| Goodwill and Intangible Assets Disclosure [Text Block] |
Note 6. 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 three months ended January 31, 2024. The Company will continue to evaluate its goodwill and intangible assets in future quarters.
The following table summarizes the composition of intangible assets as of January 31, 2024 and October 31, 2023:
| |
|
As of January 31, |
|
| |
|
2024 |
|
| |
|
Weighted Average |
|
|
Gross |
|
|
|
|
|
|
|
|
|
|
Foreign Currency |
|
|
Net |
|
| |
|
|
Remaining Life |
|
|
|
Carrying |
|
|
|
Accumulated |
|
|
|
Accumulated |
|
|
|
Translation |
|
|
|
Carrying |
|
| (in thousands) |
|
(in Years) |
|
|
Value |
|
|
Impairment |
|
|
Amortization |
|
|
Adjustment |
|
|
Amount |
|
| Intangibles subject to amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customer relationship |
|
|
9.8 |
|
|
$ |
195,126 |
|
|
$ |
- |
|
|
$ |
(133,859 |
) |
|
$ |
1,135 |
|
|
$ |
62,402 |
|
| Trade name |
|
|
4.8 |
|
|
|
5,097 |
|
|
|
- |
|
|
|
(2,778 |
) |
|
|
273 |
|
|
|
2,592 |
|
| Assembled workforce |
|
|
1.2 |
|
|
|
1,650 |
|
|
|
- |
|
|
|
(1,110 |
) |
|
|
- |
|
|
|
540 |
|
| Noncompete agreements |
|
|
3.7 |
|
|
|
1,200 |
|
|
|
- |
|
|
|
(455 |
) |
|
|
- |
|
|
|
745 |
|
| Indefinite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trade names (indefinite life) |
|
|
- |
|
|
|
55,500 |
|
|
|
(5,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
50,500 |
|
| Total intangibles |
|
|
|
|
|
$ |
258,573 |
|
|
$ |
(5,000 |
) |
|
$ |
(138,202 |
) |
|
$ |
1,408 |
|
|
$ |
116,779 |
|
| |
|
As of October 31, |
|
| |
|
2023 |
|
| |
|
Weighted Average |
|
|
Gross |
|
|
|
|
|
|
|
|
|
|
Foreign Currency |
|
|
Net |
|
| |
|
|
Remaining Life |
|
|
|
Carrying |
|
|
|
Accumulated |
|
|
|
Accumulated |
|
|
|
Translation |
|
|
|
Carrying |
|
| (in thousands) |
|
(in Years) |
|
|
Value |
|
|
Impairment |
|
|
Amortization |
|
|
Adjustment |
|
|
Amount |
|
| Intangibles subject to amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customer relationship |
|
|
10.1 |
|
|
$ |
195,126 |
|
|
$ |
- |
|
|
$ |
(130,295 |
) |
|
$ |
832 |
|
|
$ |
65,663 |
|
| Trade name |
|
|
5.1 |
|
|
|
5,097 |
|
|
|
- |
|
|
|
(2,645 |
) |
|
|
146 |
|
|
|
2,598 |
|
| Assembled workforce |
|
|
1.4 |
|
|
|
1,650 |
|
|
|
- |
|
|
|
(972 |
) |
|
|
- |
|
|
|
678 |
|
| Noncompete agreements |
|
|
3.9 |
|
|
|
1,200 |
|
|
|
- |
|
|
|
(395 |
) |
|
|
- |
|
|
|
805 |
|
| Indefinite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trade names (indefinite life) |
|
|
- |
|
|
|
55,500 |
|
|
|
(5,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
50,500 |
|
| Total intangibles |
|
|
|
|
|
$ |
258,573 |
|
|
$ |
(5,000 |
) |
|
$ |
(134,307 |
) |
|
$ |
978 |
|
|
$ |
120,244 |
|
Amortization expense for the three months ended January 31, 2024 and 2023 was $3.9 million and $4.8 million, respectively.
The changes in the carrying value of goodwill by reportable segment for the three months ended January 31, 2024 are as follows:
| (in thousands) |
|
U.S. Concrete Pumping |
|
|
U.K. Operations |
|
|
U.S. Concrete Waste Management Services |
|
|
Total |
|
| Balance at October 31, 2023 |
|
$ |
147,482 |
|
|
$ |
24,902 |
|
|
$ |
49,133 |
|
|
$ |
221,517 |
|
| Foreign currency translation |
|
|
- |
|
|
|
1,227 |
|
|
|
- |
|
|
|
1,227 |
|
| Balance at January 31, 2024 |
|
$ |
147,482 |
|
|
$ |
26,129 |
|
|
$ |
49,133 |
|
|
$ |
222,744 |
|
|