Property, Plant and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

8. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:


	As of			As of
(In thousands)	September 30, 2023			December 31, 2022
Engineering and other equipment	$	179,049		$	170,785
Building		85,966			82,932
Computer hardware and software		97,192			80,455
Building and land improvements		51,284			47,861
Furniture and fixtures		23,686			22,403
Land		5,325			5,364
Total property, plant and equipment		442,502			409,800
Less: accumulated depreciation		(323,879	)		(299,101	)
Total property, plant and equipment, net	$	118,623		$	110,699

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 $17.0 million during the three and nine months ended September 30, 2022 related to capitalized implementation costs for a cloud computing arrangement. The impairment charges were determined based on actual costs incurred. During the three and nine months ended September 30, 2023, no impairment charges were recognized.

Depreciation expense was $7.4 million and $7.1 million for the three months ended September 30, 2023 and 2022, respectively, and $22.6 million and $12.6 million for the nine months ended September 30, 2023 and 2022, respectively, which is recorded in cost of revenue, selling, general and administrative expenses and research and development expenses in the Condensed Consolidated Statements of Loss.