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v3.24.2

Property and Equipment, Net (Tables) | 6 Months Ended
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Jun. 30, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and equipment consists of the following components (dollars in thousands):
|  | June 30, 2024 |  | December 31, 2023
Land and land improvements |  | $ | 32,690 |  |  | $ | 32,840 |
Buildings |  | 98,730 |  |  | 99,230 |
Machinery and equipment |  | 511,640 |  |  | 502,090 |
|  | 643,060 |  |  | 634,160 |
Less: Accumulated depreciation |  | 314,230 |  |  | 304,170 |
Property and equipment, net |  | $ | 328,830 |  |  | $ | 329,990 |
Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands):
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Depreciation expense, included in cost of sales |  | $ | 9,740 |  |  | $ | 11,510 |  |  | $ | 19,490 |  |  | $ | 20,070 |
Depreciation expense, included in selling, general and administrative expenses |  | 280 |  |  | 270 |  |  | 510 |  |  | 470 |
Total depreciation expense |  | $ | 10,020 |  |  | $ | 11,780 |  |  | $ | 20,000 |  |  | $ | 20,540 |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
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