Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following components (dollars in thousands):

	December 31, 2023		December 31, 2022
Land and land improvements	$	32,840	$	15,220
Building and building improvements	99,230		90,910
Machinery and equipment	502,090		461,480
	634,160		567,610
Less: Accumulated depreciation	304,170		289,860
Property and equipment, net	$	329,990	$	277,750

Depreciation Expense

Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands):

	Year ended December 31,
	2023		2022		2021
Depreciation expense, included in cost of sales	$	38,520	$	33,130	$	30,770
Depreciation expense, included in selling, general and administrative expense	890		990		1,120
Total depreciation expense	$	39,410	$	34,120	$	31,890