XML 37 R16.htm IDEA: XBRL DOCUMENT
v3.21.4

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill
(in millions) | Business & Industry |  | Technology & Manufacturing |  | Education |  | Aviation |  | Technical Solutions |  | Total
Balance at October 31, 2019 | $ | 573.9 |  |  | $ | 407.2 |  |  | $ | 558.6 |  |  | $ | 125.0 |  |  | $ | 170.7 |  |  | $ | 1,835.4 |
Foreign currency translation | 0.1 |  |  | — |  |  | — |  |  | — |  |  | (0.3) |  |  | (0.2) |
Impairment(1) | — |  |  | — |  |  | (99.3) |  |  | (55.5) |  |  | (9.0) |  |  | (163.8) |
Balance at October 31, 2020 | $ | 574.0 |  |  | $ | 407.2 |  |  | $ | 459.3 |  |  | $ | 69.5 |  |  | $ | 161.5 |  |  | $ | 1,671.4 |
Acquisition(2) | 554.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 554.0 |
Foreign currency translation | 1.8 |  |  | — |  |  | — |  |  | 0.4 |  |  | 1.2 |  |  | 3.4 |
Balance at October 31, 2021 | $ | 1,129.8 |  |  | $ | 407.2 |  |  | $ | 459.3 |  |  | $ | 69.9 |  |  | $ | 162.7 |  |  | $ | 2,228.9 |
(1) The impairment charge is included in “Impairment loss” on our Consolidated Statements of Comprehensive Income (Loss) for the year ended October 31, 2020, and is not tax deductible. (2) During 2021, goodwill increased as a result of the Able Acquisition. See Note 4, “Acquisitions,” for additional information. During the second quarter of 2020, we recognized a non-cash impairment charge totaling $163.8 million in three goodwill reporting units ($99.3 million related to Education, $55.5 million related to Aviation, and $9.0 million related to our U.K. Technical Solutions business) as part of an interim impairment test performed as a result of a triggering event arising from the Pandemic. The fair values of the goodwill reporting units were determined using a combination of the market approach and income approach. The market approach estimates the fair value of a reporting unit by using market comparables for reasonably similar public companies and a control premium. The income approach estimates fair value of a reporting unit by using discounted cash flows that include significant management assumptions, such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and operating conditions. We did not record goodwill impairment charges during fiscal year 2021. Other Intangible Assets
| October 31, 2021 |  | October 31, 2020
(in millions) | Gross Carrying Amount |  | Accumulated Amortization |  | Total |  | Gross Carrying Amount |  | Accumulated Amortization |  | Total
Customer contracts and relationships(1)(2) | $ | 793.8 |  |  | $ | (378.5) |  |  | $ | 415.3 |  |  | $ | 573.1 |  |  | $ | (333.6) |  |  | $ | 239.6 |
Trademarks and trade names(2) | 19.8 |  |  | (10.4) |  |  | 9.5 |  |  | 9.8 |  |  | (9.8) |  |  | — |
Contract rights and other | 0.5 |  |  | (0.4) |  |  | 0.1 |  |  | 0.5 |  |  | (0.4) |  |  | 0.1 |
Total(3) | $ | 814.1 |  |  | $ | (389.3) |  |  | $ | 424.8 |  |  | $ | 583.5 |  |  | $ | (343.8) |  |  | $ | 239.7 |
(1) Reflects a net impairment charge of $9.0 million recorded in 2020 as a result of the triggering event described above. We recognized net impairment charges of $5.6 million related to Aviation (consisting of a $13.8 million reduction in the gross carrying amount of the underlying customer relationships less $8.2 million of accumulated amortization) and $3.4 million related to our U.K. Technical Solutions business (consisting of an $8.7 million reduction in the gross carrying amount of the underlying customer relationships less $5.3 million of accumulated amortization). These impairment charges are included in “Impairment loss” on our Consolidated Statements of Comprehensive Income (Loss) for the year ended October 31, 2020. We did not record impairment charges on other intangible assets during fiscal year 2021. (2) Reflects additions from the Able Acquisition in 2021. See Note 4, “Acquisitions,” for additional information. (3) These intangible assets are being amortized over the expected period of benefit, with a weighted average life of approximately 12 years. Estimated Annual Amortization Expense for Each of the Next Five Years
(in millions) | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026
Estimated amortization expense(1) | $ | 69.1 |  |  | $ | 62.3 |  |  | $ | 51.7 |  |  | $ | 45.7 |  |  | $ | 40.2 |
(1) These amounts could vary as acquisitions of additional intangible assets occur in the future and as purchase price allocations are finalized for existing acquisitions. The estimates of future cash flows used in determining the fair value of goodwill and other intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions, and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance, and economic conditions.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration