Property, Plant and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Note 5 — Property, Plant and Equipment

The components of property, plant and equipment are:

	December 31, (in thousands)
	2014			2013
Land	$	253		$	253
Building and improvements		6,467			6,540
Rental property		5,308			5,311
Furniture and equipment		13,177			25,431
		25,205			37,535
Less accumulated depreciation		(19,070	)		(32,041	)
	$	6,135		$	5,494

The estimated useful lives of buildings and improvements and rental property are twenty to twenty-five years. The estimated useful lives of furniture and equipment range from three to eight years. Depreciation expense was $1,467,000 and $1,502,000 for 2014 and 2013, respectively.

The Company leases a portion of its headquarters facility to various tenants. Net rent received from these leases totaled $359,000 and $448,000 for 2014 and 2013, respectively. Future minimum rent payments due to the Company under these lease arrangements are approximately $237,000 in 2015 and 2016 and $178,000 in 2017.

The Company leases office space under various operating leases. Rental expense on these operating leases was approximately $2.0 million and $2.6 million for 2014 and 2013, respectively. Future minimum lease payments under all non-cancelable operating leases are (in thousands):

2015		1,821
2016		1,456
2017		1,031
2018		786
2019		721
Thereafter		1,220
	$	7,035

- 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+ Details