Goodwill and Other Intangible Assets, Net

9 Months Ended

Aug. 02, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

5 Goodwill and Other Intangible Assets, Net

Goodwill

The changes in the carrying amount of goodwill by reportable segment for the first nine months of fiscal 2024 were as follows:

(Dollars in millions)	Professional		Residential		Other		Total
Balance as of October 31, 2023	$	440.5	$	10.3	$	—	$	450.8
Divestitures	(0.5)		(0.5)		—		(1.0)
Translation adjustments	0.3		0.1		—		0.4
Balance as of August 2, 2024	$	440.3	$	9.9	$	—	$	450.2

Other Intangible Assets, Net

The components of other intangible assets, net as of August 2, 2024, August 4, 2023, and October 31, 2023 were as follows (dollars in millions):

August 2, 2024	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(16.6)	$	1.6
Customer-related	15.8	327.7		(124.8)		202.9
Developed technology	7.1	102.9		(70.4)		32.5
Trade names	13.7	10.7		(6.9)		3.8
Total finite-lived	13.5	459.5		(218.7)		240.8
Indefinite-lived - trade names		271.6		—		271.6
Total other intangible assets, net		$	731.1	$	(218.7)	$	512.4

August 4, 2023	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(15.8)	$	2.4
Non-compete agreements	5.5	6.9		(6.9)		—
Customer-related	15.7	329.1		(102.0)		227.1
Developed technology	7.1	102.1		(60.8)		41.3
Trade names	13.7	10.7		(3.9)		6.8
Backlog and other	0.6	5.7		(5.7)		—
Total finite-lived	13.2	472.7		(195.1)		277.6
Indefinite-lived - trade names		271.6		—		271.6
Total other intangible assets, net		$	744.3	$	(195.1)	$	549.2

October 31, 2023	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(16.0)	$	2.2
Non-compete agreements	5.5	6.9		(6.9)		—
Customer-related	15.8	327.5		(106.7)		220.8
Developed technology	7.1	102.0		(63.1)		38.9
Trade names	13.7	10.7		(4.0)		6.7
Backlog and other	0.6	5.7		(5.7)		—
Total finite-lived	13.3	471.0		(202.4)		268.6
Indefinite-lived - trade names		271.5		—		271.5
Total other intangible assets, net		$	742.5	$	(202.4)	$	540.1

Amortization expense for finite-lived intangible assets for the three and nine months ended August 2, 2024 was $8.8 million and $26.3 million, respectively. Amortization expense for finite-lived intangibles assets for the three and nine months ended August 4, 2023 was $8.9 million and $26.8 million, respectively. As of August 2, 2024, estimated amortization expense for the remainder of fiscal 2024 and succeeding fiscal years is as follows:

(Dollars in millions)	August 2, 2024
2024 (remaining)	$	8.3
2025	31.6
2026	30.4
2027	25.4
2028	22.0
2029	20.1
Thereafter	103.0
Total estimated amortization expense	$	240.8

Fiscal 2023 Impairment

Intimidator

At the end of the third quarter of fiscal 2023, the company recorded an impairment charge of $18.0 million related to the indefinite-lived Spartan trade name intangible asset reported under the Professional segment. Further, during the same period, the company recorded an impairment charge of $133.3 million related to goodwill of the Intimidator reporting unit also reported under the Professional segment. Subsequent to these impairment charges, the remaining balance of the indefinite-lived Spartan trade name intangible asset was $81.1 million and the remaining balance of goodwill for the Intimidator reporting unit was $30.5 million. The charges are included in the Non-cash impairment charges caption on the Condensed Consolidated Statements of Earnings (Loss). These impairment charges resulted in a $36.7 million income tax benefit (deferred tax asset) associated with the remaining tax deductible basis in goodwill and other intangible assets.