Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

8. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consists of the following:


	December 31,			December 31,
(In thousands)	2024			2023 (1)
Land	$	957		$	957
Building and improvements		134,699			132,735
Furniture, fixtures and equipment		244,113			237,728
Leasehold improvements		42,416			39,893
Construction in progress		58,391			45,791
Subtotal		480,576			457,104
Less: accumulated depreciation		(253,012	)		(230,161	)
Total property, plant and equipment, net	$	227,564		$	226,943

(1)

In connection with the sale of the Athlone Facility, $92.2 million of the Company’s property, plant and equipment was classified as “Assets held for sale” in the accompanying consolidated balance sheet at December 31, 2023 and was not included in these amounts.

Depreciation expense was $27.4 million, $25.7 million and $26.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Also, during the years ended December 31, 2024, 2023 and 2022, the Company wrote off furniture, fixtures and equipment that had an approximate carrying value of $0.5 million, $1.7 million and $0.5 million, respectively, at the time of disposition.

Amounts included as construction in progress in the consolidated balance sheets primarily include capital expenditures at the Company’s manufacturing facility in Wilmington, Ohio. The Company continues to evaluate its manufacturing capacity based on expectations of demand for its products and will continue to record such amounts within construction in progress until such time as the underlying assets are placed into service. The Company continues to periodically evaluate whether facts and circumstances indicate that the carrying value of its long-lived assets to be held and used may not be recoverable.

In December 2023, the Company determined that $2.9 million of its construction in progress at its Wilmington, Ohio manufacturing facility had no future value and was written off through “cost of goods manufactured and sold” in the accompanying consolidated statements of operations and comprehensive income (loss) during the year ended December 31, 2023.