GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Jan. 31, 2025

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, 2025 are as follows (in thousands):

	Segment		Consolidated Totals
	FSG	ETG
Balances as of October 31, 2024	$1,882,558	$1,497,737	$3,380,295
Goodwill acquired	112,088	14,759	126,847
Foreign currency translation adjustments	(2,298)	(13,103)	(15,401)
Adjustments to goodwill	(184)	(85)	(269)
Balances as of January 31, 2025	$1,992,164	$1,499,308	$3,491,472

The goodwill acquired pertains to the fiscal 2025 acquisitions described in Note 2, Acquisitions, and represents the residual value after the allocation of the total consideration to the tangible and identifiable intangible assets acquired and liabilities and noncontrolling interests assumed. The Company estimates that $101 million of the goodwill acquired in fiscal 2025 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 2024 acquisitions.

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

	As of January 31, 2025			As of October 31, 2024
	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Amortizing Assets:
Customer relationships	$1,077,828	($314,445)	$763,383	$1,013,847	($307,531)	$706,316
Intellectual property	523,823	(142,090)	381,733	471,516	(137,188)	334,328
Other	8,573	(7,790)	783	8,575	(7,708)	867
	1,610,224	(464,325)	1,145,899	1,493,938	(452,427)	1,041,511
Non-Amortizing Assets:
Trade names	300,717	—	300,717	293,263	—	293,263
	$1,910,941	($464,325)	$1,446,616	$1,787,201	($452,427)	$1,334,774

The increase in the gross carrying amount of customer relationships, intellectual property and trade names as of January 31, 2025 compared to October 31, 2024 principally relates to such intangible assets recognized in connection with the fiscal 2025 acquisitions (see Note 2, Acquisitions).    

Amortization expense related to intangible assets for the three months ended January 31, 2025 and 2024 was $32.2 million and $30.2 million, respectively. Amortization expense related to intangible assets for the remainder of fiscal 2025 is estimated to be $102.7 million. Amortization expense for each of the next five fiscal years and thereafter is estimated to be $131.7 million in fiscal 2026, $126.8 million in fiscal 2027, $120.4 million in fiscal 2028, $114.6 million in fiscal 2029, $107.7 million in fiscal 2030, and $442.0 million thereafter.