Property, Plant and Equipment
|6 Months Ended|
Jun. 30, 2022
|Property, Plant and Equipment|
|Property, Plant and Equipment||
6. Property, Plant and Equipment
Property, plant and equipment, including equipment under finance lease obligations and capitalized software development costs, consists of the following:
For the three months ended June 30, 2022 and June 30, 2021, total depreciation expense was $2.1 million and $3.0 million, respectively. For the six months ended June 30, 2022 and June 30, 2021, total depreciation expense was $4.8 million and $5.6 million, respectively.
Property and equipment under finance lease obligations, consisting of computer equipment, totaled $12.3 million and $12.3 million on June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022 and December 31, 2021, accumulated depreciation related to property and equipment under finance lease obligations totaled $10.7 million and $10.0 million, respectively. Refer to Note 7, Leases.
During the three and six months ended June 30, 2022, the Company disposed of certain office furniture, equipment and leasehold improvements resulting in a loss on disposal of $0.9 million and $1.3 million, respectively. The fixed asset disposals relate to the transfer of fixed assets in a sublease office arrangement and the abandonment of fixed assets no longer in use. The loss on disposal was recorded in General and administrative expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
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