v3.24.0.1
Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property and Equipment [Abstract]  
Property and Equipment

7. Property and Equipment

 

Property and equipment consisted of the following:

 

   As of December 31, 
(in thousands)  2023   2022 
Equipment  $72,424   $66,533 
Equipment in progress   15,077    19,099 
Leasehold improvements   60,563    56,114 
Furniture and fixtures   31,084    26,290 
Office equipment   2,737    4,393 
Total property and equipment   181,885    172,429 
Accumulated depreciation   (53,224)   (35,756)
Property and equipment, net  $128,661   $136,673 

 

Equipment in progress reflects equipment, primarily related to mattress manufacturing, which is being constructed and was not in service at December 31, 2023 or 2022. Interest capitalized on borrowings during the active construction period of major capital projects totaled $1.5 million, $0.7 million and $1.0 million during the years ended December 31, 2023, 2022 and 2021, respectively. Depreciation expense was $19.7 million, $16.2 million and $9.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.