Goodwill and Intangible Assets

9 Months Ended

Jul. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

A summary of the change in the carrying amount of goodwill is as follows (in thousands):


	Goodwill Net Carrying Amount
October 31, 2019	$	1,839
Trapani Fresh purchase price adjustment	(297)
Foreign currency translation adjustment	(4)
July 31, 2020	$	1,538

See Note 3 - Acquisitions for additional information regarding the acquisition of Trapani Fresh.

Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. There have been no impairment charges recorded against goodwill as of July 31, 2020.

Intangible assets consisted of the following as of July 31, 2020 and October 31, 2019 (in thousands):


	July 31, 2020													October 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Useful Life in Years

Trade names and trademarks	$	3,786	$	(801)	$	2,985	10	$	3,786	$	(542)	$	3,244	10
Customer relationships	5,010		(914)		4,096		9	5,010		(500)		4,510		9
Non-competition agreement	1,040		(121)		919		10	1,040		(42)		998		10
Acquired water and mineral rights	3,609		—		3,609		Indefinite	3,655		—		3,655		Indefinite
	$	13,445	$	(1,836)	$	11,609		$	13,491	$	(1,084)	$	12,407

Amortization expense totaled $262,000 and $205,000 for the three months ended July 31, 2020 and 2019, respectively. Amortization expense totaled $752,000 and $383,000 for the nine months ended July 31, 2020 and 2019, respectively.

9. Goodwill and Intangible Assets (continued)

Estimated future amortization expense of intangible assets as of July 31, 2020 are as follows (in thousands):


2020 (excluding the nine months ended July 31, 2020)	$	285
2021	1,027
2022	976
2023	976
2024	976
Thereafter	3,760
	$	8,000