H.B. Fuller Files 2024 10-K

TL;DR

HBFC filed 2024 10-K. Assets $10B, Liabilities $67M. Check financials.

AI Summary

H.B. Fuller Co. filed its 2024 10-K on January 23, 2025, reporting on its fiscal year ending November 30, 2024. The company, based in St. Paul, MN, operates in the adhesives and sealants industry. Key financial figures from the filing include total assets of $10,045.9 million and total liabilities of $66,982 million.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of H.B. Fuller's financial performance and position for the fiscal year 2024, crucial for understanding the company's stability and future prospects.

Risk Assessment

Risk Level: low — This is a standard annual financial filing (10-K) for a publicly traded company, providing routine financial disclosures.

Key Numbers

• $10.05B — Total Assets (As of November 30, 2024)
• $67.0M — Total Liabilities (As of November 30, 2024)
• $160.0M — Accounts Payable (As of November 30, 2024)
• $54.1M — Cost of Revenue (For the fiscal year ended November 30, 2024)
• $63.9M — Selling, General & Administrative Expense (For the fiscal year ended November 30, 2024)

Key Players & Entities

• FULLER H B CO (company) — Filer
• 20241130 (date) — Fiscal Year End
• 20250123 (date) — Filing Date
• St. Paul, MN (location) — Company Headquarters
• $10,045,900 (dollar_amount) — Total Assets
• $66,982 (dollar_amount) — Total Liabilities

FAQ

Key Financial Figures

• $1.00 — ch registered Common Stock, par value $1.00 FUL New York Stock Exchange Secur
• $67.10 — uoted on the New York Stock Exchange of $67.10 on such date). The number of shares ou
• $56,000 — yees in the United States earning below $56,000 each year have 100% of their individual
• $20.9 m — years are estimated to be approximately $20.9 million, including approximately $0.3 mil
• $0.3 million — $20.9 million, including approximately $0.3 million of capital expenditures. See additional
• $12.0 million — a change in net income of approximately $12.0 million or

Filing Documents

• ful20241025_10k.htm (10-K) — 3557KB
• ex_765875.htm (EX-19.1) — 34KB
• ex_737508.htm (EX-21) — 54KB
• ex_737509.htm (EX-23.1) — 3KB
• ex_737510.htm (EX-24) — 7KB
• ex_737511.htm (EX-31.1) — 12KB
• ex_737512.htm (EX-31.2) — 12KB
• ex_737513.htm (EX-32.1) — 4KB
• ex_737514.htm (EX-32.2) — 4KB
• graph2024.jpg (GRAPHIC) — 43KB
• 0001437749-25-001699.txt ( ) — 19274KB
• ful-20241130.xsd (EX-101.SCH) — 121KB
• ful-20241130_cal.xml (EX-101.CAL) — 121KB
• ful-20241130_def.xml (EX-101.DEF) — 916KB
• ful-20241130_lab.xml (EX-101.LAB) — 829KB
• ful-20241130_pre.xml (EX-101.PRE) — 1001KB
• ful20241025_10k_htm.xml (XML) — 4376KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 16 Item 1C. Cybersecurity 17 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6.

Selected Financial Data

Selected Financial Data 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 91 Item 9A.

Controls and Procedures

Controls and Procedures 91 Item 9B. Other Information 91 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 91 PART III Item 10. Directors, Executive Officers and Corporate Governance 92 Item 11.

Executive Compensation

Executive Compensation 92 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92 Item 13. Certain Relationships and Related Transactions and Director Independence 93 Item 14. Principal Accountant Fees and Services 93 PART IV Item 15. Exhibits and Financial Statement Schedules 93 Item 16. Form 10-K Summary 98

Signatures

Signatures 99 3 Table of Contents PART I

Business

Item 1. Business H.B. Fuller Company was founded in 1887 and incorporated as a Minnesota corporation in 1915. Our stock is traded on the New York Stock Exchange ("NYSE") under the ticker symbol FUL. As used herein, "H.B. Fuller," "we," "us," "our," "management" or "company" includes H.B. Fuller and its subsidiaries unless otherwise indicated. Where we refer to 2024, 2023 and 2022 herein, the reference is to our fiscal years ended November 30, 2024, December 2, 2023, and December 3, 2022, respectively. We are a leading worldwide formulator, manufacturer and marketer of adhesives, sealants and other specialty chemical products. Sales operations span 35 countries in North America, Europe, Latin America, Asia Pacific, India, the Middle East and Africa. Industrial adhesives represent our core product offering, which help improve the performance of our customers' products or improve their manufacturing processes. Customers use our adhesives products in manufacturing common consumer and industrial goods, including food and beverage containers, disposable diapers, medical products, windows, doors, appliances, sportswear, footwear, multi-wall bags, water filtration products, insulation, textiles, automobiles, recreational vehicles, buses, trucks and trailers, marine products, solar energy systems, electronics and products for the aerospace and defense industries. In addition, we have established a variety of product offerings for residential, commercial and industrial construction markets, including sealing and waterproofing solutions for airports, roads, highways, bridges and utilities; pressure-sensitive adhesives, tapes and sealants for the commercial roofing industry; and level-setting products, ready-to-use grouts, mortars, and pressure sensitive adhesives that enable contractors and do-it-yourself consumers to quickly install flooring and tiling applications more reliably and efficiently. We also provide our customers with technical support and unique solutions desi

Risk Factors

Item 1A. Risk Factors As a global manufacturer of adhesives, sealants and other specialty chemical products, we operate in a business environment that is subject to various risks and uncertainties. Below are the most significant factors that could adversely affect our business, financial condition and results of operations. Strategic and Operational Risks Increases in prices and declines in the availability of raw materials have adversely affected, and could continue to erode, our profit margins, and could negatively impact our operating results. In 2024, raw material costs made up appr oximately 75 percent of our cost of sales. Based on 2024 financial results, a hypothetical one percent change in our raw material costs would have resulted in a change in net income of approximately $12.0 million or

View Full Filing

View this 10-K filing on SEC EDGAR