Goodwill and Other Intangible Assets

12 Months Ended

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