Property, Plant and Equipment

12 Months Ended

Jun. 30, 2022

Property, Plant and Equipment

Property, Plant and Equipment

Note 6. Property, Plant and Equipment

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

		June 30,		June 30,
(In thousands)	Useful Lives	2022		2021
Land	—	$	533	$	1,783
Building and improvements	10 - 39 years		93,701		103,082
Machinery and equipment	5 - 10 years		158,854		166,617
Furniture and fixtures	5 - 7 years		3,367		3,399
Less accumulated depreciation			(136,433)		(123,294)
			120,022		151,587
Construction in progress			13,156		15,087
Property, plant and equipment, net		$	133,178	$	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 fiscal years ended June 30, 2022, 2021 and 2020 was $21.3 million, $22.9 million and $24.3 million, respectively.

Property, plant and equipment, net included amounts held in foreign countries in the amount of $0.7 million at June 30, 2022 and $0.6 million at June 30, 2021.