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Note 5 - Goodwill and Other Intangible Assets

6 Months Ended

May 29, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

Note 5: Goodwill and Other Intangible Assets

The goodwill activity for the six months ended May 29, 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		4,503		12,384		796		17,683
Balance at May 29, 2021	$	337,412	$	681,096	$	312,027	$	1,330,535

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

May 29, 2021

Purchased

Technology

Customer

Amortizable Intangible Assets

and Patents

Relationships

Trade Names

Other

Total

Original cost

118,086

946,526

64,380

11,422

1,140,414

Accumulated amortization

(58,867

)

(311,899

)

(32,167

)

(5,252

)

(408,185

)

Net identifiable intangibles

59,219

634,627

32,213

6,170

732,229

	*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 $17,753 and $17,468 for the three months ended May 29, 2021 and May 30, 2020, respectively, and $35,649 and $35,458 for the six months ended May 29, 2021 and May 30, 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	$	35,581	$	70,049	$	67,118	$	61,985	$	59,316	$	438,180

Non-amortizable intangible assets as of May 29, 2021 and November 28, 2020 are $531 and $519, respectively, and are related to trademarks and trade names. The change in non-amortizable assets as of May 29, 2021 compared to November 28, 2020 was due to changes in foreign currency exchange rates.