Note 8 - Long-lived Assets

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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

8. LONG-LIVED ASSETS

The cost basis and estimated lives of property and equipment as of December 31, 2023 and 2022 are as follows:

	As of December 31,
	2023			2022			Life (in years)
Land	$	1,423		$	1,423
Buildings		22,111			20,792			39
Machinery and equipment		125,107			120,893			2 - 10
Office furniture and equipment		5,962			5,705			3 - 7
Leasehold improvements		9,068			9,040		Shorter of asset life or life of lease
Construction in progress		3,526			2,360
		167,197			160,213
Less accumulated depreciation and amortization		(120,074	)		(114,894	)
Total property and equipment	$	47,123		$	45,319

As of December 31, 2023, the Company had commitments of $1,523 related to the completion of projects within construction in progress.

During the year ended December 31, 2023, the Company did not identify any impairment triggering events within its segments. As a result, no impairment charges were recorded for the year ended December 31, 2023.

During November 2022, the Company identified a triggering event associated with an expected operating loss within the Heavy Fabrications segment during the year ended December 31, 2022. Accordingly, the Company performed an undiscounted cash flow analysis as of November 30, 2022 and determined that the undiscounted future cash flows exceeded the asset group's carrying value. Additionally, there were no changes in facts or circumstances following the November 30, 2022 assessment through December 31, 2022, which would alter the asset group’s initial undiscounted future cash flows or carrying value estimates. As a result, no impairment charge was recorded for the Heavy Fabrications asset group for the year ended December 31, 2022. 

As of December 31, 2023 and 2022, the cost basis, accumulated amortization and net book value of intangible assets were as follows:

	December 31, 2023												December 31, 2022
											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	$	(170	)	$	—		$	—		—	$	170	$	(167	)	$	—		$	3		0.1
Customer relationships		15,979		(7,842	)		(7,592	)		545		2.1		15,979		(7,581	)		(7,592	)		806		3.1
Trade names		9,099		(7,580	)		—			1,519		3.8		9,099		(7,180	)		—			1,919		4.8
Intangible assets	$	25,248	$	(15,592	)	$	(7,592	)	$	2,064		3.3	$	25,248	$	(14,928	)	$	(7,592	)	$	2,728		4.3

Intangible assets represent the fair value assigned to definite-lived assets such as trade names and customer relationships. Estimated useful lives for intangibles assets range from 6 to 20 years. Intangible assets are amortized on a straight-line basis over their estimated useful lives, with a remaining life range from 2 to 4 years. Amortization expense was $664 and $725 for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, estimated future amortization expense is as follows:

2024	$	661
2025		661
2026		422
2027		320
Total	$	2,064