XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.22.2

Property and Equipment | 6 Months Ended
--- | ---
Jun. 30, 2022
Property Plant And Equipment [Abstract] |
Property and Equipment | 6. Property and Equipment Property and equipment consists of the following (dollars in thousands):
|  | Estimated Useful |  |  |  |  |  |  |  |  |  |
|  | Life (Years) |  |  | June 30, 2022 |  |  | December 31, 2021 |  |
Land |  |  | — |  |  | $ | 875 |  |  | $ | 875 |  |
Buildings |  | 39-40 |  |  |  | 17,389 |  |  |  | 17,389 |  |
Building improvements |  | 3-40 |  |  |  | 38,875 |  |  |  | 38,651 |  |
Machinery and equipment |  | 1-15 |  |  |  | 58,189 |  |  |  | 55,334 |  |
Furniture, fixtures and office equipment |  | 3-10 |  |  |  | 2,976 |  |  |  | 2,969 |  |
Computer equipment and software |  |  | 3 |  |  |  | 8,287 |  |  |  | 8,163 |  |
Construction in progress |  |  | — |  |  |  | 9,890 |  |  |  | 10,892 |  | (1)
|  |  |  |  |  |  | 136,481 |  |  |  | 134,273 |  |
Less accumulated depreciation |  |  |  |  |  |  | (98,563 | ) |  |  | (97,661 | ) |
Total property and equipment, net |  |  |  |  |  | $ | 37,918 |  |  | $ | 36,612 |  |
_________________________
(1) | As of December 31, 2021, c onstruction in progress included $4.7 million of equipment under construction for the manufacturing expansion for UT (the “UT Equipment”). See Note 10 – Collaboration, Licensing and Other Arrangements. The Company acted as agent on behalf of UT for the procurement of the UT Equipment. The Company received $5.0 million in deposit for this service, which was recognized as deposits from customer in the condensed consolidated balance sheet as of December 31, 2021. In April 2022, the Company and UT agreed that UT would hold title to the UT Equipment at all times. As such, there is no balance related to the UT Equipment included in construction in progress or deposit from customer in our consolidated condensed balance sheet as of June 30, 2022.
Depreciation expense related to property and equipment for the three and six months ended June 30, 2022 and 2021 was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Depreciation Expense |  | $ | 727 |  |  | $ | 481 |  |  | $ | 1,326 |  |  | $ | 941 |
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 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.

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://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 https://asc.fasb.org/extlink&oid=126982197&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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration