FIXED ASSETS

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Fixed assets, net, summarized by major category, consist of the following (in thousands):


	June 30,		December 31,
	2023		2022
Machinery and equipment	$	120,750	$	118,684
Leasehold improvements	62,060		61,302
Computer equipment and software	16,216		15,360
Office furniture and equipment	2,382		2,420
Construction in progress	106,653		103,226
Total	308,061		300,992
Less: accumulated depreciation	(127,751)		(117,480)
Fixed assets, net	$	180,310	$	183,512

For the three months ended June 30, 2023 and 2022, depreciation expense was $4.7 million and $6.5 million, respectively. For the three months ended June 30, 2023 and 2022, there was $0.7 million and $1.0 million of capitalized interest on the construction of manufacturing sites, respectively.

For the six months ended June 30, 2023 and 2022, depreciation expense was $10.0 million and $12.2 million, respectively. For the six months ended June 30, 2023 and 2022, there was $2.1 million and $1.8 million of capitalized interest on the construction of manufacturing sites, respectively.

At June 30, 2023 and December 31, 2022, total fixed assets, net includes manufacturing process equipment and leasehold improvements located in Europe in the amount of $40.6 million and $44.7 million, respectively.

As of June 30, 2023 and December 31, 2022, the Company had asset retirement obligations of $3.4 million and $3.3 million, respectively, included in accrued expenses and other liabilities on its condensed consolidated balance sheets, for costs associated with returning leased spaces to their original condition upon the termination of certain of its lease agreements.