FULLER H B CO Goodwill & Intangibles Disclosure

Note 5: Goodwill and Other Intangible Assets

 

Goodwill balances by reportable segment consisted of the following:

 

		Hygiene, Health								Building
		and Consumable				Engineering				Adhesive
		Adhesives				Adhesives				Solutions
As of November 30, 2024		$	399,513			$	581,344			$	551,364
Acquisitions			90,593				7,517				(860	)
Foreign currency translation effect			27,657				21,246				1,685
As of November 29, 2025		$	517,763			$	610,107			$	552,189

 

As discussed in Note 15, Segments, as of the beginning of the fiscal year 2025, we reorganized our operating segments 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. Prior period segment information has been recast retrospectively to reflect the realignment.

 

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

 

		Purchased
		Technology				Customer
Amortizable Intangible Assets		and Patents				Relationships				Tradename				Total
As of November 29, 2025
Original cost		$	232,522			$	998,889			$	81,228			$	1,312,639
Impairment			-				-				(734	)			(734	)
Accumulated amortization			(57,778	)			(414,706	)			(33,554	)			(506,038	)
Net identifiable intangibles		$	174,744			$	584,183			$	46,940			$	805,867
Weighted-average useful lives (in years)			14				16				13				16
As of November 30, 2024
Original cost		$	155,344			$	1,063,210			$	67,280			$	1,285,834
Impairment			(343	)			(5,616	)			(150	)			(6,109	)
Accumulated amortization			(62,410	)			(418,805	)			(28,745	)			(509,960	)
Net identifiable intangibles		$	92,591			$	638,789			$	38,385			$	769,765
Weighted-average useful lives (in years)			13				16				13				16

 

Amortization expense with respect to amortizable intangible assets was $86,546, $83,656 and $79,514 in 2025, 2024 and 2023, respectively. See Note 2 for further discussion of the impairment to assets held for sale.

 

Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for the next five fiscal years are as follows:

 

Fiscal Year		2026				2027				2028				2029				2030				Thereafter
Amortization Expense		$	102,839			$	103,947			$	105,462			$	99,653			$	74,765			$	319,201

 

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  November 29, 2025 and November 30, 2024 were $0 and $461, respectively, and relate to trademarks and trade names. The change in non-amortizable assets in 2025 compared to 2024 was due to impairment.