Company: OFIX
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000950170-25-026066
Chunk: 227

Company: Orthofix Medical Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1B
Chunk 227
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 necessary to place the asset in service, generally including freight and sales and use taxes. Property, plant, and equipment also includes instrumentation, which is generally used to facilitate the implantation of the Company’s products.The useful lives of these assets are generally as follows:

        Years

        Buildings
         
        25 to 33

        Plant and equipment
         
        1 to 10

        Instrumentation
         
        3 to 4

        Computer software
         
        3 to 7

        Furniture and fixtures
         
        4 to 8
       
      The Company evaluates the useful lives of these assets on an annual basis. Depreciation is computed on a straight-line basis over the useful lives of the assets. Depreciation of leasehold improvements is computed over the shorter of the lease term or the useful life of the asset. Total depreciation expense was $41.1 million, $34.2 million, and $19.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. Expenditures for maintenance and repairs and minor renewals and improvements, which do not extend the lives of the respective assets, are expensed as incurred. All other expenditures for renewals and improvements are capitalized. The assets and related accumulated depreciation are adjusted for property retirements and disposals, with the resulting gain or loss included in earnings. Fully depreciated assets remain in the accounts until retired from service.

        December 31,

        (U.S. Dollars, in thousands)
         
        2024

        2023

        Cost

        Buildings
         
        $
        3,874

        $
        4,103

        Plant and equipment

        76,481

        70,252

        Instrumentation

        176,387

        154,192

        Computer software

        41,396

        43,040

        Furniture and fixtures

        9,832

        11,010

        Construction in progress

        22,693

        41,751

        Finance lease assets

        21,383

        23,337

        Property, plant, and equipment, gross

        352,046

        347,685

        Accumulated depreciation

        (212,242
        )

        (188,625
        )

        Property, plant, and equipment,