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Note 8 - Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 01, 2024

Note 8: Accumulated Other Comprehensive Income (Loss)

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

	*Three Months Ended June 1, 2024*												*Three Months Ended June 3, 2023*
										*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							$	51,264		$	33								$	40,401		$	21
Foreign currency translation¹	$	(26,894	)	$	-			(26,894	)		(32	)	$	26,425		$	-			26,425			(15	)
Defined benefit pension plans adjustment²		555			(136	)		419			-			1,151			(293	)		858			-
Interest rate swaps³		13,493			(3,297	)		10,196			-			(12,584	)		3,096			(9,488	)		-
Net investment hedges³		163			(40	)		123			-			(7,141	)		1,757			(5,384	)		-
Other comprehensive (loss) income	$	(12,683	)	$	(3,473	)	$	(16,156	)	$	(32	)	$	7,851		$	4,560		$	12,411		$	(15	)
Comprehensive income							$	35,108		$	1								$	52,812		$	6

	*Six Months Ended June 1, 2024*												*Six Months Ended June 3, 2023*
										*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							$	82,255		$	54								$	62,290		$	48
Foreign currency translation adjustment¹	$	*(165,302*	)	$	-			*(46,247*	)		*(41*	)	$	22,779		$	-			22,779			(5	)
Defined benefit pension plans adjustment²		3,376			(838	)		2,538			-			2,292			(583	)		1,709			-
Interest rate swap³		10,217			(2,486	)		7,731			-			(1,529	)		376			(1,153	)		-
Net investment hedges³		5,188			(1,275	)		3,913			-			(7,538	)		1,855			(5,683	)		-
Other comprehensive income (loss)	$	(146,521	)	$	(4,599	)	$	(32,065	)	$	(41	)	$	16,004		$	1,648		$	17,652		$	(5	)
Comprehensive income (loss)							$	50,190		$	13								$	79,942		$	43

The components of accumulated other comprehensive loss are as follows:

	*June 1, 2024*
							*Non-*
				*H.B. Fuller*			*controlling*
	*Total*			*Stockholders*			*Interest*
Foreign currency translation adjustment	$	(292,943	)	$	(292,940	)	$	(3	)
Defined benefit pension plans adjustment, net of taxes of $66,144		(124,930	)		(124,930	)		-
Interest rate swap, net of taxes of ($3,946)		12,203			12,203			-
Net investment hedges, net of taxes of $16,469		(50,937	)		(50,937	)		-
Reclassification of AOCI tax effects		(18,341	)		(18,341	)		-
Accumulated other comprehensive loss	$	(474,948	)	$	(474,945	)	$	(3	)

	*December 2, 2023*
							*Non-*
				*H.B. Fuller*			*controlling*
	*Total*			*Stockholders*			*Interest*
Foreign currency translation adjustment	$	(246,736	)	$	(246,692	)	$	(44	)
Defined benefit pension plans adjustment, net of taxes of $66,982		(127,469	)		(127,469	)		-
Interest rate swap, net of taxes of ($1,460)		4,472			4,472			-
Net investment hedges, net of taxes of $17,744		(54,850	)		(54,850	)		-
Reclassification of AOCI tax effects		(18,341	)		(18,341	)		-
Accumulated other comprehensive loss	$	(442,924	)	$	(442,880	)	$	(44	)