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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

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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.

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