Property, Plant and Equipment consist of the following at December 31:


(in thousands)	Range of useful lives	2024			2023
Land		$	7,220		$	7,171
Buildings and improvements	10-40 years		159,134			141,373
Machinery and equipment	2-25 years		529,277			435,540
Construction in progress			15,072			97,830
			710,703			681,914
Less: accumulated depreciation			(301,790	)		(309,082	)
Total property, plant and equipment, net		$	408,913		$	372,832

Depreciation expense for property and equipment, including assets under finance leases, was $43.5 million, $44.6 million and $37.6 million in 2024, 2023, and 2022, respectively. In 2022, we began a project to expand and modernize our Waldo, Arkansas sawmill. The construction phase of the expansion and modernization project was completed during the third quarter of 2024. We capitalized $131.0 million on the project, of which $44.6 million,

$74.2 million, and $12.2 million was capitalized in 2024, 2023, and 2022, respectively. Additionally, we accelerated the useful life of certain property, plant and equipment identified to be replaced as part of the sawmill expansion resulting in $8.2 million, $11.9 million, and $7.0 million of additional depreciation expense during the years ended December 31, 2024, 2023, and 2022, respectively.

On June 13, 2021, a fire occurred at our Ola, Arkansas sawmill. There were no injuries or environmental issues from the fire. The damage was principally limited to the large log primary breakdown area of the mill. The new equipment has been installed and the large log line restarted in September 2022. We had adequate property damage and business interruption insurance, subject to a $2.0 million deductible. Insurance recoveries are recorded when deemed probable and reasonably estimable. In September 2023, we finalized our claim with the insurance carriers resulting in $89.4 million of total insurance recoveries, net of a $2.0 million deductible, for both the property damage and business interruption claims. During the year ended December 31, 2024, 2023, and 2022, we received $1.7 million, $36.4 million, and $26.2 million, respectively, for business interruption recoveries and $0, $1.4 million, and $8.8 million, respectively, for property damage recoveries for the Ola, Arkansas sawmill in the Consolidated Statements of Cash Flows.

During the years ended December 31, 2024, 2023, and 2022, we recorded $0, $39.4, million, and $34.1 million, respectively, as gain on fire damage at the Ola, Arkansas sawmill in the Consolidated Statements of Operations. The gain on fire damage was net of disposal costs and fixed asset write-offs at the Ola, Arkansas sawmill of $0 during the year ended December 31, 2024 and 2023 and $0.9 million during the year ended December 31, 2022.