Select balance sheet data

6 Months Ended

Jun. 30, 2021

Select Balance Sheet Data [Abstract]

Select balance sheet data

Note 2. Select balance sheet data

Inventory

Inventories are stated at the lower of cost, determined on the first-in, first-out method (FIFO) and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Work-in-process and finished goods are valued at production costs consisting of material, labor, and overhead.

Inventories as of June 30, 2021 and December 31, 2020 consist of:

	June 30, 2021		December 31, 2020
Finished goods and purchased parts	$	29,205	$	24,561
Raw materials		14,884		11,266
Work-in-process		6,850		5,539
Total	$	50,939	$	41,366

Property, plant and equipment

Property, plant and equipment as of June 30, 2021 and December 31, 2020 consist of:

	Useful Lives Years*	June 30, 2021		December 31, 2020
Land	Indefinite	$	1,033	$	1,033
Land improvements	15-39		3,169		3,169
Building and building improvements	15-39		55,556		55,172
Machinery, equipment and tooling	3-10		208,170		199,854
Vehicles	5		3,841		3,778
Office furniture and fixtures	3-7		17,126		16,242
Construction in progress	N/A		11,717		3,931
Total property, plant and equipment, gross			300,612		283,179
Less accumulated depreciation			185,917		176,491
Total property, plant and equipment, net		$	114,695	$	106,688

The Company completed the closure of its Greenwood, SC manufacturing facility during the third quarter of the prior year. The net amount of property, plant and equipment associated with the facility was $3,552, which is classified in assets held for sale on the Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020.

Additionally, the Company finalized an agreement to open a new facility in Hazel Park, MI during the quarter ended June 30, 2021. As of June 30, 2021, the Company invested $5,271 for the ramp-up of production which is classified in construction in progress.

Goodwill

Changes in goodwill between December 31, 2020 and June 30, 2021 consist of:

Balance as of December 31, 2020	$	71,535
Impairment		—
Balance as of June 30, 2021	$	71,535

 Intangible Assets

The following is a listing of intangible assets, the useful lives in years (amortization period) and accumulated amortization as of June 30, 2021 and December 31, 2020:

	Useful Lives Years	June 30, 2021			December 31, 2020
Amortizable intangible assets:
Customer relationships and contracts	9-12	$	78,340		$	78,340
Trade name	10		14,780			14,780
Non-compete agreements	5		8,800			8,800
Patents	19		24			24
Accumulated amortization			(49,641	)		(44,288	)
Total amortizable intangible assets, net			52,303			57,656
Non-amortizable brand name			3,811			3,811
Total intangible assets, net		$	56,114		$	61,467

Non-amortizable brand name is tested annually for impairment.

Changes in intangible assets between December 31, 2020 and June 30, 2021 consist of:

Balance as of December 31, 2020	$	61,467
Amortization expense		(5,353	)
Balance as of June 30, 2021	$	56,114

Amortization expense was $2,677 for each of the three months ended June 30, 2021 and 2020, and $5,353 for the six months ended June 30, 2021 and 2020.

Future amortization expense is expected to be as followed:

Year ending December 31,
2021 (remainder)	$	5,353
2022	$	6,952
2023	$	6,866
2024	$	5,192
2025	$	5,192
Thereafter	$	22,748