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Goodwill and Other Intangible Assets, Net | 6 Months Ended
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May 03, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets, Net |
4 | 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 2024 were as follows:
(Dollars in millions) |  | Professional |  | Residential |  | Other |  | Total
Balance as of October 31, 2023 |  | $ | 440.5 |  |  | $ | 10.3 |  |  | $ | — |  |  | $ | 450.8 |
Divestitures |  | (0.3) |  |  | — |  |  | — |  |  | (0.3) |
Translation adjustments |  | 0.1 |  |  | 0.1 |  |  | — |  |  | 0.2 |
Balance as of May 3, 2024 |  | $ | 440.3 |  |  | $ | 10.4 |  |  | $ | — |  |  | $ | 450.7 |
Other Intangible Assets, Net The components of other intangible assets, net as of May 3, 2024, May 5, 2023, and October 31, 2023 were as follows (dollars in millions):
May 3, 2024 |  | Weighted-Average Useful Life in Years |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Patents |  | 9.9 |  | $ | 18.2 |  |  | $ | (16.4) |  |  | $ | 1.8 |
Customer-related |  | 15.8 |  | 327.6 |  |  | (118.7) |  |  | 208.9 |
Developed technology |  | 7.1 |  | 102.1 |  |  | (67.9) |  |  | 34.2 |
Trade names |  | 13.7 |  | 10.7 |  |  | (4.4) |  |  | 6.3 |
Total finite-lived |  | 13.6 |  | 458.6 |  |  | (207.4) |  |  | 251.2 |
Indefinite-lived - trade names |  |  |  | 271.5 |  |  | — |  |  | 271.5 |
Total other intangible assets, net |  |  |  | $ | 730.1 |  |  | $ | (207.4) |  |  | $ | 522.7 |
May 5, 2023 |  | Weighted-Average Useful Life in Years |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Patents |  | 9.9 |  | $ | 18.2 |  |  | $ | (15.7) |  |  | $ | 2.5 |
Non-compete agreements |  | 5.5 |  | 6.9 |  |  | (6.9) |  |  | — |
Customer-related |  | 16.0 |  | 321.4 |  |  | (95.8) |  |  | 225.6 |
Developed technology |  | 7.1 |  | 102.1 |  |  | (58.4) |  |  | 43.7 |
Trade names |  | 13.7 |  | 10.8 |  |  | (3.8) |  |  | 7.0 |
Backlog and other |  | 0.6 |  | 5.7 |  |  | (5.7) |  |  | — |
Total finite-lived |  | 13.4 |  | 465.1 |  |  | (186.3) |  |  | 278.8 |
Indefinite-lived - trade names |  |  |  | 289.6 |  |  | — |  |  | 289.6 |
Total other intangible assets, net |  |  |  | $ | 754.7 |  |  | $ | (186.3) |  |  | $ | 568.4 |
October 31, 2023 |  | Weighted-Average Useful Life in Years |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Patents |  | 9.9 |  | $ | 18.2 |  |  | $ | (16.0) |  |  | $ | 2.2 |
Non-compete agreements |  | 5.5 |  | 6.9 |  |  | (6.9) |  |  | — |
Customer-related |  | 15.8 |  | 327.5 |  |  | (106.7) |  |  | 220.8 |
Developed technology |  | 7.1 |  | 102.0 |  |  | (63.1) |  |  | 38.9 |
Trade names |  | 13.7 |  | 10.7 |  |  | (4.0) |  |  | 6.7 |
Backlog and other |  | 0.6 |  | 5.7 |  |  | (5.7) |  |  | — |
Total finite-lived |  | 13.3 |  | 471.0 |  |  | (202.4) |  |  | 268.6 |
Indefinite-lived - trade names |  |  |  | 271.5 |  |  | — |  |  | 271.5 |
Total other intangible assets, net |  |  |  | $ | 742.5 |  |  | $ | (202.4) |  |  | $ | 540.1 |
Amortization expense for finite-lived intangible assets for the three and six months ended May 3, 2024 was $8.8 million and $17.5 million, respectively. Amortization expense for finite-lived intangibles assets for the three and six months ended May 5, 2023 was $8.8 million and $17.9 million, respectively. As of May 3, 2024, estimated amortization expense for the remainder of fiscal 2024 and succeeding fiscal years is as follows:
(Dollars in millions) |  | May 3, 2024
2024 (remaining) |  | $ | 17.1 |
2025 |  | 31.7 |
2026 |  | 30.5 |
2027 |  | 25.6 |
2028 |  | 22.3 |
2029 |  | 20.4 |
Thereafter |  | 103.6 |
Total estimated amortization expense |  | $ | 251.2 |

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