Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment consists of the following:

 

	December 31,						Estimated
	2019			2018			Useful Lives
Land and improvements	$	66,670		$	72,931		10 to 25 years
Buildings and improvements	310,797			313,722			10 to 40 years
Machinery and equipment	1,204,457			1,076,369			5 to 10 years
Construction in progress	161,951			192,533
	$	1,743,875		$	1,655,555
Accumulated depreciation	(755,598		)	(671,314		)
Property, plant and equipment, net	$	988,277		$	984,241

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, the Company impaired property, plant and equipment of $21,968 for the year ended December 31, 2019. The Company also impaired $1,171 of equipment no longer being utilized at certain locations in Europe and North America for the year ended December 31, 2019.

Due to the deterioration of financial results and equipment no longer being utilized at certain locations, the Company impaired property, plant and equipment of $42,915 and $10,493, for the years ended December 31, 2018 and 2017, respectively. Fair value of buildings was determined using market value. Fair value of machinery and equipment was determined using estimated salvage value or estimated orderly liquidation value, which was deemed the highest and best use of the assets. Further, due to the Company’s decision to divest two of its inactive European sites, the Company recorded impairment charges of $4,270 for the year ended December 31, 2017. Fair value was determined based on real estate market conditions.

A summary of these asset impairment charges is as follows:

	Year Ended December 31,
	2019		2018		2017
North America	$	50	$	—	$	1,895
Europe	9,943		30,978		6,327
Asia Pacific	13,146		11,937		6,541
South America	—		—		—
Total	$	23,139	$	42,915	$	14,763

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.