Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Note 5. Property, Plant and Equipment, Net

The components of our property, plant and equipment are summarized below (in thousands):

	December 31,		December 31,
	2023		2022
Property, plant and equipment:
Machinery and equipment, at cost	$	65,918	$	62,797
Less: accumulated depreciation and amortization		(42,112)		(38,477)
Building, at cost		125,786		118,550
Less: accumulated depreciation and amortization		(23,339)		(20,403)
Leasehold improvements, at cost		7,596		7,430
Less: accumulated depreciation and amortization		(5,984)		(5,559)
Construction in progress		38,483		36,679
	$	166,348	$	161,017

As of December 31, 2023, the balance of construction in progress was $38.5 million, of which $31.2 million was related to our buildings in our Dingxing and Kazuo locations, $3.1 million was for manufacturing equipment purchases not yet placed in service and $4.2 million was from our construction in progress for our other consolidated subsidiaries. As of December 31, 2022, the balance of construction in progress was $36.7 million, of which $27.2 million was related to our buildings in our Dingxing and Kazuo locations, $5.4 million was for manufacturing equipment purchases not yet placed in service and $4.1 million was from our construction in progress for our other consolidated subsidiaries. 

Depreciation and amortization expense was $8.7 million, $8.1 million and $7.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.