Property, Plant and Equipment, net

6 Months Ended

Dec. 31, 2022

Property, Plant and Equipment, net

Property, Plant and Equipment, net

Note 7. Property, Plant and Equipment, net

Property, plant and equipment, net at December 31, 2022 and June 30, 2022 consisted of the following:

		December 31,		June 30,
(In thousands)	Useful Lives	2022		2022
Land	—	$	348	$	533
Building and improvements	10 - 39 years		77,580		93,701
Machinery and equipment	5 - 10 years		155,598		158,854
Furniture and fixtures	5 - 7 years		3,088		3,367
Less accumulated depreciation			(135,883)		(136,433)
			100,731		120,022
Construction in progress			15,742		13,156
Property, plant and equipment, net		$	116,473	$	133,178

Depreciation expense for the three months ended December 31, 2022 and 2021 was $4.9 million and $5.5 million, respectively. Depreciation expense for the six months ended December 31, 2022 and 2021 was $9.9 million and $11.1 million, respectively.

In the second quarter of Fiscal 2023, the Company recorded an impairment charge of $6.0 million to adjust the Torresdale facility to its approximate fair value in connection with the 2022 Restructuring Plan. See Note 4 “Restructuring Charges” for additional information on the plan.

Property, plant and equipment, net included amounts held in foreign countries in the amount of $0.8 million and $0.7 million at December 31, 2022 and June 30, 2022, respectively.