XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.23.1

Property and Equipment | 3 Months Ended
--- | ---
Mar. 31, 2023
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) |  |  | March 31, 2023 |  |  | December 31, 2022 |
Land |  |  | — |  |  | $ | 875 |  |  | $ | 875 |
Buildings |  | 39-40 |  |  |  | 17,389 |  |  |  | 17,389 |
Building improvements |  | 5-40 |  |  |  | 43,113 |  |  |  | 38,952 |
Machinery and equipment |  | 3-15 |  |  |  | 58,987 |  |  |  | 58,542 |
Furniture, fixtures and office equipment |  | 5-10 |  |  |  | 2,976 |  |  |  | 2,976 |
Computer equipment and software |  |  | 3 |  |  |  | 8,246 |  |  |  | 8,246 |
Construction in progress |  |  | — |  |  |  | 22,804 |  |  |  | 16,706 |
|  |  |  |  |  | 154,390 |  |  |  | 143,686 |
Less accumulated depreciation |  |  |  |  |  | (99,553 | ) |  |  | (98,560 | )
Total property and equipment, net |  |  |  |  | $ | 54,837 |  |  | $ | 45,126 |
Depreciation expense related to property and equipment was as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Depreciation Expense |  | $ | 1,038 |  |  | $ | 599 |
In November 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 15 – 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