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Note 8 - Property, Plant and Equipment

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 8. Property, Plant & Equipment

Property, plant and equipment consisted of the following for the periods indicated (in thousands):

		*September 30, 2023*				*December 31, 2022*
Land improvements		$	806			$	806
Buildings and improvements			85,006				86,372
Machinery and equipment			245,802				251,216
Furniture and fixtures			5,309				5,382
Computer equipment and software			11,449				11,713
Transportation equipment			653				679
			349,025				356,168
Less accumulated depreciation and amortization			(185,824	)			(177,519	)
			163,201				178,649
Construction in progress			29,526				30,434
Land			1,101				1,101
Total property, plant and equipment, net		$	193,828			$	210,184

For the three months ended September 30, 2023 and 2022, the depreciation expense of property, plant and equipment was $4.8 million and $5.5 million, respectively. For the nine months ended September 30, 2023 and 2022, the depreciation expense of property, plant and equipment was $15 million and $17.2 million, respectively. For the three months ended September 30, 2023 and 2022, the capitalized interest was $0 million and $0 million, respectively.

As of September 30, 2023, the Company concluded that its continued loss history constitutes a triggering event as described in ASC 360-10-35-21,Property, Plant, and Equipment. The Company performed a recoverability test and concluded that future undiscounted cash flows exceed the carrying amount of the Company’s long-lived assets and therefore no impairment charge was recorded.