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Note 4 - Supplemental Financial Statement Information

12 Months Ended

Dec. 03, 2022

Additional Financial Information Disclosure [Text Block]

Note 4: Supplemental Financial Statement Information

Statement of Income Information

Additional details of income statement amounts for 2022, 2021 and 2020 are as follows:

	*2022*			*2021*			*2020*
Foreign currency transaction losses, net	$	(12,935	)	$	(5,962	)	$	(3,078	)
Gain (loss) on disposal of assets		1,416			(648	)		(86	)
Net periodic pension benefit		26,787			32,070			17,902
Other, net		(2,316	)		7,395			660
Total other income, net	$	12,952		$	32,855		$	15,398

Research and development expenses (included in SG&A expenses)	$	44,853		$	39,344		$	36,969

Balance Sheet Information

Additional details of balance sheet amounts as of December 3, 2022 and November 27, 2021 are as follows:

	*2022*			*2021*
Inventories
Raw materials	$	237,071		$	226,723
Finished goods		254,710			221,681
Total inventories	$	491,781		$	448,404

Other current assets
Other receivables	$	36,338		$	28,874
Prepaid income taxes		27,169			13,359
Prepaid taxes other than income taxes		29,322			26,929
Prepaid expenses		27,490			25,889
Assets held for sale		-			1,284
Total other current assets	$	120,319		$	96,335

Property, plant and equipment
Land	$	84,320		$	84,492
Buildings and improvements		405,037			395,849
Machinery and equipment		957,371			915,914
Construction in progress		133,010			104,734
Total, at cost		1,579,738			1,500,989
Accumulated depreciation		(846,071	)		(805,622	)
Net property, plant and equipment	$	733,667		$	695,367

Other assets
Investments in company owned life insurance	$	8,957		$	9,584
Equity method investments		42,143			49,333
Equity investments		1,362			1,667
Long-term deferred income taxes		39,048			37,116
Prepaid pension costs		86,616			90,946
Postretirement other than pension asset		98,848			107,323
Operating lease right-of-use assets		32,440			32,744
Other long-term receivables		9,262			23,661
Other long-term assets		17,192			19,699
Total other assets	$	335,868		$	372,073

Other accrued expenses
Taxes other than income taxes	$	14,642		$	14,280
Miscellaneous services		7,092			5,626
Customer rebates		24,915			20,743
Interest		7,498			2,964
Product liability		154			432
Contingent consideration liability		1,977			8,100
Current operating lease liabilities		9,794			8,921
Accrued expenses		23,273			24,995
Total other accrued expenses	$	89,345		$	86,061

Other liabilities
Asset retirement obligations	$	2,888		$	2,917
Long-term deferred income taxes		183,190			179,401
Long-term income tax liability		22,202			14,364
Long-term deferred compensation		9,957			9,665
Postretirement other than pension		2,021			2,657
Noncurrent operating lease liabilities		23,421			24,061
Environmental liabilities		3,064			3,521
Net investment hedge liabilities		54,046			-
Other long-term liabilities		57,497			40,604
Total other liabilities	$	358,286		$	277,190

Additional details on the trade receivables allowance for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts for 2022, 2021 and 2020 are as follows:

	*2022*			*2021*			*2020*
Balance at beginning of year	$	9,935		$	12,905		$	10,682
Charged to expenses and other adjustments		1,794			(546	)		8,313
Write-offs		(851	)		(2,278	)		(6,158	)
Foreign currency translation effect		61			(146	)		68
Balance at end of year	$	10,939		$	9,935		$	12,905

Statement of Comprehensive Income Information

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

	*December 3, 2022*
										*Non-controlling*
	*H.B. Fuller Stockholders*									*Interest*
	*Pretax*			*Tax*			*Net*			*Net*
Net income attributable to H.B. Fuller and non-controlling interests		-			-		$	180,313		$	94
Other comprehensive income (loss)
Foreign currency translation adjustment¹	$	(131,745	)		-			(131,745	)		(61	)
Defined benefit pension plans adjustment²		(18,881	)		3,818			(15,063	)		-
Interest rate swap³		13,148			(3,224	)		9,924			-
Other cash flow hedges³		(3,536	)		53			(3,483	)		-
Net investment hedges³		(54,040	)		13,297			(40,743	)		-
Other comprehensive income (loss)	$	(195,054	)	$	13,944		$	(181,110	)	$	(61	)
Comprehensive income							$	(797	)	$	33

	*November 27, 2021*
										*Non-controlling*
	*H.B. Fuller Stockholders*									*Interest*
	*Pretax*			*Tax*			*Net*			*Net*
Net income attributable to H.B. Fuller and non-controlling interests		-			-		$	161,393		$	82
Other comprehensive income (loss)
Foreign currency translation adjustment¹	$	(26,262	)		-			(26,262	)		(32	)
Defined benefit pension plans adjustment²		64,912			(16,731	)		48,181			-
Interest rate swap³		20,109			(4,930	)		15,179			-
Other cash flow hedges³		(4,554	)		68			(4,486	)		-
Other comprehensive income	$	54,205		$	(21,593	)		32,612			(32	)
Comprehensive income							$	194,005		$	50

	*November 28, 2020*
										*Non-controlling*
	*H.B. Fuller Stockholders*									*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 (loss) income	$	38,224		$	2,517			40,741			30
Comprehensive income							$	164,460		$	99

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:

December 3, 2022

Non-

H.B. Fuller

controlling

Total

Stockholders

Interests

Foreign currency translation adjustment

(264,054

)

(264,012

)

(42

)

Net investment hedges, net of taxes of $13,297

(40,743

)

(40,743

)

Defined benefit pension plans adjustment, net of taxes of $67,744

(128,261

)

(128,261

)

Reclassification of AOCI tax effects

(18,341

)

(18,341

)

Total accumulated other comprehensive loss

(451,399

)

(451,357

)

(42

)

	*November 27, 2021*
							*Non-*
				*H.B. Fuller*			*controlling*
	*Total*			*Stockholders*			*Interests*
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	)		-
Total accumulated other comprehensive loss	$	(270,350	)	$	(270,247	)	$	(103	)

	*November 28, 2020*
							*Non-*
				*H.B. Fuller*			*controlling*
	*Total*			*Stockholders*			*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			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	)