Goodwill and Intangible Assets

9 Months Ended

Jul. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 6. Goodwill and Intangible Assets

The table below represents goodwill by segment:

	July 31, 2024		October 31, 2023
Specialty Vehicles	$	95.2	$	114.8
Recreational Vehicles		42.5		42.5
Total goodwill	$	137.7	$	157.3

The change in the net carrying value of goodwill consisted of the following:

	Nine Months Ended July 31,
	2024			2023
Balance at beginning of period	$	157.3		$	157.3
Divestitures (Note 7)		(19.6	)		—
Balance at end of period	$	137.7		$	157.3

Intangible assets (excluding goodwill) consisted of the following:

	July 31, 2024
	Gross		Accumulated Amortization			Net
Finite-lived Customer Relationships	$	23.3	$	(16.8	)	$	6.5
Indefinite-lived trade names		89.4		—			89.4
Total intangible assets, net	$	112.7	$	(16.8	)	$	95.9

	October 31, 2023
	Gross		Accumulated Amortization			Net
Finite-lived Customer Relationships	$	43.7	$	(35.4	)	$	8.3
Indefinite-lived trade names		107.4		—			107.4
Total intangible assets, net	$	151.1	$	(35.4	)	$	115.7

The change in the net carrying value of indefinite-lived trade names consisted of the following:

	Nine Months Ended July 31,
	2024			2023
Balance at beginning of period	$	107.4		$	107.4
Impairment charges		(9.1	)		—
Divestiture (Note 7)		(8.9	)		—
Balance at end of period	$	89.4		$	107.4

Amortization expense was $0.5 million and $0.6 million for the three months ended July 31, 2024 and July 31, 2023, respectively, and $1.7 million and $3.0 million for the nine months ended July 31, 2024 and July 31, 2023, respectively. Estimated future amortization expense of finite-lived intangible assets for the remainder of fiscal year 2024 and each of the five fiscal years succeeding October 31, 2024 is as follows: 2024 (remaining three months) - $0.5 million; 2025 - $1.7 million; 2026 - $1.2 million; 2027 - $1.2 million; 2028 - $1.2 million; 2029 - $0.6 million, at which point all finite-lived intangible assets will be fully amortized. As of July 31, 2024, fully amortized intangible assets and the related accumulated amortization were written off.

In connection with the discontinuation of manufacturing operations at the Company's ENC facility, the Company recorded an impairment charge of an indefinite-lived trade name of $7.2 million for the nine months ended July 31, 2024. Refer to Note 8, Restructuring and Other Related Charges, for further details related to this discontinuation. Additionally, during the quarter ended July 31, 2024, the Company recorded a $1.9 million impairment charge of an indefinite-lived trade name included within the Recreational Vehicles segment, which was due to lower than expected operating results at a specific business unit. These impairments were based on Level 3 inputs, as defined by ASC 820, Fair Value Measurements.