8. LONG-LIVED ASSETS

The cost basis and estimated lives of property and equipment from continuing operations as of December 31, 2016 and 2015 are as follows:


	As of December 31,
	2016		2015		Life
Land	$	1,982	$	1,982
Buildings		20,874		20,874	39	years
Machinery and equipment		98,656		95,546	2	-	10	years
Office furniture and equipment		3,648		3,446	3	-	7	years
Leasehold improvements		8,720		8,169	Asset life or life of lease
Construction in progress		6,089		993
		139,969		131,010
Less accumulated depreciation and amortization		(85,363)		(79,104)
Total property and equipment	$	54,606	$	51,906

As of December 31, 2016, the Company had commitments of $1,220 related to the completion of projects within construction in progress.

As of December 31, 2016 and 2015, the cost basis, accumulated amortization and net book value of intangible assets were as follows:


	December 31, 2016							December 31, 2015
							Weighted							Weighted
					Net		Average					Net		Average
			Accumulated		Book		Amortization			Accumulated		Book		Amortization
	Cost		Amortization		Value		Period	Cost		Amortization		Value		Period
Intangible assets:
Customer relationships	$	3,979	$	(3,726)	$	253	7.2	$	3,979	$	(3,682)	$	297	7.2
Trade names		7,999		(3,680)		4,319	20.0		7,999		(3,280)		4,719	20.0
Intangible assets	$	11,978	$	(7,406)	$	4,572	15.8	$	11,978	$	(6,962)	$	5,016	15.8

Intangible assets are amortized on a straight‑line basis over their estimated useful lives, which range from 15 to 20 years. Amortization expense was $444 for the years ended December 31, 2016 and 2015. As of December 31, 2016, estimated future amortization expense is as follows:


2017	$	444
2018		444
2019		444
2020		444
2021		444
2022 and thereafter		2,352
Total	$	4,572

During the fourth quarter of 2016, the Company continued to experience triggering events associated with the Gearing segment’s current period operating losses combined with its history of continued operating losses. As a result, the Company evaluated the recoverability of certain of its long‑lived assets associated with the Gearing segment. Based upon the Company’s December 31, 2016 impairment assessment, the undiscounted cash flows based upon the Company’s most recent projections were less than the carrying amount of relevant asset groups within the Gearing segment, and a possible impairment to these assets was indicated under ASC 360. However, based on third-party appraisals and other estimates of the fair value of the assets, the Company determined that the fair value of these assets is in excess of their carrying amount under ASC 360. The Company assumed that the assets would be exchanged in an orderly transaction between market participants and would represent the highest and best use of these assets. Based on the analysis, the Company determined that no impairment to the asset group was indicated as of December 31, 2016.