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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2020
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, 2019 |  | $ | 14,418 |  |  | $ | 5,147 |  |  | $ | — |  |  | $ | 19,565 |
Acquisition |  | — |  |  | 466 |  |  | — |  |  | 466 |
Foreign currency translation impact |  | (208) |  |  | — |  |  | — |  |  | (208) |
Balance as of September 30, 2020 |  | $ | 14,210 |  |  | $ | 5,613 |  |  | $ | — |  |  | $ | 19,823 |
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 COVID-19. However, the future impacts of COVID-19 are unpredictable and are subject to change. No interim goodwill impairment test was required as a result of the evaluation of qualitative factors as of September 30, 2020. On August 17, 2020, the Company acquired LarKen Precast, LLC (“LarKen”) for $1,406, which is inclusive of an estimated $106 post-closing working capital adjustment, $250 which was withheld by the Company to satisfy any indemnity claims under the purchase agreement, and contingent considerations. Located in Boise, ID, LarKen is a manufacturer and provider of engineered precast concrete products and has been included in the Company’s Construction Products segment. The following table summarizes the estimates of the fair value of the goodwill and identifiable intangible assets acquired as of September 30, 2020:
|  | LarKen
Goodwill |  | $ | 466 |
Customer relationships |  | 399 |
The components of the Company’s intangible assets were as follows for the periods presented:
|  | September 30, 2020
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Non-compete agreements |  | 5 |  | $ | 46 |  |  | $ | (45) |  |  | $ | 1 |
Patents |  | 10 |  | 366 |  |  | (193) |  |  | 173 |
Customer relationships |  | 18 |  | 35,725 |  |  | (14,999) |  |  | 20,726 |
Trademarks and trade names |  | 16 |  | 7,765 |  |  | (3,966) |  |  | 3,799 |
Technology |  | 14 |  | 35,667 |  |  | (22,320) |  |  | 13,347 |
|  |  |  | $ | 79,569 |  |  | $ | (41,523) |  |  | $ | 38,046 |
|  | December 31, 2019
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Non-compete agreements |  | 4 |  | $ | 1,272 |  |  | $ | (1,259) |  |  | $ | 13 |
Patents |  | 10 |  | 377 |  |  | (188) |  |  | 189 |
Customer relationships |  | 18 |  | 35,605 |  |  | (13,453) |  |  | 22,152 |
Trademarks and trade names |  | 16 |  | 7,787 |  |  | (3,551) |  |  | 4,236 |
Technology |  | 13 |  | 35,728 |  |  | (20,205) |  |  | 15,523 |
|  |  |  | $ | 80,769 |  |  | $ | (38,656) |  |  | $ | 42,113 |
The Company amortizes intangible assets over their useful lives, which range from 5 to 25 years, with a total weighted average amortization period of approximately 16 years as of September 30, 2020. Amortization expense was $1,428 and $1,622 for the three months ended September 30, 2020 and 2019, respectively, and $4,271 and $4,947 for the nine months ended September 30, 2020 and 2019, respectively. During the nine months ended September 30, 2020, certain fully amortized intangible assets of $1,186 related to non-compete agreements were eliminated from gross intangible assets and accumulated amortization. As a result of the sale of Test and Inspection Services during the three months ended September 30, 2020, intangible assets related to customer relationships with gross carrying values of $1,893 and accumulated amortization of $587 were eliminated and are reflected in “Other assets of discontinued operations” as of December 31, 2019. As of September 30, 2020, estimated amortization expense for the remainder of 2020 and thereafter was as follows:
| Amortization Expense
Remainder of 2020 | $ | 1,452 |
2021 | 5,780 |
2022 | 5,694 |
2023 | 5,223 |
2024 | 4,210 |
2025 and thereafter | 15,687 |
| $ | 38,046 |

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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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