Note 5 - Goodwill and Other Intangible Assets

3 Months Ended

Feb. 29, 2020

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 5: Goodwill and Other Intangible Assets

The goodwill activity for the three months ended February 29, 2020 is presented below:

	Hygiene, Health and Consumable		Engineering			Construction
	Adhesives		Adhesives			Adhesives			Total
Balance at November 30, 2019	$	321,274	$	649,555		$	310,979		$	1,281,808
Acquisition		1,071		(746	)		-			325
Currency impact		1,489		(2,270	)		(103	)		(884	)
Balance at February 29, 2020	$	323,834	$	646,539		$	310,876		$	1,281,249

As discussed in Note 16, as of the beginning of fiscal 2020, we realigned our operating segment structure and now have three reportable segments: Hygiene, Health and Consumable Adhesives, Engineering Adhesives and Construction Adhesives. We allocated goodwill within our reporting units to reflect this realignment using the relative fair value approach.

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

	February 29, 2020
Amortizable Intangible Assets	Purchased Technology and Patents			Customer Relationships			Trade Names			Other			Total
Original cost	$	110,212		$	924,540		$	62,539		$	11,421		$	1,108,712
Accumulated amortization		(45,951	)		(236,848	)		(25,964	)		(4,107	)		(312,870	)
Net identifiable intangibles	$	64,261		$	687,692		$	36,575		$	7,314		$	795,842

	November 30, 2019
Amortizable Intangible Assets	Purchased Technology and Patents			Customer Relationships			Trade Names			Other			Total
Original cost	$	109,967		$	913,968		$	62,537		$	27,453		$	1,113,925
Accumulated amortization		(43,351	)		(223,563	)		(24,819	)		(23,273	)		(315,006	)
Net identifiable intangibles	$	66,616		$	690,405		$	37,718		$	4,180		$	798,919

Amortization expense with respect to amortizable intangible assets was $17,990 and $19,212 for the three months ended February 29, 2020 and March 2, 2019, respectively.

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

	Remainder
Fiscal Year	2020		2021		2022		2023		2024		Thereafter
Amortization Expense	$	52,567	$	69,025	$	67,533	$	64,673	$	59,892	$	482,152

Non-amortizable intangible assets as of February 29, 2020 and November 30, 2019 are $480 for both years and are related to trademarks and trade names.