Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents the changes in goodwill balance by reportable segment for the period presented:


	Rail Technologies and Services		Infrastructure Solutions		Total
Balance as of December 31, 2020	$	14,743	$	5,597	$	20,340

Foreign currency translation impact	88		—		88


Balance as of June 30, 2021	$	14,831	$	5,597	$	20,428

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, 2021.

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


	June 30, 2021
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount

Patents	10	394		(220)		174
Customer relationships	18	36,402		(17,190)		19,212
Trademarks and trade names	16	7,820		(4,428)		3,392
Technology	13	35,841		(24,581)		11,260
		$	80,457	$	(46,419)	$	34,038

	December 31, 2020
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount

Patents	10	383		(206)		177
Customer relationships	18	36,269		(15,914)		20,355
Trademarks and trade names	16	7,809		(4,135)		3,674
Technology	13	35,815		(23,124)		12,691
		$	80,276	$	(43,379)	$	36,897

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, 2021. Amortization expense was $1,470 and $1,413 for the three months ended June 30, 2021 and 2020, respectively, and was $2,935 and $2,843 for the six months ended June 30, 2021 and 2020, respectively.

As of June 30, 2021, estimated amortization expense for the remainder of 2021 and thereafter was as follows:


	Amortization Expense
Remainder of 2021	$	2,925
2022	5,786
2023	5,315
2024	4,324
2025	2,462
2026 and thereafter	13,226
	$	34,038