Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

NOTE 8: PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:


	As of December 31,
	2024			2023
	(in thousands)
Land	$	49,329		$	49,329
Buildings		148,477			148,258
Machinery and equipment		433,113			354,171
Leasehold improvements		68,605			64,945
Computer equipment and software		21,182			15,067
Rental engines		202,070			183,449
Total property, plant and equipment, gross		922,776			815,219
Less: accumulated depreciation		(354,169	)		(293,050	)
Property, plant and equipment, net	$	568,607		$	522,169

The Company’s depreciation expense for all property, plant and equipment, including assets recorded under finance leases, was $63.0 million, $70.1 million and $69.3 million for the years ended December 31, 2024, 2023, and 2022, respectively. Construction in Progress (“CIP”) assets that are not yet in use, which totaled $94.6 million and $39.3 million and for the years ended December 31, 2024 and 2023, respectively, are included in machinery and equipment and are not depreciated. Depreciation expense is included within cost of revenue.

The Company determined that there was no impairment of the long-lived assets during the years ended December 31, 2024 and 2023. During the year ended December 31, 2022, as a result of the Russia-Ukraine conflict, the Company determined that the carrying value of certain rental engines exceeded their fair value and recorded a non-cash impairment charge of $2.2 million to Cost of revenue in the Consolidated Statements of Operations.