MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN (Notes)

9 Months Ended

Sep. 30, 2015

MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN [Abstract]

Property, Plant and Equipment, Impairment [Policy Text Block]

MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN

In the second quarter of 2014, the Company recorded an asset impairment and inventory write-down of $23.2 million and $11.6 million, respectively. The impairment was recorded on machinery, equipment and molds used to produce giant mining tires. Mining products are included in the Company's earthmoving/construction segment. In the second quarter of 2014, several large mining equipment manufacturers significantly decreased their sales forecast for mining equipment. The Company's sales of mining product were deteriorating at an accelerated pace. Therefore, the company tested mining related assets for impairment in the second quarter of 2014. The fair value of the mining equipment was determined using a cost and market approach. The inventory write-down was to adjust the value of mining product inventory to estimated market value.