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Note 5 - Goodwill and Other Intangible Assets

3 Months Ended

Mar. 04, 2023

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 4, 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
Foreign currency translation effect		(104	)		789		(2,255	)		(1,570	)
Balance at March 4, 2023	$	328,858		$	638,699	$	423,500		$	1,391,057

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

March 4, 2023

Purchased

Technology

Customer

Amortizable Intangible Assets

and Patents

Relationships

Trade Names

Other

Total

Original cost

102,261

1,012,402

47,964

11,000

1,173,627

Accumulated amortization

(51,875

)

(398,847

)

(19,834

)

(6,429

)

(476,985

)

Net identifiable intangibles

50,386

613,555

28,130

4,571

696,642

	*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 $18,683 and $17,792 for the three months ended March 4, 2023 and February 26, 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	$	68,839	$	68,621	$	66,519	$	60,323	$	57,355	$	374,985

Non-amortizable intangible assets as of March 4, 2023 and December 3, 2022 were $462 and $459, respectively, and relate to trademarks and trade names. The change in non-amortizable assets as of March 4, 2023 compared to December 3, 2022 was due to changes in foreign currency exchange rates.