Note 5 - Goodwill and Other Intangible Assets

9 Months Ended

Aug. 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 nine months ended August 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		1,063		(746	)		-		317
Currency impact		10,155		13,954			164		24,273
Balance at August 29, 2020	$	332,492	$	662,763		$	311,143	$	1,306,398

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:

	August 29, 2020
Amortizable Intangible Assets	Purchased Technology and Patents			Customer Relationships			Trade Names			Other			Total
Original cost	$	113,820		$	933,982		$	63,266		$	11,410		$	1,122,478
Accumulated amortization		(51,381	)		(266,737	)		(28,384	)		(4,553	)		(351,055	)
Net identifiable intangibles	$	62,439		$	667,245		$	34,882		$	6,857		$	771,423

	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 $17,485 and $18,079 for the three months ended August 29, 2020 and August 31, 2019, respectively, and $52,943 and $56,269 for the nine months ended August 29, 2020 and August 31, 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	$	17,845	$	70,031	$	68,507	$	65,657	$	60,669	$	488,714

Non-amortizable intangible assets as of August 29, 2020 and November 30, 2019 are $519 and $480, respectively and are related to trademarks and trade names.