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Note 5 - Goodwill and Other Intangible Assets

6 Months Ended

May 28, 2022

Goodwill and Intangible Assets Disclosure [Text Block]

Note 5: Goodwill and Other Intangible Assets

The goodwill activity by reportable segment for the six months ended May 28, 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		13,765			-			-		13,765
Fourny acquisition		-			-			6,222		6,222
Apollo acquisition		-			-			110,815		110,815
Foreign currency translation effect		(6,250	)		(17,067	)		39		(23,278	)
Balance at May 28, 2022	$	332,985		$	644,954		$	428,430	$	1,406,369

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

May 28, 2022

Purchased

Technology

Customer

Amortizable Intangible Assets

and Patents

Relationships

Trade Names

Other

Total

Original cost

120,094

1,008,089

49,929

11,048

1,189,160

Accumulated amortization

(64,174

)

(362,491

)

(19,614

)

(5,798

)

(452,077

)

Net identifiable intangibles

55,920

645,598

30,315

5,250

737,083

	*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 $18,620 and $17,753 for the three months ended May 28, 2022 and May 29, 2021, respectively, and $36,412 and $35,649 for the six months ended May 28, 2022 and May 29, 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	$	50,012	$	69,293	$	65,104	$	62,851	$	56,546	$	433,277

Non-amortizable intangible assets as of May 28, 2022 and November 27, 2021 are $468 and $493, respectively, and are related to trademarks and trade names. The change in non-amortizable assets as of May 28, 2022 compared to November 27, 2021 was due to changes in foreign currency exchange rates.