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Goodwill and Other Intangible Assets, Net | 9 Months Ended
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Aug. 02, 2024
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 nine 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 |  | (0.5) |  |  | (0.5) |  |  | — |  |  | (1.0) |
Translation adjustments |  | 0.3 |  |  | 0.1 |  |  | — |  |  | 0.4 |
Balance as of August 2, 2024 |  | $ | 440.3 |  |  | $ | 9.9 |  |  | $ | — |  |  | $ | 450.2 |
Other Intangible Assets, Net The components of other intangible assets, net as of August 2, 2024, August 4, 2023, and October 31, 2023 were as follows (dollars in millions):
August 2, 2024 |  | Weighted-Average Useful Life in Years |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Patents |  | 9.9 |  | $ | 18.2 |  |  | $ | (16.6) |  |  | $ | 1.6 |
Customer-related |  | 15.8 |  | 327.7 |  |  | (124.8) |  |  | 202.9 |
Developed technology |  | 7.1 |  | 102.9 |  |  | (70.4) |  |  | 32.5 |
Trade names |  | 13.7 |  | 10.7 |  |  | (6.9) |  |  | 3.8 |
Total finite-lived |  | 13.5 |  | 459.5 |  |  | (218.7) |  |  | 240.8 |
Indefinite-lived - trade names |  |  |  | 271.6 |  |  | — |  |  | 271.6 |
Total other intangible assets, net |  |  |  | $ | 731.1 |  |  | $ | (218.7) |  |  | $ | 512.4 |
August 4, 2023 |  | Weighted-Average Useful Life in Years |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Patents |  | 9.9 |  | $ | 18.2 |  |  | $ | (15.8) |  |  | $ | 2.4 |
Non-compete agreements |  | 5.5 |  | 6.9 |  |  | (6.9) |  |  | — |
Customer-related |  | 15.7 |  | 329.1 |  |  | (102.0) |  |  | 227.1 |
Developed technology |  | 7.1 |  | 102.1 |  |  | (60.8) |  |  | 41.3 |
Trade names |  | 13.7 |  | 10.7 |  |  | (3.9) |  |  | 6.8 |
Backlog and other |  | 0.6 |  | 5.7 |  |  | (5.7) |  |  | — |
Total finite-lived |  | 13.2 |  | 472.7 |  |  | (195.1) |  |  | 277.6 |
Indefinite-lived - trade names |  |  |  | 271.6 |  |  | — |  |  | 271.6 |
Total other intangible assets, net |  |  |  | $ | 744.3 |  |  | $ | (195.1) |  |  | $ | 549.2 |
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 nine months ended August 2, 2024 was $8.8 million and $26.3 million, respectively. Amortization expense for finite-lived intangibles assets for the three and nine months ended August 4, 2023 was $8.9 million and $26.8 million, respectively. As of August 2, 2024, estimated amortization expense for the remainder of fiscal 2024 and succeeding fiscal years is as follows:
(Dollars in millions) |  | August 2, 2024
2024 (remaining) |  | $ | 8.3 |
2025 |  | 31.6 |
2026 |  | 30.4 |
2027 |  | 25.4 |
2028 |  | 22.0 |
2029 |  | 20.1 |
Thereafter |  | 103.0 |
Total estimated amortization expense |  | $ | 240.8 |
Fiscal 2023 Impairment Intimidator At the end of the third quarter of fiscal 2023, the company recorded an impairment charge of $18.0 million related to the indefinite-lived Spartan trade name intangible asset reported under the Professional segment. Further, during the same period, the company recorded an impairment charge of $133.3 million related to goodwill of the Intimidator reporting unit also reported under the Professional segment. Subsequent to these impairment charges, the remaining balance of the indefinite-lived Spartan trade name intangible asset was $81.1 million and the remaining balance of goodwill for the Intimidator reporting unit was $30.5 million. The charges are included in the Non-cash impairment charges caption on the Condensed Consolidated Statements of Earnings (Loss). These impairment charges resulted in a $36.7 million income tax benefit (deferred tax asset) associated with the remaining tax deductible basis in goodwill and other intangible assets.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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