Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Note 6 – Property, Plant and Equipment

As of December 31, 2024 and 2023, property, plant and equipment, net was comprised of the following:


(In thousands)	2024			2023
Engineering and other equipment	$	184,694		$	183,336
Building		50,871			79,215
Computer hardware and software		109,729			91,752
Building and land improvements		39,979			58,238
Furniture and fixtures		20,994			21,368
Land		2,989			5,242
Total Property, Plant and Equipment		409,256			439,151
Less: accumulated depreciation		(306,314	)		(325,569	)
Total Property, Plant and Equipment, net	$	102,942		$	113,582

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 or strategic plan. 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 years ended December 31, 2024 and 2023, no impairment charges were recognized.

Depreciation expense was $27.7 million, $30.2 million and $20.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, which is recorded in cost of revenue, selling, general and administrative expenses and research and development expenses in the Consolidated Statements of Loss.

Assets Held For Sale

On December 31, 2024, the Company determined it met the held for sale criteria pursuant to ASC 360, "Impairment and Disposal of Long-Live Assets" on the Company's property located at the North and South Towers in its Huntsville, Alabama campus and ceased recording depreciation on the assets. The Company expects to dispose of the property within the next twelve months.

The Company records assets held for sale at the lower of their carrying value or fair value. The total carrying value of assets held for sale was $11.9 million as of December 31, 2024 and is separately recorded on the balance sheet.