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Property and Equipment (Tables) | 9 Months Ended
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Sep. 30, 2024
Property Plant And Equipment [Abstract] |
Property and Equipment, Net | Property and equipment consisted of the following (dollars in thousands):
|  | Estimated Useful |  |  |  |
|  | Life (Years) |  |  | September 30, 2024 |  |  | December 31, 2023 |
Land |  |  | — |  |  | $ | 875 |  |  | $ | 875 |
Buildings |  | 39-40 |  |  |  | 17,389 |  |  |  | 17,389 |
Building improvements(1) |  | 5-40 |  |  |  | 90,573 |  |  |  | 46,357 |
Machinery and equipment |  | 3-15 |  |  |  | 65,733 |  |  |  | 60,410 |
Furniture, fixtures and office equipment |  | 5-10 |  |  |  | 3,350 |  |  |  | 3,070 |
Computer equipment and software |  |  | 3 |  |  |  | 8,811 |  |  |  | 8,658 |
Construction in progress(1) |  |  | — |  |  |  | 5,242 |  |  |  | 48,997 |
Total property and equipment |  |  |  |  |  | 191,973 |  |  |  | 185,756 |
Less accumulated depreciation |  |  |  |  |  | (106,634 | ) |  |  | (101,536 | )
Total property and equipment, net |  |  |  |  | $ | 85,339 |  |  | $ | 84,220 |
___________________________ (1) During the nine months ended September 30, 2024, the Company transferred $43.5 million from construction in progress to building improvements for assets placed in service related to the expansion of the Company's manufacturing facility.
Depreciation Expense Related to Property and Equipment | Depreciation expense related to property and equipment was as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Depreciation Expense |  | $ | 2,099 |  |  | $ | 1,117 |  |  | $ | 5,151 |  |  | $ | 3,250 |

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
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