Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The following table presents the goodwill balance by reportable segment:


	Rail Products and Services		Construction Products		Tubular and Energy Services		Total
Balance as of December 31, 2017	$	14,638	$	5,147	$	—	$	19,785
Foreign currency translation impact	(336)		—		—		(336)
Balance as of September 30, 2018	$	14,302	$	5,147	$	—	$	19,449

The Company performs goodwill impairment tests annually during the fourth quarter, and also performs interim goodwill impairment tests if it is determined that it is more likely than not that the fair value of a reporting unit is less than the carrying amount. Qualitative factors are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than the carrying amount. No interim goodwill impairment test was required in connection with the evaluation of qualitative factors as of September 30, 2018. The Company continues to monitor the recoverability of the long-lived assets associated with certain reporting units of the Company and their long-term financial projections. Sustained declines in the markets we serve may result in future long-lived asset impairment.

The following table represents the gross balances of other intangible asset by reportable segment:


	September 30, 2018		December 31, 2017
Rail Products and Services*	$	57,151	$	57,654
Construction Products	1,348		1,348
Tubular and Energy Services	29,179		29,179
	$	87,678	$	88,181

* Gross balances include the impact of foreign currency translation adjustments.

The components of the Company’s intangible assets were as follows:


	September 30, 2018
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	5	$	4,215	$	(3,757)	$	458
Patents	10	379		(172)		207
Customer relationships	18	37,333		(10,869)		26,464
Trademarks and trade names	14	10,057		(4,710)		5,347
Technology	14	35,694		(16,369)		19,325
		$	87,678	$	(35,877)	$	51,801

	December 31, 2017
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	5	$	4,238	$	(3,100)	$	1,138
Patents	10	389		(164)		225
Customer relationships	17	37,679		(9,171)		28,508
Trademarks and trade names	14	10,085		(4,091)		5,994
Technology	14	35,790		(14,215)		21,575
		$	88,181	$	(30,741)	$	57,440

Intangible assets are amortized over their useful lives, which range from 4 to 25 years, with a total weighted average amortization period of approximately 15 years as of September 30, 2018. Amortization expense was $1,762 and $1,764 for the three months ended September 30, 2018 and 2017, respectively, and $5,322 and $5,218 for the nine months ended September 30, 2018 and 2017, respectively.

As of September 30, 2018, estimated amortization expense for the remainder of 2018 and thereafter was as follows:


	Amortization Expense
Remainder of 2018	$	1,667
2019	6,262
2020	5,942
2021	5,923
2022	5,881
2023 and thereafter	26,126
	$	51,801

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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