PROPERTY, EQUIPMENT AND FACILITIES

12 Months Ended

Dec. 31, 2023

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

PROPERTY, EQUIPMENT AND FACILITIES

9. PROPERTY, EQUIPMENT AND FACILITIES

Property, equipment and facilities consist of the following:

			At December 31,
	Useful life (years)		2023			2022
Land		-	$	52		$	52
Buildings and improvements (a)		1-25		101,541			86,031
Equipment, furniture and fixtures		1-7		80,214			82,585
Vehicles		3		1,592			751
Construction in progress (a)		-		7,620			888
				191,018			170,307
Less accumulated depreciation and amortization (a)				(140,161	)		(146,367	)
			$	50,857		$	23,940

(a) Includes net impairment charge of $0.4 million as of December 31, 2022

On December 31, 2022, as a result of impairment testing it was determined that there was a long-lived asset impairment of $1.0 million. The impairment was the result of an assessment of the current market value, as compared to the current carrying value of the assets. In addition to the $0.4 million impairment charge noted above, the additional $0.6 million impairment charge was related to the Company’s ROU asset.

The increase in property, equipment and facilities was driven by several factors, including a $13.0 million investment relating to the build-out of the new East Point, Georgia campus, $9.0 million in new and expanded programs at various campuses, expansions and additional programs focused on Welding, EEST, HVAC, Auto and MA, $1.0 million for the build-out related to our Tesla Partnership, $7.0 million of facilities upgrades, including security and branding, with the remainder focusing on training materials and equipment. Gross property, equipment and facilities and accumulated depreciation and amortization are down as a result of the sale of our Suffield, Connecticut property during the second quarter of 2022. Depreciation and amortization expense of property, equipment and facilities was $6.8 million and $6.4 million for the years ended December 31, 2023 and 2022, respectively.