GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Oct. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill


(in millions)	Business & Industry		Manufacturing & Distribution		Education		Aviation		Technical Solutions		Total
Balance at October 31, 2021	$	1,129.8	$	407.2	$	459.3	$	69.9	$	162.7	2,228.9
Acquisitions	61.7		—		—		—		207.5		269.2
Foreign currency translation	(8.7)		—		—		(1.1)		(2.7)		(12.6)
Reallocation (1)	(95.0)		95.0		—		—		—		—
Balance at October 31, 2022	$	1,087.8	$	502.2	$	459.3	$	68.7	$	367.4	$	2,485.6
Acquisitions (2)	1.3		—		—		—		(0.1)		1.1
Foreign currency translation	3.6		—		—		0.3		0.8		4.7
Balance at October 31, 2023	$	1,092.9	$	502.2	$	459.3	$	69.0	$	368.0	$	2,491.3

(1) In connection with the reorganization of our T&M segment in the first quarter of 2022, we reallocated $95.0 million of goodwill from our B&I segment to our M&D segment using a relative fair value approach.

(2) During 2023, represents final acquisition accounting adjustments to goodwill from RavenVolt and Momentum acquisitions. See Note 3, “Acquisitions and Dispositions,” for additional information.

We did not record goodwill impairment charges during fiscal years 2023 and 2022.

Other Intangible Assets


	As of October 31,
	2023						2022
(in millions)	Gross Carrying Amount		Accumulated Amortization		Total		Gross Carrying Amount		Accumulated Amortization		Total
Customer contracts and relationships	$	714.1	$	(413.2)	$	300.9	$	801.6	$	(442.1)	$	359.6
Trademarks and trade names	12.1		(11.1)		1.0		21.4		(15.4)		6.1
Contract rights and other	15.0		(14.0)		1.1		15.3		(2.4)		12.9
Total(1)	$	741.2	$	(438.3)	$	302.9	$	838.4	$	(459.8)	$	378.5

(1) These intangible assets are being amortized over the expected period of benefit, with a weighted average life of approximately 11 years.

Estimated Annual Amortization Expense for Each of the Next Five Years


(in millions)	2024		2025		2026		2027		2028
Estimated amortization expense(1)	$	54.4	$	47.4	$	41.3	$	35.9	$	30.9

(1) These amounts could vary as acquisitions of additional intangible assets occur in the future and as acquisition accounting is finalized for existing acquisitions.

The estimates of future cash flows used in determining the fair value of goodwill and other intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions, and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance, and economic conditions.