Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Our “Property, plant and equipment, net” line item in the consolidated statements of financial position consisted of the following:

	As of December 31,
(Dollars in thousands)	2022		2021
Land and improvements	$	23,886	$	24,804
Buildings and improvements	169,548		163,920
Machinery and equipment	334,069		322,653
Office equipment	61,447		57,156
Property plant and equipment, gross	588,950		568,533
Accumulated depreciation	(381,584)		(367,850)
Property, plant and equipment, net	207,366		200,683
Equipment in process	151,049		126,284
Total property, plant and equipment, net	$	358,415	$	326,967

Depreciation expense was $29.5 million, $29.0 million and $29.3 million in 2022, 2021 and 2020, respectively. Additionally, we recognized $47.2 million, $0.5 million and $0.6 million of impairment charges in 2022, 2021 and 2020, respectively.