Property, Plant and Equipment

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are as follows (in thousands):

	2016			2015
Land and land improvements	$	8,537		$	9,194
Buildings and building improvements	82,440			82,206
Machinery and equipment	546,425			525,914
Furniture and fixtures	9,553			8,696
Construction in progress	10,885			10,181
	657,840			636,191
Accumulated depreciation	(450,161		)	(425,613		)
	$	207,679		$	210,578

Sale-Leaseback Transactions

During the second quarter of 2016, the Company sold one manufacturing facility, which related to its envelope segment for net proceeds of $7.9 million and entered into a five year operating lease for the same facility, with an option to renew for up to two additional five year periods. As a result, the Company recorded a gain of approximately $2.1 million in other income, net and a deferred gain of approximately $2.8 million which will be recognized ratably over the original five year lease term.

During the fourth quarter of 2015, the Company sold one manufacturing facility, which related to its print segment for net proceeds of $7.1 million and entered into a one-year operating lease for the same facility. In connection with the sale, the Company recorded a gain of $3.1 million in other income, net and a deferred gain of approximately $0.5 million which was recognized ratably over the lease term.