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Note 5 - Goodwill and Other Intangible Assets

6 Months Ended

Jun. 03, 2023

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 June 3, 2023 is presented below:

	*Hygiene, Health*
	*and Consumable*		*Engineering*		*Construction*
	*Adhesives*		*Adhesives*		*Adhesives*		*Total*
Balance at December 3, 2022	$	328,962	$	637,910	$	425,755	$	1,392,627
Acquisitions	$	42,585	$	-	$	-		42,585
Foreign currency translation effect	$	2,222	$	2,434	$	1,546		6,202
Balance at June 3, 2023	$	373,769	$	640,344	$	427,301	$	1,441,414

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

June 3, 2023

Purchased

Technology

Customer

Amortizable Intangible Assets

and Patents

Relationships

Trade Names

Other

Total

Original cost

105,868

1,048,314

52,802

10,959

1,217,943

Accumulated amortization

(53,809

)

(415,783

)

(20,710

)

(6,544

)

(496,846

)

Net identifiable intangibles

52,059

632,531

32,092

4,415

721,097

	*December 3, 2022*
	*Purchased*
	*Technology*			*Customer*
Amortizable Intangible Assets	*and Patents*			*Relationships*			*Trade Names*			*Other*			*Total*
Original cost	$	118,727		$	1,004,008		$	50,324		$	11,053		$	1,184,112
Accumulated amortization		(66,433	)		(388,394	)		(21,401	)		(6,251	)		(482,479	)
Net identifiable intangibles	$	52,294		$	615,614		$	28,923		$	4,802		$	701,633

Amortization expense with respect to amortizable intangible assets was $19,130 and $18,620 for the three months ended June 3, 2023 and May 28, 2022, respectively, and $37,813 and $36,412 for the six months ended June 3, 2023 and May 28, 2022, 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	*2023*		*2024*		*2025*		*2026*		*2027*		*Thereafter*
Amortization expense	$	68,435	$	69,181	$	67,465	$	61,828	$	59,086	$	395,102

Non-amortizable intangible assets as of June 3, 2023 and December 3, 2022 were $467 and $459, respectively, and relate to trademarks and trade names. The change in non-amortizable assets as of June 3, 2023 compared to December 3, 2022 was due to changes in foreign currency exchange rates.