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Note 13 - Property, Plant and Equipment, Net | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022 (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Cost: |  |  |  |  |  |  |  |
Land |  | $ | 22,176 |  |  | $ | 22,261 |
Land improvement |  |  | 3,332 |  |  |  | 3,054 |
Buildings and lease hold improvements |  |  | 100,404 |  |  |  | 98,490 |
Plant and equipment |  |  | 971,178 |  |  |  | 789,910 |
|  |  | 1,097,090 |  |  |  | 913,715 |
Less: accumulated depreciation |  |  | (583,868 | ) |  |  | (451,399 | )
Total |  | $ | 513,222 |  |  | $ | 462,316 |
The carrying amount of our property, plant and equipment recognized in respect of assets held under finance leases as of December 31, 2023 and 2022 and included in amounts above is as follows (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Cost: |  |  |  |  |  |  |  |
Buildings |  | $ | 23,859 |  |  | $ | 18,623 |
Plant and equipment |  |  | 589 |  |  |  | 1,275 |
|  |  | 24,448 |  |  |  | 19,898 |
Less: accumulated amortization |  |  | (10,315 | ) |  |  | (9,085 | )
Total |  | $ | 14,133 |  |  | $ | 10,813 |
Depreciation expense related to property, plant and equipment, including assets under finance leases, was $133.4 million, $102.3 million and $95.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. No impairment expense related to property, plant, and equipment was recognized for the years ended December 31, 2023, 2022 and 2021. 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. During the year ended December 31, 2023, assets held for sale were sold for net proceeds of $2.0 million.

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