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Property and Equipment, Net
 9 Months Ended
Sep. 30, 2024
Property and Equipment, Net [Abstract]  
Property and Equipment, Net

8. Property and Equipment, Net

 

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

 

   September  30,   December 31, 
   2024   2023 
Equipment  $73,943   $72,424 
Equipment in progress   12,993    15,077 
Leasehold improvements   57,387    60,563 
Furniture and fixtures   32,171    31,084 
Office equipment   1,614    2,737 
Total property and equipment   178,108    181,885 
Accumulated depreciation   (77,953)   (53,224)
Property and equipment, net  $100,155   $128,661 

 

Equipment in progress reflects equipment, primarily related to mattress manufacturing, which is being constructed and was not in service at September 30, 2024 or December 31, 2023. Interest capitalized on borrowings during the active construction period of major capital projects totaled $0.2 million and $0.9 million during the three and nine months ended September 30, 2024, respectively and totaled $0.4 million and $0.9 million during the three and nine months ended September 30, 2023, respectively. Depreciation expense was $13.5 million and $23.7 million during the three and nine months ended September 30, 2024, respectively, and totaled $5.0 million and $14.7 million during the three and nine months ended September 30, 2023, respectively. Included in depreciation expense for the three and nine months ended September 30, 2024 was $9.0 million related to accelerated depreciation associated with the Restructuring Plan. See Note 4— Restructuring and Impairment Charges for further discussion.