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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2023
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, 2022 |  | $ | 19,948 |  |  | $ | 10,785 |  |  | $ | — |  |  | $ | 30,733 |
Foreign currency translation impact |  | 130 |  |  | — |  |  | — |  |  | 130 |
Balance as of March 31, 2023 |  | $ | 20,078 |  |  | $ | 10,785 |  |  | $ | — |  |  | $ | 30,863 |
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 current economic conditions, including but not limited to labor markets, supply chains, and other inflationary costs. However, these factors can be 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, 2023. However, future impairment charges could result if future projections diverge unfavorably from current expectations in the Rail Technologies and Precast Concrete Products reporting units. As of March 31, 2023 and December 31, 2022, the components of the Company’s intangible assets were as follows:
|  | March 31, 2023
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Non-compete agreements |  | 1 |  | $ | 27 |  |  | $ | (23) |  |  | $ | 4 |
Patents |  | 10 |  | 330 |  |  | (187) |  |  | 143 |
Customer relationships |  | 16 |  | 27,413 |  |  | (14,965) |  |  | 12,448 |
Trademarks and trade names |  | 16 |  | 7,957 |  |  | (4,142) |  |  | 3,815 |
Technology |  | 14 |  | 32,253 |  |  | (26,405) |  |  | 5,848 |
Favorable lease |  | 6 |  | 327 |  |  | (36) |  |  | 291 |
|  |  |  | $ | 68,307 |  |  | $ | (45,758) |  |  | $ | 22,549 |
|  | 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 |

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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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