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Property and Equipment (Tables)
6 Months Ended
Jun. 30, 2024
Property Plant And Equipment [Abstract]  
Property and Equipment, Net

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

 

 

Estimated Useful

 

 

 

 

 

 

Life (Years)

 

 

June 30, 2024

 

 

December 31, 2023

 

Land

 

 

 

 

$

875

 

 

$

875

 

Buildings

 

39-40

 

 

 

17,389

 

 

 

17,389

 

Building improvements(1)

 

5-40

 

 

 

89,886

 

 

 

46,357

 

Machinery and equipment

 

3-15

 

 

 

64,983

 

 

 

60,410

 

Furniture, fixtures and office equipment

 

5-10

 

 

 

3,070

 

 

 

3,070

 

Computer equipment and software

 

 

3

 

 

 

8,677

 

 

 

8,658

 

Construction in progress(1)

 

 

 

 

 

4,799

 

 

 

48,997

 

Total property and equipment

 

 

 

 

 

189,679

 

 

 

185,756

 

Less accumulated depreciation

 

 

 

 

 

(104,535

)

 

 

(101,536

)

Total property and equipment, net

 

 

 

 

$

85,144

 

 

$

84,220

 

___________________________

(1)
During the six months ended June 30, 2024, the Company transferred $43.4 million from construction in progress to building improvements for assets placed in service related to the expansion of the Company's manufacturing facility.
Depreciation Expense Related to Property and Equipment

Depreciation expense related to property and equipment was as follows (in thousands):

 

 

Three Months
Ended June 30,

 

 

Six Months
Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Depreciation Expense

 

$

1,711

 

 

$

1,095

 

 

$

3,052

 

 

$

2,133