XML 29 R15.htm IDEA: XBRL DOCUMENT
v3.22.4

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets As of December 31, 2022 and 2021, 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, 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 |
Acquisitions |  | 5,549 |  |  | 8,221 |  |  | — |  |  | 13,770 |
Foreign currency translation impact |  | (178) |  |  | — |  |  | — |  |  | (178) |
Impairment charges |  | — |  |  | — |  |  | (3,011) |  |  | (3,011) |
Balance as of December 31, 2022: |  | $ | 19,948 |  |  | $ | 10,785 |  |  | $ | — |  |  | $ | 30,733 |
In conjunction with our annual goodwill impairment test performed during the fourth quarter of 2022, the Company determined it was necessary to perform a quantitative test for impairment of goodwill due to weakened economic conditions, unfavorable changes in foreign exchange rates, and recent increases in the cost of certain materials, labor, and other inflation-related pressures unfavorably impacted the financial results. The Company determined the implied fair values of its reporting units by using Level 3 unobservable inputs, which incorporated assumptions that we believe would be a reasonable market participant’s view in a hypothetical purchase, to develop the discounted cash flows of the respective reporting units. Significant Level 3 inputs included estimates of future revenue growth, gross margin, and earnings before interest, taxes, depreciation, and amortization (“EBITDA”). The results of the test indicated that the Fabricated Bridge Products reporting unit’s respective fair value was less than its carrying value. All other reporting units that maintain goodwill adequately exceeded their carrying value and were not subject to impairment. However, headroom in the Rail Technologies and Precast Concrete Products reporting units indicate that should results or future projections diverge from current expectations, the reporting units could be subject to future impairment. As a result of the procedures performed as outlined above, the Company impaired 100% of goodwill held in the Fabricated Bridge reporting unit in the fourth quarter of 2022, resulting in a non-cash pre-tax impairment charge of $3,011. As of December 31, 2022 and 2021, the components of the Company’s intangible assets were as follows:
|  | December 31, 2022
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Non-compete agreements |  | 1 |  | $ | 27 |  |  | $ | (16) |  |  | $ | 11 |
Patents |  | 10 |  | 330 |  |  | (187) |  |  | 143 |
Customer relationships |  | 16 |  | 27,184 |  |  | (14,129) |  |  | 13,055 |
Trademarks and trade names |  | 16 |  | 7,933 |  |  | (3,989) |  |  | 3,944 |
Technology |  | 14 |  | 32,201 |  |  | (25,827) |  |  | 6,374 |
Favorable lease |  | 6 |  | 327 |  |  | (23) |  |  | 304 |
|  |  |  | $ | 68,002 |  |  | $ | (44,171) |  |  | $ | 23,831 |
|  | 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 |
Intangible assets are amortized over their useful lives ranging from 1 to 25 years, with a total weighted average amortization period of approximately 15 years. Amortization expense for the years ended December 31, 2022 and 2021 were $6,144 and $5,836, respectively. During the year ended December 31, 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. Estimated annual amortization expense for the years ending December 31, 2023 and thereafter is as follows:
Year Ending December 31, |  |
2023 |  | $ | 5,268 |
2024 |  | 4,273 |
2025 |  | 2,878 |
2026 |  | 2,268 |
2027 |  | 1,953 |
2028 and thereafter |  | 7,191 |
|  | $ | 23,831 |
During the year ended December 31, 2022, management performed a recoverability test on a reporting unit for which there was an indication that it was more likely that not that the carrying value of the long-lived asset group would not be recoverable. The results of this test concluded that the long-lived assets associated with the Company’s Precision Measurement Products and Systems business based in Willis, TX, which resides in the Steel Products and Measurement segment, had carrying values in excess of their fair value. Based on third party valuation and appraisal reports, the Company developed a reasonable fair value of the long-lived assets for this reporting unit. As a result of the analysis and valuation exercises performed, in the fourth quarter of 2022, the Company recorded $4,883 in non-cash, pre-tax impairment charges associated with the reporting unit’s intangible assets, equal to 100% of their carrying value. Impairment was inclusive of $3,828, $394, and $661 related to customer relationships, trade name, and developed technology, respectively.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration