XML 28 R13.htm IDEA: XBRL DOCUMENT v3.20.4
PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT, AND EQUIPMENT
Property, plant, and equipment at December 31, 2020 and 2019, consisted of the following (amounts in thousands):
 20202019
Land and improvements$43,943 $44,386 
Buildings and improvements245,619 249,168 
Machinery and equipment583,847 605,205 
Tools, dies, and molds111,189 113,603 
Construction-in-process11,282 16,237 
 995,880 1,028,599 
Less accumulated depreciation(676,026)(661,004)
 $319,854 $367,595 
 
Depreciation, including depreciation on capital leases, related to property, plant, and equipment for the years 2020, 2019 and 2018 totaled $51.3 million, $50.9 million, and $53.9 million, respectively.

The Company recorded a $13.8 million asset impairment charge during the year ended December 31, 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.

During 2020, the Company took steps towards the finalization of the closure of its wheel operations in Saltville, Virginia, with plans for completion by the first half of 2021. 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.
The Company sold its Brownsville, Texas facility in November 2020 resulting in sales proceeds of $11.4 million and a gain on sale of $4.9 million. The sales proceeds are included in other line item within the investing activities section of the Consolidated Statement of Cash Flows. The Company reclassified the building and related assets of its Brownsville, Texas facility totaling $7.2 million to Assets held for sale on its Consolidated Balance Sheets as of December 31, 2019 as the facility was held for sale as of September 30, 2020.