GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Jul. 31, 2021

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 for the nine months ended July 31, 2021 are as follows (in thousands):

	Segment		Consolidated Totals
	FSG	ETG
Balances as of October 31, 2020	$427,565	$955,602	$1,383,167
Goodwill acquired	4,446	11,761	16,207
Foreign currency translation adjustments	1,481	1,840	3,321
Adjustments to goodwill	188	(7)	181
Balances as of July 31, 2021	$433,680	$969,196	$1,402,876

The goodwill acquired pertains to the fiscal 2021 acquisitions described in Note 2, Acquisitions, and represents the residual value after the allocation of the total consideration to the tangible and intangible assets acquired and liabilities and noncontrolling interests assumed. Foreign currency translation adjustments are included in other comprehensive income (loss) in the Company's Condensed Consolidated Statements of Comprehensive Income. The adjustments to goodwill represent immaterial measurement period adjustments to the purchase price allocation of certain fiscal 2020 acquisitions. The Company estimates that all of the goodwill acquired in fiscal 2021 will be deductible for income tax purposes.

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

	As of July 31, 2021			As of October 31, 2020
	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Amortizing Assets:
Customer relationships	$440,641	($210,848)	$229,793	$443,143	($188,919)	$254,224
Intellectual property	244,651	(98,837)	145,814	240,725	(84,686)	156,039
Licenses	6,559	(4,980)	1,579	6,559	(4,670)	1,889
Patents	1,117	(784)	333	1,071	(746)	325
Non-compete agreements	721	(721)	—	811	(811)	—
Trade names	450	(248)	202	450	(219)	231
	694,139	(316,418)	377,721	692,759	(280,051)	412,708
Non-Amortizing Assets:
Trade names	168,079	—	168,079	166,333	—	166,333
	$862,218	($316,418)	$545,800	$859,092	($280,051)	$579,041

Amortization expense related to intangible assets for the nine months ended July 31, 2021 and 2020 was $45.5 million and $41.8 million, respectively. Amortization expense related to intangible assets for the three months ended July 31, 2021 and 2020 was $15.2 million and $14.2 million, respectively. Amortization expense related to intangible assets for the remainder of fiscal 2021 is estimated to be $15.0 million. Amortization expense for each of the next five fiscal years and thereafter is estimated to be $54.0 million in fiscal 2022, $48.3 million in fiscal 2023, $43.5 million in fiscal 2024, $39.0 million in fiscal 2025, $34.7 million in fiscal 2026, and $143.2 million thereafter.