Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2021

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		Infrastructure Solutions		Total
Balance as of December 31, 2020	$	14,743	$	5,597	$	20,340
Larken purchase price adjustment	—		(21)		(21)
Foreign currency translation impact	(172)		—		(172)
Balance as of September 30, 2021	$	14,571	$	5,576	$	20,147

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. However, the future impacts of COVID-19 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, 2021.

The components of the Company’s intangible assets were as follows for the periods presented:

	September 30, 2021
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Patents	10	$	385	$	(218)	$	167
Customer relationships	18	36,133		(17,610)		18,523
Trademarks and trade names	16	7,798		(4,557)		3,241
Technology	13	35,769		(25,250)		10,519
		$	80,085	$	(47,635)	$	32,450
	December 31, 2020
	Weighted Average Amortization Period In Years	Gross Carrying Value		Accumulated Amortization		Net Carrying Amount
Patents	10	$	383	$	(206)	$	177
Customer relationships	18	36,269		(15,914)		20,355
Trademarks and trade names	16	7,809		(4,135)		3,674
Technology	13	35,815		(23,124)		12,691
		$	80,276	$	(43,379)	$	36,897

The Company amortizes intangible assets over their useful lives, which range from 5 to 25 years, with a total weighted average amortization period of approximately 16 years as of September 30, 2021. Amortization expense was $1,462 and $1,428 for the three months ended September 30, 2021 and 2020, respectively, and was $4,397 and $4,271 for the nine months ended September 30, 2021 and 2020, respectively.

As of September 30, 2021, estimated amortization expense for the remainder of 2021 and thereafter was as follows:

	Amortization Expense
Remainder of 2021	$	1,445
2022	5,749
2023	5,278
2024	4,284
2025	2,467
2026 and thereafter	13,227
	$	32,450