GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Oct. 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 during fiscal 2025 and 2024 are as follows (in thousands):

	Segment		Consolidated
	FSG	ETG	Totals
Balances as of October 31, 2023	$1,824,305	$1,450,022	$3,274,327
Goodwill acquired	57,978	41,259	99,237
Foreign currency translation adjustments	696	5,643	6,339
Adjustments to goodwill	(421)	813	392
Balances as of October 31, 2024	1,882,558	1,497,737	3,380,295
Goodwill acquired	111,764	153,403	265,167
Foreign currency translation adjustments	2,832	13,264	16,096
Adjustments to goodwill	24	42	66
Balances as of October 31, 2025	$1,997,178	$1,664,446	$3,661,624

    The goodwill acquired during fiscal 2025 and 2024 pertains to the acquisitions consummated in those respective years as 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. Foreign currency translation adjustments are included in other comprehensive income in the Company's Consolidated Statements of Comprehensive Income. The adjustments to goodwill in fiscal 2025 and 2024 represent immaterial measurement period adjustments to the allocation of the purchase consideration of the respective prior year acquisitions. The Company estimates that approximately $113 million and $82 million of the goodwill acquired in fiscal 2025 and 2024, respectively, will be deductible for income tax purposes. Based on the annual test for goodwill

impairment as of October 31, 2025, the Company determined there was no impairment of its goodwill.

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

	As of October 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	$1,131,443	($373,100)	$758,343	$1,013,847	($307,531)	$706,316
Intellectual property	540,836	(153,783)	387,053	471,516	(137,188)	334,328
Other	8,651	(8,127)	524	8,575	(7,708)	867
	1,680,930	(535,010)	1,145,920	1,493,938	(452,427)	1,041,511
Non-Amortizing Assets:
Trade names	325,520	—	325,520	293,263	—	293,263
	$2,006,450	($535,010)	$1,471,440	$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 October 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, for additional information).

During fiscal 2024, the Company recognized impairment losses aggregating $7.5 million from the write-down of trade names at two ETG subsidiaries due to a reduction in the expected future cash flows associated with each such intangible asset. The impairment losses were recorded as a component of SG&A expenses in the Company's Consolidated Statement of Operations. See Note 8, Fair Value Measurements, for additional information regarding the Company’s impairment losses.

As further disclosed in Note 2, Acquisitions, the following table summarizes the weighted average amortization period of the definite-lived intangible assets acquired in total and by major asset class in connection with the Company's fiscal 2025, 2024 and 2023 acquisitions (in years):

	Year ended October 31,
	2025	2024	2023
Customer relationships	11	11	13
Intellectual property	12	11	14
Total	11	11	13

    Amortization expense related to intangible assets was $137.9 million, $122.3 million and $85.9 million in fiscal 2025, 2024 and 2023, respectively. Amortization expense for each of the next five fiscal years and thereafter is estimated to be $141.8 million in fiscal 2026, $136.7 million in fiscal 2027, $130.1 million in fiscal 2028, $124.0 million in fiscal 2029, $116.8 million in fiscal 2030 and $496.5 million thereafter.