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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table presents the goodwill balance by reportable segment:
|  | Rail Products and Services |  | Construction Products |  | Tubular and Energy Services |  | Total
Balance as of December 31, 2018 |  | $ | 14,111 |  |  | $ | 5,147 |  |  | $ | — |  |  | $ | 19,258 |
Foreign currency translation impact |  | (328) |  |  | — |  |  | — |  |  | (328) |
Balance as of September 30, 2019 |  | $ | 13,783 |  |  | $ | 5,147 |  |  | $ | — |  |  | $ | 18,930 |
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. No interim goodwill impairment test was required in connection with the evaluation of qualitative factors as of September 30, 2019. The components of the Company’s intangible assets were as follows:
|  | September 30, 2019 |  |  |  |  |  |
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Non-compete agreements |  | 4 |  | $ | 1,227 |  |  | $ | (1,140) |  |  | $ | 87 |
Patents |  | 10 |  | 369 |  |  | (181) |  |  | 188 |
Customer relationships |  | 18 |  | 36,807 |  |  | (13,021) |  |  | 23,786 |
Trademarks and trade names |  | 16 |  | 7,732 |  |  | (3,382) |  |  | 4,350 |
Technology |  | 14 |  | 35,551 |  |  | (19,407) |  |  | 16,144 |
|  |  |  | $ | 81,686 |  |  | $ | (37,131) |  |  | $ | 44,555 |
|  | December 31, 2018 |  |  |  |  |  |
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Non-compete agreements |  | 4 |  | $ | 1,372 |  |  | $ | (1,046) |  |  | $ | 326 |
Patents |  | 10 |  | 358 |  |  | (165) |  |  | 193 |
Customer relationships |  | 18 |  | 37,129 |  |  | (11,388) |  |  | 25,741 |
Trademarks and trade names |  | 15 |  | 8,481 |  |  | (3,416) |  |  | 5,065 |
Technology |  | 14 |  | 35,640 |  |  | (17,129) |  |  | 18,511 |
|  |  |  | $ | 82,980 |  |  | $ | (33,144) |  |  | $ | 49,836 |
Intangible assets are amortized over their useful lives, which range from 4 to 25 years, with a total weighted average amortization period of approximately 15 years as of September 30, 2019. Amortization expense was $1,655 and $1,762 for the three months ended September 30, 2019 and 2018, respectively, and $5,046 and $5,322 for the nine months ended September 30, 2019 and 2018, respectively. During the nine months ended September 30, 2019, gross intangible assets and accumulated amortization were reduced as a result of the full amortization of certain intangible assets related to non-compete agreements of $124 and trademarks and trade names of $723. As of September 30, 2019, estimated amortization expense for the remainder of 2019 and thereafter was as follows:
| Amortization Expense
Remainder of 2019 | $ | 1,525 |
2020 | 5,815 |
2021 | 5,781 |
2022 | 5,698 |
2023 | 5,211 |
2024 and thereafter | 20,525 |
| $ | 44,555 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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