Note 7 - Long-lived Assets

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Property, Plant, and Equipment and Intangible Assets [Text Block]

7.

LONG-LIVED ASSETS

The cost basis and estimated lives of property and equipment from continuing operations as of

December 31, 2020

and

2019

are as follows:

	As of December 31,
	2020			2019			Life (in years)
Land	$	1,423		$	1,423
Buildings		20,778			20,747			39
Machinery and equipment		113,266			109,775			2 - 10
Office furniture and equipment		5,099			4,597			3 - 7
Leasehold improvements		9,305			8,974		Shorter of asset life or life of lease
Construction in progress		502			1,093
		150,373			146,609
Less accumulated depreciation and amortization		(105,178	)		(99,669	)
Total property and equipment	$	45,195		$	46,940

As of

December 31, 2020

and

December 31, 2019

, the Company had commitments of

$463

 and

$758,

respectively, related to the completion of projects within construction in progress.

Intangible assets represent the fair value assigned to definite-lived assets such as trade names and customer relationships as part of the Company's acquisition of Brad Foote completed in

2007

as well as the noncompetition agreements, trade names and customer relationships that were part of the Company's acquisition of Red Wolf. Intangible assets are amortized on a straight-line basis over their estimated useful lives, with a remaining life range from

2

 to

7

 years.

 During

2019,

the Company identified a triggering event associated with its continued operating losses within the Industrial Solutions segment. The Company relied upon an undiscounted cash flow analysis and concluded that

no

impairment to this asset group was indicated as of

December 31, 2019.

However, in conjunction with the Company's rebranding initiative, during

2019

the Company decided it would

no

longer utilize the Red Wolf trade name. As a result, the Company accelerated the amortization of the trade name by

$871

so that it was fully amortized in

2019.

During

October 2020,

the Company also identified a triggering event associated with its continued operating losses within the Gearing segment. The Company relied upon an undiscounted cash flow analysis and concluded that

no

impairment to this asset group was indicated as of

December 31, 2020. 

As of

December 31, 2020

and

2019

, the cost basis, accumulated amortization and net book value of intangible assets were as follows:

	December 31, 2020												December 31, 2019
											Remaining												Remaining
											Weighted												Weighted
						Accumulated			Net		Average							Accumulated			Net		Average
	Cost		Accumulated			Impairment			Book		Amortization				Accumulated			Impairment			Book		Amortization
	Basis		Amortization			Charges			Value		Period		Cost		Amortization			Charges			Value		Period
Intangible assets:
Noncompete agreements	$	170	$	(111	)	$	—		$	59		2.1	$	170	$	(83	)	$	—		$	87		3.1
Customer relationships		15,979		(6,979	)		(7,592	)		1,408		4.9		15,979		(6,674	)		(7,592	)		1,713		5.8
Trade names		9,099		(6,380	)		—			2,719		6.8		9,099		(5,980	)		—			3,119		7.8
Intangible assets	$	25,248	$	(13,470	)	$	(7,592	)	$	4,186		4.6	$	25,248	$	(12,737	)	$	(7,592	)	$	4,919		6.5

Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from

6

to

20

 years. Amortization expense was

$733

 and

$1,683

 for the years ended

December 31, 2020

and

2019

, respectively. As of

December 31, 2020

, estimated future amortization expense is as follows:

2021	$	733
2022		725
2023		664
2024		661
2025		661
2026 and thereafter		742
Total	$	4,186