XML 34 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block] Property, Plant and Equipment
Property, plant and equipment consists of the following:
June 30, 2020December 31, 2019
Land and improvements$57,452  $66,670  
Buildings and improvements291,373  310,797  
Machinery and equipment1,228,381  1,204,457  
Construction in progress87,228  161,951  
1,664,434  1,743,875  
Accumulated depreciation(779,858) (755,598) 
Property, plant and equipment, net$884,576  $988,277  
During the six months ended June 30, 2020, the Company recorded impairment charges of $1,140, which included a charge of $977 during the three months ended March 31, 2020 due to the deterioration of financial results in a certain Asia Pacific location. The fair value was determined using estimated orderly liquidation value, which was deemed the highest and best use of the assets. The Company also recorded an impairment charge of $163 due to idle assets in various locations during the three months ended June 30, 2020. The fair value was determined using salvage value.
Based on the Company’s interim impairment assessment, the Company has determined there were no additional indicators of impairment identified during the six months ended June 30, 2020. The Company continues to monitor the significant global economic uncertainty as a result of COVID-19 to assess the outlook for demand for products and the impact on the Company’s business and overall financial performance. A lack of recovery or further deterioration in market conditions and production volumes, among other factors, as a result of the COVID-19 pandemic could result in an impairment charge in future periods.
During the six months ended June 30, 2019, the Company recorded an impairment charge related to machinery and equipment in certain Asia Pacific locations of $2,188. The fair value was determined using estimated orderly liquidation value, which was deemed the highest and best use of the assets.