GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Jan. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

GOODWILL AND OTHER INTANGIBLE ASSETS

    Changes in the carrying amount of goodwill by operating segment for the three months ended January 31, 2024 are as follows (in thousands):

	Segment		Consolidated Totals
	FSG	ETG
Balances as of October 31, 2023	$1,824,305	$1,450,022	$3,274,327
Goodwill acquired	7,577	—	7,577
Foreign currency translation adjustments	927	6,580	7,507
Adjustments to goodwill	284	799	1,083
Balances as of January 31, 2024	$1,833,093	$1,457,401	$3,290,494

The goodwill acquired pertains to the fiscal 2024 acquisition described in Note 2, Acquisition, and represents the residual value after the allocation of the total consideration to the tangible and identifiable intangible assets acquired. The Company estimates that $7 million of the goodwill acquired in fiscal 2024 will be deductible for income tax purposes. Foreign currency translation adjustments are included in other comprehensive income (loss) in the Company's Condensed Consolidated Statements of Comprehensive Income. The adjustments to goodwill represent immaterial measurement period adjustments to the allocation of the purchase consideration of certain fiscal 2023 acquisitions.

Identifiable intangible assets consist of the following (in thousands):

	As of January 31, 2024			As of October 31, 2023
	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Amortizing Assets:
Customer relationships	$989,251	($249,680)	$739,571	$967,090	($227,089)	$740,001
Intellectual property	447,145	(112,133)	335,012	448,336	(121,503)	326,833
Other	8,706	(7,533)	1,173	8,685	(7,404)	1,281
	1,445,102	(369,346)	1,075,756	1,424,111	(355,996)	1,068,115
Non-Amortizing Assets:
Trade names	289,926	—	289,926	289,166	—	289,166
	$1,735,028	($369,346)	$1,365,682	$1,713,277	($355,996)	$1,357,281

    Amortization expense related to intangible assets for the three months ended January 31, 2024 and 2023 was $30.2 million and $17.8 million, respectively. Amortization expense related to intangible assets for the remainder of fiscal 2024 is estimated to be $91.1 million. Amortization expense for each of the next five fiscal years and thereafter is estimated to be $116.4 million in fiscal 2025, $110.6 million in fiscal 2026, $106.2 million in fiscal 2027, $100.7 million in fiscal 2028, $95.2 million in fiscal 2029, and $455.6 million thereafter.