax expense in 2015 of $55.9 million includes $0.2 million of discrete tax expense in both the U.S. and foreign jurisdictions. Income tax expense in 2014 of $34.3 million included $1.4 million of discrete tax benefits in both the U.S. and foreign jurisdictions. Excluding discrete items, the overall effective tax rate decreased by 4.9 percentage points in 2015 as compared to 2014. The decrease in the tax rate is principally due to a change in the geographic mix of pre-tax earnings and the reduction in special charges.

Income from equity method investments
($ in millions)	2015		2014		2013
Income from equity method investments	$	5.9	$	5.2	$	8.4

The income from equity method investments relates to our 50 percent ownership of the Sekisui-Fuller joint venture in Japan. Sekisui-Fuller’s net income measured in Japanese yen was higher in 2015 compared to 2014 and 2013, but the weakening of the yen in 2015 and 2014 negatively impacted the net income in U.S. dollars. Income from equity method investments was negatively impacted in 2014 by a correction of an error in the carrying value of our investment in Sekisui-Fuller in the amount of $1.6 million.

Income (loss) from discontinued operations, net of tax
($ in millions)	2015			2014		2013
Income (loss) from discontinued operations, net of tax	$	(1.3	)	$	-	$	1.2

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The income (loss) from discontinued operations, net of tax, relates to our Central America Paints business, which we sold in 2012. In 2015, in conjunction with the final settlement agreement, we increased our contingent consideration liability by $2.1 million and adjusted the related deferred income tax. In 2013, in conjunction with filing the 2012 tax return, we reduced our income tax expense $1.2 million, related to the sale of the Central America Paints business. See Note 2 to the Consolidated Financial Statements.

Net income attributable to non-controlling interests
($ in millions)	2015			2014			2013
Net income attributable to non-controlling interests	$	(0.4	)	$	(0.4	)	$	(0.4	)

The net income attributable to non-controlling interests relates to the redeemable non-controlling interest in H.B. Fuller Kimya Sanayi Ticaret A.S. (HBF Kimya).

Net income attributable to H.B. Fuller
($ in millions)	2015			2014			2013			2015 vs 2014			2014 vs 2013
Net income atAtributable to H.B. Fuller	$	86.7		$	49.8		$	96.8			74.2	%		(48.6	)%
Percent of net revenue		4.2	%		2.4	%		4.7	%

Net income attributable to H.B. Fuller was $86.7 million in 2015 compared to $49.8 million in 2014 and $96.8 million in 2013. Fiscal year 2015 included $4.7 million of special charges, net ($4.7 million after-tax and a negative $0.09 effect on diluted earnings per share) for costs related to the Business Integration Project compared to $51.5 million ($45.2 million after-tax) in 2014 and $45.1 million ($35.3 million after-tax) in 2013. Diluted earnings per share, from continuing operations, was $1.71 per share in 2015, $0.97 per share for 2014 and $1.87 per share for 2013.

Operating Segment Results

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. For segment evaluation by the chief operating decision maker, segment operating income is defined as gross profit less SG&A expenses. Segment operating income excludes special charges, net. Inter-segment revenues are recorded at cost plus a markup for administrative costs. Corporate expenses are fully allocated to each operating segment. Our operations are managed through four reportable segments: Americas Adhesives, EIMEA, Asia Pacific and Construction Products.

The tables below provide certain information regarding the net revenue and segment operating income of each of our operating segments.

Net Revenue by Segment
	2015					2014					2013
	Net		% of			Net		% of			Net		% of
($ in millions)	Revenue		Total			Revenue		Total			Revenue		Total
Americas Adhesives	$	876.8		42	%	$	920.7		44	%	$	902.6		44	%
EIMEA		605.1		29	%		719.8		34	%		733.2		36	%
Asia Pacific		368.7		18	%		275.8		13	%		252.6		12	%
Construction Products		233.1		11	%		188.2		9	%		158.6		8	%
Total	$	2,083.7		100	%	$	2,104.5		100	%	$	2,047.0		100	%

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Segment Operating Income

	2015					2014					2013
	Operating		% of			Operating		% of			Operating		% of
($ in millions)	Income		Total			Income		Total			Income		Total
Americas Adhesives	$	126.3		74	%	$	103.3		69	%	$	123.3		63	%
EIMEA		11.9		7	%		30.5		20	%		51.5		26	%
Asia Pacific		17.1		10	%		9.3		6	%		9.8		5	%
Construction Products		15.2		9	%		6.7		5	%		10.9		6	%
Total	$	170.5		100	%	$	149.8		100	%	$	195.5		100	%

The following table provides a reconciliation of segment operating income to income from continuing operations before income taxes and income from equity method investments, as reported on the Consolidated Statements of Income.

($ in millions)	2015			2014			2013
Segment operating income	$	170.5		$	149.8		$	195.5
Special charges, net		(4.7	)		(51.5	)		(45.1	)
Other income (expense), net		(2.5	)		0.7			(3.8	)
Interest expense		(25.0	)		(19.7	)		(19.1	)
Income from continuing operations before income taxes and income from equity method investments	$	138.3		$	79.3		$	127.5

Americas Adhesives

($ in millions)	2015			2014			2013			2015 vs 2014			2014 vs 2013
Net revenue	$	876.8		$	920.7		$	902.6			(4.8	)%		2.0	%
Segment operating income	$	126.3		$	103.3		$	123.3			22.2	%		(16.2	)%
Segment profit margin %		14.4	%		11.2	%		13.7	%

The following tables provide details of Americas Adhesives net revenue variances:

	2015 vs 2014			2014 vs 2013
Constant currency growth		(3.9	)%		2.4	%
Currency		(0.9	)%		(0.4	)%
Total		(4.8	)%		2.0	%

Net revenue decreased 4.8 percent in 2015 compared to 2014. The 3.9 percent decrease in constant currency growth was attributable to a 4.3 percent decrease in sales volume offset by a 0.4 percent increase in pricing. The sales volume decrease was driven by lower volume in several market segments and lost market share related to our ERP system implementation. Raw material costs as a percentage of net revenue decreased 280 basis points as a result of decreases in raw material costs following the drop in the global price of oil and natural gas. Other manufacturing costs as a percentage of net revenue decreased 50 basis points compared to 2014. Operating expenses were 3.0 percent lower compared to 2014. As a result, segment operating income increased 22.2 percent compared to 2014 and segment profit margin increased 320 basis points.

Net revenue increased 2.0 percent in 2014 compared to 2013. The 2.4 percent increase in constant currency growth was attributable to a 3.3 percent increase in sales volume offset by a 0.9 percent decrease in pricing. The sales volume increase was driven by volume growth in several market segments and generally in line with end market conditions. Raw material cost as a percentage of net revenue increased 100 basis points as a result of increases in raw materials combined with price reductions. Manufacturing costs as a percentage of net revenue increased 150 basis points compared to 2013. The main driver for this increase is cost associated with the implementation of our ERP system. Operating expenses as a percentage of net revenue were flat. As a result, segment operating income decreased 16.2 percent compared to 2013 and segment profit margin decreased 250 basis points.

EIMEA

($ in millions)	2015			2014			2013			2015 vs 2014			2014 vs 2013
Net revenue	$	605.1		$	719.8		$	733.2			(15.9	)%		(1.8	)%
Segment operating income	$	11.9		$	30.5		$	51.5			(61.1	)%		(40.8	)%
Segment profit margin %		2.0	%		4.2	%		7.0	%

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The following table provides details of the EIMEA net revenue variances:

	2015 vs 2014			2014 vs 2013
Constant currency growth		(1.9	)%		(2.1	)%
Currency		(14.0	)%		0.3	%
Total		(15.9	)%		(1.8	)%

Net revenue decreased 15.9 percent in 2015 compared to 2014. Pricing increased 0.4 percent offset by a 2.3 percent decrease in sales volume. The negative currency effect of 14.0 percent was primarily the result of a weaker Euro, Turkish lira and Egyptian pound compared to the U.S. dollar. Sales volume was down in core Europe reflecting the generally soft end market conditions across most of the region and volume losses due to longer lead times caused by production inefficiencies related to the Business Integration Project. Sales volume growth was generated in the emerging markets, mainly in India, Middle East and Turkey. Raw material costs as a percentage of net revenue decreased 30 basis points in 2015 compared to 2014. Other manufacturing costs as a percentage of net revenue were 150 basis points higher than last year mainly due to lower sales. Operating expenses were 10.8 percent lower than 2014. In 2015, segment operating income decreased 61.1 percent and segment profit margin decreased 220 basis points compared to 2014.

Net revenue decreased 1.8 percent in 2014 compared to 2013. Pricing increased 0.4 percent offset by a 2.5 percent decrease in sales volume. The stronger Euro partially offset by weaker Turkish lira, Indian rupee and Egyptian pound compared to the U.S. dollar resulted in a 0.3 percent increase in net revenue. Sales volume was down in core Europe reflecting the generally soft end market conditions across most of the region and the negative impact of deteriorated customer service levels due to the Business Integration Project. Sales volume growth was generated in the emerging markets, mainly in India and Turkey. Raw material costs as a percentage of net revenue increased 90 basis points in 2014 compared to 2013 primarily due to an increase in vinyl acetate monomer (VAM) costs in the second half of 2014. All other manufacturing costs as a percentage of net revenue were 190 basis points higher than last year mainly due to business integration costs that are not classified as special charges. Operating expenses as a percentage of net revenue were flat. In 2014, segment operating income decreased 40.8 percent and segment profit margin decreased 280 basis points compared to 2013.

Asia Pacific
($ in millions)	2015			2014			2013			2015 vs 2014			2014 vs 2013
Net revenue	$	368.7		$	275.8		$	252.6			33.7	%		9.2	%
Segment operating income	$	17.1		$	9.3		$	9.8			84.3	%		(4.6	)%
Segment profit margin %		4.7	%		3.4	%		3.9	%

The following table provides details of Asia Pacific net revenue variances:

	2015 vs 2014			2014 vs 2013
Constant currency growth		39.8	%		11.2	%
Currency		(6.1	)%		(2.0	)%
Total		33.7	%		9.2	%

Net revenue for 2015 increased 33.7 percent compared to 2014. Constant currency growth was 39.8 percent driven by 40.3 percent increase in sales volume offset by a decrease in pricing of 0.5 percent. The increase in sales volume occurred in all Asia sub-regions and included the addition of the Tonsan business acquired in the first quarter of 2015. The negative currency effect of 6.1 percent was primarily the result of a weaker Australian dollar compared to the U.S. dollar. Raw material costs as a percentage of net revenue decreased 370 basis points in 2015 compared to 2014 primarily due to lower raw material costs following the drop in the global price of oil and natural gas and a change in sales mix. Other manufacturing costs as a percentage of net revenue were 40 basis points lower in 2015 compared to 2014. SG&A expenses as a percentage of net revenue increased 330 basis points compared to 2014 primarily from the added expense from the Tonsan acquisition. Segment operating income increased 84.3 percent and segment profit margin increased 130 basis points in 2015 compared to 2014.

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Net revenue for 2014 increased 9.2 percent compared to 2013. Constant currency growth was 11.2 percent driven mainly by volume growth while pricing was flat. Volume growth occurred in all Asia sub-regions as market conditions improved. Raw material costs as a percentage of net revenue increased 80 basis points in 2014 relative to the prior year. Manufacturing costs as a percentage of net revenue were flat in 2014 compared to 2013. SG&A expenses as a percentage of net revenue decreased 30 basis points compared to 2013. Segment operating income decreased 4.6% and segment profit margin decreased 50 basis points in 2014 compared to 2013.

Construction Products

($ in millions)	2015			2014			2013			2015 vs 2014			2014 vs 2013
Net revenue	$	233.1		$	188.2		$	158.6			23.8	%		18.7	%
Segment operating income	$	15.2		$	6.7		$	10.9			127.5	%		(39.1	)%
Segment profit margin %		6.5	%		3.5	%		6.9	%

The following tables provide details of Construction Products net revenue variances:

	2015 vs 2014			2014 vs 2013
Constant currency growth		23.8	%		18.7	%

Net revenue increased 23.8 percent in 2015 driven by 20.9 percent increase in sales volume and a 2.9 percent increase in pricing compared to 2014. The increase in sales volume was primarily attributed to continued market share gains with several key retail partners and the ProSpec acquisition in the fourth quarter of 2014. Raw material costs as a percentage of net revenue decreased 50 basis points in 2015 compared to 2014 primarily due to lower raw material costs and changes in sales mix. Other manufacturing costs as a percentage of net revenue decreased by 30 basis points. Operating expenses as a percentage of net revenue decreased 220 basis points compared to 2014 primarily due to increased sales volume. Segment operating income increased by $8.5 million, or 127.5 percent and segment profit margin increased 300 basis points compared to 2014.

Net revenue increased 18.7 percent in 2014 driven by 20.4 percent increase in sales volume offset by a 1.7 percent decrease in pricing compared to 2013. The increase in sales volume was primarily attributed to continued market share gains with several key retail partners. Raw material costs as a percentage of net revenue increased by 190 basis points in 2014 relative to 2013 primarily due to changes in sales mix. Other manufacturing costs as a percentage of net revenue increased by 240 basis points mainly due to lower productivity rates as new business was ramped up. Operating expenses as a percentage of net revenue decreased 90 basis points compared to 2013. Segment operating income decreased 39.1 percent and segment profit margin decreased 340 basis points compared to 2013.

Financial Condition, Liquidity and Capital Resources

Total cash and cash equivalents as of November 28, 2015 were $119.2 million compared to $77.6 million as of November 29, 2014. Total long and short-term debt was $722.9 million as of November 28, 2015 and $574.8 million as of November 29, 2014.

We believe that cash flows from operating activities will be adequate to meet our ongoing liquidity and capital expenditure needs. In addition, we believe we have the ability to obtain both short-term and long-term debt to meet our financing needs for the foreseeable future. Cash available in the United States has historically been sufficient and we expect it will continue to be sufficient to fund U.S. operations and U.S. capital spending and U.S. pension and other postretirement benefit contributions in addition to funding U.S. acquisitions, dividend payments, debt service and share repurchases as needed. For those international earnings considered to be reinvested indefinitely, we currently have no intention to, and plans do not indicate a need to, repatriate these funds for U.S. operations.

27

Our credit agreements and note purchase agreements include restrictive covenants that, if not met, could lead to a renegotiation of our credit lines and a significant increase in our cost of financing. At November 28, 2015, we were in compliance with all covenants of our contractual obligations as shown in the following table:

Covenant	Debt Instrument	Measurement	Result as of November 28, 2015
TTM EBITDA / TTM Interest Expense	All Debt Instruments	Not less than 2.5	10.0
Total Indebtedness / TTM EBITDA	All Debt Instruments	Not greater than 3.5	2.8

● TTM = trailing 12 months

● EBITDA for covenant purposes is defined as consolidated net income, plus (i) interest expense, (ii) taxes, (iii) depreciation and amortization, (iv) non-cash impairment losses, (v) extraordinary non-cash losses incurred other than in the ordinary course of business, (vi) nonrecurring extraordinary non-cash restructuring charges, (vii) [reserved] , (viii) cash expenses incurred during fiscal years 2013 through 2015 in connection with facilities consolidation, restructuring and integration, discontinuance of operations, work force reduction, sale or abandonment of assets other than inventory, and professional and other fees incurred in connection with the acquired business or the restructuring of the company’s Europe, India, Middle East and Africa operations, not to exceed (x) $39.8 million for the period beginning with the fiscal quarter ending November 30, 2013 through and including the fiscal quarter ending May 31, 2014 and (y) $20.0 million for the period beginning with the fiscal quarter ending August 30, 2014 through and including the fiscal quarter ending November 28, 2015, (ix) cash expenses related to the Tonsan acquisition for advisory services and for arranging financing for the acquired business (including the non-cash write-off of deferred financing costs and any loss or expense on foreign exchange transactions intended to hedge the purchase price for the acquired business) with cash expenses not to exceed $10.0 million, minus extraordinary non-cash gains incurred other than in the ordinary course of business. For the Total Indebtedness / TTM EBITDA ratio, TTM EBITDA is adjusted for the pro forma results from Material Acquisitions and Material Divestitures as if the acquisition or divestiture occurred at the beginning of the calculation period. Additional detail is provided in the Form 8-K dated October 31, 2014.

● Pursuant to the Credit Agreement dated October 31, 2014, the company elected to increase the Total Indebtedness / TTM EBITDA ratio to a maximum of 3.75 to 1.00 for four quarters beginning with the first fiscal quarter ending February 28, 2015. The maximum ratio will return to 3.50 to 1.00 in the first fiscal quarter ending February 27, 2016.

We believe we have the ability to meet all of our contractual obligations and commitments in fiscal 2016.

Net Financial Assets

($ in millions)	2015		2014
Financial Assets:
Cash and cash equivalents	$	119.2	$	77.6
Debt:
Notes payable		30.8		27.1
Long-term debt		692.1		547.7
Total debt		722.9		574.8
Net financial debt	$	603.7	$	497.2

Of the $119.2 million in cash and cash equivalents as of November 28, 2015, $83.1 million was held outside the U.S. Of the $83.1 million of cash held outside the U.S., earnings on $74.7 million are indefinitely reinvested outside of the U.S. It is not practical for us to determine the U.S. tax implications of the repatriation of these funds.

There are no contractual or regulatory restrictions on the ability of consolidated and unconsolidated subsidiaries to transfer funds in the form of cash dividends, loans or advances to us, except for: 1) a credit facility limitation restricting investments, loans, advances or capital contributions from the U.S. parent corporation, the Irish financing subsidiary, and the Construction Products subsidiary in excess of $100.0 million, 2) a credit facility limitation that provides total investments, loans, advances or guarantees not otherwise permitted in the credit agreement for all subsidiaries shall not exceed $125.0 million in the aggregate and 3) typical statutory restrictions, which prohibit distributions in excess of net capital or similar tests.  The 2012 Forbo acquisition, the 2015 Tonsan acquisition and any investments, loans, and advances established to consummate the Forbo and Tonsan acquisitions are excluded from the credit facility limitations described above.  Additionally, we have taken the income tax position that the majority of our cash in non-U.S. locations is indefinitely reinvested.  

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We rely on operating cash flow, short-term borrowings and long-term debt to provide for the working capital needs of our operations. We believe that we have the ability to obtain both short-term and long-term debt to meet our financing needs for the foreseeable future.

Debt Outstanding and Debt Capacity

Notes Payable: Notes payable were $30.8 million at November 28, 2015 and $27.1 million at November 29, 2014. These amounts mainly represented various foreign subsidiaries’ short-term borrowings that were not part of committed lines. The weighted-average interest rates on these short-term borrowings were 8.1 percent in 2015 and 11.3 percent in 2014.

Long-Term Debt:Long-term debt consisted of senior notes and term loans. The Series A and Series B senior notes bear a fixed interest rate of 5.13 percent and mature in fiscal year 2017. The Series C and Series D senior notes bear a fixed interest rate of 5.61 percent and mature in fiscal year 2020. The Series E senior notes bear a fixed interest rate of 4.12 percent and mature in fiscal year 2022. We are subject to prepayment penalties on our senior notes. As of November 28, 2015, make-whole premiums were estimated to be, if the entire debt were paid off, $42.6 million. We currently have no intention to prepay any senior notes.

We executed interest rate swap agreements for the purpose of obtaining a floating rate of interest on $75.0 million of the $150.0 million senior notes. We have designated the $75.0 million of senior note debt as the hedged item in a fair value hedge. As required by applicable accounting standards, we recorded an asset for the fair value of the interest rate swaps (hedging instruments) totaling $3.4 million and recognized a liability of $3.4 million for the change in the fair value of the senior notes attributable to the change in the risk being hedged. This calculation resulted in $153.4 million being recorded in long-term debt related to these senior notes as of November 28, 2015. For further information related to long-term debt see Note 7 to the Consolidated Financial Statements.

On October 31, 2014, we entered into a credit agreement with a consortium of financial institutions under which we established a $300.0 million term loan that we can use to repay existing indebtedness, finance working capital needs, finance acquisitions, and for general corporate purposes. At November 28, 2015, there was a balance of $288.8 million drawn on the term loan. The interest rate on the term loan bears a floating interest rate at the London Interbank Offered Rate (LIBOR) plus 125 basis points and matures in 2019. There is no prepayment penalty on the term loan. See the discussion below regarding our lines of credit.

On October 31, 2014 we amended various provisions of the Note Purchase Agreements Series A through E, including the covenant definition of Consolidated EBITDA. As part of these amendments, the interest rate on the debt may increase based on a ratings grid. Additional details on the Note Purchase Agreement amendments can be found in the 8-K dated October 31, 2014.

Lines of Credit: We have a revolving credit agreement with a consortium of financial institutions at November 28, 2015. This credit agreement creates an unsecured multi-currency revolving credit facility that we can draw upon for general corporate purposes up to a maximum of $300.0 million. Interest is payable at LIBOR plus 1.075 percent. A facility fee of 0.175 percent is payable quarterly. The interest rate and the facility fee are based on a rating grid. The credit facility expires on October 31, 2019. As of November 28, 2015, our lines of credit were undrawn.

Goodwill and Other Intangible Assets

As of November 28, 2015, goodwill totaled $354.2 million (17 percent of total assets) and other intangible assets, net of accumulated amortization, totaled $213.0 million (10 percent of total assets).

The components of goodwill and other identifiable intangible assets, net of amortization, by segment at November 28, 2015 are as follows:

	Americas				Asia		Construction
($ in millions)	Adhesives		EIMEA		Pacific		Products		Total
Goodwill	$	67.1	$	122.6	$	143.7	$	20.8	$	354.2
Purchased technology & patents		14.7		7.6		28.7		1.1		52.1
Customer relationships		15.9		21.6		27.0		71.1		135.6
Other finite-lived intangible assets1		4.4		13.8		1.5		5.1		24.8
Indefinite-lived intangible assets2		-		0.5		-		-		0.5

¹ Other finite-lived intangible assets are related to operating segment trademarks.

² Indefinite-lived intangible assets are related to EIMEA operating segment trademarks.

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Selected Metrics of Liquidity and Capital Resources

Key metrics we monitor are net working capital as a percent of annualized net revenue, trade account receivable days sales outstanding (DSO), inventory days on hand, free cash flow and debt capitalization ratio.

	November 28,		November 29,
	2015		2014
Net working capital as a percentage of annualized net revenue1		19.9%		19.1%
Accounts receivable DSO2		60 Days		56 Days
Inventory days on hand3		60 Days		58 Days
Free cash flow4		$126.2 million		$(133.1) million
Debt capitalization ratio5		45.3%		39.2%

¹ Current quarter net working capital (trade receivables, net of allowance for doubtful accounts plus inventory minus trade payables) divided by annualized net revenue.

² Trade receivables net of allowance for doubtful accounts multiplied by 56 (8 weeks) and divided by the net revenue for the last 2 months of the quarter.

³ Total inventory multiplied by 56 and divided by cost of sales (excluding delivery costs) for the last 2 months of the quarter.

⁴ Net cash provided by operations less purchased property, plant and equipment and dividends paid.

⁵ Total debt divided by (total debt plus total stockholders’ equity).

Another key metric we measure is the return on invested capital, or ROIC. The calculation is represented by total return divided by total invested capital.

● Total return is defined as: gross profit less SG&A expenses, less taxes at the effective tax rate plus income from equity method investments. Total return is calculated using trailing 12 month information.

● Total invested capital is defined as the sum of notes payable, current maturities of long-term debt, long-term debt, redeemable non-controlling interest and total equity.

We believe ROIC provides a true measure of return on capital invested and is focused on the long term. The following table shows the ROIC calculation as of November 28, 2015 and November 29, 2014 based on the definition above:

	Trailing 12 months			Trailing 12 months
($ in millions)	as of November 28, 2015			as of November 29, 2014
Gross profit	$	568.0		$	533.3
Selling, general and administrative expenses		(397.6	)		(383.4	)
Income taxes at effective rate		(66.3	)		(46.7	)
Income from equity method investments		5.9			5.2
Total return	$	110.2		$	108.4
Total invested capital		1,600.4			1,470.0
Return on invested capital		6.9	%		7.4	%

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Summary of Cash Flows

Cash Flows from Operating Activities from Continuing Operations

($ in millions)	2015		2014		2013
Net cash provided by operating activities	$	210.5	$	29.7	$	132.7

Net income including non-controlling interest was $87.1 million in 2015, $50.2 million in 2014 and $97.2 million in 2013. Depreciation and amortization expense totaled $75.3 million in 2015 compared to $70.5 million in 2014 and $61.7 million in 2013. The higher depreciation and amortization expense in 2015 was directly related to the significant increase in capital expenditures in 2014 and 2013.

Changes in net working capital (trade receivables, inventory and trade payables) accounted for a use of cash of $10.8 million, $69.6 million and $2.8 million in 2015, 2014 and 2013, respectively. Following is an assessment of each of the net working capital components:

● Trade Receivables, net – Changes in trade receivables resulted in a $12.0 use of cash in 2015 compared to $18.9 million use of cash in 2014 and a $7.3 million use of cash in 2013. The smaller use of cash in 2015 was partially related to lower net revenue compared to 2014. The DSO was 60 days at November 28, 2015, 56 days at November 29, 2014 and 55 days at November 30, 2013.

● Inventory – Changes in inventory resulted in a $4.6 million use of cash in 2015 compared to a use of cash of $36.2 million in 2014 and a use of cash of $11.8 million in 2013. Inventory days on hand were 60 days at the end of 2015 compared to 58 days at the end of 2014 and 53 days at the end of 2013. In 2015 inventory levels returned to a more normal level. In 2014, inventory levels increased to support the manufacturing transition as part of the Business Integration Project and the implementation of our ERP system in North America.

● Trade Payables – Changes in trade payables resulted in a source of cash of $5.8 million in 2015 compared to a use of cash of $14.5 million in 2014 and a source of cash of $16.3 million in 2013. The source of cash in 2015 compared to the use of cash in 2014 was primarily related to the timing of payments.

Contributions to our pension and other postretirement benefit plans were $4.6 million, $12.6 million and $6.8 million in 2015, 2014 and 2013, respectively. Changes in deferred income taxes resulted in a source of cash of $6.6 million in 2015 compared to a source of cash of $4.2 million in 2014 and a source of cash of $9.6 million in 2013. Income taxes payable resulted in a use of cash of $1.4 million, $0.1 million and $17.9 million in 2015, 2014 and 2013, respectively. Other assets was a source of cash of $12.0 million, a use of cash of $41.7 million and a use of cash of $13.8 million in 2015, 2014 and 2013, respectively. The source of cash in 2015 was primarily related to the decrease in prepaid taxes other than income taxes. Accrued compensation was a source of cash of $6.0 million in 2015, a use of cash of $28.1 million in 2014 and a source of cash of $3.8 million in 2013. The source of cash in 2015 relates to lower payouts for our employee incentive plans and higher accruals. The use of cash in 2014 relates to the payments of severance related costs as part of our Business Integration Project. Other operating activity was a source of cash of $22.6 million in 2015, a source of cash of $33.3 million in 2014 and a use of cash of $11.1 million in 2013. The source of cash in 2015 and 2014 were primarily related to the impact of a stronger U.S. dollar on certain foreign transactions. Income (loss) from discontinued operations, net of tax were $1.3 million loss in 2015 and income of $1.2 million in 2013.

Cash Flows from Investing Activities from Continuing Operations

($ in millions)	2015			2014			2013
Net cash used in investing activities	$	(258.8	)	$	(160.0	)	$	(133.2	)

Purchases of property plant and equipment were $58.6 million in 2015 compared to $139.8 million in 2014 and $124.3 million in 2013. The decrease in 2015 was primarily related to reduced capital expenditures for the Business Integration Project and Project ONE ERP system compared to 2014 and 2013. In 2015 we received a cash settlement of $12.8 million as a result of an arbitration proceeding related to our initial implementation of Project ONE, of which $12.0 was recorded as a reduction of the ERP system asset.

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In 2015 we acquired Tonsan Adhesive, Inc. for $215.9 million and Continental Products Limited for $1.6 million. In 2014 we purchased the ProSpec construction products business for $26.2 million and adjusted the purchase price of Plexbond Quimica for $0.2 million. We acquired Plexbond Quimica, S.A. for $10.2 million in 2013 and reduced the purchase price for the 2012 industrial adhesives business acquisition by $1.6 million. See Note 2 to the Consolidated Financial Statements for further information on acquisitions.

Cash Flows from Financing Activities from Continuing Operations

($ in millions)	2015		2014		2013
Net cash provided by (used in) financing activities	$	104.2	$	55.0	$	(48.7	)

Proceeds from long-term debt in 2015 were $357.0 million. Included in the $357.0 million of proceeds is $300.0 million from our October 31, 2014 term loan which was drawn in conjunction with the acquisition of Tonsan Adhesive, Inc. Repayment of long-term debt in 2015 was $211.3 million. In 2014 proceeds from long-term debt were $560.0 million and repayment of long-term debt was 483.3 million. Proceeds from long-term debt and repayment of long-term debt in 2013 was $107.0 million and $129.5 million, respectively.

Cash paid for dividends were $25.7 million, $23.1 million and $19.3 million in 2015, 2014 and 2013, respectively. Cash generated from the exercise of stock options were $4.6 million in 2015, $6.9 million in 2014 and $8.9 million in 2013. Repurchases of common stock were $19.3 million in 2015 compared to $15.5 million in 2014 and $17.6 million in 2013, including $17.1 million in 2015, $12.3 million in 2014 and $15.3 million in 2013 from our 2010 share repurchase program.

Cash Flows from Discontinued Operations
($ in millions)	2015			2014		2013
Net cash provided by (used in) discontinued operations	$	(5.3	)	$	-	$	1.1

Cash flows from discontinued operations includes the 2015 settlement payment of the contingent consideration of the Central America Paints business, that was sold in 2012, less the related deferred income taxes. In 2013, in conjunction with filing the 2012 tax return, we reduced our income tax liability related to the sale of the Central America Paints business. See Note 2 to the Consolidated Financial Statements for further information.

Contractual Obligations

Due dates and amounts of contractual obligations follow:

	Payments Due by Period
($ in millions)	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Long-term debt	$	692.1	$	22.5	$	118.9	$	300.7	$	250.0
Interest payable on long-term debt1		121.8		23.6		46.8		35.5		15.9
Notes Payable		30.8		30.8		-		-		-
Operating leases		17.4		7.4		7.0		2.3		0.7
Pension contributions2		3.5		3.5		-		-		-
Total contractual obligations	$	865.6	$	87.8	$	172.7	$	338.5	$	266.6

¹ Some of our interest obligations on long-term debt are variable based on LIBOR. Interest payable for the variable portion is estimated based on a forward LIBOR curve.

² Pension contributions are only included for fiscal 2016. We have not determined our pension funding obligations beyond 2016 and thus, any potential future contributions have been excluded from the table.

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We expect to make cash outlays in the future related to uncertain tax positions. However, due to the uncertainty of the timing of future cash flows, we are unable to make reasonably reliable estimates of the period of cash settlement, if any, with the respective taxing authorities. Accordingly, gross unrecognized tax benefits of $4.9 million as of November 28, 2015 have been excluded from the contractual obligations table above. For further information related to unrecognized tax benefits see Note 8 to the Consolidated Financial Statements.

We expect 2016 capital expenditures to be approximately $60.0 million.

Off-Balance Sheet Arrangements

There are no relationships with any unconsolidated, special-purpose entities or financial partnerships established for the purpose of facilitating off-balance sheet financial arrangements.

Recently Issued Accounting Pronouncements

See Note 1 to the Consolidated Financial Statements for information concerning new accounting standards and the impact of the implementation of these standards on our financial statements.

Forward-Looking Statements and Risk Factors

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements.  This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of words like "plan," "expect," "aim," "believe," "project," "anticipate," "intend," "estimate," "will," "should," "could" (including the negative or variations thereof) and other expressions that indicate future events and trends. These plans and expectations are based upon certain underlying assumptions, including those mentioned with the specific statements. Such assumptions are in turn based upon internal estimates and analyses of current market conditions and trends, our plans and strategies, economic conditions and other factors. These plans and expectations and the assumptions underlying them are necessarily subject to risks and uncertainties inherent in projecting future conditions and results. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions and expectations proves to be inaccurate or is unrealized. In addition to the factors described in this report, Item 1A. Risk Factors identifies some of the important factors that could cause our actual results to differ materially from those in any such forward-looking statements. In order to comply with the terms of the safe harbor, we have identified these important factors which could affect our financial performance and could cause our actual results for future periods to differ materially from the anticipated results or other expectations expressed in the forward-looking statements.  These factors should be considered, together with any similar risk factors or other cautionary language that may be made elsewhere in this Annual Report on Form 10-K.

The list of important factors in Item 1A. Risk Factors does not necessarily present the risk factors in order of importance. This disclosure, including that under Forward-Looking Statements and Risk Factors, and other forward-looking statements and related disclosures made by us in this report and elsewhere from time to time, represents our best judgment as of the date the information is given. We do not undertake responsibility for updating any of such information, whether as a result of new information, future events, or otherwise, except as required by law. Investors are advised, however, to consult any further public company disclosures (such as in filings with the SEC or in our press releases) on related subjects.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

Market Risk: We are exposed to various market risks, including changes in interest rates, foreign currency rates and prices of raw materials. Market risk is the potential loss arising from adverse changes in market rates and prices, such as interest rates and foreign currency exchange rates.

Our financial performance has been, and may continue to be, negatively affected by unfavorable economic conditions. Continued or further recessionary economic conditions may have an adverse impact on our sales volumes, pricing levels and profitability. As domestic and international economic conditions change, trends in discretionary consumer spending also become unpredictable and subject to reductions due to uncertainties about the future. A general reduction in consumer discretionary spending due to a recession in the domestic and international economies, or uncertainties regarding future economic prospects, could have a material adverse effect on our results of operations.

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Interest Rate Risk: Exposure to changes in interest rates results primarily from borrowing activities used to fund operations. Committed floating rate credit facilities are used to fund a portion of operations. We believe that probable near-term changes in interest rates would not materially affect financial condition, results of operations or cash flows. The annual impact on interest expense of a one-percentage point interest rate change on the outstanding balance of our variable rate debt as of November 28, 2015 would have resulted in a change in net income of approximately $2.5 million or $0.05 per diluted share.

Foreign Exchange Risk: As a result of being a global enterprise, there is exposure to market risks from changes in foreign currency exchange rates, which may adversely affect operating results and financial condition. Approximately 57 percent of net revenue was generated outside of the United States in 2015. Principal foreign currency exposures relate to the Euro, British pound sterling, Canadian dollar, Chinese renminbi, Japanese yen, Australian dollar, Argentine peso, Brazilian real, Colombian peso, Mexican peso, Turkish lira, Egyptian pound, Indian rupee, and Malaysian ringgit.

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 enter into cross border transactions through importing and exporting goods to and from different countries and locations. These transactions generate foreign exchange risk as they create assets, liabilities and cash flows in currencies other than their functional currency. This also applies to services provided and other cross border agreements among subsidiaries. Based on 2015 financial results, a hypothetical one percent change in our cost of sales due to foreign currency rate changes would have resulted in a change in net income attributable to H.B. Fuller of approximately $5.2 million or $0.10 per diluted share.

We take steps to minimize risks from foreign currency exchange rate fluctuations through normal operating and financing activities and, when deemed appropriate, through the use of derivative instruments. We do not enter into any speculative positions with regard to derivative instruments.

Based on 2015 financial results and foreign currency balance sheet positions as of November 28, 2015, a hypothetical overall 10 percent change in the U.S. dollar would have resulted in a change in net income of approximately $4.8 million or $0.09 per diluted share.

Raw Materials: The principal raw materials used to manufacture products include resins, polymers, synthetic rubbers, vinyl acetate monomer and plasticizers. We generally avoid sole source supplier arrangements for raw materials. While alternate supplies of most key raw materials are available, unplanned supplier production outages may lead to strained supply-demand situations for several key raw materials such as ethylene and propylene, several polymers and other petroleum derivatives such as waxes.

The purchase of raw materials is our largest expenditure. Our objective is to purchase raw materials that meet both our quality standards and production needs at the lowest total cost. Most raw materials are purchased on the open market or under contracts that limit the frequency but not the magnitude of price increases. In some cases, however, the risk of raw material price changes is managed by strategic sourcing agreements which limit price increases to increases in supplier feedstock costs, while requiring decreases as feedstock costs decline. The leverage of having substitute raw materials approved for use wherever possible is used to minimize the impact of possible price increases. Based on 2015 financial results, a hypothetical one percent change in our raw material costs would have resulted in a change in net income of approximately $7.3 million or $0.14 per diluted share.

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Item 8. Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

H.B. Fuller Company:

We have audited the accompanying consolidated balance sheets of H.B. Fuller Company and subsidiaries (Company) as of November 28, 2015 and November 29, 2014, and the related consolidated statements of income, comprehensive income (loss), total equity, and cash flows for each of the years in the three-year period ended November 28, 2015. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of H.B. Fuller Company and subsidiaries as of November 28, 2015 and November 29, 2014, and the results of its operations and its cash flows for each of the years in the three-year period ended November 28, 2015, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of November 28, 2015, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated January 27, 2016 expressed an adverse opinion on the effectiveness of the Company’s internal control over financial reporting.

Our report dated January 27, 2016 on internal control over financial reporting as of November 28, 2015, contains an explanatory paragraph that states management excluded from its assessment of the effectiveness of internal control over financial reporting as of November 28, 2015, the February 2015 acquisitions of Tonsan Adhesive, Inc. and Continental Products Limited’s internal control over financial reporting associated with assets of approximately 16 percent of H.B. Fuller Company’s total assets and revenues of approximately 5 percent of H.B. Fuller Company’s total revenues, included in the consolidated financial statements of H.B. Fuller Company and subsidiaries as of and for the year ended November 28, 2015. Our audit of internal control over financial reporting of H.B. Fuller Company also excluded an evaluation of the internal control over financial reporting of Tonsan Adhesive, Inc. and Continental Products Limited.

/s/ KPMG LLP

Minneapolis, Minnesota
January 27, 2016

35

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

H.B. Fuller Company:

We have audited H.B. Fuller Company’s (Company) internal control over financial reporting as of November 28, 2015, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. A material weakness related to the inadequate design and operating effectiveness of controls over the accounting for the acquisition of Tonsan Adhesive, Inc. has been identified and included in management’s assessment.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of H.B. Fuller Company and subsidiaries as of November 28, 2015 and November 29, 2014, and the related consolidated statements of income, comprehensive income (loss), total equity, and cash flows for each of the years in the three-year period ended November 28, 2015. This material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the November 28, 2015 consolidated financial statements, and this report does not affect our report dated January 27, 2016, which expressed an unqualified opinion on those consolidated financial statements.

In our opinion, because of the effect of the aforementioned material weakness on the achievement of the objectives of the control criteria, H.B. Fuller Company has not maintained effective internal control over financial reporting as of November 28, 2015, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

H.B. Fuller Company acquired Tonsan Adhesive, Inc. and Continental Products Limited in February 2015, and management excluded from its assessment of the effectiveness of internal control over financial reporting as of November 28, 2015, Tonsan Adhesive, Inc. and Continental Products Limited’s internal control over financial reporting associated with assets of approximately 16 percent of H.B. Fuller Company’s total assets and revenues of approximately 5 percent of H.B. Fuller Company’s total revenues included in the consolidated financial statements of H.B. Fuller Company and subsidiaries as of and for the year ended November 28, 2015. Our audit of internal control over financial reporting of H.B. Fuller Company also excluded an evaluation of the internal control over financial reporting of Tonsan Adhesive, Inc. and Continental Products Limited.

/s/ KPMG LLP

Minneapolis, Minnesota
January 27, 2016

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CONSOLIDATED STATEMENTS OF INCOME

H.B. Fuller Company and Subsidiaries

(In thousands, except per share amounts)

	Fiscal Years
	November 28,			November 29,			November 30,
	2015			2014			2013
Net revenue	$	2,083,660		$	2,104,454		$	2,046,968
Cost of sales		(1,515,617	)		(1,571,164	)		(1,476,797	)
Gross profit		568,043			533,290			570,171
Selling, general and administrative expenses		(397,558	)		(383,449	)		(374,669	)
Special charges, net		(4,654	)		(51,501	)		(45,087	)
Other (expense) income, net		(2,465	)		716			(3,751	)
Interest expense		(25,021	)		(19,744	)		(19,120	)
Income from continuing operations before income taxes and income from equity method investments		138,345			79,312			127,544
Income taxes		(55,855	)		(34,348	)		(39,949	)
Income from equity method investments		5,907			5,187			8,380
Income from continuing operations		88,397			50,151			95,975
Income (loss) from discontinued operations, net of tax		(1,300	)		-			1,211
Net income including non-controlling interests		87,097			50,151			97,186
Net income attributable to non-controlling interests		(417	)		(378	)		(425	)
Net income attributable to H.B. Fuller	$	86,680		$	49,773		$	96,761
Earnings per share attributable to H.B. Fuller common stockholders:
Basic
Income from continuing operations	$	1.75		$	1.00		$	1.92
Income (loss) from discontinued operations	$	(0.03	)	$	-		$	0.02
Basic earnings per share	$	1.72		$	1.00		$	1.94
Diluted
Income from continuing operations	$	1.71		$	0.97		$	1.87
Income (loss) from discontinued operations	$	(0.03	)	$	-		$	0.02
Diluted earnings per share	$	1.69		$	0.97		$	1.89
Weighted-average common shares outstanding:
Basic		50,274			50,006			49,893
Diluted		51,393			51,255			51,136
Dividends declared per common share	$	0.510		$	0.460		$	0.385

See accompanying Notes to Consolidated Financial Statements.

37

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

H.B. Fuller Company and Subsidiaries

(In thousands)

	Fiscal Years
	November 28,			November 29,			November 30,
	2015			2014			2013
Net income including non-controlling interests	$	87,097		$	50,151		$	97,186
Other comprehensive income (loss)
Foreign currency translation		(62,776	)		(38,687	)		(931	)
Defined benefit pension plans adjustment, net of tax		(15,871	)		(36,874	)		68,196
Interest rate swaps, net of tax		40			41			41
Cash-flow hedges, net of tax		(1,342	)		116			303
Other comprehensive income (loss)		(79,949	)		(75,404	)		67,609
Comprehensive income (loss)		7,148			(25,253	)		164,795
Less: Comprehensive income attributable to non-controlling interests		400			364			370
Comprehensive income (loss) attributable to H.B. Fuller	$	6,748		$	(25,617	)	$	164,425

See accompanying Notes to Consolidated Financial Statements.

38

CONSOLIDATED BALANCE SHEETS

H.B. Fuller Company and Subsidiaries

(In thousands, except share and per share amounts)

	November 28,			November 29,
	2015			2014
Assets
Current assets:
Cash and cash equivalents	$	119,168		$	77,569
Trade receivables, net		364,704			341,307
Inventories		248,504			251,290
Other current assets		68,675			93,105
Current assets of discontinued operations		-			1,865
Total current assets		801,051			765,136
Property, plant and equipment, net		512,860			502,634
Goodwill		354,204			255,972
Other intangibles, net		212,993			195,938
Other assets		161,144			149,326
Total assets	$	2,042,252		$	1,869,006
Liabilities, redeemable non-controlling interest and total equity
Current liabilities:
Notes payable	$	30,757		$	27,149
Current maturities of long-term debt		22,500			-
Trade payables		177,864			174,494
Accrued compensation		52,079			45,746
Income taxes payable		8,970			13,761
Other accrued expenses		57,355			51,049
Current liabilities of discontinued operations		-			5,000
Total current liabilities		349,525			317,199
Long-term debt		669,606			547,735
Accrued pension liabilities		76,324			67,193
Other liabilities		69,272			41,775
Total liabilities		1,164,727			973,902
Commitments and contingencies
Redeemable non-controlling interest		4,199			4,654
Equity:
H.B. Fuller stockholders' equity:
Preferred stock (no shares outstanding) Shares authorized – 10,045,900		-			-
Common stock, par value $1.00 per share, Shares authorized – 160,000,000, Shares outstanding – 50,074,310 and 50,310,803, for 2015 and 2014, respectively		50,074			50,311
Additional paid-in capital		55,522			53,269
Retained earnings		994,608			933,819
Accumulated other comprehensive income (loss)		(227,284	)		(147,352	)
Total H.B. Fuller stockholders' equity		872,920			890,047
Non-controlling interests		406			403
Total equity		873,326			890,450
Total liabilities, redeemable non-controlling interest and total equity	$	2,042,252		$	1,869,006

See accompanying Notes to Consolidated Financial Statements.

39

CONSOLIDATED STATEMENTS OF TOTAL EQUITY

H.B. Fuller Company and Subsidiaries

(In thousands)

	H.B. Fuller Company Shareholders
	Common Stock			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Non-Controlling Interests			Total
Balance at December 1, 2012	$	49,903		$	37,965		$	830,031		$	(139,626	)	$	425		$	778,698
Comprehensive income (loss)		-			-			96,761			67,664			370			164,795
Dividends		-			-			(19,484	)		-			-			(19,484	)
Stock option exercises		462			8,429			-			-			-			8,891
Share-based compensation plans other, net		301			12,621			-			-			-			12,922
Tax benefit on share-based compensation plans		-			2,676			-			-			-			2,676
Repurchases of common stock		(437	)		(17,201	)		-			-			-			(17,638	)
Redeemable non-controlling interest		-			-			-			-			(399	)		(399	)
Balance at November 30, 2013		50,229			44,490			907,308			(71,962	)		396			930,461
Comprehensive income (loss)		-			-			49,773			(75,390	)		364			(25,253	)
Dividends		-			-			(23,262	)		-			-			(23,262	)
Stock option exercises		330			6,522			-			-			-			6,852
Share-based compensation plans other, net		70			14,092			-			-			-			14,162
Tax benefit on share-based compensation plans		-			3,357			-			-			-			3,357
Repurchases of common stock		(318	)		(15,192	)		-			-			-			(15,510	)
Redeemable non-controlling interest		-			-			-			-			(357	)		(357	)
Balance at November 29, 2014		50,311			53,269			933,819			(147,352	)		403			890,450
Comprehensive income (loss)		-			-			86,680			(79,932	)		400			7,148
Dividends		-			-			(25,891	)		-			-			(25,891	)
Stock option exercises		234			4,397			-			-			-			4,631
Share-based compensation plans other, net		83			15,159			-			-			-			15,242
Tax benefit on share-based compensation plans		-			1,433			-			-			-			1,433
Repurchases of common stock		(554	)		(18,736	)		-			-			-			(19,290	)
Non-controlling interest assumed		-			-			-			-			14,197			14,197
Recognition of non-controlling interest redemption liability		-			-			-			-			(11,773	)		(11,773	)
Purchase of non-controlling interest		-			-			-			-			(2,424	)		(2,424	)
Non-controlling interest		-			-			-			-			(76	)		(76	)
Redeemable non-controlling interest		-			-			-			-			(321	)		(321	)
Balance at November 28, 2015	$	50,074		$	55,522		$	994,608		$	(227,284	)	$	406		$	873,326

See accompanying Notes to Consolidated Financial Statements.

40

CONSOLIDATED STATEMENTS of CASH FLOWS

H.B. Fuller Company and Subsidiaries

(In thousands)

	Fiscal Years
	November 28,			November 29,			November 30,
	2015			2014			2013
Cash flows from operating activities from continuing operations:
Net income including non-controlling interests	$	87,097		$	50,151		$	97,186
(Income) loss from discontinued operations, net of tax		1,300			-			(1,211	)
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:
Depreciation		48,305			47,254			39,149
Amortization		26,984			23,240			22,508
Deferred income taxes		6,645			4,154			9,648
(Income) from equity method investments, net of dividends received		(3,042	)		(2,857	)		4,559
Share-based compensation		14,156			13,376			12,317
Pension and other postretirement benefit plan contributions		(4,645	)		(12,575	)		(6,811	)
Pension and other postretirement benefit plan income (expense)		(3,572	)		20,399			(1,777	)
Excess tax benefit from share-based compensation		(1,433	)		(3,357	)		(2,676	)
Non-cash charge for the sale of inventories revalued at the date of acquisition		2,416			138			189
Change in assets and liabilities, net of effects of acquisitions:
Trade receivables, net		(12,038	)		(18,893	)		(7,281	)
Inventories		(4,588	)		(36,227	)		(11,797	)
Other assets		11,991			(41,711	)		(13,848	)
Trade payables		5,794			(14,544	)		16,258
Accrued compensation		5,982			(28,103	)		3,786
Other accrued expenses		9,691			6,006			4,793
Income taxes payable		(1,369	)		(112	)		(17,933	)
Other liabilities		(1,778	)		(9,941	)		(3,263	)
Other		22,633			33,336			(11,103	)
Net cash provided by operating activities from continuing operations		210,529			29,734			132,693
Cash flows from investing activities from continuing operations:
Purchased property, plant and equipment		(58,624	)		(139,794	)		(124,288	)
Purchased businesses, net of cash acquired		(217,572	)		(26,334	)		(8,614	)
Purchased technology		-			-			(2,387	)
Proceeds from litigation award		12,049			-			-
Proceeds from sale of property, plant and equipment		5,326			6,111			2,135
Net cash used in investing activities from continuing operations		(258,821	)		(160,017	)		(133,154	)
Cash flows from financing activities from continuing operations:
Proceeds from long-term debt		357,000			560,000			107,034
Repayment of long-term debt		(211,250	)		(483,250	)		(129,502	)
Net proceeds from (payments on) notes payable		(2,623	)		6,602			(545	)
Dividends paid		(25,683	)		(23,087	)		(19,334	)
Distribution to redeemable non-controlling interest		-			-			(244	)
Proceeds from stock options exercised		4,631			6,852			8,891
Excess tax benefit from share-based compensation		1,433			3,357			2,676
Repurchases of common stock		(19,290	)		(15,510	)		(17,638	)
Net cash provided by (used in) financing activities from continuing operations		104,218			54,964			(48,662	)
Effect of exchange rate changes on cash and cash equivalents		(9,033	)		(2,233	)		2,671
Net change in cash and cash equivalents from continuing operations		46,893			(77,552	)		(46,452	)
Cash provided by (used in) operating activities of discontinued operations		(5,294	)		-			1,137
Net change in cash and cash equivalents		41,599			(77,552	)		(45,315	)
Cash and cash equivalents at beginning of year		77,569			155,121			200,436
Cash and cash equivalents at end of year	$	119,168		$	77,569		$	155,121
Supplemental disclosure of cash flow information:
Dividends paid with company stock	$	208		$	175		$	150
Cash paid for interest, net of amount capitalized of $136, $2,725 and $1,921 for the years ended November 28, 2015, November 29, 2014 and November 30, 2013, respectively	$	27,156		$	24,758		$	23,574
Cash paid for income taxes, net of refunds	$	33,076		$	16,599		$	41,920

See accompanying Notes to Consolidated Financial Statements.

41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

H.B. Fuller Company and Subsidiaries

(In thousands, except share and per share amounts)

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

Nature of Business: H.B. Fuller Company and its subsidiaries formulate, manufacture and market adhesives, sealants and other specialty chemical products globally, with sales operations in 36 countries in North America, Europe, Latin America, the Asia Pacific region, India, the Middle East and Africa.

Our business is reported in four operating segments: Americas Adhesives, EIMEA (Europe, India, Middle East and Africa), Asia Pacific and Construction Products. Of the 2015 net revenue, Americas Adhesives operating segment accounted for 42 percent, EIMEA 29 percent, Asia Pacific 18 percent and Construction Products 11 percent.

The Americas Adhesives, EIMEA and Asia Pacific operating segments produce and supply industrial adhesives products for applications in various markets including assembly (appliances, filters, construction, automotive, electronics, solar, etc.), packaging (food and beverage containers, flexible packaging, consumer goods, package integrity and re-enforcement, durable and non-durable goods, etc.), converting (corrugation, tape and label, paper converting, envelopes, books, multi-wall bags, sacks, tissue and towel), nonwoven and hygiene (disposable diapers, feminine care and medical garments), performance wood (windows, doors, wood flooring) and textile (footwear, sportswear, etc.).

The Construction Products operating segment includes products used for tile setting (adhesives, grouts, mortars, sealers, levelers, etc.) and heating, ventilation and air conditioning and insulation applications (duct sealants, weather barriers and fungicidal coatings, block fillers, etc.).

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 under the cost method.

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 company. For fiscal years 2015 and 2014, this equity method investment exceeded the 10 percent threshold but not the 20 percent threshold test for a significant subsidiary as defined in Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934. As such, summarized financial information as of November 28, 2015 and November 29, 2014 for Sekisui-Fuller Company, Ltd. is as follows:

	As of November 28, 2015		As of November 29, 2014
Current assets	$	86,937	$	82,195
Non-current assets		22,607		21,257
Current liabilities		38,280		37,021
Non-current liabilities		2,041		1,787

	For the year ended November 28, 2015		For the year ended November 29, 2014
Net revenue	$	159,518	$	181,999
Gross profit		40,982		47,955
Net income		12,365		14,024

Our fiscal year ends on the Saturday closest to November 30. Fiscal year-end dates were November 28, 2015, November 29, 2014 and November 30, 2013 for 2015, 2014 and 2013, respectively.

42

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: For shipments made to customers, title generally passes to the customer when all requirements of the sales arrangement have been completed, which is generally at the time of delivery. Revenue from product sales is recorded when title to the product transfers, no remaining performance obligations exist, the terms of the sale are fixed and collection is probable. Shipping terms include title transfer at either shipping point or destination. Stated terms in sale agreements also include payment terms and freight terms. Net revenues include shipping revenues as appropriate.

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 Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) 605-50, Customer Payments and Incentives. Customer rebates recorded in the Consolidated Statements of Income as a reduction of net revenue, were $13,951, $12,428 and $11,552 in 2015, 2014 and 2013, respectively.

For certain products, consigned inventory is maintained at customer locations. For these products, revenue is recognized in the period that the inventory is consumed. Sales to distributors also 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, shipping and receiving costs, freight costs, depreciation of manufacturing equipment and other less significant indirect costs related to the production of our products.

Selling, General and Administrative (SG&A) Expenses: 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 the pre-tax income included in the Consolidated Statements of Income before income from equity method investments. 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 8 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 are 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, estimated attrition rate, and a discount rate.  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 from continuing operations in our Consolidated Statements of Cash Flows.

Restrictions on Cash: There were no restrictions on cash as of November 28, 2015. 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 Receivable 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. Invoices are written off against the allowance when the invoice is 18 months past terms. See Note 4 for further information.

Inventories: Inventories recorded at cost (not in excess of market value) as determined by the last-in, first-out method (LIFO) represent approximately 39 percent of consolidated inventories. During 2015, 2014 and 2013 there were no significant liquidations of LIFO inventory layers or significant LIFO liquidation gains or losses. The remaining inventories, which include all non-U.S. operations, are valued at the lower of cost (mainly weighted-average actual cost) or market value.

43

Investments: Investments with a value of $5,915 and $7,196 represent the cash surrender value of life insurance contracts as of November 28, 2015 and November 29, 2014, 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 other income (expense), net.

Cost Method 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 cost method. We have a policy in place to review our investments at least annually, to evaluate the accounting method and carrying value of our investments in unconsolidated investees. Our cost method investments are evaluated, on at least a quarterly basis, for potential other-than-temporary impairment, or when an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investments. If we believe that the carrying value of an investment is in excess of its estimated fair value, it is our policy to record an impairment charge to adjust the carrying value to the estimated fair value, if the impairment is considered other-than-temporary. We did not have any impairment of our cost method investments for the years ended November 28, 2015, November 29, 2014 and November 30, 2013.  The book value of the cost method investments was $1,666 as of November 28, 2015 and $1,671 as of November 29, 2014.

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 (expense), 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 $136, $2,725 and $1,921 were capitalized in 2015, 2014 and 2013, respectively.

Goodwill: We test goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of our reporting units by comparing the reporting unit’s estimated fair value to its carrying amount, including goodwill. We use a discounted cash flow approach to estimate the fair value of our reporting units. Our judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures and working capital requirements. 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, there is an indication of potential impairment, and we calculate an implied fair value of goodwill. The implied fair value is calculated as the difference between the fair value of the reporting unit and the fair value of the individual assets and liabilities of the reporting unit, excluding goodwill. An impairment charge is recorded for any excess of the carrying value over the implied fair value. Based on our 2015 annual assessment, we determined that none of our goodwill was impaired.

Intangible Assets: Intangible assets include patents 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 discounted cash flow analysis or other valuation technique. Costs related to internally developed intangible assets are expensed as incurred.

44

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 (expense), 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 Latin America and certain European countries have a functional currency different than their local currency. All other foreign subsidiaries, which are located in North America, Europe and Asia, 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 and health care cost trend 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 60 percent equities and 40 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 (AROs) 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 $2,274 and $2,515 at November 28, 2015 and November 29, 2014, 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.

Share-based Compensation: We have various share-based compensation programs, which provide for equity awards, including stock options and restricted stock. We use the straight-line 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 3 for additional information.

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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, (b) the amount of unearned share-based compensation costs attributed to future services and (c) the amount of tax benefits, if any, that would be credited to additional paid-in capital assuming exercise of the award. Share-based compensation awards for which total employee proceeds exceed the average market price over the applicable period have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. The computations for basic and diluted earnings per share are as follows:

(shares in thousands)	2015		2014		2013
Net income attributable to H.B. Fuller	$	86,680	$	49,773	$	96,761
Weighted-average common shares – basic		50,274		50,006		49,893
Equivalent shares from share-based compensation plans		1,119		1,249		1,243
Weighted-average common and common equivalent shares – diluted		51,393		51,255		51,136
Basic earnings per share	$	1.72	$	1.00	$	1.94
Diluted earnings per share	$	1.69	$	0.97	$	1.89

Share-based compensation awards for 887,672, 421,810 and 112,367 shares for 2015, 2014 and 2013, 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, local currency denominated assets to local 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 11 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 repurchased 54,454, 67,593 and 62,124 shares of common stock in 2015, 2014 and 2013, respectively, in connection with the statutory minimum for the tax withholdings related to vesting of restricted shares.

On September 30, 2010, the Board of Directors authorized a share repurchase program of up to $100,000 of our outstanding common shares. During 2015, we repurchased 500,000 shares for $17,066 under this program. During 2014 we repurchased 250,000 shares for $12,254 and during 2013 we repurchased 375,000 shares for $15,292 under this program. See Note 9 for further information.

New Accounting Pronouncements: In January 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This guidance will be effective for us in the first quarter of our fiscal year 2019, and early adoption is not permitted. We are currently evaluating the impact that this guidance will have on our consolidated financial statements.

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In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which amends the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This accounting guidance is effective for us beginning in the first quarter of 2018, but we have elected to adopt this guidance prospectively as of November 28, 2015.  As a result, we have classified all deferred tax liabilities and assets as non-current in the Consolidated Balance Sheet at November 28, 2015.

In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), which requires that an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This guidance requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change in provisional amounts, calculated as if the accounting had been completed at the acquisition date. This guidance requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Our effective date for adoption of this guidance is our fiscal year beginning December 3, 2017. We have evaluated the effect that this guidance will have on our Consolidated Financial Statements and related disclosures and determined it will not have a material impact.

In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement ofInventory, which requires a company to measure inventory within the scope of this guidance (inventory measured using first-in, first-out (FIFO) or average cost) at the lower of cost and net realizable value methods. Subsequent measurement is unchanged for inventory measured using the last-in, first-out (LIFO) or retail inventory method. Our effective date for adoption of this guidance is our fiscal year beginning December 3, 2017. We have evaluated the effect that this guidance will have on our Consolidated Financial Statements and related disclosures and determined it will not have a material impact.

In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Subtopic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent). The amendments in this guidance remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient thus eliminating the diversity that currently exists in the disclosure of these assets. Our effective date for adoption of this guidance is our fiscal year beginning November 29, 2015. We have evaluated the effect that this guidance will have on our Consolidated Financial Statements and related disclosures and determined it will not have a material impact.

In April 2015, the FASB issued ASU No. 2015-04, Compensation–Retirement Benefits (Topic 715) Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets. This guidance permits an entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end for an entity with a fiscal year-end that does not coincide with a month-end. We adopted this guidance for our fiscal year ended November 28, 2015, which did not have a material impact on our consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issue Costs. This guidance requires debt issue costs to be presented as a direct deduction from the carrying amount of debt, consistent with debt discounts. This is a change from the current presentation of classifying debt issue costs as a deferred charge. Our effective date for adoption is our fiscal year beginning December 3, 2017. We have evaluated the effect that this guidance will have on our Consolidated Financial Statements and related disclosures and determined it will not have a material impact.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017 (as stated in ASU No. 2015-14 which defers the effective date and was issued in August 2015) and is now effective for our fiscal year beginning December 2, 2018. Early application as of the original effective date is permitted under ASU 2015-14. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that this guidance will have on our Consolidated Financial Statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.

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In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Components of an Entity, which amends the definition of a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This guidance is effective prospectively beginning in the first quarter of fiscal 2016. We do not expect adoption of this guidance to have a material impact on our Consolidated Financial Statements.

Note 2: Acquisitions and Divestitures

Acquisitions

Continental Products Limited: On February 3, 2015 we acquired the equity of Continental Products Limited, a provider of industrial adhesives, based in Nairobi, Kenya. The acquisition supports our growth strategy for emerging markets and delivers specialty adhesive products to key customers in East and Central Africa. The purchase price of €1,459, or approximately $1,647, net of cash acquired of €329 or $371, was funded through existing cash and was recorded in our EIMEA operating segment. We incurred acquisition related costs of approximately $16, which were recorded as SG&A expenses in the Consolidated Statements of Income.

The following table summarizes the final fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition:

		Amount
Current assets	$	1,357
Property, plant and equipment		143
Goodwill		462
Other intangibles
Customer relationships		416
Noncompetition agreements		30
Other assets		7
Current liabilities		(591	)
Other liabilities		(177	)
Total purchase price	$	1,647

The expected lives of the acquired intangible assets are 13 years for customer relationships and 3 years for noncompetition agreements.

Tonsan Adhesive, Inc. On February 2, 2015 we acquired 95 percent of the equity of Tonsan Adhesive, Inc., an independent engineering adhesives provider based in Beijing, China. The acquisition strengthens our customer relationships in the high-value, fast growing engineering adhesives markets. The purchase price was 1.4 billion Chinese renminbi, or approximately $215,925, net of cash acquired of $7,754, which was financed with proceeds from our October 31, 2014 term loan, drawn in conjunction with the acquisition. The acquisition was recorded in our Asia Pacific operating segment. We incurred acquisition related costs of approximately $373, which were recorded as SG&A expenses in the Consolidated Statements of Income.

Concurrent with the acquisition, we entered into an agreement to acquire the remaining 5 percent of Tonsan’s equity beginning February 1, 2019 for 82 million Chinese renminbi or approximately $13,038. In addition, the agreement requires us to pay up to 418 million Chinese renminbi, or approximately $66,848, in contingent consideration based upon a formula related to Tonsan’s gross profit in fiscal 2018. The fair values of the agreement to purchase the remaining equity and the contingent consideration based upon a discounted cash flow model as of the date of acquisition were $11,773 and $7,714, respectively. See Note 13 for further discussion of the fair value of the contingent consideration.

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The fair value measurement was preliminary at November 28, 2015, subject to the completion of management's assessment of certain contingent liabilities. We expect the fair value measurement process to be completed in the first quarter of 2016.

The following table summarizes the preliminary fair value measurement of the assets acquired and liabilities assumed:

	Valuation February 28, 2015			Fair Value Adjustments			Valuation November 28, 2015
Current assets	$	50,922		$	(1,083	)	$	49,839
Property, plant and equipment		58,549			593			59,142
Goodwill 1		155,232			(30,142	)		125,090
Other intangibles
Developed technology		18,500			100			18,600
Customer relationships		12,400			13,300			25,700
Trademarks/trade names		10,900			100			11,000
Other assets		139			13,401			13,540
Current liabilities		(30,590	)		(7,478	)		(38,068	)
Other liabilities 1		(49,497	)		12,352			(37,145	)
Redeemable non-controlling interests		(10,630	)		(1,143	)		(11,773	)
Total purchase price	$	215,925		$	-		$	215,925

¹ Included in the fair value adjustments is the correction of an error related to the valuation of the contingent consideration and goodwill of $9,572 as of February 28, 2015.

The expected lives of the acquired intangible assets are 7 years for developed technology, 11 years for customer relationships and 14 years for trademarks/trade names. See Note 13 for further discussion of the fair value of the acquired tangible and intangible assets.

Based on the fair value measurement of the assets acquired and liabilities assumed, we allocated $125,090 to goodwill for the expected synergies from combining Tonsan with our existing business. Such goodwill is not expected to be deductible for tax purposes. The goodwill was assigned to our Asia Pacific operating segment.

We have analyzed Tonsan’s results of operations and concluded that it does not represent a material business combination. Therefore, we have not prepared unaudited pro forma consolidated results of operations, as if the acquisition of Tonsan had occurred at the beginning of fiscal 2015.

ProSpec® Construction Products: On September 3, 2014 we acquired the ProSpec construction products business, a provider of tile and stone installation products. The purchase price of $26,183 was funded through existing cash and was recorded in our Construction Products operating segment.

The following table summarizes the final fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition:

		Amount
Current assets	$	6,502
Property, plant and equipment		7,976
Goodwill		7,443
Other intangibles
Customer relationships		4,300
Technology		1,500
Trademarks/trade names		200
Current liabilities		(1,738	)
Total purchase price	$	26,183

Plexbond Quimica, S.A.: On June 6, 2013 we acquired Plexbond Quimica, S.A., a provider of chemical urethane adhesives and polyurethane resins based in Curitiba, Brazil. The purchase price of $10,390 was funded through existing cash and was recorded in our Americas Adhesives operating segment.

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Divestitures

Central America Paints: On August 6, 2012 we completed the sale of our Central America Paints business. In accordance with ASC 205-20, Discontinued Operations, we have classified the results of this business as discontinued operations. The operational results of this business are presented in income (loss) from discontinued operations, net of tax and the assets and liabilities of this business are presented on the Consolidated Balance Sheets as assets and liabilities of discontinued operations. A portion of the cash proceeds was determined to be contingent consideration, pending resolution of purchase agreement contingencies. The contingent consideration was valued at fair value based on level 3 inputs. The original contingent consideration in the amount of $5,000 was included in current liabilities of discontinued operations in the Consolidated Balance Sheets at November 29, 2014. On June 15, 2015, we entered into an agreement to settle various matters related to the divestiture of the Paints business, including the settlement of the contingent consideration for $8,000. As a result of this agreement, we recorded a loss from discontinued operations, net of tax of $1,300. We paid $8,000 related to this agreement in the third quarter of 2015.

Note 3: 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 shares, restricted stock units and deferred compensation. These equity awards fall under several plans and are described below. Starting in 2014 we no longer grant restricted stock shares.

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 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 may include grants of restricted stock shares or 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. Such awards generally vest beginning one year from the date of grant or 33.3 percent per year for three years, depending on the grant. During the vesting period, ownership of the shares cannot be transferred.

Restricted stock shares granted represent newly issued shares and have the same cash dividend and voting rights as other common stock and are considered to be currently issued and outstanding. The cash dividends on restricted stock shares are forfeitable.

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 both the restricted stock shares and 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. Accordingly, the related compensation expense is recognized immediately 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.

Year 2013 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.

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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 2015, 2014 and 2013 were calculated using the following assumptions:

	2015					2014					2013
Expected life (in years)		4.62					4.75					4.75
Weighted-average expected volatility		30.81			%		33.83			%		47.28			%
Expected volatility range		25.50%	-	31.67	%		31.61%	-	37.06	%		39.25%	-	48.02	%
Risk-free interest rate		1.27			%		1.52			%		0.77			%
Expected dividend yield		1.12			%		0.85			%		0.87			%
Weighted-average fair value of grants	$	10.05				$	13.82				$	15.05

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 average stock price.

Expense

We use the straight-line attribution method to recognize expense for all option awards and restricted stock awards with graded and cliff vesting. 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 $14,156, $13,376 and $12,317 for 2015, 2014 and 2013, respectively. All share-based compensation was recorded as SG&A expense.

The benefits of tax deductions in excess of recognized compensation costs (excess tax benefits) are recorded as a financing cash inflow rather than a deduction of taxes paid. For 2015, 2014 and 2013, there was $1,433, $3,357 and $2,676 of excess tax benefit recognized resulting from share-based compensation cost, respectively. Our additional paid in capital pool (APIC Pool) of excess tax benefits available to absorb tax deficiencies was $20,180 at November 28, 2015 due to exercises of stock options, vesting of restricted stock and deferred compensation payouts in the year.

As of November 28, 2015, $7,232 of unrecognized compensation costs related to unvested stock option awards is expected to be recognized over a weighted-average period of 1.1 years. Unrecognized compensation costs related to unvested restricted stock shares was $840 which is expected to be recognized over a weighted-average period of 0.5 years and unvested restricted stock units was $5,609 which is expected to be recognized over a weighted-average period of 0.9 years.

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Stock Option Activity

The stock option activity for the years ended November 28, 2015 and November 29, 2014 is summarized below:

				Weighted-
				Average
	Options			Exercise Price
Outstanding at November 30, 2013		2,429,961		$	25.74
Granted		477,606			48.06
Exercised		(330,179	)		20.75
Forfeited or cancelled		(42,915	)		38.59
Outstanding at November 29, 2014		2,534,473		$	30.39
Granted		759,167			40.69
Exercised		(275,035	)		22.67
Forfeited or cancelled		(106,532	)		42.42
Outstanding at November 28, 2015		2,912,073		$	33.37

The fair value of options granted during 2015, 2014 and 2013 was $7,632, $6,599 and $7,425, respectively. Total intrinsic value of options exercised during 2015, 2014 and 2013 was $5,327, $8,915 and $9,842, respectively. Intrinsic value is the difference between our closing stock price on the respective trading day and the exercise price, multiplied by the number of options exercised. Proceeds received from option exercises during the year ended November 28, 2015, November 29, 2014 and November 30, 2013 were $4,631, $6,852 and $8,891, respectively.

The nonvested restricted stock activity for the years ended November 28, 2015 and November 29, 2014, is summarized below:

	Units			Shares			Total			Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Life (in Years)
Nonvested at November 30, 2013		135,231			312,445			447,676		$	33.76		1.2
Granted		126,536			-			126,536			48.84		1.2
Vested		(68,293	)		(114,044	)		(182,337	)		48.16		-
Forfeited		(4,813	)		(9,779	)		(14,592	)		37.80		1.1
Nonvested at November 29, 2014		188,661			188,622			377,283		$	40.70		1.0
Granted		144,100			-			144,100			40.92		1.2
Vested		(82,495	)		(69,152	)		(151,647	)		37.47		-
Forfeited		(13,253	)		(9,310	)		(22,563	)		40.66		0.8
Nonvested at November 28, 2015		237,013			110,160			347,173		$	42.17		0.8

Total fair value of restricted stock vested during 2015, 2014, and 2013 was $6,192, $8,782 and $6,807, respectively. The total fair value of nonvested restricted stock at November 28, 2015 was $14,639.

We repurchased 54,454, 67,593 and 62,124 restricted stock shares during 2015, 2014 and 2013, respectively, in conjunction with restricted stock share vestings. The repurchases relate to statutory minimum tax withholding.

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Deferred compensation units are fully vested at the date of contribution. The deferred compensation units outstanding for the years ended November 28, 2015 and November 29, 2014 is summarized below:

	Non-employee Directors			Employees			Total
Units outstanding November 30, 2013		312,680			61,288			373,968
Participant contributions		14,347			4,429			18,776
Company match contributions1		16,613			492			17,105
Payouts		(1,093	)		(13,906	)		(14,999	)
Units outstanding November 29, 2014		342,547			52,303			394,850
Participant contributions		16,312			4,705			21,017
Company match contributions1		21,636			470			22,106
Payouts		(325	)		(11,572	)		(11,897	)
Units outstanding November 28, 2015		380,170			45,906			426,076

¹ The non-employee directors’ company match includes 20,005 and 15,019 deferred compensation units paid as discretionary awards to all non-employee directors in 2015 and 2014, respectively.

The fair value of non-employee directors’ company matches for 2015, 2014 and 2013 was $122, $130 and $49, respectively. The fair value of the non-employee directors’ discretionary award was $800 for 2015, $720 for 2014 and $480 for 2013. The fair value of employee company matches was $17 for 2015 and $19 for 2014 and $8 for 2013.

Note 4: Supplemental Financial Statement Information

Statement of Income Information

Additional details of income statement amounts for 2015, 2014 and 2013 follow.

	2015			2014			2013
Foreign currency transaction losses, net	$	(3,549	)	$	(2,546	)	$	(4,106	)
Interest income		510			344			737
Gain on disposal of fixed assets		330			2,769			323
Other, net		244			149			(705	)
Total other income (expense), net	$	(2,465	)	$	716		$	(3,751	)
Research and development expenses (included in SG&A expenses)	$	26,170		$	21,245		$	24,570

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Balance Sheet Information

Additional details of balance sheet amounts as of November 28, 2015 and November 29, 2014 follow.

	2015			2014
Inventories
Raw materials	$	121,545		$	133,476
Finished goods		142,195			140,014
LIFO reserve		(15,236	)		(22,200	)
Total inventories	$	248,504		$	251,290
Other current assets
Other receivables	$	31,051		$	15,059
Prepaid income taxes		3,790			9,505
Prepaid taxes other than income taxes		18,464			30,797
Deferred income taxes		-			20,924
Prepaid expenses		12,232			12,547
Assets held for sale		3,138			4,273
Total other current assets	$	68,675		$	93,105
Property, plant and equipment
Land	$	68,008		$	65,367
Buildings and improvements		315,659			293,440
Machinery and equipment		683,988			710,180
Construction in progress		44,332			37,364
Total, at cost		1,111,987			1,106,351
Accumulated depreciation		(599,127	)		(603,717	)
Net property, plant and equipment	$	512,860		$	502,634
Other assets
Investments and company owned life insurance	$	9,641		$	10,950
Equity method investments		39,533			37,487
Cost method investments		1,666			1,671
Long-term deferred income taxes		55,663			40,142
Prepaid pension costs		4,273			7,588
Prepaid postretirement other than pension		15,755			12,054
Other long-term assets		34,613			39,434
Total other assets	$	161,144		$	149,326
Income taxes payable
Current income taxes payable	$	8,970		$	10,961
Current deferred income taxes		-			2,800
Total income taxes payable	$	8,970		$	13,761
Other accrued expenses
Taxes other than income taxes	$	16,909		$	19,427
Interest		5,027			4,548
Product liability		2,765			1,691
Accrued expenses		32,654			25,383
Total other accrued expenses	$	57,355		$	51,049
Other liabilities
Asset retirement obligations	$	2,274		$	2,515
Long-term deferred income taxes		24,477			16,718
Long-term deferred compensation		5,675			5,635
Postretirement other than pension		2,902			3,146
Contingent consideration liabilities, continuing operations		10,854			196
Other long-term liabilities		23,090			13,565
Total other liabilities	$	69,272		$	41,775

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Additional details on the trade receivables allowance for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts for 2015, 2014 and 2013 are as follows:

	2015			2014			2013
Balance at beginning of year	$	10,246		$	8,538		$	7,513
Charged to expenses		4,703			3,998			3,267
Write-offs		(2,339	)		(1,866	)		(2,369	)
Foreign currency translation effect		(717	)		(424	)		127
Balance at end of year	$	11,893		$	10,246		$	8,538

Statement of Comprehensive Income (Loss) Information

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

	November 28, 2015
	H.B. Fuller Stockholders									Non-controlling Interests
	Pretax			Tax			Net			Net
Net income including non-controlling interests		-			-		$	86,680		$	417
Other comprehensive income (loss)
Foreign currency translation adjustment¹	$	(62,759	)		-			(62,759	)		(17	)
Reclassification to earnings:
Defined benefit pension plans adjustment²		(24,279	)		8,408			(15,871	)		-
Interest rate swap³		56			(16	)		40			-
Cash-flow hedges³		(2,168	)		826			(1,342	)		-
Other comprehensive income (loss)	$	(89,150	)	$	9,218			(79,932	)		(17	)
Comprehensive income (loss)							$	6,748		$	400

	November 29, 2014
	H.B. Fuller Stockholders									Non-controlling Interests
	Pretax			Tax			Net			Net
Net income including non-controlling interests		-			-		$	49,773		$	378
Other comprehensive income (loss)
Foreign currency translation adjustment¹	$	(38,673	)		-			(38,673	)		(14	)
Reclassification to earnings:
Defined benefit pension plans adjustment²		(56,268	)		19,394			(36,874	)		-
Interest rate swap³		56			(15	)		41			-
Cash-flow hedges³		158			(42	)		116			-
Other comprehensive income (loss)	$	(94,727	)	$	19,337			(75,390	)		(14	)
Comprehensive income (loss)							$	(25,617	)	$	364

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	November 30, 2013
	H.B. Fuller Stockholders									Non-controlling Interests
	Pretax			Tax			Net			Net
Net income including non-controlling interests		-			-		$	96,761		$	425
Other comprehensive income (loss)
Foreign currency translation adjustment¹	$	(876	)		-			(876	)		(55	)
Reclassification to earnings:
Defined benefit pension plans adjustment²		106,647			(38,451	)		68,196			-
Interest rate swap³		57			(16	)		41			-
Cash-flow hedges³		494			(191	)		303			-
Other comprehensive income (loss)	$	106,322		$	(38,658	)		67,664			(55	)
Comprehensive income (loss)							$	164,425		$	370

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, SG&A and special charges.

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

Statement of Total Equity Information

Components of accumulated other comprehensive income (loss) follow.

	November 28, 2015
	Total			H.B. Fuller Stockholders			Non-controlling Interests
Foreign currency translation adjustment	$	(51,592	)	$	(51,554	)	$	(38	)
Interest rate swap, net of taxes of $5		(13	)		(13	)		-
Cash-flow hedges, net of taxes of $811		(1,317	)		(1,317	)		-
Defined benefit pension plans adjustment, net of taxes of $93,012		(174,400	)		(174,400	)		-
Total accumulated other comprehensive income (loss)	$	(227,322	)	$	(227,284	)	$	(38	)

	November 29, 2014
	Total			H.B. Fuller Stockholders			Non-controlling Interests
Foreign currency translation adjustment	$	11,184		$	11,205		$	(21	)
Interest rate swap, net of taxes of $21		(53	)		(53	)		-
Cash-flow hedges, net of taxes of $15		25			25			-
Defined benefit pension plans adjustment, net of taxes of $84,604		(158,529	)		(158,529	)		-
Total accumulated other comprehensive income (loss)	$	(147,373	)	$	(147,352	)	$	(21	)

	November 30, 2013
	Total			H.B. Fuller Stockholders			Non-controlling Interests
Foreign currency translation adjustment	$	49,871		$	49,878		$	(7	)
Interest rate swap, net of taxes of $36		(94	)		(94	)		-
Cash-flow hedges, net of taxes of $57		(91	)		(91	)		-
Defined benefit pension plans adjustment net of taxes of $65,210		(121,655	)		(121,655	)		-
Total accumulated other comprehensive income (loss)	$	(71,969	)	$	(71,962	)	$	(7	)

Note 5: Special Charges, net

The integration of the industrial adhesives business we acquired in March 2012 involved a significant amount of restructuring and capital investment to optimize the new combined entity. In addition, we have taken a series of actions in our existing EIMEA operating segment to improve the profitability and future growth prospects of this operating segment. We combined these two initiatives into a single project which we refer to as the Business Integration Project. During 2015, 2014 and 2013 we incurred special charges, net of $4,654, $51,501 and $45,087, respectively, for costs related to the Business Integration Project.

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The following table provides detail of special charges, net:

	Fiscal Years
	2015			2014		2013
Acquisition and transformation related costs	$	715		$	7,946	$	8,698
Workforce reduction costs		(37	)		3,233		9,784
Facility exit costs		3,664			32,050		17,869
Other related costs		312			8,272		8,736
Special charges, net	$	4,654		$	51,501	$	45,087

Professional services of $715, $7,946 and $8,698 for 2015, 2014 and 2013, respectively, include costs related to organization consulting, investment advisory, financial advisory, legal and valuation services necessary to acquire and integrate the acquired industrial adhesives business into our existing operating segments.

During 2015, we recorded net reversal of workforce reduction costs of $37 and we incurred cash facility exit costs of $2,190, non-cash facility exit costs of $1,474 and other incremental transformation related costs of $312, including the cost of personnel directly working on the integration. During 2014, we incurred workforce reduction costs of $3,233, cash facility exit costs of $25,187, non-cash facility exit costs of $6,863 and other incremental transformation related costs of $8,272, including the cost of personnel directly working on the integration. During 2013, we incurred workforce reduction costs of $9,784, cash facility exit costs of $11,804, non-cash facility exit costs of $6,065 and other incremental transformation related costs of $8,736, including the cost of personnel directly working on the integration.

Note 6: Goodwill and Other Intangible Assets

Goodwill balances by reporting unit as of November 28, 2015 and November 29, 2014 consisted of the following: 

	2015		2014
Americas Adhesives	$	67,123	$	71,325
EIMEA		122,641		139,666
Asia Pacific		143,660		24,201
Construction Products		20,780		20,780
Total	$	354,204	$	255,972

Additional details related to goodwill for 2015 and 2014 are as follows:

	2015			2014
Balance at beginning of year	$	255,972		$	263,103
Continental Products Limited acquisition		462			-
Tonsan Adhesive, Inc. acquisition		125,090			-
ProSpec acquisition		-			7,443
Plexbond Quimica, S.A. acquisition		-			151
Foreign currency translation effect		(27,320	)		(14,725	)
Balance at end of year	$	354,204		$	255,972

Changes in the goodwill balances relate to changes in foreign currency exchange rates and activity from acquisitions. See Note 2 for more information on acquisitions.

In accordance with accounting standards, we test each of our reporting units for goodwill impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. In the fourth quarter of 2015, we conducted the required annual test of goodwill for impairment. We performed the goodwill impairment analysis on our reporting units by using a discount rate determined by management to result in the most representative fair value of the business as a whole. There were no indications of impairment in any of our reporting units. We also performed a sensitivity analysis by using a discount rate at the high end of our range to confirm the reasonableness of our goodwill impairment analysis. No indications of impairment in any of our reporting units were indicated by the sensitivity analysis. See Note 1 for further information on our impairment analysis.

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

Amortizable Intangible Assets	Purchased Technology & Patents			Customer Relationships			All Other			Total
As of November 28, 2015
Original cost	$	69,792		$	234,995		$	49,563		$	354,350
Accumulated amortization		(17,613	)		(99,405	)		(24,801	)		(141,819	)
Net identifiable intangibles	$	52,179		$	135,590		$	24,762		$	212,531
Weighted-average useful lives (in years)		10			17			13			15
As of November 29, 2014
Original cost	$	43,915		$	219,517		$	52,529		$	315,961
Accumulated amortization		(11,944	)		(88,164	)		(20,458	)		(120,566	)
Net identifiable intangibles	$	31,971		$	131,353		$	32,071		$	195,395
Weighted-average useful lives (in years)		11			18			12			16

Amortization expense with respect to amortizable intangible assets was $26,984, $23,240 and $22,508 in 2015, 2014 and 2013, 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	2016		2017		2018		2019		2020		Thereafter
Amortization Expense	$	25,419	$	25,057	$	24,664	$	22,740	$	21,769	$	92,882

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 at November 28, 2015 and November 29, 2014 totaling $462 and $543, respectively, relate to trademarks and trade names. The change in non-amortizable assets in 2015 compared to 2014 was due to changes in currency exchange rates.

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

Notes Payable: Notes payable were $30,757 and $27,149 at November 28, 2015 and November 29, 2014, respectively. This amount mainly represents various foreign subsidiaries’ other short-term borrowings that were not part of committed lines. The weighted-average interest rates on short-term borrowings were 8.1 percent, 11.3 percent and 8.9 percent in 2015, 2014 and 2013, respectively. 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 November 28, 2015.

Long-Term Debt                

	Weighted-Average
	Interest Rate at		Fiscal Year
Long-Term Debt	November 28, 2015		Maturity Date		2015			2014
Revolving credit line		1.33%		2019	$	-		$	143,000
Term Loan		1.44%		2019		288,750			-
Senior Notes, Series A1		2.24%		2017		17,419			17,805
Senior Notes, Series B2		2.12%		2017		33,982			34,738
Senior Notes, Series C3		3.34%		2020		36,955			37,192
Senior Notes, Series D4		5.61%		2020		65,000			65,000
Senior Notes, Series E5		4.12%		2022		250,000			250,000
Total debt					$	692,106		$	547,735
Less: current maturities						(22,500	)		-
Total long-term debt, excluding current maturities					$	669,606		$	547,735

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On December 16, 2009, we entered into a note purchase agreement under which we agreed to issue $150,000 in aggregate principal amount of senior unsecured notes to a group of private investors. The $150,000 was split into four non-amortizing tranches, Series A-D. On March 5, 2012, we entered into a note purchase agreement under which we agreed to issue $250,000 in aggregate principal amount of senior unsecured notes to a group of private investors. The $250,000 is a non-amortizing tranche, Series E.

¹ Senior Notes, Series A, due December 16, 2016, $17,000 5.13 percent fixed, swapped to a variable rate of 6- month LIBOR (in arrears) plus 1.59 percent

² Senior Notes, Series B, due February 24, 2017, $33,000 5.13 percent fixed, swapped to a variable rate of 6-month LIBOR (in arrears) plus 1.47 percent

³ Senior Notes, Series C, due December 16, 2019, $35,000 5.61 percent fixed, $25,000 swapped to a variable rate of 6-month LIBOR (in arrears) plus 1.78 percent

⁴ Senior Notes, Series D, due February 24, 2020, $65,000 5.61 percent fixed

⁵ Senior Notes, Series E, due March 5, 2022, $250,000 4.12 percent fixed

On October 31, 2014, we entered into a credit agreement with a consortium of financial institutions under which we established a $300,000 multi-currency revolving credit facility and a $300,000 term loan that we can use to repay existing indebtedness, finance working capital needs, finance acquisitions, and for general corporate purposes. At November 28, 2015 there were no borrowings on the revolving credit facility. At November 28, 2015 a balance of $288,750 was drawn on the term loan. Interest on the revolving credit facility is payable at the LIBOR plus 1.075 percent. A facility fee of 0.175 percent is payable quarterly. The interest rate on the term loan is payable at the LIBOR rate plus 1.25 percent. The interest rates and the facility fee are based on a rating grid. The credit agreement replaced the previous revolving credit facilities entered into on March 5, 2012. The October 31, 2014 credit agreement expires on October 31, 2019.

On October 31, 2014 we amended various provisions of the Note Purchase Agreements Series A through E, including the covenant definition of Consolidated EBITDA. As part of these amendments, the interest rate on the debt may increase based on changes to the rating of our senior, unsecured long-term debt.

Long-term debt had an estimated fair value of $716,213 and $606,194 as of November 28, 2015 and November 29, 2014, 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.

Lines of Credit

As of November 28, 2015, lines of credit were as follows:

Term	Committed		Drawn		Unused
Long-term lines of credit	$	300,000	$	-	$	300,000

A revolving credit agreement with a consortium of financial institutions accounted for the entire committed lines of credit. The credit agreement creates an unsecured multi-currency revolving credit facility that can be drawn upon for general corporate purposes up to a maximum of $300,000. The credit agreement expires on October 31, 2019.

The most restrictive debt covenants place limitations on secured and unsecured borrowings, operating leases, and contain minimum interest coverage and maximum debt to trailing twelve months EBITDA requirements. In addition, we cannot be a member of any consolidated group as defined for income tax purposes other than with our subsidiaries. At November 28, 2015 all financial covenants were met.

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Maturities of long-term debt for the next five fiscal years follow:

Fiscal Year	2016		2017		2018		2019		2020		Thereafter
Long-term debt obligations	$	22,500	$	81,401	$	37,500	$	198,750	$	101,955	$	250,000

Note 8: Income Taxes

Income from continuing operations before income taxes and income from equity method investments	2015		2014		2013
United States	$	97,094	$	55,567	$	81,788
Non-U.S.		41,251		23,745		45,756
Total	$	138,345	$	79,312	$	127,544

Components of the provision for income tax expense (benefit)	2015			2014			2013
Current:
U.S. federal	$	24,180		$	8,771		$	16,999
State		2,955			1,290			1,372
Non-U.S.		22,075			20,133			11,930
		49,210			30,194			30,301
Deferred:
U.S. federal		8,096			8,106			8,101
State		1,269			1,069			2,244
Non-U.S.		(2,720	)		(5,021	)		(697	)
		6,645			4,154			9,648
Total	$	55,855		$	34,348		$	39,949

Reconciliation of effective income tax	2015			2014			2013
Statutory U.S. federal income tax rate	$	48,421		$	27,759		$	44,641
State income taxes, net of federal benefit		3,281			1,534			2,351
Foreign dividend repatriation		388			760			467
Foreign operations		1,547			(8,287	)		(12,598	)
Impact of option valuation		1,211			-			-
Interest income not taxable in the U.S.		(1,243	)		(1,649	)		(1,789	)
Change in valuation allowance		480			3,317			1,819
Tax impact of special charges, net		1,678			11,773			5,998
Other		92			(859	)		(940	)
Total	$	55,855		$	34,348		$	39,949

Deferred income tax balances at each year-end related to:	2015			2014
Depreciation and amortization	$	(61,992	)	$	(47,152	)
Employee benefit costs		50,679			45,920
Foreign tax credit carryforward		11,621			12,355
Tax loss carryforwards		21,090			21,851
Other		24,373			24,234
		45,771			57,208
Valuation allowance		(14,393	)		(16,364	)
Net deferred tax assets	$	31,378		$	40,844

The difference between the change in the deferred tax assets in the balance sheet and the deferred tax provision is primarily due to the defined benefit pension plan adjustment recorded in accumulated other comprehensive income (loss).

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In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which amends the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This accounting guidance is effective for us beginning in the first quarter of 2018, but we have elected to adopt this guidance prospectively as of November 28, 2015.  As a result we have classified all deferred tax liabilities and assets as non-current in the Consolidated Balance Sheet at November 28, 2015.

Valuation allowances principally relate to foreign net operating loss carryforwards where the future potential benefits do not meet the more-likely-than-not realization test. The decrease in the valuation allowance of $1,971 during 2015 is primarily due to foreign currency changes which impact the value of the deferred tax assets upon which the valuation allowance is recorded.

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 carryback potential, 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 $403,573 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 that may be offset, at least in part by associated foreign tax credits.

While non-U.S. operations have been profitable overall, there are cumulative tax losses of $95,473 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 $48,864 can be carried forward indefinitely, while the remaining $46,609 of tax losses must be utilized during 2016 to 2025.

The U.S. has a foreign tax credit carryforward of $11,621 which will expire in 2022 and 2023. Projected foreign source income in future years is sufficient to utilize these credits in the carryforward period.

The table below sets forth the changes to our gross unrecognized tax benefit as a result of uncertain tax positions, excluding accrued interest, for the fiscal years ended November 28, 2015 and November 29, 2014.  We do not anticipate that the total unrecognized tax benefits will change significantly within the next twelve months.

	2015			2014
Balance at beginning of year	$	4,787		$	5,151
Tax positions related to the current year:
Additions		877			600
Tax positions related to prior years:
Additions		439			178
Reductions		(557	)		(177	)
Settlements		-			(13	)
Lapses in applicable statutes of limitation		(676	)		(952	)
Balance at end of year	$	4,870		$	4,787

Included in the balance of unrecognized tax benefits as of November 28, 2015, are potential benefits of $4,388 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 November 28, 2015, we recognized a net benefit for interest and penalties of $179 relating to unrecognized tax benefits and had net accumulated accrued interest and penalties of $631 as of November 28, 2015. For the year ended November 29, 2014, we recognized a net benefit for interest and penalties of $139 relating to unrecognized tax benefits and had net accumulated accrued interest and penalties of $452 as of November 29, 2014.

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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 2011 or Swiss income tax examination for years prior to 2009. During 2015, the U.S. tax authorities opened an audit for the years ended December 1, 2012 and November 30, 2013. During the first quarter of 2015, the Swiss tax authorities opened an audit for the years ended December 3, 2011 and December 1, 2012. The Swiss audit was closed in the second quarter of 2015 with no assessment. We are in various stages of examination and appeal in several states and 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.

Note 9: 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 50,074,310 and 50,310,803 shares issued and outstanding at November 28, 2015 and November 29, 2014, respectively.

On September 30, 2010, the Board of Directors authorized a share repurchase program of up to $100,000 of our outstanding common shares. Under the program, we are authorized to repurchase shares for cash on the open market, from time to time, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The 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. During 2015, we repurchased 500,000 shares for $17,066 and during 2014, we repurchased 250,000 shares for $12,254 under this program. Up to $44,897 of our outstanding common shares may still be repurchased under the share repurchase program.

Common Shares Outstanding	2015			2014			2013
Beginning balance		50,310,803			50,228,543			49,903,266
Stock options exercised		275,035			330,179			462,427
Shares swapped for stock option exercises		(39,883	)		-			-
Deferred compensation paid		8,852			9,957			51,521
Restricted units vested		83,494			69,624			67,828
Restricted shares granted		-			-			186,352
Shares withheld for taxes		(54,454	)		(67,593	)		(62,124	)
Restricted shares forfeited		(9,537	)		(9,907	)		(5,727	)
Shares repurchased under repurchase program		(500,000	)		(250,000	)		(375,000	)
Ending balance		50,074,310			50,310,803			50,228,543

Shareholder Rights Plan: The shareholder rights plan provides each holder of a share of common stock a right to purchase one one-hundredth of a share of preferred stock for $95, subject to adjustment. No fraction of a preferred share (other than fractions in integral multiples of one one-hundredth of a share) will be issued. Preferred shares purchased upon exercise of the rights will not be redeemable. Each preferred share will be entitled to a preferential quarterly dividend payment, a preferential liquidation payment, voting rights, and participation in any merger, consolidation or other transaction in which common shares are exchanged. These rights are not currently exercisable. In the event any person becomes an Acquiring Person (as defined in the rights plan), each holder of a right will thereafter have a right to receive, upon exercise thereof at the then current aggregate exercise price, in lieu of preferred shares, such number of common shares of ours having a current aggregate market price equal to twice the current aggregate exercise price. In the event that at any time after there is an Acquiring Person we are acquired in certain mergers or other business combination transactions or 50 percent or more of the assets or earning power of us and our subsidiaries (taken as a whole) are sold, holders of the rights will thereafter have the right to receive, upon exercise thereof at the then current aggregate exercise price, such number of common shares of the acquiring company (or, in certain cases, one of its affiliates) having a current aggregate market price equal to twice the current aggregate exercise price. Rights held by an acquiring person are void. We may redeem or exchange the rights in certain instances. Unless extended or redeemed, the rights expire on July 31, 2016.

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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 retirement contribution to the 401(k) plan of 3 percent of pay, that is invested based on the election of the individual participant. The 3 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 2015 was $9,375 which included the cost of the 4 percent company match of $4,502 and the additional 3 percent contribution of $4,873. The total contributions to the 401(k) plan were $9,414 and $8,022 in 2014 and 2013, respectively.

The defined contribution plan liability recorded in the Consolidated Balance Sheets was $6,062 and $5,989 in 2015 and 2014, 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 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 2015, we amended the plan to add a program for eligible employees to take a lump sum distribution. A total of $15,493 was paid during 2015 as lump sum distributions under this program. 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 November 28, 2015 and November 29, 2014:

	Pension Benefits												Other Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
	2015			2014			2015			2014			2015			2014
Change in projected benefit obligation
Benefit obligation at beginning of year	$	408,595		$	347,668		$	220,216		$	206,407		$	54,370		$	50,811
Service cost		107			93			1,924			1,699			449			434
Interest cost		16,322			16,086			5,986			7,626			2,042			2,143
Participant contributions		-			-			-			-			328			350
Actuarial (gain)/loss1		(15,317	)		62,014			3,780			30,312			(3,988	)		3,948
Curtailments		-			-			-			(100	)		-			-
Settlement payments		(15,493	)		-			-			(1,638	)		-			-
Benefits paid		(18,116	)		(17,266	)		(7,726	)		(8,377	)		(3,278	)		(3,316	)
Foreign currency translation effect		-			-			(23,008	)		(15,713	)		-			-
Benefit obligation at end of year		376,098			408,595			201,172			220,216			49,923			54,370
Change in plan assets
Fair value of plan assets at beginning of year		384,335			358,233			188,210			182,152			63,076			54,196
Actual return on plan assets		(15,799	)		41,874			7,408			20,657			1,249			8,621
Employer contributions		1,534			1,494			1,901			7,856			1,210			3,225
Participant contributions		-			-			-			-			328			350
Settlement payments		(15,493	)		-			-			-			-			-
Benefits paid2		(18,116	)		(17,266	)		(7,726	)		(8,377	)		(3,278	)		(3,316	)
Foreign currency translation effect		-			-			(17,552	)		(14,078	)		-			-
Fair value of plan assets at end of year		336,461			384,335			172,241			188,210			62,585			63,076
Plan assets (less than) in excess of benefit obligation as of year end	$	(39,637	)	$	(24,260	)	$	(28,931	)	$	(32,006	)	$	12,662		$	8,706

1 Actuarial gain for the U.S. Plans includes $11,455 due to assumption changes and $3,862 due to plan experience.

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

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For the U.S. Pension Plan, we adopted the new RP-2014 mortality tables projected generationally using scale MP-2015.

Amounts in accumulated other comprehensive income (loss) that have not	Pension Benefits										Other Postretirement
been recognized as components of net	U.S. Plans				Non-U.S. Plans						Benefits
periodic benefit cost	2015		2014		2015			2014			2015			2014
Unrecognized actuarial loss	$	160,544	$	140,009	$	75,157		$	82,598		$	21,189		$	23,348
Unrecognized prior service cost (benefit)		90		119		(11	)		(17	)		(41	)		(2,546	)
Ending balance	$	160,634	$	140,128	$	75,146		$	82,581		$	21,148		$	20,802

	Pension Benefits												Other Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
	2015			2014			2015			2014			2015			2014
Statement of financial position as of fiscal year-end
Non-current assets	$	-		$	-		$	4,282		$	7,592		$	15,755		$	12,054
Accrued benefit cost
Current liabilities		(1,490	)		(1,510	)		(1,100	)		(1,248	)		(191	)		(201	)
Non-current liabilities		(38,147	)		(22,750	)		(32,113	)		(38,350	)		(2,902	)		(3,146	)
Ending balance	$	(39,637	)	$	(24,260	)	$	(28,931	)	$	(32,006	)	$	12,662		$	8,707

The accumulated benefit obligation of the U.S. pension and other postretirement plans was $407,011 at November 28, 2015 and $445,701 at November 29, 2014. The accumulated benefit obligation of the non-U.S. pension plans was $193,565 at November 28, 2015 and $211,488 at November 29, 2014.

The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of November 28, 2015 and November 29, 2014:

	Pension Benefits and Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	2015		2014		2015		2014
Accumulated benefit obligation	$	355,988	$	20,568	$	99,010	$	122,860
Fair value of plan assets		336,461		-		73,389		91,990

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The following amounts relate to pension plans with projected benefit obligations in excess of plan assets as of November 28, 2015 and November 29, 2014:

	Pension Benefits and Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	2015		2014		2015		2014
Projected benefit obligation	$	376,098	$	408,595	$	113,633	$	131,588
Fair value of plan assets		336,461		384,335		80,421		91,990

Information about the expected cash flows follows:

	Pension Benefits				Other
	U.S. Plans		Non-U.S. Plans		Postretirement Benefits
Employer contributions
2016	$	-	$	503	$	3,000
Expected benefit payments
2016	$	26,801	$	7,190	$	3,338
2017		18,913		7,359		3,371
2018		19,456		7,539		3,401
2019		19,972		7,955		3,425
2020		20,478		7,807		3,437
2021-2025		108,454		42,559		16,940

Components of net periodic benefit cost and other supplemental information for the years ended November 28, 2015, November 29, 2014 and November 30, 2013 follow:

	Pension Benefits																		Other
	U.S. Plans									Non-U.S. Plans									Postretirement Benefits
Net periodic cost (benefit)	2015			2014			2013			2015			2014			2013			2015			2014			2013
Service cost	$	107		$	93		$	106		$	1,924		$	1,699		$	1,799		$	449		$	434		$	623
Interest cost		16,322			16,086			14,719			5,986			7,626			7,486			2,042			2,143			2,133
Expected return on assets		(25,682	)		(23,865	)		(22,720	)		(10,422	)		(10,749	)		(9,390	)		(5,510	)		(4,742	)		(3,725	)
Amortization:
Prior service cost		29			29			49			(4	)		(4	)		(4	)		(2,505	)		(3,771	)		(4,134	)
Actuarial loss (gain)		5,628			4,575			6,742			3,173			3,056			3,778			2,431			2,709			5,717
Curtailment loss (gain)		-			-			102			-			-			53			-			-			-
Settlement charge (credit)		-			-			-			-			246			153			-			-			-
Net periodic benefit (benefit) cost	$	(3,596	)	$	(3,082	)	$	(1,002	)	$	657		$	1,874		$	3,875		$	(3,093	)	$	(3,227	)	$	614

	Pension Benefits
	U.S. Plans		Non-U.S. Plans			Postretirement benefits
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year as of November 28, 2015
Amortization of prior service cost (benefit)	$	29	$	(4	)	$	(41	)
Amortization of net actuarial (gain) loss		5,270		3,220			2,169
	$	5,299	$	3,216		$	2,128

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	Pension Benefits
Weighted-average assumptions used to	U.S. Plans									Non-U.S. Plans									Other Postretirement Benefits
Determine benefit obligations	2015			2014			2013			2015			2014			2013			2015			2014			2013
Discount rate		4.28	%		4.08	%		4.74	%		2.82	%		2.90	%		3.74	%		4.02	%		3.84	%		4.34	%
Rate of compensation increase1		4.50	%		4.50	%		4.50	%		1.58	%		1.67	%		1.84	%		N/A			N/A			N/A

Weighted-average assumptions used to
Determine net costs for years ended	2015			2014			2013			2015			2014			2013			2015			2014			2013
Discount rate		4.08	%		4.74	%		3.81	%		2.95	%		3.77	%		3.74	%		3.84	%		4.33	%		3.46	%
Expected return on plan assets		7.75	%		7.75	%		7.75	%		6.22	%		6.17	%		5.96	%		8.75	%		8.75	%		8.75	%
Rate of compensation increase		4.50	%		4.50	%		4.50	%		1.58	%		1.67	%		1.84	%		N/A			N/A			N/A

¹ Benefits under the U.S. Pension Plan were locked-in as of May 31, 2011 and no longer include compensation increases. The 4.50 percent rate for 2015, 2014 and 2013 are for the supplemental executive retirement plan only.

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 decreases the present value of the pension obligations. The discount rate for the U.S. pension plan was 4.30 percent at November 28, 2015, compared to 4.10 percent at November 29, 2014 and 4.77 percent at November 30, 2013. 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 reduction of 0.5 percentage points at November 28, 2015 would increase pension and other postretirement plan expense approximately $307 (pre-tax) in fiscal 2016. Discount rates for non-U.S. plans are determined in a manner consistent with the U.S. plan.

The expected long-term rate of return on plan assets assumption for the U.S. pension plan was 7.75 percent in 2015, 2014 and 2013.  Our expected long-term rate of return on U.S. plan assets was based on our target asset allocation assumption of 60 percent equities and 40 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 2015 the expected long-term rate of return on the target equities allocation was 8.75 percent and the expected long-term rate of return on the target fixed-income allocation was 5.0 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 $1,995 (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 6.22 percent in 2015 compared to 6.17 percent in 2014 and 5.96 percent in 2013. 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, respectively. The expected long-term rate of return on plan assets for the United Kingdom was 6.75 percent and the expected long-term rate of return on plan assets for Germany was 5.75 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.

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Assumed health care trend rates	2015			2014			2013
Health care cost trend rate assumed for next year		7.00	%		6.50	%		7.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.00	%		5.00	%		5.00	%
Fiscal year that the rate reaches the ultimate trend rate	2024			2018			2019

Sensitivity Information: A one-percentage point change in the health care cost trend rate would have the following effects on the November 28, 2015 service and interest cost and the accumulated postretirement benefit obligation at November 28, 2015:

	One-Percentage Point
	Increase			Decrease
Effect on service and interest cost components – annual	$	1		$	(101	)
Effect on accumulated postretirement benefit obligation	$	(193	)	$	(2,387	)

The asset allocation for the company’s U.S. and non-U.S. pension plans at the end of 2015 and 2014 follows.

	U.S. Pension Plans									Non-U.S. Pension Plans									Other Postretirement Plans
	Target			Percentage of Plan Assets at Year-End						Target			Percentage of Plan Assets at Year-End						Target			Percentage of Plan Assets at Year-End
Asset Category	2015			2015			2014			2015			2015			2014			2015			2015			2014
Equities		60.0	%		57.7	%		60.2	%		49.5	%		50.3	%		49.8	%		0.0	%		0.0	%		0.0	%
Fixed income		40.0	%		38.8	%		38.9	%		50.5	%		49.1	%		46.7	%		0.0	%		0.0	%		0.0	%
Real Estate		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		1.1	%		0.0	%		0.0	%		0.0	%
Insurance		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		100.0	%		99.5	%		98.3	%
Cash		0.0	%		3.5	%		0.9	%		0.0	%		0.6	%		2.4	%		0.0	%		0.5	%		1.7	%
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 2015 and 2014. 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 2015 we maintained our assets within the allowed ranges of the target asset allocation mix of 60 percent equities and 40 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. We plan to maintain the portfolio at this target allocation in 2016.

The non-U.S. pension plans consist of all the pension plans administered by us outside the U.S., principally consisting of plans in Germany, the United Kingdom, France and Canada. During 2015 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 2016.

67

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 2015 and 2014. 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. Our large weighting to equities in these plans is driven by the investment options available and the relative underfunded status of the plans.

Fair Value of Plan Assets

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

	November 28, 2015
U.S. Pension Plans	Level 1		Level 2		Level 3		Total Assets
Equities	$	123,816	$	70,325	$	-	$	194,141
Fixed income		29,948		100,086		352		130,386
Cash		11,934		-		-		11,934
Total	$	165,698	$	170,411	$	352	$	336,461

Non-U.S. Pension Plans	Level 1		Level 2		Level 3		Total Assets
Equities	$	31,253	$	55,430	$	-	$	86,683
Fixed income		41,572		42,595		530		84,697
Cash		861		-		-		861
Total	$	73,686	$	98,025	$	530	$	172,241

Other Postretirement Benefits	Level 1		Level 2		Level 3		Total Assets
Insurance	$	-	$	-	$	62,299	$	62,299
Cash		286		-		-		286
Total	$	286	$	-	$	62,299	$	62,585

	November 29, 2014
U.S. Pension Plans	Level 1		Level 2		Level 3		Total Assets
Equities	$	138,308	$	93,056	$	-	$	231,364
Fixed income		27,782		121,450		407		149,639
Cash		3,332		-		-		3,332
Total	$	169,422	$	214,506	$	407	$	384,335

Non-U.S. Pension Plans	Level 1		Level 2		Level 3		Total Assets
Equities	$	34,362	$	59,504	$	-	$	93,866
Fixed income		48,346		39,006		582		87,934
Real Estate		-		-		2,160		2,160
Cash		4,464		-		-		4,464
Total	$	87,172	$	98,510	$	2,742	$	188,424

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Other Postretirement Benefits	Level 1		Level 2		Level 3		Total Assets
Insurance	$	-	$	-	$	61,980	$	61,980
Cash		1,096		-		-		1,096
Total	$	1,096	$	-	$	61,980	$	63,076

The definitions of fair values of our pension and other postretirement benefit plan assets at November 28, 2015 and November 29, 2014 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.

Real Estate—Property fund for purposes of total return. Investment is a comingled property fund valued at unit value provided by the investment manager, which is based on a valuation performed by a third party provider retained by the investment manager.

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 year ended November 28, 2015:

U.S. Pension Plans	Fixed Income
Level 3 balance at beginning of year	$	407
Purchases, sales, issuances and settlements, net		(55	)
Level 3 balance at end of year	$	352

Non-U.S. Pension Plans	Fixed Income			Real Estate			Total
Level 3 balance at beginning of year	$	582		$	2,160		$	2,742
Net transfers into / (out of) level 3		28			(12	)		16
Purchases, sales, issuances and settlements, net		-			(2,388	)		(2,388	)
Net gains		9			282			291
Currency change effect		(89	)		(42	)		(131	)
Level 3 balance at end of year	$	530		$	-		$	530

69 

Other Postretirement Benefits	Insurance
Level 3 balance at beginning of year	$	61,980
Net transfers into / (out of) level 3		(701	)
Purchases, sales, issuances and settlements, net		(462	)
Net gains		1,482
Level 3 balance at end of year	$	62,299

Note 11: Financial Instruments

Foreign Currency Derivative Instruments

As a result of being a global enterprise, our earnings, cash flows and financial position are exposed to foreign currency risk from foreign currency denominated receivables and payables. These items are denominated in various foreign currencies, including the Euro, British pound sterling, Canadian dollar, Chinese renminbi, Japanese yen, Australian dollar, Argentine peso, Brazilian real, Colombian peso, Mexican peso, Turkish lira, Egyptian pound, Indian rupee, and Malaysian ringgit.

Our objective is to balance, where possible, local currency denominated assets to local currency denominated liabilities to have a natural hedge and minimize foreign exchange impacts. We take steps to minimize risks from foreign currency exchange rate fluctuations through normal operating and financing activities and, when deemed appropriate, through the use of derivative instruments. We do not enter into any speculative positions with regard to derivative instruments.

We enter into derivative contracts with a group of investment grade multinational commercial banks. We evaluate the credit quality of each of these banks on a periodic basis as warranted.

Effective October 7, 2015, we entered into three cross-currency swap agreements to convert a notional amount of $134,736 of foreign currency denominated intercompany loans into US dollars. The first swap matures in 2017, the second swap matures in 2018 and the third swap matures in 2019. As of November 28, 2015, the combined fair value of the swaps was an asset of $5,384 and was included in other assets in the Consolidated Balance Sheets. The swaps were designated as cash-flow hedges for accounting treatment. The lesser amount between the cumulative change in the fair value of the actual swaps and the cumulative change in the fair value of hypothetical swaps is recorded in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. The difference between the cumulative change in the fair value of the actual swaps and the cumulative change in the fair value of hypothetical swaps are recorded as other income (expense), net in the Consolidated Statements of Income. In a perfectly effective hedge relationship, the two fair value calculations would exactly offset each other. Any difference in the calculation represents hedge ineffectiveness. The ineffectiveness calculations as of November 28, 2015 resulted in additional pre-tax loss of $53 year-to-date as the change in fair value of the cross-currency swaps was less than the change in the fair value of the hypothetical swaps. The amount in accumulated other comprehensive income (loss) related to cross-currency swaps was a loss of $1,317 as of November 28, 2015. The estimated net amount of the existing loss that is reported in accumulated other comprehensive income (loss) as of November 28, 2015 that is expected to be reclassified into earnings within the next twelve months is $785. As of November 28, 2015, we do not believe any gains or losses will be reclassified into earnings as a result of the discontinuance of these cash flow hedges because the original forecasted transaction will not occur.

The following table summarizes the cross-currency swaps outstanding as of November 28, 2015:

	Fiscal Year of Expiration	Interest Rate		Notional Value		Fair Value
Pay EUR	2017		3.05%	$	44,912	$	2,055
Receive USD			3.9145%
Pay EUR	2018		3.45%		44,912		1,772
Receive USD			4.5374%
Pay EUR	2019		3.80%		44,912		1,557
Receive USD			5.0530%
Total				$	134,736	$	5,384

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Except for the cross-currency swap agreements listed above, foreign currency derivative instruments outstanding are not designated as hedges for accounting purposes. The gains and losses related to mark-to-market adjustments are recognized as other income or expense in the Consolidated Statements of Income during the periods in which the derivative instruments are outstanding. See Note 13 for fair value amounts of these derivative instruments.

As of November 28, 2015, we had forward foreign currency contracts maturing between December 15, 2015 and October 7, 2016. The mark-to-market effect associated with these contracts, on a net basis, at each year end was a gain of $10,442, a gain of $574 and a loss of $856 in 2015, 2014 and 2013, respectively. These gains and losses were largely offset by the underlying transaction gains and losses resulting from the foreign currency exposures for which these contracts relate.

Interest Rate Swaps

We have interest rate swap agreements to convert $75,000 of our Senior Notes to variable interest rates. See Note 7 for additional information. The change in fair value of the Senior Notes, attributable to the change in the risk being hedged, was a liability of $3,356 at November 28, 2015 and $4,735 at November 29, 2014 and were included in long-term debt in the Consolidated Balance Sheets. The fair value of the swaps in total was an asset of $3,395 at November 28, 2015 and $4,726 at November 29, 2014 and were included in other assets in the Consolidated Balance Sheets. The swaps were designated for hedge accounting treatment as fair value hedges.

The changes in the fair value of the swap and the fair value of the Senior Notes attributable to the change in the risk being hedged are recorded as other income (expense), net in the Consolidated Statements of Income. In a perfectly effective hedge relationship, the two fair value calculations would exactly offset each other. Any difference in the calculation represents hedge ineffectiveness. The calculation as of November 28, 2015, resulted in additional year-to-date pre-tax gain of $48 as the fair value of the interest rate swaps decreased by less than the change in the fair value of the Senior Notes attributable to the change in the risk being hedged. The calculations as of November 29, 2014 and November 30, 2013 resulted in an additional year-to-date pre-tax gain of $126 and pre-tax loss of $746, respectively.

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 November 28, 2015, there were no significant concentrations of credit risk.

Note 12: Commitments and Contingencies

Leases: The minimum lease payments, related to buildings, equipment and vehicles, that are expected to be made in each of the years indicated based on operating leases in effect at November 28, 2015 are:

Fiscal Year	2016		2017		2018		2019		2020		Remainder		Total Minimum Lease Payments
Operating Leases	$	7,354	$	4,423	$	2,591	$	1,423	$	923	$	717	$	17,431

Rent expense for all operating leases, which includes minimum lease payments and other charges such as common area maintenance fees, was $12,684, $14,481 and $12,716 in 2015, 2014 and 2013, respectively.

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 a financial provision. 

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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 30 years ago. The plaintiffs generally bring these lawsuits against multiple defendants and seek damages (both actual and punitive) in very large amounts. In many cases, plaintiffs are unable to demonstrate 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
	November 28,		November 29,		November 30,
	2015		2014		2013
Lawsuits and claims settled		10		9		6
Settlement amounts	$	858	$	843	$	371
Insurance payments received or expected to be received	$	682	$	687	$	279

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. 

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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 November 28, 2015 and November 29, 2014, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

			Fair Value Measurements Using:
	November 28,
Description	2015		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	1,698	$	1,698	$	-	$	-
Derivative assets		15,185		-		15,185		-
Interest rate swaps		3,395		-		3,395		-
Cash-flow hedges		5,384		-		5,384		-
Liabilities:
Derivative liabilities	$	4,744	$	-	$	4,744	$	-
Contingent consideration liabilities, continuing operations		10,854		-		-		10,854

			Fair Value Measurements Using:
	November 29,
Description	2014		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	748	$	748	$	-	$	-
Derivative assets		1,007		-		1,007		-
Interest rate swaps		4,726		-		4,726		-
Cash-flow hedges		5,408		-		5,408		-
Liabilities:
Derivative liabilities	$	433	$	-	$	433	$	-
Contingent consideration liabilities, continuing operations		196		-		-		196
Contingent consideration liabilities, discontinued operations		5,000		-		-		5,000

We use the income approach in calculating the fair value of our contingent consideration liabilities using a discounted cash flow model and Level 3 inputs. The expected cash flows are affected by various significant judgments and assumptions, including revenue growth rates, profit margin percentages and discount rate, which are sensitive to change. Estimates of fair value are inherently uncertain and represent only management’s reasonable expectation regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results. The valuation of our contingent consideration related to the acquisition of Tonsan Adhesive, Inc. as of November 28, 2015 resulted in a fair value of $10,704 and a $3,191 adjustment recorded to SG&A in the Statement of Income as of November 28, 2015.

Contingent consideration liabilities, continuing operations
Level 3 balance at beginning of year	$	196
Initial valuation of Tonsan contingent consideration		7,714
Mark to market adjustment		3,145
Foreign currency translation adjustment		(201	)
Level 3 balance at end of year	$	10,854

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 tangible and intangible assets acquired and liabilities assumed in an acquisition, and cost basis investments that are written down to fair value when they are determined to be impaired.

Property, plant and equipment related to acquisitions – Property, plant and equipment acquired in connection with our acquisitions during 2015 were measured using unobservable (Level 3) inputs, using the cost approach.  The cost approach computes the cost to replace the asset, less accrued depreciation resulting from physical deterioration, functional obsolescence and external obsolescence.  

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Intangible assets related to acquisitions – The identified intangible assets acquired in connection with our acquisitions during 2015 were measured using unobservable (Level 3) inputs.  The fair value of the intangible assets was calculated using either the income approach or a discounted market-based methodology approach. Significant inputs include estimated revenue growth rates, gross margins, operating expenses, estimated attrition rate, and a discount rate.  

See Note 2 for further discussion regarding our acquisitions.

Note 14: Operating Segments

We are required to report segment information in the same way that we internally organize our business for assessing performance and making decisions regarding allocation of resources. We report our business in four reportable segments: Americas Adhesives, EIMEA, Asia Pacific and Construction Products.

For segment evaluation by the chief operating decision maker, segment operating income is defined as gross profit less SG&A expenses. Segment operating income excludes special charges, net. Corporate expenses are fully allocated to each operating segment. Corporate assets are not allocated to the operating segments. Inter-segment revenues are recorded at cost plus a markup for administrative costs. Operating results of each of these 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.

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:

	2015		2014		2013
Net revenue
Americas Adhesives	$	876,810	$	920,679	$	902,573
EIMEA		605,064		719,787		733,211
Asia Pacific		368,736		275,809		252,608
Construction Products		233,050		188,179		158,576
Total	$	2,083,660	$	2,104,454	$	2,046,968
Inter-segment sales
Americas Adhesives	$	23,569	$	22,120	$	26,096
EIMEA		19,089		13,918		9,228
Asia Pacific		14,402		13,034		14,818
Construction Products		1,474		800		462
Segment operating income
Americas Adhesives	$	126,272	$	103,339	$	123,265
EIMEA		11,881		30,521		51,526
Asia Pacific		17,174		9,317		9,771
Construction Products		15,158		6,664		10,940
Total	$	170,485	$	149,841	$	195,502
Depreciation and amortization
Americas Adhesives	$	22,172	$	22,180	$	20,832
EIMEA		23,518		24,363		20,420
Asia Pacific		15,966		7,230		6,522
Construction Products		13,234		11,751		11,021
Total	$	74,890	$	65,524	$	58,795
Total assets1
Americas Adhesives	$	458,385	$	474,691	$	471,520
EIMEA		669,883		787,194		759,757
Asia Pacific		551,410		238,627		218,471
Construction Products		204,758		198,276		175,489
Corporate		157,816		168,353		245,926
Discontinued Operations		-		1,865		1,865
Total	$	2,042,252	$	1,869,006	$	1,873,028
Capital expenditures
Americas Adhesives	$	9,775	$	18,045	$	26,225
EIMEA		16,864		71,926		63,512
Asia Pacific		13,338		22,377		10,150
Construction Products		13,925		2,073		1,737
Corporate		4,722		25,373		22,664
Total	$	58,624	$	139,794	$	124,288

¹Segment assets include primarily inventory, accounts receivable, property, plant and equipment and other miscellaneous assets. Corporate assets include primarily corporate property, plant and equipment, deferred tax assets, certain investments and other assets.

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

	2015			2014			2013
Segment operating income	$	170,485		$	149,841		$	195,502
Special charges, net		(4,654	)		(51,501	)		(45,087	)
Other income (expense), net		(2,465	)		716			(3,751	)
Interest expense		(25,021	)		(19,744	)		(19,120	)
Income from continuing operations before income taxes and income from equity method investments	$	138,345		$	79,312		$	127,544

Financial information about geographic areas

	Net Revenue
	2015		2014		2013
United States	$	891,436	$	878,058	$	855,053
All other countries with less than 10 percent of total		1,192,224		1,226,396		1,191,915
Total	$	2,083,660	$	2,104,454	$	2,046,968

	Property, Plant and Equipment, net
	2015		2014		2013
United States	$	193,819	$	205,412	$	185,260
Germany		101,013		116,301		86,335
China		94,763		40,748		29,202
All other countries with less than 10 percent of total		123,265		140,173		133,590
Total	$	512,860	$	502,634	$	434,387

Note 15: Redeemable Non-Controlling Interest

We account for the non-controlling interest in H.B. Fuller Kimya Sanayi Ticaret A.S. (HBF Kimya) as a redeemable non-controlling interest because both the non-controlling shareholder and H.B. Fuller have an option, exercisable beginning August 1, 2018, to require the redemption of the shares owned by the non-controlling shareholder at a price determined by a formula based on 24 months trailing EBITDA. Since the option makes the redemption of the non-controlling ownership shares of HBF Kimya outside of our control, these shares are classified as a redeemable non-controlling interest in temporary equity in the Consolidated Balance Sheets. The non-controlling shareholder is entitled to increase his ownership by 1 percent per year for 5 years up to a maximum of 13 percent ownership based on the achievement of profitability targets in each year. The option is subject to a minimum price of €3,500. The redemption value of the option, if it were currently redeemable, is estimated to be €3,500.

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The results of operations for the HBF Kimya’s non-controlling interest are consolidated in our financial statements. Both the non-controlling interest and the accretion adjustment to redemption value are included in net income or loss attributable to non-controlling interests in the Consolidated Statements of Income and in the carrying value of the redeemable non-controlling interest on the Consolidated Balance Sheets. HBF Kimya’s functional currency is the Turkish lira and changes in exchange rates will affect the reported amount of the redeemable non-controlling interest.

The acquisition of 95 percent of the equity of Tonsan Adhesives, Inc. and the concurrent agreement to acquire the remaining 5 percent in the future, resulted in the assumption of a non-controlling interest for the remaining equity. Based on requirements to redeem this non-controlling interest beginning February 1, 2019, the non-controlling interest was immediately recognized as a liability and reclassified to other liabilities. The fair value of the non-controlling interest as of the date of acquisition was $11,773.

As of November 28, 2015 and November 29, 2014 the redeemable non-controlling interests were:

	2015			2014
Balance at beginning of year	$	4,654		$	4,717
Non-controlling interest assumed		11,773			-
Recognition of non-controlling interest redemption liability		(11,773	)		-
Net income attributed to redeemable non-controlling interest		320			357
Foreign currency translation adjustment		(775	)		(420	)
Balance at end of year	$	4,199		$	4,654

Note 16: Quarterly Data (unaudited)

	2015
(In thousands, except per share amounts)	Q1			Q2			Q3			Q4
Net revenue	$	470,661		$	540,762		$	524,133		$	548,104
Gross profit		116,206			148,937			146,840			156,060
Selling, general and administrative expenses		(94,833	)		(100,582	)		(98,297	)		(103,846	)
Special charges, net		(2,361	)		(934	)		(1,297	)		(62	)
Income from continuing operations	$	9,795		$	26,616		$	26,886		$	25,100
Basic Income per share	$	0.19		$	0.53		$	0.53		$	0.50
Diluted Income per share	$	0.19		$	0.51		$	0.52		$	0.49
Weighted-average common shares outstanding
Basic		50,188			50,345			50,421			50,143
Diluted		51,379			51,471			51,530			51,194

	2014
(In thousands, except per share amounts)	Q1			Q2			Q3			Q41
Net revenue	$	485,981		$	544,034		$	526,765		$	547,674
Gross profit		133,045			142,655			125,154			132,436
Selling, general and administrative expenses		(96,799	)		(96,372	)		(96,779	)		(93,499	)
Special charges, net		(11,734	)		(13,538	)		(12,343	)		(13,886	)
Income from continuing operations	$	14,649		$	20,626		$	4,084		$	10,792
Basic Income per share	$	0.29		$	0.41		$	0.08		$	0.22
Diluted Income per share	$	0.28		$	0.40		$	0.08		$	0.21
Weighted-average common shares outstanding
Basic		49,910			49,956			50,053			50,107
Diluted		51,255			51,175			51,297			51,296

¹ Includes a correction of an error in our Sekisui-Fuller joint venture of $1,643. 

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Disclosure Controls and Procedures

Controls and Procedures

As of the end of the period covered by this report, management conducted an evaluation, under the supervision and with the participation of our President and Chief Executive Officer and Executive Vice President, Chief Financial Officer, of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Exchange Act)). Based on its evaluation, our management concluded that, as of November 28, 2015, our disclosure controls and procedures were not effective as a result of a material weakness in the Company’s internal control over financial reporting related to the ineffective design and operation of internal controls related to the accounting for the acquisition of Tonsan Adhesive, Inc. as described in Management’s Report on Internal Controls over Financial Reporting.

Notwithstanding this material weakness in accounting for the acquisition of Tonsan Adhesive, Inc., management has concluded that the Consolidated Financial Statements included in the Form 10-K present fairly, in all material respects, the financial position of the Company at November 28, 2015 and November 29, 2014 and the consolidated results of operations and cash flows for each of the three fiscal years in the period ended November 28, 2015 in conformity with U.S. generally accepted accounting principles.

Management's Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting.  Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.  Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.  

Our management assessed the effectiveness of our internal control over financial reporting as of November 28, 2015. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated Framework (2013 Framework). As discussed in Note 2, Acquisitions and Divestitures, of the Notes to the Consolidated Financial Statements in Item 8 of the Form 10-K, we acquired Tonsan Adhesive, Inc. and Continental Products Limited in February 2015. We have excluded from our assessment of the effectiveness of our internal control over financial reporting as of November 28, 2015, Tonsan Adhesive, Inc. and Continental Products Limited’s internal control over financial reporting associated with 16% of the total assets and 5% of total revenue included in our consolidated financial statements as of and for the fiscal year ended November 28, 2015.

Based on its assessment, management concluded that, as of November 28, 2015, the Company’s internal control over financial reporting was not effective because of the existence of the material weakness described below.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

The material weakness in internal control over financial reporting resulted from the inadequate design and operation of internal controls related to the accounting for the acquisition of Tonsan Adhesive, Inc., specifically the review of the completeness and accuracy of key assumptions and financial data used to measure the fair value of the acquired assets and liabilities, the review of the measurement of contingent consideration, the involvement of specialists and the documentation of internal control procedures.

As a result, an immaterial misstatement in goodwill and the contingent consideration liability was identified during the fourth quarter of 2015 related to earlier interim financial information. The misstatement in the preliminary consolidated financial statements was corrected prior to the issuance of the Company’s consolidated financial statements as of and for the fiscal year ended November 28, 2015. The control deficiency creates a reasonable possibility that a material misstatement to the consolidated financial statements will not be prevented or detected on a timely basis, and therefore we concluded that the deficiencies represent material weaknesses in the Company’s internal control over financial reporting and our internal control over financial reporting was not effective as of November 28, 2015.

Our internal control over financial reporting as of November 28, 2015, has been audited by KPMG LLP, an independent registered public company accounting firm, as stated in its report which contains an adverse opinion on the effectiveness of our internal control over financial reporting. This report appears on page 36.

Remedial Measures

The Company is in the process of improving its policies and procedures relating to the recognition and measurement of business acquisitions and designing more effective controls to remediate the material weakness described above. Management plans to enhance its controls related to business combinations by a) supplementing its resources, b) enhancing the design and documentation of management review controls, and c) improving the documentation of internal control procedures.

The Company believes these measures will strengthen our internal controls over financial reporting and will prevent a reoccurrence of the material weakness described above.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during our most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect our internal control over financial reporting, other than the identification of the material weakness discussed above.

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Item 9B. Other Information

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

The information under the headings Proposal 1 - Election of Directors, Section 16(a) Beneficial Ownership Reporting Compliance, and Corporate Governance - Audit Committee contained in the company's Proxy Statement for the Annual Meeting of Shareholders to be held on April 7, 2016 (the 2016 Proxy Statement) is incorporated herein by reference.

The information contained at the end of Item 1. hereof under the heading Executive Officers of the Registrant is incorporated herein by reference.

Since the date of our 2015 Proxy Statement, there have been no material changes to the procedures by which shareholders may recommend nominees to our Board of Directors.

The company has a code of business conduct applicable to all of its directors and employees, including its principal executive officer, principal financial officer, principal accounting officer, controller and other employees performing similar functions. A copy of the code of business conduct is available under the Investor Relations section of the company’s website at www.hbfuller.com. The company intends to disclose on its website information with respect to any amendment to or waiver from a provision of its code of business conduct that applies to its principal executive officer, principal financial officer, principal accounting officer, controller and other employees performing similar functions within four business days following the date of such amendment or waiver.

Item 11. Executive Compensation

The information under the headings Executive Compensation, and Director Compensation contained in the 2016 Proxy Statement is incorporated herein by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information under the headings Security Ownership of Certain Beneficial Owners and Management and Equity Compensation Plan Information contained in the 2016 Proxy Statement is incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions and Director Independence

The information under the headings Certain Relationships and Related Transactions and Corporate Governance - Director Independence contained in the 2016 Proxy Statement is incorporated herein by reference.

Item 14. Principal Accountant Fees and Services 

The information under the heading Fees Paid to Independent Registered Public Accounting Firm contained in the 2016 Proxy Statement is incorporated herein by reference.

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PART IV

Item 15. Exhibits and Financial Statement Schedules

(a)            Documents filed as part of this report:

1.     Consolidated Financial Statements

Consolidated Statements of Income for the fiscal years ended November 28, 2015, November 29, 2014 and November 30, 2013.

Consolidated Statements of Comprehensive Income (Loss) for the fiscal years ended November 28, 2015, November 29, 2014 and November 30, 2013.

Consolidated Balance Sheets as of November 28, 2015 and November 29, 2014.

Consolidated Statements of Total Equity for the fiscal years ended November 28, 2015, November 29, 2014 and November 30, 2013.

Consolidated Statements of Cash Flows for the fiscal years ended November 28, 2015, November 29, 2014 and November 30, 2013.

Notes to Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm

2.     Financial Statement Schedules

All financial statement schedules are omitted as the required information is inapplicable or the information is presented in the consolidated financial statements or related notes.

3.     Exhibits

	Item	Incorporation by Reference
2.1	Equity Purchase Agreement, dated as of June 24, 2014, by and among H.B. Fuller Singapore, Pte, Ltd., ZHAI Haichao, individually and as Sellers’ Representative, WANG Bing, LIN Xinsong, LI Yimbai and Beijing Gongchuang Mingtian Investment Advisory Co.	Exhibit 2.1 to the Current Report on Form 8-K dated June 24, 2014.
3.1	Restated Articles of Incorporation of H.B. Fuller Company, as amended	Exhibit 3.1 to the Quarterly Report on Form 10-Q for the quarter ended September 2, 2006.
3.2	By-Laws of H.B. Fuller Company	Exhibit 3.1 to the Current Report on Form 8-K dated December 2, 2015.
4.1	Form of Certificate for common stock, par value $1.00 per share	Exhibit 4.1 to the Annual Report on Form 10-K, as amended, for the year ended November 28, 2009.
4.2	Rights Agreement, dated as of July 13, 2006, between H.B. Fuller Company and Wells Fargo Bank Minnesota, National Association, as Rights Agent	Exhibit 4.1 to the Current Report on Form 8-K dated July 13, 2006.
4.3	Note Purchase Agreement, dated December 16, 2009, among H.B. Fuller Company, as borrower, and various financial institutions, as amended.	Exhibit 4.1 to the Current Report on Form 8-K dated December 16, 2009, and Exhibit 1.2 to the Current Report on Form 8-K dated March 5, 2012 and Exhibit 1.3 to the Current Report on Form 8-K dated October 31, 2014.
4.4	Note Purchase Agreement, dated March 5, 2012, by and among H.B. Fuller Company and the purchasers party thereto, as amended.	Exhibit 1.1 to the Current Report on Form 8-K dated March 5, 2012 and Exhibit 1.2 to the Current Report on Form 8-K dated October 31, 2014

10.1	Credit Agreement, dated October 31, 2014, by and among JP Morgan Chase Bank, N.A., as administrative agent, U.S. Bank National Association, Citibank, N.A. and Morgan Stanley MUFG Loan Partners, LLC, as co-syndication agents, and various financial institutions	Exhibit 1.1 to the Current Report on Form 8-K dated October 31, 2014.
*10.2	Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan	Exhibit 10.1 to the Current Report on Form 8-K dated April 5, 2006.

79 

*10.3	H.B. Fuller Company Supplemental Executive Retirement Plan II – 2008, as amended	Exhibit 10.2 to the Current Report on Form 8-K dated December 19, 2007 Exhibit 10.5 to the Annual Report on Form 10-K for the year ended November 29, 2008 and Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended May 28, 2011.
*10.4	H.B. Fuller Company Executive Benefit Trust dated October 25, 1993 between H.B. Fuller Company and U.S. Bank, National Association, as Trustee, as amended, relating to the H.B. Fuller Company Supplemental Executive Retirement Plan	Exhibit 10(k) to the Annual Report on Form 10-K for the year ended November 29, 1997, Exhibit 10(k) to the Annual Report on Form 10-K405 for the year ended November 28, 1998, Exhibit 10.3 to the Current Report on Form 8-K dated December 19, 2007 and Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended May 30, 2009.
*10.5	H.B. Fuller Company Key Employee Deferred Compensation Plan (2005 Amendment and Restatement), as amended	Exhibit 10.1 to the Current Report on Form 8-K dated October 23, 2006, Exhibit 10.11 to the Annual Report on Form 10-K for the year ended December 1, 2007 and Exhibit 10.8 to the Annual Report on Form 10-K for the year ended November 29, 2008.
*10.6	Amended and Restated H.B. Fuller Company Annual and Long-Term Incentive Plan	Exhibit 10.1 to the Current Report on Form 8-K dated April 3, 2008.
*10.7	Form of Change in Control Agreement between H.B. Fuller Company and each of its executive officers	Exhibit 10.11 to the Annual Report on Form 10-K for the year ended November 29, 2008.
*10.8	Form of Severance Agreement between H.B. Fuller Company and each of its executive officers	Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarter ended May 31, 2008.
*10.9	Form of Non-Qualified Stock Option Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made between December 4, 2008 and December 2, 2009	Exhibit 10.4 to the Current Report on Form 8-K dated December 4, 2008.
*10.10	Form of Non-Qualified Stock Option Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after December 3, 2009	Exhibit 10.1 to the Current Report on Form 8-K dated December 3, 2009.
*10.11	Form of Non-Qualified Stock Option Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 20, 2011	Exhibit 10.1 to the Current Report on Form 8-K dated January 20, 2011.
*10.12	Form of Non-Qualified Stock Option Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 26, 2012	Exhibit 10.1 to the Current Report on Form 8-K dated January 26, 2012
*10.13	Form of Restricted Stock Award Agreement under the H.B. Fuller Company 2009 Director Stock Incentive Plan for awards made to our non-employee directors on or after September 25, 2012	Exhibit 10.1 to the Current Report on Form 8-K dated September 24, 2012
*10.14	Form of Non-Qualified Stock Option Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 24, 2013	Exhibit 10.1 to the Current Report on Form 8-K dated January 24, 2013.
*10.15	Form of Restricted Stock Award Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 24, 2013.	Exhibit 10.2 to the Current Report on Form 8-K dated January 24, 2013.
*10.16	Form of Restricted Stock Unit Award Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 24, 2013	Exhibit 10.3 to the Current Report on Form 8-K dated January 24, 2013.
*10.17	Form of Restricted Stock Unit Award Agreement for Retirement Eligible Participants under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 24, 2013	Exhibit 10.4 to the Current Report on Form 8-K dated January 24, 2013.
*10.18	Form of Restricted Stock Award Agreement for the Chief Executive Officer under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 24, 2013	Exhibit 10.5 to the Current Report on Form 8-K dated January 24, 2013.
*10.19	Form of Restricted Stock Award Agreement for the Chief Executive Officer under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan (or any successor plan) for awards made on or after January 24, 2013	Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended March 2, 2013.

80

*10.20	Form of Non-Qualified Stock Option Agreement under the H.B. Fuller Company 2013 Master Incentive Plan for awards made on or after January 23, 2014	Exhibit 10.2 to the Current Report on Form 8-K dated January 23, 2014.
*10.21	Form of Restricted Stock Unit Award Agreement under the H.B. Fuller Company 2013 Master Incentive Plan for awards made on or after January 23, 2014	Exhibit 10.3 to the Current Report on Form 8-K dated January 23, 2014.
*10.22	Form of Restricted Stock Unit Award Agreement for Retirement Eligible Participants under the H.B. Fuller Company 2013 Master Incentive Plan for awards made on or after January 23, 2014	Exhibit 10.4 to the Current Report on Form 8-K dated January 23, 2014.
*10.23	Form of Restricted Stock Unit Award Agreement for the Chief Executive Officer under the H.B. Fuller Company 2013 Master Incentive Plan for awards made on or after January 23, 2014	Exhibit 10.5 to the Current Report on Form 8-K dated January 23, 2014.
*10.24	H.B. Fuller Company Defined Contribution Restoration Plan (As Amended and Restated Effective January 1, 2008), as amended	Exhibit 10.4 to the Current Report on Form 8-K dated December 19, 2007 and Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended May 31, 2008.
*10.25	H.B. Fuller Company Directors’ Deferred Compensation Plan (2008 Amendment and Restatement), as amended	Exhibit 10.22 to the Annual Report on Form 10-K for the year ended November 29, 2008 and Exhibit 10.23 to the Annual Report on Form 10-K for the year ended November 29, 2008.
*10.26	H.B. Fuller Company 2009 Director Stock Incentive Plan	Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarter ended May 30, 2009.
*10.27	H.B. Fuller Company Management Short-Term Incentive Plan for fiscal year 2012 and thereafter	Exhibit 10.5 to the Current Report on Form 8-K dated September 29, 2011.
*10.28	H.B. Fuller Company Management Short-Term Incentive Plan for fiscal year 2014 and thereafter	Exhibit 10.1 to the Current Report on Form 8-K dated January 23, 2014.
*10.29	H.B. Fuller Company Bonus Multiplier Program	Exhibit 10.1 to the Current Report on Form 8-K dated January 22, 2015.

*10.30	H.B. Fuller Company Special 2015 Performance Acceleration Bonus for fiscal year 2015 only	Exhibit 10.2 to the Current Report on Form 8-K dated January 22, 2015
*10.31	H.B. Fuller Management Short-Term Incentive – Executive Officers for fiscal year 2015 only	Exhibit 10.1 to the Current Report on Form 8-K dated July 9, 2015
*10.32	H.B. Fuller Company 2013 Master Incentive Plan	Annex B to the H.B. Fuller Company Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on February 27, 2013
21	List of Subsidiaries
23	Consent of KPMG LLP
24	Power of Attorney
31.1	302 Certification – James J. Owens
31.2	302 Certification – James R. Giertz

32.1	906 Certification – James J. Owens
32.2	906 Certification - James R. Giertz
101	The following materials from the H.B. Fuller Company Annual Report on Form 10-K for the fiscal year ended November 29, 2014 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Total Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.
	*Asterisked items are management contracts or compensatory plans or arrangements required to be filed.

(b) See Exhibit Index and Exhibits attached to this Form 10-K.

81

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

H.B. FULLER COMPANY

By /s/ James J. Owens

JAMES J. OWENS

Dated: January 27, 2016     President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

Signature	Title
/s/ James J. Owens	President and Chief Executive Officer and Director
JAMES J. OWENS	(Principal Executive Officer)
/s/ James R. Giertz	Executive Vice President, Chief Financial Officer
JAMES R. GIERTZ	(Principal Financial Officer)
/s/ Robert J. Martsching	Vice President, Controller
ROBERT J. MARTSCHING	(Principal Accounting Officer)

*	Director
LEE R. MITAU
*	Director
THOMAS W. HANDLEY
*	Director
MARIA TERESA HILADO
*	Director
J. MICHAEL LOSH
*	Director
DANTE C. PARRINI
*	Director
ANN W.H. SIMONDS

*		Director
JOHN C. VAN RODEN, JR.
*		Director
R. WILLIAM VAN SANT.
	* by /s/ Timothy J. Keenan
	TIMOTHY J. KEENAN, Attorney in Fact

Dated: January 27, 2016

82

Exhibit Index

	Item	Incorporation by Reference
2.1	Equity Purchase Agreement, dated as of June 24, 2014, by and among H.B. Fuller Singapore, Pte, Ltd., ZHAI Haichao, individually and as Sellers’ Representative, WANG Bing, LIN Xinsong, LI Yimbai and Beijing Gongchuang Mingtian Investment Advisory Co.	Exhibit 2.1 to the Current Report on Form 8-K dated June 24, 2014.
3.1	Restated Articles of Incorporation of H.B. Fuller Company, as amended	Exhibit 3.1 to the Quarterly Report on Form 10-Q for the quarter ended September 2, 2006.
3.2	By-Laws of H.B. Fuller Company	Exhibit 3.1 to the Current Report on Form 8-K dated December 2, 2015.
4.1	Form of Certificate for common stock, par value $1.00 per share	Exhibit 4.1 to the Annual Report on Form 10-K, as amended, for the year ended November 28, 2009.
4.2	Rights Agreement, dated as of July 13, 2006, between H.B. Fuller Company and Wells Fargo Bank Minnesota, National Association, as Rights Agent	Exhibit 4.1 to the Current Report on Form 8-K dated July 13, 2006.
4.3	Note Purchase Agreement, dated December 16, 2009, among H.B. Fuller Company, as borrower, and various financial institutions, as amended.	Exhibit 4.1 to the Current Report on Form 8-K dated December 16, 2009, and Exhibit 1.2 to the Current Report on Form 8-K dated March 5, 2012 and Exhibit 1.3 to the Current Report on Form 8-K dated October 31, 2014.
4.4	Note Purchase Agreement, dated March 5, 2012, by and among H.B. Fuller Company and the purchasers party thereto, as amended.	Exhibit 1.1 to the Current Report on Form 8-K dated March 5, 2012 and Exhibit 1.2 to the Current Report on Form 8-K dated October 31, 2014
10.1	Credit Agreement, dated October 31, 2014, by and among JP Morgan Chase Bank, N.A., as administrative agent, U.S. Bank National Association, Citibank, N.A. and Morgan Stanley MUFG Loan Partners, LLC, as co-syndication agents, and various financial institutions	Exhibit 1.1 to the Current Report on Form 8-K dated October 31, 2014.
*10.2	Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan	Exhibit 10.1 to the Current Report on Form 8-K dated April 5, 2006.
*10.3	H.B. Fuller Company Supplemental Executive Retirement Plan II – 2008, as amended	Exhibit 10.2 to the Current Report on Form 8-K dated December 19, 2007 Exhibit 10.5 to the Annual Report on Form 10-K for the year ended November 29, 2008 and Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended May 28, 2011.
*10.4	H.B. Fuller Company Executive Benefit Trust dated October 25, 1993 between H.B. Fuller Company and U.S. Bank, National Association, as Trustee, as amended, relating to the H.B. Fuller Company Supplemental Executive Retirement Plan	Exhibit 10(k) to the Annual Report on Form 10-K for the year ended November 29, 1997, Exhibit 10(k) to the Annual Report on Form 10-K405 for the year ended November 28, 1998, Exhibit 10.3 to the Current Report on Form 8-K dated December 19, 2007 and Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended May 30, 2009.
*10.5	H.B. Fuller Company Key Employee Deferred Compensation Plan (2005 Amendment and Restatement), as amended	Exhibit 10.1 to the Current Report on Form 8-K dated October 23, 2006, Exhibit 10.11 to the Annual Report on Form 10-K for the year ended December 1, 2007 and Exhibit 10.8 to the Annual Report on Form 10-K for the year ended November 29, 2008.
*10.6	Amended and Restated H.B. Fuller Company Annual and Long-Term Incentive Plan	Exhibit 10.1 to the Current Report on Form 8-K dated April 3, 2008.
*10.7	Form of Change in Control Agreement between H.B. Fuller Company and each of its executive officers	Exhibit 10.11 to the Annual Report on Form 10-K for the year ended November 29, 2008.
*10.8	Form of Severance Agreement between H.B. Fuller Company and each of its executive officers	Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarter ended May 31, 2008.
*10.9	Form of Non-Qualified Stock Option Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made between December 4, 2008 and December 2, 2009	Exhibit 10.4 to the Current Report on Form 8-K dated December 4, 2008.

*10.10 Form of Non-Qualified Stock Option Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after December 3, 2009 Exhibit 10.1 to the Current Report on Form 8-K dated December 3, 2009.

83 

*10.11	Form of Non-Qualified Stock Option Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 20, 2011	Exhibit 10.1 to the Current Report on Form 8-K dated January 20, 2011.
*10.12	Form of Non-Qualified Stock Option Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 26, 2012	Exhibit 10.1 to the Current Report on Form 8-K dated January 26, 2012
*10.13	Form of Restricted Stock Award Agreement under the H.B. Fuller Company 2009 Director Stock Incentive Plan for awards made to our non-employee directors on or after September 25, 2012	Exhibit 10.1 to the Current Report on Form 8-K dated September 24, 2012
*10.14	Form of Non-Qualified Stock Option Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 24, 2013	Exhibit 10.1 to the Current Report on Form 8-K dated January 24, 2013.
*10.15	Form of Restricted Stock Award Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 24, 2013.	Exhibit 10.2 to the Current Report on Form 8-K dated January 24, 2013.
*10.16	Form of Restricted Stock Unit Award Agreement under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 24, 2013	Exhibit 10.3 to the Current Report on Form 8-K dated January 24, 2013.
*10.17	Form of Restricted Stock Unit Award Agreement for Retirement Eligible Participants under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 24, 2013	Exhibit 10.4 to the Current Report on Form 8-K dated January 24, 2013.
*10.18	Form of Restricted Stock Award Agreement for the Chief Executive Officer under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan for awards made on or after January 24, 2013	Exhibit 10.5 to the Current Report on Form 8-K dated January 24, 2013.
*10.19	Form of Restricted Stock Award Agreement for the Chief Executive Officer under the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan (or any successor plan) for awards made on or after January 24, 2013	Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended March 2, 2013.
*10.20	Form of Non-Qualified Stock Option Agreement under the H.B. Fuller Company 2013 Master Incentive Plan for awards made on or after January 23, 2014	Exhibit 10.2 to the Current Report on Form 8-K dated January 23, 2014.
*10.21	Form of Restricted Stock Unit Award Agreement under the H.B. Fuller Company 2013 Master Incentive Plan for awards made on or after January 23, 2014	Exhibit 10.3 to the Current Report on Form 8-K dated January 23, 2014.
*10.22	Form of Restricted Stock Unit Award Agreement for Retirement Eligible Participants under the H.B. Fuller Company 2013 Master Incentive Plan for awards made on or after January 23, 2014	Exhibit 10.4 to the Current Report on Form 8-K dated January 23, 2014.
*10.23	Form of Restricted Stock Unit Award Agreement for the Chief Executive Officer under the H.B. Fuller Company 2013 Master Incentive Plan for awards made on or after January 23, 2014	Exhibit 10.5 to the Current Report on Form 8-K dated January 23, 2014.
*10.24	H.B. Fuller Company Defined Contribution Restoration Plan (As Amended and Restated Effective January 1, 2008), as amended	Exhibit 10.4 to the Current Report on Form 8-K dated December 19, 2007 and Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarter ended May 31, 2008.
*10.25	H.B. Fuller Company Directors’ Deferred Compensation Plan (2008 Amendment and Restatement), as amended	Exhibit 10.22 to the Annual Report on Form 10-K for the year ended November 29, 2008 and Exhibit 10.23 to the Annual Report on Form 10-K for the year ended November 29, 2008.

84 

*10.26	H.B. Fuller Company 2009 Director Stock Incentive Plan	Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarter ended May 30, 2009.
*10.27	H.B. Fuller Company Management Short-Term Incentive Plan for fiscal year 2012 and thereafter	Exhibit 10.5 to the Current Report on Form 8-K dated September 29, 2011.
*10.28	H.B. Fuller Company Management Short-Term Incentive Plan for fiscal year 2014 and thereafter	Exhibit 10.1 to the Current Report on Form 8-K dated January 23, 2014.
*10.29	H.B. Fuller Company Bonus Multiplier Program	Exhibit 10.1 to the Current Report on Form 8-K dated January 22, 2015.

*10.30	H.B. Fuller Company Special 2015 Performance Acceleration Bonus for fiscal year 2015 only	Exhibit 10.2 to the Current Report on Form 8-K dated January 22, 2015
*10.31	H.B. Fuller Management Short-Term Incentive – Executive Officers for fiscal year 2015 only	Exhibit 10.1 to the Current Report on Form 8-K dated July 9, 2015
*10.32	H.B. Fuller Company 2013 Master Incentive Plan	Annex B to the H.B. Fuller Company Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on February 27, 2013

21	List of Subsidiaries
23	Consent of KPMG LLP
24	Power of Attorney
31.1	302 Certification – James J. Owens
31.2	302 Certification – James R. Giertz

32.1	906 Certification – James J. Owens
32.2	906 Certification - James R. Giertz
101	The following materials from the H.B. Fuller Company Annual Report on Form 10-K for the fiscal year ended November 29, 2014 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Total Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.
	*Asterisked items are management contracts or compensatory plans or arrangements required to be filed.

See Exhibit Index and Exhibits attached to this Form 10-K.

85

EX-21

Exhibit 21

H.B. FULLER COMPANY AND CONSOLIDATED SUBSIDIARIES

AS OF NOVEMBER 28, 2015

	JURISDICTION OF		%
SUBSIDIARY	ORGANIZATION	OWNERSHIP	OWNED
	UNITED STATES/ CANADA
H.B. Fuller Company	Minnesota
H.B. Fuller International, Inc.	Delaware	H.B. Fuller Company	100.00
Branch: Hong Kong
Branch: Vietnam
Engent, Inc.	Georgia	H.B. Fuller Company	100.00
H.B. Fuller Automotive Company¹	Kansas	H.B. Fuller Company	100.00
H.B. Fuller Construction Products Inc.	Minnesota	H.B. Fuller Company	100.00
H.B. Fuller Canada Holding Co.	Canada	H.B. Fuller International, Inc.	100.00
H.B. Fuller Canada Investment Co.	Canada	H.B. Fuller Canada Holding Co.	100.00
H.B. Fuller Canada (partnership)	Canada	H.B. Fuller Canada Holding Co.	99.99
		H.B. Fuller Canada Investment Co.	0.01
Tonsan Adhesive U.S., Inc.	Florida	Tonsan Adhesives, Inc.	100.00
	ASIA-PACIFIC
H.B. Fuller Company Australia Pty. Ltd.	Australia	H.B. Fuller Company	100.00
Branch: New Zealand
Beijing Hystic New Materials Co., Ltd.	China	Tonsan Adhesive, Inc.	100.00
H.B. Fuller (China) Adhesives Ltd.	China	H.B. Fuller Adhesives Mauritius Ltd.	100.00
H.B. Fuller (Nanjing) Chemical Co., Ltd.	China	H.B. Fuller Company	36.04
		H.B. Fuller Singapore Pte. Ltd.	63.964
H.B. Fuller (Guangzhou) Adhesives Co., Ltd	China	H.B. Fuller Adhesives Hong Kong Limited	100.00
H.B. Fuller (Guangzhou) Trading Co., Ltd.	China	H.B. Fuller Company	4.76
		H.B. Fuller Singapore Pte. Ltd.	95.24
H.B. Fuller (Shanghai) Adhesives Co., Ltd.	China	H.B. Fuller Adhesives Hong Kong Limited	100.00
H.B. Fuller (Shanghai) Consulting Ltd.	China	H.B. Fuller Company	100.00
H.B. Fuller (Shanghai) Co. Ltd.	China	H.B. Fuller Company	100.00
H.B. Fuller (Yantai) Advanced Materials Co., Ltd.	China	H.B. Fuller Singapore Pte. Ltd.	100.00
Tonsan Adhesive, Inc.	China	H.B. Fuller Singapore Pte. Ltd.	95.00
		Wang Bing	1.25
		Zhai Haichao	1.25
		Li Yinbao	1.25
		Lin Xinsong	1.25
Tonsan Suzhou Adhesive Co., Ltd.	China	Tonsan Adhesive, Inc.	100.00
H.B. Fuller Adhesives Hong Kong Limited	Hong Kong	H.B. Fuller Singapore Pte. Ltd.	100.00
PT H.B. Fuller Indonesia	Indonesia	H.B. Fuller Company	12.90
		H.B. Fuller International, Inc.	0.01
		H.B. Fuller Singapore Pte. Ltd.	87.00
PT. HBFuller Adhesives Indonesia	Indonesia	H.B. Fuller Singapore Pte. Ltd.	90.00
		H.B. Fuller International, Inc.	10.00
Sekisui-Fuller Co. Ltd.	Japan	H.B. Fuller Company	50.00
H.B. Fuller Korea, Ltd.	Korea, Republic of	H.B. Fuller Company	100.00
H.B. Fuller Adhesives Malaysia Sdn. Bhd.	Malaysia	H.B. Fuller Singapore Pte. Ltd.	100.00
H.B. Fuller Adhesives Mauritius Ltd.	Mauritius	H.B. Fuller Company	100.00
H.B. Fuller (Philippines), Inc.	Philippines	H.B. Fuller Company	93.68
		Minority	6.32

H.B. FULLER COMPANY AND CONSOLIDATED SUBSIDIARIES

AS OF NOVEMBER 28, 2015

	JURISDICTION OF		%
SUBSIDIARY	ORGANIZATION	OWNERSHIP	OWNED

HBF Realty Corporation	Philippines	H.B. Fuller Company	40.00
		Bank of Philippines Islands Asset Management and Trust Group	60.00
H.B. Fuller Singapore Pte. Ltd.	Singapore	H.B. Fuller Canada	43.64
		H.B. Fuller Company	56.36
H.B. Fuller Taiwan Co., Ltd.	Taiwan	H.B. Fuller Company	100.00
H.B. Fuller (Thailand) Co., Ltd	Thailand	H.B. Fuller Company	99.99
		Minority shareholders	.01

	EUROPE/INDIA/ MIDDLE EAST/AFRICA
H.B. Fuller Austria Produktions GesmbH	Austria	H.B. Fuller Benelux B.V.	90.00
		H.B. Fuller Company	10.00
H.B. Fuller Austria GesmbH	Austria	H.B. Fuller Benelux B.V.	90.00
		H.B. Fuller Company	10.00
Branch: Hungary
Branch: Romania
Branch: Slovenia
H.B. Fuller Belgie BVBA	Belgium	H.B. Fuller Benelux B.V.	100.00
H.B. Fuller Egypt Investment LLC	Egypt	H.B. Fuller Deutschland Holding GmbH	50.00
		H.B. Fuller Deutschland GmbH	50.00
H.B. Fuller Egypt Trade LLC	Egypt	H.B. Fuller Deutschland Holding GmbH	50.00
		H.B. Fuller Deutschland GmbH	50.00
H.B. Fuller Egymelt LLC	Egypt	H.B. Fuller Egypt Investment LLC	50.00
		H.B. Fuller Egypt Trade LLC	50.00
Oy H.B. Fuller Nordic AB	Finland	H.B. Fuller Benelux B.V.	100.00
H.B. Fuller Adhesives France SAS	France	H.B. Fuller France	100.00
H.B. Fuller France	France	H.B. Fuller Benelux B.V.	100.00
H.B. Fuller Adhesives Deutschland GmbH	Germany	H.B. Fuller Deutschland Holding GmbH	100.00
Branch: India
Branch: Austria
H.B. Fuller Deutschland Holding GmbH	Germany	H.B. Fuller Benelux B.V.	100.00
H.B. Fuller Deutschland Produktions GmbH	Germany	H.B. Fuller Company	10.00
		H.B. Fuller Deutschland Holding GmbH	90.00
H.B. Fuller Deutschland GmbH	Germany	H.B. Fuller Deutschland Holding GmbH	100.00
Branch: Poland
Branch: Russia
Branch: Czech Republic
Isar-Rakoll Chemie, GmbH¹	Germany	H.B. Fuller Deutschland Produktions GmbH	100.00
Paul Heinicke GmbH & Co.	Germany	H.B. Fuller Deutschland Holding GmbH (Lim. Ptnr.)	100.00*
		H.B. Fuller Adhesives Deutschland GmbH( Gen Ptnr.) *partnership with Limited and General Partner
H.B. Fuller Greece S.A.I.C.	Greece	H.B. Fuller Adhesives Netherlands B.V.	99.999
		H.B. Fuller Adhesives UK Ltd.	0.001
H.B. Fuller Hungary Kft.	Hungary	H.B. Fuller Adhesives Deutschland GmbH	3.33
		H.B. Fuller Deutschland GmbH	96.67
H.B. Fuller India Adhesives Private Limited	India	H.B. Fuller Benelux B.V.	99.59
		H.B. Fuller Company	0.37
		H.B. Fuller International, Inc.	0.04

H.B. FULLER COMPANY AND CONSOLIDATED SUBSIDIARIES

AS OF NOVEMBER 28, 2015

SUBSIDIARY	JURISDICTION OF		%
	ORGANIZATION	OWNERSHIP	OWNED

H.B. Fuller Finance (Ireland)	Ireland	H.B. Fuller Europe GmbH	100.00
H.B. Fuller Ireland Limited¹	Ireland	Datac Adhesives Limited	100.00
H.B. Fuller Adhesives Italia S.p.A.	Italy	H.B. Fuller Italia Holding S.r.l	100.00
H.B. Fuller Italia Holding S.r.l.	Italy	H.B. Fuller Benelux B.V.	100.00
H.B. Fuller Italia Produzione S.r.l.	Italy	H.B. Fuller Italia Holding S.r.l.	100.00
H.B. Fuller Italia s.r.l.	Italy	H.B. Fuller Italia Holding S.r.l.	100.00
H.B. Fuller Kenya Limited	Kenya	H.B. Fuller Benelux B.V.	100.00
H.B. Fuller Lebanon S.A.R.L.¹	Lebanon	H.B. Fuller Company	100.00
Multi-Clean (Lebanon) S.A.R.L.1	Lebanon	H.B. Fuller Company	100.00
H.B. Fuller Adhesives Netherlands B.V.	Netherlands	H.B. Fuller Benelux B.V.	100.00
H.B. Fuller Benelux B.V.	Netherlands	H.B. Fuller Canada Holding Co.	100.00
Branch: Switzerland
H.B. Fuller Poland Sp.Z.o.o.	Poland	H.B. Fuller Deutschland GmbH	100.00
H.B. Fuller Portugal - SGPS, Lda.	Portugal	H.B. Fuller Benelux B.V.	90.00
		H.B. Fuller Company	10.00
H.B. Fuller Portugal, Produtos Químicos, S.A.	Portugal	H.B. Fuller Portugal - SGPS Lda.	100.00
H.B. Fuller, Isar-Rakoll, S.A.	Portugal	H.B. Fuller Portugal - SGPS Lda.	100.00
H.B. Fuller Adhesives Romania SRL	Romania	H.B. Fuller Adhesivse Deutschland GmbH	100.00
H.B. Fuller Rus Ltd.	Russia	H.B. Fuller Benelux B.V.	99.00
		H.B. Fuller Deutschland GmbH	1.000
H.B. Fuller Adhesives Spain, S.L.	Spain	H.B. Fuller Adhesives France SAS	100.00
H.B. Fuller Espana, S.A.	Spain	H.B. Fuller Company	100.00
H.B. Fuller Sverige AB	Sweden	H.B. Fuller Benelux B.V.	100.00
H.B. Fuller IP Licensing GmbH	Switzerland	H.B. Fuller Europe GmbH	100.00
H.B. Fuller Schweiz GmbH²	Switzerland	H.B. Fuller Deutschland Produktions GmbH	100.00
H.B. Fuller Europe GmbH	Switzerland	H.B. Fuller Benelux B.V.	99.00
Branch: Schonenwerd		H.B. Fuller Canada Holding Co.	1.00
H.B. Fuller Kimya Sanayi Ticaret Anonim Sirketi	Turkey	H.B. Fuller Benelux B.V.	89.99
		Minority	11.00
		Datac Adhesives Limited	<0.01
		H.B. Fuller Deutschland Holding GmbH	<0.01
		H.B. Fuller Deutschland Produktions GmbH	<0.01
		H.B. Fuller Deutschland GmbH	<0.01
Datac Adhesives Limited	U.K.	H.B. Fuller Company	100.00
H.B. Fuller Adhesives U.K. Ltd.	U.K.	Datac Adhesives Limited	100.00
H.B. Fuller Group Limited	U.K.	Datac Adhesives Limited	100.00
H.B. Fuller Pension Trustees Limited	U.K.	H.B. Fuller Company	50.00
		H.B. U.K. Manufacturing Limited	50.00
H.B. Fuller U.K. Operations Limited	U.K.	H.B. Fuller Group Limited	100.00
H.B. Fuller U.K. Limited	U.K.	H.B. Fuller U.K. Operations Limited	100.00
H.B. Fuller U.K. Manufacturing Limited	U.K.	H.B. Fuller U.K. Operations Limited	100.00
H.B.F. Ltd.¹	U.K.	H.B. Fuller U.K. Operations Limited	100.00

H.B. FULLER COMPANY AND CONSOLIDATED SUBSIDIARIES

AS OF NOVEMBER 28, 2015

SUBSIDIARY	JURISDICTION OF		%
	ORGANIZATION	OWNERSHIP	OWNED

	LATIN AMERICA
H.B. Fuller Chile, S.A.	Chile	H.B. Fuller Latin America Adhesives, S.A.	99.99
		Minority	0.01
H.B. Fuller Latin America Shared Services, S.R. Ltda	Costa Rica	H.B. Fuller International, Inc.	100.00
Distribuidora Americana, S.A.¹	Ecuador	H.B. Fuller Company	100.00
H.B. Fuller Mexico, S.A de C.V.	Mexico	H.B. Fuller Company	100.00
Chemical Supply Corporation	Panama	H.B. Fuller Company	100.00
H.B. Fuller Latin America Adhesives S.A.	Panama	H.B. Fuller Company	99.94
		Minority	0.06
	Chemical Supply Subsidiaries
H.B. Fuller Argentina, S.A.I.C.	Argentina	Chemical Supply Corporation	98.00
		H.B. Fuller Company	2.00
H.B. Fuller Bolivia, Ltda.¹	Bolivia	Chemical Supply Corporation	50.00
		Kativo Chemical Industries, S.A.	50.00
H.B. Fuller Brasil, Ltda.	Brazil	Chemical Supply Corporation	100.00
Adhesivos H.B. Fuller (Sul) Ltda.2	Brazil	Chemical Supply Corporation	99.96
		H.B. Fuller Brasil, Ltda.	0.04
Plexbond Quimica S/A	Brazil	H.B. Fuller Brasil, Ltda.	100.00
H.B. Fuller Colombia S.A.S.	Colombia	Chemical Supply Corporation	100.00
H.B. Fuller Centroamerica, S.A.	Costa Rica	Chemical Supply Corporation	100.00
H.B. Fuller Caribe, S.A.¹	Dominican Republic	Chemical Supply Corporation	99.42
		H.B. Fuller Centroamerica, S.A.	0.01
		Kativo Co. Corp.	0.01
		Kativo de Honduras, S.A.	0.01
		Minority	0.54
		Minority	0.01
		Minority	0.01
H.B. Fuller Ecuador, S.A.¹	Ecuador	Chemical Supply Corporation	100.00
H.B. Fuller Guatemala, S.A.¹	Guatemala	Chemical Supply Corporation	100.00
Resistol, S.A.¹	Guatemala	H.B. Fuller Guatemala, S.A.	100.00
Adhesivos Mexico Servicios Especializados S. de R.L. de CV	Mexico	Chemical Supply Corporation H.B. Fuller International, Inc.	99.97 0.03
H.B. Fuller Peru, S.A. ¹	Peru	Chemical Supply Corporation	99.00
		Minority	1.00
H.B. Fuller Uruguay, S.A.2	Uruguay	Chemical Supply Corporation	100.00
H.B. Fuller Venezuela, C.A.¹	Venezuela	Chemical Supply Corporation	100.00
1 -- Inactive Entities
2 -- To be liquidated

EX-23

Exhibit 23

Consent of Independent Registered Public Accounting Firm

The Board of Directors
H.B. Fuller Company:

We consent to the incorporation by reference in the registration statement (Nos. 333-50005, 333-89453, 333-48420, 333-135772, 333-151841, 333-158610 and 333-191549) on Forms S-8 of H.B. Fuller Company of our report dated January 27, 2016, with respect to the consolidated balance sheets of H.B. Fuller Company as of November 28, 2015 and November 29, 2014, and the related consolidated statements of income, comprehensive income (loss), total equity, and cash flows for each of the fiscal years in the three-year period ended November 28, 2015, and the effectiveness of internal control over financial reporting as of November 28, 2015, which report appears in the November 28, 2015 annual report on Form 10-K of H.B. Fuller Company.

Our report dated January 27, 2016, on the effectiveness of internal control over financial reporting as of November 28, 2015, expresses our opinion that H.B. Fuller Company did not maintain effective internal control over financial reporting as of November 28, 2015 because of the effect of a material weakness on the achievement of the objectives of the control criteria and contains an explanatory paragraph that states the material weakness related to the Company’s inadequate design and operating effectiveness of controls over the accounting for the acquisition of Tonsan Adhesive, Inc. has been identified and included in management’s assessment.

Our report dated January 27, 2016 on the effectiveness of internal control over financial reporting as of November 28, 2015, contains an explanatory paragraph that states management excluded from its assessment of the effectiveness of internal control over financial reporting as of November 28, 2015, the February 2015 acquisitions of Tonsan Adhesive, Inc. and Continental Products Limited’s internal control over financial reporting associated with assets of approximately 16 percent of H.B. Fuller Company’s total assets and revenues of approximately 5 percent of H.B. Fuller Company’s total revenues included in the consolidated financial statements of H.B. Fuller Company and subsidiaries as of and for the year ended November 28, 2015. Our audit of the effectiveness of internal control over financial reporting of H.B. Fuller Company also excluded an evaluation of the internal control over financial reporting of Tonsan Adhesive, Inc. and Continental Products Limited.

/s/ KPMG LLP

Minneapolis, Minnesota

January 27, 2016

EX-24

Exhibit 24

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned directors of H.B. FULLER COMPANY, a Minnesota corporation, which proposes to file with the Securities and Exchange Commission, Washington, D.C. 20549, under the provisions of the Securities Exchange Act of 1934, as amended, a Form 10-K Annual Report for the Company's fiscal year ended November 28, 2015, hereby constitute and appoint JAMES J. OWENS, JAMES R. GIERTZ AND TIMOTHY J. KEENAN his or her true and lawful attorneys-in-fact and agents, and each of them, with full power to act without the other, for him or her and in his or her name, place and stead to sign such Annual Report with power, where appropriate, to affix the corporate seal of said Company thereto, and to attest said seal, and to file such Annual Report so signed, with all exhibits thereto, and any and all other documents in connection therewith, with the Securities and Exchange Commission and with the appropriate office of any state, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of the 31^st day of December 2015.

/s/ Thomas W. Handley	/s/ Dante C. Parrini
THOMAS W. HANDLEY  Director	DANTE C. PARRINI Director
/s/ Maria Teresa Hilado	/s/ Ann W. H. Simonds
MARIA TERESA HILADO Director	ANN W. H. SIMONDS Director
/s/ J. Michael Losh	/s/ John C. Van Roden, Jr.
J. MICHAEL LOSH Director	JOHN C. VAN RODEN, JR. Director
/s/ Lee R. Mitau	/s/ R. William Van Sant
LEE R. MITAU Director and Non-Executive Chairman of the Board	R. WILLIAM VAN SANT Director

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, James J. Owens, certify that:

1. I have reviewed this report on Form 10-K of H.B. Fuller Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d–15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 27, 2016

/s/ James J. Owens

James J. Owens

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, James R. Giertz, certify that:

1.     I have reviewed this report on Form 10-K of H.B. Fuller Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d–15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 27, 2016

/s/ James R. Giertz

James R. Giertz.

Executive Vice President, Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION

I, James J. Owens, in connection with the Annual Report of H.B. Fuller Company on Form 10-K for the fiscal year ended November 28, 2015 (the “Report”), hereby certify that:

(a) the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of H.B. Fuller Company.

Date: January 27, 2016

/s/ James J. Owens

James J. Owens

President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION

I, James R. Giertz, in connection with the Annual Report of H.B. Fuller Company on Form 10-K for the fiscal year ended November 28, 2015 (the “Report”), hereby certify that:

(a) the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of H.B. Fuller Company.

Date: January 27, 2016

/s/ James R. Giertz

James R. Giertz

Executive Vice President, Chief Financial Officer

XML

Document And Entity Information - USD ($)	12 Months Ended
	Nov. 28, 2015	Jan. 21, 2016	May. 30, 2015
Entity Registrant Name	FULLER H B CO
Entity Central Index Key	0000039368
Trading Symbol	ful
Current Fiscal Year End Date	--11-28
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		50,075,532
Entity Public Float			$ 2,108,178,575
Document Type	10-K
Document Period End Date	Nov. 28, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Amendment Flag	false

XML

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Sales revenue	$ 2,083,660	$ 2,104,454	$ 2,046,968
Cost of sales	(1,515,617)	(1,571,164)	(1,476,797)
Gross profit	568,043	533,290	570,171
Selling, general and administrative expenses	(397,558)	(383,449)	(374,669)
Special charges, net	(4,654)	(51,501)	(45,087)
Other (expense) income, net	(2,465)	716	(3,751)
Interest expense	(25,021)	(19,744)	(19,120)
Income from continuing operations before income taxes and income from equity method investments	138,345	79,312	127,544
Income taxes	(55,855)	(34,348)	(39,949)
Income from equity method investments	5,907	5,187	8,380
Income from continuing operations	88,397	$ 50,151	95,975
Income (loss) from discontinued operations, net of tax	(1,300)		1,211
Net income including non-controlling interests	87,097	$ 50,151	97,186
Net income attributable to non-controlling interests	(417)	(378)	(425)
Net income attributable to H.B. Fuller	$ 86,680	$ 49,773	$ 96,761
Basic
Income from continuing operations (in dollars per share)	$ 1.75	$ 1	$ 1.92
Income (loss) from discontinued operations (in dollars per share)	(0.03)		0.02
Basic earnings per share (in dollars per share)	1.72	$ 1	1.94
Diluted
Income from continuing operations (in dollars per share)	1.71	$ 0.97	1.87
Income (loss) from discontinued operations (in dollars per share)	(0.03)		0.02
Diluted earnings per share (in dollars per share)	$ 1.69	$ 0.97	$ 1.89
Weighted-average common shares outstanding:
Basic (in shares)	50,274	50,006	49,893
Diluted (in shares)	51,393	51,255	51,136
Dividends declared per common share (in dollars per share)	$ 0.51	$ 0.46	$ 0.385

XML

Consolidated Statements of Comprehesive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Net income including non-controlling interests	$ 87,097	$ 50,151	$ 97,186
Other comprehensive income (loss)
Foreign currency translation	(62,776)	(38,687)	(931)
Defined benefit pension plans adjustment, net of tax	(15,871)	(36,874)	68,196
Interest rate swaps, net of tax	40	41	41
Cash-flow hedges, net of tax	(1,342)	116	303
Other comprehensive income (loss)	(79,949)	(75,404)	67,609
Comprehensive income (loss)	7,148	(25,253)	164,795
Less: Comprehensive income attributable to non-controlling interests	400	364	370
Comprehensive income (loss) attributable to H.B. Fuller	$ 6,748	$ (25,617)	$ 164,425

XML

Consolidated Balance Sheets - USD ($) $ in Thousands		Nov. 28, 2015	Nov. 29, 2014
Current assets:
Cash and cash equivalents		$ 119,168	$ 77,569
Trade receivables, net		364,704	341,307
Inventories		248,504	251,290
Other current assets		$ 68,675	93,105
Current assets of discontinued operations			1,865
Total current assets		$ 801,051	765,136
Property, plant and equipment, net		512,860	502,634
Goodwill		354,204	255,972
Other intangibles, net		212,993	195,938
Other assets		161,144	149,326
Total assets	[1]	2,042,252	1,869,006
Current liabilities:
Notes payable		30,757	$ 27,149
Current maturities of long-term debt		22,500
Trade payables		177,864	$ 174,494
Accrued compensation		52,079	45,746
Income taxes payable		8,970	13,761
Other accrued expenses		$ 57,355	51,049
Current liabilities of discontinued operations			5,000
Total current liabilities		$ 349,525	317,199
Long-term debt		669,606	547,735
Accrued pension liabilities		76,324	67,193
Other liabilities		69,272	41,775
Total liabilities		1,164,727	973,902
Redeemable non-controlling interest		$ 4,199	$ 4,654
H.B. Fuller stockholders' equity:
Preferred stock (no shares outstanding) Shares authorized – 10,045,900
Common stock, par value $1.00 per share, Shares authorized – 160,000,000, Shares outstanding – 50,074,310 and 50,310,803, for 2015 and 2014, respectively		$ 50,074	$ 50,311
Additional paid-in capital		55,522	53,269
Retained earnings		994,608	933,819
Accumulated other comprehensive income (loss)		(227,284)	(147,352)
Total H.B. Fuller stockholders' equity		872,920	890,047
Non-controlling interests		406	403
Total equity		873,326	890,450
Total liabilities, redeemable non-controlling interest and total equity		$ 2,042,252	$ 1,869,006

[1] Segment assets include primarily inventory, accounts receivable, property, plant and equipment and other miscellaneous assets. Corporate assets include primarily corporate property, plant and equipment, deferred tax assets, certain investments and other assets.

XML

Consolidated Balance Sheets (Parentheticals) - $ / shares	Nov. 28, 2015	Nov. 29, 2014
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)	50,074,310	50,310,803

XML

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 Dec. 01, 2012	$ 49,903	$ 37,965	$ 830,031	$ (139,626)	$ 425	$ 778,698
Comprehensive income (loss)			96,761	67,664	370	164,795
Dividends			(19,484)			(19,484)
Stock option exercises	462	8,429				8,891
Share-based compensation plans other, net	301	12,621				12,922
Tax benefit on share-based compensation plans		2,676				2,676
Repurchases of common stock	(437)	(17,201)				(17,638)
Redeemable non-controlling interest					(399)	(399)
Balance at Nov. 30, 2013	50,229	44,490	907,308	(71,962)	396	930,461
Comprehensive income (loss)			49,773	(75,390)	364	(25,253)
Dividends			(23,262)			(23,262)
Stock option exercises	330	6,522				6,852
Share-based compensation plans other, net	70	14,092				14,162
Tax benefit on share-based compensation plans		3,357				3,357
Repurchases of common stock	(318)	(15,192)				(15,510)
Redeemable non-controlling interest					(357)	(357)
Balance at Nov. 29, 2014	50,311	53,269	933,819	(147,352)	403	$ 890,450
Recognition of non-controlling interest redemption liability
Comprehensive income (loss)			86,680	(79,932)	400	$ 7,148
Dividends			(25,891)			(25,891)
Stock option exercises	234	4,397				4,631
Share-based compensation plans other, net	83	15,159				15,242
Tax benefit on share-based compensation plans		1,433				1,433
Repurchases of common stock	(554)	(18,736)				(19,290)
Redeemable non-controlling interest					(321)	(321)
Balance at Nov. 28, 2015	$ 50,074	$ 55,522	$ 994,608	$ (227,284)	406	873,326
Non-controlling interest assumed					14,197	14,197
Recognition of non-controlling interest redemption liability					(11,773)	(11,773)
Purchase of non-controlling interest					(2,424)	(2,424)
Non-controlling interest					$ (76)	$ (76)

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Cash flows from operating activities from continuing operations:
Net income including non-controlling interests	$ 87,097	$ 50,151	$ 97,186
(Income) loss from discontinued operations, net of tax	1,300		(1,211)
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:
Depreciation	48,305	$ 47,254	39,149
Amortization	26,984	23,240	22,508
Deferred income taxes	6,645	4,154	9,648
(Income) from equity method investments, net of dividends received	(3,042)	(2,857)	4,559
Share-based compensation	14,156	13,376	12,317
Pension and other postretirement benefit plan contributions	(4,645)	(12,575)	(6,811)
Pension and other postretirement benefit plan income (expense)	(3,572)	20,399	(1,777)
Excess tax benefit from share-based compensation	(1,433)	(3,357)	(2,676)
Non-cash charge for the sale of inventories revalued at the date of acquisition	2,416	138	189
Change in assets and liabilities, net of effects of acquisitions:
Trade receivables, net	(12,038)	(18,893)	(7,281)
Inventories	(4,588)	(36,227)	(11,797)
Other assets	11,991	(41,711)	(13,848)
Trade payables	5,794	(14,544)	16,258
Accrued compensation	5,982	(28,103)	3,786
Other accrued expenses	9,691	6,006	4,793
Income taxes payable	(1,369)	(112)	(17,933)
Other liabilities	(1,778)	(9,941)	(3,263)
Other	22,633	33,336	(11,103)
Net cash provided by operating activities from continuing operations	210,529	29,734	132,693
Cash flows from investing activities from continuing operations:
Purchased property, plant and equipment	(58,624)	(139,794)	(124,288)
Purchased businesses, net of cash acquired	$ (217,572)	$ (26,334)	(8,614)
Purchased technology			$ (2,387)
Proceeds from litigation award	$ 12,049
Proceeds from sale of property, plant and equipment	5,326	$ 6,111	$ 2,135
Net cash used in investing activities from continuing operations	(258,821)	(160,017)	(133,154)
Cash flows from financing activities from continuing operations:
Proceeds from long-term debt	357,000	560,000	107,034
Repayment of long-term debt	(211,250)	(483,250)	(129,502)
Net proceeds from (payments on) notes payable	(2,623)	6,602	(545)
Dividends paid	$ (25,683)	$ (23,087)	(19,334)
Distribution to redeemable non-controlling interest			(244)
Proceeds from stock options exercised	$ 4,631	$ 6,852	8,891
Excess tax benefit from share-based compensation	1,433	3,357	2,676
Repurchases of common stock	(19,290)	(15,510)	(17,638)
Net cash provided by (used in) financing activities from continuing operations	104,218	54,964	(48,662)
Effect of exchange rate changes on cash and cash equivalents	(9,033)	(2,233)	2,671
Net change in cash and cash equivalents from continuing operations	46,893	$ (77,552)	(46,452)
Cash provided by (used in) operating activities of discontinued operations	(5,294)		1,137
Net change in cash and cash equivalents	41,599	$ (77,552)	(45,315)
Cash and cash equivalents at beginning of year	77,569	155,121	200,436
Cash and cash equivalents at end of year	119,168	77,569	155,121
Supplemental disclosure of cash flow information:
Dividends paid with company stock	208	175	150
Cash paid for interest, net of amount capitalized of $136, $2,725 and $1,921 for the years ended November 28, 2015, November 29, 2014 and November 30, 2013, respectively	27,156	24,758	23,574
Cash paid for income taxes, net of refunds	$ 33,076	$ 16,599	$ 41,920

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Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Capitalized interest costs	$ 136	$ 2,725	$ 1,921

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

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Nature of Operations [Text Block]

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

Nature of Business:

H.B. Fuller Company and its subsidiaries formulate, manufacture and market adhesives, sealants and other specialty chemical products globally, with sales operations in 36 countries in North America, Europe, Latin America, the Asia Pacific region, India, the Middle East and Africa.

Our business is reported in four operating segments: Americas Adhesives, EIMEA (Europe, India, Middle East and Africa), Asia Pacific and Construction Products. Of the 2015 net revenue, Americas Adhesives operating segment accounted for 42 percent, EIMEA 29 percent, Asia Pacific 18 percent and Construction Products 11 percent.

The Americas Adhesives, EIMEA and Asia Pacific operating segments produce and supply industrial adhesives products for applications in various markets including assembly (appliances, filters, construction, automotive, electronics, solar, etc.), packaging (food and beverage containers, flexible packaging, consumer goods, package integrity and re-enforcement, durable and non-durable goods, etc.), converting (corrugation, tape and label, paper converting, envelopes, books, multi-wall bags, sacks, tissue and towel), nonwoven and hygiene (disposable diapers, feminine care and medical garments), performance wood (windows, doors, wood flooring) and textile (footwear, sportswear, etc.).

The Construction Products operating segment includes products used for tile setting (adhesives, grouts, mortars, sealers, levelers, etc.) and heating, ventilation and air conditioning and insulation applications (duct sealants, weather barriers and fungicidal coatings, block fillers, etc.).

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 under the cost method.

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 company. For fiscal years 2015 and 2014, this equity method investment exceeded the 10 percent threshold but not the 20 percent threshold test for a significant subsidiary as defined in Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934. As such, summarized financial information as of November 28, 2015 and November 29, 2014 for Sekisui-Fuller Company, Ltd. is as follows:

	As of November 28, 2015		As of November 29, 2014
Current assets	$	86,937	$	82,195
Non-current assets		22,607		21,257
Current liabilities		38,280		37,021
Non-current liabilities		2,041		1,787

	For the year ended November 28, 2015		For the year ended November 29, 2014
Net revenue	$	159,518	$	181,999
Gross profit		40,982		47,955
Net income		12,365		14,024

Our fiscal year ends on the Saturday closest to November 30. Fiscal year-end dates were November 28, 2015, November 29, 2014 and November 30, 2013 for 2015, 2014 and 2013, respectively.

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:

For shipments made to customers, title generally passes to the customer when all requirements of the sales arrangement have been completed, which is generally at the time of delivery. Revenue from product sales is recorded when title to the product transfers, no remaining performance obligations exist, the terms of the sale are fixed and collection is probable. Shipping terms include title transfer at either shipping point or destination. Stated terms in sale agreements also include payment terms and freight terms. Net revenues include shipping revenues as appropriate.

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 Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) 605-50,

Customer Payments and Incentives

. Customer rebates recorded in the Consolidated Statements of Income as a reduction of net revenue, were $13,951, $12,428 and $11,552 in 2015, 2014 and 2013, respectively.

For certain products, consigned inventory is maintained at customer locations. For these products, revenue is recognized in the period that the inventory is consumed. Sales to distributors also 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, shipping and receiving costs, freight costs, depreciation of manufacturing equipment and other less significant indirect costs related to the production of our products.

Selling, General and Administrative (SG&A) Expenses:

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 the pre-tax income included in the Consolidated Statements of Income before income from equity method investments. 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 8 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 are 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, estimated attrition rate, and a discount rate.  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 from continuing operations in our Consolidated Statements of Cash Flows.

Restrictions on Cash:

There were no restrictions on cash as of November 28, 2015. 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 Receivable 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. Invoices are written off against the allowance when the invoice is 18 months past terms. See Note 4 for further information.

Inventories:

Inventories recorded at cost (not in excess of market value) as determined by the last-in, first-out method (LIFO) represent approximately 39 percent of consolidated inventories. During 2015, 2014 and 2013 there were no significant liquidations of LIFO inventory layers or significant LIFO liquidation gains or losses. The remaining inventories, which include all non-U.S. operations, are valued at the lower of cost (mainly weighted-average actual cost) or market value.

Investments:

Investments with a value of $5,915 and $7,196 represent the cash surrender value of life insurance contracts

as of

November 28, 2015 and November 29, 2014, 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 other income (expense),

net.

Cost Method 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 cost method. We have a policy in place to review our investments at least annually, to evaluate the accounting method and carrying value of our investments in unconsolidated investees. Our cost method investments are evaluated, on at least a quarterly basis, for potential other-than-temporary impairment, or when an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investments. If we believe that the carrying value of an investment is in excess of its estimated fair value, it is our policy to record an impairment charge to adjust the carrying value to the estimated fair value, if the impairment is considered other-than-temporary

.

We did not have any impairment of our cost method investments for the years ended November 28, 2015, November 29, 2014 and November 30, 2013.  The book value of the cost method investments was $1,666 as of November 28, 2015 and $1,671 as of November 29, 2014.

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 (expense), 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 $136, $2,725 and $1,921 were capitalized in 2015, 2014 and 2013, respectively.

Goodwill:

We test goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of our reporting units by comparing the reporting unit’s estimated fair value to its carrying amount, including goodwill. We use a discounted cash flow approach to estimate the fair value of our reporting units. Our judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures and working capital requirements. 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, there is an indication of potential impairment, and we calculate an implied fair value of goodwill. The implied fair value is calculated as the difference between the fair value of the reporting unit and the fair value of the individual assets and liabilities of the reporting unit, excluding goodwill. An impairment charge is recorded for any excess of the carrying value over the implied fair value. Based on our 2015 annual assessment, we determined that none of our goodwill was impaired.

Intangible Assets:

Intangible assets include patents 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 discounted cash flow 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 (expense), 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 Latin America and certain European countries have a functional currency different than their local currency. All other foreign subsidiaries, which are located in North America, Europe and Asia, 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 and health care cost trend 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 60 percent equities and 40 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 (AROs) 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 $2,274 and $2,515 at

November 28, 2015 and November 29, 2014, 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.

Share-based Compensation:

We have various share-based compensation programs, which provide for equity awards, including stock options and restricted stock. We use the straight-line 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 3 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, (b) the amount of unearned share-based compensation costs attributed to future services and (c) the amount of tax benefits, if any, that would be credited to additional paid-in capital assuming exercise of the award. Share-based compensation awards for which total employee proceeds exceed the average market price over the applicable period have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. The computations for basic and diluted earnings per share are as follows:

(shares in thousands)	2015		2014		2013
Net income attributable to H.B. Fuller	$	86,680	$	49,773	$	96,761
Weighted-average common shares – basic		50,274		50,006		49,893
Equivalent shares from share-based compensation plans		1,119		1,249		1,243
Weighted-average common and common equivalent shares – diluted		51,393		51,255		51,136
Basic earnings per share	$	1.72	$	1.00	$	1.94
Diluted earnings per share	$	1.69	$	0.97	$	1.89

Share-based compensation awards for 887,672, 421,810 and 112,367 shares for 2015, 2014 and 2013, 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, local currency denominated assets to local 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 11 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 repurchased 54,454, 67,593 and 62,124 shares of common stock in 2015, 2014 and 2013, respectively, in connection with the statutory minimum for the tax withholdings related to vesting of restricted shares.

On September 30, 2010, the Board of Directors authorized a share repurchase program of up to $100,000 of our outstanding common shares. During 2015, we repurchased 500,000 shares for $17,066 under this program. During 2014 we repurchased 250,000 shares for $12,254 and during 2013 we repurchased 375,000 shares for $15,292 under this program. See Note 9 for further information.

New Accounting Pronouncements:

In January 2016, the

FASB issued

Accounting Standards Update (ASU)

No. 2016-01,

Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

, which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This guidance will be effective for us in the first quarter of our fiscal year 2019, and early adoption is not permitted. We are currently evaluating the impact that this guidance will have on our consolidated financial statements.

In November 2015, the FASB issued ASU No. 2015-17, 

Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes

, which amends the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This accounting guidance is effective for us beginning in the first quarter of 2018, but we have elected to adopt this guidance prospectively as of November 28, 2015.  As a result, we have classified all deferred tax liabilities and assets as non-current in the Consolidated Balance Sheet at November 28, 2015.

In September 2015, the FASB issued ASU No. 2015-16,

Business Combinations (Topic 805)

,

which requires that an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This guidance requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change in provisional amounts, calculated as if the accounting had been completed at the acquisition date. This guidance requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Our effective date for adoption of this guidance is our fiscal year beginning December 3, 2017. We have evaluated the effect that this guidance will have on our Consolidated Financial Statements and related disclosures and determined it will not have a material impact.

In July 2015, the FASB issued ASU No. 2015-11,

Inventory (Topic 330): Simplifying the Measurement of

Inventory

, which requires a company to measure inventory within the scope of this guidance (inventory measured using first-in, first-out (FIFO) or average cost) at the lower of cost and net realizable value methods. Subsequent measurement is unchanged for inventory measured using the last-in, first-out (LIFO) or retail inventory method. Our effective date for adoption of this guidance is our fiscal year beginning December 3, 2017. We have evaluated the effect that this guidance will have on our Consolidated Financial Statements and related disclosures and determined it will not have a material impact.

In May 2015, the FASB issued ASU No. 2015-07,

Fair Value Measurement (Subtopic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent)

.

The amendments in this guidance remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient thus eliminating the diversity that currently exists in the disclosure of these assets. Our effective date for adoption of this guidance is our fiscal year beginning November 29, 2015. We have evaluated the effect that this guidance will have on our Consolidated Financial Statements and related disclosures and determined it will not have a material impact.

In April 2015, the FASB issued ASU No. 2015-04,

Compensation–Retirement Benefits (Topic 715) Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets

. This guidance permits an entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end for an entity with a fiscal year-end that does not coincide with a month-end. We adopted this guidance for our fiscal year ended November 28, 2015, which did not have a material impact on our consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03,

Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issue Costs

. This guidance requires debt issue costs to be presented as a direct deduction from the carrying amount of debt, consistent with debt discounts. This is a change from the current presentation of classifying debt issue costs as a deferred charge. Our effective date for adoption is our fiscal year beginning December 3, 2017. We have evaluated the effect that this guidance will have on our Consolidated Financial Statements and related disclosures and determined it will not have a material impact.

In May 2014, the FASB issued ASU No. 2014-09,

Revenue from Contracts with Customers (Topic 606),

which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017 (as stated in ASU No. 2015-14 which defers the effective date and was issued in August 2015) and is now effective for our fiscal year beginning December 2, 2018. Early application as of the original effective date is permitted under ASU 2015-14. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that this guidance will have on our Consolidated Financial Statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.

In April 2014, the FASB issued ASU 2014-08, 

Reporting Discontinued Operations and Disclosures of Components of an Entity,

which amends the definition of a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This guidance is effective prospectively beginning in the first quarter of fiscal 2016. We do not expect adoption of this guidance to have a material impact on our Consolidated Financial Statements.

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Note 2 - Acquisitions and Divestitures

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Business Combination Disclosure [Text Block]

Note 2: Acquisitions and Divestitures

Acquisitions

Continental Products Limited:

On February 3, 2015 we acquired the equity of Continental Products Limited, a provider of industrial adhesives, based in Nairobi, Kenya. The acquisition supports our growth strategy for emerging markets and delivers specialty adhesive products to key customers in East and Central Africa. The purchase price of €1,459

,

or approximately $1,647, net of cash acquired of €329 or $371, was funded through existing cash and was recorded in our EIMEA operating segment. We incurred acquisition related costs of approximately $16, which were recorded as SG&A expenses in the Consolidated Statements of Income.

The following table summarizes the final fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition:

		Amount
Current assets	$	1,357
Property, plant and equipment		143
Goodwill		462
Other intangibles
Customer relationships		416
Noncompetition agreements		30
Other assets		7
Current liabilities		(591	)
Other liabilities		(177	)
Total purchase price	$	1,647

The expected lives of the acquired intangible assets are 13 years for customer relationships and 3 years for noncompetition agreements.

Tonsan Adhesive, Inc.

On February 2, 2015 we acquired 95 percent of the equity of Tonsan Adhesive, Inc., an independent engineering adhesives provider based in Beijing, China. The acquisition strengthens our customer relationships in the high-value, fast growing engineering adhesives markets. The purchase price was 1.4 billion Chinese renminbi

,

or approximately $215,925, net of cash acquired of $7,754, which was financed with proceeds from our October 31, 2014 term loan, drawn in conjunction with the acquisition. The acquisition was recorded in our Asia Pacific operating segment. We incurred acquisition related costs of approximately $373, which were recorded as SG&A expenses in the Consolidated Statements of Income.

Concurrent with the acquisition, we entered into an agreement to acquire the remaining 5 percent of Tonsan’s equity beginning February 1, 2019 for 82 million Chinese renminbi or approximately $13,038. In addition, the agreement requires us to pay up to 418 million Chinese renminbi

,

or approximately $66,848

,

in contingent consideration based upon a formula related to Tonsan’s gross profit in fiscal 2018. The fair values of the agreement to purchase the remaining equity and the contingent consideration based upon a discounted cash flow model as of the date of acquisition were $11,773 and $7,714

, respectively. See Note 13 for further discussion of the fair value of the contingent consideration.

The fair value measurement was preliminary at November 28, 2015, subject to the completion of management's assessment of certain contingent liabilities. We expect the fair value measurement process to be completed in the first quarter of 2016.

The following table summarizes the preliminary fair value measurement of the assets acquired and liabilities assumed:

	Valuation February 28, 2015			Fair Value Adjustments			Valuation November 28, 2015
Current assets	$	50,922		$	(1,083	)	$	49,839
Property, plant and equipment		58,549			593			59,142
Goodwill 1		155,232			(30,142	)		125,090
Other intangibles
Developed technology		18,500			100			18,600
Customer relationships		12,400			13,300			25,700
Trademarks/trade names		10,900			100			11,000
Other assets		139			13,401			13,540
Current liabilities		(30,590	)		(7,478	)		(38,068	)
Other liabilities 1		(49,497	)		12,352			(37,145	)
Redeemable non-controlling interests		(10,630	)		(1,143	)		(11,773	)
Total purchase price	$	215,925		$	-		$	215,925

1 Included in the fair value adjustments is the correction of an error related to the valuation of the contingent consideration and goodwill of $9,572 as of February 28, 2015.

The expected lives of the acquired intangible assets are 7 years for developed technology, 11 years for customer relationships and 14 years for trademarks/trade names. See Note 13 for further discussion of the fair value of the acquired tangible and intangible assets.

Based on the fair value measurement of the assets acquired and liabilities assumed, we allocated $125,090 to goodwill for the expected synergies from combining Tonsan with our existing business. Such goodwill is not expected to be deductible for tax purposes. The goodwill was assigned to our Asia Pacific operating segment.

We have analyzed Tonsan’s results of operations and concluded that it does not represent a material business combination. Therefore, we have not prepared unaudited pro forma consolidated results of operations, as if the acquisition of Tonsan had occurred at the beginning of fiscal 2015.

ProSpec® Construction Products

:

On September 3, 2014 we acquired the ProSpec construction products business, a provider of tile and stone installation products. The purchase price of $26,183 was funded through existing cash and was recorded in our Construction Products operating segment.

The following table summarizes the final fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition:

		Amount
Current assets	$	6,502
Property, plant and equipment		7,976
Goodwill		7,443
Other intangibles
Customer relationships		4,300
Technology		1,500
Trademarks/trade names		200
Current liabilities		(1,738	)
Total purchase price	$	26,183

Plexbond Quimica, S.A.:

On June 6, 2013 we acquired Plexbond Quimica, S.A., a provider of chemical urethane adhesives and polyurethane resins based in Curitiba, Brazil. The purchase price of $10,390 was funded through existing cash and was recorded in our Americas Adhesives operating segment.

Divest

it

ures

Central

America Paints

:

On August 6, 2012 we completed the sale of our Central America Paints business. In accordance with ASC 205-20,

Discontinued Operations

, we have classified the results of this business as discontinued operations. The operational results of this business are presented in income (loss) from discontinued operations, net of tax and the assets and liabilities of this business are presented on the Consolidated Balance Sheets as assets and liabilities of discontinued operations. A portion of the cash proceeds was determined to be contingent consideration, pending resolution of purchase agreement contingencies. The contingent consideration was valued at fair value based on level 3 inputs. The original contingent consideration in the amount of $5,000 was included in current liabilities of discontinued operations in the Consolidated Balance Sheets at November 29, 2014. On June 15, 2015, we entered into an agreement to settle various matters related to the divestiture of the Paints business, including the settlement of the contingent consideration for $8,000. As a result of this agreement, we recorded a loss from discontinued operations, net of tax of $1,300. We paid $8,000 related to this agreement in the third quarter of 2015.

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Note 3 - Accounting for Share-Based Compensation

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note

3

: 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 shares, restricted stock units and deferred compensation. These equity awards fall under several plans and are described below. Starting in 2014 we no longer grant restricted stock shares.

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 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 may include grants of restricted stock shares or 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. Such awards generally vest beginning one year from the date of grant or 33.3 percent per year for three years, depending on the grant. During the vesting period, ownership of the shares cannot be transferred.

Restricted stock shares granted represent newly issued shares and have the same cash dividend and voting rights as other common stock and are considered to be currently issued and outstanding. The cash dividends on restricted stock shares are forfeitable.

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 both the restricted stock shares and 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. Accordingly, the related compensation expense is recognized immediately 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.

Year

20

13

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 2015, 2014 and 2013 were calculated using the following assumptions:

	2015					2014					2013
Expected life (in years)		4.62					4.75					4.75
Weighted-average expected volatility		30.81			%		33.83			%		47.28			%
Expected volatility range		25.50%	-	31.67	%		31.61%	-	37.06	%		39.25%	-	48.02	%
Risk-free interest rate		1.27			%		1.52			%		0.77			%
Expected dividend yield		1.12			%		0.85			%		0.87			%
Weighted-average fair value of grants	$	10.05				$	13.82				$	15.05

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 average stock price.

Expense

We use the straight-line attribution method to recognize expense for all option awards and restricted stock awards with graded and cliff vesting. 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 $14,156, $13,376 and $12,317 for 2015, 2014 and 2013, respectively. All share-based compensation was recorded as SG

&A

 expense.

The benefits of tax deductions in excess of recognized compensation costs (excess tax benefits) are recorded as a financing cash inflow rather than a deduction of taxes paid. For 2015, 2014 and 2013, there was $1,433, $3,357 and $2,676 of excess tax benefit recognized resulting from share-based compensation cost, respectively. Our additional paid in capital pool (APIC Pool) of excess tax benefits available to absorb tax deficiencies was $20,180 at November 28, 2015 due to exercises of stock options, vesting of restricted stock and deferred compensation payouts in the year.

As of November 28, 2015, $7,232 of unrecognized compensation costs related to unvested stock option awards is expected to be recognized over a weighted-average period of 1.1 years. Unrecognized compensation costs related to unvested restricted stock shares was $840 which is expected to be recognized over a weighted-average period of 0.5 years and unvested restricted stock units was $5,609 which is expected to be recognized over a weighted-average period of 0.9 years.

Stock Option

Activity

The stock option activity for the years ended November 28, 2015 and November 29, 2014 is summarized below:

				Weighted-
				Average
	Options			Exercise Price
Outstanding at November 30, 2013		2,429,961		$	25.74
Granted		477,606			48.06
Exercised		(330,179	)		20.75
Forfeited or cancelled		(42,915	)		38.59
Outstanding at November 29, 2014		2,534,473		$	30.39
Granted		759,167			40.69
Exercised		(275,035	)		22.67
Forfeited or cancelled		(106,532	)		42.42
Outstanding at November 28, 2015		2,912,073		$	33.37

The fair value of options granted during 2015, 2014 and 2013 was $7,632, $6,599 and $7,425, respectively. Total intrinsic value of options exercised during 2015, 2014 and 2013 was $5,327, $8,915 and $9,842, respectively. Intrinsic value is the difference between our closing stock price on the respective trading day and the exercise price, multiplied by the number of options exercised. Proceeds received from option exercises during the year ended November 28, 2015, November 29, 2014 and November 30, 2013 were $4,631, $6,852 and $8,891, respectively.

The nonvested restricted stock activity for the years ended November 28, 2015 and November 29, 2014, is summarized below:

	Units			Shares			Total			Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Life (in Years)
Nonvested at November 30, 2013		135,231			312,445			447,676		$	33.76		1.2
Granted		126,536			-			126,536			48.84		1.2
Vested		(68,293	)		(114,044	)		(182,337	)		48.16		-
Forfeited		(4,813	)		(9,779	)		(14,592	)		37.80		1.1
Nonvested at November 29, 2014		188,661			188,622			377,283		$	40.70		1.0
Granted		144,100			-			144,100			40.92		1.2
Vested		(82,495	)		(69,152	)		(151,647	)		37.47		-
Forfeited		(13,253	)		(9,310	)		(22,563	)		40.66		0.8
Nonvested at November 28, 2015		237,013			110,160			347,173		$	42.17		0.8

Total fair value of restricted stock vested during 2015, 2014, and 2013 was $6,192, $8,782 and $6,807, respectively. The total fair value of nonvested restricted stock at November 28, 2015 was $14,639.

We repurchased 54,454, 67,593 and 62,124 restricted stock shares during 2015, 2014 and 2013, respectively, in conjunction with restricted stock share vestings. The repurchases relate to statutory minimum tax withholding.

Deferred compensation units are fully vested at the date of contribution. The deferred compensation units outstanding for the years ended November 28, 2015 and November 29, 2014 is summarized below:

	Non-employee Directors			Employees			Total
Units outstanding November 30, 2013		312,680			61,288			373,968
Participant contributions		14,347			4,429			18,776
Company match contributions 1		16,613			492			17,105
Payouts		(1,093	)		(13,906	)		(14,999	)
Units outstanding November 29, 2014		342,547			52,303			394,850
Participant contributions		16,312			4,705			21,017
Company match contributions 1		21,636			470			22,106
Payouts		(325	)		(11,572	)		(11,897	)
Units outstanding November 28, 2015		380,170			45,906			426,076

1

The non-employee directors’ company match includes 20,005 and 15,019 deferred compensation units paid as discretionary awards to all non-employee directors in 2015 and 2014, respectively.

The fair value of non-employee directors’ company matches for 2015, 2014 and 2013 was $122, $130 and $49, respectively. The fair value of the non-employee directors’ discretionary award was $800 for 2015, $720 for 2014 and $480 for 2013. The fair value of employee company matches was $17 for 2015 and $19 for 2014 and $8 for 2013.

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Note 4 - Supplemental Financial Statement Information

12 Months Ended

Nov. 28, 2015

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 2015, 2014 and 2013 follow.

	2015			2014			2013
Foreign currency transaction losses, net	$	(3,549	)	$	(2,546	)	$	(4,106	)
Interest income		510			344			737
Gain on disposal of fixed assets		330			2,769			323
Other, net		244			149			(705	)
Total other income (expense), net	$	(2,465	)	$	716		$	(3,751	)
Research and development expenses (included in SG&A expenses)	$	26,170		$	21,245		$	24,570

Balance Sheet Information

Additional details of balance sheet amounts as of November 28, 2015 and November 29, 2014 follow.

	2015			2014
Inventories
Raw materials	$	121,545		$	133,476
Finished goods		142,195			140,014
LIFO reserve		(15,236	)		(22,200	)
Total inventories	$	248,504		$	251,290
Other current assets
Other receivables	$	31,051		$	15,059
Prepaid income taxes		3,790			9,505
Prepaid taxes other than income taxes		18,464			30,797
Deferred income taxes		-			20,924
Prepaid expenses		12,232			12,547
Assets held for sale		3,138			4,273
Total other current assets	$	68,675		$	93,105
Property, plant and equipment
Land	$	68,008		$	65,367
Buildings and improvements		315,659			293,440
Machinery and equipment		683,988			710,180
Construction in progress		44,332			37,364
Total, at cost		1,111,987			1,106,351
Accumulated depreciation		(599,127	)		(603,717	)
Net property, plant and equipment	$	512,860		$	502,634
Other assets
Investments and company owned life insurance	$	9,641		$	10,950
Equity method investments		39,533			37,487
Cost method investments		1,666			1,671
Long-term deferred income taxes		55,663			40,142
Prepaid pension costs		4,273			7,588
Prepaid postretirement other than pension		15,755			12,054
Other long-term assets		34,613			39,434
Total other assets	$	161,144		$	149,326
Income taxes payable
Current income taxes payable	$	8,970		$	10,961
Current deferred income taxes		-			2,800
Total income taxes payable	$	8,970		$	13,761
Other accrued expenses
Taxes other than income taxes	$	16,909		$	19,427
Interest		5,027			4,548
Product liability		2,765			1,691
Accrued expenses		32,654			25,383
Total other accrued expenses	$	57,355		$	51,049
Other liabilities
Asset retirement obligations	$	2,274		$	2,515
Long-term deferred income taxes		24,477			16,718
Long-term deferred compensation		5,675			5,635
Postretirement other than pension		2,902			3,146
Contingent consideration liabilities, continuing operations		10,854			196
Other long-term liabilities		23,090			13,565
Total other liabilities	$	69,272		$	41,775

Additional details on the trade receivables allowance for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts for 2015, 2014 and 2013 are as follows:

	2015			2014			2013
Balance at beginning of year	$	10,246		$	8,538		$	7,513
Charged to expenses		4,703			3,998			3,267
Write-offs		(2,339	)		(1,866	)		(2,369	)
Foreign currency translation effect		(717	)		(424	)		127
Balance at end of year	$	11,893		$	10,246		$	8,538

Statement of Comprehensive Income (Loss) Information

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

	November 28, 2015
	H.B. Fuller Stockholders									Non-controlling Interests
	Pretax			Tax			Net			Net
Net income including non-controlling interests		-			-		$	86,680		$	417
Other comprehensive income (loss)
Foreign currency translation adjustment ¹	$	(62,759	)		-			(62,759	)		(17	)
Reclassification to earnings:
Defined benefit pension plans adjustment ²		(24,279	)		8,408			(15,871	)		-
Interest rate swap ³		56			(16	)		40			-
Cash-flow hedges ³		(2,168	)		826			(1,342	)		-
Other comprehensive income (loss)	$	(89,150	)	$	9,218			(79,932	)		(17	)
Comprehensive income (loss)							$	6,748		$	400

	November 29, 2014
	H.B. Fuller Stockholders									Non-controlling Interests
	Pretax			Tax			Net			Net
Net income including non-controlling interests		-			-		$	49,773		$	378
Other comprehensive income (loss)
Foreign currency translation adjustment ¹	$	(38,673	)		-			(38,673	)		(14	)
Reclassification to earnings:
Defined benefit pension plans adjustment ²		(56,268	)		19,394			(36,874	)		-
Interest rate swap ³		56			(15	)		41			-
Cash-flow hedges ³		158			(42	)		116			-
Other comprehensive income (loss)	$	(94,727	)	$	19,337			(75,390	)		(14	)
Comprehensive income (loss)							$	(25,617	)	$	364

	November 30, 2013
	H.B. Fuller Stockholders									Non-controlling Interests
	Pretax			Tax			Net			Net
Net income including non-controlling interests		-			-		$	96,761		$	425
Other comprehensive income (loss)
Foreign currency translation adjustment ¹	$	(876	)		-			(876	)		(55	)
Reclassification to earnings:
Defined benefit pension plans adjustment ²		106,647			(38,451	)		68,196			-
Interest rate swap ³		57			(16	)		41			-
Cash-flow hedges ³		494			(191	)		303			-
Other comprehensive income (loss)	$	106,322		$	(38,658	)		67,664			(55	)
Comprehensive income (loss)							$	164,425		$	370

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, SG&A and special charges.

³

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

Statement of Total Equity Information

Components of accumulated other comprehensive income (loss) follow.

	November 28, 2015
	Total			H.B. Fuller Stockholders			Non-controlling Interests
Foreign currency translation adjustment	$	(51,592	)	$	(51,554	)	$	(38	)
Interest rate swap, net of taxes of $5		(13	)		(13	)		-
Cash-flow hedges, net of taxes of $811		(1,317	)		(1,317	)		-
Defined benefit pension plans adjustment, net of taxes of $93,012		(174,400	)		(174,400	)		-
Total accumulated other comprehensive income (loss)	$	(227,322	)	$	(227,284	)	$	(38	)

	November 29, 2014
	Total			H.B. Fuller Stockholders			Non-controlling Interests
Foreign currency translation adjustment	$	11,184		$	11,205		$	(21	)
Interest rate swap, net of taxes of $21		(53	)		(53	)		-
Cash-flow hedges, net of taxes of $15		25			25			-
Defined benefit pension plans adjustment, net of taxes of $84,604		(158,529	)		(158,529	)		-
Total accumulated other comprehensive income (loss)	$	(147,373	)	$	(147,352	)	$	(21	)

	November 30, 2013
	Total			H.B. Fuller Stockholders			Non-controlling Interests
Foreign currency translation adjustment	$	49,871		$	49,878		$	(7	)
Interest rate swap, net of taxes of $36		(94	)		(94	)		-
Cash-flow hedges, net of taxes of $57		(91	)		(91	)		-
Defined benefit pension plans adjustment net of taxes of $65,210		(121,655	)		(121,655	)		-
Total accumulated other comprehensive income (loss)	$	(71,969	)	$	(71,962	)	$	(7	)

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Note 5 - Special Charges, Net

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Special Charges [Text Block]

Note 5

:

Special Charges

, net

The integration of the industrial adhesives business we acquired in March 2012 involved a significant amount of restructuring and capital investment to optimize the new combined entity. In addition, we have taken a series of actions in our existing EIMEA operating segment to improve the profitability and future growth prospects of this operating segment. We combined these two initiatives into a single project which we refer to as the Business Integration Project. During 2015, 2014 and 2013 we incurred special charges, net of $4,654, $51,501 and $45,087, respectively, for costs related to the Business Integration Project.

The following table provides detail of special charges, net:

	Fiscal Years
	2015			2014		2013
Acquisition and transformation related costs	$	715		$	7,946	$	8,698
Workforce reduction costs		(37	)		3,233		9,784
Facility exit costs		3,664			32,050		17,869
Other related costs		312			8,272		8,736
Special charges, net	$	4,654		$	51,501	$	45,087

Professional services of $715, $7,946

and $8,698 for 2015, 2014 and 2013, respectively,

include costs related to organization consulting, investment advisory, financial advisory, legal and valuation services necessary to acquire and integrate the acquired industrial adhesives business into our existing operating segments.

During 2015, we recorded net reversal of workforce reduction costs of $37 and we incurred cash facility exit costs of $2,190, non-cash facility exit costs of $1,474 and other incremental transformation related costs of $312, including the cost of personnel directly working on the integration. During 2014, we incurred workforce reduction costs of $3,233, cash facility exit costs of $25,187, non-cash facility exit costs of $6,863 and other incremental transformation related costs of $8,272, including the cost of personnel directly working on the integration. During 2013, we incurred workforce reduction costs of $9,784, cash facility exit costs of $11,804, non-cash facility exit costs of $6,065 and other incremental transformation related costs of $8,736, including the cost of personnel directly working on the integration.

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Note 6 - Goodwill and Other Intangible Assets

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 6: Goodwill and Other Intangible Assets

Goodwill balances by reporting unit as of November 28, 2015 and November 29, 2014 consisted of the following: 

	2015		2014
Americas Adhesives	$	67,123	$	71,325
EIMEA		122,641		139,666
Asia Pacific		143,660		24,201
Construction Products		20,780		20,780
Total	$	354,204	$	255,972

Additional details related to goodwill for 2015 and 2014 are as follows:

	2015			2014
Balance at beginning of year	$	255,972		$	263,103
Continental Products Limited acquisition		462			-
Tonsan Adhesive, Inc. acquisition		125,090			-
ProSpec acquisition		-			7,443
Plexbond Quimica, S.A. acquisition		-			151
Foreign currency translation effect		(27,320	)		(14,725	)
Balance at end of year	$	354,204		$	255,972

Changes in the goodwill balances relate to changes in foreign currency exchange rates and activity from acquisitions. See Note 2 for more information on acquisitions.

In accordance with accounting standards, we test each of our reporting units for goodwill impairment annually and whenever events or changes in circumstances indicate that impairment may have occurred. In the fourth quarter of 2015, we conducted the required annual test of goodwill for impairment. We performed the goodwill impairment analysis on our reporting units by using a discount rate determined by management to result in the most representative fair value of the business as a whole. There were no indications of impairment in any of our reporting units. We also performed a sensitivity analysis by using a discount rate at the high end of our range to confirm the reasonableness of our goodwill impairment analysis. No indications of impairment in any of our reporting units were indicated by the sensitivity analysis. See Note 1 for further information on our impairment analysis.

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

Amortizable Intangible Assets	Purchased Technology & Patents			Customer Relationships			All Other			Total
As of November 28, 2015
Original cost	$	69,792		$	234,995		$	49,563		$	354,350
Accumulated amortization		(17,613	)		(99,405	)		(24,801	)		(141,819	)
Net identifiable intangibles	$	52,179		$	135,590		$	24,762		$	212,531
Weighted-average useful lives (in years)		10			17			13			15
As of November 29, 2014
Original cost	$	43,915		$	219,517		$	52,529		$	315,961
Accumulated amortization		(11,944	)		(88,164	)		(20,458	)		(120,566	)
Net identifiable intangibles	$	31,971		$	131,353		$	32,071		$	195,395
Weighted-average useful lives (in years)		11			18			12			16

Amortization expense with respect to amortizable intangible assets was $26,984, $23,240 and $22,508 in 2015, 2014 and 2013, 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	2016		2017		2018		2019		2020		Thereafter
Amortization Expense	$	25,419	$	25,057	$	24,664	$	22,740	$	21,769	$	92,882

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 at November 28, 2015 and November 29, 2014 totaling $462 and $543, respectively, relate to trademarks and trade names. The change in non-amortizable assets in 2015 compared to 2014 was due to changes in currency exchange rates.

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

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Debt Disclosure [Text Block]

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

Notes Payable

: Notes payable were $30,757 and $27,149 at November 28, 2015 and November 29, 2014, respectively. This amount mainly represents various foreign subsidiaries’ other short-term borrowings that were not part of committed lines. The weighted-average interest rates on short-term borrowings were 8.1 percent, 11.3 percent and 8.9 percent in 2015, 2014 and 2013, respectively. 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 November 28, 2015.

Long-Term Debt

	Weighted-Average
	Interest Rate at		Fiscal Year
Long-Term Debt	November 28, 2015		Maturity Date		2015			2014
Revolving credit line		1.33%		2019	$	-		$	143,000
Term Loan		1.44%		2019		288,750			-
Senior Notes, Series A 1		2.24%		2017		17,419			17,805
Senior Notes, Series B 2		2.12%		2017		33,982			34,738
Senior Notes, Series C 3		3.34%		2020		36,955			37,192
Senior Notes, Series D 4		5.61%		2020		65,000			65,000
Senior Notes, Series E 5		4.12%		2022		250,000			250,000
Total debt					$	692,106		$	547,735
Less: current maturities						(22,500	)		-
Total long-term debt, excluding current maturities					$	669,606		$	547,735

On December 16, 2009, we entered into a note purchase agreement under which we agreed to issue $150,000 in aggregate principal amount of senior unsecured notes to a group of private investors. The $150,000 was split into four non-amortizing tranches, Series A-D. On March 5, 2012, we entered into a note purchase agreement under which we agreed to issue $250,000 in aggregate principal amount of senior unsecured notes to a group of private investors. The $250,000 is a non-amortizing tranche, Series E.

1

Senior Notes, Series A, due December 16, 2016, $17,000 5.13 percent fixed, swapped to a variable rate of 6- month LIBOR (in arrears) plus 1.59 percent

2

Senior Notes, Series B, due February 24, 2017, $33,000 5.13 percent fixed, swapped to a variable rate of 6-month LIBOR (in arrears) plus 1.47 percent

3

Senior Notes, Series C, due December 16, 2019, $35,000 5.61 percent fixed, $25,000 swapped to a variable rate of 6-month LIBOR (in arrears) plus 1.78 percent

4

Senior Notes, Series D, due February 24, 2020, $65,000 5.61 percent fixed

5

Senior Notes, Series E, due March 5, 2022, $250,000 4.12 percent fixed

On October 31, 2014, we entered into a credit agreement

with a consortium of financial institutions under which we established a $300,000 multi-currency revolving credit facility and a $300,000 term loan that we can use to repay existing indebtedness, finance working capital needs, finance acquisitions, and for general corporate purposes. At November 28, 2015 there were no borrowings on the revolving credit facility. At November 28, 2015 a balance of $288,750 was drawn on the term loan.

Interest on the revolving credit facility is payable at the LIBOR plus 1.075 percent. A facility fee of 0.175 percent is payable quarterly. The interest rate on the term loan is payable at the LIBOR rate plus 1.25 percent.

The interest rates and the facility fee are based on a rating grid. The credit agreement replaced the previous revolving credit facilities entered into on March 5, 2012. The October 31, 2014 credit agreement expires on October 31, 2019.

On October 31, 2014 we amended various provisions of the Note Purchase Agreements Series A through E, including the covenant definition of Consolidated EBITDA. As part of these amendments, the interest rate on the debt may increase based on changes to the rating of our senior, unsecured long-term debt.

Long-term debt had an estimated fair value of $716,213 and $606,194 as of November 28, 2015 and November 29, 2014, 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.

Lines of Credit

As of November 28, 2015, lines of credit were as follows:

Term	Committed		Drawn		Unused
Long-term lines of credit	$	300,000	$	-	$	300,000

A revolving credit agreement with a consortium of financial institutions accounted for the entire committed lines of credit. The credit agreement creates an unsecured multi-currency revolving credit facility that can be drawn upon for general corporate purposes up to a maximum of $300,000. The credit agreement expires on October 31, 2019.

The most restrictive debt covenants place limitations on secured and unsecured borrowings, operating leases, and contain minimum interest coverage and maximum debt to trailing twelve months EBITDA requirements. In addition, we cannot be a member of any consolidated group as defined for income tax purposes other than with our subsidiaries. At November 28, 2015 all financial covenants were met.

Maturities of long-term debt for the next five fiscal years follow:

Fiscal Year	2016		2017		2018		2019		2020		Thereafter
Long-term debt obligations	$	22,500	$	81,401	$	37,500	$	198,750	$	101,955	$	250,000

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Note 8 - Income Taxes

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 8: Income Taxes

Income from continuing operations before income taxes and income from equity method investments	2015		2014		2013
United States	$	97,094	$	55,567	$	81,788
Non-U.S.		41,251		23,745		45,756
Total	$	138,345	$	79,312	$	127,544

Components of the provision for income tax expense (benefit)	2015			2014			2013
Current:
U.S. federal	$	24,180		$	8,771		$	16,999
State		2,955			1,290			1,372
Non-U.S.		22,075			20,133			11,930
		49,210			30,194			30,301
Deferred:
U.S. federal		8,096			8,106			8,101
State		1,269			1,069			2,244
Non-U.S.		(2,720	)		(5,021	)		(697	)
		6,645			4,154			9,648
Total	$	55,855		$	34,348		$	39,949

Reconciliation of effective income tax	2015			2014			2013
Statutory U.S. federal income tax rate	$	48,421		$	27,759		$	44,641
State income taxes, net of federal benefit		3,281			1,534			2,351
Foreign dividend repatriation		388			760			467
Foreign operations		1,547			(8,287	)		(12,598	)
Impact of option valuation		1,211			-			-
Interest income not taxable in the U.S.		(1,243	)		(1,649	)		(1,789	)
Change in valuation allowance		480			3,317			1,819
Tax impact of special charges, net		1,678			11,773			5,998
Other		92			(859	)		(940	)
Total	$	55,855		$	34,348		$	39,949

Deferred income tax balances at each year-end related to:	2015			2014
Depreciation and amortization	$	(61,992	)	$	(47,152	)
Employee benefit costs		50,679			45,920
Foreign tax credit carryforward		11,621			12,355
Tax loss carryforwards		21,090			21,851
Other		24,373			24,234
		45,771			57,208
Valuation allowance		(14,393	)		(16,364	)
Net deferred tax assets	$	31,378		$	40,844

The difference between the change in the deferred tax assets in the balance sheet and the deferred tax provision is primarily due to the defined benefit pension plan adjustment recorded in accumulated other comprehensive income (loss).

In November 2015, the FASB issued ASU No. 2015-17, 

Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes

, which amends the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This accounting guidance is effective for us beginning in the first quarter of 2018, but we have elected to adopt this guidance prospectively as of November 28, 2015.  As a result we have classified all deferred tax liabilities and assets as non-current in the Consolidated Balance Sheet at November 28, 2015.

Valuation allowances principally relate to foreign net operating loss carryforwards where the future potential benefits do not meet the more-likely-than-not realization test. The decrease in the valuation allowance of $1,971 during 2015 is primarily due to foreign currency changes which impact the value of the deferred tax assets upon which the valuation allowance is recorded.

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 carryback potential, 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 $403,573 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 that may be offset, at least in part by associated foreign tax credits.

While non-U.S. operations have been profitable overall, there are cumulative tax losses of $95,473 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 $48,864 can be carried forward indefinitely, while the remaining $46,609 of tax losses must be utilized during 2016 to 2025.

The U.S. has a foreign tax credit carryforward of $11,621 which will expire in 2022 and 2023. Projected foreign source income in future years is sufficient to utilize these credits in the carryforward period.

The table below sets forth the changes to our gross unrecognized tax benefit as a result of uncertain tax positions, excluding accrued interest, for the fiscal years ended November 28, 2015 and November 29, 2014.  We do not anticipate that the total unrecognized tax benefits will change significantly within the next twelve months.

	2015			2014
Balance at beginning of year	$	4,787		$	5,151
Tax positions related to the current year:
Additions		877			600
Tax positions related to prior years:
Additions		439			178
Reductions		(557	)		(177	)
Settlements		-			(13	)
Lapses in applicable statutes of limitation		(676	)		(952	)
Balance at end of year	$	4,870		$	4,787

Included in the balance of unrecognized tax benefits as of November 28, 2015, are potential benefits of $4,388 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 November 28, 2015, we recognized a net benefit for interest and penalties of $179 relating to unrecognized tax benefits and had net accumulated accrued interest and penalties of $631 as of November 28, 2015. For the year ended November 29, 2014, we recognized a net benefit for interest and penalties of $139 relating to unrecognized tax benefits and had net accumulated accrued interest and penalties of $452 as of November 29, 2014.

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 2011 or Swiss income tax examination for years prior to 2009. During 2015, the U.S. tax authorities opened an audit for the years ended December 1, 2012 and November 30, 2013. During the first quarter of 2015, the Swiss tax authorities opened an audit for the years ended December 3, 2011 and December 1, 2012. The Swiss audit was closed in the second quarter of 2015 with no assessment. We are in various stages of examination and appeal in several states and 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.

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Note 9 - Stockholders' Equity

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note 9: 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 50,074,310 and 50,310,803 shares issued and outstanding at November 28, 2015 and November 29, 2014, respectively.

On September 30, 2010, the Board of Directors authorized a share repurchase program of up to $100,000 of our outstanding common shares. Under the program, we are authorized to repurchase shares for cash on the open market, from time to time, in privately negotiated transactions or block transactions, or through an accelerated repurchase agreement. The 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. During 2015, we repurchased 500,000 shares for $17,066 and during 2014, we repurchased 250,000 shares for $12,254 under this program. Up to $44,897 of our outstanding common shares may still be repurchased under the share repurchase program.

Common Shares Outstanding	2015			2014			2013
Beginning balance		50,310,803			50,228,543			49,903,266
Stock options exercised		275,035			330,179			462,427
Shares swapped for stock option exercises		(39,883	)		-			-
Deferred compensation paid		8,852			9,957			51,521
Restricted units vested		83,494			69,624			67,828
Restricted shares granted		-			-			186,352
Shares withheld for taxes		(54,454	)		(67,593	)		(62,124	)
Restricted shares forfeited		(9,537	)		(9,907	)		(5,727	)
Shares repurchased under repurchase program		(500,000	)		(250,000	)		(375,000	)
Ending balance		50,074,310			50,310,803			50,228,543

Shareholder Rights Plan:

The shareholder rights plan provides each holder of a share of common stock a right to purchase one one-hundredth of a share of preferred stock for $95, subject to adjustment. No fraction of a preferred share (other than fractions in integral multiples of one one-hundredth of a share) will be issued. Preferred shares purchased upon exercise of the rights will not be redeemable. Each preferred share will be entitled to a preferential quarterly dividend payment, a preferential liquidation payment, voting rights, and participation in any merger, consolidation or other transaction in which common shares are exchanged. These rights are not currently exercisable. In the event any person becomes an Acquiring Person (as defined in the rights plan), each holder of a right will thereafter have a right to receive, upon exercise thereof at the then current aggregate exercise price, in lieu of preferred shares, such number of common shares of ours having a current aggregate market price equal to twice the current aggregate exercise price. In the event that at any time after there is an Acquiring Person we are acquired in certain mergers or other business combination transactions or 50 percent or more of the assets or earning power of us and our subsidiaries (taken as a whole) are sold, holders of the rights will thereafter have the right to receive, upon exercise thereof at the then current aggregate exercise price, such number of common shares of the acquiring company (or, in certain cases, one of its affiliates) having a current aggregate market price equal to twice the current aggregate exercise price. Rights held by an acquiring person are void. We may redeem or exchange the rights in certain instances. Unless extended or redeemed, the rights expire on July 31, 2016.

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Note 10 - Pension and Postretirement Benefits

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [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 retirement contribution to the 401(k) plan of 3 percent of pay, that is invested based on the election of the individual participant. The 3 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 2015 was $9,375 which included the cost of the 4 percent company match of $4,502 and the additional 3 percent contribution of $4,873. The total contributions to the 401(k) plan were $9,414 and $8,022 in 2014 and 2013, respectively.

The defined contribution plan liability recorded in the Consolidated Balance Sheets was $6,062 and $5,989 in 2015 and 2014, respectively for the U.S. Plan and several statutorily required non-U.S. Plans.

Defined Benefit Plan

s

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 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 2015, we amended the plan to add a program for eligible employees to take a lump sum distribution. A total of $15,493 was paid during 2015 as lump sum distributions under this program. 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 November 28, 2015 and November 29, 2014:

	Pension Benefits												Other Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
	2015			2014			2015			2014			2015			2014
Change in projected benefit obligation
Benefit obligation at beginning of year	$	408,595		$	347,668		$	220,216		$	206,407		$	54,370		$	50,811
Service cost		107			93			1,924			1,699			449			434
Interest cost		16,322			16,086			5,986			7,626			2,042			2,143
Participant contributions		-			-			-			-			328			350
Actuarial (gain)/loss 1		(15,317	)		62,014			3,780			30,312			(3,988	)		3,948
Curtailments		-			-			-			(100	)		-			-
Settlement payments		(15,493	)		-			-			(1,638	)		-			-
Benefits paid		(18,116	)		(17,266	)		(7,726	)		(8,377	)		(3,278	)		(3,316	)
Foreign currency translation effect		-			-			(23,008	)		(15,713	)		-			-
Benefit obligation at end of year		376,098			408,595			201,172			220,216			49,923			54,370
Change in plan assets
Fair value of plan assets at beginning of year		384,335			358,233			188,210			182,152			63,076			54,196
Actual return on plan assets		(15,799	)		41,874			7,408			20,657			1,249			8,621
Employer contributions		1,534			1,494			1,901			7,856			1,210			3,225
Participant contributions		-			-			-			-			328			350
Settlement payments		(15,493	)		-			-			-			-			-
Benefits paid 2		(18,116	)		(17,266	)		(7,726	)		(8,377	)		(3,278	)		(3,316	)
Foreign currency translation effect		-			-			(17,552	)		(14,078	)		-			-
Fair value of plan assets at end of year		336,461			384,335			172,241			188,210			62,585			63,076
Plan assets (less than) in excess of benefit obligation as of year end	$	(39,637	)	$	(24,260	)	$	(28,931	)	$	(32,006	)	$	12,662		$	8,706

1 Actuarial gain for the U.S. Plans includes $11,455 due to assumption changes and $3,862 due to plan experience.

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

For the U.S. Pension Plan, we adopted the new RP-2014 mortality tables projected generationally using scale MP-2015

.

Amounts in accumulated other comprehensive income (loss) that have not	Pension Benefits										Other Postretirement
been recognized as components of net	U.S. Plans				Non-U.S. Plans						Benefits
periodic benefit cost	2015		2014		2015			2014			2015			2014
Unrecognized actuarial loss	$	160,544	$	140,009	$	75,157		$	82,598		$	21,189		$	23,348
Unrecognized prior service cost (benefit)		90		119		(11	)		(17	)		(41	)		(2,546	)
Ending balance	$	160,634	$	140,128	$	75,146		$	82,581		$	21,148		$	20,802

	Pension Benefits												Other Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
	2015			2014			2015			2014			2015			2014
Statement of financial position as of fiscal year-end
Non-current assets	$	-		$	-		$	4,282		$	7,592		$	15,755		$	12,054
Accrued benefit cost
Current liabilities		(1,490	)		(1,510	)		(1,100	)		(1,248	)		(191	)		(201	)
Non-current liabilities		(38,147	)		(22,750	)		(32,113	)		(38,350	)		(2,902	)		(3,146	)
Ending balance	$	(39,637	)	$	(24,260	)	$	(28,931	)	$	(32,006	)	$	12,662		$	8,707

The accumulated benefit obligation of the U.S. pension and other postretirement plans was $407,011 at November 28, 2015 and $445,701 at November 29, 2014. The accumulated benefit obligation of the non-U.S. pension plans was $193,565 at November 28, 2015 and $211,488 at November 29, 2014.

The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of November 28, 2015 and November 29, 2014:

	Pension Benefits and Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	2015		2014		2015		2014
Accumulated benefit obligation	$	355,988	$	20,568	$	99,010	$	122,860
Fair value of plan assets		336,461		-		73,389		91,990

The following amounts relate to pension plans with projected benefit obligations in excess of plan assets as of November 28, 2015 and November 29, 2014:

	Pension Benefits and Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	2015		2014		2015		2014
Projected benefit obligation	$	376,098	$	408,595	$	113,633	$	131,588
Fair value of plan assets		336,461		384,335		80,421		91,990

Information about the expected cash flows follows:

	Pension Benefits				Other
	U.S. Plans		Non-U.S. Plans		Postretirement Benefits
Employer contributions
2016	$	-	$	503	$	3,000
Expected benefit payments
2016	$	26,801	$	7,190	$	3,338
2017		18,913		7,359		3,371
2018		19,456		7,539		3,401
2019		19,972		7,955		3,425
2020		20,478		7,807		3,437
2021-2025		108,454		42,559		16,940

Components of net periodic benefit cost and other supplemental information for the years ended November 28, 2015, November 29, 2014 and November 30, 2013 follow:

	Pension Benefits																		Other
	U.S. Plans									Non-U.S. Plans									Postretirement Benefits
Net periodic cost (benefit)	2015			2014			2013			2015			2014			2013			2015			2014			2013
Service cost	$	107		$	93		$	106		$	1,924		$	1,699		$	1,799		$	449		$	434		$	623
Interest cost		16,322			16,086			14,719			5,986			7,626			7,486			2,042			2,143			2,133
Expected return on assets		(25,682	)		(23,865	)		(22,720	)		(10,422	)		(10,749	)		(9,390	)		(5,510	)		(4,742	)		(3,725	)
Amortization:
Prior service cost		29			29			49			(4	)		(4	)		(4	)		(2,505	)		(3,771	)		(4,134	)
Actuarial loss (gain)		5,628			4,575			6,742			3,173			3,056			3,778			2,431			2,709			5,717
Curtailment loss (gain)		-			-			102			-			-			53			-			-			-
Settlement charge (credit)		-			-			-			-			246			153			-			-			-
Net periodic benefit (benefit) cost	$	(3,596	)	$	(3,082	)	$	(1,002	)	$	657		$	1,874		$	3,875		$	(3,093	)	$	(3,227	)	$	614

	Pension Benefits
	U.S. Plans		Non-U.S. Plans			Postretirement benefits
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year as of November 28, 2015
Amortization of prior service cost (benefit)	$	29	$	(4	)	$	(41	)
Amortization of net actuarial (gain) loss		5,270		3,220			2,169
	$	5,299	$	3,216		$	2,128

	Pension Benefits
Weighted-average assumptions used to	U.S. Plans									Non-U.S. Plans									Other Postretirement Benefits
Determine benefit obligations	2015			2014			2013			2015			2014			2013			2015			2014			2013
Discount rate		4.28	%		4.08	%		4.74	%		2.82	%		2.90	%		3.74	%		4.02	%		3.84	%		4.34	%
Rate of compensation increase 1		4.50	%		4.50	%		4.50	%		1.58	%		1.67	%		1.84	%		N/A			N/A			N/A

Weighted-average assumptions used to
Determine net costs for years ended	2015			2014			2013			2015			2014			2013			2015			2014			2013
Discount rate		4.08	%		4.74	%		3.81	%		2.95	%		3.77	%		3.74	%		3.84	%		4.33	%		3.46	%
Expected return on plan assets		7.75	%		7.75	%		7.75	%		6.22	%		6.17	%		5.96	%		8.75	%		8.75	%		8.75	%
Rate of compensation increase		4.50	%		4.50	%		4.50	%		1.58	%		1.67	%		1.84	%		N/A			N/A			N/A

1

Benefits under the U.S. Pension Plan were locked-in as of May 31, 2011 and no longer include compensation increases. The 4.50 percent rate for 2015, 2014 and 2013 are for the supplemental executive retirement plan only.

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 decreases the present value of the pension obligations. The discount rate for the U.S. pension plan was 4.30 percent at November 28, 2015, compared to 4.10 percent at November 29, 2014 and 4.77 percent at November 30, 2013. 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 reduction of 0.5 percentage points at November 28, 2015 would increase pension and other postretirement plan expense approximately $307 (pre-tax) in fiscal 2016. Discount rates for non-U.S. plans are determined in a manner consistent with the U.S. plan.

The expected long-term rate of return on plan assets assumption for the U.S. pension plan was 7.75 percent in 2015, 2014 and 2013.  Our expected long-term rate of return on U.S. plan assets was based on our target asset allocation assumption of 60 percent equities and 40 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 2015 the expected long-term rate of return on the target equities allocation was 8.75 percent and the expected long-term rate of return on the target fixed-income allocation was 5.0 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 $1,995 (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 6.22 percent in 2015 compared to 6.17 percent in 2014 and 5.96 percent in 2013. 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, respectively. The expected long-term rate of return on plan assets for the United Kingdom was 6.75 percent and the expected long-term rate of return on plan assets for Germany was 5.75 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	2015			2014			2013
Health care cost trend rate assumed for next year		7.00	%		6.50	%		7.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.00	%		5.00	%		5.00	%
Fiscal year that the rate reaches the ultimate trend rate	2024			2018			2019

Sensitivity Information:

A one-percentage point change in the health care cost trend rate would have the following effects on the November 28, 2015 service and interest cost and the accumulated postretirement benefit obligation at November 28, 2015:

	One-Percentage Point
	Increase			Decrease
Effect on service and interest cost components – annual	$	1		$	(101	)
Effect on accumulated postretirement benefit obligation	$	(193	)	$	(2,387	)

The asset allocation for the company’s U.S. and non-U.S. pension plans at the end of 2015 and 2014 follows.

	U.S. Pension Plans									Non-U.S. Pension Plans									Other Postretirement Plans
	Target			Percentage of Plan Assets at Year-End						Target			Percentage of Plan Assets at Year-End						Target			Percentage of Plan Assets at Year-End
Asset Category	2015			2015			2014			2015			2015			2014			2015			2015			2014
Equities		60.0	%		57.7	%		60.2	%		49.5	%		50.3	%		49.8	%		0.0	%		0.0	%		0.0	%
Fixed income		40.0	%		38.8	%		38.9	%		50.5	%		49.1	%		46.7	%		0.0	%		0.0	%		0.0	%
Real Estate		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		1.1	%		0.0	%		0.0	%		0.0	%
Insurance		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		100.0	%		99.5	%		98.3	%
Cash		0.0	%		3.5	%		0.9	%		0.0	%		0.6	%		2.4	%		0.0	%		0.5	%		1.7	%
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 2015 and 2014. 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 2015 we maintained our assets within the allowed ranges of the target asset allocation mix of 60 percent equities and 40 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. We plan to maintain the portfolio at this target allocation in 2016.

The non-U.S. pension plans consist of all the pension plans administered by us outside the U.S., principally consisting of plans in Germany, the United Kingdom, France and Canada. During 2015 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 2016.

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 2015 and 2014. 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. Our large weighting to equities in these plans is driven by the investment options available and the relative underfunded status of the plans.

Fair Value of Plan Assets

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

	November 28, 2015
U.S. Pension Plans	Level 1		Level 2		Level 3		Total Assets
Equities	$	123,816	$	70,325	$	-	$	194,141
Fixed income		29,948		100,086		352		130,386
Cash		11,934		-		-		11,934
Total	$	165,698	$	170,411	$	352	$	336,461

Non-U.S. Pension Plans	Level 1		Level 2		Level 3		Total Assets
Equities	$	31,253	$	55,430	$	-	$	86,683
Fixed income		41,572		42,595		530		84,697
Cash		861		-		-		861
Total	$	73,686	$	98,025	$	530	$	172,241

Other Postretirement Benefits	Level 1		Level 2		Level 3		Total Assets
Insurance	$	-	$	-	$	62,299	$	62,299
Cash		286		-		-		286
Total	$	286	$	-	$	62,299	$	62,585

	November 29, 2014
U.S. Pension Plans	Level 1		Level 2		Level 3		Total Assets
Equities	$	138,308	$	93,056	$	-	$	231,364
Fixed income		27,782		121,450		407		149,639
Cash		3,332		-		-		3,332
Total	$	169,422	$	214,506	$	407	$	384,335

Non-U.S. Pension Plans	Level 1		Level 2		Level 3		Total Assets
Equities	$	34,362	$	59,504	$	-	$	93,866
Fixed income		48,346		39,006		582		87,934
Real Estate		-		-		2,160		2,160
Cash		4,464		-		-		4,464
Total	$	87,172	$	98,510	$	2,742	$	188,424

Other Postretirement Benefits	Level 1		Level 2		Level 3		Total Assets
Insurance	$	-	$	-	$	61,980	$	61,980
Cash		1,096		-		-		1,096
Total	$	1,096	$	-	$	61,980	$	63,076

The definitions of fair values of our pension and other postretirement benefit plan assets at November 28, 2015 and November 29, 2014 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.

Real Estate

—Property fund for purposes of total return. Investment is a comingled property fund valued at unit value provided by the investment manager, which is based on a valuation performed by a third party provider retained by the investment manager.

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 year ended November 28, 2015:

U.S. Pension Plans	Fixed Income
Level 3 balance at beginning of year	$	407
Purchases, sales, issuances and settlements, net		(55	)
Level 3 balance at end of year	$	352

Non-U.S. Pension Plans	Fixed Income			Real Estate			Total
Level 3 balance at beginning of year	$	582		$	2,160		$	2,742
Net transfers into / (out of) level 3		28			(12	)		16
Purchases, sales, issuances and settlements, net		-			(2,388	)		(2,388	)
Net gains		9			282			291
Currency change effect		(89	)		(42	)		(131	)
Level 3 balance at end of year	$	530		$	-		$	530

Other Postretirement Benefits	Insurance
Level 3 balance at beginning of year	$	61,980
Net transfers into / (out of) level 3		(701	)
Purchases, sales, issuances and settlements, net		(462	)
Net gains		1,482
Level 3 balance at end of year	$	62,299

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Note 11 - Financial Instruments

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 11: Financial Instruments

Foreign Currency Derivative Instruments

As a result of being a global enterprise, our earnings, cash flows and financial position are exposed to foreign currency risk from foreign currency denominated receivables and payables. These items are denominated in various foreign currencies, including the Euro, British pound sterling, Canadian dollar, Chinese renminbi, Japanese yen, Australian dollar, Argentine peso, Brazilian real, Colombian peso, Mexican peso, Turkish lira, Egyptian pound, Indian rupee, and Malaysian ringgit.

Our objective is to balance, where possible, local currency denominated assets to local currency denominated liabilities to have a natural hedge and minimize foreign exchange impacts. We take steps to minimize risks from foreign currency exchange rate fluctuations through normal operating and financing activities and, when deemed appropriate, through the use of derivative instruments. We do not enter into any speculative positions with regard to derivative instruments.

We enter into derivative contracts with a group of investment grade multinational commercial banks. We evaluate the credit quality of each of these banks on a periodic basis as warranted.

Effective October 7, 2015, we entered into three cross-currency swap agreements to convert a notional amount of $134,736 of foreign currency denominated intercompany loans into US dollars. The first swap matures in 2017, the second swap matures in 2018 and the third swap matures in 2019. As of November 28, 2015, the combined fair value of the swaps was an asset of $5,384 and was included in other assets in the Consolidated Balance Sheets. The swaps were designated as cash-flow hedges for accounting treatment. The lesser amount between the cumulative change in the fair value of the actual swaps and the cumulative change in the fair value of hypothetical swaps is recorded in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. The difference between the cumulative change in the fair value of the actual swaps and the cumulative change in the fair value of hypothetical swaps are recorded as other income (expense), net in the Consolidated Statements of Income. In a perfectly effective hedge relationship, the two fair value calculations would exactly offset each other. Any difference in the calculation represents hedge ineffectiveness. The ineffectiveness calculations as of November 28, 2015 resulted in additional pre-tax loss of $53 year-to-date as the change in fair value of the cross-currency swaps was less than the change in the fair value of the hypothetical swaps. The amount in accumulated other comprehensive income (loss) related to cross-currency swaps was a loss of $1,317 as of November 28, 2015. The estimated net amount of the existing loss that is reported in accumulated other comprehensive income (loss) as of November 28, 2015 that is expected to be reclassified into earnings within the next twelve months is $785. As of November 28, 2015, we do not believe any gains or losses will be reclassified into earnings as a result of the discontinuance of these cash flow hedges because the original forecasted transaction will not occur.

The following table summarizes the cross-currency swaps outstanding as of November 28, 2015:

	Fiscal Year of Expiration	Interest Rate		Notional Value		Fair Value
Pay EUR	2017		3.05%	$	44,912	$	2,055
Receive USD			3.9145%
Pay EUR	2018		3.45%		44,912		1,772
Receive USD			4.5374%
Pay EUR	2019		3.80%		44,912		1,557
Receive USD			5.0530%
Total				$	134,736	$	5,384

Except for the cross-currency swap agreements listed above, foreign currency derivative instruments outstanding are not designated as hedges for accounting purposes. The gains and losses related to mark-to-market adjustments are recognized as other income or expense in the Consolidated Statements of Income during the periods in which the derivative instruments are outstanding. See Note 13 for fair value amounts of these derivative instruments.

As of November 28, 2015, we had forward foreign currency contracts maturing between December 15, 2015 and October 7, 2016. The mark-to-market effect associated with these contracts, on a net basis, at each year end was a gain of $10,442, a gain of $574 and a loss of $856 in 2015, 2014 and 2013, respectively. These gains and losses were largely offset by the underlying transaction gains and losses resulting from the foreign currency exposures for which these contracts relate.

Interest Rate Swaps

We have interest rate swap agreements to convert $75,000 of our Senior Notes to variable interest rates. See Note 7 for additional information. The change in fair value of the Senior Notes, attributable to the change in the risk being hedged, was a liability of $3,356 at November 28, 2015 and $4,735 at November 29, 2014 and were included in long-term debt in the Consolidated Balance Sheets. The fair value of the swaps in total was an asset of $3,395 at November 28, 2015 and $4,726 at November 29, 2014 and were included in other assets in the Consolidated Balance Sheets. The swaps were designated for hedge accounting treatment as fair value hedges.

The changes in the fair value of the swap and the fair value of the Senior Notes attributable to the change in the risk being hedged are recorded as other income (expense), net in the Consolidated Statements of Income. In a perfectly effective hedge relationship, the two fair value calculations would exactly offset each other. Any difference in the calculation represents hedge ineffectiveness. The calculation as of November 28, 2015, resulted in additional year-to-date pre-tax gain of $48 as the fair value of the interest rate swaps decreased by less than the change in the fair value of the Senior Notes attributable to the change in the risk being hedged. The calculations as of November 29, 2014 and November 30, 2013 resulted in an additional year-to-date pre-tax gain of $126 and pre-tax loss of $746, respectively.

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 November 28, 2015, there were no significant concentrations of credit risk.

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Note 12 - Commitments and Contingencies

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note

12

: Commitments and Contingencies

Leases:

The minimum lease payments, related to buildings, equipment and vehicles, that are expected to be made in each of the years indicated based on operating leases in effect at November 28, 2015 are:

Fiscal Year	2016		2017		2018		2019		2020		Remainder		Total Minimum Lease Payments
Operating Leases	$	7,354	$	4,423	$	2,591	$	1,423	$	923	$	717	$	17,431

Rent expense for all operating leases, which includes minimum lease payments and other charges such as common area maintenance fees, was $12,684, $14,481 and $12,716 in 2015, 2014 and 2013, respectively.

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 a financial provision. 

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 30 years ago. The plaintiffs generally bring these lawsuits against multiple defendants and seek damages (both actual and punitive) in very large amounts. In many cases, plaintiffs are unable to demonstrate 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
	November 28,		November 29,		November 30,
	2015		2014		2013
Lawsuits and claims settled		10		9		6
Settlement amounts	$	858	$	843	$	371
Insurance payments received or expected to be received	$	682	$	687	$	279

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. 

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Note 13 - Fair Value Measurements

12 Months Ended

Nov. 28, 2015

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 November 28, 2015 and November 29, 2014, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

			Fair Value Measurements Using:
	November 28,
Description	2015		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	1,698	$	1,698	$	-	$	-
Derivative assets		15,185		-		15,185		-
Interest rate swaps		3,395		-		3,395		-
Cash-flow hedges		5,384		-		5,384		-
Liabilities:
Derivative liabilities	$	4,744	$	-	$	4,744	$	-
Contingent consideration liabilities, continuing operations		10,854		-		-		10,854

			Fair Value Measurements Using:
	November 29,
Description	2014		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	748	$	748	$	-	$	-
Derivative assets		1,007		-		1,007		-
Interest rate swaps		4,726		-		4,726		-
Cash-flow hedges		5,408		-		5,408		-
Liabilities:
Derivative liabilities	$	433	$	-	$	433	$	-
Contingent consideration liabilities, continuing operations		196		-		-		196
Contingent consideration liabilities, discontinued operations		5,000		-		-		5,000

We use the income approach in calculating the fair value of our contingent consideration liabilities using a discounted cash flow model and Level 3 inputs. The expected cash flows are affected by various significant judgments and assumptions, including revenue growth rates, profit margin percentages and discount rate

, which are sensitive to change. Estimates of fair value are inherently uncertain and represent only management’s reasonable expectation regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results.

The valuation of our contingent consideration related to the acquisition of Tonsan Adhesive, Inc. as of November 28, 2015 resulted in a fair value of $10,704 and a $3,191 adjustment recorded to SG&A in the Statement of Income as of November 28, 2015.

Contingent consideration liabilities, continuing operations
Level 3 balance at beginning of year	$	196
Initial valuation of Tonsan contingent consideration		7,714
Mark to market adjustment		3,145
Foreign currency translation adjustment		(201	)
Level 3 balance at end of year	$	10,854

Balances

Measured at Fair Value on a Nonr

ecurring Basis

We measure certain assets and liabilities at fair value on a nonrecurring basis. These assets include tangible and intangible assets acquired and liabilities assumed in an acquisition, and cost basis investments that are written down to fair value when they are determined to be impaired.

Proper

ty, plant and equipment related to

acq

uisitions

– 

Property, plant and equipment acquired in connection with our acquisitions during 2015 were measured using unobservable (Level 3) inputs, using the cost approach.  The cost approach computes the cost to replace the asset, less accrued depreciation resulting from physical deterioration, functional obsolescence and external obsolescence.  

I

ntangible assets related to

acq

uisitions

– The identified intangible assets acquired in connection with our acquisitions during 2015 were measured using unobservable (Level 3) inputs.  The fair value of the intangible assets was calculated using either the income approach or a discounted market-based methodology approach. Significant inputs include estimated revenue growth rates, gross margins, operating expenses, estimated attrition rate, and a discount rate.  

See Note 2 for further discussion regarding our acquisitions.

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Note 14 - Operating Segments

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note

14

: Operating Segments

We are required to report segment information in the same way that we internally organize our business for assessing performance and making decisions regarding allocation of resources. We report our business in four reportable segments: Americas Adhesives, EIMEA, Asia Pacific and Construction Products.

For segment evaluation by the chief operating decision maker, segment operating income is defined as gross profit less SG&A expenses. Segment operating income excludes special charges, net. Corporate expenses are fully allocated to each operating segment. Corporate assets are not allocated to the operating segments. Inter-segment revenues are recorded at cost plus a markup for administrative costs. Operating results of each of these 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.

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:

	2015		2014		2013
Net revenue
Americas Adhesives	$	876,810	$	920,679	$	902,573
EIMEA		605,064		719,787		733,211
Asia Pacific		368,736		275,809		252,608
Construction Products		233,050		188,179		158,576
Total	$	2,083,660	$	2,104,454	$	2,046,968
Inter-segment sales
Americas Adhesives	$	23,569	$	22,120	$	26,096
EIMEA		19,089		13,918		9,228
Asia Pacific		14,402		13,034		14,818
Construction Products		1,474		800		462
Segment operating income
Americas Adhesives	$	126,272	$	103,339	$	123,265
EIMEA		11,881		30,521		51,526
Asia Pacific		17,174		9,317		9,771
Construction Products		15,158		6,664		10,940
Total	$	170,485	$	149,841	$	195,502
Depreciation and amortization
Americas Adhesives	$	22,172	$	22,180	$	20,832
EIMEA		23,518		24,363		20,420
Asia Pacific		15,966		7,230		6,522
Construction Products		13,234		11,751		11,021
Total	$	74,890	$	65,524	$	58,795
Total assets 1
Americas Adhesives	$	458,385	$	474,691	$	471,520
EIMEA		669,883		787,194		759,757
Asia Pacific		551,410		238,627		218,471
Construction Products		204,758		198,276		175,489
Corporate		157,816		168,353		245,926
Discontinued Operations		-		1,865		1,865
Total	$	2,042,252	$	1,869,006	$	1,873,028
Capital expenditures
Americas Adhesives	$	9,775	$	18,045	$	26,225
EIMEA		16,864		71,926		63,512
Asia Pacific		13,338		22,377		10,150
Construction Products		13,925		2,073		1,737
Corporate		4,722		25,373		22,664
Total	$	58,624	$	139,794	$	124,288

1

Segment assets include primarily inventory, accounts receivable, property, plant and equipment 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 from continuing operations before income taxes and income from equity method investments

	2015			2014			2013
Segment operating income	$	170,485		$	149,841		$	195,502
Special charges, net		(4,654	)		(51,501	)		(45,087	)
Other income (expense), net		(2,465	)		716			(3,751	)
Interest expense		(25,021	)		(19,744	)		(19,120	)
Income from continuing operations before income taxes and income from equity method investments	$	138,345		$	79,312		$	127,544

Financial information about geographic areas

	Net Revenue
	2015		2014		2013
United States	$	891,436	$	878,058	$	855,053
All other countries with less than 10 percent of total		1,192,224		1,226,396		1,191,915
Total	$	2,083,660	$	2,104,454	$	2,046,968

	Property, Plant and Equipment, net
	2015		2014		2013
United States	$	193,819	$	205,412	$	185,260
Germany		101,013		116,301		86,335
China		94,763		40,748		29,202
All other countries with less than 10 percent of total		123,265		140,173		133,590
Total	$	512,860	$	502,634	$	434,387

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Note 15 - Redeemable Non-Controlling Interest

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Noncontrolling Interest Disclosure [Text Block]

Note 15: Redeemable Non-Controlling Interest

We account for the non-controlling interest in H.B. Fuller Kimya Sanayi Ticaret A.S. (HBF Kimya) as a redeemable non-controlling interest because both the non-controlling shareholder and H.B. Fuller have an option, exercisable beginning August 1, 2018, to require the redemption of the shares owned by the non-controlling shareholder at a price determined by a formula based on 24 months trailing EBITDA. Since the option makes the redemption of the non-controlling ownership shares of HBF Kimya outside of our control, these shares are classified as a redeemable non-controlling interest in temporary equity in the Consolidated Balance Sheets. The non-controlling shareholder is entitled to increase his ownership by 1 percent per year for 5 years up to a maximum of 13 percent ownership based on the achievement of profitability targets in each year. The option is subject to a minimum price of €3,500. The redemption value of the option, if it were currently redeemable, is estimated to be €3,500.

The results of operations for the HBF Kimya’s non-controlling interest are consolidated in our financial statements. Both the non-controlling interest and the accretion adjustment to redemption value are included in net income or loss attributable to non-controlling interests in the Consolidated Statements of Income and in the carrying value of the redeemable non-controlling interest on the Consolidated Balance Sheets. HBF Kimya’s functional currency is the Turkish lira and changes in exchange rates will affect the reported amount of the redeemable non-controlling interest.

The acquisition of 95 percent of the equity of Tonsan Adhesives, Inc. and the concurrent agreement to acquire the remaining 5 percent in the future, resulted in the assumption of a non-controlling interest for the remaining equity. Based on requirements to redeem this non-controlling interest beginning February 1, 2019, the non-controlling interest was immediately recognized as a liability and reclassified to other liabilities. The fair value of the non-controlling interest as of the date of acquisition was $11,773.

As of November 28, 2015 and November 29, 2014 the redeemable non-controlling interests were:

	2015			2014
Balance at beginning of year	$	4,654		$	4,717
Non-controlling interest assumed		11,773			-
Recognition of non-controlling interest redemption liability		(11,773	)		-
Net income attributed to redeemable non-controlling interest		320			357
Foreign currency translation adjustment		(775	)		(420	)
Balance at end of year	$	4,199		$	4,654

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Note 16 - Quarterly Data (Unadited)

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Quarterly Financial Information [Text Block]

Note 16

:

Quarterly Data

(unaudited)

	2015
(In thousands, except per share amounts)	Q1			Q2			Q3			Q4
Net revenue	$	470,661		$	540,762		$	524,133		$	548,104
Gross profit		116,206			148,937			146,840			156,060
Selling, general and administrative expenses		(94,833	)		(100,582	)		(98,297	)		(103,846	)
Special charges, net		(2,361	)		(934	)		(1,297	)		(62	)
Income from continuing operations	$	9,795		$	26,616		$	26,886		$	25,100
Basic Income per share	$	0.19		$	0.53		$	0.53		$	0.50
Diluted Income per share	$	0.19		$	0.51		$	0.52		$	0.49
Weighted-average common shares outstanding
Basic		50,188			50,345			50,421			50,143
Diluted		51,379			51,471			51,530			51,194

	2014
(In thousands, except per share amounts)	Q1			Q2			Q3			Q4 1
Net revenue	$	485,981		$	544,034		$	526,765		$	547,674
Gross profit		133,045			142,655			125,154			132,436
Selling, general and administrative expenses		(96,799	)		(96,372	)		(96,779	)		(93,499	)
Special charges, net		(11,734	)		(13,538	)		(12,343	)		(13,886	)
Income from continuing operations	$	14,649		$	20,626		$	4,084		$	10,792
Basic Income per share	$	0.29		$	0.41		$	0.08		$	0.22
Diluted Income per share	$	0.28		$	0.40		$	0.08		$	0.21
Weighted-average common shares outstanding
Basic		49,910			49,956			50,053			50,107
Diluted		51,255			51,175			51,297			51,296

1 Includes a correction of an error in our Sekisui-Fuller joint venture of $1,643. 

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Significant Accounting Policies (Policies)

12 Months Ended

Nov. 28, 2015

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 under the cost method.

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 company. For fiscal years 2015 and 2014, this equity method investment exceeded the 10 percent threshold but not the 20 percent threshold test for a significant subsidiary as defined in Rule 1-02(w) of Regulation S-X under the Securities Exchange Act of 1934. As such, summarized financial information as of November 28, 2015 and November 29, 2014 for Sekisui-Fuller Company, Ltd. is as follows:

	As of November 28, 2015		As of November 29, 2014
Current assets	$	86,937	$	82,195
Non-current assets		22,607		21,257
Current liabilities		38,280		37,021
Non-current liabilities		2,041		1,787

	For the year ended November 28, 2015		For the year ended November 29, 2014
Net revenue	$	159,518	$	181,999
Gross profit		40,982		47,955
Net income		12,365		14,024

Our fiscal year ends on the Saturday closest to November 30. Fiscal year-end dates were November 28, 2015, November 29, 2014 and November 30, 2013 for 2015, 2014 and 2013, respectively.

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 Recognition, Sales of Goods [Policy Text Block]

Revenue Recognition:

For shipments made to customers, title generally passes to the customer when all requirements of the sales arrangement have been completed, which is generally at the time of delivery. Revenue from product sales is recorded when title to the product transfers, no remaining performance obligations exist, the terms of the sale are fixed and collection is probable. Shipping terms include title transfer at either shipping point or destination. Stated terms in sale agreements also include payment terms and freight terms. Net revenues include shipping revenues as appropriate.

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 Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) 605-50,

Customer Payments and Incentives

. Customer rebates recorded in the Consolidated Statements of Income as a reduction of net revenue, were $13,951, $12,428 and $11,552 in 2015, 2014 and 2013, respectively.

For certain products, consigned inventory is maintained at customer locations. For these products, revenue is recognized in the period that the inventory is consumed. Sales to distributors also require

a distribution agreement or purchase order. As a normal practice, distributors do not have a right of return.

Cost of Sales, Policy [Policy Text Block]

Cost of Sales

:

Cost of sales includes raw materials, container costs, direct labor, manufacturing overhead, shipping and receiving costs, freight costs, depreciation of manufacturing equipment 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 (SG&A) Expenses:

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 the pre-tax income included in the Consolidated Statements of Income before income from equity method investments. 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 8 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 are 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, estimated attrition rate, and a discount rate.  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 from continuing operations in our Consolidated Statements of Cash Flows.

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

Restrictions on Cash:

There were no restrictions on cash as of November 28, 2015. 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 and Other Accounts Receivable, Policy [Policy Text Block]

Trade Receivable 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. Invoices are written off against the allowance when the invoice is 18 months past terms. See Note 4 for further information.

Inventory, Policy [Policy Text Block]

Inventories:

Inventories recorded at cost (not in excess of market value) as determined by the last-in, first-out method (LIFO) represent approximately 39 percent of consolidated inventories. During 2015, 2014 and 2013 there were no significant liquidations of LIFO inventory layers or significant LIFO liquidation gains or losses. The remaining inventories, which include all non-U.S. operations, are valued at the lower of cost (mainly weighted-average actual cost) or market value.

Investment, Policy [Policy Text Block]

Investments:

Investments with a value of $5,915 and $7,196 represent the cash surrender value of life insurance contracts

as of

November 28, 2015 and November 29, 2014, 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 other income (expense),

net.

Cost Method Investments, Policy [Policy Text Block]

Cost Method 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 cost method. We have a policy in place to review our investments at least annually, to evaluate the accounting method and carrying value of our investments in unconsolidated investees. Our cost method investments are evaluated, on at least a quarterly basis, for potential other-than-temporary impairment, or when an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investments. If we believe that the carrying value of an investment is in excess of its estimated fair value, it is our policy to record an impairment charge to adjust the carrying value to the estimated fair value, if the impairment is considered other-than-temporary

.

We did not have any impairment of our cost method investments for the years ended November 28, 2015, November 29, 2014 and November 30, 2013.  The book value of the cost method investments was $1,666 as of November 28, 2015 and $1,671 as of November 29, 2014.

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 (expense), 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 $136, $2,725 and $1,921 were capitalized in 2015, 2014 and 2013, respectively.

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

Goodwill:

We test goodwill for impairment annually during the fourth quarter and whenever events occur or changes in circumstances indicate that impairment may have occurred. Impairment testing is performed for each of our reporting units by comparing the reporting unit’s estimated fair value to its carrying amount, including goodwill. We use a discounted cash flow approach to estimate the fair value of our reporting units. Our judgment is required in developing the assumptions for the discounted cash flow model. These assumptions include revenue growth rates, profit margin percentages, discount rates, perpetuity growth rates, future capital expenditures and working capital requirements. 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, there is an indication of potential impairment, and we calculate an implied fair value of goodwill. The implied fair value is calculated as the difference between the fair value of the reporting unit and the fair value of the individual assets and liabilities of the reporting unit, excluding goodwill. An impairment charge is recorded for any excess of the carrying value over the implied fair value. Based on our 2015 annual assessment, we determined that none of our goodwill was impaired.

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

Intangible Assets:

Intangible assets include patents 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 discounted cash flow 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 (expense), 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 Latin America and certain European countries have a functional currency different than their local currency. All other foreign subsidiaries, which are located in North America, Europe and Asia, have the same local and functional currency.

Postemployment Benefit 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 and health care cost trend 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 60 percent equities and 40 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, Policy [Policy Text Block]

Asset Retirement Obligations:

We recognize asset retirement obligations (AROs) 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 $2,274 and $2,515 at

November 28, 2015 and November 29, 2014, 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.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Share-based Compensation:

We have various share-based compensation programs, which provide for equity awards, including stock options and restricted stock. We use the straight-line 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 3 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, (b) the amount of unearned share-based compensation costs attributed to future services and (c) the amount of tax benefits, if any, that would be credited to additional paid-in capital assuming exercise of the award. Share-based compensation awards for which total employee proceeds exceed the average market price over the applicable period have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. The computations for basic and diluted earnings per share are as follows:

(shares in thousands)	2015		2014		2013
Net income attributable to H.B. Fuller	$	86,680	$	49,773	$	96,761
Weighted-average common shares – basic		50,274		50,006		49,893
Equivalent shares from share-based compensation plans		1,119		1,249		1,243
Weighted-average common and common equivalent shares – diluted		51,393		51,255		51,136
Basic earnings per share	$	1.72	$	1.00	$	1.94
Diluted earnings per share	$	1.69	$	0.97	$	1.89

Share-based compensation awards for 887,672, 421,810 and 112,367 shares for 2015, 2014 and 2013, 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, local currency denominated assets to local 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 11 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 repurchased 54,454, 67,593 and 62,124 shares of common stock in 2015, 2014 and 2013, respectively, in connection with the statutory minimum for the tax withholdings related to vesting of restricted shares.

On September 30, 2010, the Board of Directors authorized a share repurchase program of up to $100,000 of our outstanding common shares. During 2015, we repurchased 500,000 shares for $17,066 under this program. During 2014 we repurchased 250,000 shares for $12,254 and during 2013 we repurchased 375,000 shares for $15,292 under this program. See Note 9 for further information.

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements:

In January 2016, the

FASB issued

Accounting Standards Update (ASU)

No. 2016-01,

Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

, which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This guidance will be effective for us in the first quarter of our fiscal year 2019, and early adoption is not permitted. We are currently evaluating the impact that this guidance will have on our consolidated financial statements.

In November 2015, the FASB issued ASU No. 2015-17, 

Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes

, which amends the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This accounting guidance is effective for us beginning in the first quarter of 2018, but we have elected to adopt this guidance prospectively as of November 28, 2015.  As a result, we have classified all deferred tax liabilities and assets as non-current in the Consolidated Balance Sheet at November 28, 2015.

In September 2015, the FASB issued ASU No. 2015-16,

Business Combinations (Topic 805)

,

which requires that an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This guidance requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change in provisional amounts, calculated as if the accounting had been completed at the acquisition date. This guidance requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Our effective date for adoption of this guidance is our fiscal year beginning December 3, 2017. We have evaluated the effect that this guidance will have on our Consolidated Financial Statements and related disclosures and determined it will not have a material impact.

In July 2015, the FASB issued ASU No. 2015-11,

Inventory (Topic 330): Simplifying the Measurement of

Inventory

, which requires a company to measure inventory within the scope of this guidance (inventory measured using first-in, first-out (FIFO) or average cost) at the lower of cost and net realizable value methods. Subsequent measurement is unchanged for inventory measured using the last-in, first-out (LIFO) or retail inventory method. Our effective date for adoption of this guidance is our fiscal year beginning December 3, 2017. We have evaluated the effect that this guidance will have on our Consolidated Financial Statements and related disclosures and determined it will not have a material impact.

In May 2015, the FASB issued ASU No. 2015-07,

Fair Value Measurement (Subtopic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent)

.

The amendments in this guidance remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient thus eliminating the diversity that currently exists in the disclosure of these assets. Our effective date for adoption of this guidance is our fiscal year beginning November 29, 2015. We have evaluated the effect that this guidance will have on our Consolidated Financial Statements and related disclosures and determined it will not have a material impact.

In April 2015, the FASB issued ASU No. 2015-04,

Compensation–Retirement Benefits (Topic 715) Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets

. This guidance permits an entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end for an entity with a fiscal year-end that does not coincide with a month-end. We adopted this guidance for our fiscal year ended November 28, 2015, which did not have a material impact on our consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03,

Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issue Costs

. This guidance requires debt issue costs to be presented as a direct deduction from the carrying amount of debt, consistent with debt discounts. This is a change from the current presentation of classifying debt issue costs as a deferred charge. Our effective date for adoption is our fiscal year beginning December 3, 2017. We have evaluated the effect that this guidance will have on our Consolidated Financial Statements and related disclosures and determined it will not have a material impact.

In May 2014, the FASB issued ASU No. 2014-09,

Revenue from Contracts with Customers (Topic 606),

which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017 (as stated in ASU No. 2015-14 which defers the effective date and was issued in August 2015) and is now effective for our fiscal year beginning December 2, 2018. Early application as of the original effective date is permitted under ASU 2015-14. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that this guidance will have on our Consolidated Financial Statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.

In April 2014, the FASB issued ASU 2014-08, 

Reporting Discontinued Operations and Disclosures of Components of an Entity,

which amends the definition of a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This guidance is effective prospectively beginning in the first quarter of fiscal 2016. We do not expect adoption of this guidance to have a material impact on our Consolidated Financial Statements.

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Note 1 - Nature of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Equity Method Investments [Table Text Block]

	As of November 28, 2015		As of November 29, 2014
Current assets	$	86,937	$	82,195
Non-current assets		22,607		21,257
Current liabilities		38,280		37,021
Non-current liabilities		2,041		1,787

	For the year ended November 28, 2015		For the year ended November 29, 2014
Net revenue	$	159,518	$	181,999
Gross profit		40,982		47,955
Net income		12,365		14,024

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

(shares in thousands)	2015		2014		2013
Net income attributable to H.B. Fuller	$	86,680	$	49,773	$	96,761
Weighted-average common shares – basic		50,274		50,006		49,893
Equivalent shares from share-based compensation plans		1,119		1,249		1,243
Weighted-average common and common equivalent shares – diluted		51,393		51,255		51,136
Basic earnings per share	$	1.72	$	1.00	$	1.94
Diluted earnings per share	$	1.69	$	0.97	$	1.89

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Note 2 - Acquisitions and Divestitures (Tables)

12 Months Ended

Nov. 28, 2015

ProSpec [Member]

Notes Tables

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

		Amount
Current assets	$	6,502
Property, plant and equipment		7,976
Goodwill		7,443
Other intangibles
Customer relationships		4,300
Technology		1,500
Trademarks/trade names		200
Current liabilities		(1,738	)
Total purchase price	$	26,183

Tonsan Adhesive [Member]

Notes Tables

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

	Valuation February 28, 2015			Fair Value Adjustments			Valuation November 28, 2015
Current assets	$	50,922		$	(1,083	)	$	49,839
Property, plant and equipment		58,549			593			59,142
Goodwill 1		155,232			(30,142	)		125,090
Other intangibles
Developed technology		18,500			100			18,600
Customer relationships		12,400			13,300			25,700
Trademarks/trade names		10,900			100			11,000
Other assets		139			13,401			13,540
Current liabilities		(30,590	)		(7,478	)		(38,068	)
Other liabilities 1		(49,497	)		12,352			(37,145	)
Redeemable non-controlling interests		(10,630	)		(1,143	)		(11,773	)
Total purchase price	$	215,925		$	-		$	215,925

Continental Products Limited [Member]

Notes Tables

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

		Amount
Current assets	$	1,357
Property, plant and equipment		143
Goodwill		462
Other intangibles
Customer relationships		416
Noncompetition agreements		30
Other assets		7
Current liabilities		(591	)
Other liabilities		(177	)
Total purchase price	$	1,647

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Note 3 - Accounting for Share-Based Compensation (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block]

	2015					2014					2013
Expected life (in years)		4.62					4.75					4.75
Weighted-average expected volatility		30.81			%		33.83			%		47.28			%
Expected volatility range		25.50%	-	31.67	%		31.61%	-	37.06	%		39.25%	-	48.02	%
Risk-free interest rate		1.27			%		1.52			%		0.77			%
Expected dividend yield		1.12			%		0.85			%		0.87			%
Weighted-average fair value of grants	$	10.05				$	13.82				$	15.05

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

				Weighted-
				Average
	Options			Exercise Price
Outstanding at November 30, 2013		2,429,961		$	25.74
Granted		477,606			48.06
Exercised		(330,179	)		20.75
Forfeited or cancelled		(42,915	)		38.59
Outstanding at November 29, 2014		2,534,473		$	30.39
Granted		759,167			40.69
Exercised		(275,035	)		22.67
Forfeited or cancelled		(106,532	)		42.42
Outstanding at November 28, 2015		2,912,073		$	33.37

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

	Units			Shares			Total			Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Life (in Years)
Nonvested at November 30, 2013		135,231			312,445			447,676		$	33.76		1.2
Granted		126,536			-			126,536			48.84		1.2
Vested		(68,293	)		(114,044	)		(182,337	)		48.16		-
Forfeited		(4,813	)		(9,779	)		(14,592	)		37.80		1.1
Nonvested at November 29, 2014		188,661			188,622			377,283		$	40.70		1.0
Granted		144,100			-			144,100			40.92		1.2
Vested		(82,495	)		(69,152	)		(151,647	)		37.47		-
Forfeited		(13,253	)		(9,310	)		(22,563	)		40.66		0.8
Nonvested at November 28, 2015		237,013			110,160			347,173		$	42.17		0.8

Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments [Table Text Block]

	Non-employee Directors			Employees			Total
Units outstanding November 30, 2013		312,680			61,288			373,968
Participant contributions		14,347			4,429			18,776
Company match contributions 1		16,613			492			17,105
Payouts		(1,093	)		(13,906	)		(14,999	)
Units outstanding November 29, 2014		342,547			52,303			394,850
Participant contributions		16,312			4,705			21,017
Company match contributions 1		21,636			470			22,106
Payouts		(325	)		(11,572	)		(11,897	)
Units outstanding November 28, 2015		380,170			45,906			426,076

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Note 4 - Supplemental Financial Statement Information (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Income Statement Supplemental Disclosures [Table Text Block]

	2015			2014			2013
Foreign currency transaction losses, net	$	(3,549	)	$	(2,546	)	$	(4,106	)
Interest income		510			344			737
Gain on disposal of fixed assets		330			2,769			323
Other, net		244			149			(705	)
Total other income (expense), net	$	(2,465	)	$	716		$	(3,751	)
Research and development expenses (included in SG&A expenses)	$	26,170		$	21,245		$	24,570

Schedule of Balance Sheet Supplemental Disclosures [Table Text Block]

	2015			2014
Inventories
Raw materials	$	121,545		$	133,476
Finished goods		142,195			140,014
LIFO reserve		(15,236	)		(22,200	)
Total inventories	$	248,504		$	251,290
Other current assets
Other receivables	$	31,051		$	15,059
Prepaid income taxes		3,790			9,505
Prepaid taxes other than income taxes		18,464			30,797
Deferred income taxes		-			20,924
Prepaid expenses		12,232			12,547
Assets held for sale		3,138			4,273
Total other current assets	$	68,675		$	93,105
Property, plant and equipment
Land	$	68,008		$	65,367
Buildings and improvements		315,659			293,440
Machinery and equipment		683,988			710,180
Construction in progress		44,332			37,364
Total, at cost		1,111,987			1,106,351
Accumulated depreciation		(599,127	)		(603,717	)
Net property, plant and equipment	$	512,860		$	502,634
Other assets
Investments and company owned life insurance	$	9,641		$	10,950
Equity method investments		39,533			37,487
Cost method investments		1,666			1,671
Long-term deferred income taxes		55,663			40,142
Prepaid pension costs		4,273			7,588
Prepaid postretirement other than pension		15,755			12,054
Other long-term assets		34,613			39,434
Total other assets	$	161,144		$	149,326
Income taxes payable
Current income taxes payable	$	8,970		$	10,961
Current deferred income taxes		-			2,800
Total income taxes payable	$	8,970		$	13,761
Other accrued expenses
Taxes other than income taxes	$	16,909		$	19,427
Interest		5,027			4,548
Product liability		2,765			1,691
Accrued expenses		32,654			25,383
Total other accrued expenses	$	57,355		$	51,049
Other liabilities
Asset retirement obligations	$	2,274		$	2,515
Long-term deferred income taxes		24,477			16,718
Long-term deferred compensation		5,675			5,635
Postretirement other than pension		2,902			3,146
Contingent consideration liabilities, continuing operations		10,854			196
Other long-term liabilities		23,090			13,565
Total other liabilities	$	69,272		$	41,775

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	2015			2014			2013
Balance at beginning of year	$	10,246		$	8,538		$	7,513
Charged to expenses		4,703			3,998			3,267
Write-offs		(2,339	)		(1,866	)		(2,369	)
Foreign currency translation effect		(717	)		(424	)		127
Balance at end of year	$	11,893		$	10,246		$	8,538

Comprehensive Income (Loss) [Table Text Block]

	November 28, 2015
	H.B. Fuller Stockholders									Non-controlling Interests
	Pretax			Tax			Net			Net
Net income including non-controlling interests		-			-		$	86,680		$	417
Other comprehensive income (loss)
Foreign currency translation adjustment ¹	$	(62,759	)		-			(62,759	)		(17	)
Reclassification to earnings:
Defined benefit pension plans adjustment ²		(24,279	)		8,408			(15,871	)		-
Interest rate swap ³		56			(16	)		40			-
Cash-flow hedges ³		(2,168	)		826			(1,342	)		-
Other comprehensive income (loss)	$	(89,150	)	$	9,218			(79,932	)		(17	)
Comprehensive income (loss)							$	6,748		$	400

	November 29, 2014
	H.B. Fuller Stockholders									Non-controlling Interests
	Pretax			Tax			Net			Net
Net income including non-controlling interests		-			-		$	49,773		$	378
Other comprehensive income (loss)
Foreign currency translation adjustment ¹	$	(38,673	)		-			(38,673	)		(14	)
Reclassification to earnings:
Defined benefit pension plans adjustment ²		(56,268	)		19,394			(36,874	)		-
Interest rate swap ³		56			(15	)		41			-
Cash-flow hedges ³		158			(42	)		116			-
Other comprehensive income (loss)	$	(94,727	)	$	19,337			(75,390	)		(14	)
Comprehensive income (loss)							$	(25,617	)	$	364

	November 30, 2013
	H.B. Fuller Stockholders									Non-controlling Interests
	Pretax			Tax			Net			Net
Net income including non-controlling interests		-			-		$	96,761		$	425
Other comprehensive income (loss)
Foreign currency translation adjustment ¹	$	(876	)		-			(876	)		(55	)
Reclassification to earnings:
Defined benefit pension plans adjustment ²		106,647			(38,451	)		68,196			-
Interest rate swap ³		57			(16	)		41			-
Cash-flow hedges ³		494			(191	)		303			-
Other comprehensive income (loss)	$	106,322		$	(38,658	)		67,664			(55	)
Comprehensive income (loss)							$	164,425		$	370

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	November 28, 2015
	Total			H.B. Fuller Stockholders			Non-controlling Interests
Foreign currency translation adjustment	$	(51,592	)	$	(51,554	)	$	(38	)
Interest rate swap, net of taxes of $5		(13	)		(13	)		-
Cash-flow hedges, net of taxes of $811		(1,317	)		(1,317	)		-
Defined benefit pension plans adjustment, net of taxes of $93,012		(174,400	)		(174,400	)		-
Total accumulated other comprehensive income (loss)	$	(227,322	)	$	(227,284	)	$	(38	)

	November 29, 2014
	Total			H.B. Fuller Stockholders			Non-controlling Interests
Foreign currency translation adjustment	$	11,184		$	11,205		$	(21	)
Interest rate swap, net of taxes of $21		(53	)		(53	)		-
Cash-flow hedges, net of taxes of $15		25			25			-
Defined benefit pension plans adjustment, net of taxes of $84,604		(158,529	)		(158,529	)		-
Total accumulated other comprehensive income (loss)	$	(147,373	)	$	(147,352	)	$	(21	)

	November 30, 2013
	Total			H.B. Fuller Stockholders			Non-controlling Interests
Foreign currency translation adjustment	$	49,871		$	49,878		$	(7	)
Interest rate swap, net of taxes of $36		(94	)		(94	)		-
Cash-flow hedges, net of taxes of $57		(91	)		(91	)		-
Defined benefit pension plans adjustment net of taxes of $65,210		(121,655	)		(121,655	)		-
Total accumulated other comprehensive income (loss)	$	(71,969	)	$	(71,962	)	$	(7	)

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Note 5 - Special Charges, Net (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block]

	Fiscal Years
	2015			2014		2013
Acquisition and transformation related costs	$	715		$	7,946	$	8,698
Workforce reduction costs		(37	)		3,233		9,784
Facility exit costs		3,664			32,050		17,869
Other related costs		312			8,272		8,736
Special charges, net	$	4,654		$	51,501	$	45,087

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Note 6 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Nov. 28, 2015

Operating Segments [Member]

Notes Tables

Schedule of Goodwill [Table Text Block]

	2015		2014
Americas Adhesives	$	67,123	$	71,325
EIMEA		122,641		139,666
Asia Pacific		143,660		24,201
Construction Products		20,780		20,780
Total	$	354,204	$	255,972

Schedule of Goodwill [Table Text Block]

	2015			2014
Balance at beginning of year	$	255,972		$	263,103
Continental Products Limited acquisition		462			-
Tonsan Adhesive, Inc. acquisition		125,090			-
ProSpec acquisition		-			7,443
Plexbond Quimica, S.A. acquisition		-			151
Foreign currency translation effect		(27,320	)		(14,725	)
Balance at end of year	$	354,204		$	255,972

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

Amortizable Intangible Assets	Purchased Technology & Patents			Customer Relationships			All Other			Total
As of November 28, 2015
Original cost	$	69,792		$	234,995		$	49,563		$	354,350
Accumulated amortization		(17,613	)		(99,405	)		(24,801	)		(141,819	)
Net identifiable intangibles	$	52,179		$	135,590		$	24,762		$	212,531
Weighted-average useful lives (in years)		10			17			13			15
As of November 29, 2014
Original cost	$	43,915		$	219,517		$	52,529		$	315,961
Accumulated amortization		(11,944	)		(88,164	)		(20,458	)		(120,566	)
Net identifiable intangibles	$	31,971		$	131,353		$	32,071		$	195,395
Weighted-average useful lives (in years)		11			18			12			16

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

Fiscal Year	2016		2017		2018		2019		2020		Thereafter
Amortization Expense	$	25,419	$	25,057	$	24,664	$	22,740	$	21,769	$	92,882

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Note 7 - Notes Payable, Long-Term Debt and Lines of Credit (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Debt [Table Text Block]

	Weighted-Average
	Interest Rate at		Fiscal Year
Long-Term Debt	November 28, 2015		Maturity Date		2015			2014
Revolving credit line		1.33%		2019	$	-		$	143,000
Term Loan		1.44%		2019		288,750			-
Senior Notes, Series A 1		2.24%		2017		17,419			17,805
Senior Notes, Series B 2		2.12%		2017		33,982			34,738
Senior Notes, Series C 3		3.34%		2020		36,955			37,192
Senior Notes, Series D 4		5.61%		2020		65,000			65,000
Senior Notes, Series E 5		4.12%		2022		250,000			250,000
Total debt					$	692,106		$	547,735
Less: current maturities						(22,500	)		-
Total long-term debt, excluding current maturities					$	669,606		$	547,735

Schedule of Line of Credit Facilities [Table Text Block]

Term	Committed		Drawn		Unused
Long-term lines of credit	$	300,000	$	-	$	300,000

Schedule of Maturities of Long-term Debt [Table Text Block]

Fiscal Year	2016		2017		2018		2019		2020		Thereafter
Long-term debt obligations	$	22,500	$	81,401	$	37,500	$	198,750	$	101,955	$	250,000

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Note 8 - Income Taxes (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Income from continuing operations before income taxes and income from equity method investments	2015		2014		2013
United States	$	97,094	$	55,567	$	81,788
Non-U.S.		41,251		23,745		45,756
Total	$	138,345	$	79,312	$	127,544

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Components of the provision for income tax expense (benefit)	2015			2014			2013
Current:
U.S. federal	$	24,180		$	8,771		$	16,999
State		2,955			1,290			1,372
Non-U.S.		22,075			20,133			11,930
		49,210			30,194			30,301
Deferred:
U.S. federal		8,096			8,106			8,101
State		1,269			1,069			2,244
Non-U.S.		(2,720	)		(5,021	)		(697	)
		6,645			4,154			9,648
Total	$	55,855		$	34,348		$	39,949

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Reconciliation of effective income tax	2015			2014			2013
Statutory U.S. federal income tax rate	$	48,421		$	27,759		$	44,641
State income taxes, net of federal benefit		3,281			1,534			2,351
Foreign dividend repatriation		388			760			467
Foreign operations		1,547			(8,287	)		(12,598	)
Impact of option valuation		1,211			-			-
Interest income not taxable in the U.S.		(1,243	)		(1,649	)		(1,789	)
Change in valuation allowance		480			3,317			1,819
Tax impact of special charges, net		1,678			11,773			5,998
Other		92			(859	)		(940	)
Total	$	55,855		$	34,348		$	39,949

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred income tax balances at each year-end related to:	2015			2014
Depreciation and amortization	$	(61,992	)	$	(47,152	)
Employee benefit costs		50,679			45,920
Foreign tax credit carryforward		11,621			12,355
Tax loss carryforwards		21,090			21,851
Other		24,373			24,234
		45,771			57,208
Valuation allowance		(14,393	)		(16,364	)
Net deferred tax assets	$	31,378		$	40,844

Summary of Income Tax Contingencies [Table Text Block]

	2015			2014
Balance at beginning of year	$	4,787		$	5,151
Tax positions related to the current year:
Additions		877			600
Tax positions related to prior years:
Additions		439			178
Reductions		(557	)		(177	)
Settlements		-			(13	)
Lapses in applicable statutes of limitation		(676	)		(952	)
Balance at end of year	$	4,870		$	4,787

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Note 9 - Stockholders' Equity (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Common Stock Outstanding Roll Forward [Table Text Block]

Common Shares Outstanding	2015			2014			2013
Beginning balance		50,310,803			50,228,543			49,903,266
Stock options exercised		275,035			330,179			462,427
Shares swapped for stock option exercises		(39,883	)		-			-
Deferred compensation paid		8,852			9,957			51,521
Restricted units vested		83,494			69,624			67,828
Restricted shares granted		-			-			186,352
Shares withheld for taxes		(54,454	)		(67,593	)		(62,124	)
Restricted shares forfeited		(9,537	)		(9,907	)		(5,727	)
Shares repurchased under repurchase program		(500,000	)		(250,000	)		(375,000	)
Ending balance		50,074,310			50,310,803			50,228,543

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Note 10 - Pension and Postretirement Benefits (Tables)

12 Months Ended

Nov. 28, 2015

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
	2015			2014			2015			2014			2015			2014
Change in projected benefit obligation
Benefit obligation at beginning of year	$	408,595		$	347,668		$	220,216		$	206,407		$	54,370		$	50,811
Service cost		107			93			1,924			1,699			449			434
Interest cost		16,322			16,086			5,986			7,626			2,042			2,143
Participant contributions		-			-			-			-			328			350
Actuarial (gain)/loss 1		(15,317	)		62,014			3,780			30,312			(3,988	)		3,948
Curtailments		-			-			-			(100	)		-			-
Settlement payments		(15,493	)		-			-			(1,638	)		-			-
Benefits paid		(18,116	)		(17,266	)		(7,726	)		(8,377	)		(3,278	)		(3,316	)
Foreign currency translation effect		-			-			(23,008	)		(15,713	)		-			-
Benefit obligation at end of year		376,098			408,595			201,172			220,216			49,923			54,370
Change in plan assets
Fair value of plan assets at beginning of year		384,335			358,233			188,210			182,152			63,076			54,196
Actual return on plan assets		(15,799	)		41,874			7,408			20,657			1,249			8,621
Employer contributions		1,534			1,494			1,901			7,856			1,210			3,225
Participant contributions		-			-			-			-			328			350
Settlement payments		(15,493	)		-			-			-			-			-
Benefits paid 2		(18,116	)		(17,266	)		(7,726	)		(8,377	)		(3,278	)		(3,316	)
Foreign currency translation effect		-			-			(17,552	)		(14,078	)		-			-
Fair value of plan assets at end of year		336,461			384,335			172,241			188,210			62,585			63,076
Plan assets (less than) in excess of benefit obligation as of year end	$	(39,637	)	$	(24,260	)	$	(28,931	)	$	(32,006	)	$	12,662		$	8,706

Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]

Amounts in accumulated other comprehensive income (loss) that have not	Pension Benefits										Other Postretirement
been recognized as components of net	U.S. Plans				Non-U.S. Plans						Benefits
periodic benefit cost	2015		2014		2015			2014			2015			2014
Unrecognized actuarial loss	$	160,544	$	140,009	$	75,157		$	82,598		$	21,189		$	23,348
Unrecognized prior service cost (benefit)		90		119		(11	)		(17	)		(41	)		(2,546	)
Ending balance	$	160,634	$	140,128	$	75,146		$	82,581		$	21,148		$	20,802

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

	Pension Benefits												Other Postretirement
	U.S. Plans						Non-U.S. Plans						Benefits
	2015			2014			2015			2014			2015			2014
Statement of financial position as of fiscal year-end
Non-current assets	$	-		$	-		$	4,282		$	7,592		$	15,755		$	12,054
Accrued benefit cost
Current liabilities		(1,490	)		(1,510	)		(1,100	)		(1,248	)		(191	)		(201	)
Non-current liabilities		(38,147	)		(22,750	)		(32,113	)		(38,350	)		(2,902	)		(3,146	)
Ending balance	$	(39,637	)	$	(24,260	)	$	(28,931	)	$	(32,006	)	$	12,662		$	8,707

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

	Pension Benefits and Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	2015		2014		2015		2014
Accumulated benefit obligation	$	355,988	$	20,568	$	99,010	$	122,860
Fair value of plan assets		336,461		-		73,389		91,990

	Pension Benefits and Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	2015		2014		2015		2014
Projected benefit obligation	$	376,098	$	408,595	$	113,633	$	131,588
Fair value of plan assets		336,461		384,335		80,421		91,990

Schedule of Expected Benefit Payments [Table Text Block]

	Pension Benefits				Other
	U.S. Plans		Non-U.S. Plans		Postretirement Benefits
Employer contributions
2016	$	-	$	503	$	3,000
Expected benefit payments
2016	$	26,801	$	7,190	$	3,338
2017		18,913		7,359		3,371
2018		19,456		7,539		3,401
2019		19,972		7,955		3,425
2020		20,478		7,807		3,437
2021-2025		108,454		42,559		16,940

Schedule of Net Benefit Costs [Table Text Block]

	Pension Benefits																		Other
	U.S. Plans									Non-U.S. Plans									Postretirement Benefits
Net periodic cost (benefit)	2015			2014			2013			2015			2014			2013			2015			2014			2013
Service cost	$	107		$	93		$	106		$	1,924		$	1,699		$	1,799		$	449		$	434		$	623
Interest cost		16,322			16,086			14,719			5,986			7,626			7,486			2,042			2,143			2,133
Expected return on assets		(25,682	)		(23,865	)		(22,720	)		(10,422	)		(10,749	)		(9,390	)		(5,510	)		(4,742	)		(3,725	)
Amortization:
Prior service cost		29			29			49			(4	)		(4	)		(4	)		(2,505	)		(3,771	)		(4,134	)
Actuarial loss (gain)		5,628			4,575			6,742			3,173			3,056			3,778			2,431			2,709			5,717
Curtailment loss (gain)		-			-			102			-			-			53			-			-			-
Settlement charge (credit)		-			-			-			-			246			153			-			-			-
Net periodic benefit (benefit) cost	$	(3,596	)	$	(3,082	)	$	(1,002	)	$	657		$	1,874		$	3,875		$	(3,093	)	$	(3,227	)	$	614

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

	Pension Benefits
	U.S. Plans		Non-U.S. Plans			Postretirement benefits
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year as of November 28, 2015
Amortization of prior service cost (benefit)	$	29	$	(4	)	$	(41	)
Amortization of net actuarial (gain) loss		5,270		3,220			2,169
	$	5,299	$	3,216		$	2,128

Schedule of Assumptions Used [Table Text Block]

	Pension Benefits
Weighted-average assumptions used to	U.S. Plans									Non-U.S. Plans									Other Postretirement Benefits
Determine benefit obligations	2015			2014			2013			2015			2014			2013			2015			2014			2013
Discount rate		4.28	%		4.08	%		4.74	%		2.82	%		2.90	%		3.74	%		4.02	%		3.84	%		4.34	%
Rate of compensation increase 1		4.50	%		4.50	%		4.50	%		1.58	%		1.67	%		1.84	%		N/A			N/A			N/A

Weighted-average assumptions used to
Determine net costs for years ended	2015			2014			2013			2015			2014			2013			2015			2014			2013
Discount rate		4.08	%		4.74	%		3.81	%		2.95	%		3.77	%		3.74	%		3.84	%		4.33	%		3.46	%
Expected return on plan assets		7.75	%		7.75	%		7.75	%		6.22	%		6.17	%		5.96	%		8.75	%		8.75	%		8.75	%
Rate of compensation increase		4.50	%		4.50	%		4.50	%		1.58	%		1.67	%		1.84	%		N/A			N/A			N/A

Schedule of Health Care Cost Trend Rates [Table Text Block]

Assumed health care trend rates	2015			2014			2013
Health care cost trend rate assumed for next year		7.00	%		6.50	%		7.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.00	%		5.00	%		5.00	%
Fiscal year that the rate reaches the ultimate trend rate	2024			2018			2019

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]

	One-Percentage Point
	Increase			Decrease
Effect on service and interest cost components – annual	$	1		$	(101	)
Effect on accumulated postretirement benefit obligation	$	(193	)	$	(2,387	)

Schedule of Allocation of Plan Assets [Table Text Block]

	U.S. Pension Plans									Non-U.S. Pension Plans									Other Postretirement Plans
	Target			Percentage of Plan Assets at Year-End						Target			Percentage of Plan Assets at Year-End						Target			Percentage of Plan Assets at Year-End
Asset Category	2015			2015			2014			2015			2015			2014			2015			2015			2014
Equities		60.0	%		57.7	%		60.2	%		49.5	%		50.3	%		49.8	%		0.0	%		0.0	%		0.0	%
Fixed income		40.0	%		38.8	%		38.9	%		50.5	%		49.1	%		46.7	%		0.0	%		0.0	%		0.0	%
Real Estate		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		1.1	%		0.0	%		0.0	%		0.0	%
Insurance		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		100.0	%		99.5	%		98.3	%
Cash		0.0	%		3.5	%		0.9	%		0.0	%		0.6	%		2.4	%		0.0	%		0.5	%		1.7	%
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%

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

	November 28, 2015
U.S. Pension Plans	Level 1		Level 2		Level 3		Total Assets
Equities	$	123,816	$	70,325	$	-	$	194,141
Fixed income		29,948		100,086		352		130,386
Cash		11,934		-		-		11,934
Total	$	165,698	$	170,411	$	352	$	336,461

Non-U.S. Pension Plans	Level 1		Level 2		Level 3		Total Assets
Equities	$	31,253	$	55,430	$	-	$	86,683
Fixed income		41,572		42,595		530		84,697
Cash		861		-		-		861
Total	$	73,686	$	98,025	$	530	$	172,241

Other Postretirement Benefits	Level 1		Level 2		Level 3		Total Assets
Insurance	$	-	$	-	$	62,299	$	62,299
Cash		286		-		-		286
Total	$	286	$	-	$	62,299	$	62,585

	November 29, 2014
U.S. Pension Plans	Level 1		Level 2		Level 3		Total Assets
Equities	$	138,308	$	93,056	$	-	$	231,364
Fixed income		27,782		121,450		407		149,639
Cash		3,332		-		-		3,332
Total	$	169,422	$	214,506	$	407	$	384,335

Non-U.S. Pension Plans	Level 1		Level 2		Level 3		Total Assets
Equities	$	34,362	$	59,504	$	-	$	93,866
Fixed income		48,346		39,006		582		87,934
Real Estate		-		-		2,160		2,160
Cash		4,464		-		-		4,464
Total	$	87,172	$	98,510	$	2,742	$	188,424

Other Postretirement Benefits	Level 1		Level 2		Level 3		Total Assets
Insurance	$	-	$	-	$	61,980	$	61,980
Cash		1,096		-		-		1,096
Total	$	1,096	$	-	$	61,980	$	63,076

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

U.S. Pension Plans	Fixed Income
Level 3 balance at beginning of year	$	407
Purchases, sales, issuances and settlements, net		(55	)
Level 3 balance at end of year	$	352

Non-U.S. Pension Plans	Fixed Income			Real Estate			Total
Level 3 balance at beginning of year	$	582		$	2,160		$	2,742
Net transfers into / (out of) level 3		28			(12	)		16
Purchases, sales, issuances and settlements, net		-			(2,388	)		(2,388	)
Net gains		9			282			291
Currency change effect		(89	)		(42	)		(131	)
Level 3 balance at end of year	$	530		$	-		$	530

Other Postretirement Benefits	Insurance
Level 3 balance at beginning of year	$	61,980
Net transfers into / (out of) level 3		(701	)
Purchases, sales, issuances and settlements, net		(462	)
Net gains		1,482
Level 3 balance at end of year	$	62,299

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Note 11 - Financial Instruments (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

	Fiscal Year of Expiration	Interest Rate		Notional Value		Fair Value
Pay EUR	2017		3.05%	$	44,912	$	2,055
Receive USD			3.9145%
Pay EUR	2018		3.45%		44,912		1,772
Receive USD			4.5374%
Pay EUR	2019		3.80%		44,912		1,557
Receive USD			5.0530%
Total				$	134,736	$	5,384

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Note 12 - Commitments and Contingencies (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Operating Leases of Lessee Disclosure [Table Text Block]

Fiscal Year	2016		2017		2018		2019		2020		Remainder		Total Minimum Lease Payments
Operating Leases	$	7,354	$	4,423	$	2,591	$	1,423	$	923	$	717	$	17,431

Schedule of Loss Contingencies by Contingency [Table Text Block]

	Year Ended		Year Ended		Year Ended
	November 28,		November 29,		November 30,
	2015		2014		2013
Lawsuits and claims settled		10		9		6
Settlement amounts	$	858	$	843	$	371
Insurance payments received or expected to be received	$	682	$	687	$	279

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Note 13 - Fair Value Measurements (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

			Fair Value Measurements Using:
	November 28,
Description	2015		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	1,698	$	1,698	$	-	$	-
Derivative assets		15,185		-		15,185		-
Interest rate swaps		3,395		-		3,395		-
Cash-flow hedges		5,384		-		5,384		-
Liabilities:
Derivative liabilities	$	4,744	$	-	$	4,744	$	-
Contingent consideration liabilities, continuing operations		10,854		-		-		10,854

			Fair Value Measurements Using:
	November 29,
Description	2014		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	748	$	748	$	-	$	-
Derivative assets		1,007		-		1,007		-
Interest rate swaps		4,726		-		4,726		-
Cash-flow hedges		5,408		-		5,408		-
Liabilities:
Derivative liabilities	$	433	$	-	$	433	$	-
Contingent consideration liabilities, continuing operations		196		-		-		196
Contingent consideration liabilities, discontinued operations		5,000		-		-		5,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Contingent consideration liabilities, continuing operations
Level 3 balance at beginning of year	$	196
Initial valuation of Tonsan contingent consideration		7,714
Mark to market adjustment		3,145
Foreign currency translation adjustment		(201	)
Level 3 balance at end of year	$	10,854

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Note 14 - Operating Segments (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	2015		2014		2013
Net revenue
Americas Adhesives	$	876,810	$	920,679	$	902,573
EIMEA		605,064		719,787		733,211
Asia Pacific		368,736		275,809		252,608
Construction Products		233,050		188,179		158,576
Total	$	2,083,660	$	2,104,454	$	2,046,968
Inter-segment sales
Americas Adhesives	$	23,569	$	22,120	$	26,096
EIMEA		19,089		13,918		9,228
Asia Pacific		14,402		13,034		14,818
Construction Products		1,474		800		462
Segment operating income
Americas Adhesives	$	126,272	$	103,339	$	123,265
EIMEA		11,881		30,521		51,526
Asia Pacific		17,174		9,317		9,771
Construction Products		15,158		6,664		10,940
Total	$	170,485	$	149,841	$	195,502
Depreciation and amortization
Americas Adhesives	$	22,172	$	22,180	$	20,832
EIMEA		23,518		24,363		20,420
Asia Pacific		15,966		7,230		6,522
Construction Products		13,234		11,751		11,021
Total	$	74,890	$	65,524	$	58,795
Total assets 1
Americas Adhesives	$	458,385	$	474,691	$	471,520
EIMEA		669,883		787,194		759,757
Asia Pacific		551,410		238,627		218,471
Construction Products		204,758		198,276		175,489
Corporate		157,816		168,353		245,926
Discontinued Operations		-		1,865		1,865
Total	$	2,042,252	$	1,869,006	$	1,873,028
Capital expenditures
Americas Adhesives	$	9,775	$	18,045	$	26,225
EIMEA		16,864		71,926		63,512
Asia Pacific		13,338		22,377		10,150
Construction Products		13,925		2,073		1,737
Corporate		4,722		25,373		22,664
Total	$	58,624	$	139,794	$	124,288

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

	2015			2014			2013
Segment operating income	$	170,485		$	149,841		$	195,502
Special charges, net		(4,654	)		(51,501	)		(45,087	)
Other income (expense), net		(2,465	)		716			(3,751	)
Interest expense		(25,021	)		(19,744	)		(19,120	)
Income from continuing operations before income taxes and income from equity method investments	$	138,345		$	79,312		$	127,544

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	Net Revenue
	2015		2014		2013
United States	$	891,436	$	878,058	$	855,053
All other countries with less than 10 percent of total		1,192,224		1,226,396		1,191,915
Total	$	2,083,660	$	2,104,454	$	2,046,968

	Property, Plant and Equipment, net
	2015		2014		2013
United States	$	193,819	$	205,412	$	185,260
Germany		101,013		116,301		86,335
China		94,763		40,748		29,202
All other countries with less than 10 percent of total		123,265		140,173		133,590
Total	$	512,860	$	502,634	$	434,387

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Note 15 - Redeemable Non-Controlling Interest (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Redeemable Noncontrolling Interest [Table Text Block]

	2015			2014
Balance at beginning of year	$	4,654		$	4,717
Non-controlling interest assumed		11,773			-
Recognition of non-controlling interest redemption liability		(11,773	)		-
Net income attributed to redeemable non-controlling interest		320			357
Foreign currency translation adjustment		(775	)		(420	)
Balance at end of year	$	4,199		$	4,654

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Note 16 - Quarterly Data (Unadited) (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Quarterly Financial Information [Table Text Block]

	2015
(In thousands, except per share amounts)	Q1			Q2			Q3			Q4
Net revenue	$	470,661		$	540,762		$	524,133		$	548,104
Gross profit		116,206			148,937			146,840			156,060
Selling, general and administrative expenses		(94,833	)		(100,582	)		(98,297	)		(103,846	)
Special charges, net		(2,361	)		(934	)		(1,297	)		(62	)
Income from continuing operations	$	9,795		$	26,616		$	26,886		$	25,100
Basic Income per share	$	0.19		$	0.53		$	0.53		$	0.50
Diluted Income per share	$	0.19		$	0.51		$	0.52		$	0.49
Weighted-average common shares outstanding
Basic		50,188			50,345			50,421			50,143
Diluted		51,379			51,471			51,530			51,194

	2014
(In thousands, except per share amounts)	Q1			Q2			Q3			Q4 1
Net revenue	$	485,981		$	544,034		$	526,765		$	547,674
Gross profit		133,045			142,655			125,154			132,436
Selling, general and administrative expenses		(96,799	)		(96,372	)		(96,779	)		(93,499	)
Special charges, net		(11,734	)		(13,538	)		(12,343	)		(13,886	)
Income from continuing operations	$	14,649		$	20,626		$	4,084		$	10,792
Basic Income per share	$	0.29		$	0.41		$	0.08		$	0.22
Diluted Income per share	$	0.28		$	0.40		$	0.08		$	0.21
Weighted-average common shares outstanding
Basic		49,910			49,956			50,053			50,107
Diluted		51,255			51,175			51,297			51,296

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Note 1 - Nature of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013	Sep. 30, 2010
Sales Revenue, Goods, Net [Member] | Americas Adhesives [Member]
Concentration Risk, Percentage	42.00%
Sales Revenue, Goods, Net [Member] | EIMEA [Member]
Concentration Risk, Percentage	29.00%
Sales Revenue, Goods, Net [Member] | Asia Pacific [Member]
Concentration Risk, Percentage	18.00%
Sales Revenue, Goods, Net [Member] | Construction Products [Member]
Concentration Risk, Percentage	11.00%
Sekisui Fuller Company Ltd [Member]
Equity Method Investment, Ownership Percentage	50.00%
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	20 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	40 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	20 years
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	3 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	20 years
Equity Securities [Member]
Defined Benefit Plan, Target Plan Asset Allocations	60.00%
Fixed Income Funds [Member]
Defined Benefit Plan, Target Plan Asset Allocations	40.00%
2010 Share Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount				$ 100,000,000
Stock Repurchased During Period, Shares	500,000	250,000	375,000
Stock Repurchased During Period, Value	$ 17,066,000	$ 12,254,000	$ 15,292,000
Effect of LIFO Inventory Liquidation on Income	0	0	0
Cost-method Investments, Other than Temporary Impairment	0	0
Goodwill, Impairment Loss	$ 0
Number of Countries in which Entity Operates	36
Number of Operating Segments	4
Rebates	$ 13,951,000	12,428,000	11,552,000
Percentage of LIFO Inventory	39.00%
Cash Surrender Value of Life Insurance	$ 5,915,000	7,196,000
Cost Method Investments	1,666,000	1,671,000
Interest Costs Capitalized	$ 136,000	$ 2,725,000	$ 1,921,000
Finite-Lived Intangible Asset, Useful Life	15 years	16 years
Asset Retirement Obligations, Noncurrent	$ 2,274,000	$ 2,515,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	887,672	421,810	112,367
Shares Paid for Tax Withholding for Share Based Compensation	54,454	67,593	62,124
Stock Repurchased During Period, Shares	500,000	250,000	375,000
Stock Repurchased During Period, Value	$ 19,290,000	$ 15,510,000	$ 17,638,000

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Note 1 - Nature of Business and Summary of Significant Accounting Policies - Equity Method Investment (Details) - Sekisui Fuller Company Ltd [Member] - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014
Current assets	$ 86,937	$ 82,195
Non-current assets	22,607	21,257
Current liabilities	38,280	37,021
Non-current liabilities	2,041	1,787
Net revenue	159,518	181,999
Gross profit	40,982	47,955
Net income	$ 12,365	$ 14,024

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Note 1 - Nature of Business and Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Net income attributable to H.B. Fuller	$ 86,680	$ 49,773	$ 96,761
Weighted-average common shares – basic (in shares)	50,274	50,006	49,893
Equivalent shares from share-based compensation plans (in shares)	1,119	1,249	1,243
Weighted-average common and common equivalent shares – diluted (in shares)	51,393	51,255	51,136
Basic earnings per share (in dollars per share)	$ 1.72	$ 1	$ 1.94
Diluted earnings per share (in dollars per share)	$ 1.69	$ 0.97	$ 1.89

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Note 2 - Acquisitions and Divestitures (Details Textual) € in Thousands, $ in Thousands, ¥ in Millions								3 Months Ended	12 Months Ended
		Feb. 03, 2015 EUR (€)	Feb. 03, 2015 USD ($)	Feb. 02, 2015 USD ($)	Feb. 02, 2015 CNY (¥)	Sep. 03, 2014 USD ($)	Jun. 06, 2013 USD ($)	Aug. 29, 2015 USD ($)	Nov. 28, 2015 USD ($)		Nov. 29, 2014 USD ($)	Nov. 30, 2013 USD ($)	Jun. 15, 2015 USD ($)	Feb. 28, 2015 USD ($)		Feb. 02, 2015 CNY (¥)
Continental Products Limited [Member] | Selling, General and Administrative Expenses [Member]
Business Combination, Acquisition Related Costs			$ 16
Continental Products Limited [Member] | Customer Relationships [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		13 years	13 years
Continental Products Limited [Member] | Noncompete Agreements [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		3 years	3 years
Continental Products Limited [Member]
Payments to Acquire Businesses, Net of Cash Acquired		€ 1,459	$ 1,647
Cash Acquired from Acquisition		€ 329	371
Goodwill			$ 462
Tonsan Adhesive [Member] | Selling, General and Administrative Expenses [Member]
Business Combination, Acquisition Related Costs				$ 373
Tonsan Adhesive [Member] | Customer Relationships [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				11 years	11 years
Tonsan Adhesive [Member] | Intellectual Property [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				7 years	7 years
Tonsan Adhesive [Member] | Trademarks and Trade Names [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				14 years	14 years
Tonsan Adhesive [Member]
Payments to Acquire Businesses, Net of Cash Acquired				$ 215,925	¥ 1,400
Cash Acquired from Acquisition				$ 7,754
Business Acquisition, Percentage of Voting Interests Acquired				95.00%												95.00%
Business Acquisition, Remaining Percentage of Voting Interests to Be Acquired				5.00%												5.00%
Business Combination, Agreement to Purchase Remaining Equity				$ 11,773					$ 11,773					$ 10,630
Business Acquisition, Purchase Price Allocation, Other Liabilities Adjustment	[1]								(12,352)
Goodwill				$ 125,090					125,090	[1]				$ 155,232	[1]
Tonson Adhesive [Member] | Portion related to Correction of Error Related to Valuation of Contingent Consideration [Member]
Business Acquisition, Purchase Price Allocation, Other Liabilities Adjustment									9,572
Tonson Adhesive [Member]
Business Acquisition, Remaining Percentage of Voting Interests to Be Acquired				5.00%												5.00%
Business Combination, Agreement to Purchase Remaining Equity				$ 13,038					7,714							¥ 82
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High				$ 66,848												¥ 418
ProSpec [Member]
Goodwill						$ 7,443
Payments to Acquire Businesses, Gross						$ 26,183
Plexbond [Member]
Payments to Acquire Businesses, Gross							$ 10,390
Central America Paints [Member]
Disposal Group, Including Discontinued Operation, Liabilities, Current											$ 5,000		$ 8,000
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent									(1,300)
Payment to Settle Contingent Consideration								$ 8,000
Payments to Acquire Businesses, Net of Cash Acquired									217,572		26,334	$ 8,614
Goodwill									$ 354,204		255,972	263,103
Disposal Group, Including Discontinued Operation, Liabilities, Current											$ 5,000
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent									$ (1,300)			$ 1,211

[1] Included in the current quarter fair value adjustment is the correction of an error related to the valuation of the contingent consideration of $9,572.

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Note 2 - Acquisitions and Divestitures - Purchase Price Allocation of Assets and Liabilities Assumed of Continental Products Limited (Details) $ in Thousands	Feb. 03, 2015 USD ($)
Continental Products Limited [Member] | Customer Relationships [Member]
Other intangibles	$ 416
Continental Products Limited [Member] | Noncompete Agreements [Member]
Other intangibles	30
Continental Products Limited [Member]
Current assets	1,357
Property, plant and equipment	143
Goodwill	462
Other assets	7
Current liabilities	(591)
Other liabilities	(177)
Total purchase price	$ 1,647

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Note 2 - Acquisitions and Divestitures - Purchase Price Allocation of Assets and Liabilities Assumed of Tonsan Adhesive (Details) - USD ($) $ in Thousands		12 Months Ended
		Nov. 28, 2015	Feb. 28, 2015
Tonsan Adhesive [Member] | Intellectual Property [Member]
Other intangibles		$ 18,600	$ 18,500
Other inangibles		100
Tonsan Adhesive [Member] | Customer Relationships [Member]
Other intangibles		25,700	12,400
Other inangibles		13,300
Tonsan Adhesive [Member] | Trademarks and Trade Names [Member]
Other intangibles		11,000	10,900
Other inangibles		100
Tonsan Adhesive [Member]
Current assets		49,839	50,922
Current assets		(1,083)
Property, plant and equipment		59,142	58,549
Property, plant and equipment		593
Goodwill	[1]	125,090	155,232
Goodwill 1	[1]	(30,142)
Other assets		13,540	139
Other assets		13,401
Current liabilities		(38,068)	(30,590)
Current liabilities		(7,478)
Other liabilities	[1]	(37,145)	(49,497)
Other liabilities 1	[1]	12,352
Redeemable non-controlling interests		(11,773)	(10,630)
Redeemable non-controlling interests		(1,143)
Total purchase price		215,925	$ 215,925
Goodwill		$ 354,204

[1] Included in the current quarter fair value adjustment is the correction of an error related to the valuation of the contingent consideration of $9,572.

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Note 2 - Acquisitions and Divestitures - Purchase Price Allocation of Assets and Liabilities Assumed of ProSpec (Details) $ in Thousands	Sep. 03, 2014 USD ($)
ProSpec [Member] | Customer Relationships [Member]
Other intangibles	$ 4,300
ProSpec [Member] | Intellectual Property [Member]
Other intangibles	1,500
ProSpec [Member] | Trademarks [Member]
Other intangibles	200
ProSpec [Member]
Current assets	6,502
Property, plant and equipment	7,976
Goodwill	7,443
Current liabilities	(1,738)
Total purchase price	$ 26,183

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Note 3 - Accounting for Share-Based Compensation (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Employee Stock Option [Member]
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	10 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 36 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	33.30%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	182 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 840
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 6,192	$ 8,782	$ 6,807
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	328 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 5,609
Non Employee Directors [Member]
Deferred Compensation Plan, Matching Percentage	10.00%
Deferred Compensation Arrangement with Individual, Discretionary Awards, Employer Contribution Units Paid	20,005	15,019
Deferred Compensation Arrangement with Individual, Employer Matches Contribution Fair Value	$ 122	$ 130	49
Deferred Compensation Arrangement with Individual, Discretionary Awards Employer Contribution, Fair Value	$ 800	720	480
Employees [Member]
Deferred Compensation Plan, Matching Percentage	10.00%
Deferred Compensation Arrangement with Individual, Employer Matches Contribution Fair Value	$ 17	19	8
Selling, General and Administrative Expenses [Member]
Allocated Share-based Compensation Expense	14,156	13,376	12,317
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	1,433	3,357	2,676
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation	20,180
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	7,232
Fair Value Options Granted During Period Value Share-based Compensation	7,632	6,599	7,425
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	5,327	8,915	9,842
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	4,631	$ 6,852	$ 8,891
Total Fair Value of Nonvested Restricted Stock	$ 14,639
Repurchased Restricted Stock Shares	54,454	67,593	62,124

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Note 3 - Accounting for Share-Based Compensation - Fair Value of Options Granted (Details) - $ / shares	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Minimum [Member]
Expected volatility range	25.50%	31.61%	39.25%
Maximum [Member]
Expected volatility range	31.67%	37.06%	48.02%
Expected life (in years)	4 years 226 days	4 years 273 days	4 years 273 days
Weighted-average expected volatility	30.81%	33.83%	47.28%
Risk-free interest rate	1.27%	1.52%	0.77%
Expected dividend yield	1.12%	0.85%	0.87%
Weighted-average fair value of grants (in dollars per share)	$ 10.05	$ 13.82	$ 15.05

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Note 3 - Accounting for Share-Based Compensation - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Outstanding Options (in shares)	2,534,473	2,429,961
Outstanding Options (in dollars per share)	$ 30.39	$ 25.74
Granted (in shares)	759,167	477,606
Granted (in dollars per share)	$ 40.69	$ 48.06
Exercised (in shares)	(275,035)	(330,179)	(462,427)
Exercised (in dollars per share)	$ 22.67	$ 20.75
Forfeited or cancelled (in shares)	(106,532)	(42,915)
Forfeited or cancelled (in dollars per share)	$ 42.42	$ 38.59
Outstanding Options (in shares)	2,912,073	2,534,473	2,429,961
Outstanding Options (in dollars per share)	$ 33.37	$ 30.39	$ 25.74

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Note 3 - Accounting for Share-Based Compensation - Nonvested Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Restricted Stock Units (RSUs) [Member]
Nonvested (in shares)	188,661		135,231
Granted (in shares)	144,100	126,536
Vested (in shares)	(82,495)	(68,293)
Forfeited (in shares)	(13,253)	(4,813)
Nonvested (in shares)	237,013	188,661
Restricted Stock [Member]
Nonvested (in shares)	188,622		312,445
Granted (in shares)
Vested (in shares)	(69,152)	(114,044)
Forfeited (in shares)	(9,310)	(9,779)
Nonvested (in shares)	110,160	188,622
Nonvested (in shares)	377,283		447,676
Nonvested (in dollars per share)	$ 40.70		$ 33.76
Nonvested	292 days	1 year	1 year 73 days
Granted (in shares)	144,100	126,536
Granted (in dollars per share)	$ 40.92	$ 48.84
Granted	1 year 73 days	1 year 73 days
Vested (in shares)	(151,647)	(182,337)
Vested (in dollars per share)	$ 37.47	$ 48.16
Forfeited (in shares)	(22,563)	(14,592)
Forfeited (in dollars per share)	$ 40.66	$ 37.80
Forfeited	292 days	1 year 36 days
Nonvested (in shares)	347,173	377,283
Nonvested (in dollars per share)	$ 42.17	$ 40.70

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Note 3 - Accounting for Share-Based Compensation - Deferred Compensation Units (Details) - shares		12 Months Ended
		Nov. 28, 2015	Nov. 29, 2014
Non Employee Directors [Member]
Units outstanding (in shares)		342,547	312,680
Participant contributions (in shares)		16,312	14,347
Company match contributions (in shares)	[1]	21,636	16,613
Payouts (in shares)		(325)	(1,093)
Units outstanding (in shares)		380,170	342,547
Employees [Member]
Units outstanding (in shares)		52,303	61,288
Participant contributions (in shares)		4,705	4,429
Company match contributions (in shares)	[1]	470	492
Payouts (in shares)		(11,572)	(13,906)
Units outstanding (in shares)		45,906	52,303
Units outstanding (in shares)		394,850	373,968
Participant contributions (in shares)		21,017	18,776
Company match contributions (in shares)	[1]	22,106	17,105
Payouts (in shares)		(11,897)	(14,999)
Units outstanding (in shares)		426,076	394,850

[1] The non-employee directors' company match includes 20,005 and 15,019 deferred compensation units paid as discretionary awards to all non-employee directors in 2015 and 2014, respectively.

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Note 4 - Supplemental Financial Statement Information - Statement of Income Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Selling, General and Administrative Expenses [Member]
Research and development expenses (included in SG&A expenses)	$ 26,170	$ 21,245	$ 24,570
Foreign currency transaction losses, net	(3,549)	(2,546)	(4,106)
Interest income	510	344	737
Gain on disposal of fixed assets	330	2,769	323
Other, net	244	149	(705)
Total other income (expense), net	$ (2,465)	$ 716	$ (3,751)

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Note 4 - Supplemental Financial Statement Information - Balance Sheet Information (Details) - USD ($)	Nov. 28, 2015	Nov. 29, 2014
Inventories
Raw materials	$ 121,545,000	$ 133,476,000
Finished goods	142,195,000	140,014,000
LIFO reserve	(15,236,000)	(22,200,000)
Total inventories	248,504,000	251,290,000
Other current assets
Other receivables	31,051,000	15,059,000
Prepaid income taxes	3,790,000	9,505,000
Prepaid taxes other than income taxes	$ 18,464,000	30,797,000
Deferred income taxes		20,924,000
Prepaid expenses	$ 12,232,000	12,547,000
Assets held for sale	3,138,000	4,273,000
Total other current assets	68,675,000	93,105,000
Property, plant and equipment
Land	68,008,000	65,367,000
Buildings and improvements	315,659,000	293,440,000
Machinery and equipment	683,988,000	710,180,000
Construction in progress	44,332,000	37,364,000
Total, at cost	1,111,987,000	1,106,351,000
Accumulated depreciation	(599,127,000)	(603,717,000)
Net property, plant and equipment	512,860,000	502,634,000
Other assets
Investments and company owned life insurance	9,641,000	10,950,000
Equity method investments	39,533,000	37,487,000
Cost Method Investments	1,666,000	1,671,000
Long-term deferred income taxes	55,663,000	40,142,000
Prepaid pension costs	4,273,000	7,588,000
Prepaid postretirement other than pension	15,755,000	12,054,000
Other long-term assets	34,613,000	39,434,000
Total other assets	161,144,000	149,326,000
Income taxes payable
Current income taxes payable	$ 8,970,000	10,961,000
Current deferred income taxes		2,800,000
Total income taxes payable	$ 8,970,000	13,761,000
Other accrued expenses
Taxes other than income taxes	16,909,000	19,427,000
Interest	5,027,000	4,548,000
Product liability	2,765,000	1,691,000
Accrued expenses	32,654,000	25,383,000
Total other accrued expenses	57,355,000	51,049,000
Other liabilities
Asset Retirement Obligations, Noncurrent	2,274,000	2,515,000
Long-term deferred income taxes	24,477,000	16,718,000
Long-term deferred compensation	5,675,000	5,635,000
Postretirement other than pension	2,902,000	3,146,000
Contingent consideration liabilities, continuing operations	10,854,000	196,000
Other long-term liabilities	23,090,000	13,565,000
Total other liabilities	$ 69,272,000	$ 41,775,000

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Note 4 - Supplemental Financial Statement Information - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Balance at beginning of year	$ 10,246	$ 8,538	$ 7,513
Charged to expenses	4,703	3,998	3,267
Write-offs	(2,339)	(1,866)	(2,369)
Foreign currency translation effect	(717)	(424)	127
Balance at end of year	$ 11,893	$ 10,246	$ 8,538

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Note 4 - Supplemental Financial Statement Information - Comprehensive Income (Loss) Information (Details) - USD ($)		12 Months Ended
		Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Net income attributable to H.B. Fuller		$ 86,680,000	$ 49,773,000	$ 96,761,000
Net income including non-controlling interests		417,000	378,000	425,000
Foreign currency translation adjustment¹	[1]	(62,759,000)	(38,673,000)	(876,000)
Foreign currency translation adjustment¹	[1]	0	0	0
Foreign currency translation adjustment¹	[1]	(62,759,000)	(38,673,000)	(876,000)
Foreign currency translation adjustment¹		(17,000)	(14,000)	(55,000)
Defined benefit pension plans adjustment²	[2]	(24,279,000)	(56,268,000)	106,647,000
Defined benefit pension plans adjustment²	[2]	8,408,000	19,394,000	(38,451,000)
Defined benefit pension plans adjustment²	[2]	(15,871,000)	(36,874,000)	68,196,000
Interest rate swap³	[3]	56,000	56,000	57,000
Interest rate swap³	[3]	(16,000)	(15,000)	(16,000)
Interest rate swap³	[3]	40,000	41,000	41,000
Cash-flow hedges³	[3]	(2,168,000)	158,000	494,000
Cash-flow hedges³	[3]	826,000	(42,000)	(191,000)
Cash-flow hedges³	[3]	(1,342,000)	116,000	303,000
Other comprehensive income (loss)		(89,150,000)	(94,727,000)	106,322,000
Other comprehensive income (loss)		9,218,000	19,337,000	(38,658,000)
Other comprehensive income (loss)		(79,932,000)	(75,390,000)	67,664,000
Other comprehensive income (loss)		(17,000)	(14,000)	(55,000)
Comprehensive income (loss)		6,748,000	(25,617,000)	164,425,000
Comprehensive income (loss)		$ 400,000	$ 364,000	$ 370,000

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

[2] Loss reclassified from AOCI into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales, SG&A and special charges.

[3] Loss reclassified from AOCI into earnings is reported in other income (expense), net.

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Note 4 - Supplemental Financial Statement Information - Components of Accumulaed Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Foreign currency translation adjustment	$ (51,592)	$ 11,184	$ 49,871
Interest rate swap, net of taxes of $5	(13)	(53)	(94)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	(1,317)	25	(91)
Defined benefit pension plans adjustment, net of taxes of $93,012	(174,400)	(158,529)	(121,655)
Total accumulated other comprehensive income (loss)	(227,322)	(147,373)	(71,969)
AOCI Attributable to Parent [Member]
Foreign currency translation adjustment	(51,554)	11,205	49,878
Interest rate swap, net of taxes of $5	(13)	(53)	(94)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	(1,317)	25	(91)
Defined benefit pension plans adjustment, net of taxes of $93,012	(174,400)	(158,529)	(121,655)
Total accumulated other comprehensive income (loss)	(227,284)	(147,352)	(71,962)
AOCI Attributable to Noncontrolling Interest [Member]
Foreign currency translation adjustment	$ (38)	$ (21)	$ (7)
Interest rate swap, net of taxes of $5
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax
Defined benefit pension plans adjustment, net of taxes of $93,012
Total accumulated other comprehensive income (loss)	$ (38)	$ (21)	$ (7)
Total accumulated other comprehensive income (loss)	$ (227,284)	$ (147,352)

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Note 4 - Supplemental Financial Statement Information - Components of Accumulaed Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($)	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Tax on interest rate swap	$ 5	$ 21	$ 36
Tax on interest rate swap	5	21	36
Tax on cash-flow hedges	811	15	57
Taxes on defined benefit pension plans adjustment	$ 93,012	$ 84,604	$ 65,210

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Note 5 - Special Charges, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Nov. 28, 2015	Aug. 29, 2015	May. 30, 2015	Feb. 28, 2015	Nov. 29, 2014	[1]	Aug. 30, 2014	May. 31, 2014	Mar. 01, 2014	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Business Integration Project [Member] | Cash Costs [Member]
Restructuring and Related Cost, Accelerated Depreciation										$ 2,190	$ 25,187	$ 11,804
Business Integration Project [Member] | Non-cash [Member]
Restructuring and Related Cost, Accelerated Depreciation										1,474	6,863	6,065
Business Integration Project [Member]
Other Nonrecurring (Income) Expense										4,654	51,501	45,087
Professional and Contract Services Expense										715	7,946	8,698
Reversal of Workforce Reduction Costs										37
Restructuring and Related Cost, Accelerated Depreciation										3,664	32,050	17,869
Other Business Acquisition Cost of Acquired Entity Planned Restructuring Activities										312	8,272	8,736
Severance Costs											3,233	9,784
Other Nonrecurring (Income) Expense	$ 62	$ 1,297	$ 934	$ 2,361	$ 13,886		$ 12,343	$ 13,538	$ 11,734	$ 4,654	$ 51,501	$ 45,087

[1] Includes a correction of an error in our Sekisui-Fuller joint venture of $1,643.

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Note 5 - Special Charges, Net - Special Charges (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Nov. 28, 2015	Aug. 29, 2015	May. 30, 2015	Feb. 28, 2015	Nov. 29, 2014	[1]	Aug. 30, 2014	May. 31, 2014	Mar. 01, 2014	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Business Integration Project [Member]
Professional and Contract Services Expense										$ 715	$ 7,946	$ 8,698
Workforce reduction costs										(37)
Severance Costs											3,233	9,784
Restructuring and Related Cost, Accelerated Depreciation										3,664	32,050	17,869
Other Business Acquisition Cost of Acquired Entity Planned Restructuring Activities										312	8,272	8,736
Special charges, net										4,654	51,501	45,087
Special charges, net	$ 62	$ 1,297	$ 934	$ 2,361	$ 13,886		$ 12,343	$ 13,538	$ 11,734	$ 4,654	$ 51,501	$ 45,087

[1] Includes a correction of an error in our Sekisui-Fuller joint venture of $1,643.

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Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Amortization of Intangible Assets	$ 26,984	$ 23,240	$ 22,508
Indefinite Lived Trademarks and Trade Names	$ 462	$ 543

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Note 6 - Goodwill and Other Intangible Assets - Goodwill by Segment (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
Americas Adhesives [Member]
Goodwill	$ 67,123	$ 71,325
EIMEA [Member]
Goodwill	122,641	139,666
Asia Pacific [Member]
Goodwill	143,660	24,201
Construction Products [Member]
Goodwill	20,780	20,780
Goodwill	$ 354,204	$ 255,972

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Note 6 - Goodwill and Other Intangible Assets - Goodwill Balance (Details) - USD ($) $ in Thousands		12 Months Ended
		Nov. 28, 2015	Nov. 29, 2014
Continental Products Limited [Member]
Goodwill Acquired		$ 462
Tonsan Adhesive [Member]
Goodwill Acquired		125,090
Goodwill, End of year	[1]	$ 125,090
ProSpec [Member]
Goodwill Acquired			$ 7,443
Plexbond [Member]
Goodwill Acquired			151
Goodwill, Beginning of year		$ 255,972	263,103
Foreign currency translation effect		(27,320)	(14,725)
Goodwill, End of year		$ 354,204	$ 255,972

[1] Included in the current quarter fair value adjustment is the correction of an error related to the valuation of the contingent consideration of $9,572.

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Note 6 - Goodwill and Other Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014
Purchased Technology And Patents [Member]
Original cost	$ 69,792	$ 43,915
Accumulated amortization	(17,613)	(11,944)
Net identifiable intangibles	$ 52,179	$ 31,971
Weighted-average useful lives (in years)	10 years	11 years
Customer Relationships [Member]
Original cost	$ 234,995	$ 219,517
Accumulated amortization	(99,405)	(88,164)
Net identifiable intangibles	$ 135,590	$ 131,353
Weighted-average useful lives (in years)	17 years	18 years
Other Intangible Assets [Member]
Original cost	$ 49,563	$ 52,529
Accumulated amortization	(24,801)	(20,458)
Net identifiable intangibles	$ 24,762	$ 32,071
Weighted-average useful lives (in years)	13 years	12 years
Original cost	$ 354,350	$ 315,961
Accumulated amortization	(141,819)	(120,566)
Net identifiable intangibles	$ 212,531	$ 195,395
Weighted-average useful lives (in years)	15 years	16 years

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Note 6 - Goodwill and Other Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Thousands	Nov. 28, 2015 USD ($)
2016	$ 25,419
2017	25,057
2018	24,664
2019	22,740
2020	21,769
Thereafter	$ 92,882

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Note 7 - Notes Payable, Long-Term Debt and Lines of Credit (Details Textual) - USD ($)	Oct. 31, 2014	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013	Mar. 05, 2012	Dec. 16, 2009
Senior Notes Series A [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative, Basis Spread on Variable Rate						1.59%
Senior Notes Series A [Member]
Debt Instrument, Face Amount						$ 17,000,000
Debt Instrument, Interest Rate, Stated Percentage						5.13%
Senior Notes Series B [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative, Basis Spread on Variable Rate						1.47%
Senior Notes Series B [Member]
Debt Instrument, Face Amount						$ 33,000,000
Debt Instrument, Interest Rate, Stated Percentage						5.13%
Senior Notes Series C [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative, Basis Spread on Variable Rate						1.78%
Senior Notes Series C [Member]
Debt Instrument, Face Amount						$ 35,000,000
Debt Instrument, Interest Rate, Stated Percentage						5.61%
Senior Notes Series C, Swapped Portion [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Face Amount						$ 25,000,000
Senior Notes Series D [Member]
Debt Instrument, Face Amount						$ 65,000,000
Debt Instrument, Interest Rate, Stated Percentage						5.61%
Senior Notes Series E [Member]
Debt Instrument, Face Amount					$ 250,000,000
Debt Instrument, Interest Rate, Stated Percentage					4.12%
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Term Loan [Member]
Debt Instrument, Face Amount	$ 300,000,000
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Debt Instrument, Basis Spread on Variable Rate	1.075%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.175%
Line of Credit, Current		$ 0
Notes Payable, Current		$ 30,757,000	$ 27,149,000
Short-term Debt, Weighted Average Interest Rate		8.10%	11.30%	8.90%
Debt Instrument, Face Amount					$ 250,000,000	$ 150,000,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 300,000,000
Long-term Debt, Fair Value		$ 716,213,000	$ 606,194,000

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Note 7 - Notes Payable, Long-Term Debt and Lines of Credit - Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014
Revolving Credit Facility [Member]
Long term weighted-average interest rate	1.33%
Loan maturity date	2019
Long-term debt		$ 143,000
Term Loan [Member]
Long term weighted-average interest rate	1.44%
Loan maturity date	2019
Long-term debt	$ 288,750
Senior Notes Series A [Member]
Long term weighted-average interest rate	2.24%
Loan maturity date	2017
Long-term debt	$ 17,419	$ 17,805
Senior Notes Series B [Member]
Long term weighted-average interest rate	2.12%
Loan maturity date	2017
Long-term debt	$ 33,982	34,738
Senior Notes Series C [Member]
Long term weighted-average interest rate	3.34%
Loan maturity date	2020
Long-term debt	$ 36,955	37,192
Senior Notes Series D [Member]
Long term weighted-average interest rate	5.61%
Loan maturity date	2020
Long-term debt	$ 65,000	65,000
Senior Notes Series E [Member]
Long term weighted-average interest rate	4.12%
Loan maturity date	2022
Long-term debt	$ 250,000	250,000
Long-term debt	692,106	$ 547,735
Less: current maturities	(22,500)
Long-term debt	$ 669,606	$ 547,735

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Note 7 - Notes Payable, Long-Term Debt and Lines of Credit - Lines of Credit (Details) $ in Billions	12 Months Ended
	Nov. 28, 2015 USD ($)
Committed	$ 0.3
Drawn
Unused	$ 0.3

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Note 7 - Notes Payable, Long-Term Debt and Lines of Credit - Maturities of Long-term Debt (Details) $ in Thousands	Nov. 28, 2015 USD ($)
2016	$ 22,500
2017	81,401
2018	37,500
2019	198,750
2020	101,955
Thereafter	$ 250,000

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Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014
Foreign Tax Authority [Member] | Indefinite [Member]
Operating Loss Carryforwards	$ 48,864
Foreign Tax Authority [Member] | Tax Year 2016 to 2025 [Member]
Operating Loss Carryforwards	46,609
Foreign Tax Authority [Member]
Operating Loss Carryforwards	95,473
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(1,971)
Undistributed Earnings, Basic	403,573
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	11,621	$ 12,355
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	4,388
Income Tax Examination, Penalties and Interest Expense	179	139
Income Tax Examination, Penalties and Interest Accrued	$ 631	$ 452

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Note 8 - Income Taxes - Income from Continuing Operations before Income Tax and Income from Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
United States	$ 97,094	$ 55,567	$ 81,788
Non-U.S.	41,251	23,745	45,756
Income from continuing operations before income taxes and income from equity method investments	$ 138,345	$ 79,312	$ 127,544

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Note 8 - Income Taxes - Components of the Provision for Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Current:
U.S. federal	$ 24,180	$ 8,771	$ 16,999
State	2,955	1,290	1,372
Non-U.S.	22,075	20,133	11,930
Total current	49,210	30,194	30,301
Deferred:
U.S. federal	8,096	8,106	8,101
State	1,269	1,069	2,244
Non-U.S.	(2,720)	(5,021)	(697)
Total deferred	6,645	4,154	9,648
Total	$ 55,855	$ 34,348	$ 39,949

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Note 8 - Income Taxes - Reconciliation of Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Statutory U.S. federal income tax rate	$ 48,421	$ 27,759	$ 44,641
State income taxes, net of federal benefit	3,281	1,534	2,351
Foreign dividend repatriation	388	760	467
Foreign operations	1,547	$ (8,287)	$ (12,598)
Impact of option valuation	1,211
Interest income not taxable in the U.S.	(1,243)	$ (1,649)	$ (1,789)
Change in valuation allowance	480	3,317	1,819
Tax impact of special charges, net	1,678	11,773	5,998
Other	92	(859)	(940)
Total	$ 55,855	$ 34,348	$ 39,949

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Note 8 - Income Taxes - Deferred Income Tax Balances (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
Depreciation and amortization	$ (61,992)	$ (47,152)
Employee benefit costs	50,679	45,920
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	11,621	12,355
Tax loss carryforwards	21,090	21,851
Other	24,373	24,234
Gross deferred tax assets	45,771	57,208
Valuation allowance	(14,393)	(16,364)
Net deferred tax assets	$ 31,378	$ 40,844

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Note 8 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014
Balance at beginning of year	$ 4,787	$ 5,151
Current year tax positions, additions	877	600
Prior year tax positions, additions	439	178
Prior year tax positions reductions	$ (557)	(177)
Settlements		(13)
Lapses in applicable statutes of limitation	$ (676)	(952)
Balance at end of year	$ 4,870	$ 4,787

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Note 9 - Stockholders' Equity (Details Textual) - USD ($)	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013	Dec. 01, 2012	Sep. 30, 2010
2010 Share Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount					$ 100,000,000
Stock Repurchased During Period, Shares	500,000	250,000	375,000
Stock Repurchased During Period, Value	$ 17,066,000	$ 12,254,000	$ 15,292,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 44,897,000
Common Stock, Shares, Outstanding	50,074,310	50,310,803	50,228,543	49,903,266
Preferred Stock, Shares Authorized	10,045,900	10,045,900
Common Stock, Shares Authorized	160,000,000	160,000,000
Common Stock, Par or Stated Value Per Share	$ 1	$ 1
Common Stock, Shares, Issued	50,074,310	50,310,803
Stock Repurchased During Period, Shares	500,000	250,000	375,000
Stock Repurchased During Period, Value	$ 19,290,000	$ 15,510,000	$ 17,638,000
Preferred Stock, Redemption Price Per Share	$ 95

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Note 9 - Stockholders' Equity - Common Stock Outstanding (Details) - shares	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Beginning balance (in shares)	50,310,803	50,228,543	49,903,266
Stock options exercised (in shares)	275,035	330,179	462,427
Shares swapped for stock option exercises (in shares)	(39,883)
Deferred compensation paid (in shares)	8,852	9,957	51,521
Restricted units vested (in shares)	83,494	69,624	67,828
Restricted shares granted (in shares)			186,352
Shares withheld for taxes (in shares)	(54,454)	(67,593)	(62,124)
Restricted shares forfeited (in shares)	(9,537)	(9,907)	(5,727)
Shares repurchased under repurchase program (in shares)	(500,000)	(250,000)	(375,000)
Ending balance (in shares)	50,074,310	50,310,803	50,228,543

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Note 10 - Pension and Postretirement Benefits (Details Textual) - USD ($) $ in Thousands		12 Months Ended
		Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Supplemental Executive Retirement Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase		4.50%	4.50%	4.50%
Four Percent Match [Member]
Defined Contribution Plan, Cost Recognized		$ 4,502
Three Percent Match [Member]
Defined Contribution Plan, Cost Recognized		$ 4,873
United States Pension Plan of US Entity [Member] | Equity Funds [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		8.75%
Defined Benefit Plan, Target Plan Asset Allocations		60.00%
United States Pension Plan of US Entity [Member] | Fixed Income Funds [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		5.00%
Defined Benefit Plan, Target Plan Asset Allocations		40.00%
United States Pension Plan of US Entity [Member]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	[1]	4.50%	4.50%	4.50%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		7.75%	7.75%	7.75%
Defined Benefit Plan, Settlements, Benefit Obligation		$ 15,493
Defined Benefit Plan, Actuarial Gain (Loss)	[2]	$ 15,317	$ (62,014)
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate		4.28%	4.08%	4.77%
Defined Benefit Plan, Target Plan Asset Allocations		100.00%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Increase (Decrease) in Expected Long-term Return on Assets		0.50%
Impact on Pension and Other Retirement Benefiit Expense of a Change in Expected Long-term Rate of Return on Assets		$ 1,995
Pension Benefits US Plans and Other Postretirement Plans [Member]
Defined Benefit Plan, Accumulated Benefit Obligation		$ 407,011	$ 445,701
Foreign Pension Plan [Member] | Equity Funds [Member]
Defined Benefit Plan, Target Plan Asset Allocations		49.50%
Foreign Pension Plan [Member] | Fixed Income Funds [Member]
Defined Benefit Plan, Target Plan Asset Allocations		50.50%
Foreign Pension Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	[1]	1.58%	1.67%	1.84%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		6.22%	6.17%	5.96%
Defined Benefit Plan, Settlements, Benefit Obligation			$ 1,638
Defined Benefit Plan, Actuarial Gain (Loss)	[2]	$ (3,780)	(30,312)
Defined Benefit Plan, Accumulated Benefit Obligation		$ 193,565	$ 211,488
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate		2.82%	2.90%	3.74%
Defined Benefit Plan, Target Plan Asset Allocations		100.00%
Pension Benefits United Kingdom Pension Plans [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		6.75%
Pension Benefits Germany Pension Plans [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets			5.75%
Assumption Changes [Member]
Defined Benefit Plan, Actuarial Gain (Loss)		$ 11,455
Plan Experience [Member]
Defined Benefit Plan, Actuarial Gain (Loss)		$ 3,862
Fixed Income Funds [Member]
Defined Benefit Plan, Target Plan Asset Allocations		40.00%
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		3.00%
Defined Contribution Plan, Cost Recognized		$ 9,375	$ 9,414	$ 8,022
Pension and Other Postretirement Defined Benefit Plans, Liabilities		$ 6,062	$ 5,989
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		$ 307

[1] Benefits under the U.S. Pension Plan were locked-in as of May 31, 2011 and no longer include compensation increases. The 4.50 percent rate for 2015, 2014 and 2013 are for the supplemental executive retirement plan only.

[2] Actuarial gain includes $11,455 due to assumption changes and $3,862 due to plan experience.

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Note 10 - Pension and Postretirement Benefits - Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands		12 Months Ended
		Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
United States Pension Plan of US Entity [Member]
Benefit obligation at beginning of year		$ 408,595	$ 347,668
Service cost		107	93	$ 106
Interest cost		$ 16,322	$ 16,086	14,719
Participant contributions
Actuarial (gain)/loss1	[1]	$ (15,317)	$ 62,014
Curtailments
Settlement payments		$ (15,493)
Benefits paid	[2]	$ (18,116)	$ (17,266)
Foreign currency translation effect
Benefit obligation at end of year		$ 376,098	$ 408,595	347,668
Level 3 balance at beginning of year		384,335	358,233
Actual return on plan assets		(15,799)	41,874
Employer contributions		1,534	$ 1,494
Settlement payments		(15,493)
Benefits paid2	[2]	$ (18,116)	$ (17,266)
Foreign currency translation effect
Level 3 balance at end of year		$ 336,461	$ 384,335	358,233
Plan assets (less than) in excess of benefit obligation as of year end		(39,637)	(24,260)
Foreign Pension Plan [Member]
Benefit obligation at beginning of year		220,216	206,407
Service cost		1,924	1,699	1,799
Interest cost		$ 5,986	$ 7,626	7,486
Participant contributions
Actuarial (gain)/loss1	[1]	$ 3,780	$ 30,312
Curtailments			(100)
Settlement payments			(1,638)
Benefits paid	[2]	$ (7,726)	(8,377)
Foreign currency translation effect		(23,008)	(15,713)
Benefit obligation at end of year		201,172	220,216	206,407
Level 3 balance at beginning of year		188,424	182,152
Actual return on plan assets		7,408	20,657
Employer contributions		$ 1,901	$ 7,856
Settlement payments
Benefits paid2	[2]	$ (7,726)	$ (8,377)
Foreign currency translation effect		(17,552)	(14,078)
Level 3 balance at end of year		172,241	188,424	182,152
Plan assets (less than) in excess of benefit obligation as of year end		(28,931)	(32,006)
Other Postretirement Benefit Plan [Member]
Benefit obligation at beginning of year		54,370	50,811
Service cost		449	434	623
Interest cost		2,042	2,143	2,133
Participant contributions		328	350
Actuarial (gain)/loss1	[1]	$ (3,988)	$ 3,948
Curtailments
Settlement payments
Benefits paid	[2]	$ (3,278)	$ (3,316)
Foreign currency translation effect
Benefit obligation at end of year		$ 49,923	$ 54,370	50,811
Level 3 balance at beginning of year		63,076	54,196
Actual return on plan assets		1,249	8,621
Employer contributions		$ 1,210	$ 3,225
Settlement payments
Benefits paid2	[2]	$ (3,278)	$ (3,316)
Foreign currency translation effect
Level 3 balance at end of year		$ 62,585	$ 63,076	$ 54,196
Plan assets (less than) in excess of benefit obligation as of year end		$ 12,662	$ 8,706

[1] Actuarial gain includes $11,455 due to assumption changes and $3,862 due to plan experience.

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

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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	Nov. 28, 2015	Nov. 29, 2014
United States Pension Plan of US Entity [Member]
Unrecognized actuarial loss	$ 160,544	$ 140,009
Unrecognized prior service cost (benefit)	90	119
Ending balance	160,634	140,128
Foreign Pension Plan [Member]
Unrecognized actuarial loss	75,157	82,598
Unrecognized prior service cost (benefit)	(11)	(17)
Ending balance	75,146	82,581
Other Postretirement Benefit Plan [Member]
Unrecognized actuarial loss	21,189	23,348
Unrecognized prior service cost (benefit)	(41)	(2,546)
Ending balance	$ 21,148	$ 20,802

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Note 10 - Pension and Postretirement Benefits - Statement of Financial Position as of Fiscal Year End (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
United States Pension Plan of US Entity [Member]
Non-current assets
Current liabilities	$ (1,490)	$ (1,510)
Non-current liabilities	(38,147)	(22,750)
Ending balance	(39,637)	(24,260)
Foreign Pension Plan [Member]
Non-current assets	4,282	7,592
Current liabilities	(1,100)	(1,248)
Non-current liabilities	(32,113)	(38,350)
Ending balance	(28,931)	(32,006)
Other Postretirement Benefit Plan [Member]
Non-current assets	15,755	12,054
Current liabilities	(191)	(201)
Non-current liabilities	(2,902)	(3,146)
Ending balance	12,662	8,707
Non-current liabilities	$ (76,324)	$ (67,193)

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Note 10 - Pension and Postretirement Benefits - Pension Plans With Accumulated Benefit and Projected Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
United States Pension Plan of US Entity [Member]
Accumulated benefit obligation	$ 355,988	$ 20,568
Fair value of plan assets	336,461
Projected benefit obligation	376,098	$ 408,595
Fair value of plan assets	336,461	384,335
Foreign Pension Plan [Member]
Accumulated benefit obligation	99,010	122,860
Fair value of plan assets	73,389	91,990
Projected benefit obligation	113,633	131,588
Fair value of plan assets	$ 80,421	$ 91,990

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Note 10 - Pension and Postretirement Benefits - Expected Cash Flows for Employer Contributions and Expected Benefit Payments (Details) $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($)
United States Pension Plan of US Entity [Member]
Employer contributions
Employer contributions for the next fiscal year
Expected benefit payments
Expected benefit payments in the next fiscal year	$ 26,801
Expected benefit payments in two fiscal years	18,913
Expected benefit payments in three fiscal years	19,456
Expected benefit payments in four fiscal years	19,972
Expected benefit payments in five fiscal years	20,478
Expected benefit payments in five fiscal years and thereafter	108,454
Foreign Pension Plan [Member]
Employer contributions
Employer contributions for the next fiscal year	503
Expected benefit payments
Expected benefit payments in the next fiscal year	7,190
Expected benefit payments in two fiscal years	7,359
Expected benefit payments in three fiscal years	7,539
Expected benefit payments in four fiscal years	7,955
Expected benefit payments in five fiscal years	7,807
Expected benefit payments in five fiscal years and thereafter	42,559
Other Postretirement Benefit Plan [Member]
Employer contributions
Employer contributions for the next fiscal year	3,000
Expected benefit payments
Expected benefit payments in the next fiscal year	3,338
Expected benefit payments in two fiscal years	3,371
Expected benefit payments in three fiscal years	3,401
Expected benefit payments in four fiscal years	3,425
Expected benefit payments in five fiscal years	3,437
Expected benefit payments in five fiscal years and thereafter	$ 16,940

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Note 10 - Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
United States Pension Plan of US Entity [Member]
Service cost	$ 107	$ 93	$ 106
Interest cost	16,322	16,086	14,719
Expected return on assets	(25,682)	(23,865)	(22,720)
Prior service cost	29	29	49
Actuarial loss (gain)	$ 5,628	$ 4,575	6,742
Curtailment loss (gain)			$ 102
Settlement charge (credit)
Net periodic benefit (benefit) cost	$ (3,596)	$ (3,082)	$ (1,002)
Foreign Pension Plan [Member]
Service cost	1,924	1,699	1,799
Interest cost	5,986	7,626	7,486
Expected return on assets	(10,422)	(10,749)	(9,390)
Prior service cost	(4)	(4)	(4)
Actuarial loss (gain)	$ 3,173	$ 3,056	3,778
Curtailment loss (gain)			53
Settlement charge (credit)		$ 246	153
Net periodic benefit (benefit) cost	$ 657	1,874	3,875
Other Postretirement Benefit Plan [Member]
Service cost	449	434	623
Interest cost	2,042	2,143	2,133
Expected return on assets	(5,510)	(4,742)	(3,725)
Prior service cost	(2,505)	(3,771)	(4,134)
Actuarial loss (gain)	$ 2,431	$ 2,709	$ 5,717
Curtailment loss (gain)
Settlement charge (credit)
Net periodic benefit (benefit) cost	$ (3,093)	$ (3,227)	$ 614

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Note 10 - Pension and Postretirement Benefits - Amounts Expected to Be Amortized from AOCI Into Net Periodic Benefit Costs Over Next Fiscal Year (Details) $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($)
United States Pension Plan of US Entity [Member]
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year as of November 28, 2015
Amortization of prior service cost (benefit)	$ 29
Amortization of net actuarial (gain) loss	5,270
Total	5,299
Foreign Pension Plan [Member]
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year as of November 28, 2015
Amortization of prior service cost (benefit)	(4)
Amortization of net actuarial (gain) loss	3,220
Total	3,216
Other Postretirement Benefit Plan [Member]
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year as of November 28, 2015
Amortization of prior service cost (benefit)	(41)
Amortization of net actuarial (gain) loss	2,169
Total	$ 2,128

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Note 10 - Pension and Postretirement Benefits - Weighted-average Assumption Used to Determine Benefit Obligations and Net Costs (Details)		12 Months Ended
		Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
United States Pension Plan of US Entity [Member]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate		4.28%	4.08%	4.77%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	[1]	4.50%	4.50%	4.50%
Discount rate		4.08%	4.74%	3.81%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		7.75%	7.75%	7.75%
Rate of compensation increase		4.50%	4.50%	4.50%
Foreign Pension Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate		2.82%	2.90%	3.74%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	[1]	1.58%	1.67%	1.84%
Discount rate		2.95%	3.77%	3.74%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		6.22%	6.17%	5.96%
Rate of compensation increase		1.58%	1.67%	1.84%
Other Postretirement Benefit Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate		4.02%	3.84%	4.34%
Discount rate		3.84%	4.33%	3.46%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		8.75%	8.75%	8.75%

[1] Benefits under the U.S. Pension Plan were locked-in as of May 31, 2011 and no longer include compensation increases. The 4.50 percent rate for 2015, 2014 and 2013 are for the supplemental executive retirement plan only.

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Note 10 - Pension and Postretirement Benefits - Assume Health Care Trend Rates (Details)	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Health care cost trend rate assumed for next year	7.00%	6.50%	7.25%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%	5.00%
Fiscal year that the rate reaches the ultimate trend rate	2024	2018	2019

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Note 10 - Pension and Postretirement Benefits - Sensitivity Information (Details) $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($)
Effect on service and interest cost components—annual increase	$ 1
Effect on service and interest cost components—annual decrease	(101)
Effect on accumulated postretirement benefit obligation - increase	(193)
Effect on accumulated postretirement benefit obligation - decrease	$ (2,387)

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Note 10 - Pension and Postretirement Benefits - Asset Allocation (Details)	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014
Equity Funds [Member] | United States Pension Plan of US Entity [Member]
Defined Benefit Plan, Target Plan Asset Allocations	60.00%
Percentage of plan assets at year-end	57.70%	60.20%
Equity Funds [Member] | Foreign Pension Plan [Member]
Defined Benefit Plan, Target Plan Asset Allocations	49.50%
Percentage of plan assets at year-end	50.30%	49.80%
Equity Funds [Member] | Other Postretirement Benefit Plan [Member]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Percentage of plan assets at year-end	0.00%	0.00%
Fixed Income Funds [Member] | United States Pension Plan of US Entity [Member]
Defined Benefit Plan, Target Plan Asset Allocations	40.00%
Percentage of plan assets at year-end	38.80%	38.90%
Fixed Income Funds [Member] | Foreign Pension Plan [Member]
Defined Benefit Plan, Target Plan Asset Allocations	50.50%
Percentage of plan assets at year-end	49.10%	46.70%
Fixed Income Funds [Member] | Other Postretirement Benefit Plan [Member]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Percentage of plan assets at year-end	0.00%	0.00%
Fixed Income Funds [Member]
Defined Benefit Plan, Target Plan Asset Allocations	40.00%
Real Estate [Member] | United States Pension Plan of US Entity [Member]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Percentage of plan assets at year-end	0.00%	0.00%
Real Estate [Member] | Foreign Pension Plan [Member]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Percentage of plan assets at year-end	0.00%	1.10%
Real Estate [Member] | Other Postretirement Benefit Plan [Member]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Percentage of plan assets at year-end	0.00%	0.00%
Insurance [Member] | United States Pension Plan of US Entity [Member]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Percentage of plan assets at year-end	0.00%	0.00%
Insurance [Member] | Foreign Pension Plan [Member]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Percentage of plan assets at year-end	0.00%	0.00%
Insurance [Member] | Other Postretirement Benefit Plan [Member]
Defined Benefit Plan, Target Plan Asset Allocations	100.00%
Percentage of plan assets at year-end	99.50%	98.30%
Cash [Member] | United States Pension Plan of US Entity [Member]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Percentage of plan assets at year-end	3.50%	0.90%
Cash [Member] | Foreign Pension Plan [Member]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Percentage of plan assets at year-end	0.60%	2.40%
Cash [Member] | Other Postretirement Benefit Plan [Member]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
Percentage of plan assets at year-end	0.50%	1.70%
United States Pension Plan of US Entity [Member]
Defined Benefit Plan, Target Plan Asset Allocations	100.00%
Percentage of plan assets at year-end	100.00%	100.00%
Foreign Pension Plan [Member]
Defined Benefit Plan, Target Plan Asset Allocations	100.00%
Percentage of plan assets at year-end	100.00%	100.00%
Other Postretirement Benefit Plan [Member]
Defined Benefit Plan, Target Plan Asset Allocations	100.00%
Percentage of plan assets at year-end	100.00%	100.00%

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Note 10 - Pension and Postretirement Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
United States Pension Plan of US Entity [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	$ 123,816	$ 138,308
United States Pension Plan of US Entity [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	$ 70,325	$ 93,056
United States Pension Plan of US Entity [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets
United States Pension Plan of US Entity [Member] | Equity Funds [Member]
Fair value of plan assets	$ 194,141	$ 231,364
United States Pension Plan of US Entity [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	29,948	27,782
United States Pension Plan of US Entity [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	100,086	121,450
United States Pension Plan of US Entity [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets	352	407
United States Pension Plan of US Entity [Member] | Fixed Income Funds [Member]
Fair value of plan assets	130,386	149,639
United States Pension Plan of US Entity [Member] | Cash [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	$ 11,934	$ 3,332
United States Pension Plan of US Entity [Member] | Cash [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets
United States Pension Plan of US Entity [Member] | Cash [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets
United States Pension Plan of US Entity [Member] | Cash [Member]
Fair value of plan assets	$ 11,934	$ 3,332
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	165,698	169,422
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	170,411	214,506
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets	352	407
United States Pension Plan of US Entity [Member]
Fair value of plan assets	336,461	384,335
Foreign Pension Plan [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	31,253	34,362
Foreign Pension Plan [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	$ 55,430	$ 59,504
Foreign Pension Plan [Member] | Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets
Foreign Pension Plan [Member] | Equity Funds [Member]
Fair value of plan assets	$ 86,683	$ 93,866
Foreign Pension Plan [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	41,572	48,346
Foreign Pension Plan [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	42,595	39,006
Foreign Pension Plan [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets	530	582
Foreign Pension Plan [Member] | Fixed Income Funds [Member]
Fair value of plan assets	84,697	87,934
Foreign Pension Plan [Member] | Cash [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	$ 861	$ 4,464
Foreign Pension Plan [Member] | Cash [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets
Foreign Pension Plan [Member] | Cash [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets
Foreign Pension Plan [Member] | Cash [Member]
Fair value of plan assets	$ 861	$ 4,464
Foreign Pension Plan [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets
Foreign Pension Plan [Member] | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets
Foreign Pension Plan [Member] | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets		$ 2,160
Foreign Pension Plan [Member] | Real Estate [Member]
Fair value of plan assets		2,160
Foreign Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	$ 73,686	87,172
Foreign Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	98,025	98,510
Foreign Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets	530	2,742
Foreign Pension Plan [Member]
Fair value of plan assets	$ 172,241	$ 188,424
Other Postretirement Benefit Plan [Member] | Insurance [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets
Other Postretirement Benefit Plan [Member] | Insurance [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets
Other Postretirement Benefit Plan [Member] | Insurance [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets	$ 62,299	$ 61,980
Other Postretirement Benefit Plan [Member] | Insurance [Member]
Fair value of plan assets	62,299	61,980
Other Postretirement Benefit Plan [Member] | Cash [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	$ 286	$ 1,096
Other Postretirement Benefit Plan [Member] | Cash [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets
Other Postretirement Benefit Plan [Member] | Cash [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets
Other Postretirement Benefit Plan [Member] | Cash [Member]
Fair value of plan assets	$ 286	$ 1,096
Other Postretirement Benefit Plan [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	$ 286	$ 1,096
Other Postretirement Benefit Plan [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets
Other Postretirement Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value of plan assets	$ 62,299	$ 61,980
Other Postretirement Benefit Plan [Member]
Fair value of plan assets	$ 62,585	$ 63,076

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Note 10 - Pension and Postretirement Benefits - Changes in the Level 3 Plan Assets of Pension and Other Postretirement Plans (Details) $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($)
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member]
Level 3 balance at beginning of year	$ 407
Purchases, sales, issuances and settlements, net	(55)
Level 3 balance at end of year	352
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 3 [Member]
Level 3 balance at beginning of year	407
Level 3 balance at end of year	352
United States Pension Plan of US Entity [Member] | Fixed Income Funds [Member]
Level 3 balance at beginning of year	149,639
Level 3 balance at end of year	130,386
United States Pension Plan of US Entity [Member]
Level 3 balance at beginning of year	384,335
Level 3 balance at end of year	$ 336,461
Currency change effect
Foreign Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member]
Level 3 balance at beginning of year	$ 582
Purchases, sales, issuances and settlements, net
Level 3 balance at end of year	$ 530
Net transfers into / (out of) level 3	28
Net gains	9
Currency change effect	(89)
Foreign Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Real Estate [Member]
Level 3 balance at beginning of year	2,160
Purchases, sales, issuances and settlements, net	$ (2,388)
Level 3 balance at end of year
Net transfers into / (out of) level 3	$ (12)
Net gains	282
Currency change effect	(42)
Foreign Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]
Level 3 balance at beginning of year	2,742
Purchases, sales, issuances and settlements, net	(2,388)
Level 3 balance at end of year	530
Net transfers into / (out of) level 3	16
Net gains	291
Currency change effect	(131)
Foreign Pension Plan [Member] | Fixed Income Funds [Member]
Level 3 balance at beginning of year	87,934
Level 3 balance at end of year	84,697
Foreign Pension Plan [Member] | Real Estate [Member]
Level 3 balance at beginning of year	2,160
Foreign Pension Plan [Member]
Level 3 balance at beginning of year	188,424
Level 3 balance at end of year	172,241
Currency change effect	17,552
Other Postretirement Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member] | Insurance [Member]
Level 3 balance at beginning of year	61,980
Purchases, sales, issuances and settlements, net	(462)
Level 3 balance at end of year	62,299
Net transfers into / (out of) level 3	(701)
Net gains	1,482
Other Postretirement Benefit Plan [Member] | Fair Value, Inputs, Level 3 [Member]
Level 3 balance at beginning of year	61,980
Level 3 balance at end of year	62,299
Other Postretirement Benefit Plan [Member] | Insurance [Member]
Level 3 balance at beginning of year	61,980
Level 3 balance at end of year	62,299
Other Postretirement Benefit Plan [Member]
Level 3 balance at beginning of year	63,076
Level 3 balance at end of year	$ 62,585
Currency change effect

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Note 11 - Financial Instruments (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Cross Currency Interest Rate Contract [Member]
Derivative, Notional Amount	$ 134,736
Foreign Currency Cash Flow Hedge Asset at Fair Value	5,384
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness	(53)
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	1,317
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	785
Interest Rate Swap [Member]
Derivative, Amount of Hedged Item	75,000
Interest Rate Fair Value Hedge Liability at Fair Value	3,356	$ 4,735
Interest Rate Fair Value Hedge Asset at Fair Value	3,395	4,726
Derivative, Net Hedge Ineffectiveness Gain (Loss)	48	(126)	$ 746
Forward Contracts [Member]
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net	10,442	574	$ (856)
Foreign Currency Cash Flow Hedge Asset at Fair Value	5,384
Interest Rate Fair Value Hedge Asset at Fair Value	$ 3,395	$ 4,726

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Note 11 - Financial Instruments - Swaps Outstanding (Details) $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($)
Cross Currency Interest Rate Contract [Member] | Currency Swap 1 [Member]
Fiscal Year of Expiration	2017
Interest rate minimum	3.05%
Derivative, Notional Amount	$ 44,912
Foreign Currency Cash Flow Hedge Asset at Fair Value	$ 2,055
Interest rate maximum	3.9145%
Cross Currency Interest Rate Contract [Member] | Currency Swap 2 [Member]
Fiscal Year of Expiration	2018
Interest rate minimum	3.45%
Derivative, Notional Amount	$ 44,912
Foreign Currency Cash Flow Hedge Asset at Fair Value	$ 1,772
Interest rate maximum	4.5374%
Cross Currency Interest Rate Contract [Member] | Currency Swap 3 [Member]
Fiscal Year of Expiration	2019
Interest rate minimum	3.80%
Derivative, Notional Amount	$ 44,912
Foreign Currency Cash Flow Hedge Asset at Fair Value	$ 1,557
Interest rate maximum	5.053%
Cross Currency Interest Rate Contract [Member]
Derivative, Notional Amount	$ 134,736
Foreign Currency Cash Flow Hedge Asset at Fair Value	5,384
Foreign Currency Cash Flow Hedge Asset at Fair Value	$ 5,384

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Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Operating Leases, Rent Expense	$ 12,684	$ 14,481	$ 12,716

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Note 12 - Commitments and Contingencies - Minimum Lease Payments (Details) $ in Thousands	Nov. 28, 2015 USD ($)
2016	$ 7,354
2017	4,423
2018	2,591
2019	1,423
2020	923
Remainder	717
Total Minimum Lease Payments	$ 17,431

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Note 12 - Commitments and Contingencies - Asbestos Related Lawsuits and Claims (Details) - Asbestos Related Lawsuits And Claims [Member] $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($)	Nov. 29, 2014 USD ($)	Nov. 30, 2013 USD ($)
Lawsuits and claims settled	10	9	6
Settlement amounts	$ 858	$ 843	$ 371
Insurance payments received or expected to be received	$ 682	$ 687	$ 279

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Note 13 - Fair Value Measurements (Details Textual) - Tonsan Adhesive [Member] $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($)
Portion at Fair Value Measurement [Member]
Business Combination, Contingent Consideration, Liability	$ 10,704
Selling, General and Administrative Expenses [Member]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 3,191

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Note 13 - Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
Fair Value, Inputs, Level 1 [Member]
Assets:
Marketable securities	$ 1,698	$ 748
Derivative assets
Interest Rate Fair Value Hedge Asset at Fair Value
Foreign Currency Cash Flow Hedge Asset at Fair Value
Cash-flow hedges
Liabilities:
Derivative liabilities
Contingent consideration liabilities, continuing operations
Disposal Group, Including Discontinued Operation, Liabilities, Current
Fair Value, Inputs, Level 2 [Member]
Assets:
Marketable securities
Derivative assets	$ 15,185	$ 1,007
Interest Rate Fair Value Hedge Asset at Fair Value	3,395	4,726
Foreign Currency Cash Flow Hedge Asset at Fair Value	5,384
Cash-flow hedges		5,408
Liabilities:
Derivative liabilities	$ 4,744	$ 433
Contingent consideration liabilities, continuing operations
Disposal Group, Including Discontinued Operation, Liabilities, Current
Fair Value, Inputs, Level 3 [Member]
Assets:
Marketable securities
Derivative assets
Interest Rate Fair Value Hedge Asset at Fair Value
Foreign Currency Cash Flow Hedge Asset at Fair Value
Cash-flow hedges
Liabilities:
Derivative liabilities
Contingent consideration liabilities, continuing operations	$ 10,854	$ 196
Disposal Group, Including Discontinued Operation, Liabilities, Current		5,000
Marketable securities	1,698	748
Derivative assets	15,185	1,007
Interest Rate Fair Value Hedge Asset at Fair Value	3,395	4,726
Foreign Currency Cash Flow Hedge Asset at Fair Value	5,384
Cash-flow hedges		5,408
Derivative liabilities	4,744	433
Contingent consideration liabilities, continuing operations	$ 10,854	196
Disposal Group, Including Discontinued Operation, Liabilities, Current		$ 5,000

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Note 13 - Fair Value Measurements - Schedule of Contingent Consideration Liabilities (Details) $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($)
Fair Value, Inputs, Level 3 [Member]
Level 3 balance at beginning of year	$ 196
Level 3 balance at end of year	10,854
Initial valuation of Tonsan contingent consideration	7,714
Mark to market adjustment	3,145
Foreign currency translation adjustment	$ (201)

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Note 14 - Operating Segments (Details Textual)	12 Months Ended
	Nov. 28, 2015
Number of Reportable Segments	4

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Note 14 - Operating Segments - Reportable Operating Segment Financial Information (Details) $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($)		Nov. 29, 2014 USD ($)		Nov. 30, 2013 USD ($)
Americas Adhesives [Member] | Operating Segments [Member]
Sales revenue	$ 876,810		$ 920,679		$ 902,573
Capital expenditures	9,775		18,045		26,225
Americas Adhesives [Member] | Intersegment Eliminations [Member]
Sales revenue	23,569		22,120		26,096
Americas Adhesives [Member] | Continuing Operations [Member]
Assets	458,385	[1]	474,691	[1]	471,520	[1]
Americas Adhesives [Member]
Segment operating income	126,272		103,339		123,265
Depreciation and amortization	22,172		22,180		20,832
EIMEA [Member] | Operating Segments [Member]
Sales revenue	605,064		719,787		733,211
Capital expenditures	16,864		71,926		63,512
EIMEA [Member] | Intersegment Eliminations [Member]
Sales revenue	19,089		13,918		9,228
EIMEA [Member] | Continuing Operations [Member]
Assets	669,883	[1]	787,194	[1]	759,757	[1]
EIMEA [Member]
Segment operating income	11,881		30,521		51,526
Depreciation and amortization	23,518		24,363		20,420
Asia Pacific [Member] | Operating Segments [Member]
Sales revenue	368,736		275,809		252,608
Capital expenditures	13,338		22,377		10,150
Asia Pacific [Member] | Intersegment Eliminations [Member]
Sales revenue	14,402		13,034		14,818
Asia Pacific [Member] | Continuing Operations [Member]
Assets	551,410	[1]	238,627	[1]	218,471	[1]
Asia Pacific [Member]
Segment operating income	17,174		9,317		9,771
Depreciation and amortization	15,966		7,230		6,522
Construction Products [Member] | Operating Segments [Member]
Sales revenue	233,050		188,179		158,576
Capital expenditures	13,925		2,073		1,737
Construction Products [Member] | Intersegment Eliminations [Member]
Sales revenue	1,474		800		462
Construction Products [Member] | Continuing Operations [Member]
Assets	204,758	[1]	198,276	[1]	175,489	[1]
Construction Products [Member]
Segment operating income	15,158		6,664		10,940
Depreciation and amortization	13,234		11,751		11,021
Corporate Segment [Member]
Assets	157,816	[1]	168,353	[1]	245,926	[1]
Corporate, Non-Segment [Member]
Capital expenditures	$ 4,722		25,373		22,664
Discontinued Operations [Member]
Assets		[1]	1,865	[1]	1,865	[1]
Sales revenue	$ 2,083,660		2,104,454		2,046,968
Segment operating income	170,485		149,841		195,502
Depreciation and amortization	74,890		65,524		58,795
Assets	2,042,252	[1]	1,869,006	[1]	1,873,028	[1]
Capital expenditures	$ 58,624		$ 139,794		$ 124,288

[1] Segment assets include primarily inventory, accounts receivable, property, plant and equipment and other miscellaneous assets. Corporate assets include primarily corporate property, plant and equipment, deferred tax assets, certain investments and other assets.

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Note 14 - Operating Segments - Reconciliation of Segment Operating Income to Income from Continuing Operations Before Income Taxes and Income from Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Nov. 28, 2015	Aug. 29, 2015	May. 30, 2015	Feb. 28, 2015	Nov. 29, 2014	[1]	Aug. 30, 2014	May. 31, 2014	Mar. 01, 2014	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Segment operating income										$ 170,485	$ 149,841	$ 195,502
Special charges, net	$ (62)	$ (1,297)	$ (934)	$ (2,361)	$ (13,886)		$ (12,343)	$ (13,538)	$ (11,734)	(4,654)	(51,501)	(45,087)
Other income (expense), net										(2,465)	716	(3,751)
Interest expense										(25,021)	(19,744)	(19,120)
Income from continuing operations before income taxes and income from equity method investments										$ 138,345	$ 79,312	$ 127,544

[1] Includes a correction of an error in our Sekisui-Fuller joint venture of $1,643.

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Note 14 - Operating Segments - Financial Information About Geographic Areas (Details) $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($)	Nov. 29, 2014 USD ($)	Nov. 30, 2013 USD ($)
UNITED STATES
Sales revenue	$ 891,436	$ 878,058	$ 855,053
Property, plant and equipment, net	193,819	205,412	185,260
All Other Countries with Less than 10 Percent of Total [Member]
Sales revenue	1,192,224	1,226,396	1,191,915
Property, plant and equipment, net	123,265	140,173	133,590
GERMANY
Property, plant and equipment, net	101,013	116,301	86,335
CHINA
Property, plant and equipment, net	94,763	40,748	29,202
Sales revenue	2,083,660	2,104,454	2,046,968
Property, plant and equipment, net	$ 512,860	$ 502,634	$ 434,387

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Note 15 - Redeemable Non-Controlling Interest (Details Textual) $ in Thousands, € in Millions	12 Months Ended
	Nov. 28, 2015 EUR (€)	Nov. 28, 2015 USD ($)	Feb. 28, 2015 USD ($)	Feb. 02, 2015 USD ($)
Tonsan Adhesive [Member]
Business Acquisition, Percentage of Voting Interests Acquired				95.00%
Business Acquisition, Remaining Percentage of Voting Interests to Be Acquired				5.00%
Business Combination, Agreement to Purchase Remaining Equity | $		$ 11,773	$ 10,630	$ 11,773
Noncontrolling Interest, Increase in Ownership Percentage Per Year	1.00%
Noncontrolling Interest, Number of Years Ownership can Be Increased	5 years
Noncontrolling Interest, Maximum Ownership Percentage by Noncontrolling Shareholder	13.00%	13.00%
Redeemable Noncontrolling Interest, Equity, Minimum Redemption Value	€ 3.5
Redeemable Noncontrolling Interest, Equity, Redemption Value	€ 3.5

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Note 15 - Redeemable Non-Controlling Interest - Redeemable Non-Controlling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014
Balance at beginning of year	$ 4,654	$ 4,717
Non-controlling interest assumed	11,773
Recognition of non-controlling interest redemption liability	(11,773)
Net income attributed to redeemable non-controlling interest	321	$ 357
Foreign currency translation adjustment	(775)	(420)
Balance at end of year	$ 4,199	$ 4,654

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Note 16 - Quarterly Data (Unadited) (Details Textual) $ in Thousands	3 Months Ended
	Nov. 29, 2014 USD ($)
Error in Amortization Useful Life [Member] | Investment Income [Member]
Prior Period Reclassification Adjustment	$ 1,643

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Note 16 - Quarterly Data (Unadited) - Quarterly Data (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended									12 Months Ended
	Nov. 28, 2015	Aug. 29, 2015	May. 30, 2015	Feb. 28, 2015	Nov. 29, 2014	[1]	Aug. 30, 2014	May. 31, 2014	Mar. 01, 2014	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Net revenue	$ 548,104	$ 524,133	$ 540,762	$ 470,661	$ 547,674		$ 526,765	$ 544,034	$ 485,981	$ 2,083,660	$ 2,104,454	$ 2,046,968
Gross profit	156,060	146,840	148,937	116,206	132,436		125,154	142,655	133,045	568,043	533,290	570,171
Selling, general and administrative expenses	103,846	98,297	100,582	94,833	93,499		96,779	96,372	96,799	397,558	383,449	374,669
Special charges, net	62	1,297	934	2,361	13,886		12,343	13,538	11,734	4,654	51,501	45,087
Income from continuing operations	$ 25,100	$ 26,886	$ 26,616	$ 9,795	$ 10,792		$ 4,084	$ 20,626	$ 14,649	$ 88,397	$ 50,151	$ 95,975
Basic Income per share (in dollars per share)	$ 0.50	$ 0.53	$ 0.53	$ 0.19	$ 0.22		$ 0.08	$ 0.41	$ 0.29	$ 1.75	$ 1	$ 1.92
Diluted Income per share (in dollars per share)	$ 0.49	$ 0.52	$ 0.51	$ 0.19	$ 0.21		$ 0.08	$ 0.40	$ 0.28	$ 1.71	$ 0.97	$ 1.87
Basic (in shares)	50,143	50,421	50,345	50,188	50,107		50,053	49,956	49,910	50,274	50,006	49,893
Diluted (in shares)	51,194	51,530	51,471	51,379	51,296		51,297	51,175	51,255	51,393	51,255	51,136

[1] Includes a correction of an error in our Sekisui-Fuller joint venture of $1,643.