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PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following (amounts in thousands):

			September 30, 2020						December 31, 2019
Land and improvements			$	41,920					$	44,386
Buildings and improvements			252,654						249,168
Machinery and equipment			588,497						605,205
Tools, dies and molds			104,142						113,603
Construction-in-process			12,241						16,237
			999,454						1,028,599
Less accumulated depreciation			(674,495)						(661,004)
			$	324,959					$	367,595

Depreciation on property, plant and equipment for the nine months ended September 30, 2020 and 2019, totaled $37.7 million and $38.9 million, respectively.

The Company recorded a $2.6 million asset impairment charge during the nine months ended September 30, 2020 related to certain machinery and equipment located at Titan Tire Reclamation Corporation (TTRC) in Canada as a result of market declines, which indicated the remaining book value of the equipment is more than the fair market value.

In the second quarter of 2020, the Company took steps towards the finalization of the closure of its wheel operations in Saltville, Virginia, with plans for completion by the end of the fourth quarter of 2020. As a part of this process, the Company expects to incur disposal costs related to the closure but an estimated amount or range of amounts has not yet been determined.  There are approximately $0.5 million of net property, plant and equipment at this location.

In the third quarter of 2020, the Company received several potential offers for the sale of its Brownsville, Texas facility. The Company expects to enter into a sale agreement with a potential buyer during the fourth quarter of 2020. The Company reclassified the building and related assets of its Brownsville, Texas facility totaling $6.6 million to Assets held for sale on its Condensed Consolidated Balance Sheets as of September 30, 2020.

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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