Annual report pursuant to Section 13 and 15(d)
Property and Equipment, Net
|12 Months Ended|
Dec. 31, 2022
|Property, Plant and Equipment [Abstract]|
|Property and Equipment, Net||Property and Equipment, Net
Property and equipment consisted of the following at December 31, 2022 and 2021 (in thousands):
In 2021, the Company committed to selling the Carlsbad facility and the associated land and concluded that these assets met the held for sale criteria. At December 31, 2021, these assets were classified as assets held for sale within current assets on the Consolidated Balance Sheets with a carrying value of $3.2 million and $6.9 million, respectively. The Company sold this property and associated land for proceeds of $12.1 million, net of closing costs, in 2022. For the year ended December 31, 2022, a net gain on the sale of this property and associated land of $2.0 million is included in general and administrative expenses on the Consolidated Statements of Operations.
Depreciation expense for the years ended December 31, 2022, 2021 and 2020, was as follows (in thousands):
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef