Goodwill and Other Intangible Assets, Net

6 Months Ended

May 05, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

5 Goodwill and Other Intangible Assets, Net

Goodwill

The changes in the carrying amount of goodwill by reportable segment for the first six months of fiscal 2023 were as follows:

(Dollars in thousands)	Professional		Residential		Other		Total
Balance as of October 31, 2022	$	573,031	$	10,266	$	—	$	583,297
Translation adjustments	1,168		144		—		1,312
Balance as of May 5, 2023	$	574,199	$	10,410	$	—	$	584,609

Other Intangible Assets, Net

The components of other intangible assets, net as of May 5, 2023, April 29, 2022, and October 31, 2022 were as follows (dollars in thousands):

May 5, 2023	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,239	$	(15,705)	$	2,534
Non-compete agreements	5.5	6,877		(6,865)		12
Customer-related	16.0	321,358		(95,796)		225,562
Developed technology	7.1	102,132		(58,400)		43,732
Trade names	13.7	10,749		(3,778)		6,971
Backlog and other	0.6	5,730		(5,730)		—
Total finite-lived	13.4	465,085		(186,274)		278,811
Indefinite-lived - trade names		289,545		—		289,545
Total other intangible assets, net		$	754,630	$	(186,274)	$	568,356

April 29, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,269	$	(15,015)	$	3,254
Non-compete agreements	5.5	6,902		(6,870)		32
Customer-related	16.0	321,242		(72,197)		249,045
Developed technology	7.0	87,286		(47,975)		39,311
Trade names	13.7	10,714		(3,141)		7,573
Backlog and other	0.6	5,730		(4,879)		851
Total finite-lived	13.6	450,143		(150,077)		300,066
Indefinite-lived - trade names		289,542		—		289,542
Total other intangible assets, net		$	739,685	$	(150,077)	$	589,608

October 31, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,210	$	(15,317)	$	2,893
Non-compete agreements	5.5	6,851		(6,829)		22
Customer-related	16.0	320,959		(83,805)		237,154
Developed technology	7.1	101,915		(53,001)		48,914
Trade names	13.8	10,667		(3,395)		7,272
Backlog and other	0.6	5,730		(5,505)		225
Total finite-lived	13.4	464,332		(167,852)		296,480
Indefinite-lived - trade names		289,352		—		289,352
Total other intangible assets, net		$	753,684	$	(167,852)	$	585,832

Amortization expense for finite-lived intangible assets for the three and six months ended May 5, 2023 was $8.8 million and $17.9 million, respectively. Amortization expense for finite-lived intangibles assets for the three and six months ended April 29, 2022 was $9.2 million and $15.6 million, respectively. As of May 5, 2023, estimated amortization expense for the remainder of fiscal 2023 and succeeding fiscal years is as follows:

(Dollars in thousands)	May 5, 2023
2023 (remaining)	$	17,040
2024	33,025
2025	30,172
2026	28,991
2027	24,057
2028	21,535
Thereafter	123,991
Total estimated amortization expense	$	278,811