Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

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