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GOODWILL IMPAIRMENT | 6 Months Ended
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Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL IMPAIRMENT | GOODWILL IMPAIRMENT Goodwill As of December 31, 2019, goodwill allocated to our Commercial Trailer Products, Diversified Products (“DPG”), and Final Mile Products (“FMP”) segments was approximately $2.6 million, $140.7 million, and $167.7 million, respectively. Within the DPG segment, goodwill was allocated between the Tank Trailers and Process Systems reporting units in the amount of $98.4 million and $42.3 million, respectively. The Company did not perform in-line with expectations during the first quarter of 2020, partially as a result of the ongoing COVID-19 pandemic. In addition, subsequent to December 31, 2019, the Company’s share price and market capitalization declined. As a result, indicators of impairment were identified and the Company performed an interim quantitative assessment as of March 31, 2020, utilizing a combination of the income and market approaches, which were weighted evenly. The results of the quantitative analysis indicated the carrying value of the FMP and Tank Trailers reporting units exceeded their respective fair values and, accordingly, goodwill impairment charges of $95.8 million and $11.0 million, respectively, were recorded during the first quarter of 2020. The goodwill impairment charges, which are based on Level 3 fair value measurements, are included in Impairment and other, net in the Condensed Consolidated Statements of Operations. The Company considered whether there were any indicators of impairment during the three months ended June 30, 2020 and concluded there were none. For the period ended June 30, 2020, the changes in the carrying amounts of goodwill were as follows (in thousands):
| Commercial Trailer Products |  | Diversified Products |  | Final Mile Products |  | Total
Balance at December 31, 2018 |  |  |  |  |  |  |
Goodwill | $ | 4,288 |  |  | $ | 145,688 |  |  | $ | 167,715 |  |  | $ | 317,691 |
Accumulated impairment losses | (1,663) |  |  | (4,944) |  |  | — |  |  | (6,607) |
Net balance as of December 31, 2018 | 2,625 |  |  | 140,744 |  |  | 167,715 |  |  | 311,084 |
Impact of divestiture on goodwill | — |  |  | (4,944) |  |  | — |  |  | (4,944) |
Impact of divestiture on accumulated impairment losses | — |  |  | 4,944 |  |  | — |  |  | 4,944 |
Effects of foreign currency | — |  |  | (58) |  |  | — |  |  | (58) |
Balance as of December 31, 2019 |  |  |  |  |  |  |
Goodwill | 4,288 |  |  | 140,686 |  |  | 167,715 |  |  | 312,689 |
Accumulated impairment losses | (1,663) |  |  | — |  |  | — |  |  | (1,663) |
Net balance as of December 31, 2019 | 2,625 |  |  | 140,686 |  |  | 167,715 |  |  | 311,026 |
Goodwill impairments | — |  |  | (10,971) |  |  | (95,766) |  |  | (106,737) |
Effects of foreign currency | — |  |  | 131 |  |  | — |  |  | 131 |
Balance at March 31, 2020 |  |  |  |  |  |  |
Goodwill | 4,288 |  |  | 140,817 |  |  | 167,715 |  |  | 312,820 |
Accumulated impairment losses | (1,663) |  |  | (10,971) |  |  | (95,766) |  |  | (108,400) |
Net balance as of March 31, 2020 | 2,625 |  |  | 129,846 |  |  | 71,949 |  |  | 204,420 |
Goodwill impairments | — |  |  | — |  |  | — |  |  | — |
Effects of foreign currency | — |  |  | (2) |  |  | — |  |  | (2) |
Balance at June 30, 2020 |  |  |  |  |  |  |
Goodwill | 4,288 |  |  | 140,815 |  |  | 167,715 |  |  | 312,818 |
Accumulated impairment losses | (1,663) |  |  | (10,971) |  |  | (95,766) |  |  | (108,400) |
Net balance as of June 30, 2020 | $ | 2,625 |  |  | $ | 129,844 |  |  | $ | 71,949 |  |  | $ | 204,418 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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