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Note 4 - Supplemental Financial Statement Information

12 Months Ended

Nov. 30, 2024

Additional Financial Information Disclosure [Text Block]

Note 4: Supplemental Financial Statement Information

Statement of Income Information

Additional details of income statement amounts for 2024, 2023 and 2022 are as follows:

	*2024*			*2023*			*2022*
Foreign currency transaction losses, net	$	(2,501	)	$	(11,615	)	$	(12,935	)
Gain (loss) on disposal of assets		424			(58	)		1,416
Net periodic pension benefit		15,920			20,246			26,787
Loss on impairment of assets held for sale		(47,267	)		-			-
Other, net		(3,691	)		1,109			(2,316	)
Total other (expense) income, net	$	(37,115	)	$	9,682		$	12,952

Research and development expenses (included in SG&A expenses)	$	49,565		$	48,640		$	44,853

Balance Sheet Information

Additional details of balance sheet amounts as of November 30, 2024 and December 2, 2023 are as follows:

	*2024*			*2023*
Inventories
Raw materials	$	215,936		$	206,140
Finished goods		251,562			235,900
Total inventories	$	467,498		$	442,040

Other current assets
Other receivables	$	39,149		$	40,760
Prepaid income taxes		12,218			12,327
Prepaid taxes other than income taxes		31,295			34,455
Prepaid expenses		21,357			25,136
Total other current assets	$	104,019		$	112,678

Property, plant and equipment
Land	$	108,093		$	91,320
Buildings and improvements		470,106			447,428
Machinery and equipment		1,161,379			1,058,916
Construction in progress		124,980			157,371
Total, at cost		1,864,558			1,755,035
Accumulated depreciation		(982,631	)		(930,380	)
Net property, plant and equipment	$	881,927		$	824,655

Other assets
Investments in company owned life insurance	$	9,814		$	9,334
Equity method investments		37,059			37,562
Equity investments		1,023			1,362
Long-term deferred income taxes		39,298			42,949
Prepaid pension costs		119,493			92,323
Postretirement other than pension asset		156,576			113,431
Operating lease right-of-use assets		61,116			47,433
Other long-term receivables		14,577			14,013
Other long-term assets		10,709			12,758
Total other assets	$	449,665		$	371,165

Other accrued expenses
Taxes other than income taxes	$	24,559		$	22,497
Miscellaneous services		9,026			8,319
Customer rebates		21,901			17,938
Interest		5,628			5,819
Product liability		233			175
Contingent consideration liability		-			1,370
Current operating lease liabilities		13,473			11,277
Current obligations of finance leases		1,908			16,184
Accrued expenses		20,310			24,323
Total other accrued expenses	$	97,038		$	107,902

Other liabilities
Asset retirement obligations	$	3,321		$	3,147
Long-term deferred income taxes		141,693			176,385
Long-term income tax liability		18,195			19,225
Long-term deferred compensation		11,716			9,884
Postretirement other than pension		1,837			1,893
Noncurrent operating lease liabilities		48,628			36,879
Environmental liabilities		1,174			2,563
Net investment hedge liabilities		49,542			72,589
Other long-term liabilities		46,193			65,507
Total other liabilities	$	322,299		$	388,072

Additional details on the trade receivables allowance for doubtful accounts, credits related to pricing or quantities shipped and early payment discounts for 2024, 2023 and 2022 are as follows:

	*2024*			*2023*			*2022*
Balance at beginning of year	$	11,080		$	10,939		$	9,935
Charged to expenses and other adjustments		2,187			1,224			1,794
Write-offs		(1,071	)		(1,522	)		(851	)
Foreign currency translation effect		(575	)		439			61
Balance at end of year	$	11,621		$	11,080		$	10,939

Statement of Comprehensive Income Information

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

November 30, 2024

Non-controlling

H.B. Fuller Stockholders

Interest

Pretax

Tax

Net

Net income attributable to H.B. Fuller and non-controlling interests

130,256

139

Other comprehensive (loss) income

Foreign currency translation adjustment¹

(75,106

)

(75,106

)

342

Defined benefit pension plans adjustment²

50,875

(12,437

)

38,438

Interest rate swap³

(14,831

)

3,615

(11,216

)

Net investment hedges³

23,058

(5,689

)

17,369

Other comprehensive (loss) income

(16,004

)

(14,511

)

(30,515

)

342

Comprehensive income

99,741

481

	*December 2, 2023*
										*Non-controlling*
	*H.B. Fuller Stockholders*									*Interest*
	*Pretax*			*Tax*			*Net*			*Net*
Net income attributable to H.B. Fuller and non-controlling interests							$	144,906		$	82
Other comprehensive income
Foreign currency translation adjustment¹	$	17,320			-			17,320			2
Defined benefit pension plans adjustment²		1,554			(762	)		792			-
Interest rate swap³		5,932			(1,460	)		4,472			-
Net investment hedges³		(18,555	)		4,448			(14,107	)		-
Other comprehensive income	$	6,251		$	2,226		$	8,477		$	2
Comprehensive income							$	153,383		$	84

	*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 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 loss	$	(195,054	)	$	13,944		$	(181,110	)	$	(61	)
Comprehensive income							$	(797	)	$	33

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

² Loss reclassified from accumulated other comprehensive 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 loss into earnings is reported in other (expense) income, net.

Statement of Total Equity Information

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

November 30, 2024

Non-

H.B. Fuller

controlling

Total

Stockholders

Interests

Foreign currency translation adjustment

(322,184

)

(321,798

)

(386

)

Defined benefit pension plans adjustment, net of taxes of $54,545

(89,031

)

(89,031

)

Interest rate swap, net of taxes of $2,169

(6,744

)

(6,744

)

Net investment hedges, net of taxes of $12,056

(37,481

)

(37,481

)

Reclassification of AOCI tax effects

(18,341

)

(18,341

)

Total accumulated other comprehensive loss

(473,781

)

(473,395

)

(386

)

	*December 2, 2023*
							*Non-*
				*H.B. Fuller*			*controlling*
	*Total*			*Stockholders*			*Interests*
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	)		-
Total accumulated other comprehensive loss	$	(442,924	)	$	(442,880	)	$	(44	)

	*December 3, 2022*
							*Non-*
				*H.B. Fuller*			*controlling*
	*Total*			*Stockholders*			*Interests*
Foreign currency translation adjustment	$	(264,054	)	$	(264,012	)	$	(42	)
Defined benefit pension plans adjustment, net of taxes of $63,925		(128,261	)		(128,261	)		-
Interest rate swap, net of taxes of $3,224		(40,743	)		(40,743	)		-
Reclassification of AOCI tax effects		(18,341	)		(18,341	)		-
Total accumulated other comprehensive loss	$	(451,399	)	$	(451,357	)	$	(42	)