XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Note 7 - Long-lived Assets | 12 Months Ended
--- | ---
Dec. 31, 2021
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, 2021 and 2020 are as follows:
|  | As of December 31, |  |  |  |  |
|  | 2021 |  |  | 2020 |  |  | Life (in years) |
Land |  | $ | 1,423 |  |  | $ | 1,423 |  |  |  |  |
Buildings |  |  | 20,778 |  |  |  | 20,778 |  |  |  | 39 |
Machinery and equipment |  |  | 116,725 |  |  |  | 113,266 |  |  |  | 2 - 10 |
Office furniture and equipment |  |  | 5,480 |  |  |  | 5,099 |  |  |  | 3 - 7 |
Leasehold improvements |  |  | 8,937 |  |  |  | 9,305 |  |  | Shorter of asset life or life of lease |
Construction in progress |  |  | 677 |  |  |  | 502 |  |  |  |  |
|  |  | 154,020 |  |  |  | 150,373 |  |  |  |  |
Less accumulated depreciation and amortization |  |  | (110,365 | ) |  |  | (105,178 | ) |  |  |  |
Total property and equipment |  | $ | 43,655 |  |  | $ | 45,195 |  |  |  |  |
As of December 31, 2021 and December 31, 2020, the Company had commitments of $1,227 and $463, 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 Gear Works completed in 2007 as well as the noncompetition agreements and customer relationships that were part of the Company’s acquisition of Red Wolf Company, LLC completed in 2017. Intangible assets are amortized on a straight-line basis over their estimated useful lives, with a remaining life range from 1 to 6 years. During November 2021, the Company identified triggering events associated with operating losses within the Gearing segment and a decline in revenue and operating margin within the Heavy Fabrications segment during the year ended December 31, 2021. The Company relied upon undiscounted cash flow analyses and concluded that no impairment to these asset groups was indicated as of December 31, 2021. During October 2020, the Company also identified triggering events 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, 2021 and 2020, the cost basis, accumulated amortization and net book value of intangible assets were as follows:
|  | December 31, 2021 |  |  | December 31, 2020 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |  |  | $ | (139 | ) |  | $ | — |  |  | $ | 31 |  |  |  | 1.1 |  |  | $ | 170 |  |  | $ | (111 | ) |  | $ | — |  |  | $ | 59 |  |  |  | 2.1 |
Customer relationships |  |  | 15,979 |  |  |  | (7,284 | ) |  |  | (7,592 | ) |  |  | 1,103 |  |  |  | 4.0 |  |  |  | 15,979 |  |  |  | (6,979 | ) |  |  | (7,592 | ) |  |  | 1,408 |  |  |  | 4.9 |
Trade names |  |  | 9,099 |  |  |  | (6,780 | ) |  |  | — |  |  |  | 2,319 |  |  |  | 5.8 |  |  |  | 9,099 |  |  |  | (6,380 | ) |  |  | — |  |  |  | 2,719 |  |  |  | 6.8 |
Intangible assets |  | $ | 25,248 |  |  | $ | (14,203 | ) |  | $ | (7,592 | ) |  | $ | 3,453 |  |  |  | 5.2 |  |  | $ | 25,248 |  |  | $ | (13,470 | ) |  | $ | (7,592 | ) |  | $ | 4,186 |  |  |  | 6.1 |
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 for the years ended December 31, 2021 and 2020. As of December 31, 2021, estimated future amortization expense is as follows:
2022 |  | $ | 733 |
2023 |  |  | 664 |
2024 |  |  | 661 |
2025 |  |  | 661 |
2026 |  |  | 422 |
2027 and thereafter |  |  | 312 |
Total |  | $ | 3,453 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_PropertyPlantAndEquipmentAndIntangibleAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration