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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 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 |
Skratch acquisition |  | 5,343 |  |  | — |  |  | — |  |  | 5,343 |
Foreign currency translation impact |  | (924) |  |  | — |  |  | — |  |  | (924) |
Balance as of June 30, 2022 |  | $ | 18,996 |  |  | $ | 2,564 |  |  | $ | 3,011 |  |  | $ | 24,571 |
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 June 30, 2022. On June 21, 2022, the Company acquired the stock of Skratch Enterprises Ltd. (“Skratch”) for $7,402, which is inclusive of deferred payments withheld by the Company of $1,228, to be paid over the next five years or utilized to satisfy post closing working capital adjustments or indemnity claims under the purchase agreement. Located in Telford, United Kingdom, Skratch offers a single-point supply solution model for clients, and enabling large scale deployments. Skratch’s service offerings include design, prototyping and proof of concept, hardware and software, logistics and warehousing, installation, maintenance, content management, and managed monitoring. Skratch has been included in the Company’s Technology Services and Solutions business unit within the Rail, Technologies, and Services segment. The following table summarizes the estimates of the fair value of the goodwill and identified intangible assets acquired as of June 30, 2022:
|  | Skratch
Goodwill |  | $ | 5,343 |
Non-compete agreements |  | 27 |
Customer relationships |  | 1,335 |
Trademarks and trade names |  | 370 |
The components of the Company’s intangible assets were as follows for the periods presented:
|  | June 30, 2022
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Non-compete agreements |  | 1 |  | $ | 27 |  |  | $ | — |  |  | $ | 27 |
Patents |  | 10 |  | 385 |  |  | (230) |  |  | 155 |
Customer relationships |  | 18 |  | 36,528 |  |  | (18,689) |  |  | 17,839 |
Trademarks and trade names |  | 16 |  | 8,094 |  |  | (4,930) |  |  | 3,164 |
Technology |  | 13 |  | 35,516 |  |  | (27,161) |  |  | 8,355 |
|  |  |  | $ | 80,550 |  |  | $ | (51,010) |  |  | $ | 29,540 |
|  | 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 1 to 25 years, with a total weighted average amortization period of approximately 16 years as of June 30, 2022. Amortization expense was $1,419 and $1,470 for the three months ended June 30, 2022 and 2021, respectively, and was $2,855 and $2,935 for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, estimated amortization expense for the remainder of 2022 and thereafter was as follows:
| Amortization Expense
Remainder of 2022 | $ | 3,050 |
2023 | 5,652 |
2024 | 4,634 |
2025 | 2,741 |
2026 | 2,092 |
2027 and thereafter | 11,371 |
| $ | 29,540 |

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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 https://asc.fasb.org/topic&trid=2144416 + Details
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