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Note 7 - Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Aug. 28, 2021

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

Note 7: Accumulated Other Comprehensive Income (Loss)

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

	*Three Months Ended August 28, 2021*												*Three Months Ended August 29, 2020*
										*Non-*												*Non-*
										*controlling*												*controlling*
	*H.B. Fuller Stockholders*									*Interest*			*H.B. Fuller Stockholders*									*Interest*
	*Pre-tax*			*Tax*			*Net*			*Net*			*Pre-tax*			*Tax*			*Net*			*Net*
Net income attributable to H.B. Fuller and non-controlling interest							$	31,616		$	14								$	41,607		$	24
Foreign currency translation adjustment¹	$	(31,979	)	$	-			(31,979	)		(27	)	$	46,689		$	-			46,689			22
Defined benefit pension plans adjustment²		1,855			(480	)		1,375			-			2,769			(691	)		2,078			-
Interest rate swap³		5,074			(1,244	)		3,830			-			5,455			(1,330	)		4,125			-
Cross currency swaps³		(1,309	)		20			(1,289	)		-			(2,387	)		73			(2,314	)		-
Other comprehensive income (loss)	$	(26,359	)	$	(1,704	)	$	(28,063	)	$	(27	)	$	52,526		$	(1,948	)	$	50,578		$	22
Comprehensive income (loss)							$	3,553		$	(13	)							$	92,185		$	46

	*Nine Months Ended August 28, 2021*												*Nine Months Ended August 29, 2020*
										*Non-*												*Non-*
										*controlling*												*controlling*
	*H.B. Fuller Stockholders*									*Interest*			*H.B. Fuller Stockholders*									*Interest*
	*Pretax*			*Tax*			*Net*			*Net*			*Pretax*			*Tax*			*Net*			*Net*
Net income attributable to H.B. Fuller and non-controlling interest							$	110,509		$	51								$	83,115		$	50
Foreign currency translation adjustment¹	$	46,680		$	-			46,680			(25	)	$	13,983		$	-			13,983			25
Defined benefit pension plans adjustment²		5,561			(1,440	)		4,121			-			8,306			(2,072	)		6,234			-
Interest rate swap³		15,332			(3,758	)		11,574			-			(19,515	)		4,758			(14,757	)		-
Cross currency swaps³		(3,629	)		53			(3,576	)		-			8,353			(145	)		8,208			-
Other comprehensive income (loss)	$	63,944		$	(5,145	)	$	58,799			(25	)	$	11,127		$	2,541			13,668			25
Comprehensive income							$	169,308		$	26								$	96,783		$	75

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, net.

The components of accumulated other comprehensive loss are as follows:

August 28, 2021

Non-

H.B. Fuller

controlling

Total

Stockholders

Interest

Foreign currency translation adjustment

(59,435

)

(59,325

)

(110

)

Interest rate swap, net of taxes of $4,395

(13,529

)

(13,529

)

Cash flow hedges, net of taxes of $(68)

4,393

Defined benefit pension plans adjustment, net of taxes of $79,216

(157,258

)

(157,258

)

Reclassification of AOCI tax effects

(18,341

)

(18,341

)

Accumulated other comprehensive loss

(244,170

)

(244,060

)

(110

)

	*November 28, 2020*
							*Non-*
				*H.B. Fuller*			*controlling*
	*Total*			*Stockholders*			*Interest*
Foreign currency translation adjustment	$	(106,140	)	$	(106,005	)	$	(135	)
Interest rate swap, net of taxes of $8,639		(25,103	)		(25,103	)		-
Cash flow hedges, net of taxes of $(121)		7,969			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	)		-
Accumulated other comprehensive loss	$	(302,994	)	$	(302,859	)	$	(135	)