Note 5 - Goodwill and Other Intangible Assets

9 Months Ended

Aug. 28, 2021

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 28, 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
Currency impact		(753	)		2,296		278		1,821
Balance at August 28, 2021	$	332,156		$	670,159	$	311,509	$	1,313,824

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

	August 28, 2021
	Purchased
	Technology			Customer
Amortizable Intangible Assets	and Patents			Relationships			Trade Names			Other			Total
Original cost	$	123,410		$	939,671		$	63,855		$	11,388		$	1,138,324
Accumulated amortization		(60,404	)		(329,918	)		(32,938	)		(5,451	)		(428,711	)
Net identifiable intangibles	$	63,006		$	609,753		$	30,917		$	5,937		$	709,613

	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 $17,815 and $17,485 for the three months ended August 28, 2021 and August 29, 2020, respectively, and $53,464 and $52,943 for the nine months ended August 28, 2021 and August 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	$	17,504	$	69,534	$	66,605	$	61,578	$	58,952	$	435,440

Non-amortizable intangible assets as of  August 28, 2021 and November 28, 2020 are $514 and $519, respectively, and are related to trademarks and trade names. The change in non-amortizable assets as of August 28, 2021 compared to November 28, 2020 was due to changes in foreign currency exchange rates.