Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

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

	Rail, Technologies, and Services		Precast Concrete Products		Steel Products and Measurement		Total
Balance as of December 31, 2021	$	14,577	$	2,564	$	3,011	$	20,152
Foreign currency translation impact	(248)		—		—		(248)
Balance as of March 31, 2022	$	14,329	$	2,564	$	3,011	$	19,904

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 March 31, 2022.

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

	March 31, 2022
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Patents	10	$	385	$	(230)	$	155
Customer relationships	18	35,900		(18,626)		17,274
Trademarks and trade names	16	7,780		(4,830)		2,950
Technology	13	35,712		(26,604)		9,108
		$	79,777	$	(50,290)	$	29,487
	December 31, 2021
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Patents	10	$	385	$	(218)	$	167
Customer relationships	18	36,163		(18,222)		17,941
Trademarks and trade names	16	7,801		(4,702)		3,099
Technology	13	35,772		(25,956)		9,816
		$	80,121	$	(49,098)	$	31,023

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 March 31, 2022. Amortization expense was $1,436 and $1,465 for the three months ended March 31, 2022 and 2021, respectively.

As of March 31, 2022, estimated amortization expense for the remainder of 2022 and thereafter was as follows:

	Amortization Expense
Remainder of 2022	$	4,280
2023	5,251
2024	4,247
2025	2,479
2026	2,056
2027 and thereafter	11,174
	$	29,487