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Property, Plant & Equipment | 9 Months Ended
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Sep. 30, 2022
Property, Plant and Equipment [Abstract] |
Property, Plant & Equipment | PROPERTY, PLANT & EQUIPMENT Property, plant and equipment, net consisted of the following for the periods specified (in thousands):
| September 30, 2022 |  | December 31, 2021
Property, plant and equipment | $ | 196,731 |  |  | $ | 183,500 |
Accumulated depreciation | (115,288) |  |  | (107,603) |
Property, plant and equipment — net | $ | 81,443 |  |  | $ | 75,897 |
Property, plant, and equipment are recorded at cost, unless obtained through acquisition, then assets are recorded at estimated fair value at the date of acquisition. Depreciation is provided on a straight-line method over the estimated useful lives of the assets. The carrying amount of long-lived assets is evaluated annually to determine if an adjustment to the depreciation period or to the unamortized balance is warranted. Depreciation expense for the three months ended September 30, 2022 and 2021 was $2,683,000 and $2,471,000, respectively. Depreciation expense for the nine months ended September 30, 2022 and 2021 was $7,685,000 and $7,414,000, respectively. Amounts invested in capital additions in progress were $13,019,000 and $6,605,000 at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, purchase commitments for capital expenditures in progress were $1,078,000 and $5,315,000, respectively.

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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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://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 https://asc.fasb.org/extlink&oid=126982197&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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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