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GOODWILL AND OTHER INTANGIBLE ASSETS-NET

3 Months Ended

Jan. 29, 2023

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 segment were as follows in millions of dollars:


	Production & Precision Ag		Small Ag & Turf		Construction & Forestry		Total
Goodwill at October 31, 2021	$	542	$	265	$	2,484	$	3,291
Acquisition		7		7		4		18
Translation adjustments		(5)		(2)		(110)		(117)
Goodwill at January 30, 2022	$	544	$	270	$	2,378	$	3,192

Goodwill at October 30, 2022	$	646	$	318	$	2,723	$	3,687
Translation adjustments		15		7		182		204
Goodwill at January 29, 2023	$	661	$	325	$	2,905	$	3,891

There were no accumulated goodwill impairment losses in the reported periods.

The components of other intangible assets were as follows in millions of dollars:


	January 29		October 30		January 30
	2023		2022		2022
Amortized intangible assets:
Customer lists and relationships	$	522	$	493	$	526
Technology, patents, trademarks, and other		1,387		1,301		1,066
Total at cost		1,909		1,794		1,592
Less accumulated amortization:
Customer lists and relationships		184		166		156
Technology, patents, trademarks, and other		470		410		350
Total accumulated amortization		654		576		506
Amortized intangible assets		1,255		1,218		1,086
Unamortized intangible assets:
In-process research and development						123
Other intangible assets – net	$	1,255	$	1,218	$	1,209

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 first quarter of 2023 and 2022 was $39 million and $28 million, respectively. The estimated amortization expense for the next five years is as follows in millions of dollars: remainder of 2023 – $132, 2024 – $167, 2025 – $139, 2026 – $119, 2027 – $118, and 2028 – $86.