7. 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 June 30, 2025, or December 31, 2024. Interest capitalized on borrowings during the active construction period of major capital projects totaled $0.1 million and $0.3 million during the three and six months ended June 30, 2025, respectively, and totaled $0.3 million and $0.7 million during the three and six months ended June 30, 2024, respectively. Depreciation expense was $4.1 million and $8.3 million during the three and six months ended June 30, 2025, respectively, and was $5.1 million and $10.3 million during the three and six months ended June 30, 2024, respectively. Included in depreciation expense for the three and six months ended June 30, 2025, was $0.1 million and $0.4 million, respectively, related to accelerated depreciation associated with the Restructuring Plan. See Note 3— Restructuring and Impairment Charges for further discussion.