Property, Plant and Equipment

12 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

The cost and accumulated depreciation of property and equipment at March 31, 2018 and 2017 are as follows (in thousands):



	March 31, 2018			March 31, 2017
Land	$	—		$	3,643
Construction in progress - equipment	654			601
Buildings	—			34,549
Equipment and software	72,760			73,445
Furniture and fixtures	1,878			1,201
Leasehold improvements	1,426			2,442
Property, plant and equipment, gross	76,718			115,881
Less accumulated depreciation	(64,205		)	(72,443		)
Property, plant and equipment, net	$	12,513		$	43,438

On March 28, 2018 the Company sold land, building and building improvements associated with its Devens facility in Massachusetts with a net book value of $22.4 million for $23.0 million. The resulting gain from the sale of the property of $0.1 million after consideration for certain settlement costs of $0.1 million due from the seller and the note discount of $0.3 million will be deferred under the cost recovery method. See Note 7, "Note Receivable" for further information and discussion.

Depreciation expense was $11.0 million, $7.0 million, and $7.4 million, for the fiscal years ended March 31, 2018, 2017, and 2016, respectively. Included in depreciation expense for the year ended March 31, 2018 is $4.9 million of accelerated depreciation recorded to cost of revenues related to revised estimates of the remaining useful lives of certain pieces of manufacturing equipment. Construction in progress - equipment primarily includes capital investments in the Company's newly leased facility in Ayer, Massachusetts.