Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Note 7 – Property, Plant and Equipment

As of December 31, 2023 and 2022, property, plant and equipment, net was comprised of the following:


(In thousands)	2023			2022
Engineering and other equipment	$	183,336		$	170,785
Building		79,215			82,932
Computer hardware and software		101,572			80,455
Building and land improvements		58,238			47,861
Furniture and fixtures		21,368			22,403
Land		5,242			5,364
Total Property, Plant and Equipment		448,971			409,800
Less: accumulated depreciation		(325,951	)		(299,101	)
Total Property, Plant and Equipment, net	$	123,020		$	110,699

Long-lived assets used in operations are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the undiscounted cash flows estimated to be generated by the asset are less than the asset’s carrying value. In connection with the planned integration of information technology following the Business Combination, we determined that certain projects no longer fit our needs or strategic plan. As a result, the Company recognized impairment charges of $0.5 million during the year ended December 31, 2022 related to software and web site development. The impairment charges were determined based on actual costs incurred. During the years ended December 31, 2023 and 2021, no impairment charges were recognized.

Depreciation expense was $30.2 million, $20.9 million and $12.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, which is recorded in cost of revenue, selling, general and administrative expenses and research and development expenses in the Consolidated Statements of Loss.