Goodwill and Intangible Assets, Net

12 Months Ended

Oct. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

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


	Goodwill Carrying Amount
Balance at October 31, 2019	$	1,839
Trapani Fresh purchase price adjustment	(297)
Foreign currency translation adjustment	(7)
Balance at October 31, 2020	1,535
Foreign currency translation adjustment	(8)
Balance at October 31, 2021	$	1,527

See Note 3 - Acquisitions for additional information regarding the Trapani Fresh purchase price adjustment.

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, 2021 with no impairment noted. The Company did not incur any goodwill impairment losses in fiscal years 2021, 2020 or 2019, as the estimated fair values of its reporting units were in excess of their carrying values.

As of October 31, 2021, the Company has allocated goodwill to its reportable segments as follows: Fresh Lemons $957,000 and Lemon Packing $570,000.

During the fiscal year ended October 31, 2021, the Company acquired additional water rights in Chile for $186,000.

9. Goodwill and Intangible Assets, Net (continued)

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


	October 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
Intangible assets:
Trade names and trademarks	$	2,108	$	(663)	$	1,445	8	$	3,771	$	(947)	$	2,824	10
Customer relationships	4,037		(1,209)		2,828		9	5,010		(989)		4,021		9
Non-competition agreement	437		(22)		415		8	1,040		(147)		893		10
Acquired water and mineral rights	3,641		—		3,641		Indefinite	$	3,571	$	—	$	3,571	Indefinite
Intangible assets	$	10,223	$	(1,894)	$	8,329		$	13,392	$	(2,083)	$	11,309

Amortization expense totaled $929,000, $999,000, and $689,000 for the years ended October 31, 2021, 2020 and 2019, respectively.

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


2022	$	724
2023	724
2024	716
2025	711
2026	711
Thereafter	1,102
	$	4,688