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Property, Plant & Equipment | 9 Months Ended
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Sep. 30, 2018
Property, Plant and Equipment [Abstract] |
Property, Plant & Equipment | Property, plant and equipment consisted of the following for the periods specified:
| September 30, 2018 |  | December 31, 2017
Property, plant and equipment | $ | 162,572,000 |  |  | $ | 144,849,000 |
Accumulated depreciation | (81,750,000 | ) |  | (76,218,000 | )
Property, plant and equipment — net | $ | 80,822,000 |  |  | $ | 68,631,000 |
Property, plant, and equipment are recorded at cost, unless obtained through acquisition, then assets are recorded at estimated fair value at the date of acquisition. Preliminary estimated fair value amount of $12,994,000 is included in the above table associated with the January 16, 2018 acquisition of Horizon Plastics. These amounts are preliminary, pending finalization of working capital adjustments and the fair value valuation reports. Depreciation is provided on a straight-line method over the estimated useful lives of the assets. The carrying amount of long-lived assets is evaluated annually to determine if an adjustment to the depreciation period or to the unamortized balance is warranted. Amounts invested in capital additions in progress were $4,178,000 and $3,045,000 at September 30, 2018 and December 31, 2017, respectively. At September 30, 2018 and December 31, 2017, purchase commitments for capital expenditures in progress were $1,087,000 and $1,071,000, respectively.

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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 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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