Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.21.2
Property, Plant and Equipment
9 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, net

Note 4. Property, Plant and Equipment

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

(in thousands)

 

Estimated Useful Life (Years)

 

September 30, 2021

 

 

December 31, 2020

 

Land and improvements

 

20

 

$

92

 

 

$

92

 

Leasehold improvements

 

Shorter of useful life or lease term

 

 

24,476

 

 

 

20,932

 

Buildings

 

15-40

 

 

2,114

 

 

 

2,089

 

Machinery and equipment

 

5-20

 

 

95,493

 

 

 

64,164

 

Motor vehicles

 

7-10

 

 

874

 

 

 

693

 

Furniture and fixtures

 

7-10

 

 

414

 

 

 

221

 

Office equipment

 

3-10

 

 

3,202

 

 

 

2,089

 

Construction in progress

 

N/A

 

 

122,079

 

 

 

36,146

 

 

 

 

 

 

248,744

 

 

 

126,426

 

Accumulated depreciation and amortization

 

 

 

 

(26,211

)

 

 

(19,631

)

Property, plant and equipment, net

 

 

 

$

222,533

 

 

$

106,795

 

We reported depreciation and amortization expense (which included amortization of intangible assets) as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Cost of revenue

 

$

2,110

 

 

 

644

 

 

$

5,899

 

 

$

2,080

 

Selling, general and administrative

 

 

123

 

 

 

159

 

 

 

315

 

 

 

219

 

Research and development

 

 

946

 

 

 

176

 

 

 

1,275

 

 

 

489

 

Total depreciation and amortization expense

 

$

3,179

 

 

$

979

 

 

$

7,489

 

 

$

2,788

 

Construction in progress consists primarily of the conversion and build-out of our facility in Winchester, Kentucky. Property, plant and equipment includes capitalized interest of $5.4 million and $5.1 million as of September 30, 2021 and December 31, 2020, respectively. For the three and nine months ended September 30, 2021 and 2020, interest costs of $0.1 million and $0.3 million and $1.3 million and $3.1 million, respectively, were capitalized to property, plant and equipment.