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Goodwill and Other Intangible Assets, Net
 6 Months Ended
May 01, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, Net
5
Goodwill and Other Intangible Assets, Net
The company's acquisition of Venture Products on March 2, 2020 resulted in the recognition of $65.2 million and $75.3 million of preliminary goodwill and other intangible assets, respectively. For additional information on the company's acquisition of Venture Products, refer to Note 2, Business Combinations.
Goodwill
The changes in the carrying amount of goodwill by reportable segment for the first six months of fiscal 2020 were as follows:
(Dollars in thousands)
 
Professional
 
Residential
 
Other
 
Total
Balance as of October 31, 2019
 
$
350,250

 
$
10,469

 
$
1,534

 
$
362,253

Goodwill acquired
 
65,185

 
—

 
—

 
65,185

Purchase price allocation adjustment
 
(866
)
 
—

 
—

 
(866
)
Translation adjustments
 
(318
)
 
(79
)
 
—

 
(397
)
Balance as of May 1, 2020
 
$
414,251

 
$
10,390

 
$
1,534

 
$
426,175


Other Intangible Assets, Net
The components of other intangible assets, net as of May 1, 2020 were as follows:
(Dollars in thousands)
 
Weighted-Average Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
Patents
 
9.9
 
$
18,227

 
$
(13,494
)
 
$
4,733

Non-compete agreements
 
5.5
 
6,865

 
(6,794
)
 
71

Customer-related
 
18.2
 
239,383

 
(40,555
)
 
198,828

Developed technology
 
7.6
 
51,854

 
(33,199
)
 
18,655

Trade names
 
15.4
 
7,476

 
(2,304
)
 
5,172

Backlog and other
 
0.6
 
4,390

 
(4,390
)
 
—

Total finite-lived
 
15.5
 
328,195

 
(100,736
)
 
227,459

Indefinite-lived - trade names
 
 
 
190,427

 
—

 
190,427

Total other intangible assets, net
 
 
 
$
518,622

 
$
(100,736
)
 
$
417,886

The components of other intangible assets, net as of May 3, 2019 were as follows:
(Dollars in thousands)
 
Weighted-Average Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
Patents
 
9.9
 
$
18,254

 
$
(12,728
)
 
$
5,526

Non-compete agreements
 
5.5
 
6,889

 
(6,797
)
 
92

Customer-related
 
18.3
 
201,022

 
(26,719
)
 
174,303

Developed technology
 
7.6
 
50,338

 
(29,292
)
 
21,046

Trade names
 
15.5
 
7,599

 
(1,903
)
 
5,696

Other
 
0.6
 
7,380

 
(1,897
)
 
5,483

Total finite-lived
 
15.1
 
291,482

 
(79,336
)
 
212,146

Indefinite-lived - trade names
 
 
 
121,031

 
—

 
121,031

Total other intangible assets, net
 
 
 
$
412,513

 
$
(79,336
)
 
$
333,177

The components of other intangible assets, net as of October 31, 2019 were as follows:
(Dollars in thousands)
 
Weighted-Average Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
Patents
 
9.9
 
$
18,230

 
$
(13,102
)
 
$
5,128

Non-compete agreements
 
5.5
 
6,868

 
(6,786
)
 
82

Customer-related
 
18.4
 
220,390

 
(33,547
)
 
186,843

Developed technology
 
7.6
 
51,911

 
(31,289
)
 
20,622

Trade names
 
15.4
 
7,496

 
(2,109
)
 
5,387

Other
 
0.6
 
4,390

 
(4,390
)
 
—

Total finite-lived
 
15.5
 
309,285

 
(91,223
)
 
218,062

Indefinite-lived - trade names
 
 
 
134,312

 
—

 
134,312

Total other intangible assets, net
 
 
 
$
443,597

 
$
(91,223
)
 
$
352,374


Amortization expense for finite-lived intangible assets during the second quarter of fiscal 2020 and fiscal 2019 was $4.9 million and $3.7 million, respectively. Amortization expense for finite-lived intangible assets during the first six months of fiscal 2020 and 2019 was $9.6 million and $5.5 million, respectively. Estimated amortization expense for the remainder of fiscal 2020 and succeeding fiscal years is as follows: fiscal 2020 (remainder), $9.9 million; fiscal 2021, $19.5 million; fiscal 2022, $18.2 million; fiscal 2023, $16.5 million; fiscal 2024, $15.4 million; fiscal 2025, $13.8 million; and after fiscal 2025, $134.2 million.