PROPERTY, PLANT AND EQUIPMENT, NET |
PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment are summarized as follows: | | | | | | | | | | | | (in thousands) | May 31, 2025 | | May 31, 2024 | Building and building improvements | $ | 16,604 | | | $ | 30,099 | | Computer software and equipment | 29,038 | | | 28,407 | | Machinery and equipment | 16,596 | | | 15,756 | | Placement and evaluation units | 36,991 | | | 31,312 | | Construction in progress | 3,794 | | | 2,638 | | | 103,023 | | | 108,212 | | Less accumulated depreciation | (71,116) | | | (69,675) | | Less building impairment | — | | | (3,364) | | | 31,907 | | | 35,173 | | Land and land improvements | 393 | | | 493 | | | $ | 32,300 | | | $ | 35,666 | |
Depreciation expense for fiscal years 2025, 2024 and 2023 was $13.5 million, $14.7 million and $11.9 million, respectively. Depreciation expense for the year ended May 31, 2025 and 2024 includes accelerated depreciation of $3.4 million and $2.4 million, respectively, related to the plant closure announced on January 5, 2024 (see Note 19 "Acquisition, restructuring and other items, net" as set forth in the Notes to the consolidated financial statements in this Annual Report on Form 10-K). During the third quarter of fiscal year 2024, the Company received a purchase offer for the properties located at 603 Queensbury Avenue, Queensbury NY and 8 Glens Falls Tech Park, Glens Falls, NY. This resulted in an impairment charge of $3.4 million to write the buildings down to fair value.
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