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Property, Plant & Equipment
 9 Months Ended
Sep. 30, 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):
September 30, 2024December 31, 2023
Property, plant and equipment$215,942 $209,333 
Accumulated depreciation(136,771)(128,148)
Property, plant and equipment — net$79,171 $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 September 30, 2024 and 2023 was $2,979,000 and $2,812,000, respectively. Depreciation expense for the nine months ended September 30, 2024 and 2023 was $8,766,000 and $8,311,000, respectively. Amounts invested in capital additions in progress were $3,701,000 and $2,264,000 at September 30, 2024 and December 31, 2023, respectively. At September 30, 2024 and December 31, 2023, purchase commitments for capital expenditures in progress were $3,184,000 and $1,100,000, respectively.