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, 2019
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, 2019 2018
Land and improvements $ 448    $ 518   
Buildings and improvements 32,374    32,925   
Machinery and equipment 28,533    25,691   
Furniture and fixtures 18,162    20,245   
Computer software and hardware 52,837    52,400   
  132,354    131,779   
Accumulated depreciation and amortization (72,842)   (67,718)  
Total property, plant and equipment $ 59,512    $ 64,061   
 
Depreciation expense was $10.5 million and $9.8 million for the years ended December 31, 2019 and 2018, respectively.
Capitalized interest was $0 for the years ended December 31, 2019 and 2018.

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.