73 added · 77 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
We are currently evaluating the impact of adopting this guidance on the related financial statement disclosures. 39 Table of Contents In November 2023, the FASB issued ASU No. 2023 - 07, Segment Reporting (Topic 280 ): Improvements to Reportable Segment Disclosures.
(“GEM”) and on December 2, 2024, we completed the acquisition of Medifill Limited (Medifill) for a total purchase price of 191,868 Euros, or approximately $ 196,990 which was funded through borrowings on our credit facility and existing cash.
Prior period segment information has been recast retrospectively to reflect the realignment. 45 Table of Contents Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, are as follows: Purchased Technology Customer Amortizable Intangible Assets and Patents Relationships Tradename Total As of November 29, 2025 Original cost $ 232,522 $ 998,889 $ 81,228 $ 1,312,639 Impairment - - ( 734 ) ( 734 ) Accumulated amortization ( 57,778 ) ( 414,706 ) ( 33,554 ) ( 506,038 ) Net identifiable intangibles $ 174,744 $ 584,183 $ 46,940 $ 805,867 Weighted-average useful lives (in years) 14 16 13 16 As of November 30, 2024 Original cost $ 155,344 $ 1,063,210 $ 67,280 $ 1,285,834 Impairment ( 343 ) ( 5,616 ) ( 150 ) ( 6,109 ) Accumulated amortization ( 62,410 ) ( 418,805 ) ( 28,745 ) ( 509,960 ) Net identifiable intangibles $ 92,591 $ 638,789 $ 38,385 $ 769,765 Weighted-average useful lives (in years) 13 16 13 16 Amortization expense with respect to amortizable intangible assets was $ 86,546 , $ 83,656 and $ 79,514 in 2025, 2024 and 2023 , respectively.
The acquisition fair value measurement was preliminary as of November 29, 2025 and includes goodwill of $ 90,593 , other intangible assets of $ 104,723 and other net assets of $ 1,674 .
The acquisition fair value measurement was final as of November 29, 2025 and includes goodwill of $ 2,801 , other intangible assets of $ 2,400 and other net assets of $ 3,109 .
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 .
The acquisition of ND Industries Turkey is expected to accelerate the realization of our top growth priorities in EIMEA, consistent with our strategy to proactively drive capital allocation to the highest margin, highest growth market segments within the functional coatings, adhesives, sealants and elastomer industry.
The acquisition of ND Industries Taiwan is expected to accelerate the realization of our top growth priorities in Greater Asia, consistent with our strategy to proactively drive capital allocation to the highest margin, highest growth market segments within the functional coatings, adhesives, sealants and elastomer industry.
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.
GEM S.r.l. and Medifill Limited On January 15, 2025, we completed the acquisition of GEM S.r.l.
Fuller Company and Subsidiaries (In thousands, except share and per share amounts) November 29, November 30, 2025 2024 Assets Current assets: Cash and cash equivalents $ 107,213 $ 169,352 Trade receivables, net 564,339 558,336 Inventories 471,963 467,498 Other current assets 119,750 104,019 Total current assets 1,263,265 1,299,205 Property, plant and equipment, net 935,261 881,927 Goodwill 1,680,059 1,532,221 Other intangibles, net 805,867 770,226 Other assets 498,254 449,665 Total assets $ 5,182,706 $ 4,933,244 Liabilities, non-controlling interest and total equity Current liabilities: Notes payable $ - $ 587 Trade payables 470,132 491,435 Accrued compensation 114,302 106,005 Income taxes payable 25,018 24,225 Other accrued expenses 133,907 97,038 Total current liabilities 743,359 719,290 Long-term debt, net of current maturities 2,016,937 2,010,052 Accrued pension liabilities 51,317 51,755 Other liabilities 367,899 322,299 Total liabilities 3,179,512 3,103,396 Commitments and contingencies (Note 14) Equity: H.B.
During the fourth quarter of the year ended November 30, 2024, when we committed to a plan to sell our North American Flooring business, we classified the assets and liabilities of this business as held for sale and included them in their corresponding categories in the Consolidated Balance Sheets as of November 30, 2024.
No longer disclosed
We recognized impairment of $ 339 and $ 303 for the years ended November 30, 2024 and December 3, 2022, respectively, and did not have any impairment of our equity investments for the year ended December 2, 2023 .
The acquisition fair value measurement was final as of December 2, 2023 and includes other intangible assets of $ 4,900 , goodwill of $ 3,832 and other net assets of $ 1,029 .
The acquisition fair value measurement was final as of August 31, 2024 and includes other intangible assets of $ 7,354 , goodwill of $ 3,038 and other net assets of $ 6,261 .
The acquisition fair value measurement was final as of June 1, 2024 and includes other intangible assets of $ 35,425 , goodwill of $ 28,148 and other net assets of $ 37,312 .
The acquisition fair value measurement was final as of June 1, 2024 and includes other intangible assets of $ 38,500 , goodwill of $ 37,589 and other net assets of $ 4,713 .
The acquisition fair value measurement was final as of December 2, 2023 and includes other intangible assets of $ 5,526 , goodwill of $ 3,028 and other net assets of $ 928 .
The acquisition fair value measurement was final as of June 1, 2024 and includes other intangible assets of $ 4,600 , goodwill of $ 4,318 and other net assets of $ 5,578 .
The straight-line method of amortization of these assets reflects an appropriate allocation of the costs of the intangible assets to earnings in proportion to the amount of economic benefits obtained in each reporting period. 50 Table of Contents Impairment of Long-Lived Assets Our long-lived assets are tested for impairment whenever events or circumstances indicate that a carrying amount of an asset (asset group) may not be recoverable.
The acquisition of XChem provides our Construction Adhesives global business with additional manufacturing presence for certain brands outside the U.S. and broadens our Construction Adhesives portfolio of highly specified applications and diversifies it toward both non-U.S. and infrastructure-oriented markets.
The acquisition of Beardow Adams is expected to accelerate profitable growth in many of our core end markets and generate business synergies through better raw material pricing, production optimization and an expanded distribution platform.
The acquisition of Aspen is expected to expand our Engineering Adhesives footprint in North America and strengthen our capabilities in the insulating glass market, in addition to bringing additive continuous flow and process manufacturing capabilities that we plan to leverage.
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 $0.21 per diluted share. 38 Table of Contents Recently Issued Accounting Pronouncements See Note 1 to the Consolidated Financial Statements for information concerning new accounting standards and the impact of the implementation of these standards on our financial statements.