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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company has four reporting units to which goodwill is allocated: steel, on-board weighing, DSI, and DTS. For the steel and on-board weighing goodwill reporting units, the Company performed the qualitative assessment, which included assessment of macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and other entity specific events which could impact the reporting unit. Based on this review, it was determined that the fair value of each of those reporting units was in excess of its carrying value and therefore no quantitative impairment test was required. For the DSI and DTS goodwill reporting units, the Company performed the quantitative impairment test. In estimating the fair value of our DSI and DTS reporting units the Company used the income approach. The income approach to valuation requires management to make significant estimates and assumptions related to future revenues, profitability, working capital requirements and selection of discount rate and long term growth rate. Changes in these estimates and assumptions could have a significant impact on the fair value of the reporting units. The Company's required goodwill and indefinite-lived asset annual impairment test is completed as of the first day of the fourth fiscal quarter each year. In 2023, the results of the quantitative impairment test for the DSI and DTS reporting units indicated that the fair value of both reporting units exceeded their carrying values, and therefore no impairment was recognized. Prior to 2022, the Company also had an instrumentation reporting unit. The Company's analysis in 2021 resulted in an impairment for the instrumentation reporting unit, of $1.1 million in goodwill, which represented the remainder of the goodwill balance, and $0.1 million in indefinite-lived intangible trade name. The change in the carrying value of goodwill by segment is as follows (in thousands):
| Total |  | Measurement Systems |  | Weighing Solutions
|  |  | KELK Acquisition |  | DSI Acquisition |  |  |  | DTS Acquisition |  | Stress-Tek Acquisition
Balance at January 1, 2022 | $ | 45,830 |  |  | $ | 6,706 |  |  | $ | 16,910 |  |  |  |  | $ | 15,903 |  |  | $ | 6,311 |
Adjustment to goodwill acquired | 130 |  |  | — |  |  | — |  |  |  |  | 130 |  |  | — |
Foreign currency translation adjustment | (416) |  |  | (393) |  |  | (23) |  |  |  |  | — |  |  | — |
Balance at December 31, 2022 | 45,544 |  |  | 6,313 |  |  | 16,887 |  |  |  |  | 16,033 |  |  | 6,311 |
Foreign currency translation adjustment | 190 |  |  | 175 |  |  | 15 |  |  |  |  | — |  |  | — |
Balance at December 31, 2023 | $ | 45,734 |  |  | $ | 6,488 |  |  | $ | 16,902 |  |  |  |  | $ | 16,033 |  |  | $ | 6,311 |
Intangible assets were as follows (in thousands):
| December 31,
| 2023 |  | 2022
Intangible assets subject to amortization |  |  |
(Definite-lived): |  |  |
Patents and acquired technology | $ | 32,752 |  |  | $ | 32,570 |
Customer relationships | 33,537 |  |  | 33,226 |
Trade names | 1,517 |  |  | 1,521 |
Non-competition agreements | 9,956 |  |  | 10,133 |
| 77,762 |  |  | 77,450 |
Accumulated amortization: |  |  |
Patents and acquired technology | (11,048) |  |  | (9,059) |
Customer relationships | (18,306) |  |  | (16,209) |
Trade names | (1,517) |  |  | (1,521) |
Non-competition agreements | (9,939) |  |  | (10,098) |
| (40,810) |  |  | (36,887) |
Net intangible assets subject to amortization | $ | 36,952 |  |  | $ | 40,563 |
Intangible assets not subject to amortization |  |  |
(Indefinite-lived): |  |  |
Trade names | 7,682 |  |  | 7,654 |
| $ | 44,634 |  |  | $ | 48,217 |
Certain intangible assets are subject to foreign currency translation. Amortization expense was $3.8 million, $3.9 million, and $3.3 million, for the years ended December 31, 2023, 2022, and 2021, respectively. Estimated annual amortization expense for each of the next five years is as follows (in thousands):
2024 | $ | 3,722 |
2025 | 3,705 |
2026 | 3,705 |
2027 | 3,669 |
2028 | 3,081 |

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