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GOODWILL AND OTHER INTANGIBLE ASSETS-NET | 9 Months Ended
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Jul. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS-NET |
GOODWILL AND OTHER INTANGIBLE ASSETS-NET | (11) Goodwill and Other Intangible Assets–Net The changes in amounts of goodwill by operating segments were as follows in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Production & |  | Small Ag |  | Construction |  | ​ | ​ |
​ | ​ | Precision Ag | ​ | & Turf | ​ | & Forestry | ​ | Total |
Goodwill at November 1, 2020 | ​ | $ | 333 | ​ | $ | 268 | ​ | $ | 2,480 | ​ | $ | 3,081 | ​
Acquisition | ​ |  | 12 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 12 | ​
Translation adjustments | ​ |  | 13 | ​ | ​ | (3) | ​ | ​ | 45 | ​ | ​ | 55 | ​
Goodwill at August 1, 2021 | ​ | $ | 358 | ​ | $ | 265 | ​ | $ | 2,525 | ​ | $ | 3,148 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill at October 31, 2021 | ​ | $ | 542 | ​ | $ | 265 | ​ | $ | 2,484 | ​ | $ | 3,291 | ​
Acquisitions | ​ | ​ | 132 | ​ | ​ | 69 | ​ | ​ | 597 | ​ | ​ | 798 | ​
Translation adjustments | ​ | ​ | (23) | ​ | ​ | (11) | ​ | ​ | (301) | ​ | ​ | (335) | ​
Goodwill at July 31, 2022 | ​ | $ | 651 | ​ | $ | 323 | ​ | $ | 2,780 | ​ | $ | 3,754 | ​
There were no accumulated goodwill impairment losses in the reported periods. The components of other intangible assets were as follows in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | July 31 |  | October 31 |  | August 1 |
​ | ​ | 2022 | ​ | 2021 | ​ | 2021 |
Amortized intangible assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Customer lists and relationships | ​ | $ | 507 | ​ | $ | 542 | ​ | $ | 545 | ​
Technology, patents, trademarks, and other | ​ | ​ | 1,320 | ​ |  | 1,104 | ​ |  | 1,080 | ​
Total at cost | ​ | ​ | 1,827 | ​ |  | 1,646 | ​ |  | 1,625 | ​
Less accumulated amortization: | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
Customer lists and relationships | ​ | ​ | 162 | ​ | ​ | 151 | ​ | ​ | 144 | ​
Technology, patents, trademarks, and other | ​ | ​ | 384 | ​ | ​ | 343 | ​ | ​ | 337 | ​
Total accumulated amortization | ​ | ​ | 546 | ​ | ​ | 494 | ​ | ​ | 481 | ​
Amortized intangible assets, net | ​ | ​ | 1,281 | ​ | ​ | 1,152 | ​ | ​ | 1,144 | ​
Unamortized intangible assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
In-process research and development | ​ | ​ | ​ | ​ | ​ | 123 | ​ | ​ | 123 | ​
Other intangible assets – net | ​ | $ | 1,281 | ​ | $ | 1,275 | ​ | $ | 1,267 | ​
​ In September 2017, the Company acquired Blue River Technology’s in-process research and development related to machine learning technology to optimize the use of farm inputs. Those research and development activities were completed, and the Company started amortizing the acquired technology in the second quarter of 2022. The amortization of other intangible assets in the third quarter and the first nine months of 2022 was $42 million and $104 million, and for 2021 was $27 million and $89 million, respectively. The estimated amortization expense for the next five years is as follows in millions of dollars: remainder of 2022 – $62, 2023 – $164, 2024 – $160, 2025 – $133, 2026 – $113, and 2027 – $112.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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