GOODWILL AND OTHER INTANGIBLE ASSETS-NET

9 Months Ended

Jul. 31, 2022

GOODWILL AND OTHER INTANGIBLE ASSETS-NET

GOODWILL AND OTHER INTANGIBLE ASSETS-NET

(11)  Goodwill and Other Intangible Assets–Net

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		13		(3)		45		55
Goodwill at August 1, 2021	$	358	$	265	$	2,525	$	3,148
Goodwill at October 31, 2021	$	542	$	265	$	2,484	$	3,291
Acquisitions		132		69		597		798
Translation adjustments		(23)		(11)		(301)		(335)
Goodwill at July 31, 2022	$	651	$	323	$	2,780	$	3,754

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

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

	July 31		October 31		August 1
	2022		2021		2021
Amortized intangible assets:
Customer lists and relationships	$	507	$	542	$	545
Technology, patents, trademarks, and other		1,320		1,104		1,080
Total at cost		1,827		1,646		1,625
Less accumulated amortization:
Customer lists and relationships		162		151		144
Technology, patents, trademarks, and other		384		343		337
Total accumulated amortization		546		494		481
Amortized intangible assets, net		1,281		1,152		1,144
Unamortized intangible assets:
In-process research and development				123		123
Other intangible assets – net	$	1,281	$	1,275	$	1,267

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 third quarter and the first nine months of 2022 was $42 million and $104 million, and for 2021 was $27 million and $89 million, respectively. The estimated amortization expense for the next five years is as follows in millions of dollars: remainder of 2022 – $62, 2023 – $164, 2024 – $160, 2025 – $133, 2026 – $113, and 2027 – $112.