General form of registration statement for all companies including face-amount certificate companies

Property and Equipment - net

v3.21.2
Property and Equipment - net
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Property, Plant and Equipment [Abstract]    
Property and Equipment - net
9.
Property and Equipment - net
The following summarizes property and equipment - net as of:
 
    
September 30,
2021
     
December 31,
2020
  
    
(in thousands)
  
Satellites
    $ 41,380    $ 32,340
Computer equipment and software
      1,567        1,315  
Office furniture and fixtures
      870        1,388  
Other equipment
      653        434  
Site equipment
      1,377        1,311  
Ground station equipment
      1,264        1,415  
  
 
 
     
 
 
  
Total
      47,111        38,203  
Less: accumulated depreciation
      (25,408 )       (17,351 ) 
  
 
 
     
 
 
  
Property and equipment — net
    $ 21,703    $ 20,852
  
 
 
     
 
 
  
On May 15, 2021, a Rocket Lab Electron rocket carrying two of the Company’s satellites suffered a failure during flight, resulting in the loss of both satellites. This resulted in the total carrying value of $18.4 million being impaired in the second quarter of 2021. The $18.4 million includes satellite procurement, launch, shipping, launch support and other associated costs. Of this amount, $8.4 million was included in satellite procurement work in progress in the unaudited condensed consolidated balance sheets as of December 31, 2020. There was no impairment for the nine months ended September 30, 2020.
Depreciation of property and equipment from continuing operations during the three months ended September 30, 2021 and 2020 was $3.2 million and $2.4 million, respectively. Depreciation of property and equipment from continuing operations during the nine months ended September 30, 2021 and 2020 was $8.8 million and $5.4 million, respectively. During the nine months ended September 30, 2021, the Company had disposed of $0.8 million of property and equipment, which consisted of site equipment, furniture and ground station equipment, at a loss of $24 thousand.
8.
Property and Equipment—net
The following summarizes property and equipment—net as of:
 
    
December 31,
  
    
2020
     
2019
  
    
(in thousands)
  
Satellites
    $ 32,340      $ 14,288  
Computer equipment and software
      1,315        1,477  
Office furniture and fixtures
      1,388        2,052  
Other equipment
      434        718  
Site equipment
      1,311        1,271  
Ground station equipment
      1,415        1,415  
    
 
 
     
 
 
  
Total
      38,203        21,221  
Less: accumulated depreciation
      (17,351 )       (9,543 ) 
Less: held for sale, net
      —          (710 ) 
    
 
 
     
 
 
  
Property and equipment - net
    $ 20,852      $ 10,968  
    
 
 
     
 
 
  
Depreciation of property and equipment from continuing operations for the years ended December 31, 2020 and 2019 was $8.5 million and $5.5 million, respectively.
During the year ended December 31, 2019, the Company recorded an impairment charge of $6.6 million related to a
non-functioning
satellite resulting in the derecognition of the carrying amount of the asset. The $6.6 million was never included as part of property and equipment balance; therefore, it is not included in
the
property and equipment
schedule
. In addition, in the year ended December 31, 2019, the
Company reduced the useful life of
one
of the operational
satellites
to
1.5
years to reflect its impaired ability to collect imagery, subsequent to launch. There was
no
impairment for
2020
.