LIFECORE BIOMEDICAL INC DE
For the period ended Nov 24, 2024. Filed Jan 2, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Nov 24, 2024 · Filed Jan 2, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Property, Plant, and Equipment,net
- Property, Plant, and Equipment, net
Property, plant, and equipment, net, consists of the following:
| November 24, 2024 | May 26, 2024 | |
|---|---|---|
| Land and land improvements | $3,739 | $3,739 |
| Buildings and building improvements | 63,796 | 62,874 |
| Machinery and equipment | 62,661 | 61,013 |
| Computer equipment and software | 8,496 | 8,290 |
| Furniture and fixtures | 1,641 | 1,631 |
| Construction in process | 64,614 | 61,952 |
| Property, plant, and equipment, gross | 204,947 | 199,499 |
| Less accumulated depreciation and amortization | (54,371) | (50,334) |
| Property, plant, and equipment, net | $150,576 | $149,165 |
The major components of the construction in process are related to aseptic filler production to significantly increase manufacturing capacity.
Depreciation and amortization expense for property, plant, and equipment for the three months ended November 24, 2024 and November 26, 2023 was $2,044 and $1,987, respectively. Depreciation and amortization expense for property, plant, and equipment for the six months ended November 24, 2024 and November 26, 2023 was $4,037 and $3,934, respectively.
Interest is capitalized based on the average outstanding construction in process balance, excluding previously capitalized interest, using a 10% interest rate. Capitalized interest on construction projects was $745 and $1,094 for three months ended November 24, 2024 and November 26, 2023, respectively. Capitalized interest on construction projects was $1,456 and $2,063 for six months ended November 24, 2024 and November 26, 2023, respectively. Capitalized interest has decreased as we consider alternative approaches to generating cash flows from a legacy asset that has not yet generated revenue.
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 | ||
-12-
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.