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Note 13 - Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

13.          Property, plant and equipment, net

 

Property, plant and equipment, net consisted of the following as of  December 31, 2022 and 2021 (in thousands):

 

  

December 31,

  

2022

 

2021

Cost:

        

Land

 $22,261 $21,580

Land improvement

 3,054 3,054

Buildings and lease hold improvements

 98,490 104,660

Plant and equipment

 789,910 701,400
  913,715 830,694

Less: accumulated depreciation

 (451,399) (352,114)

Total

 $462,316 $478,580

 

The carrying amount of our property, plant and equipment recognized in respect of assets held under finance leases as of  December 31, 2022 and 2021 and included in amounts above is as follows (in thousands):

 

  

December 31,

  

2022

 

2021

Cost:

        

Buildings

 $18,623 $18,623

Plant and equipment

 1,275 1,275
  19,898 19,898

Less: accumulated amortization

 (9,085) (7,733)

Total

 $10,813 $12,165

 

Depreciation expense related to property, plant and equipment, including assets under finance leases, was $102.3 million, $95.8 million and $85.4 million for the years ended  December 31, 2022, 2021 and 2020, respectively.

 

No impairment expense related to property, plant and equipment was recognized for the years ended December 31, 2022 and 2021. We recognized impairment expense related to property, plant and equipment of $20.0 million for the year ended December 31, 2020, which is included in “Impairment expense” on our consolidated statement of operations. Refer to Note 4 “Fair value measurements” for further details.

 

During the year ended December 31, 2022, a building classified as assets held for sale as of December 31, 2021, was sold for net proceeds of $6.3 million. Additionally, during the year ended December 31, 2022, a building with net carrying value of $2.2 million met the criteria to be classified as held for sale and was reclassified from property plant and equipment, net to assets held for sale on our consolidated balance sheet.