Note 5 - Goodwill and Other Intangible Assets

9 Months Ended

Aug. 30, 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 nine months ended August 30, 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		90,198		2,572		(851	)		91,919
Foreign currency translation effect		30,716		24,427		2,604			57,747
Balance at August 30, 2025	$	520,427	$	608,343	$	553,117		$	1,681,887

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:

	August 30, 2025
	Purchased
	Technology			Customer
Amortizable Intangible Assets	and Patents			Relationships			Trade Names			Other			Total
Original cost	$	225,700		$	1,000,997		$	82,194		$	7,930		$	1,316,821
Accumulated amortization		(48,520	)		(400,390	)		(33,171	)		(5,310	)		(487,391	)
Net identifiable intangibles	$	177,180		$	600,607		$	49,023		$	2,620		$	829,430

	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 $22,082 and $22,149 for the three months ended August 30, 2025 and August 31, 2024, respectively, and was $64,525 and $61,723 for the nine months ended August 30, 2025 and August 31, 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	$	23,632	$	105,293	$	103,909	$	105,102	$	99,473	$	392,021

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  August 30, 2025 and November 30, 2024 were $0 and $461, respectively, and relate to trademarks and trade names. The change in non-amortizable assets as of August 30, 2025 compared to November 30, 2024 was due to impairment.