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Note 5 - Goodwill and Other Intangible Assets

9 Months Ended

Aug. 27, 2022

Goodwill and Intangible Assets Disclosure [Text Block]

Note 5: Goodwill and Other Intangible Assets

The goodwill activity by reportable segment for the nine months ended August 27, 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		-			-			6,617			6,617
Apollo acquisition		-			-			118,295			118,295
ZKLT acquisition		-			8,175			-			8,175
Foreign currency translation effect		(17,100	)		(36,536	)		(16,097	)		(69,733	)
Balance at August 27, 2022	$	322,135		$	633,660		$	420,169		$	1,375,964

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

August 27, 2022

Purchased

Technology

Customer

Amortizable Intangible Assets

and Patents

Relationships

Trade Names

Other

Total

Original cost

117,440

991,789

49,379

11,004

1,169,612

Accumulated amortization

(63,926

)

(372,198

)

(20,252

)

(5,980

)

(462,356

)

Net identifiable intangibles

53,514

619,591

29,127

5,024

707,256

	*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 $18,676 and $17,815 for the three months ended August 27, 2022 and August 28, 2021, respectively, and $55,088 and $53,464 for the nine months ended August 27, 2022 and August 28, 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	$	31,804	$	67,995	$	64,095	$	61,948	$	55,709	$	425,705

Non-amortizable intangible assets as of August 27, 2022 and November 27, 2021 are $434 and $493, respectively, and are related to trademarks and trade names. The change in non-amortizable assets as of August 27, 2022 compared to November 27, 2021 was due to changes in foreign currency exchange rates.