Property, Plant and Equipment

12 Months Ended

Jun. 30, 2018

Property, Plant and Equipment

Property, Plant and Equipment

Note 6.  Property, Plant and Equipment

Property, plant and equipment at June 30, 2018 and 2017 consisted of the following:

(In thousands)	Useful Lives	June 30, 2018			June 30, 2017
Land	—	$	2,900		$	6,191
Building and improvements	10 - 39 years	105,041			108,730
Machinery and equipment	5 - 10 years	173,988			142,086
Furniture and fixtures	5 - 7 years	4,099			2,953
Less accumulated depreciation		(89,996		)	(71,461		)
		196,032			188,499
Construction in progress		37,215			54,649
Property, plant and equipment, net		$	233,247		$	243,148

Depreciation expense for the fiscal years ended June 30, 2018, 2017 and 2016 was $22.4 million, $21.8 million and $13.9 million, respectively.

During the fiscal year ended June 30, 2018, the Company recorded impairment charges totaling approximately $25.0 million, of which $21.5 million relates to the Cody Restructuring Plan and $3.5 million resulting from the consolidation of the Company’s manufacturing activities with respect to plant-related assets located at the Company’s Townsend Road facility.  The impairment charges were based on the appraised fair values of the property, plant and equipment at each of these sites.  See Note 3 “Restructuring Charges” for more information.  The Company had no impairment charges for the fiscal years ended June 30, 2017 and 2016.

Property, plant and equipment, net included amounts held in foreign countries in the amount of $1.1 million and $1.0 million at June 30, 2018 and June 30, 2017, respectively.