CLARCOR INC.

CIK:0000020740|SEC Filings

Consolidated Statement of Earnings - USD ($) $ in Thousands	12 Months Ended
Consolidated Statement of Earnings - USD ($) $ in Thousands	Dec. 03, 2016	Nov. 28, 2015	Nov. 29, 2014
Income Statement [Abstract]
Net sales	$ 1,389,573	$ 1,481,026	$ 1,512,854
Cost of sales	927,674	992,397	1,015,819
Gross profit	461,899	488,629	497,035
Selling and administrative expenses	281,011	290,682	286,607
Operating profit	180,888	197,947	210,428
Other income (expense):
Interest expense	(7,538)	(5,629)	(3,700)
Interest income	551	443	420
Other, net	27,705	5,204	4,415
Total other income (expense)	20,718	18	1,135
Earnings before income taxes	201,606	197,965	211,563
Provision for income taxes	62,216	63,052	67,380
Net earnings	139,390	134,913	144,183
Net earnings attributable to noncontrolling interests, net of tax	(124)	(209)	(99)
Net earnings attributable to CLARCOR Inc.	$ 139,266	$ 134,704	$ 144,084
Net earnings per common share attributable to CLARCOR Inc. - Basic (in dollars per share)	$ 2.86	$ 2.70	$ 2.86
Net earnings per common share attributable to CLARCOR Inc. - Diluted (in dollars per share)	$ 2.84	$ 2.67	$ 2.83
Weighted average number of shares outstanding - Basic (in shares)	48,690,560	49,981,118	50,405,549
Weighted average number of shares outstanding - Diluted (in shares)	49,059,758	50,429,454	50,871,249

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 03, 2016	Nov. 28, 2015	Nov. 29, 2014
Cash flows from operating activities:
Net earnings	$ 139,390	$ 134,913	$ 144,183
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	34,022	31,075	30,065
Amortization	24,580	25,528	20,362
Other noncash items	(4,337)	(268)	995
Net loss (gain) on disposition of assets	927	(2,144)	67
Net gain on disposition of J.L. Clark	0	(12,132)	0
Impairment of investments	0	6,729	0
Bargain purchase gain	0	0	(2,815)
Stock-based compensation expense	6,507	9,093	7,278
Excess tax benefit from stock-based compensation	(2,194)	(1,246)	(2,769)
Deferred income taxes	6,126	3,452	911
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable	27,679	31,782	(28,748)
Inventories	36,416	(22,058)	(7,846)
Prepaid expenses and other current assets	3,151	(13,490)	(7,004)
Other noncurrent assets	1,903	(10,809)	(2,384)
Accounts payable, accrued liabilities and other liabilities	(2,188)	(18,221)	2,591
Pension and postretirement healthcare liabilities, net	941	1,207	915
Income taxes	12,475	(9,666)	545
Net cash provided by operating activities	285,398	153,745	156,346
Cash flows from investing activities:
Restricted cash	(143)	0	1,339
Business acquisitions, net of cash acquired	(19,299)	(20,882)	(595,328)
Business dispositions, net of cash paid	0	45,232	0
Payments for purchase of property, plant and equipment	(30,924)	(64,535)	(69,681)
Proceeds from disposition of plant assets	1,323	7,469	491
Investment in affiliates	0	(525)	(1,073)
Net cash used in investing activities	(49,043)	(33,241)	(664,252)
Cash flows from financing activities:
Net borrowings (payments) under revolving credit agreement	(112,000)	197,000	(50,000)
Borrowings under term loan facility	0	0	315,000
Payments on term loan facility	(7,500)	(195,000)	(20,000)
Payments on long-term debt, including business acquisition-related seller financing	(305)	(8,665)	(1,620)
Payments of financing costs	0	(50)	(752)
Sale of capital stock under stock option and employee purchase plans	34,075	8,106	12,076
Acquisition of noncontrolling interest	0	(1,239)	0
Payments for repurchase of common stock	(73,901)	(70,777)	(32,822)
Excess tax benefit from stock-based compensation	2,194	1,246	2,769
Dividend paid to noncontrolling interests	(172)	(206)	(166)
Cash dividends paid	(44,375)	(40,972)	(35,805)
Net cash (used in) provided by financing activities	(201,984)	(110,557)	188,680
Net effect of exchange rate changes on cash	(1,022)	(2,482)	1,728
Net change in cash and cash equivalents	33,349	7,465	(317,498)
Cash and cash equivalents, beginning of period	101,529	94,064	411,562
Cash and cash equivalents, end of period	134,878	101,529	94,064
Cash paid during the period for interest	6,762	4,874	3,028
Cash paid during the period for income taxes, net of refunds	$ 44,151	$ 70,146	$ 67,534

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 03, 2016	Nov. 28, 2015
Current assets:
Cash and cash equivalents	$ 134,878	$ 101,529
Accounts receivable, less allowance for losses of $10,593 for 2016 and $14,765 for 2015	229,762	258,280
Inventories	237,627	274,825
Income taxes receivable	1,237	3,781
Prepaid expenses and other current assets	21,842	26,380
Total current assets	625,346	664,795
Property, plant and equipment, at cost, less accumulated depreciation	294,602	301,019
Asset held for sale	533	533
Goodwill	502,908	506,265
Acquired intangibles, less accumulated amortization	302,901	329,155
Deferred income taxes	3,157	3,651
Other noncurrent assets	9,645	13,038
Total assets	1,739,092	1,818,456
Current liabilities:
Current portion of long-term debt	17,700	7,788
Accounts payable	89,303	87,546
Accrued liabilities	94,894	106,410
Income taxes payable	1,913	1,956
Total current liabilities	203,810	203,700
Long-term debt, less current portion	267,753	397,368
Long-term pension and postretirement healthcare benefits liabilities	37,175	31,577
Deferred income taxes	75,147	64,908
Other long-term liabilities	13,694	10,438
Total liabilities	597,579	707,991
Contingencies (Note N)
SHAREHOLDERS' EQUITY
Preferred, par value $1, authorized 5,000,000 shares, none issued	0	0
Common, par value $1, authorized 120,000,000 shares, issued 48,567,471 for 2016 and 49,110,898 for 2015	48,567	49,111
Capital in excess of par value	0	0
Accumulated other comprehensive loss	(122,662)	(88,052)
Retained earnings	1,214,922	1,148,510
Total CLARCOR Inc. equity	1,140,827	1,109,569
Noncontrolling interests	686	896
Total shareholders' equity	1,141,513	1,110,465
Total liabilities and shareholders' equity	$ 1,739,092	$ 1,818,456