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Note 5 - Goodwill and Other Intangible Assets

9 Months Ended

Sep. 02, 2023

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 September 2, 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	$	84,158	$	2,788	$	-		86,946
Foreign currency translation effect	$	3,416	$	3,516	$	4,030		10,962
Balance at September 2, 2023	$	416,536	$	644,214	$	429,785	$	1,490,535

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

September 2, 2023

Purchased

Technology

Customer

Amortizable Intangible Assets

and Patents

Relationships

Trade Names

Other

Total

Original cost

144,597

1,052,458

55,379

10,919

1,263,353

Accumulated amortization

(56,624

)

(432,044

)

(21,837

)

(6,797

)

(517,302

)

Net identifiable intangibles

87,973

620,414

33,542

4,122

746,051

	*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 $20,820 and $18,676 for the three months ended September 2, 2023 and August 27, 2022, respectively, and $58,633 and $55,088 for the nine months ended September 2, 2023 and August 27, 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	$	17,238	$	79,499	$	76,732	$	70,072	$	66,754	$	435,756

Non-amortizable intangible assets as of September 2, 2023 and December 3, 2022 were $470 and $459, respectively, and relate to trademarks and trade names. The change in non-amortizable assets as of September 2, 2023 compared to December 3, 2022 was due to changes in foreign currency exchange rates.