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Note 7 - Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Aug. 27, 2022

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 27, 2022*												*Three Months Ended August 28, 2021*
										*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							$	46,497		$	33								$	31,616		$	14
Foreign currency translation adjustment¹	$	(87,743	)	$	-			(87,743	)		(46	)	$	(31,979	)	$	-			(31,979	)		(27	)
Defined benefit pension plans adjustment²		778			(94	)		684			-			1,855			(480	)		1,375			-
Interest rate swap³		1,783			(437	)		1,346			-			5,074			(1,244	)		3,830			-
Cross currency swaps³		(377	)		6			(371	)		-			(1,309	)		20			(1,289	)		-
Other comprehensive loss	$	(85,559	)	$	(525	)	$	(86,084	)	$	(46	)	$	(26,359	)	$	(1,704	)	$	(28,063	)	$	(27	)
Comprehensive income (loss)							$	(39,587	)	$	(13	)							$	3,553		$	(13	)

	*Nine Months Ended August 27, 2022*												*Nine Months Ended August 28, 2021*
										*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							$	132,007		$	70								$	110,509		$	51
Foreign currency translation adjustment¹	$	(165,302	)	$	-			(165,302	)		(67	)	$	46,680		$	-			46,680			(25	)
Defined benefit pension plans adjustment²		5,483			(1,507	)		3,976			-			5,561			(1,440	)		4,121			-
Interest rate swap³		14,473			(3,549	)		10,924			-			15,332			(3,758	)		11,574			-
Cross currency swaps³		(3,720	)		56			(3,664	)		-			(3,629	)		53			(3,576	)		-
Other comprehensive income (loss)	$	(149,066	)	$	(5,000	)	$	(154,066	)		(67	)	$	63,944		$	(5,145	)		58,799			(25	)
Comprehensive income							$	(22,059	)	$	3								$	169,308		$	26

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 27, 2022

Non-

H.B. Fuller

controlling

Total

Stockholders

Interest

Foreign currency translation adjustment

(297,604

)

(297,568

)

(36

)

Interest rate swap, net of taxes of ($325)

1,000

Cash flow hedges, net of taxes of $3

(181

)

(181

)

Defined benefit pension plans adjustment, net of taxes of $62,418

(109,222

)

(109,222

)

Reclassification of AOCI tax effects

(18,341

)

(18,341

)

Accumulated other comprehensive loss

(424,348

)

(424,312

)

(36

)

	*November 27, 2021*
							*Non-*
				*H.B. Fuller*			*controlling*
	*Total*			*Stockholders*			*Interest*
Foreign currency translation adjustment	$	(132,370	)	$	(132,267	)	$	(103	)
Interest rate swap, net of taxes of $3,224		(9,924	)		(9,924	)		-
Cash flow hedges, net of taxes of ($53)		3,483			3,483			-
Defined benefit pension plans adjustment, net of taxes of $63,925		(113,198	)		(113,198	)		-
Reclassification of AOCI tax effects		(18,341	)		(18,341	)		-
Accumulated other comprehensive loss	$	(270,350	)	$	(270,247	)	$	(103	)