Property, Plant and Equipment

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

7. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:


	As of			As of
(In thousands)	March 31, 2025			December 31, 2024
				(Restated)
Engineering and other equipment	$	188,982		$	184,694
Building		51,447			50,871
Computer hardware and software		119,041			113,241
Building and land improvements		41,377			39,979
Furniture and fixtures		21,021			20,994
Land		3,016			2,989
Total property, plant and equipment		424,884			412,768
Less: accumulated depreciation		(315,275	)		(306,314	)
Total property, plant and equipment, net	$	109,609		$	106,454

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.

Depreciation expense was $6.9 million and $7.1 million for the three months ended March 31, 2025 and 2024, 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.

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 March 31, 2025 and December 31, 2024, respectively, and is separately recorded on the balance sheet.