Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT
 
The composition of property, plant and equipment is as follows (dollar amounts in thousands):
As of December 31,
 
2018
 
2017
Land and improvements
 
$
518

 
$
841

Buildings and improvements
 
32,925

 
30,760

Machinery and equipment
 
25,691

 
25,160

Furniture and fixtures
 
20,245

 
20,385

Computer software and hardware
 
52,400

 
51,632

 
 
131,779

 
128,778

Accumulated depreciation and amortization
 
(67,718
)
 
(59,672
)
Total property, plant and equipment
 
$
64,061

 
$
69,106


 
Depreciation expense was $9.8 million, $8.5 million, and $4.7 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Capitalized interest was $0, $0.1 million, and $0.2 million for the years ended December 31, 2018, 2017 and 2016, respectively.

At December 31, 2016, $0.5 million of land and improvements was classified as held for sale and an impairment of $0.2 million was recognized for the year ended December 31, 2016. In January of 2017, we sold a 53 acre property in Springville, Utah.

In June of 2018, we sold a 29,300 square foot building in Mexico City, Mexico for $2.6 million. We previously utilized the building for offices as well as warehouse space and have since relocated to a more advantageous location. As the fair value of the property exceeded the carrying value, a net gain of $2.3 million was recognized during the year ended December 31, 2018.

In August of 2018, we sold an eight-acre property in Provo, Utah for $2.7 million. We originally acquired the property with the intent to erect a building for the corporate headquarters and later decided to move the headquarters elsewhere. As the fair value of the property exceeded the carrying value, a net gain of $1.7 million was recognized during the year ended December 31, 2018.