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Note 7 - Long-lived Assets | 12 Months Ended
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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 |

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- Definition The entire disclosure for intangible assets and long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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