Westrock Coffee Co
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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.
Jun 30, 2024 · Filed Aug 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
7. Property, Plant and Equipment, Net
Note 7. Property, Plant and Equipment, Net
The following table summarizes property, plant and equipment, net as of June 30, 2024 and December 31, 2023:
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| (Dollars in Thousands) · Depreciable Lives · June 30, 2024 · December 31, 2023 | ||||||||
| Land | | | | $6,630 | | $8,778 | ||
| Buildings | | 10-40 years | | | 38,164 | | | 35,911 |
| Leasehold improvements(1) | | | | | 12,764 | | | 9,800 |
| Plant equipment | | 3-15 years | | | 145,307 | | | 128,639 |
| Vehicles and transportation equipment | | 3-5 years | | | 637 | | | 648 |
| IT systems | | 3-7 years | | | 12,853 | | | 8,909 |
| Furniture and fixtures | | 3-10 years | | | 7,002 | | | 3,294 |
| Customer beverage equipment(2) | | 3-5 years | | | 23,089 | | | 22,931 |
| Lease right-of-use assets(3) | | | | | 81 | | | 81 |
| Construction in progress and equipment deposits | | | | | 265,161 | | | 208,308 |
| | | | | | 511,688 | | | 427,299 |
| Less: accumulated depreciation | | | | | (93,441) | | | (83,261) |
| Property, plant and equipment, net | | | | $418,247 | | $344,038 | ||
1 - Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life.
2 - Customer beverage equipment consists of brewers held on site at customer locations.
3 - Lease right-of-use assets are amortized over the shorter of the useful life of the asset or the lease term.
Depreciation expense for the three and six months ended June 30, 2024 was $5.8 million and $11.3 million, respectively, and depreciation expense for the three and six months ended June 30, 2023 was $4.1 million and $8.0 million, respectively. Assets classified as construction in progress and equipment deposits are not depreciated, as they are not ready for production use. All assets classified as construction in progress and equipment deposits at June 30, 2024 are expected to be in production use.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.