Note 8 - Property, Plant and Equipment

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

8.  PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

	September 30,			December 31,
	2023			2022
Land	$	1,015		$	1,098
Buildings and improvements		22,157			21,529
Machinery and equipment		109,524			118,358
Construction in progress		2,349			4,239
		135,045			145,224
Accumulated depreciation		(96,852	)		(108,391	)
Property, plant and equipment, net	$	38,193		$	36,833

Depreciation expense was $2.2 million and $2.1 million, respectively, for the three months ended  September 30, 2023 and 2022, and $6.5 million and $6.8 million, respectively, for the nine months ended September 30, 2023 and 2022. Depreciation expense related to our manufacturing facilities and equipment is included in cost of sales and depreciation expense associated with administrative facilities and office equipment is included in selling, general and administrative expense within the accompanying condensed consolidated statements of operations.

At December 31, 2022, a total of $1.5 million of property was classified as assets held for sale on the accompanying condensed consolidated balance sheets related to our corporate headquarters in Jersey City, New Jersey. The Company closed on the sale of this property during the second quarter of 2023 for $5.9 million, resulting in a gain on sale of $3.8 million, which is reflected in the condensed consolidated statement of operations for the nine months ended September 30, 2023.