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PROPERTY, PLANT AND EQUIPMENT AND LEASED FACILITIES AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2018
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT AND LEASED FACILITIES AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT AND LEASED FACILITIES AND EQUIPMENT Property, plant and equipment Property, plant and equipment consisted of the following at December 31, 2018 and 2017 (in thousands):
|  |  | December 31,
| Estimated Useful Life |  | 2018 |  | 2017
| (in Years) |  |  |  |
Land | - |  | $ | 4,972 |  |  | $ | 4,972 |
Buildings | 25 |  | 34,696 |  |  | 34,653 |
Machinery and equipment | 3 to 25 |  | 132,155 |  |  | 141,704 |
Furniture and fixtures | 3 to 5 |  | 2,497 |  |  | 4,450 |
Transportation equipment | 3 to 5 |  | 2,627 |  |  | 2,667 |
Improvements | 15 |  | 42,182 |  |  | 42,975 |
Construction in progress | - |  | 1,944 |  |  | 96 |
Total property, plant and equipment |  |  | 221,073 |  |  | 231,517 |
Accumulated depreciation |  |  | (141,143 | ) |  | (142,618 | )
Property, plant and equipment, net |  |  | $ | 79,930 |  |  | $ | 88,899 |
Depreciation expense for 2018, 2017 and 2016, was $10.4 million, $12.9 million and $25.4 million, respectively. The reduction in depreciation expense for 2018 and 2017 is the result of classifying our South Texas Properties as assets held for sale during the first quarter of 2017, and suspending the recognition of depreciation expense for those assets. Leased Facilities and Equipment Lease expense for 2018, 2017 and 2016, was $1.9 million, $2.0 million and $2.5 million, respectively, related to our leased facilities and equipment. Our significant leases subject to long-term agreements are as follows:
• | Corporate office lease in Houston, Texas consisting of approximately 17,000 square feet of office space. The lease expires in May 2025.
• | Shipyard five miles east of Jennings, Louisiana, consisting of an 180-acre complex on the west bank of the Mermentau River approximately 25 miles north of the U.S. Intracoastal Waterway that we lease from a third party. The lease expires in January 2025 with two, ten-year renewal options that allows us to extend the lease through January 2045.
• | Shipyard near Lake Charles, Louisiana, consisting of a ten-acre complex 17 miles from the GOM on the Calcasieu River, that we sublease from a third party. The sublease expires in July 2023 with three, five-year renewal options (subject to sublessor renewals), that allows us to extend the lease through July 2038.
Future minimum payments under leases having initial terms of one year or more are as follows (in thousands):
| Minimum Payments
2019 | $ | 660 |
2020 | 672 |
2021 | 680 |
2022 | 578 |
2023 | 477 |
Thereafter | 557 |
Total | $ | 3,624 |

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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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