4. PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 4: PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

							Range of
	June 30, 2020			December 31, 2019			Asset Lives
Buildings and improvements	$	285		$	285		7 - 36 years
Leasehold improvements		906			896		2 - 5 years
Equipment		12,327			17,887		2 - 30 years
Furniture, computers and office equipment		907			901		2 - 8 years
Construction in progress		31			64		–
Total property, plant and equipment		14,456			20,033
Less: Accumulated depreciation and amortization		(11,464	)		(12,069	)
Property, plant and equipment, net	$	2,992		$	7,964

Impairment of Long-lived Assets

As a result of unfavorable market conditions primarily due to the COVID-19 pandemic and developments in global oil markets, which triggered historically low crude oil prices and decreases in our customers’ capital budgets, the Company determined the carrying amount of certain idle long-lived assets exceeded their respective values and therefore recorded an impairment charge of $4,490 related to idle fixed assets during the three months ended June 30, 2020.

The Company owns, and routinely invests in, a portfolio of long-lived assets which are used both internally for product manufacturing and externally to perform services in the field. We evaluate for impairment our property and equipment that is held and used whenever changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability is assessed based on estimated undiscounted future net cash flows. Estimating future net cash flows requires us to make assumptions and estimates including, but not limited to, cash flows associated with future use and eventual disposal of the asset group and determination of the primary asset of the group. Should the review indicate that the carrying value is not fully recoverable, the amount of the impairment loss is determined by comparing the carrying value to the estimated fair value. No impairment was recorded related to the long-lived assets held and used during the three and six months ended June 30, 2020.