Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2013

4. Property, Plant and Equipment, Net

Property, plant and equipment, net, consisted of the following:

	At March 31,						At December 31,
(in thousands)	2013			2012			2012

Land	$	30,364		$	32,601		$	32,068
Buildings and site improvements	173,923			165,085			174,187
Leasehold improvements	4,708			3,793			4,747
Machinery and equipment	213,865			211,042			214,222
	422,860			412,521			425,224
Less accumulated depreciation and amortization	(221,468		)	(206,971		)	(217,868		)
	201,392			205,550			207,356
Capital projects in progress	9,618			3,910			6,096
	$	211,010		$	209,460		$	213,452

The Company’s vacant facility in Hungen, Germany, remained classified as an asset held for sale as of March 31, 2013, consistent with the classification at December 31, 2012. In the quarter ended March 31, 2013, the Company concluded that the carrying value of its Ireland facility, associated with the Europe segment, exceeded its net realizable value, and therefore recorded an impairment charge, within general and administrative expense, of $1.0 million, equal to the amount by which carrying value exceeds net estimated realizable value. See note 10.

Determining the fair value of the Ireland facility is a judgment involving estimates and assumptions. These estimates and assumptions include lease rates, operating costs and inflation factors used to calculate projected future cash flows and future economic and market conditions (Level 3 fair value inputs). The Company bases its fair value estimates on assumptions that it believes to be reasonable, but that are unpredictable and inherently uncertain. Actual future results may differ from those estimates.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details