LIFECORE BIOMEDICAL INC DE
For the period ended Aug 25, 2024. Filed Oct 4, 2024.
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Aug 25, 2024 · Filed Oct 4, 2024
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Property, Plant, and Equipment
- Property, Plant, and Equipment
Property, plant, and equipment consists of the following:
| August 25, 2024 | May 26, 2024 | |
|---|---|---|
| Land and land improvements | $3,739 | $3,739 |
| Buildings and building improvements | 62,887 | 62,874 |
| Machinery and equipment | 61,249 | 61,013 |
| Computer equipment and software | 8,306 | 8,290 |
| Furniture and fixtures | 1,642 | 1,631 |
| Construction in process | 63,260 | 61,385 |
| Gross property, plant, and equipment | 201,083 | 198,932 |
| Less accumulated depreciation and amortization | (52,327) | (50,334) |
| Net property, plant, and equipment | $148,756 | $148,598 |
The major components of the construction in process are related totwo multi-head aseptic filler production lines, including the associated building modifications, to significantly increase manufacturing capacity.
Depreciation and amortization expense for property, plant, and equipment for the three months ended August 25, 2024 and August 27, 2023 was $1,993 and $1,947, respectively.
Capitalized interest on construction projects was $711 and $969 for three months ended August 25, 2024 and August 27, 2023, respectively. Interest is capitalized based on the average outstanding construction in process balance, excluding previously capitalized interest, using a 10% interest rate.
Property, plant, and equipment acquisitions that provide a benefit over several years, and exceed five thousand dollars, are capitalized. The depreciation policy for property, plant, and equipment is as follows:
| Depreciable Lives(in years) | |||
|---|---|---|---|
| Land improvements | 10 | — | 40 |
| Buildings and building improvements | 7 | — | 40 |
| Machinery and equipment | 7 | — | 25 |
| Transportation equipment | 5 | — | 12 |
| Computer hardware and software | 3 | — | 10 |
| Furniture, fixtures, and office equipment | 5 | — | 10 |
| Tools, molds, and dies | 3 | ||
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