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v3.23.3

Property and Equipment | 9 Months Ended
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Sep. 30, 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) |  |  | September 30, 2023 |  |  | December 31, 2022 |
Land |  |  | — |  |  | $ | 875 |  |  | $ | 875 |
Buildings |  | 39-40 |  |  |  | 17,389 |  |  |  | 17,389 |
Building improvements |  | 5-40 |  |  |  | 43,525 |  |  |  | 38,952 |
Machinery and equipment |  | 3-15 |  |  |  | 60,001 |  |  |  | 58,542 |
Furniture, fixtures and office equipment |  | 5-10 |  |  |  | 2,976 |  |  |  | 2,976 |
Computer equipment and software |  |  | 3 |  |  |  | 8,646 |  |  |  | 8,246 |
Construction in progress |  |  | — |  |  |  | 48,284 |  |  |  | 16,706 |
Total property and equipment |  |  |  |  |  | 181,696 |  |  |  | 143,686 |
Less accumulated depreciation |  |  |  |  |  | (101,285 | ) |  |  | (98,560 | )
Total property and equipment, net |  |  |  |  | $ | 80,411 |  |  | $ | 45,126 |
Depreciation expense related to property and equipment was as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Depreciation Expense |  | $ | 1,117 |  |  | $ | 952 |  |  | $ | 3,250 |  |  | $ | 2,278 |
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.

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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//1943274/2147480321/958-360-50-6 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//1943274/2147480321/958-360-50-1 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//1943274/2147480321/958-360-50-7 + Details
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