Table of Content 7. PROPERTY, PLANT AND EQUIPMENT A summary of property, plant and equipment as of December 31, 2023 and 2022 is as follows (in thousands): December 31, 2023 2022 Land $ 4,006 $ 4,006 Buildings and leasehold improvements 60,827 50,833 Machinery and equipment 286,376 277,852 Furniture and fixtures 10,804 10,558 Capitalized ERP system development costs 45,903 45,917 Computers and computer software 20,067 19,457 Automobiles 3,215 3,536 Construction in progress 6,634 19,196 Total 437,832 431,355 Accumulated depreciation and amortization (310,775) (293,256) Property, plant, and equipment, net $ 127,057 $ 138,099 Included in the table above are assets under finance leases of $8.5 million and $7.4 million and related accumulated amortization of $3.3 million and $2.3 million as of December 31, 2023 and 2022, respectively. Depreciation expense for the years ended December 31, 2023 and 2022 was $21.8 million, and $22.9 million respectively. Assets sold and disposed of during the twelve months ended December 31, 2023 and 2022 had a carrying value of $0.2 million and $2.5 million, respectively, resulting in a gain on sale of $0.2 million and $4.2 million, respectively. The assets sold for the twelve months ended December 31, 2023 consisted of $0.1 million in machinery and equipment and $0.1 million primarily in leasehold improvements. The assets sold for the twelve months ended December 31, 2022 primarily consisted of $1.3 million in land, $0.9 million in buildings and $0.3 million in machinery and equipment. 42