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Property, Plant, and Equipment
12 Months Ended
Dec. 31, 2024
Property, Plant, and Equipment  
Property, Plant, and Equipment

Note 7 — Property, Plant, and Equipment

Property, plant, and equipment, net, consist of the following:

December 31,

December 31,

    

2024

    

2023

    

Average Useful Life

(in thousands)

Land

$

5,061

$

5,061

N/A

Building and improvements

 

61,504

 

61,679

1040 years

Machinery and equipment (1)

 

190,810

 

181,180

310 years

Leasehold improvements

 

53,759

 

52,913

317 years

Gross property, plant, and equipment

 

311,134

 

300,833

Less: accumulated depreciation and amortization

 

197,345

 

182,374

Property, plant, and equipment, net

$

113,789

$

118,459

(1)Machinery and equipment includes software, furniture, and fixtures

Depreciation expense was $18.2 million, $16.5 million, and $15.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.