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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets As of December 31, 2024 and 2023, the following table represents the goodwill balance by reportable segment:
|  | Rail, Technologies, and Services |  | Infrastructure Solutions |  | Total
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 |
Cougar purchase accounting adjustment |  | — |  |  | (445) |  |  | (445) |
Foreign currency translation impact |  | (235) |  |  | — |  |  | (235) |
Balance as of December 31, 2024: |  | $ | 20,231 |  |  | $ | 11,676 |  |  | $ | 31,907 |
On November 17, 2023, the Company acquired Cougar Mountain Precast, LLC., for which all purchase accounting adjustments were finalized as of March 31, 2024. Purchase accounting finalization during the three months ended March 31, 2024 included adjustments to record $429 of gross intangible assets for customer relationships with a weighted average amortization period of 5 years and other immaterial adjustments. The Company elected to perform a qualitative assessment as an annual test of goodwill impairment in the fourth quarter of 2024 and, as a result of this assessment, the Company determined a quantitative assessment was not necessary and no impairments were recorded in 2024. However, future impairment charges could result if future projections diverge unfavorably from current expectations. As of December 31, 2024 and 2023, the components of the Company’s intangible assets were as follows:
|  | December 31, 2024
|  | Weighted Average Amortization Period In Years |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Amount
Patents |  | 10 |  | $ | 308 |  |  | $ | (198) |  |  | $ | 110 |
Customer relationships |  | 13 |  | 28,006 |  | (19,958) |  | 8,048
Trademarks and trade names |  | 13 |  | 7,974 |  |  | (5,219) |  |  | 2,755 |
Technology |  | 9 |  | 32,616 |  |  | (28,923) |  |  | 3,693 |
Favorable lease |  | 6 |  | 327 |  |  | (132) |  |  | 195 |
|  |  |  | $ | 69,231 |  |  | $ | (54,430) |  |  | $ | 14,801 |
|  | 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 |
Intangible assets are amortized over their useful lives ranging from 3 to 25 years, with a total weighted average amortization period of approximately 11 years. Amortization expense for the years ended December 31, 2024 and 2023 were $4,628 and $5,314, 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. Estimated annual amortization expense for the years ending December 31, 2025 and thereafter is as follows:
Year Ending December 31, |  |
2025 |  | $ | 2,957 |
2026 |  | 2,425 |
2027 |  | 2,107 |
2028 |  | 1,549 |
2029 |  | 1,158 |
2030 and thereafter |  | 4,605 |
|  | $ | 14,801 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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