GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Jul. 31, 2024

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 nine months ended July 31, 2024 are as follows (in thousands):


	Segment		Consolidated Totals
	FSG	ETG
Balances as of October 31, 2023	$1,824,305	$1,450,022	$3,274,327
Goodwill acquired	12,158	—	12,158
Foreign currency translation adjustments	950	4,963	5,913
Adjustments to goodwill	(1,249)	813	(436)
Balances as of July 31, 2024	$1,836,164	$1,455,798	$3,291,962

The goodwill acquired pertains to the fiscal 2024 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. The Company estimates that $11 million of the goodwill acquired in fiscal 2024 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 allocation of the purchase consideration of certain fiscal 2023 acquisitions.

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


	As of July 31, 2024			As of October 31, 2023
	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Amortizing Assets:
Customer relationships	$989,714	($294,271)	$695,443	$967,090	($227,089)	$740,001
Intellectual property	448,196	(128,504)	319,692	448,336	(121,503)	326,833
Other	8,639	(7,678)	961	8,685	(7,404)	1,281
	1,446,549	(430,453)	1,016,096	1,424,111	(355,996)	1,068,115
Non-Amortizing Assets:
Trade names	283,774	—	283,774	289,166	—	289,166
	$1,730,323	($430,453)	$1,299,870	$1,713,277	($355,996)	$1,357,281

During the third quarter of fiscal 2024, the Company recognized an impairment loss of $6.0 million from the write-down of a trade name of a subsidiary within the ETG due to a reduction in the expected future cash flows associated with such intangible asset. The impairment loss was recorded as a component of selling, general and administrative ("SG&A") expenses in the Company's Condensed Consolidated Statement of Operations. See Note 8, Fair Value Measurements, for additional information regarding the Company’s impairment loss.

Amortization expense related to intangible assets for the nine months ended July 31, 2024 and 2023 was $91.5 million and $55.5 million, respectively. Amortization expense related to intangible assets for the three months ended July 31, 2024 and 2023 was $30.7 million and $18.6 million, respectively. Amortization expense related to intangible assets for the remainder of fiscal 2024 is estimated to be $30.3 million. Amortization expense for each of the next five fiscal years and thereafter is estimated to be $117.3 million in fiscal 2025, $111.5 million in fiscal 2026, $106.8 million in fiscal 2027, $100.8 million in fiscal 2028, $95.4 million in fiscal 2029, and $454.0 million thereafter.