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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table presents the changes in goodwill balance by reportable segment for the period presented:
|  | Rail, Technologies, and Services |  | Precast Concrete Products |  | Steel Products and Measurement |  | Total
Balance as of December 31, 2021 |  | $ | 14,577 |  |  | $ | 2,564 |  |  | $ | 3,011 |  |  | $ | 20,152 |
Foreign currency translation impact |  | (248) |  |  | — |  |  | — |  |  | (248) |
Balance as of March 31, 2022 |  | $ | 14,329 |  |  | $ | 2,564 |  |  | $ | 3,011 |  |  | $ | 19,904 |
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 March 31, 2022. The components of the Company’s intangible assets were as follows for the periods presented:
|  | March 31, 2022
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Patents |  | 10 |  | $ | 385 |  |  | $ | (230) |  |  | $ | 155 |
Customer relationships |  | 18 |  | 35,900 |  |  | (18,626) |  |  | 17,274 |
Trademarks and trade names |  | 16 |  | 7,780 |  |  | (4,830) |  |  | 2,950 |
Technology |  | 13 |  | 35,712 |  |  | (26,604) |  |  | 9,108 |
|  |  |  | $ | 79,777 |  |  | $ | (50,290) |  |  | $ | 29,487 |
|  | 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 |
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 March 31, 2022. Amortization expense was $1,436 and $1,465 for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, estimated amortization expense for the remainder of 2022 and thereafter was as follows:
| Amortization Expense
Remainder of 2022 | $ | 4,280 |
2023 | 5,251 |
2024 | 4,247 |
2025 | 2,479 |
2026 | 2,056 |
2027 and thereafter | 11,174 |
| $ | 29,487 |

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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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