Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2013

4. Property, Plant and Equipment, Net

Property, plant and equipment, net, consisted of the following:

	At June 30,						At December 31,
(in thousands)	2013			2012			2012
Land	$	30,390		$	32,100		$	32,068
Buildings and site improvements	174,771			166,767			174,187
Leasehold improvements	4,996			4,852			4,747
Machinery and equipment	216,154			210,560			214,222
	426,311			414,279			425,224
Less accumulated depreciation and amortization	(226,202		)	(210,431		)	(217,868		)
	200,109			203,848			207,356
Capital projects in progress	9,435			4,837			6,096
	$	209,544		$	208,685		$	213,452

The Company’s vacant facility in Hungen, Germany, remained classified as an asset held for sale as of June 30, 2013, consistent with the classification at December 31, 2012. In the first quarter of 2013, the Company concluded that the carrying value of its Ireland facility, associated with the Europe segment, exceeded its net estimated realizable value, and therefore recorded an impairment charge, within general and administrative expenses, of $1.0 million, equal to the amount by which carrying value exceeds net estimated realizable value. See note 10.

Determining the fair value of the Ireland facility is a judgment involving estimates and assumptions. These estimates and assumptions include lease rates, operating costs and inflation factors used to calculate projected future cash flows and future economic and market conditions (Level 3 fair value inputs). The Company bases its fair value estimates on assumptions that it believes to be reasonable, but that are unpredictable and inherently uncertain. Actual future results may differ from those estimates.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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