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PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended
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Jun. 30, 2019
PROPERTY, PLANT AND EQUIPMENT [Abstract] |
PROPERTY, PLANT AND EQUIPMENT |
6. | PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consist of the following:
|  | June 30, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Land |  | $ | 1,433 |  |  | $ | 2,251 |
Buildings and improvements |  |  | 29,319 |  |  |  | 30,119 |
Machinery and equipment |  |  | 129,386 |  |  |  | 126,747 |
Construction in progress |  |  | 5,516 |  |  |  | 4,687 |
|  |  | 165,654 |  |  |  | 163,804 |
Accumulated depreciation |  |  | (123,310 | ) |  |  | (119,872 | )
Property, plant and equipment, net |  | $ | 42,344 |  |  | $ | 43,932 |
Depreciation expense for the three months ended June 30, 2019 and 2018 was $2.5 million and $2.9 million, respectively. Depreciation expense for the six months ended June 30, 2019 and 2018 was $5.0 million and $6.1 million, respectively. Depreciation expense related to our manufacturing facilities and equipment is included in cost of sales and depreciation expense associated with administrative facilities and office equipment is included in selling, general and administrative expense within the accompanying condensed consolidated statements of operations. During the first quarter of 2019, the Company finalized its plans to transition its manufacturing and warehousing operations from its Inwood, New York facility to Bel’s existing facilities in Glen Rock, Pennsylvania and the Dominican Republic. In connection with this transition, the Company had classified $1.5 million of property, plant and equipment as held for sale on its condensed consolidated balance sheet at March 31, 2019. The sale of the Inwood, New York property was completed during the second quarter of 2019, resulting in net proceeds of $5.8 million. The resulting gain on sale of $4.3 million (pre-tax) was recorded in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2019.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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