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 September 30, 2026 and December 31, 2025:


	As of
	September 30, 2026		December 31, 2025
Land	$	12,937	$	12,937
Building and improvements	573,238		548,388
Furniture and fixtures	115,085		108,750
Machinery and equipment	146,921		133,648
Information technology	1,117		27,668
Construction in progress	21,897		22,618
Property, plant and equipment, gross	871,195		854,009
Less: Accumulated depreciation	(370,140)		(333,623)
Property, plant and equipment, net	$	501,055	$	520,386

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


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Depreciation expense(1):
Cost of goods sold	$	12,911	$	12,217	$	38,256	$	35,985
Operating expenses	8,445		8,654		22,821		27,117
Total depreciation expense	$	21,356	$	20,871	$	61,077	$	63,102

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