Note 5 - Goodwill and Other Intangible Assets

6 Months Ended

May 30, 2020

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 5: Goodwill and Other Intangible Assets

The goodwill activity for the six months ended May 30, 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		1,063			(746	)		-			325
Currency impact		(721	)		(7,680	)		(350	)		(8,759	)
Balance at May 30, 2020	$	321,616		$	641,129		$	310,629		$	1,273,374

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:

	May 30, 2020
Amortizable Intangible Assets	Purchased Technology and Patents			Customer Relationships			Trade Names			Other			Total
Original cost	$	109,201		$	920,030		$	62,219		$	11,312		$	1,102,762
Accumulated amortization		(47,354	)		(249,338	)		(26,965	)		(4,257	)		(327,914	)
Net identifiable intangibles	$	61,847		$	670,692		$	35,254		$	7,055		$	774,848

	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 $17,468 and $18,978 for the three months ended May 30, 2020 and June 1, 2019, respectively, and $35,458 and $38,190 for the six months ended May 30, 2020 and June 1, 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	$	34,744	$	68,618	$	67,160	$	64,364	$	59,604	$	480,358

Non-amortizable intangible assets as of May 30, 2020 and November 30, 2019 are $484 and $480, respectively and are related to trademarks and trade names.