| Goodwill and Intangible Assets Disclosure [Text Block] |
Note 8. Goodwill and Intangible Assets
The Company has recognized goodwill and certain intangible assets in connection with prior business combinations.
There were no triggering events during the six-month period ended April 30, 2022. The Company will continue to evaluate its goodwill and intangible assets in future quarters. Additional impairments may be recorded based on events and circumstances, including those related to COVID-19 discussed in Note 1.
The following table summarizes the composition of intangible assets at April 30, 2022 and at October 31, 2021:
| |
|
April 30, |
|
| |
|
2022 |
|
| |
|
Gross |
|
|
|
|
|
|
|
|
|
|
Foreign Currency |
|
|
Net |
|
| |
|
Carrying |
|
|
|
|
|
|
Accumulated |
|
|
Translation |
|
|
Carrying |
|
| (in thousands) |
|
Value |
|
|
Impairment |
|
|
Amortization |
|
|
Adjustment |
|
|
Amount |
|
| Customer relationship |
|
$ |
195,165 |
|
|
$ |
- |
|
|
$ |
(102,138 |
) |
|
$ |
(994 |
) |
|
$ |
92,033 |
|
| Trade name |
|
|
5,644 |
|
|
|
- |
|
|
|
(1,877 |
) |
|
|
(286 |
) |
|
|
3,481 |
|
| Trade name (indefinite life) |
|
|
55,500 |
|
|
|
(5,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
50,500 |
|
| Assembled workforce |
|
|
1,450 |
|
|
|
- |
|
|
|
(203 |
) |
|
|
- |
|
|
|
1,247 |
|
| Noncompete agreements |
|
|
200 |
|
|
|
- |
|
|
|
(122 |
) |
|
|
- |
|
|
|
78 |
|
| Total intangibles |
|
$ |
257,959 |
|
|
$ |
(5,000 |
) |
|
$ |
(104,340 |
) |
|
$ |
(1,280 |
) |
|
$ |
147,339 |
|
| |
|
October 31, |
|
| |
|
2021 |
|
| |
|
Gross |
|
|
|
|
|
|
|
|
|
|
Foreign Currency |
|
|
Net |
|
| |
|
Carrying |
|
|
|
|
|
|
Accumulated |
|
|
Translation |
|
|
Carrying |
|
| (in thousands) |
|
Value |
|
|
Impairment |
|
|
Amortization |
|
|
Adjustment |
|
|
Amount |
|
| Customer relationship |
|
$ |
195,220 |
|
|
$ |
- |
|
|
$ |
(91,169 |
) |
|
$ |
(539 |
) |
|
$ |
103,512 |
|
| Trade name |
|
|
5,748 |
|
|
|
- |
|
|
|
(1,598 |
) |
|
|
(71 |
) |
|
|
4,079 |
|
| Trade name (indefinite life) |
|
|
55,500 |
|
|
|
(5,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
50,500 |
|
| Assembled workforce |
|
|
350 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
350 |
|
| Noncompete agreements |
|
|
200 |
|
|
|
- |
|
|
|
(102 |
) |
|
|
- |
|
|
|
98 |
|
| Total intangibles |
|
$ |
257,018 |
|
|
$ |
(5,000 |
) |
|
$ |
(92,869 |
) |
|
$ |
(610 |
) |
|
$ |
158,539 |
|
Amortization expense for the three and six months ended April 30, 2022 was $5.7 million and $11.5 million, respectively. Amortization expense for the three and six months ended April 30, 2021 was $7.0 million and $13.9 million, respectively. The estimated aggregate amortization expense for intangible assets over the next five fiscal years ending October 31 and thereafter is as follows:
| (in thousands) |
|
|
|
|
| 2022 (excluding the period from November 1, 2021 to April 30, 2022) |
|
$ |
11,066 |
|
| 2023 |
|
|
17,969 |
|
| 2024 |
|
|
14,455 |
|
| 2025 |
|
|
11,356 |
|
| 2026 |
|
|
9,258 |
|
| Thereafter |
|
|
32,735 |
|
| Total |
|
$ |
96,839 |
|
The changes in the carrying value of goodwill by reportable segment for the six-month periods ended April 30, 2022 and 2021 are as follows:
| (in thousands) |
|
U.S. Concrete Pumping |
|
|
U.K. Operations |
|
|
U.S. Concrete Waste Management Services |
|
|
Total |
|
| Balance at October 31, 2020 |
|
$ |
147,482 |
|
|
$ |
26,539 |
|
|
$ |
49,133 |
|
|
$ |
223,154 |
|
| Foreign currency translation |
|
|
- |
|
|
|
1,858 |
|
|
|
- |
|
|
|
1,858 |
|
| Balance at April 30, 2021 |
|
$ |
147,482 |
|
|
$ |
28,397 |
|
|
$ |
49,133 |
|
|
$ |
225,012 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at October 31, 2021 |
|
$ |
147,482 |
|
|
$ |
28,085 |
|
|
$ |
49,133 |
|
|
$ |
224,700 |
|
| Foreign currency translation |
|
|
- |
|
|
|
(2,301 |
) |
|
|
- |
|
|
$ |
(2,301 |
) |
| Balance at April 30, 2022 |
|
$ |
147,482 |
|
|
$ |
25,784 |
|
|
$ |
49,133 |
|
|
$ |
222,399 |
|
|