Property, Plant, and Equipment

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure

Property, Plant and Equipment

The following table presents the components of our property, plant and equipment, net at June 30, 2024 and 2023:


	June 30, 2024		June 30, 2023
	(In thousands)
Property, plant and equipment
Land and buildings	$	32,610	$	37,263
Construction equipment	76,603		84,258
Transportation equipment	41,075		40,606
Office equipment and software	34,154		38,178
Finance Lease	33		—
Construction in progress	4,948		84
Total property, plant and equipment	189,423		200,389
Accumulated depreciation	(145,925)		(152,844)
Property, plant and equipment, net	$	43,498	$	47,545

During fiscal 2024, we sold a previously utilized facility in Burlington, Ontario for $2.7 million in net proceeds, which resulted in a gain of $2.5 million. We closed this previously utilized facility because it was no longer strategic to the future of the business.

During fiscal 2024, we also sold a facility in Catoosa, Oklahoma for $2.7 million in net proceeds, which resulted in a gain of $2.0 million. The facility was previously utilized for our industrial cleaning business, which was sold in fiscal 2023. The gains from these asset sales were included in Other income in the Consolidated Statements of Income.

During fiscal 2023, we sold our industrial cleaning business for net proceeds of $6.3 million in cash and a $0.4 million receivable for amounts to be paid upon satisfactory transfer of title of certain vehicles and equipment sold. The sale resulted in a $2.9 million gain, which was included in Other income in the Consolidated Statements of Income. The industrial cleaning business was included in our Process and Industrial Facilities segment and was disposed of because its operations were no longer core to our growth strategy.

In fiscal 2022, we took advantage of elevated real estate prices and sold our regional office and fabrication and warehouse facilities located in Orange, California for net proceeds of $37.4 million in cash and recorded a gain of $32.4 million on the sale. In connection with the sale, we entered into a leaseback agreement while replacement facilities were obtained. During fiscal 2024, we purchased a facility in Bakersfield, California for $4.1 million and leased new space for the regional office. The Company will move into these new facilities in early fiscal 2025.

Depreciation expense totaled $9.6 million, $12.0 million, and $13.4 million in fiscal 2024, 2023, and 2022, respectively.