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Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment consists of the following:
 
  December 31, Estimated
 20212020 Useful Lives
Land and improvements$44,495 $61,226  10 to 25 years
Buildings and improvements285,240 298,431  10 to 40 years
Machinery and equipment1,269,330 1,277,624  5 to 10 years
Construction in progress80,868 96,706 
$1,679,933 $1,733,987 
Accumulated depreciation(895,585)(841,678)
Property, plant and equipment, net$784,348 $892,309 
The Company recorded impairment charges of $20,118 related to machinery and equipment and $1,775 related to a leased building, due to recent operating performance in certain locations in North America, Europe, and Asia Pacific for the year ended December 31, 2021. The fair value of owned buildings was determined using a sales comparison approach or the cost approach while the fair value of leased buildings was determined using a discounted cash flow approach. 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 $3,326 due to equipment no longer being utilized, primarily in certain North America and Europe locations, for the year ended December 31, 2021. The fair value was determined using estimated salvage value.
For the year ended December 31, 2020, 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. 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.
A summary of these asset impairment charges is as follows:
Year Ended December 31,
202120202019
North America$8,479 $947 $— 
Europe9,179 11,938 9,943 
Asia Pacific7,071 4,080 13,146 
Total Automotive24,729 16,965 23,089 
Corporate and other490 281 50 
Total$25,219 $17,246 $23,139 
Subsequent Event
In the first quarter of 2022, the Company signed a sale-leaseback agreement on one of its European facilities. Based on the sales price, the Company expects to record a gain on the sales transaction of approximately $34,000 to $37,000. The Company expects the transaction to close in the second quarter of 2022.