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Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 5 – Property, Plant and Equipment

 

Major classes of property, plant and equipment consist of the following as of December 31 (in thousands):

 

   2023   2022 
         
Land  $2,220   $2,220 
Buildings and improvements   12,798    12,530 
Machinery and equipment   7,536    7,810 
Construction in progress   167    12 
Totals at cost   22,721    22,572 
           
Less: accumulated depreciation   (10,555)   (9,976)
Property, plant and equipment, net  $12,166   $12,596 

 

Machinery and equipment also include furniture and fixtures and software.

 

Depreciation expense was $0.7 million and $0.8 million for the years ended December 31, 2023 and 2022, respectively.

 

The Company entered into an agreement with the Town of Islip Industrial Development Agency (Islip IDA) in July 2021 under which the Company was granted tax incentives whereby the Company agreed to make payments in lieu of all real estate taxes and assessments (PILOT payments). The agreement requires the Company to maintain certain employment levels at its Central Islip, New York facility. The agreement provides for the Islip IDA to recapture tax incentives provided to the Company in certain circumstances. Any recapture of such tax benefits could have a material adverse effect on the Company’s financial position and future results of operations and cash flows.