Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, plant and equipment consists of the following:


	December 31,				Estimated
	2020		2019		Useful Lives
Land and improvements	$	61,226	$	66,670	10 to 25 years
Buildings and improvements	298,431		310,797		10 to 40 years
Machinery and equipment	1,277,624		1,204,457		5 to 10 years
Construction in progress	96,706		161,951
	$	1,733,987	$	1,743,875
Accumulated depreciation	(841,678)		(755,598)
Property, plant and equipment, net	$	892,309	$	988,277

The Company recorded impairment charges of $13,084 due to the deterioration of financial results at certain locations in North America, Europe, and Asia Pacific for the year ended December 31, 2020. The fair value of buildings was determined using a value-in-exchange cost method while the fair value of machinery and equipment was determined using estimated orderly liquidation value, which was deemed the highest and best use of the assets. The Company also recorded impairment charges of $4,162 related to equipment no longer being utilized at certain locations in Europe, Asia Pacific, and Corporate and other for the year ended December 31, 2020. The fair value of equipment was determined using estimated salvage value, which was deemed the highest and best use of the assets.

For the year ended December 31, 2019, the Company recorded impairment charges for property, plant and equipment of $21,968 due to the deterioration of financial results at certain locations in Europe and Asia Pacific and the termination of certain customer programs in the Asia Pacific region and recorded impairment charges of $1,171 related to equipment no longer being utilized at certain locations in Europe and Corporate and other.

For the year ended December 31, 2018, the Company recorded impairment charges for property, plant and equipment of $42,915 due to the deterioration of financial results and equipment no longer being utilized at certain locations in Europe and Asia Pacific. Also during the year ended December 31, 2018, the Company realized a gain on sale of land of $10,377 in its Europe segment. The net book value of the land was $5,446.

A summary of these asset impairment charges is as follows:


	Year Ended December 31,
	2020		2019		2018
North America	$	947	$	—	$	—
Europe	11,938		9,943		30,978
Asia Pacific	4,080		13,146		11,937
South America	—		—		—
Total Automotive	16,965		23,089		42,915
Corporate and other	281		50		—
Total	$	17,246	$	23,139	$	42,915

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.