GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Jul. 31, 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 nine months ended July 31, 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	107,265	2,652	109,917
Foreign currency translation adjustments	(5,288)	(6,527)	(11,815)
Adjustments to goodwill	(6,911)	(109)	(7,020)
Balances as of July 31, 2022	$563,354	$978,123	$1,541,477

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 reflect a measurement period adjustment of the write-up to fair value of property, plant and equipment associated with a fiscal 2021 acquisition. The Company estimates that $108 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 July 31, 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	$480,195	($197,070)	$283,125	$464,506	($221,098)	$243,408
Intellectual property	263,382	(106,013)	157,369	255,011	(94,313)	160,698
Licenses	6,559	(5,344)	1,215	6,559	(5,072)	1,487
Patents	1,109	(801)	308	1,110	(793)	317
Non-compete agreements	641	(641)	—	722	(722)	—
Trade names	300	(133)	167	450	(257)	193
	752,186	(310,002)	442,184	728,358	(322,255)	406,103
Non-Amortizing Assets:
Trade names	196,366	—	196,366	176,204	—	176,204
	$948,552	($310,002)	$638,550	$904,562	($322,255)	$582,307

Amortization expense related to intangible assets for the nine months ended July 31, 2022 and 2021 was $45.4 million and $45.5 million, respectively. Amortization expense related to intangible assets for the three months ended July 31, 2022 and 2021 was $15.2 million. Amortization expense related to intangible assets for the remainder of fiscal 2022 is estimated to be $15.5 million. Amortization expense for each of the next five fiscal years and thereafter is estimated to be $58.3 million in fiscal 2023, $53.3 million in fiscal 2024, $48.9 million in fiscal 2025, $44.4 million in fiscal 2026, $41.5 million in fiscal 2027, and $180.3 million thereafter.