GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Oct. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

GOODWILL AND OTHER INTANGIBLE ASSETS

    Changes in the carrying amount of goodwill by operating segment during fiscal 2020 and 2019 are as follows (in thousands):

	Segment		Consolidated
	FSG	ETG	Totals
Balances as of October 31, 2018	$398,694	$716,138	$1,114,832
Goodwill acquired	12,891	143,286	156,177
Foreign currency translation adjustments	(1,580)	(765)	(2,345)
Adjustments to goodwill	39	—	39
Balances as of October 31, 2019	410,044	858,659	1,268,703
Goodwill acquired	14,979	99,401	114,380
Foreign currency translation adjustments	2,542	2,076	4,618
Deconsolidation of subsidiary	—	(4,249)	(4,249)
Adjustments to goodwill	—	(285)	(285)
Balances as of October 31, 2020	$427,565	$955,602	$1,383,167

    The goodwill acquired during fiscal 2020 and 2019 pertains to the acquisitions consummated in those respective years as described in Note 2, Acquisitions, and represents the residual value after the allocation of the total consideration to the tangible and identifiable intangible assets acquired and liabilities and noncontrolling interests assumed. Foreign currency translation adjustments are included in other comprehensive income (loss) in the Company's Consolidated Statements of Comprehensive Income. Deconsolidation of subsidiary reflects the value of goodwill associated with an entity that the Company previously consolidated but subsequently contributed the net assets of the former entity to a new entity in which the Company holds a noncontrolling interest and accounts for under the equity method (See Note 2,

Acquisitions, for additional information). The adjustments to goodwill represent immaterial measurement period adjustments to the purchase price allocation of certain fiscal 2019 and 2018 acquisitions. The Company estimates that $46 million and $92 million of the goodwill acquired in fiscal 2020 and 2019, respectively, will be deductible for income tax purposes.  Based on the annual test for goodwill impairment as of October 31, 2020, the Company determined there is no impairment of its goodwill and the fair value of each of the Company’s reporting units significantly exceeded their carrying value.

    Identifiable intangible assets consist of the following (in thousands):

	As of October 31, 2020			As of October 31, 2019
	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Amortizing Assets:
Customer relationships	$443,143	($188,919)	$254,224	$411,076	($162,722)	$248,354
Intellectual property	240,725	(84,686)	156,039	216,359	(70,169)	146,190
Licenses	6,559	(4,670)	1,889	6,559	(4,102)	2,457
Patents	1,071	(746)	325	986	(666)	320
Non-compete agreements	811	(811)	—	813	(813)	—
Trade names	450	(219)	231	450	(180)	270
	692,759	(280,051)	412,708	636,243	(238,652)	397,591
Non-Amortizing Assets:
Trade names	166,333	—	166,333	153,102	—	153,102
	$859,092	($280,051)	$579,041	$789,345	($238,652)	$550,693

    The increase in the gross carrying amount of customer relationships, intellectual property and trade names as of October 31, 2020 compared to October 31, 2019 principally relates to such intangible assets recognized in connection with the fiscal 2020 acquisitions (see Note 2, Acquisitions).

    Amortization expense related to intangible assets was $57.4 million, $53.7 million and $50.1 million in fiscal 2020, 2019 and 2018, respectively.  Amortization expense for each of the next five fiscal years and thereafter is estimated to be $59.7 million in fiscal 2021, $52.9 million in fiscal 2022, $47.3 million in fiscal 2023, $42.5 million in fiscal 2024, $38.0 million in fiscal 2025 and $172.3 million thereafter.