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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2015
Goodwill and Other Intangible Assets [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | 4. GOODWILL AND OTHER INTANGIBLE ASSETS The following table represents the goodwill balance by reportable segment:
|  | Rail Products and Services |  | Construction Products |  | Tubular and Energy Services |  | Total
Balance at December 31, 2014 | $ | 38,956 | $ | 5,147 | $ | 38,846 | $ | 82,949
Acquisitions |  | 8,772 |  | - |  | 70,676 |  | 79,448
Foreign currency translation impact |  | 243 |  | - |  | - |  | 243
Balance at June 30, 2015 | $ | 47,971 | $ | 5,147 | $ | 109,522 | $ | 162,640
The Company performs goodwill impairment tests annually during the fourth quarter, unless 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. This assessment is used as a basis for determining whether it is necessary to perform an interim goodwill impairment test. The valuation of goodwill assigned to our recently acquired energy businesses was based upon long-term forecasts of the respective businesses. As a result of the continued depressed oil and gas markets, it is possible that the acquired businesses will not realize their forecasts. The following table represents the gross other intangible assets balance by reportable segment:
|  | June 30, |  | December 31,
|  | 2015 |  | 2014
Rail Products and Services | $ | 59,273 | $ | 44,781
Construction Products |  | 3,178 |  | 3,178
Tubular and Energy Services |  | 98,166 |  | 47,812
| $ | 160,617 | $ | 95,771
The components of the Company’s intangible assets are as follows:
| June 30, 2015
| Weighted Average |  | Gross |  |  |  | Net
| Amortization Period |  | Carrying |  | Accumulated |  | Carrying
| In Years |  | Value |  | Amortization |  | Amount
Non-compete agreements | 4 | $ | 7,004 | $ | (1,503) | $ | 5,501
Patents | 10 |  | 531 |  | (169) |  | 362
Customer relationships | 16 |  | 96,017 |  | (7,247) |  | 88,770
Supplier relationships | 5 |  | 350 |  | (301) |  | 49
Trademarks and trade names | 13 |  | 14,308 |  | (2,413) |  | 11,895
Technology | 13 |  | 42,407 |  | (7,607) |  | 34,800
|  | $ | 160,617 | $ | (19,240) | $ | 141,377
| December 31, 2014
| Weighted Average |  | Gross |  |  |  | Net
| Amortization Period |  | Carrying |  | Accumulated |  | Carrying
| In Years |  | Value |  | Amortization |  | Amount
Non-compete agreements | 5 | $ | 4,143 | $ | (705) | $ | 3,438
Patents | 10 |  | 564 |  | (189) |  | 375
Customer relationships | 19 |  | 44,450 |  | (4,679) |  | 39,771
Supplier relationships | 5 |  | 350 |  | (268) |  | 82
Trademarks and trade names | 14 |  | 10,765 |  | (1,855) |  | 8,910
Technology | 14 |  | 35,499 |  | (5,941) |  | 29,558
|  | $ | 95,771 | $ | (13,637) | $ | 82,134
Intangible assets are amortized over their useful lives ranging from 5 to 25 years, with a total weighted average amortization period of approximately 15 years. Amortization expense for the three-month periods ended June 30, 2015 and 2014 was $3,456 and $1,172, respectively. Amortization expense for the six-month periods ended June 30, 2015 and 2014 was $5,613 and $2,313, respectively. Estimated amortization expense for the remainder of 2015 and thereafter is as follows:
|  | Amortization Expense
2015 | $ | 6,551
2016 |  | 13,073
2017 |  | 12,171
2018 |  | 11,840
2019 |  | 11,118
2020 and thereafter |  | 86,624
| $ | 141,377

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13854-109267 + Details
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