Property, Plant and Equipment, net

6 Months Ended

Dec. 31, 2019

Note 7. Property, Plant and Equipment, net

Property, plant and equipment, net at December 31, 2019 and June 30, 2019 consisted of the following:


		December 31,		June 30,
(In thousands)	Useful Lives	2019		2019
Land	—	$	1,783	$	1,783
Building and improvements	10 - 39 years		95,032		87,609
Machinery and equipment	5 - 10 years		164,300		156,166
Furniture and fixtures	5 - 7 years		3,110		3,105
Less accumulated depreciation			(93,999)		(83,424)
			170,226		165,239
Construction in progress			13,405		21,431
Property, plant and equipment, net		$	183,631	$	186,670

Depreciation expense for the three months ended December 31, 2019 and 2018 was $5.9 million and $5.7 million, respectively. Depreciation expense for the six months ended December 31, 2019 and 2018 was $11.7 million and $12.2 million, respectively.

In the first quarter of Fiscal 2019, the Company approved a plan to sell the Cody API business and performed a fair value analysis which resulted in a $29.9 million impairment of the Cody API property, plant and equipment assets . The Company was unable to sell the Cody API business as an ongoing operation and intended to sell the equipment and real estate utilized by the Cody API business and to have Cody Labs cease all operations. As such, Cody Labs' property, plant and equipment totaling $6.7 million, were recorded in the assets held for sale caption in the Consolidated Balance Sheet as of June 30, 2019. As of December 31, 2019, the Company has a remaining balance of $3.8 million recorded in the assets held for sale caption in the Consolidated Balance Sheet. See Note 19 “Assets Held for Sale” for more information.

Property, plant and equipment, net included amounts held in foreign countries in the amount of $0.7 million and $1.0 million at December 31, 2019 and June 30, 2019, respectively.