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Goodwill and Intangible Assets | 12 Months Ended
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Oct. 31, 2024
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, 2022 | $ | 1,506 |
Foreign currency translation adjustment | 6 |
Balance at October 31, 2023 | $ | 1,512 |
Foreign currency translation adjustment | (8) |
Balance at October 31, 2024 | $ | 1,504 |
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, 2024 with no impairment noted. The Company did not incur any goodwill impairment losses for fiscal years 2024, 2023 or 2022, as the estimated fair values of its reporting units were in excess of their carrying values. As of October 31, 2024, the Company allocated goodwill to its reportable segments as follows: Fresh Lemons $934,000 and Lemon Packing $570,000, respectively. 8. Goodwill and Intangible Assets (continued) Intangible assets consist of the following as of October 31 (in thousands):
| 2024 |  | 2023
| 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 |  |  | (1,308) |  |  | 800 |  |  | 8 |  | $ | 2,108 |  |  | $ | (1,104) |  |  | $ | 1,004 |  |  | 8
Customer relationships | 2,707 |  |  | (1,842) |  |  | 865 |  |  | 8 |  | 4,037 |  |  | (2,111) |  |  | 1,926 |  |  | 9
Non-competition agreement | 437 |  |  | (187) |  |  | 250 |  |  | 8 |  | 437 |  |  | (132) |  |  | 305 |  |  | 8
Acquired water and mineral rights | 3,306 |  |  | — |  |  | 3,306 |  |  | Indefinite |  | 3,422 |  |  | — |  |  | 3,422 |  |  | Indefinite
| $ | 8,558 |  |  | $ | (3,337) |  |  | $ | 5,221 |  |  |  |  | $ | 10,004 |  |  | $ | (3,347) |  |  | $ | 6,657 |  |  |
Amortization expense totaled $677,000, $730,000, and $723,000 for fiscal years 2024, 2023 and 2022, respectively. In July 2024, the Company determined that the carrying value of one of its customer relationships was not recoverable, recorded an impairment charge of $643,000 and wrote off the intangible asset. Estimated future amortization expense of intangible assets are as follows (in thousands):
2025 | $ | 578 |
2026 | 578 |
2027 | 294 |
2028 | 294 |
2029 | 171 |
Thereafter | — |
| $ | 1,915 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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