Property and equipment are depreciated or amortized using the straight-line method over the estimated useful lives of the following assets below.
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Estimated Useful Life (in Years) |
Machinery and equipment |
2 |
- |
10 |
Office equipment and software |
3 |
- |
5 |
Furniture and fixtures |
3 |
- |
5 |
Building |
33 |
Leasehold improvements |
Shorter of the economic life or the remaining lease term |
Property and equipment consists of the following categories (in thousands).
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December 31, 2023 |
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January 1, 2023 |
Machinery and equipment |
$ |
100,335 |
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$ |
55,694 |
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Building and leasehold improvements |
36,651 |
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24,565 |
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Office equipment and software |
2,561 |
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1,586 |
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Furniture and fixtures |
898 |
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|
771 |
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Land |
1,433 |
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— |
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Construction in process |
68,958 |
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33,268 |
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Total property and equipment |
210,836 |
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115,884 |
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Less: accumulated depreciation |
(44,365) |
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(12,016) |
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Property and equipment, net |
$ |
166,471 |
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$ |
103,868 |
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The following table summarizes the depreciation and amortization expenses related to property and equipment, which were recorded within cost of revenue, research and development expense and selling, general and administrative expense in the Consolidated Statements of Operations (in thousands).
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Fiscal Years |
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2023 |
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2022 |
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2021 |
Depreciation expense |
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$ |
33,870 |
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$ |
7,425 |
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$ |
995 |
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Equipment Impairment
The following table summarizes impairment of equipment (in thousands).
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Fiscal Years |
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2023 |
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2022 |
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2021 |
Impairment of equipment |
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$ |
4,411 |
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$ |
4,921 |
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$ |
— |
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