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Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Note 5. Property, Plant and Equipment, Net

The components of our property, plant and equipment are summarized below (in thousands):

​	​	​	​	​	​	​	​
​	​	December 31,		​	December 31,		​
​	​	2021		​	2020		​
Property, plant and equipment:	​	​	​	​	​	​	​
Machinery and equipment, at cost	​	$	59,284	​	$	48,206	​
Less: accumulated depreciation and amortization	​	​	(40,292)	​	​	(37,832)	​
Building, at cost	​	​	108,782	​	​	94,567	​
Less: accumulated depreciation and amortization	​	​	(18,710)	​	​	(15,324)	​
Leasehold improvements, at cost	​		7,039	​		6,285	​
Less: accumulated depreciation and amortization	​	​	(5,352)	​	​	(4,616)	​
Construction in progress	​		31,664	​		24,539	​
​	​	$	142,415	​	$	115,825	​

​

As of December 31, 2021, the balance of construction in progress was $31.7 million, of which $22.7 million was related to our buildings in our Dingxing and Kazuo locations, $3.0 million was for manufacturing equipment purchases not yet placed in service and $6.0 million was from our construction in progress for our other consolidated subsidiaries. As of December 31, 2020, the balance of construction in progress was $24.5 million, of which $14.2 million was related to our buildings in our new Dingxing and Kazuo locations, $4.0 million was for manufacturing equipment purchases not yet placed in service and $6.3 million was from our construction in progress for our other consolidated subsidiaries. 

Depreciation and amortization expense was $7.1 million, $4.3 million and $5.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.

From time to time we review our estimates of the useful lives of our property, plant and equipment. As a result of the review, we determined a portion of our manufacturing equipment was lasting longer than the estimate previously established for the respective useful lives. Where appropriate, we extended the useful lives of the manufacturing equipment in our accounting records. In addition, the useful lives of our buildings located in Dingxing and Kazuo was extended to 39.5 years to better align with industry standards. The changes in our estimate of the useful lives, effective January 1, 2020, were made in order to remain consistent with U.S. GAAP regarding management estimates. The effect of the change in the useful lives decreased our manufacturing costs for the year ended December 31, 2020 by approximately $1.4 million and increased our basic and diluted net income per share by approximately $0.03, respectively, as a result of lower depreciation expense.

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- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916

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