Goodwill and Intangible Assets

12 Months Ended

Oct. 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, 2018	$	1,431
Acquisition of Trapani Fresh	420
Foreign currency translation adjustment	(12)
October 31, 2019	1,839
Trapani Fresh purchase price adjustment	(297)
Foreign currency translation adjustment	(7)
October 31, 2020	$	1,535

See Note 3 - Acquisitions - of the notes to consolidated financial statements included in this Annual Report 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. The Company concluded that no potential impairment indicators existed during any interim period and performed its annual assessment of goodwill impairment as of July 31, 2020 with no impairment noted. The Company did not incur any goodwill impairment losses in fiscal years 2020, 2019 or 2018, as the estimated fair values of its reporting units were in excess of their carrying values.

As of October 31, 2020, the Company has allocated goodwill to its reportable segments as follows: Fresh Lemons $965,000 and Lemon Packing $570,000.

9. Goodwill and Intangible Assets (continued)

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


	October 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
Intangible assets:
Trade names and trademarks	$	3,771	$	(947)	$	2,824	10	$	3,786	$	(542)	$	3,244	10
Customer relationships	5,010		(989)		4,021		9	5,010		(500)		4,510		9
Non-competition agreement	1,040		(147)		893		10	1,040		(42)		998		10
Acquired water and mineral rights	3,571		—		3,571		Indefinite	$	3,655	$	—	$	3,655	Indefinite
Intangible assets	$	13,392	$	(2,083)	$	11,309		$	13,491	$	(1,084)	$	12,407

Amortization expense totaled $999,000, $689,000, and $84,000 for the years ended October 31, 2020, 2019 and 2018, respectively.

Estimated future amortization expense of intangible assets for each of the next five fiscal years and thereafter are as follows (in thousands):


2021	$	1,040
2022	989
2023	989
2024	981
2025	976
Thereafter	2,763
	$	7,738