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Property, Plant and Equipment
9 Months Ended
Sep. 30, 2022
Property Plant And Equipment [Abstract]  
Property, Plant and Equipment

4. Property, Plant and EquipmentProperty, plant and equipment at September 30, 2022 and December 31, 2021 consists of the following:

 

 

 

September 30,
2022

 

 

December 31,
2021

 

Land

 

$

2,755

 

 

$

2,756

 

Buildings and improvements

 

 

19,909

 

 

 

19,844

 

Machinery and equipment

 

 

140,309

 

 

 

132,159

 

Office furniture, fixtures and equipment

 

 

10,419

 

 

 

10,094

 

Automotive equipment

 

 

1,595

 

 

 

1,832

 

Construction in progress

 

 

7,898

 

 

 

8,199

 

Total gross value

 

 

182,885

 

 

 

174,884

 

Less accumulated depreciation

 

 

(114,287

)

 

 

(108,773

)

Total net value

 

$

68,598

 

 

$

66,111

 

 

The Company recognized depreciation expense related to property and equipment of $2,091 and $2,496 for the three-month periods ended September 30, 2022 and 2021, respectively. The Company recognized depreciation expense related to property and equipment of $6,207 and $6,341 for the nine-month periods ended September 30, 2022 and 2021, respectively.

Substantially all of the Company’s assets are pledged as collateral to its banks.