Note 5 - Goodwill and Other Intangible Assets

3 Months Ended

Mar. 01, 2025

Notes to Financial Statements

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 March 1, 2025 is presented below:

		Hygiene, Health						Building
	and Consumable			Engineering			Adhesive
	Adhesives			Adhesives			Solutions			Total
Balance at November 30, 2024	$	399,513		$	581,344		$	551,364		$	1,532,221
Acquisitions		99,601			969			(421	)		100,149
Foreign currency translation effect		(2,353	)		(4,893	)		(777	)		(8,023	)
Balance at March 1, 2025	$	496,761		$	577,420		$	550,166		$	1,624,347

As discussed in Note 14, as of the beginning of fiscal year 2025, we realigned our operating segment structure with the renamed Building Adhesive Solutions segment, which includes all of the former Construction Adhesives goodwill. A portion of the Engineering Adhesives goodwill was reclassified to the Building Adhesive Solutions segment based on the relative fair value approach.

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

	March 1, 2025
	Purchased
	Technology			Customer
Amortizable Intangible Assets	and Patents			Relationships			Trade Names			Other			Total
Original cost	$	202,237		$	978,972		$	78,104		$	10,103		$	1,269,416
Accumulated amortization		(38,857	)		(360,415	)		(28,882	)		(7,199	)		(435,353	)
Net identifiable intangibles	$	163,380		$	618,557		$	49,222		$	2,904		$	834,063

	November 30, 2024
	Purchased
	Technology			Customer
Amortizable Intangible Assets	and Patents			Relationships			Trade Names			Other			Total
Original cost	$	145,313		$	1,063,210		$	67,280		$	10,031		$	1,285,834
Impairment	$	(343	)	$	(5,616	)	$	(150	)				$	(6,109	)
Accumulated amortization		(55,398	)		(418,805	)		(28,745	)		(7,012	)		(509,960	)
Net identifiable intangibles	$	89,572		$	638,789		$	38,385		$	3,019		$	769,765

Amortization expense with respect to amortizable intangible assets was $20,880 and $20,355 for the three months ended March 1, 2025 and March 2, 2024, 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	2025		2026		2027		2028		2029		Thereafter
Amortization expense	$	71,053	$	96,731	$	95,418	$	96,532	$	91,845	$	382,484

The above amortization expense forecast is an estimate. Actual amounts may change from such estimated amounts due to fluctuations in foreign currency exchange rates, additional intangible asset acquisitions, potential impairment, accelerated amortization or other events.

Non-amortizable intangible assets as of  March 1, 2025 and November 30, 2024 were $452 and $461, respectively, and relate to trademarks and trade names. The change in non-amortizable assets as of March 1, 2025 compared to November 30, 2024 was due to changes in foreign currency exchange rates.