Property, Plant and Equipment, net

9 Months Ended

Mar. 31, 2022

Property, Plant and Equipment, net

Property, Plant and Equipment, net

Note 7. Property, Plant and Equipment, net

Property, plant and equipment, net at March 31, 2022 and June 30, 2021 consisted of the following:

		March 31,		June 30,
(In thousands)	Useful Lives	2022		2021
Land	—	$	533	$	1,783
Building and improvements	10 - 39 years		93,570		103,082
Machinery and equipment	5 - 10 years		162,498		166,617
Furniture and fixtures	5 - 7 years		3,367		3,399
Less accumulated depreciation			(134,078)		(123,294)
			125,890		151,587
Construction in progress			14,230		15,087
Property, plant and equipment, net		$	140,120	$	166,674

As a result of the 2021 Restructuring Plan, the Company performed a fair value analysis of the Silarx facility and certain equipment at the facility, which resulted in an $8.4 million impairment charge in the second quarter of Fiscal 2022. The Company subsequently completed the sale of the Silarx facility in the third quarter of Fiscal 2022.

Depreciation expense for the three months ended March 31, 2022 and 2021 was $5.2 million and $5.8 million, respectively. Depreciation expense for the nine months ended March 31, 2022 and 2021 was $16.2 million and $17.2 million, respectively.

Property, plant and equipment, net included amounts held in foreign countries in the amount of $0.6 million at March 31, 2022 and June 30, 2021.