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PROPERTY, PLANT AND EQUIPMENT
12 Months Ended
Dec. 31, 2024
PROPERTY, PLANT AND EQUIPMENT  
PROPERTY, PLANT AND EQUIPMENT

NOTE 5: PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are presented at cost, net of accumulated depreciation, and consist of the following:

(in thousands)

Estimated

December 31, 

    

Useful Lives

    

2024

    

2023

Land

 

N/A

$

1,233

$

1,024

Buildings

 

7-40

 

26,643

 

26,069

Operating equipment

 

3-15

 

19,368

 

15,872

Furniture and fixtures

 

5-7

 

3,476

 

3,290

Vehicles

 

5-10

 

7,936

 

8,990

Gross property, plant and equipment

 

 

58,656

 

55,245

Less: accumulated depreciation

 

 

(34,409)

 

(32,789)

$

24,247

$

22,456

Depreciation expense was $2.8 million in 2024, $2.4 million in 2023 and $1.9 million in 2022. The Company’s accounts payable for purchases of property and equipment were $116 thousand as of December 31, 2024, $11 thousand as of December 31, 2023 and $4 thousand as of December 31, 2022.