XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.25.2

Note 15 - Segments | 9 Months Ended
--- | ---
Aug. 30, 2025
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. As of November 30, 2024, our three operating segments consisted of Hygiene, Health and Consumable Adhesives, Engineering Adhesives and Construction Adhesives. As of the beginning of fiscal 2025, we reorganized our operating segments by selling our North American Flooring business (“NA Flooring”), previously part of the Construction Adhesives operating segment, and combining our Insulated Glass, Woodworking and Composite businesses, previously part of the Engineering Adhesives operating segment, with Construction Adhesives Roofing and Building Envelope and Infrastructure businesses to form the newly named Building Adhesive Solutions operating segment. All financial results related to NA Flooring have been moved to our Corporate Unallocated segment. Prior period segment information has been recast retrospectively to reflect the realignment. Operating results of each of these 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. The table below provides certain information regarding net revenue and operating income (loss) for each of our operating segments.
|  | Three Months Ended |
|  | August 30, 2025 |  |  | August 31, 2024 |
|  | Net |  |  | Operating |  |  | Net |  |  | Operating |
|  | Revenue |  |  | Income (Loss) |  |  | Revenue |  |  | Income (Loss) |
Hygiene, Health and Consumable Adhesives |  | $ | 386,068 |  |  | $ | 46,491 |  |  | $ | 389,980 |  |  | $ | 48,677 |
Engineering Adhesives |  |  | 272,297 |  |  |  | 46,852 |  |  |  | 260,038 |  |  |  | 40,087 |
Building Adhesive Solutions |  |  | 233,678 |  |  |  | 25,859 |  |  |  | 228,408 |  |  |  | 25,976 |
Total segment |  | $ | 892,043 |  |  | $ | 119,202 |  |  | $ | 878,426 |  |  | $ | 114,740 |
Corporate Unallocated |  |  | - |  |  |  | (9,062 | ) |  |  | 39,501 |  |  |  | (10,399 | )
Total |  | $ | 892,043 |  |  | $ | 110,140 |  |  | $ | 917,927 |  |  | $ | 104,341 |
|  | Nine Months Ended |
|  | August 30, 2025 |  |  | August 31, 2024 |
|  | Net |  |  | Operating |  |  | Net |  |  | Operating |
|  | Revenue |  |  | Income (Loss) |  |  | Revenue |  |  | Income (Loss) |
Hygiene, Health and Consumable Adhesives |  | $ | 1,151,768 |  |  | $ | 119,840 |  |  | $ | 1,151,371 |  |  | $ | 145,910 |
Engineering Adhesives |  |  | 785,474 |  |  |  | 121,880 |  |  |  | 743,726 |  |  |  | 104,894 |
Building Adhesive Solutions |  |  | 641,559 |  |  |  | 54,550 |  |  |  | 630,558 |  |  |  | 55,102 |
Total segment |  | $ | 2,578,801 |  |  | $ | 296,270 |  |  | $ | 2,525,655 |  |  | $ | 305,906 |
Corporate Unallocated |  |  | - |  |  |  | (39,639 | ) |  |  | 119,797 |  |  |  | (34,093 | )
Total |  | $ | 2,578,801 |  |  | $ | 256,631 |  |  | $ | 2,645,452 |  |  | $ | 271,813 |
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 30, |  |  | August 31, |  |  | August 30, |  |  | August 31, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating income |  | $ | 110,140 |  |  | $ | 104,341 |  |  | $ | 256,631 |  |  | $ | 271,813 |
Other income, net |  |  | 5,308 |  |  |  | 2,148 |  |  |  | 15,655 |  |  |  | 7,282 |
Interest expense |  |  | (33,630 | ) |  |  | (35,288 | ) |  |  | (100,536 | ) |  |  | (99,504 | )
Interest income |  |  | 1,110 |  |  |  | 1,092 |  |  |  | 3,064 |  |  |  | 3,597 |
Income before income taxes and income from equity method investments |  | $ | 82,928 |  |  | $ | 72,293 |  |  | $ | 174,814 |  |  | $ | 183,188 |
The table below provides total assets as of November 30, 2024, restated for our new operating segments:
|  | November 30, |
|  | 2024 |
Hygiene, Health and Consumable Adhesives |  | $ | 1,610,902 |
Engineering Adhesives |  |  | 1,533,675 |
Building Adhesive Solutions |  |  | 1,239,527 |
Corporate |  |  | 549,140 |
Total |  | $ | 4,933,244 |
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 30, 2025 |
|  | Hygiene, Health |  |  |  |  |  |  | Building |  |  |  |  |  |  |  |  |
|  | and Consumable |  |  | Engineering |  |  | Adhesive |  |  | Corporate |  |  |  |  |
|  | Adhesives |  |  | Adhesives |  |  | Solutions |  |  | Unallocated |  |  | Total |
Americas |  | $ | 215,634 |  |  | $ | 117,894 |  |  | $ | 130,236 |  |  | $ | - |  |  | $ | 463,764 |
EIMEA |  |  | 122,251 |  |  |  | 59,778 |  |  |  | 87,934 |  |  |  | - |  |  |  | 269,963 |
Asia Pacific |  |  | 48,183 |  |  |  | 94,625 |  |  |  | 15,508 |  |  |  | - |  |  |  | 158,316 |
Total |  | $ | 386,068 |  |  | $ | 272,297 |  |  | $ | 233,678 |  |  | $ | - |  |  | $ | 892,043 |
|  | Three Months Ended August 31, 2024 |
|  | Hygiene, Health |  |  |  |  |  |  | Building |  |  |  |  |  |  |  |  |
|  | and Consumable |  |  | Engineering |  |  | Adhesive |  |  | Corporate |  |  |  |  |
|  | Adhesives |  |  | Adhesives |  |  | Solutions |  |  | Unallocated |  |  | Total |
Americas |  | $ | 223,016 |  |  | $ | 110,163 |  |  | $ | 128,834 |  |  | $ | 39,501 |  |  | $ | 501,514 |
EIMEA |  |  | 115,740 |  |  |  | 57,142 |  |  |  | 82,759 |  |  |  | - |  |  |  | 255,641 |
Asia Pacific |  |  | 51,224 |  |  |  | 92,733 |  |  |  | 16,815 |  |  |  | - |  |  |  | 160,772 |
Total |  | $ | 389,980 |  |  | $ | 260,038 |  |  | $ | 228,408 |  |  | $ | 39,501 |  |  | $ | 917,927 |
|  | Nine Months Ended August 30, 2025 |
|  | Hygiene, Health |  |  |  |  |  |  | Building |  |  |  |  |  |  |  |  |
|  | and Consumable |  |  | Engineering |  |  | Adhesive |  |  | Corporate |  |  |  |  |
|  | Adhesives |  |  | Adhesives |  |  | Solutions |  |  | Unallocated |  |  | Total |
Americas |  | $ | 651,007 |  |  | $ | 334,265 |  |  | $ | 352,396 |  |  | $ | - |  |  | $ | 1,337,668 |
EIMEA |  |  | 351,256 |  |  |  | 171,594 |  |  |  | 245,170 |  |  |  | - |  |  |  | 768,020 |
Asia Pacific |  |  | 149,505 |  |  |  | 279,615 |  |  |  | 43,993 |  |  |  | - |  |  |  | 473,113 |
Total |  | $ | 1,151,768 |  |  | $ | 785,474 |  |  | $ | 641,559 |  |  | $ | - |  |  | $ | 2,578,801 |
|  | Nine Months Ended August 31, 2024 |
|  | Hygiene, Health |  |  |  |  |  |  | Building |  |  |  |  |  |  |  |  |
|  | and Consumable |  |  | Engineering |  |  | Adhesive |  |  | Corporate |  |  |  |  |
|  | Adhesives |  |  | Adhesives |  |  | Solutions |  |  | Unallocated |  |  | Total |
Americas |  | $ | 668,073 |  |  | $ | 304,809 |  |  | $ | 338,048 |  |  | $ | 119,797 |  |  | $ | 1,430,727 |
EIMEA |  |  | 331,307 |  |  |  | 172,029 |  |  |  | 245,696 |  |  |  | - |  |  |  | 749,032 |
Asia Pacific |  |  | 151,991 |  |  |  | 266,888 |  |  |  | 46,814 |  |  |  | - |  |  |  | 465,693 |
Total |  | $ | 1,151,371 |  |  | $ | 743,726 |  |  | $ | 630,558 |  |  | $ | 119,797 |  |  | $ | 2,645,452 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration