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PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended
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Dec. 31, 2022
Property, Plant and Equipment [Abstract] |
Summary of Property and Equipment | Property, plant and equipment are recorded at cost and are depreciated over their estimated useful lives, unless the useful life is indefinite, using the straight-line method over the following table:
Building | 39 years
Land | Indefinite
Office equipment and furniture | 7 years
Machinery and equipment | 3-10 years
Fixtures and Furnishings | 5 years
Presented in the table below are the major classes of property, plant and equipment by category as of the below dates:
| As of December 31, 2022
(in thousands) | Cost |  | Accumulated Depreciation |  | Net Book Value
Building | $ | 12,534 |  |  | $ | 1,016 |  |  | $ | 11,518 |
Machinery and equipment | 23,728 |  |  | 6,674 |  |  | 17,054 |
Leasehold improvements | 2,957 |  |  | 803 |  |  | 2,154 |
Fixtures and furnishings | 529 |  |  | 83 |  |  | 446 |
Land improvements | 150 |  |  | 22 |  |  | 128 |
Land | 1,150 |  |  | — |  |  | 1,150 |
Construction in process | 473,269 |  |  | — |  |  | 473,269 |
Total property, plant and equipment | $ | 514,317 |  |  | $ | 8,598 |  |  | $ | 505,719 |
| As of December 31, 2021
(in thousands) | Cost |  | Accumulated Depreciation |  | Net Book Value
Building | $ | 12,029 |  |  | $ | 695 |  |  | $ | 11,334 |
Machinery and equipment | 20,016 |  |  | 4,183 |  |  | 15,833 |
Leasehold improvements | 2,902 |  |  | 154 |  |  | 2,748 |
Fixtures and furnishings | 104 |  |  | 37 |  |  | 67 |
Land improvements | 150 |  |  | 12 |  |  | 138 |
Land | 1,150 |  |  | — |  |  | 1,150 |
Construction in process | 193,944 |  |  | — |  |  | 193,944 |
Total property, plant and equipment | $ | 230,295 |  |  | $ | 5,081 |  |  | $ | 225,214 |

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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