Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

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, 2023	$	20,466	$	12,121	$	32,587


Cougar purchase accounting adjustment	—		(445)		(445)
Foreign currency translation impact	(147)		—		(147)


Balance as of March 31, 2024	$	20,319	$	11,676	$	31,995

On November 17, 2023, the Company acquired Cougar Mountain Precast, LLC., for which all purchase accounting adjustments were finalized as of March 31, 2024. Purchase accounting finalization during the three months ended March 31, 2024 included adjustments to record $429 of gross intangible assets for customer relationships with a weighted average amortization period of 5 years.

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 current economic conditions, including but not limited to labor markets, supply chains, and

other inflationary costs. However, these factors can be 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, 2024. However, future impairment charges could result if future projections diverge unfavorably from current expectations.

The following table sets forth the components of the Company’s intangible assets for the periods presented:


	March 31, 2024
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount

Patents	10	$	328	$	(203)	$	125
Customer relationships	16	28,048		(17,903)		10,145
Trademarks and trade names	15	7,979		(4,755)		3,224
Technology	9	32,632		(28,164)		4,468
Favorable lease	6	327		(91)		236
		$	69,314	$	(51,116)	$	18,198


	December 31, 2023
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Patents	10	$	335	$	(199)	$	136
Customer relationships	16	27,712		(17,236)		10,476
Trademarks and trade names	16	7,989		(4,593)		3,396
Technology	9	32,658		(27,906)		4,752
Favorable lease	6	327		(77)		250
		$	69,021	$	(50,011)	$	19,010