GOODWILL AND OTHER INTANGIBLE ASSETS-NET

6 Months Ended

Apr. 30, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS-NET

GOODWILL AND OTHER INTANGIBLE ASSETS-NET

(11)  Goodwill and Other Intangible Assets–Net

The changes in amounts of goodwill by operating segments were as follows in millions of dollars:

	Production &		Small Ag		Construction
	Precision Ag		& Turf		& Forestry		Total
Goodwill at October 31, 2021	$	542	$	265	$	2,484	$	3,291
Acquisitions		122		69		600		791
Translation adjustments		(11)		(7)		(252)		(270)
Goodwill at May 1, 2022	$	653	$	327	$	2,832	$	3,812
Goodwill at October 30, 2022	$	646	$	318	$	2,723	$	3,687
Acquisition		41						41
Translation adjustments		18		8		209		235
Goodwill at April 30, 2023	$	705	$	326	$	2,932	$	3,963

There were no accumulated goodwill impairment losses in the reported periods.

The components of other intangible assets were as follows in millions of dollars:

	April 30		October 30		May 1
	2023		2022		2022
Amortized intangible assets:
Customer lists and relationships	$	525	$	493	$	520
Technology, patents, trademarks, and other		1,397		1,301		1,350
Total at cost		1,922		1,794		1,870
Less accumulated amortization:
Customer lists and relationships		193		166		158
Technology, patents, trademarks, and other		507		410		360
Total accumulated amortization		700		576		518
Other intangible assets – net	$	1,222	$	1,218	$	1,352

The amortization of other intangible assets in the second quarter and the first six months of 2023 was $45 million and $84 million, and for the second quarter and the first six months of 2022 was $34 million and $62 million, respectively. The estimated amortization expense for the next five years is as follows in millions of dollars: remainder of 2023 – $88, 2024 – $168, 2025 – $139, 2026 – $120, 2027 – $119, and 2028 –$86.