Property and Equipment

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

The following is a summary of property and equipment at December 31, 2016 and December 31, 2015:



	December 31, 2016			December 31, 2015
Automobiles and trucks	$	2,525		$	2,749
Building and improvements	37,269			28,226
Construction equipment	165,023			159,963
Vessels and other equipment	88,659			89,485
Office equipment	7,125			6,057
	300,601			286,480
Less: accumulated depreciation	(181,293		)	(164,371		)
Net book value of depreciable assets	119,308			122,109
Construction in progress	543			5,649
Land	38,231			38,231
	$	158,082		$	165,989

For the years ended December 31, 2016, 2015 and 2014, depreciation expense was $26.9 million, $23.7 million and $23.5 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).

Substantially all of the Company’s long-lived assets are 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 its fair value, and consequently, the Company recorded an impairment loss of $1.7 million on those assets during 2015, which included 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 expense” section of the Consolidated Statements of Operations during the year ended December 31, 2015. Approximately $6.4 million remain as held for sale on the Company's Consolidated Balance Sheets at December 31, 2016. The Company expects to dispose of the remaining assets within one year of the balance sheet date.