XML 28 R16.htm IDEA: XBRL DOCUMENT v3.21.4
Intangible Assets and Goodwill
 12 Months Ended
Nov. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
Intangible Assets

Intangible assets are comprised of the following significant classes (in thousands):
 
November 30, 2021November 30, 2020
 Gross
Carrying
Amount		Accumulated
Amortization		Net Book
Value		Gross
Carrying
Amount		Accumulated
Amortization		Net Book
Value
Purchased technology$212,700 $(128,797)$83,903 $173,486 $(113,863)$59,623 
Customer-related306,308 (119,357)186,951 231,342 (91,326)140,016 
Trademarks and trade names37,611 (21,556)16,055 30,440 (18,275)12,165 
Non-compete agreement2,000 (1,724)276 2,000 (1,057)943 
Total$558,619 $(271,434)$287,185 $437,268 $(224,521)$212,747 

We amortize intangible assets assuming no expected residual value. Amortization expense related to these intangible assets was $46.9 million, $27.9 million, and $48.1 million in fiscal years 2021, 2020, and 2019, respectively.

The additions to intangible assets during fiscal years 2021 and 2020 are related to the acquisition of Kemp in November 2021 and Chef in October 2020, respectively. Refer to Note 8: Business Combinations for further information.

Future amortization expense for intangible assets as of November 30, 2021 is as follows (in thousands):
 
2022$69,106 
202368,830 
202456,014 
202545,504 
202636,148 
Thereafter11,583 
Total$287,185 

Goodwill

Changes in the carrying amount of goodwill for fiscal years 2021 and 2020 are as follows (in thousands):
November 30, 2021November 30, 2020
Balance, beginning of year$491,726 $432,824 
Measurement Period Adjustments(1)
(77)(838)
Additions(2)
179,521 59,858 
Translation Adjustments(18)(118)
Balance, end of year$671,152 $491,726 
(1) Represents final measurement period adjustments related to our Chef and Ipswitch acquisitions. Refer to Note 8: Business Combinations for further information.
(2) The additions to goodwill during fiscal years 2021 and 2020 are related to the acquisition of Kemp in November 2021 and Chef in October 2020, respectively. Refer to Note 8: Business Combinations for further information.

We assess the impairment of goodwill on an annual basis and whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable.

During fiscal year 2021, we performed a quantitative assessment as of October 31, 2021 and concluded that there was no impairment since it was not more likely than not that the fair value of our reporting unit was less than its carrying value. We did not recognize any goodwill impairment charges during fiscal years 2021, 2020, or 2019.