GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Apr. 30, 2023

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, 2023 are as follows (in thousands):

	Segment		Consolidated Totals
	FSG	ETG
Balances as of October 31, 2022	$561,961	$1,110,464	$1,672,425
Goodwill acquired	—	340,173	340,173
Foreign currency translation adjustments	4,242	12,559	16,801
Adjustments to goodwill	(955)	2,791	1,836
Balances as of April 30, 2023	$565,248	$1,465,987	$2,031,235

The goodwill acquired pertains to the fiscal 2023 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. The Company estimates that $21 million of the goodwill acquired in fiscal 2023 will be deductible for income tax purposes. 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 consideration allocation of certain fiscal 2022 acquisitions.

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

	As of April 30, 2023			As of October 31, 2022
	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Amortizing Assets:
Customer relationships	$611,547	($229,884)	$381,663	$539,529	($208,127)	$331,402
Intellectual property	333,249	(111,233)	222,016	284,171	(98,983)	185,188
Other	8,681	(7,191)	1,490	8,700	(7,017)	1,683
	953,477	(348,308)	605,169	832,400	(314,127)	518,273
Non-Amortizing Assets:
Trade names	239,150	—	239,150	215,054	—	215,054
	$1,192,627	($348,308)	$844,319	$1,047,454	($314,127)	$733,327

    The increase in the gross carrying amount of customer relationships, intellectual property and trade names as of April 30, 2023 compared to October 31, 2022 principally relates to such intangible assets recognized in connection with the fiscal 2023 acquisitions (see Note 2, Acquisitions).

Amortization expense related to intangible assets for the six months ended April 30, 2023 and 2022 was $36.9 million and $30.2 million, respectively. Amortization expense for the three months ended April 30, 2023 and 2022 was $19.1 million and $15.2 million, respectively. Amortization expense for the remainder of fiscal 2023 is estimated to be $37.5 million. Amortization expense for each of the next five fiscal years and thereafter is estimated to be $71.5 million in fiscal 2024, $66.7 million in fiscal 2025, $61.8 million in fiscal 2026, $58.5 million in fiscal 2027, $54.1 million in fiscal 2028, and $255.1 million thereafter.