Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 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	(591)		—		—		(591)
Balance as of June 30, 2020	$	13,827	$	5,147	$	—	$	18,974

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, which included the impacts of COVID-19. However, the future impacts of COVID-19 are unpredictable and are subject to change. No interim goodwill impairment test was required as a result of the evaluation of qualitative factors as of June 30, 2020.

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


	June 30, 2020
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	5	$	44	$	(41)	$	3
Patents	10	358		(186)		172
Customer relationships	18	36,829		(14,791)		22,038
Trademarks and trade names	16	7,734		(3,807)		3,927
Technology	14	35,563		(21,545)		14,018
		$	80,528	$	(40,370)	$	40,158

	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

The Company amortizes intangible assets over their useful lives, which range from 5 to 25 years, with a total weighted average amortization period of approximately 16 years as of June 30, 2020. Amortization expense was $1,446 and $1,679 for the three months ended June 30, 2020 and 2019, respectively, and $2,909 and $3,391 for the six months ended June 30, 2020 and 2019, respectively. During the six months ended June 30, 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 June 30, 2020, estimated amortization expense for the remainder of 2020 and thereafter was as follows:


	Amortization Expense
Remainder of 2020	$	2,907
2021	5,784
2022	5,700
2023	5,229
2024	4,209
2025 and thereafter	16,329
	$	40,158