What changed in this filing

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Item 1. Financial Statements

2022-06-23 compared with 2022-03-24 · 314 added, 71 removed, 818 unchanged (32% of the section changed)

4 unchanged sentences

Three Months Ended

Six Months Ended

$ 993,258  

$ 827,873  

$ 1,849,739  

$ 1,553,777  

Cost of sales

2 unchanged sentences

( 1,383,326 )  

( 1,143,863 )

253,521  

217,550  

466,413  

409,914  

Selling, general and administrative expenses

( 166,007 )  

( 148,409 )  

( 321,898 )  

Other income, net

11,879  

19,748  

Interest expense

( 19,828 )  

( 19,942 )  

( 38,025 )  

Interest income

3 unchanged sentences

116,662  

102,125  

( 23,616 )  

( 16,660 )  

( 33,765 )  

Income from equity method investments

2 unchanged sentences

49,124  

85,546  

78,930  

Net income attributable to non-controlling interest

( 24 )  

( 22 )  

( 37 )  

Net income attributable to H.B.

1 unchanged sentence

$ 49,102  

$ 85,509  

$ 78,893  

Earnings per share attributable to H.B.

4 unchanged sentences

$ 1.50  

$ 0.86  

$ 0.90  

$ 1.55  

$ 1.47  

Weighted-average common shares outstanding:

3 unchanged sentences

52,666  

55,078  

54,294  

55,237  

53,817  

Dividends declared per common share

1 unchanged sentence

$ 0.168  

$ 0.358  

$ 0.330  

See accompanying Notes to Unaudited Consolidated Financial Statements.

3 unchanged sentences

Three Months Ended

Six Months Ended

Net income including non-controlling interest

1 unchanged sentence

$ 49,124  

Other comprehensive income

$ 85,546  

$ 78,930  

Other comprehensive (loss) income

Foreign currency translation

( 84,110 )  

55,524  

( 77,579 )  

78,661  

Defined benefit pension plans adjustment, net of tax

2 unchanged sentences

( 1,210 )  

Other comprehensive income

( 1,241 )  

( 3,293 )  

Comprehensive income

Other comprehensive (loss) income

( 79,170 )  

59,218  

( 68,002 )  

86,864  

Comprehensive (loss) income

( 31,943 )  

108,342  

17,544  

165,794  

Comprehensive income attributable to non-controlling interest

Comprehensive income attributable to H.B.

Comprehensive (loss) income attributable to H.B.

$ ( 31,955 )  

$ 108,308  

$ 17,528  

$ 165,755  

See accompanying Notes to Unaudited Consolidated Financial Statements.

6 unchanged sentences

$ 61,786  

Trade receivables (net of allowances of $10,736 and $9,935 , as of February 26, 2022 and November 27, 2021, respectively)

Trade receivables (net of allowances of $ 12,701 and $ 9,935 , as of May 28, 2022 and November 27, 2021, respectively)

644,544  

62 unchanged sentences

160,000,000 , shares outstanding –

53,041,801 and 52,777,753 as of February 26, 2022 and November 27, 2021, respectively

53,153,056 and 52,777,753 as of May 28, 2022 and November 27, 2021, respectively

53,153  

47 unchanged sentences

$ 1,645,848  

Comprehensive income (loss)

47,203  

( 79,158 )  

( 10,177 )  

Stock option exercises

Share-based compensation plans other, net

Repurchases of common stock

( 31 )  

Balance at May 28, 2022

$ 53,153  

$ 232,253  

$ 1,666,969  

$ ( 338,228 )  

1,614,754  

Fuller Company Shareholders

24 unchanged sentences

$ 1,442,163  

Comprehensive income

49,102  

59,206  

108,342  

( 8,870 )  

Stock option exercises

13,887  

14,205  

Share-based compensation plans other, net

Repurchases of common stock

( 47 )  

Balance at May 29, 2021

$ 52,499  

$ 190,243  

$ 1,535,887  

$ ( 215,997 )  

$ 1,563,212  

See accompanying Notes to Unaudited Consolidated Financial Statements. 

2 unchanged sentences

(In thousands)

Three Months Ended

February 26, 2022

February 27, 2021

Six Months Ended

Cash flows from operating activities:

2 unchanged sentences

$ 78,930  

Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:

Adjustments to reconcile net income including non-controlling interest to net cash (used in) provided by operating activities:

36,333  

6 unchanged sentences

( 2,649 )  

Loss on sale or disposal of assets

( 1,087 )  

Share-based compensation

13,625  

12,486  

Pension and other post-retirement benefit plan activity

11 unchanged sentences

Other accrued expenses

( 6,839 )  

Income taxes payable

( 5,864 )  

Other liabilities

1 unchanged sentence

28,452  

25,055  

Net cash (used in) provided by operating activities

7 unchanged sentences

Proceeds from sale of property, plant and equipment

Cash received from government grant

Cash payments related to government grant

5 unchanged sentences

Repayment of long-term debt

Payment of debt issuance costs

( 400 )  

Net payments of notes payable

 Payment of debt issuance costs

( 600 )  

Net proceeds of notes payable

Dividends paid

( 18,965 )  

Contingent consideration payment

( 5,000 )  

Proceeds from stock options exercised

20,621  

Repurchases of common stock

3 unchanged sentences

Effect of exchange rate changes on cash and cash equivalents

( 9,562 )  

Net change in cash and cash equivalents

32 unchanged sentences

Apollo is expected to enhance our position in key high-value, high-margin markets in the UK and throughout Europe.

The acquisition fair value measurement was preliminary as of February 26, 2022.

The acquisition fair value measurement was preliminary as of May 28, 2022.

The acquisition will be included in our Construction Adhesives operating segment. 

The following table summarizes the preliminary fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition:

February 26, 2022

$ 12,165  

Current assets

18,873  

Property, plant and equipment

104,885  

13,359  

118,244  

Other intangibles

1 unchanged sentence

82,256  

( 14,809 )  

67,447  

Trademarks/trade names

( 3,096 )  

Current liabilities

( 8,293 )  

( 41 )  

Other liabilities

( 23,883 )  

$ 205,592  

The expected useful lives of the acquired intangible assets are 12 years for customer relationships and technology and 10 years for trademarks/trade names.

5 unchanged sentences

Fourny is expected to enhance our position in key high-value, high-margin markets in Europe.

The acquisition fair value measurement was preliminary as of February 26, 2022 and includes intangible assets of $ 10,799 , goodwill of $ 6,497 , cash of $ 75 and other net assets of $ 780 .

The acquisition fair value measurement was preliminary as of May 28, 2022 and includes intangible assets of $ 10,117 , goodwill of $ 6,593 , cash of $ 75 and other net assets of $ 1,366 .

Goodwill is not ded uctible for tax purposes.

3 unchanged sentences

The agreement requires us to pay an additional $ 2,475  on the first anniversary of the acquisition and contingent consideration of up to $ 500 on November 30, 2024 based on certain agreement provisions. TissueSeal, headquartered in Ann Arbor, Michigan, is a distributor of topical tissue adhesives and sutures.

With this acquisition, we add TissueSeal's regulatory clearances, customer and distribution relationships, regulatory approvals and trademarks into our portfolio of products. T he acquisition fair value measurement was preliminary as of February 26, 2022 and includes intangible assets of $ 11,161 , goodwill of $ 13,764  and other net assets of $ 217 .

With this acquisition, we add TissueSeal's regulatory clearances, customer and distribution relationships, regulatory approvals and trademarks into our portfolio of products. T he acquisition fair value measurement was preliminary as of May 28, 2022 and includes intangible assets of $ 11,160 , goodwill of $ 13,765  and other net assets of $ 217 .

Goodwill is de ductible for tax purposes.

14 unchanged sentences

(“D.H.M.”) for approximately $ 9,500 which was funded through existing cash.

In addition, the agreement requires us to pay contingent consideration of up to approximately $ 8,100 based upon a formula related to revenue during the fiscal years ended November 27, 2021 and December 3, 2022.

In addition, the agreement required us to pay contingent consideration of up to approximately $ 8,100 based upon a formula related to revenue during the fiscal years ended November 27, 2021 and December 3, 2022.

D.H.M., headquartered in Calhoun, Georgia, is a provider of hotmelt adhesives.

9 unchanged sentences

Three Months Ended

February 26, 2022

February 27, 2021

Six Months Ended

Cost of sales

4 unchanged sentences

$ ( 178 )  

$ ( 227 )  

$ 1,639  

The restructuring charges are all recorded in Corporate Unallocated for segment reporting.

6 unchanged sentences

( 807 )  

 Non-cash charges

( 135 )  

11 unchanged sentences

( 40 )  

Balance at February 26, 2022

Balance at May 28, 2022

Non-cash charges include accelerated depreciation resulting from the cessation of use of certain long-lived assets.

12 unchanged sentences

The goodwill activity by reportable segment for the 

three months ended February 26, 2022 is presented below:

six months ended May 28, 2022 is presented below:

Hygiene, Health

14 unchanged sentences

( 6,250 )  

Balance at February 26, 2022

( 17,067 )  

Balance at May 28, 2022

$ 332,985  

1 unchanged sentence

$ 428,430  

$ 1,406,369  

Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, are as follows:

February 26, 2022

Amortizable Intangible Assets

37 unchanged sentences

$ 686,582  

Amortization expense with respect to amortizable intangible assets was $ 17,792  and $ 17,896  for the three months ended February 26, 2022 and February 27, 2021 , respectively.

Amortization expense with respect to amortizable intangible assets was $ 18,620  and $ 17,753  for the three months ended May 28, 2022 and May 29, 2021 , respectively, and $ 36,412  and $ 35,649  for the six  months ended May 28, 2022 and May 29, 2021 , respectively.

Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for the next five fiscal years is as follows:

7 unchanged sentences

Non-amortizable intangible assets as of 

February 26, 2022 and November 27, 2021 are $ 491  and $ 493 , respectively, and are related to trademarks and trade names.

The change in non-amortizable assets as of February 26, 2022 compared to November 27, 2021 was due to changes in foreign currency exchange rates.

May 28, 2022 and November 27, 2021 are $ 468  and $ 493 , respectively, and are related to trademarks and trade names.

The change in non-amortizable assets as of May 28, 2022 compared to November 27, 2021 was due to changes in foreign currency exchange rates.

Components of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans

Three Months Ended February 26, 2022 and February 27, 2021

Three Months Ended May 28, 2022 and May 29, 2021

Pension Benefits

12 unchanged sentences

( 845 )  

Settlement charge

Net periodic benefit

3 unchanged sentences

$ ( 511 )  

$ ( 3,380 )  

Six Months Ended May 28, 2022 and May 29, 2021

Pension Benefits

Postretirement

Net periodic cost (benefit):

$ 1,420  

$ 1,654  

Interest cost

Expected return on assets

( 14,235 )  

( 15,561 )  

( 3,391 )  

( 6,181 )  

( 5,437 )  

Amortization:

Prior service cost (benefit)

Actuarial loss

( 1,690 )  

Settlement charge

Net periodic benefit

$ ( 7,475 )  

$ ( 9,314 )  

$ 4,175  

$ ( 983 )  

$ ( 6,760 )  

Service cost is included with employee compensation cost in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Income.

The components of our net periodic defined benefit pension and postretirement benefit costs other than service cost are presented in other income, net in the Consolidated Statements of Income.

In the second quarter of 2022, we recognized a non-cash settlement charge of $ 3,329 related to the termination of our Canadian defined benefit pension plan.

The settlement charge is included in other income, net in the Consolidated Statements of Income.

Accumulated Other Comprehensive Income (Loss)

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

Three Months Ended February 26, 2022

Three Months Ended February 27, 2021

Three Months Ended May 28, 2022

Three Months Ended May 29, 2021

Fuller Stockholders

9 unchanged sentences

$ 55,512  

55,512  

Defined benefit pension plans adjustment²

20 unchanged sentences

$ 108,308  

Six Months Ended May 28, 2022

Six Months Ended May 29, 2021

Fuller Stockholders

Net income attributable to H.B.

Fuller and non-controlling interest

$ 85,509  

$ 78,893  

Foreign currency translation adjustment¹

$ ( 77,558 )  

( 77,558 )  

( 21 )  

$ 78,659  

78,659  

Defined benefit pension plans adjustment²

( 1,413 )  

( 960 )  

Interest rate swap³

12,690  

( 3,112 )  

10,258  

( 2,514 )  

Cross currency swaps³

( 3,343 )  

( 3,293 )  

( 2,320 )  

( 2,287 )  

Other comprehensive income (loss)

$ ( 63,506 )  

$ ( 4,475 )  

$ ( 67,981 )  

( 21 )  

$ 90,303  

$ ( 3,441 )  

86,862  

Comprehensive income

$ 17,528  

$ 165,755  

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

2 unchanged sentences

The components of accumulated other comprehensive loss are as follows:

February 26, 2022

Foreign currency translation adjustment

32 unchanged sentences

Income tax expense for the 

three months ended February 26, 2022  includes $ 2,901 of discrete tax benefit, relating to legal entity mergers offset by various foreign tax matters.

Excluding the discrete tax benefit, the overall effective tax rate was 

27.8 percent for the three months ended February 26, 2022 .  

Income tax expense for the three months ended February 27, 2021 includes $ 42  of discrete tax expense, relating to the revaluation of cross-currency swap agreements due to appreciation of the Euro versus the U.S.

Dollar and various foreign tax matters. Excluding the discrete tax expense, the overall effective tax rate was 

27.4  percent for the three months ended February 27, 2021 .

February 26, 2022 , we had a liability of $ 14,703  recorded for gross unrecognized tax benefits (excluding interest) compared to $ 13,281  as of November 27, 2021 .

As of February 26, 2022 and November 27, 2021 , we had accrued $ 3,131 and $ 2,881 of gross interest relating to unrecognized tax benefits, respectively.

three and six months ended May 28, 2022  includes $ 4,149  and $ 1,248  of discrete tax expense, respectively, relating to the revaluation of cross-currency swap agreements due to depreciation of the Euro versus the U.S.

Dollar, as well as various foreign tax matters offset by the tax effect of legal entity mergers.

Excluding the discrete tax expense, the overall effective tax rate was 

27.9 percent for both the three and six months ended May 28, 2022 . 

Income tax expense for the three and six months ended May 29, 2021 includes $ 600  and $ 558 of discrete tax benefit, respectively. Excluding the discrete tax benefit, the overall effective tax rate was 

27.1  percent and 27.2  percent for the three and six months ended May 29, 2021  respectively.

May 28, 2022 , we had a liability of $ 15,414  recorded for gross unrecognized tax benefits (excluding interest) compared to $ 13,281  as of November 27, 2021 .

As of May 28, 2022 and November 27, 2021 , we had accrued $ 3,215 and $ 2,448 of gross interest relating to unrecognized tax benefits, respectively.

Earnings Per Share

1 unchanged sentence

Three Months Ended

Six Months Ended

(Shares in thousands)

2 unchanged sentences

52,839  

53,425  

52,666  

Equivalent shares from share-based compensations plans

2 unchanged sentences

54,294  

55,237  

53,817  

Basic earnings per share is calculated by dividing net income attributable to H.B.

5 unchanged sentences

Share-based compensation awards of 

700,250 and 2,789,184  shares for the three months ended February 26, 2022 and February 27, 2021 , respectively, were excluded from diluted earnings per share calculations because they were antidilutive.

658,511 and 208,888  shares for the three months ended May 28, 2022 and May 29, 2021 , respectively, and 

744,479  and 2,107,062  shares for the six  months ended May 28, 2022 and May 29, 2021 , respectively, were excluded from diluted earnings per share calculations because they were antidilutive.

Financial Instruments

12 unchanged sentences

Cash Flow Hedges

As of February 26, 2022 , we had cash flow hedges of four  cross-currency swap agreements effective October 20, 2017 to convert a notional amount of $ 267,860 of foreign currency denominated intercompany loans into U.S.

As of May 28, 2022 , we had cash flow hedges of four  cross-currency swap agreements effective October 20, 2017 to convert a notional amount of $ 267,860 of foreign currency denominated intercompany loans into U.S.

dollars, which mature in 2022.

 As of February 26, 2022 , the combined fair value of the swaps was an asse t of $ 13,503  

 As of May 28, 2022 , the combined fair value of the swaps was an asse t of $ 24,932  

and was included in other current assets in the Consolidated Balance Sheets. The swaps were designated as cash flow hedges for accounting treatment. The lesser amount between the cumulative change in the fair value of the actual swaps and the cumulative change in the fair value of hypothetical swaps is recorded in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets and in other net cash provided by operating activities in the Consolidated Statement of Cash Flows.

1 unchanged sentence

In a perfectly effective hedge relationship, the two fair value calculations would exactly offset each other. Any difference in the calculation represents hedge ineffectiveness.

The amount in accumulated other comprehensive income (loss) related to cross-currency swaps was a gain of $ 1,400  as of February 26, 2022 . The estimated net amount of the existing gain that is reported in accumulated other comprehensive income (loss) as of February 26, 2022 that is expected to be reclassified into earnings within the next twelve month s is $ 1,400 .

 As of February 26, 2022 , we do not believe any gains or losses will be reclassified into earnings as a result of the discontinuance of these cash flow hedges because the original forecasted transaction will not occur.

The following table summarizes the cross-currency swaps outstanding as of February 26, 2022 :

The amount in accumulated other comprehensive income (loss) related to cross-currency swaps was a gain of $ 190  as of May 28, 2022 . The estimated net amount of the existing gain that is reported in accumulated other comprehensive income (loss) as of May 28, 2022 that is expected to be reclassified into earnings within the next twelve mont hs is $ 190 .

 As of May 28, 2022 , we do not believe any gains or losses will be reclassified into earnings as a result of the discontinuance of these cash flow hedges because the original forecasted transaction will not occur.

The following table summarizes the cross-currency swaps outstanding as of May 28, 2022 :

Fiscal Year of

10 unchanged sentences

The combined fair value of the interest rate swaps was a liabi lity of $ 460  

at February 26, 2022 and was included in other liabilities in the Consolidated Balance Sheets.

at May 28, 2022 and was included in other liabilities in the Consolidated Balance Sheets.

The swaps were designated for hedge accounting treatment as cash flow hedges.

5 unchanged sentences

Three Months Ended

February 26, 2022

February 27, 2021

Six Months Ended

Cross-currency swap contracts

$ ( 1,228 )  

$ ( 1,258 )  

$ ( 3,343 )  

Interest rate swap contracts

12,690  

10,258  

Fair Value Hedges

2 unchanged sentences

The combined fair value of the interest rate swaps was a liability of $ 33,901  at 

February 26, 2022 , and was included in other liabilities in the Consolidated Balance Sheets. The swaps were designated for hedge accounting treatment as fair value hedges.

May 28, 2022 , and was included in other liabilities in the Consolidated Balance Sheets. The swaps were designated for hedge accounting treatment as fair value hedges.

We apply the short cut method and assume hedge effectiveness.

6 unchanged sentences

See Note 11  for fair value amounts of these derivative instruments.

As of February 26, 2022 , we had forward foreign currency contracts maturing between February 28, 2022 and December 13, 2022.

Th e mark-to-market effect associated with these contracts was largely offset by the underlying transaction gains and losses resulting from the foreign currency exposures for which these contracts relate. 

The amounts of pretax gains (losses) recognized in other income, net related to derivative instruments not designated as hedging instruments for the 

three months ended February 26, 2022 and February 27, 2021 were $ 4,237  a nd $ ( 5,205 ), respectively.

As of May 28, 2022 , we had forward foreign currency contracts maturing between May 31, 2022 and December 13, 2022.

The ma rk-to-market effect associated with these contracts was largely offset by the underlying transaction gains and losses resulting from the foreign currency exposures for which these contracts relate. 

The amounts of pretax gains recognized in other income, net related to derivative instruments not designated as hedging instruments for the 

six months ended May 28, 2022 and May 29, 2021 were  $ 5,089 a nd $ 404 , respectively.

Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of entities in the customer base and their dispersion across many different industries and countries.

As of February 26, 2022 , there were no significant concentrations of credit risk.

As of May 28, 2022 , there were no significant concentrations of credit risk.

Fair Value Measurements

9 unchanged sentences

Balances Measured at Fair Value on a Recurring Basis

The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis as of February 26, 2022 and November 27, 2021 , and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis as of May 28, 2022 and November 27, 2021 , and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

Fair Value Measurements Using:

7 unchanged sentences

Foreign exchange contract liabilities

$ 4,053  

Interest rate swaps, cash flow hedge liabilities

23 unchanged sentences

The valuation of our contingent consideration liability related to the acquisition of TissueSeal resulted in a fair value of $ 500 as of 

February 26, 2022 . As of November 27, 2021, the agreement provisions for the D.H.M contingent consideration were met, and as a result, $ 8,100 was paid during the period ended February 26, 2022.

May 28, 2022 . As of November 27, 2021, the agreement provisions for the D.H.M contingent consideration were met, and as a result, $ 8,100 was paid during the period ended February 26, 2022.

See Note 2 for further discussion regarding our acquisitions. 

4 unchanged sentences

Mark to market adjustment

Balance at February 26, 2022

Balance at May 28, 2022

Balances Measured at Fair Value on a Nonrecurring Basis

2 unchanged sentences

The identified intangible assets of customer relationships, technology and tradenames acquired in connection with our acquisitions were measured using unobservable (Level 

3 ) inputs.  The fair value of the intangible assets was calculated using either the income approach.

3 ) inputs.  The fair value of the intangible assets was calculated using either the income or cost approach.

Significant inputs include estimated revenue growth rates, gross margins, operating expenses, attrition rate, royalty rate and discount rate.  

2 unchanged sentences

Balances Disclosed at Fair Value

Long-term debt had an estimated fair value of $ 1,905,402  and $ 1,618,291 as of February 26, 2022 and November 27, 2021 , respectively.

Long-term debt had an estimated fair value of $ 1,819,598  and $ 1,618,291 as of May 28, 2022 and November 27, 2021 , respectively.

The fair value of long-term debt is based on quoted market prices for the same or similar issues or on the current rates offered for debt of similar maturities.

7 unchanged sentences

Our environmental, health and safety department monitors compliance with applicable laws on a global basis.

To the extent we can reasonably estimate the amount of our probable liabilities for environmental matters, we establish an undiscounted financial provision. We recorded liabilities of $ 6,522 and $ 6,603  as of February 26, 2022 and November 27, 2021 , respectively, for probable and reasonably estimable environmental remediation costs. Of the amount reserved, $ 3,172 and $ 3,333  as of February 26, 2022 and November 27, 2021 , respectively, is attributable to a facility we own in Simpsonville, South Carolina as a result of our Royal Adhesives acquisition that is a designated site under CERCLA.

To the extent we can reasonably estimate the amount of our probable liabilities for environmental matters, we establish an undiscounted financial provision. We recorded liabilities of $ 6,378 and $ 6,603  as of May 28, 2022 and November 27, 2021 , respectively, for probable and reasonably estimable environmental remediation costs. Of the amount reserved, $ 3,078 and $ 3,333  as of May 28, 2022 and November 27, 2021 , respectively, is attributable to a facility we own in Simpsonville, South Carolina as a result of our Royal Adhesives acquisition that is a designated site under CERCLA.

Currently, we are involved in various environmental investigations, clean up activities and administrative proceedings and lawsuits.

16 unchanged sentences

A summary of the number of and settlement amounts for asbestos-related lawsuits and claims is as follows:

Three Months Ended

Six Months Ended

3 Years Ended

February 26, 2022

February 27, 2021

November 27, 2021

20 unchanged sentences

Three Months Ended

February 26, 2022

February 27, 2021

Income (Loss)

13 unchanged sentences

11,285  

117,686  

Total segment

9 unchanged sentences

$ 69,141  

Six Months Ended

Income (Loss)

Hygiene, Health and Consumable Adhesives

$ 827,427  

$ 75,480  

$ 700,482  

$ 68,840  

Engineering Adhesives

759,323  

75,489  

658,037  

62,493  

Construction Adhesives

262,989  

15,641  

195,258  

Total segment

$ 1,849,739  

$ 166,610  

$ 1,553,777  

$ 132,968  

Corporate Unallocated

( 22,095 )  

$ 1,849,739  

$ 144,515  

$ 1,553,777  

$ 117,491  

1 Consistent with our internal management reporting, Corporate Unallocated amounts in the tables above include charges that are not allocated to the Company’s reportable segments. 

1 unchanged sentence

Three Months Ended

Six Months Ended

Operating income

1 unchanged sentence

$ 69,141  

$ 144,515  

$ 117,491  

Other income, net

11,879  

19,748  

Interest expense

( 19,828 )  

( 19,942 )  

( 38,025 )  

Interest income

2 unchanged sentences

$ 63,608  

$ 116,662  

$ 102,125  

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 February 26, 2022

Three Months Ended May 28, 2022

Hygiene, Health

15 unchanged sentences

$ 993,258  

Three Months Ended February 27, 2021

Three Months Ended May 29, 2021

Hygiene, Health

14 unchanged sentences

$ 827,873  

Six Months Ended May 28, 2022

Hygiene, Health

and Consumable

$ 475,938  

$ 299,886  

$ 214,998  

$ 990,822  

237,797  

249,752  

34,930  

522,479  

113,692  

209,685  

13,061  

336,438  

$ 827,427  

$ 759,323  

$ 262,989  

$ 1,849,739  

Six Months Ended May 29, 2021

Hygiene, Health

and Consumable

$ 383,479  

$ 239,577  

$ 171,028  

$ 794,084  

204,283  

223,344  

11,233  

438,860  

112,720  

195,116  

12,997  

320,833  

$ 700,482  

$ 658,037  

$ 195,258  

$ 1,553,777  

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements