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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 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 |  | 5,549 |  |  | — |  |  | — |  |  | 5,549 |
VanHooseCo acquisition |  | — |  |  | 9,674 |  |  | — |  |  | 9,674 |
Foreign currency translation impact |  | (1,945) |  |  | — |  |  | — |  |  | (1,945) |
Balance as of September 30, 2022 |  | $ | 18,181 |  |  | $ | 12,238 |  |  | $ | 3,011 |  |  | $ | 33,430 |
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 and current economic conditions, including but not limited to labor markets, supply chains, and other inflationary costs. However, the future impacts of COVID-19 and market conditions 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, 2022. The components of the Company’s intangible assets were as follows for the periods presented:
|  | September 30, 2022
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Non-compete agreements |  | 1 |  | $ | 24 |  |  | $ | (8) |  |  | $ | 16 |
Patents |  | 10 |  | 326 |  |  | (182) |  |  | 144 |
Customer relationships |  | 16 |  | 32,941 |  |  | (16,363) |  |  | 16,578 |
Trademarks and trade names |  | 15 |  | 9,542 |  |  | (5,056) |  |  | 4,486 |
Technology |  | 14 |  | 34,855 |  |  | (27,202) |  |  | 7,653 |
Favorable lease |  | 6 |  | 327 |  |  | (9) |  |  | 318 |
|  |  |  | $ | 78,015 |  |  | $ | (48,820) |  |  | $ | 29,195 |
|  | 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 15 years as of September 30, 2022. Amortization expense was $1,599 and $1,462 for the three months ended September 30, 2022 and 2021, respectively, and was $4,454 and $4,397 for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the Company’s gross carrying value of customer relationships and technology intangible assets were reduced by $5,448 and $471, respectively, and the net carrying amount of customer relationships and technology intangible assets were reduced by $2,869 and $7, respectively, as a result of the August 1, 2022 disposition of the Track Components business. As of September 30, 2022, estimated amortization expense for the remainder of 2022 and thereafter was as follows:
| Amortization Expense
Remainder of 2022 | $ | 1,603 |
2023 | 6,036 |
2024 | 5,042 |
2025 | 3,219 |
2026 | 2,630 |
2027 and thereafter | 10,665 |
| $ | 29,195 |

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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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