Note 13 - Goodwill and Other Intangible Assets

3 Months Ended

Feb. 27, 2016

Goodwill and Intangible Assets Disclosure [Text Block]

Note

: Goodwill

and Other Intangible Assets

A summary of goodwill activity during the quarter ended February 27, 2016 is presented below:

	Americas					Asia		Construction		Engineering
	Adhesives			EIMEA		Pacific		Products		Adhesives			Total
Balance at November 28, 2015	$	59,706		$	100,638	$	17,329	$	22,668	$	153,863		$	354,204
Acquisition adjustment		-			-		-		-		700			700
Currency impact		(44	)		2,154		143		35		(2,291	)		(3	)
Balance at February 27, 2016	$	59,662		$	102,792	$	17,472	$	22,703	$	152,272		$	354,901

As discussed in Note 11, during the first quarter of fiscal year 2016, we changed our operating segments as a result of a change in our management reporting structure. This resulted in a change in our reporting units. We allocated goodwill to our new reporting units using the relative fair value approach.

Balances of amortizable identifiable intangible assets, excluding goodwill and other non-amortizable intangible assets, as of February 27, 2016 are as follows:

Amortizable Intangible Assets	Purchased Technology & Patents			Customer Relationships			All Other			Total
Original cost	$	69,813		$	235,067		$	49,578		$	354,458
Accumulated amortization		(19,618	)		(102,928	)		(25,971	)		(148,517	)
Net identifiable intangibles	$	50,195		$	132,139		$	23,607		$	205,941

Amortization expense with respect to amortizable intangible assets was $6,698 and $6,148 for the first three months of 2016 and 2015, respectively.

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

	Remainder of
Fiscal Year	2016		2017		2018		2019		2020		Thereafter
Amortization Expense	$	18,721	$	25,057	$	24,664	$	22,740	$	21,769	$	92,990

Non-amortizable intangible assets as of February 27, 2016 are $462 and are related to trademarks and trade names.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details