Property and Equipment, Net
|9 Months Ended|
Sep. 30, 2022
|Property, Plant and Equipment [Abstract]|
|Property and Equipment, Net||Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
1Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated.
Depreciation and amortization expense related to property and equipment was $1.4 million and $0.8 million for the three months ended September 30, 2022 and 2021, and $3.8 million and $1.9 million for the nine months ended September 30, 2022, and 2021, respectively.
Leased equipment and the related accumulated depreciation were as follows:
Depreciation related to leased units was $1.1 million and $0.8 million during the three months ended September 30, 2022 and 2021, respectively. Depreciation expense related to leased units was $3.0 million and $1.8 million during the nine months ended September 30, 2022 and 2021, respectively. Depreciable lives are generally 7 years, consistent with the Company’s planned and historical usage of the equipment subject to operating leases.
Impairment of property and equipment was $0.6 million and $1.0 million for the three and nine months ended September 30, 2022, respectively. This impairment related to Edge units and prototype versions of Express that were removed from service and retired. The Company is transitioning domestic customers to current model Express units which decreased the economic value of Edge units and Express prototypes and resulted in impairment. Impairment of property and equipment was $1.7 million and $1.7 million for the three and nine months ended September 30, 2021.
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef