Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

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, 2019	$	14,418	$	5,147	$	—	$	19,565
Foreign currency translation impact	(578)		—		—		(578)
Balance as of March 31, 2020	$	13,840	$	5,147	$	—	$	18,987

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 as a result of the evaluation of qualitative factors as of March 31, 2020.

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


	March 31, 2020
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	5	$	45	$	(39)	$	6
Patents	10	345		(176)		169
Customer relationships	18	36,863		(14,222)		22,641
Trademarks and trade names	16	7,736		(3,667)		4,069
Technology	14	35,567		(20,836)		14,731
		$	80,556	$	(38,940)	$	41,616

	December 31, 2019
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	4	$	1,272	$	(1,259)	$	13
Patents	10	377		(188)		189
Customer relationships	18	37,498		(13,945)		23,553
Trademarks and trade names	16	7,787		(3,551)		4,236
Technology	13	35,728		(20,205)		15,523
		$	82,662	$	(39,148)	$	43,514

Intangible assets are amortized over their useful lives, which range from 5 to 25 years, with a total weighted average amortization period of approximately 16 years as of March 31, 2020. Amortization expense was $1,463 and $1,712 for the three months ended March 31, 2020 and 2019, respectively. During the three months ended March 31, 2020, certain fully amortized intangible assets of $1,186 related to non-compete agreements were eliminated from gross intangible assets and accumulated amortization.

As of March 31, 2020, estimated amortization expense for the remainder of 2020 and thereafter was as follows:


	Amortization Expense
Remainder of 2020	$	4,362
2021	5,786
2022	5,703
2023	5,231
2024	4,204
2025 and thereafter	16,330
	$	41,616