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Note 5 - Goodwill and Other Intangible Assets

3 Months Ended

Feb. 26, 2022

Goodwill and Intangible Assets Disclosure [Text Block]

Note 5: Goodwill and Other Intangible Assets

The goodwill activity by reportable segment for the three months ended February 26, 2022 is presented below:

	*Hygiene, Health*
	*and Consumable*		*Engineering*		*Construction*
	*Adhesives*		*Adhesives*		*Adhesives*			*Total*
Balance at November 27, 2021	$	325,470	$	662,021	$	311,354		$	1,298,845
TissueSeal acquisition		13,764		-		-			13,764
Fourny acquisition		-		-		6,497			6,497
Apollo acquisition		-		-		104,885			104,885
Foreign currency translation effect		651		1,756		(462	)		1,945
Balance at February 26, 2022	$	339,885	$	663,777	$	422,274		$	1,425,936

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

February 26, 2022

Purchased

Technology

Customer

Amortizable Intangible Assets

and Patents

Relationships

Trade Names

Other

Total

Original cost

100,423

1,035,413

58,223

11,149

1,205,208

Accumulated amortization

(45,714

)

(350,052

)

(18,951

)

(5,593

)

(420,310

)

Net identifiable intangibles

54,709

685,361

39,272

5,556

784,898

	*November 27, 2021*
	*Purchased*
	*Technology*			*Customer*
Amortizable Intangible Assets	*and Patents*			*Relationships*			*Trade Names*			*Other*			*Total*
Original cost	$	115,980		$	932,644		$	63,543		$	11,343		$	1,123,510
Accumulated amortization		(62,364	)		(335,143	)		(33,786	)		(5,635	)		(436,928	)
Net identifiable intangibles	$	53,616		$	597,501		$	29,757		$	5,708		$	686,582

Amortization expense with respect to amortizable intangible assets was $17,792 and $17,896 for the three months ended February 26, 2022 and February 27, 2021, 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	*2022*		*2023*		*2024*		*2025*		*2026*		*Thereafter*
Amortization expense	$	57,478	$	73,948	$	69,010	$	66,434	$	59,601	$	458,427

Non-amortizable intangible assets as of February 26, 2022 and November 27, 2021 are $491 and $493, respectively, and are related to trademarks and trade names. The change in non-amortizable assets as of February 26, 2022 compared to November 27, 2021 was due to changes in foreign currency exchange rates.