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Property, Plant, and Equipment and Assets Held for Sale | 12 Months Ended
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Dec. 31, 2015
Property, Plant, and Equipment and Assets Held for Sale |
Property, Plant, and Equipment and Assets Held for Sale | Note 8 — Property, Plant, and Equipment and Assets Held for Sale Property and equipment, net, consist of the following:
|  |  |  | December 31, |  |  |  | Average |
|  |  |  | 2015 |  |  |  | 2014 |  |  |  | Useful Life |
|  | (in thousands) |  |  |
Land |  | $ | 9,592 |  | $ | 9,392 |  | N/A |
Building and improvements |  | 54,622 |  | 51,979 |  | 10 – 40 years |
Machinery and equipment |  | 110,075 |  | 104,815 |  | 3 – 10 years |
Leasehold improvements |  | 5,554 |  | 4,356 |  | 3 – 7 years |
Gross property, plant and equipment |  | 179,843 |  | 170,542 |  |  |
Less: accumulated depreciation and amortization |  | 100,253 |  | 91,790 |  |  |
Net property, plant, and equipment |  | $ | 79,590 |  | $ | 78,752 |  |  |
Depreciation expense was $12.2 million, $11.4 million, and $12.9 million for the years ended December 31, 2015, 2014, and 2013, respectively. Assets Held for Sale At December 31, 2015, assets held for sale consist of a vacant building and land which were designated as held for sale during 2014. The carrying value reflects the Company’s estimate of fair value less costs to sell using the sales comparison market approach. During the year ended December 31, 2014, the Company classified property, plant, and equipment with a carrying value of $9.5 million as assets held for sale. Using Level 2 measurement principles, the Company determined that the carrying cost of these assets exceeded the fair market value, less cost to sell, and recorded an impairment charge of approximately $3.5 million, which consisted of $1.6 million related to the Company’s research and demonstration labs in Asia and $1.9 million related to a vacant building and land. These amounts were included in “Asset impairment” in the Consolidated Statements of Operations. The net $6.0 million carrying value of these assets are included in “Assets held for sale” in the Consolidated Balance Sheet. During the year ended December 31, 2014, the Company recognized additional asset impairment charges of $0.7 million relating to assets that were abandoned during the year, which was included in “Asset impairment” in the Consolidated Statements of Operations. During the year ended December 31, 2015, the Company sold its assets previously held for sale related to its research and demonstration labs in Asia for $1.0 million, which was the carrying value for the assets. The Company continues to actively market the remaining assets held for sale.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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