Property, Plant and Equipment

9 Months Ended

Sep. 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:

	September 30, 2020		December 31, 2019
Land and improvements	$	59,137	$	66,670
Buildings and improvements	297,768		310,797
Machinery and equipment	1,255,056		1,204,457
Construction in progress	91,201		161,951
	1,703,162		1,743,875
Accumulated depreciation	(820,686)		(755,598)
Property, plant and equipment, net	$	882,476	$	988,277

The Company recorded impairment charges of $100 and $1,240 during the three and nine months ended September 30, 2020, respectively.

Based on the Company’s interim impairment assessment, the Company determined there were no additional indicators of impairment identified during the nine months ended September 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 three months ended September 30, 2019, the Company recorded an impairment charge related to machinery and equipment of $1,958 due to the termination of certain customer programs in the Asia Pacific region. The fair value of machinery and equipment was determined using estimated salvage value, which was deemed the highest and best use of the assets. Impairment charges of $4,146 recorded during the nine months ended September 30, 2019 also included an impairment charge recorded in the second quarter related to machinery and equipment in certain Asia Pacific locations. The fair value was determined using estimated orderly liquidation value, which was deemed the highest and best use of the assets.