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GOODWILL AND OTHER INTANGIBLE ASSETS-NET
6 Months Ended
May 01, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS-NET  
GOODWILL AND OTHER INTANGIBLE ASSETS-NET

(11)  Goodwill and Other Intangible AssetsNet

The changes in amounts of goodwill by operating segments were as follows in millions of dollars:

 

    

Production &

    

Small Ag

    

Construction

    

 

Precision Ag

& Turf

& Forestry

Total

 

Goodwill at November 1, 2020

$

333

$

268

$

2,480

$

3,081

Acquisition

 

12

12

Translation adjustments

 

10

(2)

89

97

Goodwill at May 2, 2021

$

355

$

266

$

2,569

$

3,190

Goodwill at October 31, 2021

$

542

$

265

$

2,484

$

3,291

Acquisitions

122

69

600

791

Translation adjustments

(11)

(7)

(252)

(270)

Goodwill at May 1, 2022

$

653

$

327

$

2,832

$

3,812

There were no accumulated goodwill impairment losses in the reported periods.

The components of other intangible assets were as follows in millions of dollars:

 

    

May 1

    

October 31

    

May 2 

 

2022

2021

2021

 

Amortized intangible assets:

Customer lists and relationships

$

520

$

542

$

549

Technology, patents, trademarks, and other

1,350

 

1,104

 

1,097

Total at cost

1,870

 

1,646

 

1,646

Less accumulated amortization:

 

 

Customer lists and relationships

158

151

136

Technology, patents, trademarks, and other

360

343

323

Total accumulated amortization

518

494

459

Amortized intangible assets, net

1,352

1,152

1,187

Unamortized intangible assets:

In-process research and development

123

123

Other intangible assets – net

$

1,352

$

1,275

$

1,310

In September 2017, the Company acquired Blue River Technology’s in-process research and development related to machine learning technology to optimize the use of farm inputs. Those research and development activities were completed, and the Company started amortizing the acquired technology in the second quarter of 2022.

The amortization of other intangible assets in the second quarter and the first six months of 2022 was $34 million and $62 million, and for 2021 was $27 million and $62 million, respectively. The estimated amortization expense for the next five years is as follows in millions of dollars: remainder of 2022 – $107, 2023 – $167, 2024 – $163, 2025 – $135, 2026 – $116, and 2027 – $114.