FULLER H B CO | 2013 | FY | 3


  Pension Benefits Other Postretirement
  U.S. Plans Non-U.S. Plans Benefits
  2013 2012 2013 2012 2013 2012
Change in projected benefit obligation          
Benefit obligation at beginning of year$ 394,623$ 326,627$ 204,180$ 137,439$ 63,206$ 53,749
Acquisition  -  -  -  32,162  -  -
Service cost  106  90  1,799  1,457  623  541
Interest cost  14,719  16,098  7,486  8,222  2,133  2,469
Participant contributions  -  -  -  -  523  665
Actuarial (gain)/loss  (44,510)  67,827  (3,633)  34,527  (11,524)  10,157
Other   -  -  -  (139)  -  -
Curtailments  (796)  -  (436)  (228)  -  -
Settlement  -  -  (1,325)  (203)  -  -
Divestitures  -  -  -  (1,237)  -  -
Benefits paid  (16,474)  (16,019)  (7,927)  (7,640)  (4,150)  (4,375)
Currency change effect  -  -  6,263  (180)  -  -
Benefit obligation at end of year  347,668  394,623  206,407  204,180  50,811  63,206
             
Change in plan assets            
Fair value of plan assets at beginning of year  332,308  304,540  164,086  124,303  42,569  37,289
Acquisition  -  -  -  18,839  -  -
Actual return on plan assets  40,905  42,282  16,473  19,272  11,964  5,367
Employer contributions  1,494  1,505  2,027  4,635  3,290  3,623
Participant contributions  -  -  -  -  523  665
Other  -  -  -  (139)  -  -
Benefits paid¹  (16,474)  (16,019)  (5,871)  (2,764)  (4,150)  (4,375)
Currency change effect  -  -  5,437  (60)  -  -
Fair value of plan assets at end of year  358,233  332,308  182,152  164,086  54,196  42,569
Plan assets in excess of (less than) benefit obligation as of year end$ 10,565$ (62,315)$ (24,255)$ (40,094)$ 3,385$ (20,637)
             
1 Amount excludes benefit payments made from sources other than plan assets.     

ful:ScheduleOfChangesInProjectedBenefitObligationsAndPlanAssetsTableTextBlock

The asset allocation for the company’s U.S. and non-U.S. pension plans at the end of 2013 and 2012 follows.
                  
 U.S. Pension Plans Non-U.S. Pension Plans Other Postretirement Plans
 Target  Percentage of Plan Assets at Year-End Target  Percentage of Plan Assets at Year-End Target  Percentage of Plan Assets at Year-End
Asset Category2013 2013 2012 2013 2013 2012 2013 2013 2012
Equities60.0% 61.9% 60.4% 50.2% 50.2% 48.0% 0.0% 0.0% 0.0%
Fixed income40.0% 37.3% 38.8% 48.4% 46.4% 48.6% 0.0% 0.0% 0.0%
Real Estate0.0% 0.0% 0.0% 1.4% 1.1% 1.1% 0.0% 0.0% 0.0%
Insurance0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 99.4% 98.7%
Cash0.0% 0.8% 0.8% 0.0% 2.3% 2.3% 0.0% 0.6% 1.3%
Total100% 100% 100% 100% 100% 100% 100% 100% 100%

 November 30, 2013
U.S. Pension Plans  Level 1    Level 2    Level 3   Total Assets
Equities$ 132,768 $ 88,946 $ - $ 221,714
Fixed income  50,925   82,411   463   133,799
Cash  2,720   -   -   2,720
Total$ 186,413 $ 171,357 $ 463 $ 358,233
            
Non-U.S. Pension Plans  Level 1    Level 2    Level 3   Total Assets
Equities$ 34,045 $ 57,380 $ - $ 91,425
Fixed income  48,767   35,158   590   84,515
Real Estate  -   -   1,940   1,940
Cash  4,272   -   -   4,272
Total$ 87,084 $ 92,538 $ 2,530 $ 182,152
            
Other Postretirement Benefits  Level 1    Level 2    Level 3   Total Assets
Insurance$ - $ - $ 53,875 $ 53,875
Cash  321   -   -   321
Total$ 321 $ - $ 53,875 $ 54,196
            
            
 December 1, 2012
U.S. Pension Plans  Level 1    Level 2    Level 3   Total Assets
Equities$ 121,792 $ 78,920 $ - $ 200,712
Fixed income  51,994   76,445   516   128,955
Cash  2,641   -   -   2,641
Total$ 176,427 $ 155,365 $ 516 $ 332,308
            
Non-U.S. Pension Plans  Level 1    Level 2    Level 3   Total Assets
Equities$ 30,086 $ 48,651 $ - $ 78,737
Fixed income  46,340   32,937   514   79,791
Real Estate  -   -   1,768   1,768
Cash  3,790   -   -   3,790
Total$ 80,216 $ 81,588 $ 2,282 $ 164,086
            
Other Postretirement Benefits  Level 1    Level 2    Level 3   Total Assets
Insurance$ - $ - $ 42,001 $ 42,001
Cash  568   -   -   568
Total$ 568 $ - $ 42,001 $ 42,569

us-gaap:ScheduleOfAllocationOfPlanAssetsTableTextBlock

  Pension Benefits
  U.S. Plans Non-U.S. Plans  Postretirement benefits
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year as of November 30, 2013      
Amortization of prior service cost (benefit)$ 29$ (4)$ (3,771)
Amortization of net actuarial (gain) loss  4,575  3,002  2,709
 $ 4,604$ 2,998$ (1,062)

us-gaap:ScheduleOfAmountsInAccumulatedOtherComprehensiveIncomeLossToBeRecognizedOverNextFiscalYearTableTextBlock

             
  Pension Benefits Other Postretirement
  U.S. Plans Non-U.S. Plans Benefits
  2013 2012 2013 2012 2013 2012
Statement of financial position as of fiscal year-end            
Non-current assets$ 29,560$ -$ 8,959$ 384$ 6,858$ -
Accrued benefit cost            
Current liabilities  (1,505)  (1,495)  (2,711)  (3,291)  (314)  (311)
Non-current liabilities  (17,490)  (60,820)  (30,503)  (37,187)  (3,159)  (20,326)
Ending balance$ 10,565$ (62,315)$ (24,255)$ (40,094)$ 3,385$ (20,637)

us-gaap:ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock

 Pension BenefitsOther
Weighted-average assumptions used toU.S. PlansNon-U.S. PlansPostretirement Benefits
Determine benefit obligations201320122011201320122011201320122011
Discount rate 4.74%3.81%5.05%3.74%3.79%5.36%4.34%3.46%4.73%
Rate of compensation increase14.50%4.50%5.00%1.84%1.87%2.14%N/AN/AN/A
          
Weighted-average assumptions used to         
Determine net costs for years ended201320122011201320122011201320122011
Discount rate 3.81%5.05%5.46%3.74%5.26%5.10%3.46%4.73%4.96%
Expected return on plan assets7.75%8.00%8.00%5.96%6.08%6.18%8.75%8.75%8.75%
Rate of compensation increase4.50%5.00%4.17%1.84%1.86%2.13%N/AN/AN/A

us-gaap:ScheduleOfAssumptionsUsedTableTextBlock

The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of November 30, 2013 and December 1, 2012:
         
  Pension Benefits and Other Postretirement Benefits
  U.S. Plans Non-U.S. Plans
  2013 2012 2013 2012
Accumulated benefit obligation$ 18,673$ 439,974$ 116,265$ 138,318
Fair value of plan assets  -  374,877  91,708  107,727
         
The following amounts relate to pension plans with projected benefit obligations in excess of plan assets as of November 30, 2013 and December 1, 2012:
         
  Pension Benefits and Other Postretirement Benefits
  U.S. Plans Non-U.S. Plans
  2013 2012 2013 2012
Projected benefit obligation$ 18,996$ 457,829$ 124,922$ 148,206
Fair value of plan assets  -  374,877  91,708  107,727

us-gaap:ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock

 One-Percentage Point
  Increase Decrease
Effect on service and interest cost components – annual$ 2$ (114)
Effect on accumulated postretirement benefit obligation$ 27$ (2,452)

us-gaap:ScheduleOfEffectOfOnePercentagePointChangeInAssumedHealthCareCostTrendRatesTableTextBlock

U.S. Pension Plans Fixed Income  Total   
Level 3 balance at beginning of year$ 516 $ 516   
Purchases, sales, issuances and settlements, net  (53)   (53)   
Level 3 balance at end of year$ 463 $ 463   
         
         
Non-U.S. Pension Plans Fixed Income  Real Estate  Total
Level 3 balance at beginning of year$ 514 $ 1,768 $ 2,282
Net transfers into / (out of) level 3  33   (12)   21
Net gains  17   137   154
Currency change effect  26   47   73
Level 3 balance at end of year$ 590 $ 1,940 $ 2,530
         
         
Other Postretirement Benefits Insurance  Total   
Level 3 balance at beginning of year$ 42,001 $ 42,001   
Net transfers into / (out of) level 3  (213)   (213)   
Purchases, sales, issuances and settlements, net  (343)   (343)   
Net gains  12,430   12,430   
Level 3 balance at end of year$ 53,875 $ 53,875   

us-gaap:ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock

Information about the expected cash flows follows:   
        
  Pension Benefits Other 
  U.S. Plans Non-U.S. Plans Postretirement Benefits 
Employer contributions       
2014$ 1,505$ 765$ 3,721 
Expected benefit payments       
2014$ 17,325$ 9,738$ 3,721 
2015  17,791  8,605  3,723 
2016  18,364  8,644  3,728 
2017  19,075  9,016  3,736 
2018  19,649  9,185  3,738 
2019-2023  105,633  49,727  18,346 

us-gaap:ScheduleOfExpectedBenefitPaymentsTableTextBlock

Assumed health care trend rates201320122011
Health care cost trend rate assumed for next year7.25%7.25%7.25%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)5.00%5.00%5.00%
Fiscal year that the rate reaches the ultimate trend rate201920182018

us-gaap:ScheduleOfHealthCareCostTrendRatesTableTextBlock

Components of net periodic benefit cost and other supplemental information for the years ended November 30, 2013, December 1, 2012 and December 3, 2011 follow:
                   
  Pension Benefits Other
  U.S. Plans Non-U.S. Plans Postretirement Benefits
Net periodic cost (benefit) 2013 2012 2011 2013 2012 2011 2013 2012 2011
Service cost$ 106$ 90$ 2,304$ 1,799$ 1,457$ 1,364$ 623$ 541$ 514
Interest cost  14,719  16,098  16,736  7,486  8,222  7,449  2,133  2,469  2,676
Expected return on assets  (22,720)  (23,758)  (25,438)  (9,390)  (8,021)  (7,881)  (3,725)  (3,263)  (3,087)
Amortization:                  
Prior service cost  49  49  24  (4)  (4)  (4)  (4,134)  (4,693)  (4,693)
Actuarial (gain)/ loss  6,742  3,858  3,689  3,778  2,487  2,723  5,717  5,155  5,932
Divestitures  -  -  -  -  7  -  -  -  -
Curtailment (gain)/loss  102  -  101  53  46  -  -  -  -
Settlement charge/(credit)  -  -  -  153  65  -  -  -  -
Net periodic benefit cost (benefit)$ (1,002)$ (3,663)$ (2,584)$ 3,875$ 4,259$ 3,651$ 614$ 209$ 1,342

us-gaap:ScheduleOfNetBenefitCostsTableTextBlock

             
Amounts in accumulated other comprehensive income that have not been recognized as components of net periodic benefit cost Pension Benefits  Other Postretirement
 U.S. Plans Non-U.S. Plans Benefits
 2013 2012 2013 2012 2013 2012
Unrecognized actuarial loss$ 100,579$ 170,813$ 64,290$ 77,905$ 25,988$ 51,469
Unrecognized prior service cost (benefit)  147  298  (21)  (24)  (6,317)  (10,452)
Ending balance$ 100,726$ 171,111$ 64,269$ 77,881$ 19,671$ 41,017

us-gaap:ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock