Property, Plant and Equipment

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

Property, plant, and equipment as of June 30, 2020 and December 31, 2019 consisted of the following:


	June 30, 2020		December 31, 2019
Land	$	11,531	$	11,076
Improvements to land and leaseholds	17,548		17,172
Buildings	32,577		35,241
Machinery and equipment, including equipment under finance leases	121,251		122,599
Construction in progress	7,240		5,234
Gross property, plant, and equipment	190,147		191,322
Less accumulated depreciation and amortization, including accumulated amortization of finance leases	(110,478)		(109,008)
Property, plant, and equipment - net	$	79,669	$	82,314

Depreciation expense was $2,613 and $2,768 for the three months ended June 30, 2020 and 2019, respectively, and $5,320 and $5,540 for the six months ended June 30, 2020 and 2019, respectively.

We review our property, plant, and equipment for recoverability whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. We recognize an impairment loss if we believe that the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. Due to the permanent closure of three operating locations and the discontinuance of mobile services within our Test, Inspection, and Threading business unit in the Tubular and Energy Services segment during the three months

ended June 30, 2020, certain assets were unable to support their carrying values. As a result, the Company recorded a non-cash impairment of $3,847 for the three and six months ended June 30, 2020, within the Tubular and Energy Services segment, using level 3 unobservable inputs. The fair value of land and buildings was determined using market value and the fair value of machinery and equipment was determined using estimated salvage value or estimated liquidation value. The impairment was included within “Other expense (income) - net” of the Condensed Consolidated Statements of Operations.