Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Goodwill and Intangible Assets

v3.20.1
Note 8 - Goodwill and Intangible Assets
3 Months Ended
Jan. 31, 2020
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
Note
8.
Goodwill and Intangible Assets
 
The Company recognized goodwill and certain intangible assets in connection with business combinations (see Note
4
- Business Combinations). The following table summarizes the composition of intangible assets at
January 31, 2020
and at
October 31, 2019
:
 
   
January 31,
   
October 31,
 
   
2020
   
2019
 
   
Gross
     
 
 
 
Foreign Currency
   
Net
   
Gross
     
 
 
 
Foreign Currency
   
Net
 
   
Carrying
   
Accumulated
   
Translation
   
Carrying
   
Carrying
   
Accumulated
   
Translation
   
Carrying
 
(in thousands)
 
Value
   
Amortization
   
Adjustment
   
Amount
   
Value
   
Amortization
   
Adjustment
   
Amount
 
Customer relationship
  $
194,015
    $
(40,307
)   $
(156
)   $
153,552
    $
193,594
    $
(31,861
)   $
(62
)   $
161,671
 
Trade name
   
5,542
     
(620
)    
(19
)    
4,903
     
5,434
     
(483
)    
(7
)    
4,944
 
Trade name (indefinite life)
   
55,500
     
-
     
-
     
55,500
     
55,500
     
-
     
-
     
55,500
 
Noncompete agreements
   
200
     
(32
)    
-
     
168
     
200
     
(22
)    
-
     
178
 
Total intangibles
  $
255,257
    $
(40,959
)   $
(175
)   $
214,123
    $
254,728
    $
(32,366
)   $
(69
)   $
222,293
 
 
Amortization expense for the Successor
three
-month period ended
January 31, 2020
and the period from
December 6, 2018
to
January 31, 2019
was
$8.6
million and
$4.9
million, respectively. Amortization expense for the Predecessor from
November 1, 2018
to
December 5, 2018
was
$0.7
million. The estimated aggregate amortization expense for intangible assets over the next
five
fiscal years ending
October 31
and thereafter is as follows:
 
(in thousands)
     
 
2020 (excluding the period from November 1, 2019 to January 31, 2020)
  $
24,880
 
2021
   
26,918
 
2022
   
21,661
 
2023
   
17,219
 
2024
   
13,831
 
Thereafter
   
54,114
 
Total
  $
158,623
 
 
The changes in the carrying value of goodwill by reportable segment for the quarter ended
January 31, 2020
are as follows:
 
(in thousands)
 
U.S. Concrete Pumping
   
U.K. Operations
   
U.S. Concrete Waste Mana
gement Services
   
Corporate
   
Total
 
Balance at October 31, 2019
  $
185,782
    $
41,173
    $
49,133
    $
-
    $
276,088
 
Measurement-period adjustments    
200
     
-
     
-
     
-
     
200
 
Foreign currency translation
   
-
     
814
     
-
     
-
     
814
 
Balance at January 31, 2020
  $
185,982
    $
41,987
    $
49,133
    $
-
    $
277,102