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Property and Equipment, Net
 6 Months Ended
Jun. 30, 2024
Property and Equipment, Net [Abstract]  
Property and Equipment, Net

7. Property and Equipment, Net

 

Property and equipment, net consisted of the following (in thousands):

 

   June 30,   December 31, 
   2024   2023 
Equipment  $73,160   $72,424 
Equipment in progress   14,810    15,077 
Leasehold improvements   59,025    60,563 
Furniture and fixtures   32,526    31,084 
Office equipment   2,740    2,737 
Total property and equipment   182,261    181,885 
Accumulated depreciation   (62,796)   (53,224)
Property and equipment, net  $119,465   $128,661 

 

Equipment in progress reflects equipment, primarily related to mattress manufacturing, which is being constructed and was not in service at June 30, 2024 or December 31, 2023. Interest capitalized on borrowings during the active construction period of major capital projects totaled $0.3 million and $0.7 million during the three and six months ended June 30, 2024, respectively and totaled $0.1 million and $0.5 million during the three and six months ended June 30, 2023, respectively. Depreciation expense was $5.1 million and $10.3 million during the three and six months ended June 30, 2024, respectively, and totaled $4.9 million and $9.7 million during the three and six months ended June 30, 2023, respectively.