What changed in this filing

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Item 1. Financial Statements

2025-09-25 compared with 2025-06-26 · 216 added, 86 removed, 681 unchanged (31% of the section changed)

4 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

$ 892,043 $ 917,927 $ 2,578,801 $ 2,645,452

Cost of sales

( 606,929 ) ( 642,198 ) ( 1,780,228 ) ( 1,848,435 )

285,114 275,729 798,573 797,017

Selling, general and administrative expenses

( 174,974 ) ( 171,388 ) ( 541,942 ) ( 525,204 )

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

( 16,527 ) ( 18,264 ) ( 55,198 ) ( 48,496 )

Income from equity method investments

832 1,310 2,726 2,955

Net income including non-controlling interest

Net income attributable to non-controlling interest

67,233 55,339 122,342 137,647

Net (income) loss attributable to non-controlling interest

( 73 ) 22 ( 106 ) ( 32 )

Net income attributable to H.B.

$ 67,160 $ 55,361 $ 122,236 $ 137,615

Earnings per share attributable to H.B.

Fuller common stockholders:

$ 1.23 $ 1.01 $ 2.24 $ 2.51

$ 1.22 $ 0.98 $ 2.21 $ 2.43

Weighted-average common shares outstanding:

54,428 54,975 54,623 54,874

55,162 56,650 55,381 56,620

See accompanying Notes to Unaudited Consolidated Financial Statements.

3 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

Net income including non-controlling interest

$ 67,233 $ 55,339 $ 122,342 $ 137,647

Other comprehensive income (loss)

Foreign currency translation

36,962 33,355 139,626 ( 12,932 )

Defined benefit pension plans adjustment, net of tax

158 1,270 429 3,808

Interest rate swaps, net of tax

( 3,347 ) ( 25,744 ) ( 6,920 ) ( 18,013 )

Net investment hedges, net of tax

( 14,998 ) ( 8,231 ) ( 53,453 ) ( 4,318 )

Other comprehensive income (loss)

18,775 650 79,682 ( 31,455 )

Comprehensive income

86,008 55,989 202,024 106,192

Comprehensive income attributable to non-controlling interest

Comprehensive income attributable to H.B.

$ 85,966 $ 55,980 $ 201,884 $ 106,170

See accompanying Notes to Unaudited Consolidated Financial Statements.

5 unchanged sentences

$ 122,458 $ 169,352

Trade receivables (net of allowances of $ 10,978 and $ 11,621 , as of May 31, 2025 and November 30, 2024, respectively)

Trade receivables (net of allowances of $ 11,661 and $ 11,621 , as of August 30, 2025 and November 30, 2024, respectively)

563,579 558,336

39 unchanged sentences

Preferred stock ( no shares outstanding) shares authorized – 10,045,900

Common stock, par value $ 1.00 per share, shares authorized – 160,000,000 , shares outstanding – 53,952,793 and 54,657,103 as of May 31, 2025 and November 30, 2024, respectively

Common stock, par value $ 1.00 per share, shares authorized – 160,000,000 , shares outstanding – 54,043,300 and 54,657,103 as of August 30, 2025 and November 30, 2024, respectively

$ 54,043 $ 54,657

20 unchanged sentences

Balance at November 30, 2024

$ 54,657 $ 322,636 $ 1,924,761 $ ( 473,395 ) $ 1,189 $ 1,829,848

Comprehensive income (loss)

- - 13,248 ( 15,026 ) 33 ( 1,745 )

- - ( 12,285 ) - - ( 12,285 )

Stock option exercises

33 1,351 - - - 1,384

Share-based compensation plans and other, net

229 5,307 - - - 5,536

Repurchases of common stock

( 729 ) ( 43,648 ) - - - ( 44,377 )

Balance at March 1, 2025

$ 54,190 $ 285,646 $ 1,925,724 $ ( 488,421 ) $ 1,222 $ 1,778,361

Comprehensive income

- - 41,828 75,868 65 117,761

- - ( 12,767 ) - - ( 12,767 )

Stock option exercises

32 1,060 - - - 1,092

Share-based compensation plans and other, net

33 7,793 - - - 7,826

Repurchases of common stock

( 302 ) ( 15,986 ) - - - ( 16,288 )

Balance at May 31, 2025

$ 53,953 $ 278,513 $ 1,954,785 $ ( 412,553 ) $ 1,287 $ 1,875,985

Comprehensive income

- - 67,160 18,806 42 86,008

- - ( 12,793 ) - - ( 12,793 )

Stock option exercises

87 2,957 - - - 3,044

Share-based compensation plans and other, net

4 6,787 - - - 6,791

Repurchases of common stock

( 1 ) ( 62 ) - - - ( 63 )

Balance at August 30, 2025

$ 54,043 $ 288,195 $ 2,009,152 $ ( 393,747 ) $ 1,329 $ 1,958,972

Fuller Company Shareholders

3 unchanged sentences

Balance at December 2, 2023

$ 54,093 $ 301,485 $ 1,842,507 $ ( 442,880 ) $ 708 $ 1,755,913

Comprehensive income (loss)

- - 30,991 ( 15,909 ) 12 15,094

- - ( 11,246 ) - - ( 11,246 )

Stock option exercises

200 8,777 - - - 8,977

Share-based compensation plans and other, net

225 5,490 - - - 5,715

Repurchases of common stock

( 80 ) ( 6,128 ) - - - ( 6,208 )

Balance at March 2, 2024

$ 54,438 $ 309,624 $ 1,862,252 $ ( 458,789 ) $ 720 $ 1,768,245

Comprehensive income (loss)

- - 51,264 ( 16,156 ) 1 35,109

- - ( 12,144 ) - - ( 12,144 )

Stock option exercises

Share-based compensation plans other, net

189 9,123 - - - 9,312

Share-based compensation plans and other, net

81 7,111 - - - 7,192

Repurchases of common stock

( 200 ) ( 15,400 ) - - - ( 15,600 )

Balance at June 1, 2024

$ 54,508 $ 310,458 $ 1,901,372 $ ( 474,945 ) $ 721 $ 1,792,114

Comprehensive income

- - 55,361 619 9 55,989

- - ( 12,353 ) - - ( 12,353 )

Stock option exercises

328 15,553 - - - 15,881

Share-based compensation plans and other, net

2 7,650 - - - 7,652

Repurchases of common stock

( 225 ) ( 17,337 ) - - - ( 17,562 )

Balance at August 31, 2024

$ 54,613 $ 316,324 $ 1,944,380 $ ( 474,326 ) $ 730 $ 1,841,721

See accompanying Notes to Unaudited Consolidated Financial Statements.

2 unchanged sentences

(In thousands)

Six Months Ended

Nine Months Ended

August 30, 2025

August 31, 2024

Cash flows from operating activities:

Net income including non-controlling interest

$ 122,342 $ 137,647

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

68,314 66,990

64,525 61,723

Deferred income taxes

( 39,227 ) ( 45,998 )

Income from equity method investments, net of dividends received

Gain on insurance claims

Loss on equity investment

Loss on the sale of a business

1 unchanged sentence

Gain on sale or disposal of assets

( 178 ) ( 501 )

Share-based compensation

18,170 17,662

Pension and other post-retirement benefit plan activity

( 7,047 ) ( 6,671 )

Change in assets and liabilities, net of effects of acquisitions:

Trade receivables, net

( 3,336 ) 26,373

( 42,095 ) ( 62,206 )

( 7,530 ) ( 39,025 )

Trade payables

( 25,764 ) 49,705

Accrued compensation

( 19,230 ) ( 11,566 )

Other accrued expenses

6,856 ( 5,244 )

Income taxes payable

( 12,993 ) ( 17,873 )

Other liabilities

1 unchanged sentence

Net cash provided by operating activities

156,756 216,787

Cash flows from investing activities:

Purchased property, plant and equipment

( 94,593 ) ( 112,799 )

Purchased businesses, net of cash acquired

( 162,095 ) ( 274,067 )

Purchase of cost method investment

2 unchanged sentences

Net cash used in investing activities

( 182,667 ) ( 385,818 )

Cash flows from financing activities:

Proceeds from issuance of long-term debt

1,114,300 1,732,900

Repayment of long-term debt

( 1,053,593 ) ( 1,556,135 )

Payment of debt issuance costs

( 1,047 ) ( 3,493 )

Net payment of notes payable

( 585 ) ( 1,014 )

Dividends paid

( 37,559 ) ( 35,440 )

Proceeds from stock options exercised

Repurchases of common stock

Net cash provided by financing activities

( 60,728 ) ( 39,371 )

Net cash (used in) provided by financing activities

( 33,693 ) 131,608

Effect of exchange rate changes on cash and cash equivalents

12,710 ( 10,618 )

Net change in cash and cash equivalents

( 46,894 ) ( 48,041 )

Cash and cash equivalents at beginning of period

169,352 179,453

Cash and cash equivalents at end of period

$ 122,458 $ 131,412

See accompanying Notes to Unaudited Consolidated Financial Statements.

26 unchanged sentences

Our effective date of this ASU is our fiscal year ending November 28, 2026.

We are evaluating the effect that this guidance will have on our Consolidated Financial Statements.

We are evaluating the effect this guidance will have on our Consolidated Financial Statements.

In November 2023, the FASB issued ASU No.

4 unchanged sentences

Our effective date of this ASU is our fiscal year ending November 29, 2025.

We are evaluating the effect that this guidance will have on our Consolidated Financial Statements.

We are evaluating the effect this guidance will have on our Consolidated Financial Statements.

Recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the company.

4 unchanged sentences

The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to finance amounts under these arrangements.

The outstanding payment obligations that were confirmed as valid and remained outstanding as of May 31, 2025, and November 30, 2024, were approxi mately $ 6,485 and $ 5,233 , respectively.

The outstanding payment obligations that were confirmed as valid and remained outstanding as of August 30, 2025 , and November 30, 2024, were approxi mately $ 8,122 and $ 5,233 , respectively.

These obligations under the Company’s supplier finance programs are included in Accounts payable in the Consolidated Balance Sheets, and the associated payments are reflected in the cash flows from operating activities section of the Consolidated Statements of Cash Flows.

5 unchanged sentences

$ 8,310 which was funded through existing cash.

This includes a holdback amount of

5,978 Taiwan dollar paid on the

4 -month anniversary of the closing date.

Headquartered in Kaohsiung, Taiwan, ND Industries Taiwan is a leading provider of specialty adhesives and fastener locking and sealing solutions.

1 unchanged sentence

The acquisition fair value measurement was preliminary as of

May 31, 2025 and includes goodwill of

August 30, 2025 and includes goodwill of

$ 2,422 , other intangible assets of

13 unchanged sentences

The acquisitions of GEM and Medifill establish a European headquarters for our Medical Adhesives Technologies business and European production capabilities for our medical adhesive offerings, further shifting our portfolio toward highly profitable, higher growth markets.

The acquisition fair value measurement was preliminary as of May 31, 2025 and includes goodwill of $ 92,653 , other intangible assets of $ 105,237 and other net liabilities of $ 630 .

The acquisition fair value measurement was preliminary as of August 30, 2025 and includes goodwill of $ 90,198 , other intangible assets of $ 104,723 and other net liabilities of $ 2,069 .

G oodwill represents expected synergies from combining GEM and Medifill with our existing business.

2 unchanged sentences

HS Butyl Limited

On August 5, 2024, we acquired HS Butyl Limited (“HS Butyl”) for a purchase price of 18,148 British pound sterling, or approximat ely $ 23,180 which was funded through existing cash.

On August 5, 2024, we acquired HS Butyl Limited (“HS Butyl”) for a purchase price of 18,342 British pounds, or approximat ely $ 23,428 which was funded through existing cash.

This includes a holdback amount of 2,700 British pound sterling that will be paid on the 18 -month anniversary of the closing date.

2 unchanged sentences

It also expands our relevance to more markets and creates opportunities to deliver new, in-demand solutions for our customers, given the technology's relevance to multiple high-value applications.

The acquisition fair value measurement was preliminary as of May 31, 2025 and includes other intangible assets of $ 6,974 , goodwill of $ 2,812 and other net assets of $ 13,394 .

The acquisition fair value measurement was final as of August 30, 2025 and includes other intangible assets of $ 6,974 , goodwill of $ 3,805 and other net assets of $ 12,649 .

G oodwill represents expected synergies from combining HS Butyl with our existing business.

25 unchanged sentences

The net book value of the assets sold was $ 77,242 , which resulted in a $ 1,515 loss.

The loss on sale is recorded in other income net , in the Consolidated Statements of Income for the six months ended May 31, 2025.

The loss on sale is recorded in other income net, in the Consolidated Statements of Income for the nine months ended August 30, 2025 .

Restructuring Actions

4 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

August 30, 2025

August 31, 2024

August 30, 2025

August 31, 2024

Cost of sales

26 unchanged sentences

Foreign currency translation

Balance at May 31, 2025

Balance at August 30, 2025

$ 2,499 $ - $ - $ 2,499

Non-cash charges primarily include accelerated depreciation resulting from the cessation of use of certain long-lived assets and the recording of an inventory provision related to the discontinuance of certain products.

Non-cash charges primarily include accelerated depreciation and impairment resulting from the cessation of use of certain long-lived assets and the recording of an inventory provision related to the discontinuance of certain products.

Restructuring liabilities have been classified as a component of other accrued expenses on the Consolidated Balance Sheets.

4 unchanged sentences

Goodwill and Other Intangible Assets

The goodwill activity by reportable segment for the six months ended May 31, 2025 is presented below:

The goodwill activity by reportable segment for the nine months ended August 30, 2025 is presented below:

Hygiene, Health Building

5 unchanged sentences

30,716 24,427 2,604 57,747

Balance at May 31, 2025

Balance at August 30, 2025

$ 520,427 $ 608,343 $ 553,117 $ 1,681,887

2 unchanged sentences

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

August 30, 2025

Amortizable Intangible Assets

16 unchanged sentences

$ 89,572 $ 638,789 $ 38,385 $ 3,019 $ 769,765

Amortization expense with respect to amortizable intangible assets was $ 21,563 and $ 19,219 for the three months ended May 31, 2025 and June 1, 2024 , respectively, and was $ 42,443 and $ 39,574 for the six months ended May 31, 2025 and June 1, 2024 , respectively.

Amortization expense with respect to amortizable intangible assets was $ 22,082 and $ 22,149 for the three months ended August 30, 2025 and August 31, 2024 , respectively, and was $ 64,525 and $ 61,723 for the nine months ended August 30, 2025 and August 31, 2024 , respectively.

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

3 unchanged sentences

Actual amounts may change from such estimated amounts due to fluctuations in foreign currency exchange rates, additional intangible asset acquisitions, potential impairment, accelerated amortization or other events.

Non-amortizable intangible assets as of May 31, 2025 and November 30, 2024 were $ 0 and $ 461 , respectively, and relate to trademarks and trade names.

The change in non-amortizable assets as of May 31, 2025 compared to November 30, 2024 was due to impairment.

Non-amortizable intangible assets as of August 30, 2025 and November 30, 2024 were $ 0 and $ 461 , respectively, and relate to trademarks and trade names.

The change in non-amortizable assets as of August 30, 2025 compared to November 30, 2024 was due to impairment.

Long-Term Debt

2 unchanged sentences

Furthermore, the interest rate margins applicable to the Amended TLB were decreased by 25 basis points ( 0.25 percent per annum) to 175 basis points for SOFR loans and 75 basis points for prime rate loans.

Interest on Term Loan B borrowings is payable at SOFR plus an interest rate spread of 175 basis points with a SOFR floor of 50 basis points ( 6.10 percent at May 31, 2025).

Interest on Term Loan B borrowings is payable at SOFR plus an interest rate spread of 175 basis points with a SOFR floor of 50 basis points ( 6.07 percent at August 30, 2025 ).

The maturity date of February 15, 2030 remains unchanged.

1 unchanged sentence

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

Three Months Ended May 31, 2025 and June 1, 2024

Three Months Ended August 30, 2025 and August 31, 2024

Pension Benefits

1 unchanged sentence

Net periodic (benefit) cost:

$ - $ - $ 408 $ 350 $ - $ -

Interest cost

3,242 3,464 860 1,575 249 291

Expected return on assets

( 5,717 ) ( 6,555 ) ( 1,094 ) ( 1,643 ) ( 3,484 ) ( 2,727 )

Amortization:

Prior service cost

Actuarial loss

- - 14 16 - -

Actuarial loss (gain)

1,953 1,159 119 516 ( 2,277 ) -

Net periodic (benefit) cost

Six Months Ended May 31, 2025 and June 1, 2024

$ ( 522 ) $ ( 1,932 ) $ 307 $ 814 $ ( 5,512 ) $ ( 2,436 )

Nine Months Ended August 30, 2025 and August 31, 2024

Pension Benefits

1 unchanged sentence

Net periodic (benefit) cost:

$ - $ - $ 1,161 $ 1,046 $ - $ -

Interest cost

9,726 10,391 3,797 4,705 747 875

Expected return on assets

( 17,151 ) ( 19,666 ) ( 4,403 ) ( 4,908 ) ( 10,452 ) ( 8,182 )

Amortization:

Prior service cost

Actuarial loss

- - 70 48 - -

Actuarial loss (gain)

5,859 3,478 1,084 1,540 ( 6,831 ) -

Net periodic (benefit) cost

$ ( 1,566 ) $ ( 5,797 ) $ 1,709 $ 2,431 $ ( 16,536 ) $ ( 7,307 )

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

2 unchanged sentences

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

Three Months Ended May 31, 2025

Three Months Ended June 1, 2024

Three Months Ended August 30, 2025

Three Months Ended August 31, 2024

Fuller Stockholders

2 unchanged sentences

Fuller and non-controlling interest

$ 41,828 $ 17 $ 51,264 $ 33

Foreign currency translation¹

$ 123,602 $ - 123,602 48 $ ( 26,894 ) $ - ( 26,894 ) ( 32 )

Defined benefit pension plans adjustment²

194 ( 53 ) 141 - 555 ( 136 ) 419 -

Interest rate swaps³

( 3,206 ) 780 ( 2,426 ) - 13,493 ( 3,297 ) 10,196 -

Net investment hedges³

( 60,068 ) 14,619 ( 45,449 ) - 163 ( 40 ) 123 -

Other comprehensive income (loss)

$ 60,522 $ 15,346 $ 75,868 $ 48 $ ( 12,683 ) $ ( 3,473 ) $ ( 16,156 ) $ ( 32 )

Comprehensive income

$ 117,696 $ 65 $ 35,108 $ 1

Six Months Ended May 31, 2025

Six Months Ended June 1, 2024

Nine Months Ended August 30, 2025

Nine Months Ended August 31, 2024

Fuller Stockholders

2 unchanged sentences

Fuller and non-controlling interest

Foreign currency translation adjustment¹

Foreign currency translation¹

Defined benefit pension plans adjustment²

7 unchanged sentences

The components of accumulated other comprehensive loss are as follows:

August 30, 2025

Foreign currency translation adjustment

23 unchanged sentences

$ ( 473,781 ) $ ( 473,395 ) $ ( 386 )

Income tax expense for the three and six months ended May 31, 2025 includes $ 13,961 of discrete tax expense and $ 14,952 of discrete tax expense, respectively, relating to the impact of withholding tax recorded on earnings that are no longer permanently reinvested as well as other various U.S.

Income tax expense for the three and nine months ended August 30, 2025 includes $ 3,742 of discrete tax benefit and $ 11,210 of discrete tax expense, respectively.

The discrete tax benefit for the three months ended August 30, 2025 relates to various U.S.

and foreign tax matters.

Excluding the discrete tax expense, the overall effective tax rate was 25.7 percent and 25.8 percent for the three and six months ended May 31, 2025 , respectively.

Income tax expense for the three and six months ended June 1, 2024 includes $ 1,317 of discrete tax expense and $ 1,210 of discrete tax benefit, respectively, relating to various foreign tax matters, as well as an excess tax benefit related to U.S.

stock compensation.

Excluding the discrete tax expense and benefit, the overall effective tax rate was 28.9 percent and 28.4 percent for the three and six months ended June 1, 2024 , respectively.

As of May 31, 2025 , we had a liability of $ 19,415 recorded for gross unrecognized tax benefits (excluding interest) compared to $ 15,590 as of November 30, 2024 .

As of May 31, 2025 and November 30, 2024 , we had accrued $ 3,204 and $ 4,558 of gross interest relating to unrecognized tax benefits, respectively.

The discrete tax expense for the nine months ended August 30, 2025 relates to the impact of withholding tax recorded on earnings that are no longer permanently reinvested, offset by various U.S.

and foreign tax matters.

Excluding the discrete tax benefit and expense, the overall effective tax rate was 24.4 percent and 25.2 percent for the three and nine months ended August 30, 2025 , respectively.

Income tax expense for the three and nine months ended August 31, 2024 includes $ 2,937 and $ 4,147 of discrete tax benefit, respectively, relating to an excess tax benefit on U.S.

stock compensation, as well as other various U.S.

and foreign tax matters.

Excluding the discrete tax benefit, the overall effective tax rate was 29.3 percent and 28.7 percent for the three and nine months ended August 31, 2024 , respectively.

As of August 30, 2025 , we had a liability of $ 18,012 recorded for gross unrecognized tax benefits (excluding interest) compared to $ 15,590 as of November 30, 2024 .

As of August 30, 2025 and November 30, 2024 , we had accrued $ 3,495 and $ 4,558 of gross interest relating to unrecognized tax benefits, respectively.

Earnings Per Share

1 unchanged sentence

Three Months Ended

Six Months Ended

Nine Months Ended

(Shares in thousands)

11 unchanged sentences

Share-based compensation awards for which total employee proceeds exceed the average market price over the applicable period have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share.

Share-based compensation awards of 2,126,260 and 787,801 shares for the three months ended May 31, 2025 and June 1, 2024 , respectively, were excluded from diluted earnings per share calculations because they were antidilutive.

Share-based compensation awards of 2,187,436 and 1,110,664 shares for the six months ended May 31, 2025 and June 1, 2024 , respectively, were excluded from diluted earnings per share calculations because they were antidilutive.

Share-based compensation awards of 1,935,970 and 517,442 shares for the three months ended August 30, 2025 and August 31, 2024 , respectively, were excluded from diluted earnings per share calculations because they were antidilutive.

Share-based compensation awards of 2,132,875 and 957,127 shares for the nine months ended August 30, 2025 and August 31, 2024 , respectively, were excluded from diluted earnings per share calculations because they were antidilutive.

Financial Instruments

14 unchanged sentences

On February 28, 2023, after refinancing our debt, we amended t he interest rate swap agreement to our 1 -month SOFR rate debt to a fixed rate of 3.7260 in accordance with the practical expedients included in ASC 848, Reference Rate Reform .

The combined fair value of the interest rate swap was a liability of $ 1,554 at May 31, 2025 and was included in other liabilities in the Consolidated Balance Sheets.

The combined fair value of the interest rate swap was a liability of $ 3,756 at August 30, 2025 and was included in other liabilities in the Consolidated Balance Sheets.

The swap was designated for hedge accounting treatment as a cash flow hedge.

2 unchanged sentences

On March 16, 2023, we entered into an interest rate swap agreement to convert $ 300,000 of our 1 -month SOFR debt to a fixed rate of 3.7210 percent that matures on February 15, 2028.

The combined fair value of the interest rate swap was a liability of $ 1,383 at May 31, 2025 and was included in other liabilities in the Consolidated Balance Sheets.

The combined fair value of the interest rate swap was a liability of $ 3,067 at August 30, 2025 and was included in other liabilities in the Consolidated Balance Sheets.

The swap was designated for hedge accounting treatment as a cash flow hedge.

2 unchanged sentences

On March 16, 2023, we entered into an interest rate swap agreement to convert $ 100,000 of our 1 -month SOFR debt to a fixed rate of 3.8990 percent that matures on February 15, 2028.

The combined fair value of the interest rate swap was a liability of $ 870 a t May 31, 2025 and was included i n other liabilities in the Consolidated Balance Sheets.

The combined fair value of the interest rate swap was a liability of $ 1,407 a t August 30, 2025 and was included i n other liabilities in the Consolidated Balance Sheets.

The swap was designated for hedge accounting treatment as a cash flow hedge.

3 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

August 30, 2025

August 31, 2024

August 30, 2025

August 31, 2024

Interest rate swap contracts

6 unchanged sentences

These interest rate swap agreements mature on October 15, 2028.

The combined fair value of the interest rate swaps wa s a liability of $ 26,864 a t May 31, 2025 , and was included in ot her liabilities i n the Consolidated Balance Sheets.

The combined fair value of the interest rate swaps wa s a liability of $ 22,571 a t August 30, 2025 , and was included in ot her liabilities i n the Consolidated Balance Sheets.

The swaps were designated for hedge accounting treatment as fair value hedges.

4 unchanged sentences

On October 20, 2022, we entered into fixed-to-fixed cross-currency interest rate swap agreements for a total notional amount of €300,000 with tranches maturing in August 2025, August 2026 and February 2027.

On July 18, 2025, we amended the agreement for the two tranches of the fixed-to-fixed cross-currency interest rate swap, of €50,000 each, that matured in August 2025 to a maturity date of February 2027.

On June 30, 2023, 1 -month LIBOR rates ceased to exist and the IBOR Fallbacks Protocol published by the International Swaps and Derivatives Association (ISDA) took effect as outlined in the interest rate swap agreemen t.

2 unchanged sentences

We applied the practical expedients included in ASC 848, Reference Rate Reform .

As of May 31, 2025 , the combined fair value of the swaps w as a liability of $ 100,366 and was included in other liabilities in the Consol idated Balance Sheets.

As of August 30, 2025 , the combined fair value of the swaps w as a liability of $ 120,188 and was included in other liabilities in the Consol idated Balance Sheets.

The cross-currency interest rate swaps hedge a portion of the Company’s investment in Euro denominated foreign subsidiaries.

3 unchanged sentences

Any ineffective portions of net investment hedges are reclassified from accumulated other comprehensive income (loss) into earnings during the period of change.

The amount in accumulated other comprehensive income (loss) related to net investment hedge cross-currency sw aps was a loss of $ 75,936 of May 31, 2025 .

The amounts of pretax loss recognized in comprehensive income related to the net investment he dge was $ 60,068 f or the three months ended May 31, 2025 .

As of May 31, 2025 , we did not reclassify any gains or losses into earnings from net investment hedges and we do not expect to reclassify any such gain or loss into earnings within the next twelve months.

No amounts related to net investment hedges have been excluded from the assessment of hedge effectiveness.

The amount in accumulated other comprehensive income (loss) related to net investment hedge cross-currency sw aps was a loss of $ 90,934 as of August 30, 2025 .

The amounts of pretax loss recognized in comprehensive income related to the net investment he dge was $ 19,822 f or the three months ended August 30, 2025 .

As of August 30, 2025 , we reclassified $ 174 of losses into earnings from net investment hedges and we expect to reclassify $ 353 of losses into earnings within the next twelve months.

This is related to the portion excluded from the assessment of hedge effectiveness for the net investment hedges in the amount of $ 706 .

Derivatives Not Designated as Hedging Instruments

4 unchanged sentences

See Note 12 for the fair value amounts of these derivative instruments.

As of May 31, 2025 , we had forward foreign currency contracts maturing between June 2, 2025 a nd July 9, 2025.

As of August 30, 2025 , we had forward foreign currency contracts maturing between September 2, 2025 a nd February 4, 2026.

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 pre tax gains recognized in other income, net related to derivative instruments not designated as hedging instruments for the six months ended May 31, 2025 and June 1, 2024 wer e $ 3,453 a nd $ 263 , respectively.

The amounts of pre tax gains recognized in other income, net related to derivative instruments not designated as hedging instruments for the nine months ended August 30, 2025 and August 31, 2024 wer e $ 2,989 a nd 1,524 , 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 May 31, 2025 , there were no significant concentrations of credit risk.

As of August 30, 2025 , 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 May 31, 2025 and November 30, 2024 , 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 August 30, 2025 and November 30, 2024 , and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

Fair Value Measurements Using:

6 unchanged sentences

Interest rate swaps, cash flow hedge liabilities

8,230 8,230 -

Interest rate swaps, fair value hedge liabilities

18 unchanged sentences

51,871 - 51,871 -

The fair value of the holdback liability related to the acquisition of GEM and Medifill, based on a discounted cash flow model, was $ 32,346 as of May 31, 2025.

The fair value of the holdback liability related to the acquisition of GEM and Medifill, based on a discounted cash flow model, was $ 33,570 as of August 30, 2025 .

Adjustments to the fair value of the holdback are recorded to interest expense in the Statement of Income.

4 unchanged sentences

Foreign currency translation adjustment

Balance at May 31, 2025

Balance at August 30, 2025

Balances Measured at Fair Value on a Nonrecurring Basis

6 unchanged sentences

Balances Disclosed at Fair Value

Long-term debt had an estimated fair value of $ 1,991,086 and $ 2,015,468 as of May 31, 2025 and November 30, 2024 , respectively.

Long-term debt had an estimated fair value of $ 2,082,934 and $ 2,015,468 as of August 30, 2025 and November 30, 2024 , 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.

8 unchanged sentences

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 $ 3,309 and $ 3,445 as of May 31, 2025 and November 30, 2024 , respectively, for probable and reasonably estimable environmental remediation costs.

Of the amount reserved, $ 936 and $ 1,055 as of May 31, 2025 and November 30, 2024 , respectively, is attributable to a facility we own in Simpsonville, South Carolina that is a designated site under CERCLA.

We recorded liabilities of $ 2,818 and $ 3,445 as of August 30, 2025 and November 30, 2024 , respectively, for probable and reasonably estimable environmental remediation costs.

Of the amount reserved, $ 508 and $ 1,055 as of August 30, 2025 and November 30, 2024 , respectively, is attributable to a facility we own in Simpsonville, South Carolina that is a designated site under CERCLA.

While uncertainties exist with respect to the amounts and timing of the ultimate environmental liabilities, based on currently available information, we have concluded that these matters, individually or in the aggregate, will not have a material adverse effect on our results of operations, financial condition or cash flow.

15 unchanged sentences

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

Six Months Ended

Nine Months Ended

3 Years Ended

August 30, 2025

August 31, 2024

November 30, 2024

12 unchanged sentences

The named plaintiffs seek to represent a class but have not yet moved for class certification.

The court has ordered the parties and their insurers to attend a meditation session on or around October 21 and 22, 2025.

The Company intends to vigorously defend itself against the claims outlined in this lawsuit.

As of May 31, 2025 , we are unable to estimate any possible loss or range of possible losses and have not recorded a loss contingency for this matter.

As of August 30, 2025 , we are unable to estimate any possible loss or range of possible losses and have not recorded a loss contingency for this matter.

Based on currently available information, we have concluded that the resolution of any pending matter, including asbestos-related litigation, individually or in the aggregate, will not have a material adverse effect on our results of operations, financial condition or cash flow.

4 unchanged sentences

Upon repurchasing shares, we reduce our common stock for the par value of the shares with the excess being applied against additional paid-in capital.

During the second quarter of 2025 , we repurchased shares under this program with an aggregate value of $ 15,777 .

Of this amount, $ 300 reduced common stock and $ 15,477 reduced additional paid-in capital.

During the six months ended May 31, 2025 , we repurchased shares under this program with an aggregate value of $ 56,930 .

During the third quarter of 2025 , there were no shares repurchased under this program.

During the nine months ended August 30, 2025 , we repurchased shares under this program with an aggregate value of $ 56,930 .

Of this amount, $ 978 reduced common stock and $ 55,953 reduced additional paid-in capital.

During the second quarter of 2024 , we repurchased shares under this program with an aggregate value of $ 14,262 .

During the third quarter of 2024 , we repurchased shares under this program with an aggregate value of $ 17,549 .

Of this amount, $ 225 reduced common stock and $ 17,324 reduced additional paid-in capital.

During the six months ended June 1, 2024 , we repurchased shares under this program with an aggregate value of $ 14,262 .

During the nine months ended August 31, 2024 , we repurchased shares under this program with an aggregate value of $ 31,811 .

Of this amount, $ 407 reduced common stock and $ 31,404 reduced additional paid-in capital.

13 unchanged sentences

Three Months Ended

August 30, 2025

August 31, 2024

Income (Loss)

11 unchanged sentences

$ 892,043 $ 110,140 $ 917,927 $ 104,341

Six Months Ended

Nine Months Ended

August 30, 2025

August 31, 2024

Income (Loss)

13 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

Operating income

13 unchanged sentences

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 May 31, 2025

Three Months Ended August 30, 2025

Hygiene, Health

4 unchanged sentences

$ 386,068 $ 272,297 $ 233,678 $ - $ 892,043

Three Months Ended June 1, 2024

Three Months Ended August 31, 2024

Hygiene, Health

4 unchanged sentences

$ 389,980 $ 260,038 $ 228,408 $ 39,501 $ 917,927

Six Months Ended May 31, 2025

Nine Months Ended August 30, 2025

Hygiene, Health

4 unchanged sentences

$ 1,151,768 $ 785,474 $ 641,559 $ - $ 2,578,801

Six Months Ended June 1, 2024

Nine Months Ended August 31, 2024

Hygiene, Health

5 unchanged sentences

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