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Property, Plant & Equipment | 3 Months Ended
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Mar. 31, 2024
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):
| March 31, 2024 |  | December 31, 2023
Property, plant and equipment | $ | 211,419 |  |  | $ | 209,333 |
Accumulated depreciation | (131,021) |  |  | (128,148) |
Property, plant and equipment — net | $ | 80,398 |  |  | $ | 81,185 |
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 March 31, 2024 and 2023 was $2,873,000 and $2,978,000, respectively. Amounts invested in capital additions in progress were $3,421,000 and $2,264,000 at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 and December 31, 2023, purchase commitments for capital expenditures in progress were $2,939,000 and $1,100,000, 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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