Goodwill and Intangible Assets, Net

9 Months Ended

Jul. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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


	Goodwill Carrying Amount
Balance at October 31, 2020	$	1,535

Foreign currency translation adjustment	4
Balance as of July 31, 2021	$	1,539

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, 2021.

During the nine months ended July 31, 2021, the Company acquired additional water rights in Chile for $186,000.

7. Goodwill and Intangible Assets, Net (continued)

Intangible assets consisted of the following as of July 31, 2021 and October 31, 2020 (in thousands):


	July 31, 2021							October 31, 2020
	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	$	2,108	$	(673)	$	1,435	8	$	3,771	$	(947)	$	2,824	10
Customer relationships	4,037		(1,019)		3,018		9	5,010		(989)		4,021		9
Non-competition agreement	437		(9)		428		8	1,040		(147)		893		10
Acquired water and mineral rights	3,799		—		3,799		Indefinite	3,571		—		3,571		Indefinite
	$	10,381	$	(1,701)	$	8,680		$	13,392	$	(2,083)	$	11,309

Amortization expense totaled $210,000 and $262,000 for the three months ended July 31, 2021 and 2020, respectively. Amortization expense totaled $736,000 and $752,000 for the nine months ended July 31, 2021 and 2020, respectively.

Estimated future amortization expense of intangible assets as of July 31, 2021 are as follows (in thousands):


2021 (excluding the nine months ended July 31, 2021)	$	192
2022	724
2023	724
2024	716
2025	711
Thereafter	1,814
	$	4,881