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