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Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

4. Property, Plant and Equipment — Property, plant and equipment at September 30, 2023 and December 31, 2022 consists of the following:

 

 

 

September 30,
2023

 

 

December 31,
2022

 

Land

 

$

2,762

 

 

$

2,757

 

Buildings and improvements

 

 

21,009

 

 

 

20,794

 

Machinery and equipment

 

 

147,376

 

 

 

142,980

 

Office furniture, fixtures and equipment

 

 

10,846

 

 

 

13,231

 

Automotive equipment

 

 

1,205

 

 

 

1,584

 

Construction in progress

 

 

8,805

 

 

 

5,897

 

Total gross value

 

 

192,003

 

 

 

187,243

 

Less accumulated depreciation

 

 

(118,798

)

 

 

(116,331

)

Total net value

 

$

73,205

 

 

$

70,912

 

 

The Company recognized depreciation expense related to property and equipment of $2,074 and $2,130 for the three-month periods ended September 30, 2023 and 2022, respectively. The Company recognized depreciation expense related to property and equipment of $6,396 and $6,207 for the nine-month periods ended September 30, 2023 and 2022, respectively.

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