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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | NOTE 5. PROP ERTY, PLANT AND EQUIPMENT Property, Plant and Equipment consist of the following at December 31:
(in thousands) | Range of useful lives |  | 2023 |  |  | 2022 |
Land |  |  | $ | 7,171 |  |  | $ | 7,171 |
Buildings and improvements | 10-40 years |  |  | 141,373 |  |  |  | 137,567 |
Machinery and equipment | 2-25 years |  |  | 435,540 |  |  |  | 425,713 |
Construction in progress |  |  |  | 97,830 |  |  |  | 18,484 |
|  |  |  | 681,914 |  |  |  | 588,935 |
Less: accumulated depreciation |  |  |  | (309,082 | ) |  |  | (270,751 | )
Total property, plant and equipment, net |  |  | $ | 372,832 |  |  | $ | 318,184 |
Depreciation expense for property and equipment, including assets under finance leases, was $44.6 million, $37.6 million and $30.6 million in 2023, 2022 and 2021, respectively. In June 2022, we announced a project to expand and modernize our Waldo, Arkansas sawmill with completion expected in 2024. We expect to spend approximately $131.0 million on the project, of which $74.2 million and $12.2 million was spent in 2023 and 2022, respectively. Additionally, we accelerated the useful life of certain property, plant and equipment identified to be replaced as part of the sawmill expansion resulting in approximate ly $11.9 million and $7.0 million of additional depreciation expense during the years ended December 31, 2023 and 2022, respectively. These assets are expected to remain in use until the project is complete. OLA, ARKANSAS SAWMILL FIRE On June 13, 2021, a fire occurred at our Ola, Arkansas sawmill. There were no injuries or environmental issues from the fire. The damage was principally limited to the large log primary breakdown area of the mill. The new equipment has been installed and the large log line restarted in September 2022. We have adequate property damage and business interruption insurance, subject to a $2.0 million deductible. Insurance recoveries are recorded when deemed probable and reasonably estimable. In September 2023, we finalized our claim with the insurance carriers resulting in $89.4 million of total insurance recoveries, net of a $2.0 million deductible, for both the property damage and business interruption claims. During the year ended December 31, 2023, 2022 and 2021, we received $36.4 million, $26.2 million, and $0, respectively, for business interruption recoveries and $1.4 million, $8.8 million and $15.0 million, respectively, for property damage recoveries for the Ola, Arkansas sawmill in the Consolidated Statements of Cash Flows. At December 31, 2023, $1.6 million of insurance recoveries remained due from the insurance carriers, all of which was received in January 2024. During the years ended December 31, 2023, 2022 and 2021, we recorded $39.4 million, $34.1 million, and $2.9 million, respectively, as gain on fire damage at the Ola, Arkansas sawmill in the Consolidated Statements of Operations. The gain on fire damage was net of disposal costs and fixed asset write-offs at the Ola, Arkansas sawmill of $0, $0.9 million and $12.1 million during the year ended December 31, 2023, 2022 and 2021, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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