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Note 15 - Segments | 9 Months Ended
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Aug. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 15: Segments We are required to report segment information in the same way that we internally organize our business for assessing performance and making decisions regarding allocation of resources. Revenue and operating income of each of our segments are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance. Segment operating income is identified as gross profit less SG&A expenses. Corporate expenses, other than those included in Corporate Unallocated, are allocated to each operating segment. Consistent with our internal management reporting, Corporate Unallocated amounts include business acquisition and integration costs, organizational restructuring charges and project costs associated with implementing a global Enterprise Resource Planning (“ERP”) system that we refer to as Project ONE. Corporate assets are not allocated to the operating segments. Inter-segment revenues are recorded at cost plus a markup for administrative costs. We have three reportable segments: Hygiene, Health and Consumable Adhesives, Engineering Adhesives and Construction Adhesives. The business components within each operating segment are managed to maximize the results of the overall operating segment rather than the results of any individual business component of the operating segment. Results of individual components of each operating segment are subject to numerous allocations of segment-wide costs that may or may not have been focused on that particular component for a particular reporting period. The costs for these allocated resources are not tracked on a "where-used" basis as financial performance is assessed at the total operating segment level. The table below provides certain information regarding net revenue and operating income (loss) for each of our operating segments.
|  | Three Months Ended |
|  | August 31, 2024 |  |  | September 2, 2023 |
|  | Net |  |  | Operating |  |  | Net |  |  | Operating |
|  | Revenue |  |  | Income (Loss) |  |  | Revenue |  |  | Income (Loss) |
Hygiene, Health and Consumable Adhesives |  | $ | 389,854 |  |  | $ | 49,782 |  |  | $ | 402,388 |  |  | $ | 52,737 |
Engineering Adhesives |  |  | 374,923 |  |  |  | 52,865 |  |  |  | 365,862 |  |  |  | 52,931 |
Construction Adhesives |  |  | 153,150 |  |  |  | 12,543 |  |  |  | 132,384 |  |  |  | 5,853 |
Total segment |  | $ | 917,927 |  |  | $ | 115,190 |  |  | $ | 900,634 |  |  | $ | 111,521 |
Corporate Unallocated |  |  | - |  |  |  | (10,849 | ) |  |  | - |  |  |  | (20,202 | )
Total |  | $ | 917,927 |  |  | $ | 104,341 |  |  | $ | 900,634 |  |  | $ | 91,319 |
|  | Nine Months Ended |
|  | August 31, 2024 |  |  | September 2, 2023 |
|  | Net |  |  | Operating |  |  | Net |  |  | Operating |
|  | Revenue |  |  | Income (Loss) |  |  | Revenue |  |  | Income (Loss) |
Hygiene, Health and Consumable Adhesives |  | $ | 1,150,658 |  |  | $ | 147,147 |  |  | $ | 1,190,402 |  |  | $ | 149,474 |
Engineering Adhesives |  |  | 1,077,206 |  |  |  | 139,522 |  |  |  | 1,063,009 |  |  |  | 129,806 |
Construction Adhesives |  |  | 417,588 |  |  |  | 20,342 |  |  |  | 354,644 |  |  |  | 2,189 |
Total segment |  | $ | 2,645,452 |  |  | $ | 307,011 |  |  | $ | 2,608,055 |  |  | $ | 281,469 |
Corporate Unallocated |  |  | - |  |  |  | (35,198 | ) |  |  | - |  |  |  | (39,734 | )
Total |  | $ | 2,645,452 |  |  | $ | 271,813 |  |  | $ | 2,608,055 |  |  | $ | 241,735 |
The table below provides a reconciliation of operating income to income before income taxes and income from equity method investments:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | August 31, |  |  | September 2, |  |  | August 31, |  |  | September 2, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating income |  | $ | 104,341 |  |  | $ | 91,319 |  |  | $ | 271,813 |  |  | $ | 241,735 |
Other income, net |  |  | 2,148 |  |  |  | 1,555 |  |  |  | 7,282 |  |  |  | 4,764 |
Interest expense |  |  | (35,288 | ) |  |  | (35,105 | ) |  |  | (99,504 | ) |  |  | (101,305 | )
Interest income |  |  | 1,092 |  |  |  | 1,128 |  |  |  | 3,597 |  |  |  | 2,726 |
Income before income taxes and income from equity method investments |  | $ | 72,293 |  |  | $ | 58,897 |  |  | $ | 183,188 |  |  | $ | 147,920 |
We view the following disaggregation of net revenue by geographic region as useful to understanding the composition of revenue recognized during the respective reporting periods:
|  | Three Months Ended August 31, 2024 |
|  | Hygiene, Health |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and Consumable |  |  | Engineering |  |  | Construction |  |  |  |  |
|  | Adhesives |  |  | Adhesives |  |  | Adhesives |  |  | Total |
Americas |  | $ | 222,605 |  |  | $ | 164,343 |  |  | $ | 115,464 |  |  | $ | 502,412 |
EIMEA |  |  | 115,960 |  |  |  | 109,742 |  |  |  | 29,387 |  |  |  | 255,089 |
Asia Pacific |  |  | 51,289 |  |  |  | 100,838 |  |  |  | 8,299 |  |  |  | 160,426 |
Total |  | $ | 389,854 |  |  | $ | 374,923 |  |  | $ | 153,150 |  |  | $ | 917,927 |
|  | Three Months Ended September 2, 2023 |
|  | Hygiene, Health |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and Consumable |  |  | Engineering |  |  | Construction |  |  |  |  |
|  | Adhesives |  |  | Adhesives |  |  | Adhesives |  |  | Total |
Americas |  | $ | 227,947 |  |  | $ | 147,115 |  |  | $ | 100,510 |  |  | $ | 475,572 |
EIMEA |  |  | 127,080 |  |  |  | 109,151 |  |  |  | 23,443 |  |  |  | 259,674 |
Asia Pacific |  |  | 47,361 |  |  |  | 109,596 |  |  |  | 8,431 |  |  |  | 165,388 |
Total |  | $ | 402,388 |  |  | $ | 365,862 |  |  | $ | 132,384 |  |  | $ | 900,634 |
|  | Nine Months Ended August 31, 2024 |
|  | Hygiene, Health |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and Consumable |  |  | Engineering |  |  | Construction |  |  |  |  |
|  | Adhesives |  |  | Adhesives |  |  | Adhesives |  |  | Total |
Americas |  | $ | 665,979 |  |  | $ | 456,610 |  |  | $ | 310,280 |  |  | $ | 1,432,869 |
EIMEA |  |  | 332,480 |  |  |  | 331,341 |  |  |  | 83,895 |  |  |  | 747,716 |
Asia Pacific |  |  | 152,199 |  |  |  | 289,255 |  |  |  | 23,413 |  |  |  | 464,867 |
Total |  | $ | 1,150,658 |  |  | $ | 1,077,206 |  |  | $ | 417,588 |  |  | $ | 2,645,452 |
|  | Nine Months Ended September 2, 2023 |
|  | Hygiene, Health |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and Consumable |  |  | Engineering |  |  | Construction |  |  |  |  |
|  | Adhesives |  |  | Adhesives |  |  | Adhesives |  |  | Total |
Americas |  | $ | 688,890 |  |  | $ | 429,824 |  |  | $ | 273,116 |  |  | $ | 1,391,830 |
EIMEA |  |  | 348,876 |  |  |  | 341,710 |  |  |  | 57,938 |  |  |  | 748,524 |
Asia Pacific |  |  | 152,636 |  |  |  | 291,475 |  |  |  | 23,590 |  |  |  | 467,701 |
Total |  | $ | 1,190,402 |  |  | $ | 1,063,009 |  |  | $ | 354,644 |  |  | $ | 2,608,055 |

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- Definition The entire disclosure for reporting segments including data and tables. 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