Goodwill and Intangible Assets

3 Months Ended

Jan. 31, 2024

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, 2023	$	1,512
Foreign currency translation adjustment	(4)
Balance at January 31, 2024	$	1,508

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 January 31, 2024.

Intangible assets consist of the following (in thousands):



	January 31, 2024							October 31, 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	(1,156)		952		8	$	2,108	$	(1,104)	$	1,004	8
Customer relationships	4,037		(2,224)		1,813		9	4,037		(2,111)		1,926		9
Non-competition agreement	437		(146)		291		8	437		(132)		305		8
Acquired water and mineral rights	3,363		—		3,363		Indefinite	3,422		—		3,422		Indefinite
	$	9,945	$	(3,526)	$	6,419		$	10,004	$	(3,347)	$	6,657

Amortization expense totaled $179,000 and $197,000 for the three months ended January 31, 2024 and 2023, respectively.

Estimated future amortization expense of intangible assets as of January 31, 2024 is as follows (in thousands):


2024 (remaining nine months)	$	532
2025	711
2026	711
2027	427
2028	427
Thereafter	248
	$	3,056