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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets As of December 31, 2023 and 2022, the following table represents the goodwill balance by reportable segment:
|  | Rail, Technologies, and Services |  | Infrastructure Solutions |  | Total
Balance as of December 31, 2021: |  | $ | 14,577 |  |  | $ | 5,575 |  |  | $ | 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 |
Acquisitions |  | — |  |  | 1,336 |  |  | 1,336 |
Foreign currency translation impact |  | 518 |  |  | — |  |  | 518 |
Balance as of December 31, 2023: |  | $ | 20,466 |  |  | $ | 12,121 |  |  | $ | 32,587 |
In conjunction with our annual goodwill impairment test performed during the fourth quarter of 2023, 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, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) contribution, and market participant assumptions. The results of the test indicated that all 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, no impairments were recorded in 2023. In the fourth quarter of 2022, the Company impaired 100% of goodwill held in the Fabricated Bridge reporting unit, resulting in a non-cash pre-tax impairment charge of $3,011. As of December 31, 2023 and 2022, the components of the Company’s intangible assets were as follows:
|  | December 31, 2023
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Patents |  | 10 |  | $ | 335 |  |  | $ | (199) |  |  | $ | 136 |
Customer relationships |  | 16 |  | 27,712 |  | (17,236) |  | 10,476
Trademarks and trade names |  | 16 |  | 7,989 |  |  | (4,593) |  |  | 3,396 |
Technology |  | 9 |  | 32,658 |  |  | (27,906) |  |  | 4,752 |
Favorable lease |  | 6 |  | 327 |  |  | (77) |  |  | 250 |
|  |  |  | $ | 69,021 |  |  | $ | (50,011) |  |  | $ | 19,010 |
|  | 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 |
Intangible assets are amortized over their useful lives ranging from 1 to 25 years, with a total weighted average amortization period of approximately 13 years. Amortization expense for the years ended December 31, 2023 and 2022 were $5,314 and $6,144, respectively. During the year ended December 31, 2023, certain fully amortized intangible assets of $27 related to non-compete agreements were eliminated from gross intangible assets and accumulated amortization. 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, 2024 and thereafter is as follows:
Year Ending December 31, |  |
2024 |  | $ | 4,393 |
2025 |  | 2,922 |
2026 |  | 2,331 |
2027 |  | 1,989 |
2028 |  | 1,519 |
2029 and thereafter |  | 5,856 |
|  | $ | 19,010 |
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 than not that the carrying value of the long-lived asset group would not be recoverable. 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 Company's Precision Measurement Products and Systems business based in Willis, TX, 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. On June 21, 2022, the Company acquired the stock of Skratch Enterprises Ltd. (“Skratch”). On August 12, 2022, the Company acquired the operating assets of VanHooseCo Precast LLC (“VanHooseCo”). As of December 31, 2023, the purchase accounting for these transactions is final. Purchase accounting adjustments recognized during the year ended December 31, 2023 were immaterial.

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