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Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment
(7) Property and Equipment

Property and equipment at December 31, 2024 and 2023 are summarized as follows:

(in thousands)20242023Useful Life (in years)
Building$17 $94 
25-30
Machinery and equipment134,111 146,978 
2-5
Capitalized software25,888 27,793 
3-5
Office furniture and equipment5,454 6,342 
1-5
Leasehold improvements37,777 37,242 
Life of lease a
Construction in progress4,831 14,630 N/A
Total property and equipment b
208,078 233,079 
Less: Accumulated depreciation and amortization b
(157,034)(168,618)
Total property and equipment, net$51,044 $64,461 
a.Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful life or (ii) the estimated or contractual life of the related lease.
b.The impairment charges subsequently discussed resulted in the establishment of a new cost basis for certain assets reflected in the table. Gross asset carrying values and accumulated depreciation and amortization have been adjusted to reflect the new cost basis of assets for which the carrying value was reduced due to impairment.

We include all depreciation related to assets attributable to the generation of revenue in cost of sales on the consolidated statements of operations. Depreciation related to assets that are not attributable to the generation of revenue is included in research and development and selling, general and administrative expenses on the consolidated statements of operations. Depreciation expense on property and equipment for the years ended December 31, 2024, 2023 and 2022 was $19.0 million, $21.3 million and $21.1 million, respectively.
As discussed in Note 2, the Company recognized a $5.9 million impairment charge related to property and equipment, net within asset impairment charges on our consolidated statement of operations for the year ended December 31, 2024. For the year ended December 31, 2023, we recognized impairment charges of $1.4 million related to property and equipment, net in selling, general and administrative expense on the consolidated statement of operations. For the year ended December 31, 2022, impairment charges related to property and equipment, net were not material.