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Note 4 - Supplemental Financial Statement Information

12 Months Ended

Nov. 28, 2020

Additional Financial Information Disclosure [Text Block]

Note 4: Supplemental Financial Statement Information

Statement of Income Information

Additional details of income statement amounts for 2020, 2019 and 2018 are as follows:

	2020			2019			2018
Foreign currency transaction losses, net	$	(3,078	)	$	(1,156	)	$	(4,450	)
(Loss) gain on disposal of assets		(86	)		24,304			2,177
Net periodic pension benefit		17,902			13,661			16,870
Other, net		660			1,134			3,458
Total other income, net	$	15,398		$	37,943		$	18,055

Research and development expenses (included in SG&A expenses)	$	36,969		$	36,624		$	35,534

Balance Sheet Information

Additional details of balance sheet amounts as of November 28, 2020 and November 30, 2019 are as follows:

	2020			2019
Inventories
Raw materials	$	151,026		$	150,338
Finished goods		172,187			186,929
Total inventories	$	323,213		$	337,267

Other current assets
Other receivables	$	18,666		$	26,258
Prepaid income taxes		22,137			23,112
Prepaid taxes other than income taxes		20,270			16,836
Prepaid expenses		19,212			20,862
Assets held for sale		828			3,655
Total other current assets	$	81,113		$	90,723

Property, plant and equipment
Land	$	87,403		$	79,631
Buildings and improvements		393,175			362,114
Machinery and equipment		876,858			808,154
Construction in progress		70,747			54,332
Total, at cost		1,428,183			1,304,231
Accumulated depreciation		(757,439	)		(674,418	)
Net property, plant and equipment	$	670,744		$	629,813

Other assets
Investments and company owned life insurance	$	9,006		$	8,870
Equity method investments		53,863			53,696
Equity investments		1,669			1,667
Long-term deferred income taxes		37,376			29,037
Prepaid pension costs		43,206			28,759
Prepaid postretirement other than pension		73,137			58,307
Operating lease right-of-use assets		28,445			-
Other long-term receivables		16,760			46,887
Other long-term assets		14,751			14,129
Total other assets	$	278,213		$	241,352

Other accrued expenses
Taxes other than income taxes	$	16,893		$	15,031
Miscellaneous services		5,691			5,541
Customer rebates		15,008			11,293
Interest		4,901			4,572
Insurance		184			178
Product liability		501			978
Contingent consideration liability		-			3,400
Current operating lease liabilities		8,706			-
Accrued expenses		32,092			19,752
Total other accrued expenses	$	83,976		$	60,745

Other liabilities
Asset retirement obligations	$	2,948		$	2,952
Long-term deferred income taxes		165,877			177,530
Long-term income tax liability		18,089			10,088
Long-term deferred compensation		8,510			6,929
Postretirement other than pension		2,930			2,879
Noncurrent operating lease liabilities		19,498			-
Long-term accrued payroll tax		7,216			-
Environmental liabilities		3,639			4,657
Other long-term liabilities		50,212			37,155
Total other liabilities	$	278,919		$	242,190

Additional details on the trade receivables allowance for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts for 2020, 2019 and 2018 are as follows:

	2020			2019			2018
Balance at beginning of year	$	10,682		$	14,017		$	11,670
Charged to expenses and other adjustments		8,313			2,678			6,445
Write-offs		(6,158	)		(5,947	)		(2,187	)
Foreign currency translation effect		68			(66	)		(1,911	)
Balance at end of year	$	12,905		$	10,682		$	14,017

Statement of Comprehensive Income Information

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

	November 28, 2020
	H.B. Fuller Stockholders									Non-controlling Interest
	Pretax			Tax			Net			Net
Net income attributable to H.B. Fuller and non-controlling interests		-			-		$	123,719		$	69
Other comprehensive income (loss)
Foreign currency translation adjustment¹	$	41,712			-			41,712			30
Defined benefit pension plans adjustment²		5,823			(1,235	)		4,588			-
Interest rate swap³		(15,618	)		3,853			(11,765	)		-
Other cash flow hedges³		6,307			(101	)		6,206			-
Other comprehensive income	$	38,224		$	2,517			40,741			30
Comprehensive income							$	164,460		$	99

	November 30, 2019
	H.B. Fuller Stockholders									Non-controlling Interest
	Pretax			Tax			Net			Net
Net income attributable to H.B. Fuller and non-controlling interests		-			-		$	130,817		$	27
Other comprehensive income (loss)
Foreign currency translation adjustment¹	$	(20,409	)		-			(20,409	)		14
Defined benefit pension plans adjustment²		(28,635	)		6,807			(21,828	)		-
Interest rate swap³		(46,254	)		11,223			(35,031	)		-
Other cash flow hedges³		14,429			(609	)		13,820			-
Other comprehensive loss	$	(80,869	)	$	17,421			(63,448	)		14
Comprehensive income							$	67,369		$	41

	December 1, 2018
	H.B. Fuller Stockholders									Non-controlling Interest
	Pretax			Tax			Net			Net
Net income attributable to H.B. Fuller and non-controlling interests		-			-		$	171,208		$	24
Other comprehensive income (loss)
Foreign currency translation adjustment¹	$	(71,222	)		-			(71,222	)		(16	)
Defined benefit pension plans adjustment²		(3,671	)		701			(2,970	)		-
Interest rate swap³		25,819			(6,048	)		19,771			-
Other cash flow hedges³		(4,047	)		(2,688	)		(6,735	)		-
Other comprehensive loss	$	(53,121	)	$	(8,035	)		(61,156	)		(16	)
Comprehensive income							$	110,052		$	8

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

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

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

Statement of Total Equity Information

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

November 28, 2020

Total

H.B. Fuller
Stockholders

Non-

controlling
Interests

Foreign currency translation adjustment

(106,140

)

(106,005

)

(135

)

Interest rate swap, net of taxes of $8,153

(25,103

)

(25,103

)

Cash flow hedges, net of taxes of ($121)

7,969

Defined benefit pension plans adjustment, net of taxes of $80,656

(161,379

)

(161,379

)

Reclassification of AOCI tax effects

(18,341

)

(18,341

)

Total accumulated other comprehensive loss

(302,994

)

(302,859

)

(135

)

	November 30, 2019
	Total			H.B. Fuller Stockholders			Non- controlling Interests
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	)		-
Total accumulated other comprehensive loss	$	(343,705	)	$	(343,600	)	$	(105	)

	December 1, 2018
	Total			H.B. Fuller Stockholders			Non- controlling Interests
Foreign currency translation adjustment	$	(127,398	)	$	(127,307	)	$	(91	)
Interest rate swap, net of taxes of ($7,231)		21,693			21,693			-
Cash flow hedges, net of taxes of $588		(12,057	)		(12,057	)		-
Defined benefit pension plans adjustment, net of taxes of $75,083		(144,140	)		(144,140	)		-
Reclassification of AOCI tax effects		(18,341	)		(18,341	)		-
Total accumulated other comprehensive loss	$	(280,243	)	$	(280,152	)	$	(91	)