Property, Plant and Equipment, net

9 Months Ended

Mar. 31, 2020

Note 7. Property, Plant and Equipment, net

Property, plant and equipment, net at March 31, 2020 and June 30, 2019 consisted of the following:


		March 31,		June 30,
(In thousands)	Useful Lives	2020		2019
Land	—	$	1,783	$	1,783
Building and improvements	10 - 39 years		95,436		87,609
Machinery and equipment	5 - 10 years		166,034		156,166
Furniture and fixtures	5 - 7 years		3,110		3,105
Less accumulated depreciation			(99,748)		(83,424)
			166,615		165,239
Construction in progress			14,793		21,431
Property, plant and equipment, net		$	181,408	$	186,670

Depreciation expense for the three months ended March 31, 2020 and 2019 was $6.2 million and $5.5 million, respectively. Depreciation expense for the nine months ended March 31, 2020 and 2019 was $17.9 million and $17.7 million, respectively.

In the first quarter of Fiscal 2019, the Company approved a plan to sell the Cody API business and performed a fair value analysis which resulted in a $29.9 million impairment of the Cody API property, plant and equipment assets. The Company was unable to sell the Cody API business as an ongoing operation and decided to sell the equipment and real estate utilized by the Cody API business and to have Cody Labs cease all operations. As such, Cody Labs' property, plant and equipment totaling $6.7 million, were recorded in the assets held for sale caption in the Consolidated Balance Sheet as of June 30, 2019. As of March 31, 2020, the Company has a remaining balance of $2.7 million recorded in the assets held for sale caption in the Consolidated Balance Sheet. See Note 19 “Assets Held for Sale” for more information.

Property, plant and equipment, net included amounts held in foreign countries in the amount of $0.6 million and $1.0 million at March 31, 2020 and June 30, 2019, respectively.