Property and Equipment

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

The following is a summary of property and equipment at December 31, 2015 and December 31, 2014:

	December 31, 2015			December 31, 2014
Automobiles and trucks	$	2,749		$	2,006
Building and improvements	28,226			28,641
Construction equipment	159,963			146,088
Vessels and other equipment	89,485			96,275
Office equipment	6,057			4,891
	286,480			277,901
Less: accumulated depreciation	(164,371		)	(161,276		)
Net book value of depreciable assets	122,109			116,625
Construction in progress	5,649			5,274
Land	38,231			39,874
	$	165,989		$	161,773

For the years ended December 31, 2015, 2014 and 2013, depreciation expense was $23.7 million, $23.5 million and $21.1 million, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Consolidated Statements of Operations.  Substantially all of the assets of the Company are pledged as collateral under the Company's Credit Agreement (as defined in Note 11).

The Company’s long-lived assets are substantially located in the United States.

During 2015, the Company committed to a plan to review property and equipment within the heavy civil marine construction segment and adopted a plan to dispose of underutilized assets. These assets have been separately presented in the Consolidated Balance Sheets as “Assets held for sale” and are no longer depreciated. In connection with this disposal, the Company determined that the carrying value of certain of these assets exceeded fair value, and consequently, the Company recorded an impairment loss of $1.7 million on those assets, which includes any expected costs to sell. Additionally, various other assets were identified as underutilized and will be sold for salvage value. The Company recorded an impairment loss of $0.9 million on those assets. These losses are recorded in the “Other” section of the Consolidated Statements of Operations. Approximately $6.4 million remain as held for sale on the Company's Consolidated Balance Sheets at December 31, 2015. The Company expects to dispose of the remaining assets within one year of the balance sheet date.