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Goodwill and Intangible Assets

12 Months Ended

Oct. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

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

			Goodwill Carrying Amount
Balance at October 31, 2021			$	1,527
Foreign currency translation adjustment			(21)
Balance at October 31, 2022			$	1,506
Foreign currency translation adjustment			6
Balance at October 31, 2023			$	1,512

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, 2023 with no impairment noted. The Company did not incur any goodwill impairment losses in fiscal years 2023, 2022 or 2021, as the estimated fair values of its reporting units were in excess of their carrying values.

As of October 31, 2023, the Company allocated goodwill to its reportable segments as follows: Fresh Lemons $942,000 and Lemon Packing $570,000, respectively.

Intangible assets consist of the following as of October 31 (in thousands):

			2023																								2022
			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					(1,104)						1,004						8						$	2,108					$	(881)					$	1,227					8
Customer relationships			4,037						(2,111)						1,926						9						4,037						(1,660)						2,377						9
Non-competition agreement			437						(132)						305						8						437						(76)						361						8
Acquired water and mineral rights			3,422						—						3,422						Indefinite						3,352						—						3,352						Indefinite
			$	10,004					$	(3,347)					$	6,657											$	9,934					$	(2,617)					$	7,317

Amortization expense totaled $730,000, $723,000, and $929,000 for fiscal years 2023, 2022 and 2021, respectively.

Estimated future amortization expense of intangible assets are as follows (in thousands):

2024			$	711
2025			711
2026			711
2027			427
2028			427
Thereafter			248
			$	3,235

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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