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Note 7 - Property, Plant and Equipment, Net
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

7.

 PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consist of the following:

 

  

September 30,

  

December 31,

 
  

2022

  

2021

 

Land

 $1,082  $1,105 

Buildings and improvements

  21,058   20,915 

Machinery and equipment

  120,501   120,961 

Construction in progress

  3,135   5,081 
   145,776   148,062 

Accumulated depreciation

  (110,549)  (109,852)

Property, plant and equipment, net

 $35,227  $38,210 

 

Depreciation expense was $2.1 million and $2.3 million, respectively, for the three months ended  September 30, 2022 and 2021 and $6.8 million and $7.2 million, respectively, for the nine months ended September 30, 2022 and 2021.  Depreciation expense related to our manufacturing facilities and equipment is included in cost of sales and depreciation expense associated with administrative facilities and office equipment is included in selling, general and administrative expense within the accompanying condensed consolidated statements of operations.

 

At  December 31, 2021, a total of $1.6 million of property was classified as assets held for sale on the accompanying condensed consolidated balance sheet as of such date related to our corporate headquarters in Jersey City, New Jersey. On July 21, 2022, the Company closed on the sale of one of its two buildings in Jersey City, New Jersey. In connection with this sale, the Company received proceeds in the amount of $1.8 million and recognized a gain on sale during the third quarter of 2022 in the amount of $1.6 million. The other property in Jersey City, New Jersey continues to be classified as held for sale at a net book value of $1.5 million.