NOTE 6 – INTANGIBLE ASSETS

Goodwill

The Company used a qualitative approach to assess goodwill impairment for its reporting units that had goodwill as of November 1, 2025 and 2024. At each date, the Company concluded that it was more likely than not that the fair value of the respective reporting unit exceeded its corresponding carrying value. Accordingly, the Company determined that a quantitative impairment assessment was not necessary. The changes in the balances of the Company’s goodwill by reportable segment for Fiscal 2026 and Fiscal 2025 were as follows:

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For income tax reporting purposes, the 15-year straight-line amortization of goodwill related to acquisitions in the approximate amount of $16.5 million was completed during Fiscal 2024. The other amounts of the Company’s goodwill are not amortizable for income tax reporting purposes.

Intangible Assets

The Company’s intangible assets, other than goodwill, relate primarily to the Industrial segment and consisted of the following as of January 31, 2026 and 2025:

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There were no additions to intangible assets during Fiscal 2026 or Fiscal 2025. In addition, there were no impairment losses related to the assets for Fiscal 2026, Fiscal 2025 or Fiscal 2024. Amortization expense related to intangible assets was $0.4 million for each of Fiscal 2026, Fiscal 2025 and Fiscal 2024.

Estimated future amortization expense for intangible assets as of January 31, 2026 is as follows:

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