Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2022

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		Precast Concrete Products		Steel Products and Measurement		Total
Balance as of December 31, 2021	$	14,577	$	2,564	$	3,011	$	20,152
Skratch acquisition	5,549		—		—		5,549
VanHooseCo acquisition	—		9,674		—		9,674
Foreign currency translation impact	(1,945)		—		—		(1,945)


Balance as of September 30, 2022	$	18,181	$	12,238	$	3,011	$	33,430

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 and current economic conditions, including but not limited to labor markets, supply chains, and other inflationary costs. However, the future impacts of COVID-19 and market conditions 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 September 30, 2022.

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


	September 30, 2022
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	1	$	24	$	(8)	$	16
Patents	10	326		(182)		144
Customer relationships	16	32,941		(16,363)		16,578
Trademarks and trade names	15	9,542		(5,056)		4,486
Technology	14	34,855		(27,202)		7,653
Favorable lease	6	327		(9)		318
		$	78,015	$	(48,820)	$	29,195

	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 1 to 25 years, with a total weighted average amortization period of approximately 15 years as of September 30, 2022. Amortization expense was $1,599 and $1,462 for the three months ended September 30, 2022 and 2021, respectively, and was $4,454 and $4,397 for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the Company’s gross carrying value of customer relationships and technology intangible assets were reduced by $5,448 and $471, respectively, and the net carrying amount of customer relationships and technology intangible assets were reduced by $2,869 and $7, respectively, as a result of the August 1, 2022 disposition of the Track Components business.

As of September 30, 2022, estimated amortization expense for the remainder of 2022 and thereafter was as follows:


	Amortization Expense
Remainder of 2022	$	1,603
2023	6,036
2024	5,042
2025	3,219
2026	2,630
2027 and thereafter	10,665
	$	29,195