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Goodwill and Intangible Assets
 12 Months Ended
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 adjustment6 
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):
20242023
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life in YearsGross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Useful Life in Years
Trade names and trademarks$2,108 (1,308)800 8$2,108 $(1,104)$1,004 8
Customer relationships2,707 (1,842)865 84,037 (2,111)1,926 9
Non-competition agreement 437 (187)250 8437 (132)305 8
Acquired water and mineral rights3,306 — 3,306 Indefinite3,422 — 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 
2026578 
2027294 
2028294 
2029171 
Thereafter— 
 $1,915