Property, Plant and Equipment

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant, and Equipment

Property, plant, and equipment as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Land	$	6,223	$	6,627
Improvements to land and leaseholds	15,401		17,573
Buildings	26,966		27,348
Machinery and equipment, including equipment under finance leases	110,821		116,175
Construction in progress	1,276		915
Gross property, plant, and equipment	160,687		168,638
Less accumulated depreciation and amortization, including accumulated amortization of finance leases	(101,876)		(106,553)
Property, plant, and equipment - net	$	58,811	$	62,085

Depreciation expense was $2,041 and $1,940 for the three months ended September 30, 2021 and 2020, respectively, and $6,049 and $5,838 for the nine months ended September 30, 2021 and 2020, respectively. The Company reviews its property, plant, and equipment for recoverability whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. The Company recognizes an impairment loss if it believes that the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. There were no impairments of property, plant, and equipment during the nine months ended September 30, 2021 and 2020.

On September 24, 2021, the Company executed the sale of its Piling Products division for $23,902 in total expected proceeds. The Company retained all pre-closing receivables and liabilities associated with the division. The sale included substantially all fixed assets held by the Company associated with the division. The Piling Products division is included in the Fabricated Steel business unit within the Infrastructure Solutions business segment.