Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Note 8 – Property, Plant and Equipment

As of December 31, 2022 and 2021, property, plant and equipment, net was comprised of the following:


(In thousands)	2022			2021
Engineering and other equipment	$	170,785		$	134,771
Building		82,932			68,157
Computer hardware and software		80,455			72,274
Building and land improvements		47,861			35,578
Furniture and fixtures		22,403			19,917
Land		5,364			4,575
Total Property, Plant and Equipment		409,800			335,272
Less: accumulated depreciation		(299,101	)		(279,506	)
Total Property, Plant and Equipment, net	$	110,699		$	55,766

Long-lived assets used in operations are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the undiscounted cash flows estimated to be generated by the asset are less than the asset’s carrying value. In connection with the planned integration of information technology following the Business Combination, we determined that certain projects no longer fit our needs. As a result, the Company recognized impairment charges of $0.5 million during the year ended December 31, 2022 related to software and web site development. The impairment charges were determined based on actual costs incurred. During the year ended December 31, 2021, no impairment charges were recognized. During the year ended December 31, 2020, the Company recognized impairment charges of $0.1 million.

Depreciation expense was $20.9 million, $12.0 million and $12.2 million for the years ended December 31, 2022, 2021 and 2020, respectively, which is recorded in cost of revenue, selling, general and administrative expenses and research and development expenses in the Consolidated Statements of (Loss) Income.