8. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

Equipment in progress reflects equipment, primarily related to mattress manufacturing, which is being constructed and was not in service at September 30, 2024 or December 31, 2023. Interest capitalized on borrowings during the active construction period of major capital projects totaled $0.2 million and $0.9 million during the three and nine months ended September 30, 2024, respectively and totaled $0.4 million and $0.9 million during the three and nine months ended September 30, 2023, respectively. Depreciation expense was $13.5 million and $23.7 million during the three and nine months ended September 30, 2024, respectively, and totaled $5.0 million and $14.7 million during the three and nine months ended September 30, 2023, respectively. Included in depreciation expense for the three and nine months ended September 30, 2024 was $9.0 million related to accelerated depreciation associated with the Restructuring Plan. See Note 4— Restructuring and Impairment Charges for further discussion.