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Assets Held For Sale
12 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale

5. Assets Held for Sale

In the second quarter of 2022, the Company actively marketed for sale its corporate administrative building, forge facilities and aftermarket facilities in connection with the consolidation of its operations into a smaller footprint at its campus in Houston, Texas. In September 2022, we sold our forge facility for a net amount of approximately $18.9 million. The Company expects to sell the remaining two facilities within a year.

In accordance with the applicable accounting guidance, FASB ASC 360-10-45-9, the Company reclassified the buildings’ net carrying amount from Property, plant and equipment, net, to Assets held for sale on the Consolidated Balance Sheets at December 31, 2022. Of the $19.4 million classified as Assets Held for Sale, $10.8 million was held in DQ Corporate and $8.6 million in the Western Hemisphere. We wrote down approximately $3.2 million in the year ended December 31, 2022 to reflect the net carrying amount of the corporate administrative building assets to their estimated fair value, less estimated costs to sell the building. The long-lived asset write-downs are included in the “Restructuring and other charges” line item of the Consolidated Statements of Income (Loss) for the year ended December 31, 2022.