GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Apr. 30, 2022

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 six months ended April 30, 2022 are as follows (in thousands):

	Segment		Consolidated Totals
	FSG	ETG
Balances as of October 31, 2021	$468,288	$982,107	$1,450,395
Goodwill acquired	69,130	2,565	71,695
Foreign currency translation adjustments	(4,344)	(5,139)	(9,483)
Adjustments to goodwill	(266)	(875)	(1,141)
Balances as of April 30, 2022	$532,808	$978,658	$1,511,466

The goodwill acquired pertains to the fiscal 2022 acquisitions 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 Condensed Consolidated Statements of Comprehensive Income. The adjustments to goodwill principally represent immaterial measurement period adjustments to the purchase price allocation of certain fiscal 2021 acquisitions. The Company estimates that $70 million of the goodwill acquired in fiscal 2022 will be deductible for income tax purposes.

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

	As of April 30, 2022			As of October 31, 2021
	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Amortizing Assets:
Customer relationships	$470,592	($189,664)	$280,928	$464,506	($221,098)	$243,408
Intellectual property	253,133	(101,736)	151,397	255,011	(94,313)	160,698
Licenses	6,559	(5,254)	1,305	6,559	(5,072)	1,487
Patents	1,105	(795)	310	1,110	(793)	317
Non-compete agreements	640	(640)	—	722	(722)	—
Trade names	450	(277)	173	450	(257)	193
	732,479	(298,366)	434,113	728,358	(322,255)	406,103
Non-Amortizing Assets:
Trade names	190,804	—	190,804	176,204	—	176,204
	$923,283	($298,366)	$624,917	$904,562	($322,255)	$582,307

Amortization expense related to intangible assets for the six months ended April 30, 2022 and 2021 was $30.2 million and $30.3 million, respectively. Amortization expense related to intangible assets for the three months ended April 30, 2022 and 2021 was $15.2 million and $15.1 million, respectively. Amortization expense related to intangible assets for the remainder of fiscal 2022 is estimated to be $30.3 million. Amortization expense for each of the next five fiscal years and thereafter is estimated to be $56.5 million in fiscal 2023, $51.5 million in fiscal 2024, $47.1 million in fiscal 2025, $42.6 million in fiscal 2026, $39.6 million in fiscal 2027, and $166.5 million thereafter.