Note 5 - Goodwill and Other Intangible Assets

3 Months Ended

Feb. 27, 2021

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 27, 2021 is presented below:

	Hygiene, Health
	and Consumable		Engineering		Construction
	Adhesives		Adhesives		Adhesives		Total
Balance at November 28, 2020	$	332,909	$	667,863	$	311,231	$	1,312,003
Acquisition		-		849		-		849
Currency impact		2,076		7,021		211		9,308
Balance at February 27, 2021	$	334,985	$	675,733	$	311,442	$	1,322,160

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

	February 27, 2021
	Purchased
	Technology			Customer
Amortizable Intangible Assets	and Patents			Relationships			Trade Names			Other			Total
Original cost	$	117,137		$	942,271		$	64,003		$	11,456		$	1,134,867
Accumulated amortization		(55,793	)		(296,582	)		(30,981	)		(5,041	)		(388,397	)
Net identifiable intangibles	$	61,344		$	645,689		$	33,022		$	6,415		$	746,470

	November 28, 2020
	Purchased
	Technology			Customer
Amortizable Intangible Assets	and Patents			Relationships			Trade Names			Other			Total
Original cost	$	113,775		$	933,943		$	63,266		$	11,410		$	1,122,394
Accumulated amortization		(53,216	)		(279,586	)		(29,368	)		(4,775	)		(366,945	)
Net identifiable intangibles	$	60,559		$	654,357		$	33,898		$	6,635		$	755,449

Amortization expense with respect to amortizable intangible assets was $17,896 and $17,990 for the three months ended February 27, 2021 and February 29, 2020, 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	2021		2022		2023		2024		2025		Thereafter
Amortization expense	$	53,296	$	69,644	$	66,743	$	61,662	$	59,013	$	436,112

Non-amortizable intangible assets as of  February 27, 2021 and November 28, 2020 are $526 and $519, respectively, and are related to trademarks and trade names. The change in non-amortizable assets as of February 27, 2021 compared to November 28, 2020 was due to changes in foreign currency exchange rates.