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Property, Equipment and Leasehold Improvements | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Property, Equipment and Leasehold Improvements |
(6) | Property, Equipment and Leasehold Improvements
|  | December 31, |
|  | 2024 |  |  | 2023 |
Land and Building (construction in progress) |  | $ | 147,786 |  |  | $ | 157,057 |
Equipment |  |  | 59,800 |  |  |  | 55,385 |
Leasehold improvements |  |  | 8,456 |  |  |  | 9,363 |
|  |  | 216,042 |  |  |  | 221,805 |
Less accumulated depreciation |  |  | 62,269 |  |  |  | 52,583 |
|  | $ | 153,773 |  |  | $ | 169,222 |
Depreciation expense was $10.4 million, $9.8 million and $7.5 million in 2024, 2023, and 2022, respectively. In April 2021, Interparfums SA, our 72% owned French Subsidiary, completed the acquisition of its headquarters at 10 rue de Solférino in the 7th arrondissement of Paris from the property developer. This is an office complex combining three buildings connected by two inner courtyards, and consists of approximately 40,000 total sq. ft. The purchase price included the complete renovation of the site. As of December 31, 2024, $145 million (€139 million) of the purchase price, including approximately $3 million of acquisition costs, is included in property, equipment and leasehold improvements on the accompanying consolidated balance sheet. The purchase price has been allocated approximately $59.5 million (€57 million) to land and $85.5 million (€82 million) to the building. The building, which was delivered on February 28, 2022, includes the building structure, development of the property, façade waterproofing, general and technical installations and interior fittings that will be depreciated over a range of 7 to 50 years. The Company has elected to depreciate the building cost based on the useful lives of its components. The acquisition was financed by a 10-year €120 million (approximately $124.7 million) bank loan which bears interest at one-month Euribor plus 0.75%. Approximately €80 million of the variable rate debt was swapped for variable interest rate debt with a maximum rate of 2% per annum. The swap effectively exchanges the variable interest rate to a fixed rate of approximately 1.1%.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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