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PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT, NET
Property and equipment, net, consisted of the following (in thousands):
 September 30, 2020December 31, 2019
Land$2,460 $694 
Building12,254 3,845 
Machinery and equipment38,811 28,777 
Office furniture and equipment2,004 1,345 
Computer hardware and software4,631 3,408 
Leasehold and building improvements10,696 10,558 
Construction in progress40 671 
Property and equipment, gross70,896 49,298 
Less accumulated depreciation (35,899)(33,829)
Total property and equipment, net$34,997 $15,469 
The Company has subscription agreements whereby its instruments in inventory may be placed at a customer's location on a rental basis. For instruments classified as operating leases, the cost of these instruments is transferred to machinery and equipment and depreciated, typically over a 5 to 7 year period depending on the circumstance under which the instrument is placed with the customer. Our cost of instruments under operating leases as of September 30, 2020 and December 31, 2019, was $8.5 million and $8.1 million, respectively, before accumulated depreciation of $4.0 million and $4.6 million, respectively.
Depreciation expense was $1.7 million and $0.9 million for the three months ended September 30, 2020 and 2019, respectively, and $4.3 million and $2.8 million for the nine months ended September 30, 2020 and 2019, respectively.