GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Oct. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

(in millions)	Business & Industry		Manufacturing & Distribution		Education		Aviation		Technical Solutions		Total
Balance at October 31, 2022	$	1,087.8	$	502.2	$	459.3	$	68.7	$	367.4	$	2,485.6
Acquisitions	1.3		—		—		—		(0.1)		1.1
Foreign currency translation	3.6		—		—		0.3		0.8		4.7
Balance at October 31, 2023	$	1,092.7	$	502.2	$	459.3	$	69.0	$	368.0	$	2,491.3
Acquisitions (1)	—		—		—		—		80.6		80.6
Foreign currency translation	2.6		—		—		0.4		1.1		4.1
Balance at October 31, 2024	$	1,095.5	$	502.2	$	459.3	$	69.4	$	449.6	$	2,575.9

(1) During 2024, goodwill increased primarily as a result of the Quality Uptime Acquisition. See Note 3, “Acquisitions”, for additional information.

We did not record goodwill impairment charges during fiscal years 2024 and 2023.

Other Intangible Assets

	As of October 31,
	2024						2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Total		Gross Carrying Amount		Accumulated Amortization		Total
Customer contracts and relationships	$	748.2	$	(467.2)	$	281.0	$	714.1	$	(413.2)	$	300.9
Trademarks and trade names	12.7		(11.7)		1.0		12.1		(11.1)		1.0
Contract rights and other	0.7		(0.3)		0.5		15.0		(14.0)		1.1
Total(1)	$	761.7	$	(479.3)	$	282.4	$	741.2	$	(438.3)	$	302.9

(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)	2025		2026		2027		2028		2029
Estimated amortization expense(1)	$	51.7	$	44.8	$	39.0	$	33.8	$	28.5

(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.