Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net, consisted of the following:


(in thousands)	June 30, 2023		December 31, 2022
Land	$	9,480	$	13,450
Buildings	70,467		76,329
Machinery, equipment and fixtures	94,670		92,604
Computer software	26,373		25,864
Construction in progress	29,931		14,047
	230,921		222,294
Less: accumulated depreciation and amortization	(100,940)		(100,128)
Total property, plant and equipment, net	$	129,981	$	122,166

Depreciation and amortization expense related to property, plant and equipment, net, was $3.3 million for the three months ended June 30, 2023 and 2022, respectively, and $6.7 million and $6.4 million for the six months ended June 30, 2023 and 2022, respectively.

During the three months ended June 30, 2023, as a result of a decline in expected future cash flows related to a certain asset group, the Company determined certain impairment triggers had occurred. The Company reviewed revised undiscounted cash flows that were estimated to be generated by the asset group as of June 30, 2023. Based on the undiscounted cash flow analysis, the Company determined that the asset group had net carrying values that exceeded their estimated undiscounted future cash flows. The Company then estimated the fair value of the asset group based on their discounted cash flows. The carrying value exceeded the fair value and as a result, the Company recorded a noncash impairment of $6.0 million for the six months ended June 30, 2023 in cost of goods sold in the condensed consolidated statements of operations.

Long-Lived Assets Held for Sale

During the first quarter of 2023, the Company committed to a plan to sell a portion of its land and buildings associated with its Billerica, Massachusetts campus. Effective March 16, 2023, the Company entered into a purchase and sale agreement (the “P&S”) with a prospective buyer. The assets were classified as held for sale and comprised entirely of property, plant and equipment, net. The Company determined that the fair value of the net assets being sold exceeded the carrying value as of June 30, 2023. The purchase price for the campus sale is $10.0 million in cash. The transaction is expected to close during the second half of 2023.