GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Oct. 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 during fiscal 2022 and 2021 are as follows (in thousands):

	Segment		Consolidated
	FSG	ETG	Totals
Balances as of October 31, 2020	$427,565	$955,602	$1,383,167
Goodwill acquired	40,308	26,142	66,450
Foreign currency translation adjustments	227	540	767
Adjustments to goodwill	188	(177)	11
Balances as of October 31, 2021	468,288	982,107	1,450,395
Goodwill acquired	106,919	137,123	244,042
Foreign currency translation adjustments	(6,335)	(8,672)	(15,007)
Adjustments to goodwill	(6,911)	(94)	(7,005)
Balances as of October 31, 2022	$561,961	$1,110,464	$1,672,425

    The goodwill acquired during fiscal 2022 and 2021 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. The adjustments to goodwill in fiscal 2022 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 $99 million and $55 million of the goodwill acquired in fiscal 2022 and 2021, respectively, will be deductible for income tax purposes. Based on the annual test for goodwill impairment as of

October 31, 2022, 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, 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	$539,529	($208,127)	$331,402	$464,506	($221,098)	$243,408
Intellectual property	284,171	(98,983)	185,188	255,011	(94,313)	160,698
Other	8,700	(7,017)	1,683	8,841	(6,844)	1,997
	832,400	(314,127)	518,273	728,358	(322,255)	406,103
Non-Amortizing Assets:
Trade names	215,054	—	215,054	176,204	—	176,204
	$1,047,454	($314,127)	$733,327	$904,562	($322,255)	$582,307

    The increase in the gross carrying amount of customer relationships, intellectual property and trade names as of October 31, 2022 compared to October 31, 2021 principally relates to such intangible assets recognized in connection with the fiscal 2022 acquisitions (see Note 2, Acquisitions).

    Amortization expense related to intangible assets was $62.5 million, $61.3 million and $57.4 million in fiscal 2022, 2021 and 2020, respectively. Amortization expense for each of the next five fiscal years and thereafter is estimated to be $66.1 million in fiscal 2023, $61.0 million in fiscal 2024, $56.5 million in fiscal 2025, $51.9 million in fiscal 2026, $48.7 million in fiscal 2027 and $234.1 million thereafter.