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Property and Equipment | 3 Months Ended
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Mar. 31, 2022
Property Plant And Equipment [Abstract] |
Property and Equipment | 5. Property and Equipment Property and equipment consists of the following (in thousands):
|  | Estimated Useful |  |  |  |  |  |  |  |  |
|  | Life (Years) |  |  | March 31, 2022 |  |  | December 31, 2021 |
Land |  |  | — |  |  | $ | 875 |  |  | $ | 875 |
Buildings |  | 39-40 |  |  |  | 17,389 |  |  |  | 17,389 |
Building improvements |  | 5-40 |  |  |  | 38,651 |  |  |  | 38,651 |
Machinery and equipment |  | 3-15 |  |  |  | 55,294 |  |  |  | 55,334 |
Furniture, fixtures and office equipment |  | 5-10 |  |  |  | 2,969 |  |  |  | 2,969 |
Computer equipment and software |  |  | 3 |  |  |  | 8,360 |  |  |  | 8,163 |
Construction in progress |  |  | — |  |  |  | 15,824 |  | (1) |  | 10,892 |
|  |  |  |  |  |  | 139,362 |  |  |  | 134,273 |
Less accumulated depreciation |  |  |  |  |  |  | (97,909 | ) |  |  | (97,661 | )
Total property and equipment, net |  |  |  |  |  | $ | 41,453 |  |  | $ | 36,612 |
____________________
(1) | Construction in progress includes $7.7 million of equipment under construction for the manufacturing expansion for UT (the “UT Equipment”). The Company acts as agent on behalf of UT for the procurement of the UT Equipment. The Company has received $7.1 million in deposit for this service, which was recognized as deposits from customer in the condensed consolidated balance sheet as of March 31, 2022. See Note 8 – Collaboration, Licensing and Other Arrangements.
Depreciation expense related to property and equipment for the three months ended March 31, 2022 and 2021 was as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Depreciation Expense |  | $ | 599 |  |  | $ | 460 |
On November 8, 2021, the Company sold certain land, building and improvements located in Danbury, CT (the “Property”) to an affiliate of Creative Manufacturing Properties (the “Purchaser”) for a sales price of $102.3 million, subject to terms and the conditions contained in a purchase and sale agreement. Effective with the closing of this transaction, the Company entered into a 20-year lease agreement with the Purchaser (the “Sale-Leaseback Transaction”). The sale of the Property and subsequent lease did not result in the transfer of control of the Property to the Purchaser; therefore, the Sale-Leaseback Transaction qualified as a failed sale leaseback transaction whereby the lease is accounted for as a finance lease and the Property remains as a long-lived asset of the Company and is depreciated at its remaining useful life of 20 years or less. See Note 13 – Commitments and Contingencies.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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