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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets As of December 31, 2021 and 2020, the following table represents the goodwill balance by reportable segment:
|  | Rail, Technologies, and Services |  | Precast Concrete Products |  | Steel Products and Measurement |  | Total
Balance as of December 31, 2019: |  | $ | 14,418 |  |  | $ | 2,136 |  |  | $ | 3,011 |  |  | $ | 19,565 |
Acquisitions |  | — |  |  | 450 |  |  | — |  |  | 450 |
Foreign currency translation impact |  | 325 |  |  | — |  |  | — |  |  | 325 |
Balance as of December 31, 2020: |  | 14,743 |  |  | 2,586 |  |  | 3,011 |  |  | 20,340 |
Acquisitions |  | — |  |  | (22) |  |  | — |  |  | (22) |
Foreign currency translation impact |  | (166) |  |  | — |  |  | — |  |  | (166) |
Balance as of December 31, 2021: |  | $ | 14,577 |  |  | $ | 2,564 |  |  | $ | 3,011 |  |  | $ | 20,152 |
As of December 31, 2021 and 2020, the components of the Company’s intangible assets were as follows:
|  | December 31, 2021
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Patents |  | 10 |  | $ | 385 |  |  | $ | (218) |  |  | $ | 167 |
Customer relationships |  | 18 |  | 36,163 |  |  | (18,222) |  |  | 17,941 |
Trademarks and trade names |  | 16 |  | 7,801 |  |  | (4,702) |  |  | 3,099 |
Technology |  | 13 |  | 35,772 |  |  | (25,956) |  |  | 9,816 |
|  |  |  | $ | 80,121 |  |  | $ | (49,098) |  |  | $ | 31,023 |
|  | December 31, 2020
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Patents |  | 10 |  | $ | 383 |  |  | $ | (206) |  |  | $ | 177 |
Customer relationships |  | 18 |  | 36,269 |  |  | (15,914) |  |  | 20,355 |
Trademarks and trade names |  | 16 |  | 7,809 |  |  | (4,135) |  |  | 3,674 |
Technology |  | 13 |  | 35,815 |  |  | (23,124) |  |  | 12,691 |
|  |  |  | $ | 80,276 |  |  | $ | (43,379) |  |  | $ | 36,897 |
Intangible assets are amortized over their useful lives ranging from 5 to 25 years, with a total weighted average amortization period of approximately 16 years. Amortization expense for the years ended December 31, 2021 and 2020 were $5,836 and $5,729, respectively. During the year ended December 31, 2020, certain fully amortized intangible assets of $1,232 related to non-compete agreements were eliminated from gross intangible assets and accumulated amortization. Estimated annual amortization expense for the years ending December 31, 2022 and thereafter is as follows:
Year Ending December 31, |  |
2022 |  | $ | 5,754 |
2023 |  | 5,282 |
2024 |  | 4,281 |
2025 |  | 2,479 |
2026 |  | 2,055 |
2027 and thereafter |  | 11,171 |
|  | $ | 31,023 |

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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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