Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]


7.			Property, Plant and Equipment

Property, plant and equipment at December 31, 2019 and December 31, 2018 consisted of the following:


	December 31, 2019		December 31, 2018
Right-of-use finance lease assets ⁽¹⁾	$	506	$	—
Land and improvements	5,407		5,457
Buildings and improvements	27,600		26,254
Machinery and equipment	108,474		101,492
Construction-in-progress	4,214		3,802
	146,201		137,005
Less: Accumulated depreciation	(75,925)		(61,839)
Property, plant and equipment, net	$	70,276	$	75,166

(1) Commencing on January 1, 2019, the Company recognizes right-of-use finance lease assets in accordance with ASC 842. Prior to January 1, 2019, the Company recognized such assets in accordance with ASC 840. As such, the assets were recorded in buildings and improvements and machinery and equipment based on the asset’s classification. Prior period results continue to be reported under the accounting standards in effect for those periods.

For the year ended December 31, 2018, the Company recorded a $1.3 million gain on disposal of property, plant and equipment - net for the sale of a building related to the closure of the engineered components segment’s U.K. facility. In connection with the sale, the Company collected $0.7 million of value-added tax which was remitted to the relevant tax authorities in the first quarter of 2019 and is included within cash flows used in financing activities within the consolidated statement of cash flows.

Property, plant and equipment, net are evaluated for potential impairment whenever events or circumstances indicate that the carrying value may not be recoverable. There were no impairment charges recorded in continuing operations related to property, plant and equipment, net during the years ended December 31, 2019, 2018 and 2017. Depreciation of property, plant and equipment, net from continuing operations was $14.8 million, $14.3 million, and $14.5 million for the years ended December 31, 2019, 2018 and 2017, respectively.