Note 9 - Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Accumulated Other Comprehensive Income (Loss) Disclosure [Text Block]

Note 9: Accumulated Other Comprehensive Income (Loss)

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

	Three Months Ended August 29, 2020											Three Months Ended August 31, 2019
	H.B. Fuller Stockholders									Non- controlling Interest		H.B. Fuller Stockholders									Non- controlling Interest
	Pre-tax			Tax			Net			Net		Pre-tax			Tax			Net			Net
Net income including non-controlling interest		-			-		$	41,607		$	24		-			-		$	49,718		$	12
Foreign currency translation adjustment¹	$	46,689			-			46,689			22	$	(30,613	)		-			(30,613	)		1
Defined benefit pension plans adjustment²		2,769		$	(691	)		2,078			-		1,970		$	(500	)		1,470			-
Interest rate swap³		5,455			(1,330	)		4,125			-		(15,006	)		3,752			(11,254	)		-
Cross currency swaps³		(2,387	)		73			(2,314	)		-		2,532			(115	)		2,417			-
Other comprehensive income (loss)	$	52,526		$	(1,948	)		50,578			22	$	(41,117	)	$	3,137			(37,980	)		1
Comprehensive income							$	92,185		$	46							$	11,738		$	13

	Nine Months Ended August 29, 2020											Nine Months Ended August 31, 2019
	H.B. Fuller Stockholders									Non- controlling Interest		H.B. Fuller Stockholders									Non- controlling Interest
	Pretax			Tax			Net			Net		Pretax			Tax			Net			Net
Net income including non-controlling interest		-			-		$	83,115		$	50		-			-		$	98,603		$	16
Foreign currency translation adjustment¹	$	13,983			-			13,983			25	$	(52,233	)		-			(52,233	)		3
Reclassification to earnings:
Defined benefit pension plans adjustment²		8,306		$	(2,072	)		6,234			-		5,938		$	(1,506	)		4,432			-
Interest rate swap³		(19,515	)		4,758			(14,757	)		-		(53,035	)		13,259			(39,776	)		-
Cross currency swaps³		8,353			(145	)		8,208			-		13,143			(538	)		12,605			-
Other comprehensive income (loss)	$	11,127		$	2,541			13,668			25	$	(86,187	)	$	11,215			(74,972	)		3
Comprehensive income							$	96,783		$	75							$	23,631		$	19

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

² Loss reclassified from accumulated other comprehensive income ("AOCI") into earnings as part of net periodic cost related to pension and other postretirement benefit plans is reported in cost of sales and SG&A expense.

³ Income (loss) reclassified from AOCI into earnings is reported in other income (expense), net.

The components of accumulated other comprehensive loss is as follows:

	August 29, 2020
	Total			H.B. Fuller Stockholders			Non- controlling Interest
Foreign currency translation adjustment	$	(133,863	)	$	(133,733	)	$	(130	)
Interest rate swap, net of taxes of ($9,058)		(28,095	)		(28,095	)		-
Cash flow hedges, net of taxes of $168		9,971			9,971			-
Defined benefit pension plans adjustment, net of taxes of $79,819		(159,734	)		(159,734	)		-
Reclassification of AOCI tax effects		(18,341	)		(18,341	)		-
Accumulated other comprehensive loss	$	(330,062	)	$	(329,932	)	$	(130	)

	November 30, 2019
	Total			H.B. Fuller Stockholders			Non- controlling Interest
Foreign currency translation adjustment	$	(147,821	)	$	(147,716	)	$	(105	)
Interest rate swap, net of taxes of ($4,300)		(13,338	)		(13,338	)		-
Cash flow hedges, net of taxes of $21		1,763			1,763			-
Defined benefit pension plans adjustment, net of taxes of $81,891		(165,968	)		(165,968	)		-
Reclassification of AOCI tax effects		(18,341	)		(18,341	)		-
Accumulated other comprehensive loss	$	(343,705	)	$	(343,600	)	$	(105	)