PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Jul. 02, 2021

PROPERTY, PLANT AND EQUIPMENT, NET.

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 5—PROPERTY, PLANT AND EQUIPMENT, NET

A summary of property, plant and equipment and accumulated depreciation at period end follows:

	July 2,		September 30,
Property, Plant and Equipment	2021		2020
(in thousands)
Land and improvements	$	788	$	788
Buildings and improvements		8,302		7,430
Buildings under finance lease		27,709		7,750
Machinery and equipment		39,182		34,095
Furniture and fixtures		8,824		8,113
Software		5,215		5,215
Construction in progress		10,302		6,079
Total property, plant and equipment, at cost		100,322		69,470
Accumulated depreciation		(49,517)		(45,883)
Property, plant and equipment, net	$	50,805	$	23,587

In November 2020, the Company commenced a lease for certain property located in Newark, New York, which includes a new state-of-the art manufacturing facility and administrative offices having approximately 153,000 square feet (the “Property”). The lease for the Property has an initial term of 15 years with one renewal option of 10 years resulting in the recognition of a right of use asset of $19.1 million.

In October 2020, the Company acquired an industrial and office building and certain equipment located at 50 Jetview Drive, Rochester, New York (“Jetview building”). The value of the Jetview building is recorded at $4.8 million in the construction in progress section of the above table at July 2, 2021.

Depreciation expense during the three and nine months ended July 2, 2021 and June 26, 2020 follows:

	Three Months Ended				Nine Months Ended
	July 2,		June 26,		July 2,		June 26,
Depreciation Expense	2021		2020		2021		2020
(in thousands)
Depreciation expense	$	1,311	$	834	$	3,670	$	2,386