Goodwill and Intangible Assets

9 Months Ended

Jul. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6. Goodwill and Intangible Assets

The table below represents goodwill by segment:


	July 31, 2022		October 31, 2021
Fire & Emergency	$	88.6	$	88.6
Commercial		26.2		26.2
Recreation		42.5		42.5
Total goodwill	$	157.3	$	157.3

There was no change in the net carrying value of goodwill for the three and nine months ended July 31, 2022 and July 31, 2021.

During the quarter ended July 31, 2022, management identified a triggering event related to a reporting unit within the Fire & Emergency, (“F&E”), segment. This triggering event was a result of lower operating results compared to forecast, which were primarily driven by uncertainty surrounding the supply of critical components and labor. Accordingly, we performed an interim quantitative goodwill and indefinite-lived intangible asset impairment test on that reporting unit and concluded no impairment existed as of the test date. In addition, there have been no subsequent indicators of impairment as of July 31, 2022.

Intangible assets (excluding goodwill) consisted of the following:


	July 31, 2022
	Weighted- Average Life		Gross		Accumulated Amortization			Net
Finite-lived customer relationships		8.0	$	43.7	$	(30.6	)	$	13.1
Indefinite-lived trade names				107.4		—			107.4
Total intangible assets, net			$	151.1	$	(30.6	)	$	120.5


	October 31, 2021
	Weighted- Average Life		Gross		Accumulated Amortization			Net
Finite-lived intangible assets:
Customer relationships		8.0	$	66.2	$	(47.3	)	$	18.9
Non-compete agreements		5.0		2.0		(2.0	)		—
				68.2		(49.3	)		18.9
Indefinite-lived trade names				107.4		—			107.4
Total intangible assets, net			$	175.6	$	(49.3	)	$	126.3

Amortization expense was $1.3 million and $2.3 million for the three months ended July 31, 2022, and July 31, 2021, respectively, and $5.7 million and $7.4 million for the nine months ended July 31, 2022 and July 31, 2021, respectively. As of July 31, 2022 and July 31, 2021, fully amortized intangible assets and the related accumulated amortization related to customer relationships and non-compete agreements, were written off, respectively.