Property and Equipment

12 Months Ended

Dec. 31, 2019

Property and Equipment

Property and Equipment

D.Property and Equipment

Property and equipment consisted of the following at December 31, 2019 and 2018 (in thousands):

	December 31,		December 31,
	2019		2018
Leasehold improvements	$	20,776	$	20,684
Machinery and equipment		9,384		22,558
Computer hardware and software		5,692		5,494
Furniture and fixtures		3,607		3,546
Assets under construction		—		113
	$	39,459	$	52,395
Less accumulated depreciation		(32,466)		(39,504)
Property and equipment, net	$	6,993	$	12,891

Included in the table above, the Company’s investment in equipment under capital leases was $1.1 million and $595,000, net of accumulated amortization of $1.0 million and $684,000, at December 31, 2019 and 2018, respectively. Depreciation expense was $4.0, $7.4, and $6.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. As a result of the restructuring at the end of the second quarter of 2019, the Company recorded an impairment charge of $2.5 million to write down excess equipment to fair value. During the fourth quarter of 2019, the Company executed an agreement to liquidate the equipment and transferred title to assets with a cost basis of $14.2 million and accumulated depreciation of $12.9 million, for which the Company received a $2 million payment. Included in machinery and equipment in the table above is $6.7 million of cost basis for the remaining equipment that is held for sale at December 31, 2019 and related accumulated depreciation of $6.0 million, for which title will transfer in the first quarter of 2020, triggering an additional $1 million payment to the Company.