Note 13 - Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

13. Property, plant and equipment, net

Property, plant and equipment, net consisted of the following as of March 31, 2023, and December 31, 2022 (in thousands):

	March 31,			December 31,
	2023			2022
Cost:
Land	$	22,261		$	22,261
Land improvements		3,054			3,054
Buildings and lease hold improvements		98,456			98,490
Plant and equipment		815,291			789,910
		939,062			913,715
Less: accumulated depreciation		(476,652	)		(451,399	)
Total	$	462,410		$	462,316

The carrying amount of our property, plant and equipment recognized in respect of assets held under finance leases as of March 31, 2023 and December 31, 2022 and included in amounts above is as follows (in thousands):

	March 31,			December 31,
	2023			2022
Cost:
Buildings	$	18,623		$	18,623
Plant and equipment		589			1,275
Total		19,212			19,898
Less: accumulated amortization		(8,737	)		(9,085	)
Total	$	10,475		$	10,813

Depreciation expense relating to property, plant and equipment, including assets under finance leases, was $25.5 million and $26.0 million for the three months ended March 31, 2023 and 2022, respectively.