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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Oct. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The following table summarizes the changes in the carrying amount of goodwill by reportable segment for the years ended October 31, 2022 and 2021:
(in millions) | Global Industrial Packaging (1) |  | Paper Packaging & Services |  |  |  | Total
Balance at October 31, 2020 | $ | 750.5 |  |  | $ | 767.9 |  |  |  |  | $ | 1,518.4 |
Goodwill allocated to divestitures and businesses held for sale | (0.4) |  |  | — |  |  |  |  | (0.4) |
Goodwill adjustments | (0.2) |  |  | — |  |  |  |  | (0.2) |
Currency translation | (2.6) |  |  | 0.2 |  |  |  |  | (2.4) |
Balance at October 31, 2021 | $ | 747.3 |  |  | $ | 768.1 |  |  |  |  | $ | 1,515.4 |
Currency translation | (50.7) |  |  | (0.2) |  |  |  |  | (50.9) |
Balance at October 31, 2022 | $ | 696.6 |  |  | $ | 767.9 |  |  |  |  | $ | 1,464.5 |
(1)Accumulated goodwill impairment loss was $63.3 million as of October 31, 2022, 2021 and 2020, related to the Global Industrial Packaging reportable segment. The Company reviews goodwill by reporting unit and indefinite-lived intangible assets for impairment as required by ASC 350, “Intangibles – Goodwill and Other,” either annually August 1, or whenever events and circumstances indicate impairment may have occurred. A reporting unit is the operating segment, or a business unit one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. The components are aggregated into reporting units for purposes of goodwill impairment testing to the extent they share similar qualitative and quantitative characteristics. The Company performed its annual goodwill impairment test as of August 1, 2022. The fair value of the Company's goodwill reporting units exceeded the carrying value, resulting in no impairment. Discount rates and revenue growth rates are the assumptions that are most sensitive and susceptible to change as they require significant management judgment. In addition, certain future events and circumstances, including deterioration of market conditions, higher cost of capital, a decline in actual and expected consumption and demand, could result in changes to these assumptions and judgments. A revision of these assumptions could cause the fair value of the reporting unit to fall below its respective carrying value. As for all of the Company's reporting units, if in future years, the reporting unit's actual results are not consistent with the Company's estimates and assumptions used to calculate fair value, the Company may be required to recognize material impairments to goodwill. The following table summarizes the carrying amount of net intangible assets by class as of October 31, 2022 and 2021:
(in millions) | Gross Intangible Assets |  | Accumulated Amortization |  | Net Intangible Assets
October 31, 2022: |  |  |  |  |
Indefinite lived: |  |  |  |  |
Trademarks and patents | $ | 7.9 |  |  | $ | — |  |  | $ | 7.9 |
Definite lived: |  |  |  |  |
Customer relationships | 834.5 |  |  | 270.0 |  |  | 564.5 |
Trademarks and patents | 8.3 |  |  | 4.6 |  |  | 3.7 |
Non-compete agreements | 0.4 |  |  | 0.4 |  |  | — |
Other | 0.3 |  |  | 0.2 |  |  | 0.1 |
Total | $ | 851.4 |  |  | $ | 275.2 |  |  | $ | 576.2 |
October 31, 2021: |  |  |  |  |
Indefinite lived: |  |  |  |  |
Trademarks and patents | $ | 13.4 |  |  | $ | — |  |  | $ | 13.4 |
Definite lived: |  |  |  |  |
Customer relationships | 887.0 |  |  | 259.4 |  |  | 627.6 |
Trademarks and patents | 27.3 |  |  | 20.8 |  |  | 6.5 |
Non-compete agreements | 0.7 |  |  | 0.6 |  |  | 0.1 |
Other | 1.8 |  |  | 1.0 |  |  | 0.8 |
Total | $ | 930.2 |  |  | $ | 281.8 |  |  | $ | 648.4 |
Gross intangible ass ets decreased by $78.8 million for the year ended October 31, 2022. The decrease was attributable to the write-off of $59.6 million fully-amortized assets, $11.6 million of currency fluctuations, $4.6 million impairment of indefinite lived intangibles and $3.0 million of asset disposals. Amortization expense was $58.2 million, $66.9 million and $69.1 million for the years ended October 31, 2022, 2021 and 2020, respectively. Amortization expense for the next five years is expected to be $55.4 million in 2023, $52.2 million in 2024, $50.2 million in 2025, $50.1 million in 2026 and $49.9 million in 2027. Definite lived intangible assets for the periods presented are subject to amortization and are being amortized using the straight-line method over periods that are contractually or legally determined, or over the period a market participant would benefit from the asset. Indefinite lived intangibles of approximately $7.9 million as of October 31, 2022, related primarily to the Tri-Sure trademark and trade names related to Box Board and Pachmas, are not amortized, but rather are tested for impairment at least annually

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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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