The Company's property, plant and equipment is segregated into the following asset classes:


Asset class			Estimated useful lives
Land			Indefinite life
Building and improvements(1)			10-39 years
Furniture and fixtures			3-5 years
Machinery and equipment			3-7 years
Information technology			3-7 years

(1) Leasehold improvements are depreciated over the shorter of the asset’s useful life or the remaining lease term.

Property, plant and equipment, net consist of the following as of June 30, 2026 and December 31, 2025:


	As of
	June 30, 2026		December 31, 2025
Land	$	12,937	$	12,937
Building and improvements	564,292		548,388
Furniture and fixtures	113,087		108,750
Machinery and equipment	141,730		133,648
Information technology	1,103		27,668
Construction in progress	23,083		22,618
Property, plant and equipment, gross	856,232		854,009
Less: Accumulated depreciation	(350,334)		(333,623)
Property, plant and equipment, net	$	505,898	$	520,386

For the three and six months ended June 30, 2026 and 2025, depreciation expense was as follows:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Depreciation expense(1):
Cost of goods sold	$	12,841	$	11,952	$	25,345	$	23,767
Operating expenses	7,222		9,100		14,376		18,463
Total depreciation expense	$	20,063	$	21,052	$	39,721	$	42,230

(1) Includes depreciation expense associated with assets under failed sale and leaseback obligations. See Note 12 — Failed sale and leaseback arrangements for further detail.